Earlier this week hesitant on Asian financial centers. On Monday, stock markets in the region without changing direction. Fears of a slowdown in economic recovery or a return to recession, still occupy the minds of investors. Especially as Wall Street and European stock markets ended the week in the red Friday. In the U.S., operators are torn between optimism for the resumption of mergers and acquisitions and the battery of macroeconomic uncertainty.
In Japan, investors have the prudence of their American counterparts. After opening down 0.10%, the Nikkei has widened its losses during the session (-0.58%) to finish on a decline of 0.68% to 9116.69 points. It is the lowest level of the year. The broader TOPIX, yielded 0.58% to 824.79 points. The vigor of the yen against the dollar is once again pointing the finger. Unsettled, exporters have sealed document.The semiconductor equipment supplier Tokyo Electron, the specialist digital cameras Canon and carmaker Honda Motor lost between 0.53% and 2.52%.
In China, stock markets are even more hesitant. In Hong Kong, the Hang Seng was down 0.36% to 20,905 points while the Shanghai Composite gained 0.13% to 2645 points.
The Korean Kosdaq is at equilibrium (-0.02%), like the Indian Sensex (+0.06%) and the S & P Australia (-0.09%). In Australia, markets are disturbed by the results of parliamentary elections that failed to designate a clear winner.
Absence of major news, the market activity remains very calm. New major macroeconomic indicators are expected in mid-week in the U.S., particularly in the property sector and employment.
Oil climbs
Crude prices were up Monday in Asia on a flat market. In morning trading, a barrel of light sweet crude for October delivery gained 29 cents to 74.11 dollars, while that of Brent North Sea crude for October delivery increased by 21 cents to 74.47 dollars.
This increase ends three consecutive sessions of falling prices. But it remains fragile due to a strengthening dollar.
The first thing to do while deciding upon an insurance policy is to get the term quotes from various life insurance companies.Suez Environment, specializes in managing water and waste, has published results on Wednesday rose for the first half of 2010. The Group's turnover amounted to 6.59 billion euros, up 12.3% as reported (10.8% at constant exchange rates).
The gross operating income reached 1.042 Moreover billion, an increase of 9.6% as reported and 7.2% excluding currency effects. Net income group share stood at € 386m, up 121%, € 0.79 per share.
The group has raised its targets for the whole year: it expects a turnover higher than that of 2009 (which was $ 12.296 billion euros) of at least 7% at constant exchange rates, cons at least 5% expected in February.It also relies on a gross operating income up 9% minimum at constant exchange rates compared to 2009, against 8% minimum expected end of February.
Free cash flow increased during the semester 30% (excluding non-recurring items in 2009) to 457 million euros. The group hopes to reach over 700 million euros for the whole year. Operating cash flow amounted to 905 million euros, up 9.5%. "The cost optimization program, Compass 2 continues," said CEO Jean-Louis Chaussade in a statement.The group has increased its cash generation and maintains its goal of financial strength.
The CEO of Suez Environment also emphasizes that this semester is marked "by strengthening our strategic positions, including the acquisition of eight companies in the water in France and the finalization of the friendly takeover which Agbar allows Suez Environment to consolidate its bases in Spain and abroad. "
The turnover of the International segment is also in "strong increase" to a constant exchange of +21.9% (+19.9% organic growth) to a € 707m.
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Closing reassuring Wall Street yesterday gave a positive impetus for the Paris Stock Exchange on Tuesday. While Asian investors have been cautious, the CAC 40 chooses the path upward. The index advancing 0.91% to 4:20 p.m. at 3672 points.
The French markets are still worn by banking shares. Yesterday, the shares had already boosted the index, in response to the publication of results of stress tests on Friday. On Tuesday, they are top of the ACC: Credit Agricole takes 8.53% to 10.47 euros, BNP Paribas 5.71% at 53.91 euros, Societe Generale 8.06% to 43.21 euros and Dexia 7 02% to 3.86 euros.
Elsewhere in Europe, the increase also dominates. The London Stock Exchange ahead of 0.80% to 5394.10 points. The DAX index of the Frankfurt Stock Exchange is gaining 0.49% to 6224.60 points.
