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).
Washington announced Friday it had cleared the merger between United Airlines and Continental Airlines. The Department of Justice indicated that the two U.S. companies had responded to his objections to their merger, leaving a number of slots for landing and takeoff at Newark International Airport near New York.
Downstream Europe in July
United Airlines, the third American company, Continental Airlines and fourth, had announced in May their intention to merge under the single name of United. The European Union, the guardian of competition in Europe, had already given its approval to the transaction at the end of July. In a statement, Brussels stated that his investigation confirmed the complementarity of the two companies' networks for Transatlantic routes, since they operate hubs in different U.S. cities."So there will be a marginal increase in market share," concluded the European Union. But a refusal of the United States was to be feared, as authorities in 2001 vetoed a previous merger between United Airlines and U.S. Airways on the grounds that it would reduce competition in the transport sector to the detriment of the public.
Fusion 1 October
The U.S. Department said it had closed its investigation as a result of the merger between the two companies, which gives them the field libre.Dans a statement, the two companies said they expected to complete their reconciliation of by 1 October. By marrying, they hope to better withstand the difficulties faced by the industry today, including the rising cost of fuel and competition from low cost airlines.Together they serve 370 destinations in 59 countries, with a combined turnover of 29 billion dollars, a fleet of nearly 700 aircraft and about 87,000 employees worldwide.
The U.S. stock market should be wary about the direction to take the opening in an atmosphere remained febrile for several major events at the macroeconomic level. The index futures are predicting a slight decrease in opening markets américains.Les future on Standard & Poor's 500 and Nasdaq 100 recoil effect, respectively, from 0.19% to 1108.70 points and 1884.25 points to 0.12%. On Tuesday, the NYSE has closed in a fragmented, divided between publications very positive company like Du Pont chemist, and the downturn in consumer confidence in July. At the end, the Dow Jones gained 0.12% to 10,537.77 points.The S & P 500 is broader, has lost him, 0.11%, to 1113.76 points and the Nasdaq fell 0.36% to 2288.25 points.
On the foreign exchange market, the euro was maintained in the morning to its best levels since two months around $ 1.30.
At the macroeconomic level, the U.S. central bank must now publish its Beige Book on economic conditions. It will be very guarded while the president of the institution, Bernanke said there is just one week before the Congress, the slow recovery, with no announcement of new funding in the economy.But it was the day Friday with the first estimate of gross domestic product (GDP) that will attract the attention of investors.
On the side of values, the telecom equipment maker Broadcom announced yesterday after the close of Wall Street quarterly profit of $ 278 million, against $ 13.4 million last year electronic check payday advance. Turnover was up 54% (+10% sequentially) to $ 1.6 billion.
Note also the biotechnology group Cephalon issued a quarterly profit of $ 89.1 million, well above expectations.
Always on the side of values, the Wall Street Journal, internet group Google is in talks with several video game publishers, in order to enlist their support for setting up a social networking service that would compete with Facebook .Some game publishers approached by Google Playdom be included, a publisher whose Disney announced the acquisition Tuesday, Playfish, bought last year by Electronic Arts, and Zynga, in which Google has already invested, it said.
For its part, the Microsoft IT group has criticized the partnership between Yahoo! Japan and Google, saying it would end the competition in the internet search in Japan and has questioned its "legality".
Also note, the oil company BP will have to "change the culture" after the oil spill in the Gulf of Mexico, said its new CEO, American Bob Dudley, in an interview on ABC.
The Paris markets are taking a break on Wednesday after a strong upward meeting. At midterm, the CAC 40 was down 1.49% to 3372 points. But this decline was attenuated thereafter, the ACC back even balance around 15:30 at the opening of Wall Street. Investors were relieved after learning details of discounts debts zuro monarch in the area to be taken into account in the "stress tests".
Resistance testing of European banks do not include discount on German sovereign debt, said two banking sources told Reuters, adding that French loans could eventually be delisted, but very limited. It is otherwise sovereign debt of Portugal, Italy, Spain, Greece and Ireland, some of which will undergo a double-digit discount."We had to find a way to take into account the sovereign risk. It is a lesser evil to the extent that the market is really scary is the risk of default, "commented Alex Koagne, analyst at Natixis Securities. "The double-digit discounts for PIIGS (Portugal, Italy, Ireland, Greece and Spain), it is not very impressive. Greek debt is already dealing with a discount of about 20% of the market, "he added.
Tuesday, in a very quiet market, the indexes have climbed throughout the day to reach a closing up 2.73% over 3400 points. A rebound reflecting the high volatility of recent weeks: Monday again, the CAC 40 was approaching its lowest level this year.
