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Wall Street has accelerated its rise. After opening up 1.14%, the Dow Jones is 2.23% at 10,237 points. The Nasdaq climbed 2.60% to 2166 points while the S & P grants itself 2.48% at 1076 points.

This renewed confidence followed the publication of a higher-than-expected ISM index of manufacturing activity. It stood at 56.3 in August against 53 expected and 55.5 in July. This good news comes in addition to that from China. China's manufacturing sector posted a modest rebound in August, after a slowdown in several months. The two purchasing managers' index (PMI) monitored by the markets, the bank HSBC and the Chinese federation, are rising. The index of the China Federation of Purchasing and Logistics rose from 51.2 in July to 51.7 in August. The index of the HSBC bank stood at 51.9 in August from 49.4 in July.

However, bad news side of employment fell before the opening. The private sector in the United States against all odds has destroyed 10,000 jobs in August, according to the monthly survey firm specializing EPA. Economists and analysts predicted instead of new posts with 19,000 new jobs expected on average for the month of August. The July figure was also revised downwards and now shows 37,000 new jobs, 42,000 cons first announced.

These figures give a first overview of the situation on the labor market before the official figures on Friday.Concerned about the fragility of U.S. recovery, the White House announced Tuesday it was preparing a new economic stimulus package it will announce in the next few weeks.

Moreover, construction spending fell more than expected in the U.S. in July, 1% from the previous month, falling to their lowest level since July 2000, according to figures released Wednesday in Washington by the Department of Commerce payday advance low fees.

Apple waited for his iPod

On the side of values, the U.S. computer giant Apple (1.50% to 246.79 dollars) would reveal an updated version of its iPod portable.Apple has emailed his invitations for a special event that day, Wednesday, September 1, revealing virtually nothing other than the date and place, the Yerba Buena Center in downtown San Francisco.

The online store Amazon U.S. (1.71% to 126.96 dollars) trying to launch a service that would give customers who pay a subscription service unlimited access to television and movies via the Internet, says The Wall Street Journal on its website.

Also according to the Wall Street Journal, the group of Burger King Holdings (11.64% to 18.37 dollars) plans to sell and has been in discussions with the aim of possible buyers. Burger King, whose market capitalization is $ 2.3 billion (1.8 billion euros), is the stock exchange since May 2006.The group was previously held by groups TPG, Bain Capital and Goldman Sachs had bought British drinks group Diageo in 2002 to 1.5 billion dollars. The newspaper, Britain's 3i is among the candidates concerned.

Always on the side of values, the British oil giant BP (2.50% to 35.70 dollars), listed on Wall Street, announced this morning that it would sell its interests in petrochemical operations in Malaysia to local group Petronas, for 363 million dollars.

Several companies are announcing results including the HJ Heinz food group (-0.85%) and Brown-Forman (-6.66%), the maker of Jack Daniel's whiskey.

Also note, the U.S. Federal Reserve (Fed) approved Tuesday the purchase by the Chinese sovereign fund China Investment Corporation (CIC) of 10% of the voting rights of the investment bank Morgan Stanley (0.74% to 24.85 dollars).

Everything is improving at L'Oreal. The activity is accelerating in its four divisions – professional products, consumer, luxury, and active cosmetics – and in all regions of the world. Operating income rose twice as fast as the turnover and can find a record level of margin, and net profit falls sharply increase.

In detail, while turnover rose 6.3% to 9.67 billion euros in the first half of 2010 – a 13% growth in the Asia-Pacific – the Operating profit climbed 21.4% over the first six months of 2009, to 1.67 billion euros. The operating margin amounted to 17.3% as well. This is well beyond what the consensus expected, with a margin of 15.4% referred. And allowing it to regain its peak level reached in the first half of 2008.In the public sector, the margin rises to 20.4% while in the luxury, it is 28%.

In this context, the net profit of L'Oreal rises 21.2% to 1.316 billion euros. Per share, net income amounted to 2.39 euros, an increase of 15.3%.