Yesterday the key index in Paris managed to keep the threshold of 3600 points despite an early meeting very hesitant.Good numbers of U.S. homes have played an especially comforting to investors. And on Tuesday, rebelote: the Case-Shiller index of home prices meets the individual operators offering. It rose more than expected in May in the United States, +0.5%. The month of May and is the second consecutive monthly increase, a trend that comes after two months of consecutive decline.
But the Conference Board index, published in 16 hours, fell for the second straight month in July fell to its lowest level since February, to 50.4 in July against 54.3 (revised from 52.9) in JuneAn advertisement that has a little cooled investors.
After trading, the markets will see the unemployment figures for the month of June in France.
In addition, the Department of Ecology has announced that the number of starts of new homes in France fell 0.3% for the period April-May to June, compared to the same period a year ago, while the number of building permits recorded an increase of 25%.
On the foreign exchange market, the euro continues against the greenback. Around 1530, the euro was worth just under $ 1.30, but the threshold was crossed earlier.
Publication Burst
On Tuesday, the publications will be honored at the Paris Bourse:
Danone (-3.65% to 44.63 euros) announced before market opening a current net profit in the second quarter of 848 million euros and a turnover of 4.386 billion euros.The group raised its sales target of 2010 and provides a comparable increase of at least 6% against at least 5% previously.
Altran (7.46% to 3.24 euros) has reported a turnover of the second quarter 2010 from 357.6 million euros (+2.3%). The group expects a significant improvement in the margin in the second half of 2010.
The Land of the Regions (-0.12% to 72.85 euros) published a recurring net profit increased 1.1% to 153.4 million for its first half, with rents of 264.1 million , up 1.7% at constant perimeter and an occupancy rate of 94.4%.However, its net asset value, excluding financial instruments, stood at 73.20 euros per share, down from late 2009 due to the distribution of a special dividend for 2009, consisting of 3 30 euros in cash and six Beni Stabili shares, 52.5% owned subsidiary acquired in 2007
Note that M6 (-0.14%) will announce its interim results to 17 hours. Vinci (+0.29%) and Fleury Michon (stable) publish their turnover in the period after the stock market. Compagnie des Alpes (-0.72%) will announce its third quarter revenues.Meanwhile, Air France KLM (+0.69%) will release first quarter results are as LVMH (-1.26%) will release its first half results.
Sanofi repulsed Klepierre sanctioned
The U.S. biotechnology company Genzyme has rejected a buyout proposal made by Sanofi Aventis (-0.58% to 45.32 euros) according to Bloomberg.
Capgemini (-0.91% to 35.05 euros) has announced the signing of a 6-year contract between its subsidiary Capgemini UK and Royal Mail Group Limited (RMG), the British postal service, for its service management computer.
Klepierre (-4.56% to 24.67 euros), revised down slightly its 2010 targets of current cash flow and rents, the prospect of austerity plans in Europe have slowed the recovery of consumption.The land has produced a net current cash flow per share down 1.7% to 0.99 euro in the first half.
ICADE (0.56% to 73.47 euros) on Monday announced a net profit in the first half more than eight times while its net current cash flow per share, affected by the low profitability of its development division, declined 21%. Icade should propose a special dividend payment of at least four euros in the second half, tied to sales of homes.
April Group (-2.83% to 19.77 euros), saw the decline in sales accelerated to 12.9% in the first half.This is explained by the group with a focus on its brokerage business, which should result in a decrease of 25% of the insurance business in 2010.
Finally, Technicolor (2.96% to 4.18 euros) received a firm offer from the private equity fund Francisco Partners for the acquisition of the "broadcast professional" Grass Valley.
"Splinter Cell Conviction," "Just Dance", "Assassin's Creed 2," "Avatar". These video games, real commercial success, Ubisoft has realized the first quarter of 2010-2011 above its own expectations. The video game publisher has announced on Monday, a turnover of 160 million euros against 145 million euros announced last May 18 at the annual results presentation. An increase of 93%.
In exchange, the news is very appreciated. The group titles are at the forefront of the SBF 120 since the opening of markets with an increase to the closing of 15.42% to 7.35 euros.
