Good performance on the Paris Bourse

For Natixis, these results are no surprise. Same thing for CM-CIC said in his note published Tuesday that operating profit is consistent with the guidance provided in mid-July. Finally, analysts of U.S. bank Citigroup raised their recommendation on the title of French retail group Carrefour to "buy" cons "hold" before.So, Carrefour shares, which are the only ACC 40 to move in the green, gaining 1.07% to 36.49 euros in a market down 1.14%.

Operating income before non-recurring items amounted to 1.096 billion euros, up 7.6%, SPECIFYas release, is better than the expectations of analysts who had forecast a rise of 4% at 1, 05 billion euros.

Carrefour has confirmed its objectives for 2010, aiming an operating profit before non-recurring items of around 3.1 billion euros.Crossroads show in a still difficult solid growth in sales and operating profit before non-recurring items and we are on track to achieve the objectives set as part of our transformation plan, "said Chief Financial Officer Group Pierre Bouchut, during a conference call.

Continuing trend in emerging

We're quite pleased with the sales in July, a little disappointed by sales cons of August, "said Pierre Bouchut yet."The trend in emerging markets remains strong." In the second quarter, Carrefour has benefited from the dynamism of emerging economies to reach a turnover exceeding expectations, nearly 25 billion euros, up 6.3% offsetting a contraction in sales in Europe, mainly France, Belgium, Spain and Italy, as well as in other countries of southern Europe such as Greece and Romania.

The group, which seeks to save 4.5 billion euros over three years to improve its margins, said he also cut costs by 236 million euros in the first half of the year, a target of 500 million for all 2010.

Asked about the Asian assets of the group, Pierre Bouchut has refused to comment on reports about a possible sale of assets Malaysian, Thai and Singaporean group."We do not comment on such rumors," has said the CFO. "Our goal is to build on certain markets and over time, without doubt, take the decision to abandon certain other markets."

According to several sources, Carrefour tries to sell its assets in Malaysia, Thailand and Singapore to focus its efforts on China and India. This could generate some 800 million euros in the French distributor. PTT, Thailand first group in the energy sector, has already expressed interest in taking over the assets in Thailand.

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A new title tailored, while the state wants to take over the industrial policy of the companies in which it holds shares now on, the boss of the EPA no longer depend on the Treasury, but will report directly to the Minister of Economy. "We consider that the state must play a role that heritage," says one in the entourage of Christine Lagarde.By appointing one person with a strong political status – the commissioner – "there is also a desire to reorganize things, establish a system that discourages employers from rushing to the Elysee to discuss their small business," says near the record.

The appointment of Jean-Dominique Comolli also fits into "a major change in the role" of state ownership and the EPA, said the report of the Council of Ministers.

As the President announced when the States-General of Industry in March, this development will lead the state "to be at the forefront of driving the vision of its shareholdings and so assert, for undertakings concerned, a strategy of industrial development and economic clear long term. "

Air France, EDF, France Telecom and other Safran now know they only have to behave! Already, Nicolas Sarkozy announced that a director would be appointed representing the state "consistently" next to the Director for the Department of Economics, but now for each company in which the State is a shareholder, a formal meeting between the relevant ministers and leaders will be held each semester – in addition to those that take place informally – "to make a strategic point. More question of discovering projects at the last minute.We remember last January, the invitation to the Elysee the boss of Renault, Carlos Ghosn, who had just unveiled its intention to produce some of the Clio in Turkey IV.

Set to music complicated

The state will also require "regular reviews" on the policy of personnel management, employment, subcontracting, procurement, investment, etc..

Jean-Dominique Comolli will have to partition complex music: establishing a more readable management companies, but does not give the impression of greater interference.The EPA had she not been established in 2004 to remove the political power of corporate management, after a report by Rene Barbier de la Serre, a former banker and is the financial center, had pointed to "the presence Excessive state in the daily management of the company?

Jean-Dominique Comolli "has the perfect profile, make sure there in the ranks of government. The future commissioner, 62, near the famous head of state despite a long career in the offices of the left, knows both the workings of government and enterprise. ENA civil administrator in the Directorate of Budget from 1977 to 1981, he became after election of François Mitterrand to the presidency of the Republic adviser to Laurent Fabius.

In 1986 he was appointed Deputy Director in the Budget, before becoming in 1988 Chief of Staff Michel Charasse Budget.In September 1989 he was appointed head of Customs, before becoming president of Seita, while public group in 1993. He co-chair Altadis after its merger with Tabacalera.

Since 2005, he chaired the Board of Directors of Altadis, since bought by Britain's Imperial Tobacco – which he became vice-chairman of the board of directors in 2008. He held up his new duties on September 15.

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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.