Note also that the net debt stood at 1.67 billion euros at June 30, 2010, and is thus reduced from 300 million euros compared to late 2009.The debt ratio amounted to 11.7% of equity.

DG confident

Commenting on these figures, Jean-Paul Agon, CEO of L'Oreal, welcomes the group's strategic choice: "focus on innovations with high value added and affordable price, expansion into new product categories, accelerating the international expansion and investment in proactive ways advertising and promotion and research. "

"These findings fall within the virtuous spiral of growth of the group and confirm the vitality of the business model L'Oreal," he added.

A stock market as attractive

The L'Oréal closed Wednesday at 75.77 euros on the Paris Stock Exchange, posting a decline of 2.9% since the beginning of the year, while the index diversified European consumer goods ahead of 10 5% over the period.At this price level, the Group's market capitalization stood at 45.2 billion euros.

The value of trades on valuation multiples of about 17.5 times its earnings estimates by analysts for 2011, well below the average for the last five years (24.5 times) but considerably higher than the 14.7 overall average in the sector. The chifrfes indicating that L'Oreal shares are not expensive in terms of its performance. Natixis Securities aims, for example 97 euros for a potential increase in value by 28%.

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Nothing like that to go talk with the best of the class to get some good ideas. On Tuesday, French Budget Minister Francois Baroin went to Berlin to meet Wolfgang Schäuble, the German finance minister, but Otto Fricke, a spokesman on budgetary matters of the FDP, the party with which the CDU and CSU have formed a coalition. Up for discussion: the prospects for public finances, the convergence of tax systems and the EU budget.

"A very good news for France"

To say that the budgetary comparison is not in favor of France. So that France should post a deficit in 2010 of 8% of GDP, Germany could be below the 4.5% forecast until now. The German public finances are benefiting from the strong economic recovery.For now, the government of Angela Merkel sticks to hard line: any additional revenue related to growth must not be redistributed as tax cuts, but must be used to reduce the deficit. "There is a consensus in German society about deficit reduction, welcomed Baroin.

One way to be disappointed that this is not the case in France, while the government has decided to be as strict on the surplus revenue? In any case, Baroin wished to emphasize that the dynamism of Germany "is also a very good news for France, because it is our first partner." But no question of imitating unrestrained economic model Germanic."We, we focused our policy on power purchase them on the productivity gains through wage moderation," said the Minister.

Despite their differences, both countries are working to converge their taxes. The site was launched in July by Nicolas Sarkozy, Wolfgang Schäuble when was attending a Council of Ministers in Paris. By late September, the Court of Auditors will issue a preliminary report on the subject. His conclusions will inspire action that will be incorporated when considering the draft budget law to Parliament.

Fight together against the tax leakage

Regarding the tax system, harmonization would be quite happy for the French since Germany has removed the ISF. "But we must see if it is relevant," temperate Baroin.Indeed, both governments are working primarily on other taxes: the ecological tax, VAT and corporation tax (IS). Paris and Berlin in particular want to fight together against the flight tax that allows the development of the Internet. The major manufacturing groups chose to localize their headquarters in a country of the Old Continent as low tax Ireland and arrange to channel all their European business.

In addition, French and German governments want to raise, at European level, the project to harmonize the basis of calculation of corporate tax (IS). Today, each country has different rules for determining taxable income, which confuses the issue.

Finally, Paris and Berlin will work hand in hand for the European budget does not slip.The Brussels Commission initially proposed that the budget of the European Union increased 4.9%. The European Council has succeeded in getting the increase is limited to 2.9%. To meet this objective, Baroin account in addition to the support of London.

The crisis has played a role in accelerating power for China. Faced with the slowdown in traditional engines of the planet are the U.S. and Japan, the People's Republic sees himself propelled to the rank of second largest economy, instead of his neighbor nippon, but still far behind the United States. "China is already the second biggest economy, has said over the weekend Yi Gang, director of the State Administration of Foreign Exchange (SAFE), in charge of foreign exchange controls.