Elsewhere in Europe, even movement.The Frankfurt Stock Exchange evolves decline of 1.27% to 5865.20 points while the FTSE index down 1.26% to 4902.70 points.
On Wednesday, investors in Paris after their Asian counterparts who chose to take profits. For its reopening after a weekend of three days, Wall Street gave no signal, calling instead for caution with a fence unconvincing in the green.
In terms of indicators, the trade deficit of France has risen sharply to 5.5 billion euros in May from 4.258 the previous month due to a decline in exports, according to data released by Customs. Economists had expected on average a deficit of 4 billion euros.
Also note that according to a recent estimate of the European office of statistics Eurostat, euro zone economy grew 0.2% in the soft first quarter.
Moreover, the German industrial orders fell for the first time this year in May, 0.5% from the previous month, according to figures released Thursday by the Ministry of Economy. Economists interogés by Reuters on average expected a rise of 0.5%.
The car in the viewfinder
As for values, the auto sector should move on Wednesday. Peugeot has announced an increase in worldwide sales of 16.9% in the first half. The title of the group climbed 0.14% to 21.60 euros.Furthermore, Peugeot would invest 700 million euros to resume production project in India, reports the Wall Street Journal.
For his part, Renault (-0.34% to 31.02 euros) which must publish its results tomorrow, Thursday trading.
Sodexo (-0.80% to 47.22 euros) released before the market turnover with 11.54 million euros in the first nine months of the year. The group is an organic growth of its turnover for the full year 2009-2010 of about 2% and hope to achieve an operating profit of between 780 and 800 million euros excluding currency effects the exercise.
Meetic (-0.99% to 19.90 euros) announced Wednesday to build on an EBITDA margin of between 20 and 25% for 2010, unchanged from its 2009 goal.The leading European dating sites also said that synergies from the integration of Match.com, the first since last June, should reach 10 to 15 million euros in the first year.
Atos Origin (-1.34% to 32.33 euros) announced Tuesday the launch of new services known as "smart mobility". The services company led by Thierry Breton makes 850 million euros in turnover in the field of electronic transactions and placed on the strong growth in use on smartphones.
The nightmare continues for BP. The oil group announced Friday that its expenses related to the oil spill in the Gulf of Mexico have now reached 2.35 billion dollars (about 1.9 billion euros). This amount includes all expenses incurred by the operations of oil recovery and cleaning the coast since the beginning of the disaster but also the drilling of relief efforts, aid already paid to the residents affected and the damage already returned to federal authorities . This Friday at the London Stock Exchange, investors punish: shares tumble from -6.84% to 303.10 pence in late morning. Their lowest level in 14 years.
This new drop is more than 50% during the collapse of the oil company since the sinking of the platform in late April Deepwater Horizon.Meanwhile, five-year CDS BP increased by 19 basis points to 555 points, according to Markit.
The fall in prices has been sharp end of April, when the collapse of the platform.
European markets should pause on Thursday after two sessions of sharp decline, which followed nine sessions of consecutive increase.
The CAC 40, which closed Wednesday were down 1.71% at 3641 points, due to start sitting up on Thursday, the CAC 40 index futures predicting a rise of 0.74%.
On Thursday morning, the euro is up 0.17% to 1.2333 dollars around 7:30 rating. The European currency resist despite lingering fears about the state of the economy of the Old Continent.
In an interview with Italian newspaper La Repubblica, Jean-Claude Trichet, ECB president, said it was unlikely that the risks of deflation to materialize in the euro area.
Employment on the radar screen
In France, INSEE unveil at 8:45 expenditure Household consumption of manufactured goods in MayAnd job center will provide 18 hours tonight the numbers of jobseekers registered.
In the euro area, new industrial orders in April will be known 11 hours.
In the U.S., at 14.30, the figures on durable goods orders in May are highly regarded, as usual. As the traditional weekly claims for unemployment benefits (same time).
Areva accrues $ 400 million more
The Group accrues 400 million euros more because of the further delay of the EPR. These delays have already cost the group 2.3 billion euros nuclear. And this new supply will cause the accounts into the red in the first half.
The Da Vinci company has signed an agreement for a proposed road tunnel in Vietnam, worth an estimated 600 million dollars.
Publicis Interpublic does not need to merge with Publicis, according to its CEO, Michael Roth.The fourth group in terms of global advertising revenues has been speculation about a possible merger with French group.
L'Oreal L'Oreal held yesterday, a presentation on New Markets, about their potential for growth, based on affordable innovations, development of new product categories and the acceleration of globalization. Natixis Securities appreciated and raised price target on the value of 92-97 euros.
The bank Societe Generale 4.9 billion calls to Jerome Kerviel. This sum is claimed as damages, the commitments of the former alleged fraudulent trader.
