The CAC 40 ended the week above 3900 points, to 3910.42 points exactly, powered during the afternoon of Friday figures on U.S. employment. This Friday, the Paris stock exchange has closed up 2.14%, slightly eroded after the previous day. The sessions Monday, Tuesday and Wednesday were marked by increases comfortable leading the progression of the weekly flagship index +7.3% at Paris, from a closing price last Friday of 3640 points.
The United States has published employment figures less bad than expected. The U.S. economy has destroyed 36,000 jobs in February, according to figures released Friday by the Labor Department. It is far better than economists' forecasts. The unemployment rate held steady at 9.7%. But it remains "inadequate", according to President Obama.At the time of closing in Paris on U.S. exchanges were directed upward, the Dow Jones arrogating 0.8% at 10,531 points.
Moreover, German industry has recorded a surprise jump in orders in January, 4.3%, according to provisional figures published on Friday that far exceeds expectations, thanks to a spectacular increase of 7.1% of domestic orders .
The DAX index of 30 blue chips of the Frankfurt Stock Exchange ended Friday up 1.42% at 5877.36 points against 5795.32 the day before closing. The London Stock Exchange closed higher Friday, the FTSE-100 index of leading values winning 72.60 points, or 1.31% over the closing Thursday at 5599.76 points.
After Market (in 21 hours), the U.S. figures reveal consumer credit.
Veolia Environnement in the single red
Veolia Environnement (-4.26% to 23.94 euros) said before market in 2009 have recorded a turnover of 34.55 billion euros, down 3.4% on year, down slightly higher than expected (-2%). The titles are the only ACC to be in red.
Still later publications, Areva announced Thursday after the stock market, a 2009 operating profit up 20% to 501 million euros. The turnover showed an increase of 6.4%, to 14 billion euros and net income group share for 552 million euros (-6.3%). The title has been 1.98%, to 352.3 euros. euros.
NicOx reported Thursday a net loss of 60.4 million euros in 2009, cons -73.9 million euros in 2008.The shares gained 1.01% on 5.98, having outperformed the broad trend in recent sessions.
The markets welcomed the gesture of banks
Side of EADS (+1.98% at 15.95 euros), the client countries of the military transport plane A400M and the European industrial group EADS in Berlin on Friday reached agreement on funding for this project has told AFP the French Minister of Defense Herve Morin.
The banking sector remained well oriented on Friday: Societe Generale (+4.83% to 44.95 euros) eventually leads the CAC 40, BNP Paribas (3.67% to 56.78 euros), Credit Agricole (3.19% to 11.66 euros) and Axa (+3.17% to 15.61 eruos) were searched. Following a meeting with Nicolas Sarkozy at the Elysee, the banks have agreed to reserve 96 billion in financing small and very small.
Casino (-0.38% to 60.20 euros) should start in May its pods, modeled on that of Nespresso. In France, the market for coffee pods is estimated at 1 billion euros, half for Nespresso.
Natixis (0.90% to 3.69%) is under the radar of the AMF. A book published Thursday reveals that the former officers have disclosed false information to markets, in October 2008.
In an interview with the Financial Times, the group's boss, Jean-Bernard Levy, said he was interested in the sale of a mobile frequency by the governor of Brazil. According to analysts, this would require an investment base of over one billion euros.
Large centralized operation for Societe Generale. According to the words of a spokesman for the bank in the Daily Tribune, the establishment has decided to bring all its toxic assets to Paris while some are now scattered in New York, London or Sydney. These illiquid assets, that is to say, for which there is no market, have a book value of 35 billion euros, excluding derivatives. Goal by this spokesperson: "reduce our operational risk. In exchange, the new investor enthusiasm. The Societe Generale is under 1.31% to 51.98 euros, 30 minutes after the opening of the meeting.