In an interview with the magazine China Reform and accepted by the site of the Safe, Responsible merely formalizes what everybody expected this year. The calculation is done quickly. In late 2009, the gross domestic product (GDP) of Japan 5070 billion was already closely followed by that of China, to 4980 billion.With an expected growth of 9.5% throughout the year and 11.1% in first half against less than 3% for its neighbor, the Middle Kingdom has probably exceeded that of the Rising Sun between April and June And this, ironically, even as the country tries to avoid overheating. Manufacturing production slowed further in July for the second straight month, thanks to measures limiting credit growth and real estate speculation.

The Chinese authorities do not brag with their new status as world's second largest economy, since many challenges remain before inevitably take the top spot in a couple of years, according to the World Bank. "The problem of China's economy is the quality of its growth.Why we must proceed with structural adjustment and transform our business model, "said Yi Gang, referring to the refrain that government consumption has to take over investment and exports as an engine of growth.

The gap will shrink

This ongoing concerns prompt the government to closely monitor all aspects of the economy, starting with the very sensitive political exchange. Referring to the convertibility of the yuan, Yi Gang made it clear that no timetable had been arrested. China becomes the heir of the world economy without having an international currency.

But Beijing is still more to paradoxes, mixing the issues of developing countries with those of a rich country. Imbalances continue to widen between rural and urban, rich and poor.Before he finished his economic metamorphosis, the Middle Kingdom is already old. Today, six active contributors per pensioner, they will be more than two in 2040.

In fifteen years, GDP per capita – U.S. $ 3,600 in 2009 – will probably still not caught up with its rivals, with $ 42,000 for the United States and 37,800 in Japan. But the gap is very narrow. Yi Gang expects Chinese growth between 7% and 8% in the decade ahead.

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For Goldman Sachs, which published its investigation on Friday morning, ten of the 91 tested banks will fail. That is to say it does not retain a sufficient level of equity in the event of deteriorating economic conditions.

The success rate would be 89%. According to the study of the American bank, the banks are based in Spain, Germany and Greece, which should raise the more capital, adding that the source of these funds should be half public and half private.

The newspaper El Pais reported in its edition today that part of the 18 Spanish savings banks failed the test of resistance.To believe the consensus reached by Reuters, in Spain, only seven banks have passed the exam, including the largest as Banco Santander, BBVA, Banco Popular, and the "Cajas".

That success expected for French banks

In France, banks found – BNP Paribas, Societe Generale, Credit Agricole and BPCE (Natixis) – should all pass. The analysts and Christine Lagarde have confidence.

Full house expected also for the United Kingdom, examined on HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking Group. In Ireland, Bank of Ireland and Allied Arish Banks also succeed in obtaining good results.Same as in Italy, with Intesa Sanpaolo, UniCredit and Banco Popolare including headlining.

In Germany, a handful of banks should be in a situation of failure, particularly those that are undergoing restructuring.

Failure: it will recapitalize

According to Goldman Sachs, European banks should raise an average total of 37.6 billion euros in fresh capital as a result of these stress tests, whose results are expected Friday at 6:00 p.m., after the close of European stock markets but in full session on Wall Street.

In search of capital, these banks 'risk' may first explore to their shareholders or to tap financial markets easy payday loans. If this is not enough, she can turn to state aid at the national level.Finally, as a last resort, they can "take advantage" of the famous European support plan put in place at the European Union and the International Monetary Fund.

Confidence in the results, distrust Performances

With a success rate approaching that expected of the baccalaureate, the question is what will truly value the conclusions of these stress tests. Experts warn that it would be better to consider the assumptions made when simulating a situation worsened.

"The information currently circulating in banks suggest that the stress test favors disclosure of a satisfactory result compared to a real and solid technical verification," says Pierre-Antoine Dusoulier in a forum.