Vivendi, however, that without the word "relax" is heard, the prosecution did not request any penalty against former executives of Vivendi Universal.From the first day of the hearing, Jean-Marie Messier, former CEO, has expressed a mea culpa about its "excessive contact".
Casino New episode in the war of Nespresso. Nestle has obtained the high court in Paris to send bailiffs in Folliet and Vegeplast, the two suppliers to the manufacturer Casino pods compatible with Nespresso machines.
Air France-KLM 4,390 people have left the company without having been dismissed, by March 2013, according to an internal document quoted by La Tribune, on its website.
Compagnie des Alpes Compagnie des Alpes announced Thursday the launch of an increase in capital of approximately EUR 100 million with maintenance of preferential subscription rights.
The leisure group has also announced a refinancing of its debt in advance through long-term, secure the liquidity of the group for five years.He said in a position to make acquisitions.
Banks The president of the European Central Bank, Jean-Claude Trichet said in an interview published Thursday that the financial regulatory reforms are on track and that a number of important decisions are taken in November at the G20 summit.
TF1 elimination from the first round of the France squad will deprive TF1 more than ten million euros in revenue.
Oil drop
Crude prices have continued to drop Thursday (76.2 dollars) in electronic trading in Asia, driven by anxiety about U.S. demand, world's largest consumer.
The latest indicators of the U.S. Department of Energy showing an increase of two million barrels in crude stocks in the week concluded on June 18 have caused concern to investors, which projected a decline of one million barrels.The increase in crude inventories reported in effect a weakening demand.
"It was a very important interview. Nicolas Sarkozy to thank you for coming. On Monday in Berlin, German Chancellor Angela Merkel wanted to put an end to persistent rumors of discord between France and Germany in the fight against financial crisis in Europe. During his joint press conference with French President in Berlin, Merkel stressed the need for both countries to give "impetus" to the European Union to "act operationally" and "the consequences of the crisis financial recovery '.
Determined to "speak with one voice", the two Heads of States announced it would set at G20 Toronto, the idea of a tax on financial transactions and a tax credit, " to be applied in the same way in France and Germany, "said Nicolas Sarkozy.
With Angela Mergel, the French president reiterated the need to strengthen the Pact of Stability and Growth. For the countries most lax sovereign debt, the two countries propose a penalty which would result in the suspension of their voting rights at the European Council. This proposal, which will be submitted to the European Council President Herman Van Rompuy, could lead to changes in the treaty which will be "in the near future," according to Angela Merkel.
A European economic government
Finally, Germany and France have discussed their desire to establish "an economic government of the 27" which would meet soon "on an operational and pragmatic." The two heads of states also want power, "in case of necessity, meet only the heads of only 16 states in the euro area. "There will be no country of first and second class.The idea is just to work quickly to problems concerning the euro area, "Angela Merkel stressed.
"Europe is not the most dynamic continent in contrast to the ambitions of the Lisbon Treaty. Do not create new institutions but to be more operational, has welcomed the Chancellor. Nicolas Sarkozy has reiterated his desire to "get out of ideological debates to make things happen quickly."
When asked about their respective visions rigors announced plans in both countries, Angela Merkel and Nicolas Sarkozy have remained elusive. The German Chancellor said that "Germany had done the right thing and not that France too." For its part, the French president spoke of "a matter of shared responsibility, trust and proximity.
Before the G20, Germany and France will defend their joint initiatives at the European Council meeting on Thursday.
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Despite a decline in GDP since the second quarter of 2008, wages continued to rise this year at a faster pace (+3.6%) than in 2007 (+3.3%) as Figures released Thursday by the INSEE. One thing, however, tempered by the high level of inflation in this period, 2.8%, which surfaced in much of the improvement obtained by the employees. The average net wage rises in 2008 to 2069 euros net per month.
At that time, the labor market is however already the stigmata of the crisis. The structure of employment has changed, at the expense of the unskilled and temporary, in favor of executive employment and women. The average wage of workers benefiting from the decline in unskilled employment, and also recorded a significant increase resulting from indexing the minimum wage to inflation.In total, workers recorded the most favorable trends with an increase of 1.3% in constant euros.
Executives recorded the largest decline
While the average net salary of employees remains stable, that executives cash the largest decrease (0.7%) partly due to the importance of the variable component in wages. The sectors of finance and real estate are suffering most from the crisis in 2008, it is true after a sharp rise in wages in finance in 2007.
It is finally noted that while women's wages grew less than men (0.5% against 0.9%), thus widening the gaps in pay between the sexes, female employment is more resistant, particularly because of the strength of the service employment.