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 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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The excitement is palpable. The loans outstanding of the European Central Bank to banks reached a record high Wednesday, above the threshold of 900 billion euros, while financial institutions must reimburse to the ECB on Thursday of 442 billion euros funds a year. A true test, highly anticipated by the markets.We'll know if banks are able or not to repay their loans.

It has also learned that the banks have borrowed 111.2 billion euros in six days with the European Central Bank (ECB) as part of a special operation that indicate a withdrawal of money market funds. What is not reassuring, as this could lead to higher interbank interest rates.

The loans outstanding of the European Central Bank to banks reached a record high Wednesday, above the threshold of 900 billion euros, while financial institutions must reimburse the ECB on Thursday of 442 billion euros of funds one year. The threat of Moody's notes the degrade of Spain crystallize attention throughout the day. The U.S. credit rating agency put the sovereign rating of Spain under surveillance.Moody's points to weak growth prospects of its economy.

Moreover, the adoption in the United States House of Representatives by the financial sector reform, discussed for months, will attract the attention of investors. The new legislation will include Washington's financial institutions restructure in bankruptcy, for failing to conduct further rescue operations financed by the state. The powers of the Federal Reserve (Fed) are expanded, a monitoring of the sector is expected and will give consumers more protection.

Hedge funds and rating agencies will be subject to more stringent regulations.The text must be approved by the Senate next week before being signed by Barack Obama.

In terms of statistics, INSEE announced this morning that producer prices remained stable in France in May after rising 1.0% in April, but they recorded an increase of 4.3% over year.

Moreover, in the euro area, the manufacturing sector recorded in June the slowest growth in four months. PMI final Markit purchasing managers stood at 55.6 in June In France, the PMI fell to 55.8, its lowest level since December 2009. In Germany, it remained stable at 58.4.

Overseas, the jobless claims will be released at 16 hours and the promise of home sales and the ISM index of manufacturing activity.Indicators highly anticipated before the release this Friday of U.S. employment figures.

The car in the viewfinder

In terms of corporate value is not in the green in the morning.

EADS shares (-2.34% to 16.47 euros) will be particularly followed. Indeed, the WTO has imposed a setback scathing EU ordering him to remove certain export subsidies provided to Airbus. The Union will appeal the decision of the World. Financial details have not been disclosed. Boeing believes that the pan-European aircraft manufacturer must pay back $ 4 billion of undue subsidies. But the WTO has put forward any figures, it will be difficult to see clearly the consequences of the decision of the international organization.

Moreover, the numbers of registrations in France will be unveiled on Thursday at noon.They finally fell 1.2% in June. In addition, the phasing of the scrappage scheme does not allow a glimpse of the market recovery in the immediate future. Renault (-2.27% to 30.08 euros) would be the big winner in first quarter sales thanks to its built by Dacia Sandero. Peugeot was down 2.42% to 20.55 euros, while Michelin loose 1.97% to 56.59 euros.

Out CAC40, Faurecia (-1.66% to 13 euros) has unveiled the acquisition of 18.75% of the Chinese automotive Xujang Group, where he became the strategic shareholder.

Bank stocks should also once again hold the attention of investors with the repayment of a loan of 442 billion euros on Thursday. A year ago, in 1121 established banks in the euro zone had borrowed over 442 billion euros at the ECB at a fixed rate of 1%, a record in the history of European monetary institution on a single transaction.Credit Agricole lost 3.09% to 8.36 euros. It is followed by BNP Paribas (-1.85% to 43.940 euros) and Societe Generale (-1.55% to 33.770 euros).

The Société Générale will be more monitoring than the AMF (AMF), Wednesday imposed a fine of 100,000 euros to Jean-Pierre Mustier, former head of market activities of Societe Generale for failing to initiated.Conversely, Natixis has been exonerated by the AMF following an investigation into his financial disclosure.

Shareholders will also be sensitive to the decision of Saint Gobain (-0.70% to 30.680 euros) to repay 72.1% of the 2009 dividend in shares to allow the group to consolidate its equity by 368 million euros.

In addition, the Sanofi-Aventis (-1.95% to 48.565 euros) may react to the decision of the U.S. Food to MultEQ, an arrhythmia drug cons of the French group on the quarterly list of audits.

France Telecom (-0.95% to 14.150 euros) will also be under the spotlight. The operator presents its new internal business plan

The prévisionde Commission, which will be corrected in September, is less than projected under the bill funding Social Security in September 2009. The official estimate then exceed the cap Pharaonic 30 billion deficit. An increase of over 7 billion euros to 30.6 billion.The figure of the CCSS is nevertheless an absolute record, while the social security deficit had doubled between 2008 (10.2 billion euros) and 2009 (20.3 billion).