The operation should be done in two phases. Firstly, the activities of the subsidiary Inter European Council (IEC) will be transferred to another structure, Génébanque, by the end of March. Then, IEC will get all the toxic assets and manage their entire management.The operation could extend until late July or late October. The aim is also tax since the maneuver will allow Societe Generale to reduce its taxable profits the losses associated with these toxic assets in France.
This process of centralization must still be submitted to central works January 14 next.
Carrefour could engage in home delivery in France in order to cope with declining attendance in its hypermarkets. According to The Independent, the French giant is in talks with UK online retailer OCADO to create a joint venture based on technology automated OCADO. It would be especially interested in their software on order entry and online organizing deliveries. OCADO who wishes to enter the stock market next year, book products supermarket High-end British Waitrose.
Deliveries should start first in Paris before spreading to the rest of French territory. The newspaper also reported that neither OCADO Carrefour did not want comment. Carrefour in the third quarter, down 8% of its turnover number of store.
U.S. traders are hoping that this Friday will be "black." Black Friday is the nickname given to the Friday following the Thanksgiving holiday would. This weekend three days in the United States marks the beginning of the season's shopping season. Last year, 172 million Americans had flocked to the malls during the seventy-two hours after the feast of Thanksgiving. The profession wants them to be as many this year, despite higher unemployment for twenty-six and a credit crunch.
The leading retailer for low prices, Wal-Mart opens a large number of its stores 24 hours of 24 on this occasion. Its rival Target is ready to welcome the hordes of customers at 5 am. Just as Best Buy, the number one electronics distribution. Kmart opened as early as Thursday, Thanksgiving Day.All these giants know that this year more than ever the buyers are looking for money sacrificed. Hence the importance of bringing many people into their stores to offset the lower margins.
Important factor: the weather, with a rather mild weather throughout the year, they will be favorable. But according to surveys, 93% of Americans intend to spend "less" or at most "same" as last year. In addition, 80% say they'd prefer to pay in cash. If consumers keep their resolutions and resist the temptation to use their credit cards, merchants' earnings will be significantly limited.
40% of total annual
Last year, while the financial crisis precipitated a collapse of activity, the mad shopping Thanksgiving had still spent an average of 372.57 dollars per person.Was 7.2% higher than in 2007.
But the season is long. A good weekend of Thanksgiving does not necessarily translate into strong sales until Christmas. We saw him in 2008 for the first time in over a generation, Americans have finally spent less than last year. This decline of 3.4% of purchases had traumatized the profession. From late November to late December, the department stores carry up to 40% of their annual turnover. While their association anticipates a further decline in sales in the 2009 season, but of lesser magnitude. The marketing channels such as Macy's and Nordstrom noted for example the collapse of the morale of Americans from October to November. But they also know that the reputation of Black Friday is overrated. The days of greatest influx of buyers are usually on the weekends before Christmas.The Americans, by calculation or by lack of preparation, expect more and more the last minute to buy gifts.
The Chinese government had promised. The national growth would remain at 8% in 2009 despite the crisis. It is poised to succeed his bet. The figures, published yesterday by the National Bureau of Statistics (NBS) for the month of October, confirms the strong recovery of the economy.
Industrial production rose by 16.1% over the same period last year, against 13.9% in September. This is its biggest gain in a year and a half. Retail sales have, in turn, increased by 16.2% in the first ten months of the year, compared with an increase of 15.5% for the period January to September.
The trade balance has in turn recorded a balance of $ 24 billion or 11 billion more than the month before. This is an unexpected decline in imports by 6.4%, which largely explains this result.Exports, meanwhile, have slowed their little dip, down only 13.8% in October against a decline of 15.2% in September. These figures suggest now a recovery in foreign orders.
Know when to stop the infusion
Given all these positive signs, economists expect this to increase in China's GDP exceeds 8% for the full year 2009. But everyone is asking at the same time the question of a proper balancing of growth. "If you look at the figures for October, it seems that there is a trend in consumption that would further contribute to growth.And this should be confirmed in the fourth quarter, "says confidently, Sheng Laiyun, spokesman of the NBS.