Forecast confirmed
Markets are also satisfied with the maintenance of annual targets credit report."The turnover of the second quarter of 2010-11 would be about 83 million euros, in line with the second quarter of 2009-10. The group confirms its previous comments regarding the 2010-11 biennium is the return to profitable growth and cash flow positive from operations, "said Ubisoft in a statement.
Side launch, the group put on another commercial success to come: the game "Driver". Previously scheduled for the third fiscal quarter, it should now come out in the fourth quarter.
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Malta takes a very dim view of the opening of the French market paris online and does everything to slow the process. This is the poker from the first to pay the price. Indeed, the opening to competition of the French market of online poker is postponed for one month, until late June because of an obstruction of Malta under EU rules, said the Agency France Presse (AFP) the entourage of the Department of Budget and confirming information site Challenges.fr
"We can not publish the implementation decree (for poker online) before June 28 It postponed a month because we are forced Malta, "says one with services Françoise Baroin.
A French law "relating to the introduction of competition and industry regulation of gambling and online gambling" was promulgated on May 13, followed by a dozen decrees.This legislation relates to sports paris, the paris horse and poker.
The Regulatory Authority online games (Arjel) should issue next Tuesday fifteen licenses to operators of online games, especially in order to start the paris during the FIFA World Cup (June 11-July 11 ).
Problem European procedure
The government had sent there over a year to the European Commission's draft legislation on online gaming, then notified Brussels implementing decrees, said the Budget Ministry online pay day loans. "Member States (EU) had three months to make their comments and Malta has chosen to do May 27", ie the last moment. France is obliged to meet in Brussels and Malta before issuing his decree. Paris now has one month to respond.
Malta, already established on the market for online games, contests a provision of the French law requiring players to register with an approved operator. This is contrary to the EU principle of free movement of persons and property.
"There is no problem on the merits. It is simply a procedural problem in Europe, as it has been commented at Bercy, stating that the grant Arjel as planned on Tuesday for its amenities paris sports, horse and poker. For the latter, many traders will await publication of the decree in late June. Still, the situation is embarrassing for the operators. Bwin, Unibet and Unibet already offer online poker. And waiting for regulatory approval to regularize their situation.
Registrations of new cars in France have slowed significantly in April, the end result of whiplash print market since late last year by the scrappage
New registrations rose 1.9% in April on a year in France, reaching 190,986 units, said Monday the Committee of French car manufacturers (CCFA). In March, they still leapt 17.9%, still boosted by the registrations of cars ordered in late 2009 to take advantage of the premium to 1,000 euros. This was reduced to 700 euros since 1 January, and will fall to 500 euros in the second half.
"We see here the impact of gradually reducing the premium breaks, there is some decline in the small car category, those who have benefited most from the device, and you know you will go into negative at the end of the year, "said a spokesman for the CCFA.
"Despite this, the ski manufacturers we also show that the level of orders for new models and for mid-size cars are holding up well, meaning that the market continues to resist despite the decline in aid."
Citroen sales down 8.3%
The major manufacturers all expect a decline in European car market this year, the second half of 2010 announcing the end more difficult with a comparison of premiums and increasingly unfavorable relative to the boom in late 2009. Renault has amounted to 10% expected decline while its major competitor PSA Peugeot Citro?n expects down 9% quick payday loan.
Last month had 21 days, provided that April 2009.Of the first four months of 2010, registrations in France reflected an increase of 12.9% to 785,706 units.
Sales of passenger cars Peugeotont group rose 7.3%, but those of the Citro?n stand down 8.6% on month, while Peugeot's registrations increased by 24.2%.
As for the Renault group, registrations were up 17.2% – an increase of 9% for the brand new diamond and jumped over 100% for Dacia (Logan, Sandero and Duster).
Improvements on commercial vehicles
French brands have still got their game well, with an increase of 8% against a decline of 4.9% for foreign brands. Among foreign automakers, Nissan (49.2%), General Motors Europe (+43.5%) and the BMW Group (+24.1%) recorded the most notable increases.The Volkswagen group (-20%), Fiat (-13.3%) and Ford (-12.8%) are in decline.