These data suggest that in fact the test cases would be fairly "light" in particular in the field of defaults on sovereign debt. Assumptions of the macroeconomic developments would also be applied "without knowing it for the moment the link established by the test between GDP growth, unemployment and inflation."

In addition, past forecasts on macroeconomic parameters were simply struck by the actual conditions. In spring 2008, the European Commission expected a growth of 1.7% in 2008 and 1.5% in 2009 for the euro area. Real growth was 0.45% in 2008 and -4.1% in 2009.

Pass the exam stress test is a bit like having your bachelor's degree with an overall average just over 10/20. This is not the best conditions for its future.

Eurazeo, owner of the chain of budget hotels B & B wants to sell its stake of 73%, raises interest. Candidates have until Monday to surrender to submit their bids firm, a transaction that may occur in the wake.

For the moment, there are four candidates. According to our information, this investment fund Carlyle, Bridgepoint, LBO France and PAI Partners. Starwood Capital could be added to this list at the last minute. Eurazeo, which had taken control of B & B in 2005 to approximately 380 million euros, expects the deals financed at the top of the range between 450 and 500 million euros.

With 227 hotels (187 in France, 35 Germany, 4 in Italy and one in Poland), B & B is a turnover of 200 million euros this year.

"The week will be very nervous," Franklin predicted Tuesday Pichard, director of Barclays stock. On the one hand, the low trading volumes (less than 3 billion at the close Tuesday) and other stress tests published Friday in 16 hours confirm this thesis. Since the beginning of the week, the CAC 40 index opened sharply higher supported by positive results from U.S. companies before gradually slowed down, as the sitting. The trend should be the same on Wednesday.

Asian stock markets closed on Wednesday in a disorganized, Tokyo lost 0.45% to 9258 points, while Shanghai was slightly higher than 0.06%, within minutes of closing.

Meeting between Lagarde and Schäuble

On the macroeconomic front, the appointment of the day is undoubtedly the meeting between Christine Lagarde, Minister of Economy and its German counterpart, Wolfgang Schäuble, at 12:45 pm.The two ministers would discuss the release of such stress tests, for which Christine Lagarde said he was "totally confident". These relate to BNP Paribas, Societe Generale, Credit Agricole and Dexia.

Other values to follow, Airbus, at a time when the fair takes place Fairnborough (south London) until July 25. The European aircraft manufacturer will easily exceed its target of orders in 2010 and could set up 400 orders against 300 originally planned, said Tuesday John Leahy, marketing director of manufacturer, Reuters Insider.

The European Union has also announced Wednesday it would appeal the conviction of the World Trade Organization (WTO) on subsidies provided to Airbus.

The airlines, including Air France will also follow, while five air traffic controllers' unions have called a strike for Wednesday.

World production of crude steel increased by almost 28% over the first six months of the year, but the pace of growth continued to slow in June: 18% from June 2009. Analysts believe the slowdown will become even more acute in the months to come. Investors follow the impact that this announcement will have on companies such as ArcelorMittal.

APRR said vehicle traffic had benefited in the second quarter of disturbances air and rail, and the improved economic No fax pay day loan.The group has published a quarterly revenue, excluding construction rose 5.8% to 491.5 million euros, with vehicle traffic rose 4.5% in the second quarter, in kilometers traveled.

Several publications for

The ball of results announcements or turnover continues: after-hours trade, Unibail-Rodamco will present its second quarter results. NRJ Group, Mersen (ex Carbone Lorraine), Cegid Sperian reveal them their turnovers in the second quarter.

Accor announced a growth of 5.1% of its turnover in the hotel industry in the first half on a comparable basis. The group earned a higher "backed" by its occupancy rate in the upper and mid-range and higher average prices in France, Germany and the United Kingdom.

The manager of nursing homes and clinics, Orpea, achieved a turnover of 470 million euros, representing organic growth of 9.3% and confirmed its full-year 2012.