China has most of his return to his recovery plan to 450 billion euro, launched a year ago to invest heavily in infrastructure.
And if the fixed investment has also continued to increase, from 33.1% in the first ten months of the year, it mainly benefits large public works (+ 76.3%), while investment in private projects fell by 12.9%.
The question now is to know when to stop the infusion. Some leaders expressed their fear that a sudden withdrawal of credit facilities, which boosted the plant workshop of the world. Chinese banks have lent 1 100 billion since the beginning of the year.Even if they have paid half in October than in September, the economy can not do without this liquidity.
The OECD sees "strong signal" of recovery
"The Chinese economy is running at full speed
Professional athletes are red since the start of the week as MPs discuss several amendments concerning "the name of tax fairness." What professional athletes are they privileged taxpayers? Amendments, including those worn by Yves Bur UMP deputies and Marc Le Fur, aim to change both devices. First, the option income tax benefit of (or "sprawl"). Clearly, professional athletes can smooth their income, that is to say, to average their income over three to five years. Finally, they can in this way, deduct one third of taxable income. Tuesday in the state budget, MPs have decided to book only to fans that tax advantage.
Second advantage, that permitting the exemption of social contributions and employers under the "collective image rights" (DIC).1237 athletes have benefited from this advantage in 2007. It is already anticipated that the scheme ends in June 30, 2012, but a new amendment proposes that échénace intervene earlier, specifically on 1 January 2010. "More than athletes, they are also clubs that take advantage of this benefit as part of the remuneration of the sport is exempt from payroll taxes and employer. This allows clubs to keep some French players, potentially leaving for abroad without it, "shade Christophe Breton, specializing in asset management for top athletes. So the club is saving costs and not the athlete directly. The shortfall for the state would be 30 million per year.Adopted almost unanimously with a vote in the Committee on Social Affairs, the UMP amendment must still be voted on in public session next week.
A Mercato costly for state
A third device was questioned in the draft law of 22 July, the favorable tax treatment to impatriation enjoyed by all occupational categories and not just professional athletes. The scheme originally thought to prevent brain drain to foreign countries (emigration of French researchers in the United States and leaders in England for example) is also used by professional athletes as part of their transfers when they leave foreign clubs.This attractive scheme allows beneficiaries to receive an allowance for a limited period of 5 years provided only they were not fiscally domiciled in France during the five years before taking office. "The advantage is in particular the exemption of additional compensation related to the return to France," said Mr. Lefevre Péaron (Morgan Lewis). Some MPs intend to exclude professional sports scheme. Figures to support the member of the Cotes d'Armor explains that the four transfers most important championship of France Ligue 1 football had "cost" to the State under impatriation nearly 1.5 million euros in the Mercato 2008-2009.
"Undermine the entire economy of clubs"
For many asset managers, reform the tax and social benefits, especially the DIC, will undermine the attractiveness of the French market. For Schatzl Frederick, president of Elite Heritage, this amendment is a mistake of a economic standpoint. The wealthy athletes will go to other countries more attractive: they will come in France, so they do not consume more and pay more taxes. "Even the sound of bells from the middle of sport ensures that the state will lose. According to the Professional Football League (LFP), professional football will yield 600 million euros in social charges and fiscal 2009. "These samples sitting on the payroll of players will decrease if teams are forced to revise downwards earnings to offset the effect of the measures announced.These ultimately will cost more money than they relate and will not be profitable for the state, "says the president of the LFP, Frederic Thiriez.Tout as the French Football Federation (FFF) National Union of Professional Footballers Thursday expressed its concern. Sylvain Kastendeutch, co-president of the UNFP, denounces an attempt to bring down the overall economy of football. "The reform is presented as a way to reap benefits in a few stars. Not true, it is a bad blow to football because it will weaken the entire economy of the clubs, "he warns. By Tuesday, the day of voting in the plenary of the amendment on the abolition of the exemption under the "right to collective image, the sport community intends to defend his vote.
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