The improvement in the commercial market, particularly affected by the slowdown in economic exchanges, is also confirmed. The registrations of light commercial vehicles rose 32.2% last month, marking an acceleration from the 16.5% increase observed in March (+11.4% when adjusted for working days). In commercial vehicles over 5.1 tonnes, in turn, is down 9.4%, against 28.4% in March.
After opening slightly higher, 0.21%, CAC 40, which has enjoyed, this time, a mixed close on Wall Street too, fell into the red. Shortly before noon, the index feature of the Bourse de Paris yielded 1.36% at 3942.91 points, while he had gained 1.17% yesterday night at the close. Subsequently, the markets have been showered by the decision of the Ageng rating S & P lowered the rating two notches debt of Portugal. Like Greece, the country is saddled with a huge deficit. What has worried the markets literally, since the Paris Stock Exchange has stepped up its withdrawal. At the close, the CAC 40 fell by 3.82% in ironing 3,900 points.
Elsewhere, markets are also oriented substantially in the red. London losing more than 2.61%, 3.28% loose Madrid.The Dax in Frankfurt has finally sold 2.73% to 6159.51 points and the FTSE in London, 2.61%, to 5603.52 points.
The outbreak, imperious Plan aid to Greece remains suspended to the new requirements of German thoroughness. The 10-year rate that Athens can refinance markets have exceeded 9.6%. Athex, the Athens Stock Exchange finished in fall of 6%. The markets clearly fear a default if the country does not receive in time, by May 19, the money promised by the EU and the IMF.
A contagion feared
Fears of contagion to other countries in the euro area patients deficits have magnified the nervousness of the markets.
Everywhere, banking stocks weighed on the trend, banks are most exposed in case of default of payment of Greece.
In Paris, BNP Paribas lost 7% in closing, Credit Agricole and Societe Generale 6.42% 6.02%.
Other sources of uncertainty for the sector: Accused of fraud, the bosses at Goldman Sachs on Tuesday defended before the U.S. Senate, which has also defer consideration of the proposed reform of financial regulation.
Meanwhile, "similar problems (to those of Greece), but at a different level are met by other countries," warned the Vice-President of the European Central Bank, Greek Lucas Papademos. This risk is probably overshadowed the macroeconomic data and solid corporate earnings released in Europe (BP, Deutsche Bank and Electrolux) as the U.S. (3M, Dupont, Ford, UPS and U.S. Steel have better than expected.).In New York, tenacious optimism, however, the Dow Jones yielding 1.13% after the closure of Paris. Greece weighed, despite two U.S. indicators able to offset profit-taking and uncertainty: if house prices in February will have recovered only 0.6% a year against 1.3% expected, the confidence index April's consumer, however, rose more than expected, the highest since September 2008.
The adoption last night of the great reform of health insurance, proud of the Obama administration is very important for the health sector, the United States and elsewhere in the world. Its impact on the health sector on Wall Street will be closely scrutinized.
The U.S. markets are getting better but still hesitant: the Dow Jones gained 0.26% to 10,770 points and the Nasdaq Composite 0.49% to 2386 points.
Investors will this week look at a few minor indicators, including sales in the previous Tuesday, and sales in the ninth Wednesday. Follow some figures on durable goods orders, before being released Friday, the latest estimate of GDP for the fourth quarter of 2009 and the index of consumer confidence.
Caution still dominates
Meanwhile, investors are still cautious amid the uncertainties that persist on the bailout of Greece. Even if the European Council held on Thursday and Friday in Brussels will not be much impact on markets, on both sides of the Atlantic, German Chancellor Angela Merkel have warned yesterday on German radio that "financial assistance to Greece is not on the agenda of the meeting Thursday …" But the pressure is raised a notch on Monday in Germany, for its approval a plan for financial assistance to Greece at the summit of EU leaders on Thursday and Friday.A summit to test the cohesion of the eurozone and the credibility of Europe.
The market does not, however, leaves destabilize or by poor statistics, nor by rumors: they whisper such as the Federal Reserve would again raise its discount rate by the next meeting of its Strategy Committee, Thursday . "But this is just an excuse to take some profits," says an analyst.