Manitou, manufacturer and distributor of material handling, reported Tuesday a sharp rise in quarterly sales, but said the second half anticipate a slowdown in orders and a possible impact of delivery on its sales business.

Hi-Media, publisher of consumer websites, has warned that its net profit in 2010 would be affected by restructuring. The group now expects an operating profit comparable to that of 2009 (16.5 million euros).

Vetoquinol, the veterinary pharmaceutical company, has published a turnover of 138 million euros, up 15% in the first half.The group expects to raise over 200 million euros to pursue its external growth.

Sword Group reported sales of 47.2 million euros in the second quarter, up 7.8% as organic. The services company confirmed its objectives for 2010.

The recovery of steel distributor by IMS Jacquet Metals by a swap of shares is now effective, IMS announced Tuesday a few days after getting the green light from EU authorities. The current CEO of Jacquet Metals, Eric Jacquet, has been appointed to head the new entity.

Confident for banks, Christine Lagarde prepares for the fall an action plan for large exporters French.

LE FIGARO. – You now receive your German counterpart, Wolfgang Schäuble, the Council of Ministers, while you were in March, criticized the German economic model …

Christine Lagarde. – First, the participation of Wolfgang Schäuble, the Council of Ministers is the first by a German minister. But what a powerful symbol of closeness is in fact very natural when you know that contacts are actually daily between France and Germany. It happens every week, I spoke at least twice to Wolfgang Schäuble to harmonize our positions. And the director of the French Treasury is in daily contact with his counterpart. I have not criticized the German model.I said: "From the perspective of European stability, we must all make efforts, setting the course as a priority of deficit reduction."

Germany is today a leading exporter. Should we be inspired?

The competitiveness of Germany is higher than ours, but France has real expertise in major infrastructure projects in energy, transport, water, meeting the needs of large emerging countries. We need better value.

How?

We were gone in 15 years more than 100,000 companies exporting to 90,000 just, and we regularly lose market share. It was therefore necessary to react.We did this by structural measures for firms, such as reform of the tax credit, research or business tax, and we also created in 2008, a specialized agency – Ubifrance – to support SMEs exports in 44 countries. The experiment was successful: between 2008 and 2010, activity doubled. So I decided, with Anne-Marie Idrac, increase next year's budget speech, more than 20%. It is a considerable effort since the same time, the budget for my department will decrease.

And the big contracts?

In this area, the recovery is taking shape but with a "kick 7.2 billion euros in the fourth quarter 2009 and 3.3 billion in the first quarter 2010 and 6.5 billion in the second quarter. Our goal is to make every effort to seize the opportunities offered by the booming market of large emerging countries.For this, we initiated a strategic dialogue in the spring with thirty large exporters, who were asked to reflect on what needs to be improved no faxing cash advance. We meet them again in the fall at Bercy to develop a plan of action.

Some tracks stand out there already?

Yes. It will inevitably revise our system of financing, taking greater account of the interests of strategic partnerships between French and foreign companies, and also establish more reciprocal anti-corruption standards, environmental, social … The last point could be the agenda of the G20 Finance.

To avoid that France republishes failure of Abu Dhabi on nuclear power, should we not also a better coordination of actors?

The loss of the contract for the plant is actually part of the warning signals. There is no compromise on quality and security, especially nuclear, but we must take greater account of customer needs, for example by developing medium-size reactors, such as TDD, from the cooperation with Areva and Mitsubishi. And also, probably, in increasing the business to co-ordinating bodies such as the Inter-Departmental Support International Contracts (CIAC).

On Friday, the European Central Bank will publish the results of stress tests of 91 European banks. What do you expect?

I am following as milk on the fire.But I am totally confident about the outcome of the French banks after the stress tests.

The taboo of the word "rigor" is definitely broken?

The word "rilance" I started, has been much ink. It does not reflect a wealth of government but the need, on one hand, to apply the principle of budgetary discipline in the process of spending and the other to continue to support the value creation and employment , which is needed in France, targeting innovation and investment.