Apr
26
Lloyd Blankfein, Goldman Sachs boss, and six of its past or present employees may spend unpleasant moments earlier at the Capitol. They are summoned to explain, under oath, the practices of the largest bank on Wall Street before the Permanent Subcommittee on Investigations of the Senate.
Its chairman, Sen. Carl Levin, wants, before the cameras, pushing Goldman Sachs into a corner. He is convinced that, like other banks, it has contributed to the financial crisis through 2008 by selling to investors who may be unaware of the financial derivatives of mortgages she knew highly risky, while also trying to enjoy the likely devaluation of its securities.
These hearings are the culmination of ten months of investigation. Goldman Sachs comes very prepared with the best lawyers instead.Including some who once worked for the commission itself.
The event comes at a doubly crucial. Carl Levin and his team of experienced lawyers did not know that Goldman Sachs would otherwise be charged in civil fraud and conflict of interest by the Securities & Exchange Commission (SEC) last April 16. Now that the U.S. financial markets authority claimed that the institution of New York covers exactly the concerns of the Committee. So, Fabrice Tourre, French employee who is 31 years at Goldman Sachs, namely accused by the SEC, is also among those summoned to explain Tuesday.He was accused of having concealed the bank's customers that it was developing derivatives were designed to lose value and enrich those who sell futures.
Ground
Another "coincidence" at the same time engaging the decisive battle in the Senate to reform the U.S. banking system. The Democrats, pushed by President Obama, trying to rally some Republicans in a text that would strengthen the control of risks taken by banks like Goldman Sachs. The procedure initiated by the SEC and the Committee hearings Levin maintain a political climate conducive to the adoption of legislation that is deemed a priority by the White House to prevent future financial crises.
Goldman Sachs denies having violated the law and denies having benefited unduly from the collapse of securities backed by junk mortgages it sold elsewhere.In 2008, the bank appears to have suffered net losses in this niche. But in 2007, it seems to have benefited greatly in its own account transactions, the collapse of a market it also fed. Internal e-mails from Goldman Sachs, seized by the committee and already published show that Tourre Fabrice and his superiors had understood in 2007 that the U.S. housing market to plummet and the market for derivative products that were "completely death.
Meanwhile, others in Goldman Sachs were pleased with the millions that brought down their speculation on these products. The Committee has already shown Levin in 2008. Its hearings have forced UBS to disrupt its activities and stop the recruitment of U.S. customers wishing to evade taxes.
Today the aim is not to demonstrate that Goldman Sachs had violated the law.It is mainly to prove that American laws should be changed to prevent the banks get richer without the knowledge of their customers.
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A "golden boy" among many other French
The U.S. stock markets have recently experienced six consecutive weeks of gains, taking a breather. The Dow Jones opened down 0.07% and the Nasdaq 100 0.11%.
On Monday, the Dow Jones gleaned 0.08% to increase the threshold highly symbolic 11 000 points for the first time since September 2008.
On the foreign exchange market, the euro continues to strengthen against the dollar, after surging the day before with the announcement of details of the rescue plan for Greece. In early afternoon, the European currency was worth 1.3614 dollars against 1.3585 dollars in morning.
Wave of publications this week
On the macroeconomic front, the U.S. trade deficit widened in February to 39.70 billion dollars.The next week will be marked by several important indicators such as the index of consumer prices, retail sales for the month of March, industrial production, housing starts and the first estimate of the confidence index, Reuters Michigan. The markets will also follow the hearing of Ben Bernanke, chairman of the Federal Reserve, the Congressional Joint Economic Committee on Wednesday and will monitor closely developments in the case of the Greek debt.
The week will also be crucial for the U.S. markets with the opening ball of the quarterly results. As usual, the aluminum giant Alcoa, which gave the start of the season publications, Monday after the market closes. The U.S. producer of aluminum remained in the red in the first quarter, however, divided more than double its loss a year.Alcoa recorded a net loss after minority interests of 201 million over the first three months of the year, against a deficit of $ 497 million a year earlier.
Today, the computer chip manufacturer Intel to follow. The next week will be hosted by quarterly results from Google, General Electric still banks JPMorgan Chase & Co.
Always on the side of values, yesterday, the U.S. oil group ConocoPhillips has announced the sale of its Chinese Sinopec stake in Canadian oil sands project Syncrude for $ 4.65 billion (3.42 billion euros) . This is one of the largest investments ever made by China in North America.
The manufacturer of PDAs and mobile phones Palm, would seek a buyer.Bloomberg said the investment bank Goldman Sachs and Qatalyst Partners were commissioned to find a buyer to the manufacturer of smartphones in serious financial trouble. Action Palm and jumped over 17% Monday to the New York Stock Exchange.