As for currencies, the euro strengthens against the dollar on Monday at 1.3548 dollars (0.28%) remains lower against the dollar on Monday after a brief foray as 1.35 dollar, dealers said opting for caution ahead of a summit of European Union, during which they will review again the Greek crisis.
The medicinal values rising
On the corporate front, the pharmaceutical values are well oriented.Pfizer Laboratories, Merck and Johnson & Johnson saw their shares rose by 1.88% to $ 17.23, from 1.76% to 38.73 dollars and 0.45% to 65.40 dollars. In contrast, health insurers are changing down: Humana fell by 2.20% to 48.90 dollars, UnitedHealth Group coward 2.27% to 33.61 dollars, Cigna lost 0.13% to 37.03 dollars Wellpoint and abandons 0.79% to 64.56 dollars. Aetna is only up 0.20% to 34.53 dollars.
Boeing (2.09% to 72.20 dollars) has announced an increase in production rates for Boeing 777 and 747.
As for publications expected will come on Thursday, Oracle and Best Buy, which will publish their earnings per share. Some computer companies (Red Hat Adobe Systems on Wednesday or Tuesday), builders (Lennar Wednesday) or deluxe (now Tiffany) also feed news.
Nicolas Sarkozy has raised the question of how we can more directly Wednesday in his opening speech at the Davos Forum: what is "the role to be played by banks in the economy?" He should get an initial response today ' hui. The bosses of big banks, mainly American and European, will meet with key leaders of the global financial regulation to settle their quarrels.
"The first challenge is to define what should be the basic name of a bank, has publicly acknowledged on Friday Peter Sands, group CEO of Standard Chartered Bank UK, who also co-chairing the Forum 2010, alongside a colleague European Josef Ackermann, head of Deutsche Bank. The meeting will be informal: to probe the kidneys and hearts of some central bankers and regulators in Davos.Including Jean-Claude Trichet, the ECB president, Mario Draghi, Chairman Financial Stability (a creation of the G20), Jaime Caruana, director general of the Bank for International Settlements, Dominique Strauss-Kahn, director IMF, but also representatives of emerging countries, as Zhu Min, vice governor of the People's Bank of China.
In this case it is private financiers who are the plaintiffs. "A new regulation of financial institutions is inevitable, but a regulatory motivated populist policies would be ineffective and harmful," warns a professional who will participate in face-to-face fast payday loans . This fear is taken very seriously since Barack Obama presented his proposals to ban the operations of market equity for commercial banks.With also the possibility of dismantling settlements whose bankruptcy would present a systemic risk.
The Obama plan goes to school
However, these recommendations appear to be in school politics. David Cameron, leader of British Conservative Party, arrived Friday in Davos, it is stored too. In turn, the technical authorities do nothing to minimize the issue of reforms to come. As Jean-Claude Trichet, at a panel on public policy interventions: "On both sides of the Atlantic, governments have had to receive 25% of GDP in the form of guarantees, recapitalizations and buyouts of securities to prevent the collapse of the sector.It would not forgive us if the system does not become more resilient in the future. "
The delegation of bankers in which American Brian Moynihan (Bank of America) and the European Josef Ackermann appeared to play a leading role, is far from presenting a seamless front. Everyone agrees to request a "harmonization of national regulations" (a level playing field in the jargon), but without going to unify the laws of each place.
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This Thursday that the Paris City Hall launched the tender for Autolib ', inspired by the V?lib'. This is to provide potential subscribers 3 000 vehicles in over 1 000 stations in the capital and suburbs where twenty municipalities are involved. One candidate has already emerged: the quartet comprising Notices, RATP, SNCF and Vinci Park. The tender to be deposited on Thursday will be discussed in spring 2010 and the choice of provider is expected within a year. Autolib 'is a campaign promise from the mayor of Paris, Bertrand Delano?. The Greens are reserved for the chosen system. New Center advocates for small electric taxis. The UMP calls for a postponement of one year for a thorough debate takes place on a project at 35 million euros.
"Autolib ': a project difficult to achieve