You are reluctant to abolish eight declared the twenty-eight positions in your firm. Will you do?

First, there is no panic on board as some say. Departures are planned, because after three years of study can be exhausted or aspire to other horizons.I will follow instructions, as I always did it with a cabinet composed only of formal collaborators and I want to honor them, they are not unworthy. We will achieve our objectives in a timely manner.

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Negotiations between the Ministry of Defence and Thales and Safran industry saw the standoff, reports the Tribune published on Friday. The discussions were intended to streamline the activities of inertial navigation and optronics the two groups failed last May, to the chagrin of Hervé Morin. The time for talking would be gone for the minister, who is now past actions by deciding to freeze the state contracts with two companies.

All contracts would therefore be blocked, except for rush orders, notably for French soldiers engaged in overseas operations. The amount of contracts outstanding for the year 2010 amounts to 300 million euros, according to a source close to the case examined by the Tribune.

Concern Thales

Thales is undoubtedly the most affected by the punishment of the Department.In addition, the group currently has to face the distrust of rating agencies dissatisfied savings plan of 1.3 billion euros that the industry announced last December, Moody's downgraded, earlier this week, the debt rating of the group's long term by one notch to A2.

The anxiety is palpable within the group: "We are heading for disaster," confides a source in The Tribune. The business daily estimated 135 contracts between the ministry and Thales could be frozen.

Safran, less dependent on state orders, is more serene. Its leader has displayed his optimism for the year 2010-2011, and reiterated his desire to remain independent, denying recent rumors of a merger with Zodiac.

But positive on Monday for Carrefour! Around 16:30, the action of the distribution group showed the highest increase in ACC 40: 2.94% to 33.08 euros in a market which lost 0.23%. Rival Casino gaining 1.45% to 62.91 euros.

The action is primarily supported by a first good news: Deutsche Bank has increased the purchase on Carrefour after recommending to keep it.

Furthermore, although the information has not yet been confirmed by Carrefour does not wish to comment, the group would begin selling its operations in Thailand (550 million euros turnover in 2009 ), Malaysia (300 million euros of turnover) and Singapore (80 million euros of turnover), according to Reuters."I would not reconsider our position on a number of emerging markets where the potential is not important," said Lars Olofsson, Executive Director of Carrefour, Le Figaro last January. These transfers could bring him some 800 million euros.

"Carrefour has too dispersed"

"These operations will confirm Carrefour to focus on China (3.5 billion euros in turnover in the first quarter of 2010, Ed), Taiwan (1.3 billion euros of turnover) or Indonesia (800 million euros of turnover), "said an analyst of CM-CIC Securities specialist value. He added: "These markets like Mexico, Chile, Japan, South Korea or Switzerland, which Carrefour has withdrawn, were either uninteresting or markets where the group has rapidly exceeded by its competitors. Carrefour was too dispersed.

Carrefour has been working with Goldman Sachs and UBS on the transaction that could sucsciter interest of private equity investment, according to the evolution of debt markets and mergers and acquisitions, or other distributors within Asia, as Tesco and Casino, according to the analyst.

Carrefour wants to "re-enchant the hyper"

More good news for the guys who did not wish to comment: As part of its "hyper-enchantment" Carrefour should delegate its rays to Virgin Music, the magazine Challenges. By outsourcing this department to a specialist, the group hopes to attract more young people into its stores. A first test will be done in the store Venissieux. And if successful, the contract could be extended to 238 Carrefour hypermarkets, and cover all rays non-food, whose sales have fallen 5% in 2009.

Friday, Carrefour officalisé restructuring its activities in Belgium. After months of negotiations, the group has signed a social agreement providing for the closure of sixteen stores deficit, while strengthening its partnership with Mestdagh. The reduction of labor costs Carrefour Belgium, it would save about 25 million euros per year. For the analyst of CM-CIC Securities, this restructuring plan is a "good news" because it will help give a boost to sales of the group in Belgium.

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