In its report, the ACSH also believes the deficit of Old Age Solidarity Fund (FSV), whose mission includes the funding of the minimum age at 4.3 billion euros in 2010. Added to that the social security system, the total deficit of the general scheme could reach 31.1 billion euros this year, said the source familiar with the matter.

The weight of the crisis

In retail, insurance concentrates the largest share of the social security deficit and what, for the second consecutive year, with an estimated deficit of 13.1 billion euros.Then follow the branches pension deficits (9.3 billion), family (3.8 billion) and accidents (0.6 billion), according to the report of the CCSS.

In its battle against public deficits, President Nicolas Sarkozy recently announced a battery of measures to reduce the deficit to 6% of GDP in 2011, after 8% in 2010. Among these measures, the government has influenced its growth target of health insurance costs, which is now fixed at 2.9% in 2011 and 2.8% in 2012. "All measures necessary savings will be in place to comply strictly with the national healthcare expenditure (national goal of health insurance spending, ed), had then said the departments of Health and Budget in a joint statement.

Despite these initiatives, the economy weighed. The social security system is still shaken by the crisis.In 2009, the recession had hit hard the two main plates that fund the scheme: labor income (at half mast due to a decline in payroll) and income from capital (notably affected by the fall in transactions estate). And no hint of the HCMC upturn. In her report, she believes that 2010 will be continued in 2009. The "hole" of Social Security will continue to grow so brutal.

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On the positive side, the ministers of the euro area have sealed their agreement on the "ease" of 750 billion which should guarantee the eventual bailout of states on the brink of bankruptcy. They agreed to curb the gnawing pain of a single currency: Eurostat, the statistical arm of the EU, will be with genuine "investigative powers" to prevent a country to hide for years the severity of its fiscal situation.So much for the remedies.

EU sanctions

The advances are more confused in the forums, sometimes competing, responsible for prevention component: the Eurogroup, which brings together 16 ministers of the euro, the Ecofin, which brings together the 27 EU central bankers, and finally the new working group that puts themselves under the authority of the Chair, Herman Van Rompuy. The three find themselves in less than twenty-four hours in Luxembourg overnight pay day loans.

First floor of the mechanical preventive tightening fiscal discipline is acquired on the common principle. But its terms shall continue to oppose Germany, herald of orthodoxy in much of Europe. Berlin wants to impose on countries that refuse to toe the line of European sanctions, such as the deprivation of the right to vote, not found in the treaties.José Manuel Barroso J. "naive" the Merkel government's attitude. France, without rejecting the idea of German front, said she does not respond to the emergency "because it would take at least three years to change the texts," said one diplomat.

Things get complicated at the higher level, that of governance and coordination of economic policies. Angela Merkel and Nicolas Sarkozy are trying to get their act together to approach the next EU summit in Brussels nine days. Herman Van Rompuy will also make proposals.

The Chancellor visited in March to the idea of an "economic government" European defended by the Elysee.But rather than open a new institutional construction, Berlin thinks first to impose its partners "stability culture" as a model.

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Optimism returns on oil markets. On Thursday, oil prices have ended on a 4% rise to 74.55 dollars in New York, gaining 8% in two sessions. The $ 70 threshold was crossed on the rise Monday and picked up the rebound Wednesday. That day, Brent took $ 2.15 (3.09%) to 71.70 dollars, ending a run of nine consecutive sessions of declines.

"The market has received a good dose of optimism," said Phil Flynn of PFG Best Research. "It was time, prices had fallen by 87-65 dollars." For Ellis Eckland, an independent analyst, "it is a rebound in the wake of the stock markets. People are more optimistic about the fact that the euro will not collapse and less frightened about the economy. " Another factor supporting prices: the six-month extension of the moratorium on offshore oil drilling decided by Barack Obama."The United States derive a third of their crude production offshore drilling if we do drill more, this production may simply disappear", said Ellis Eckland.

But the week was also marked by a one-time relapse occurred below 70 dollars Tuesday. Investors, troubled by geopolitical tensions between the two Koreas, suffered a renewed concerns about the pace of global recovery.

If the courts now seem to settle in the range of 70-75 dollars, the volatility is always present. Especially as the U.S. Agency for Energy Information (EIA) announced that crude oil reserves rose 2.4 million barrels to 365.1 million, exceeding their year's level last at the same time.Economists on average had expected an increase of 200,000 barrels only.

Tuesday, Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah, said he was "not yet" worried by the decline in crude prices. If no emergency meeting of OPEC is scheduled, the oraganisation plans to "call for more respect of production quotas.

Note that oil prices have tumbled more than 20% since the beginning of the month.

Base metals: purchases restart

Prices on the London Metal Exchange (LME) have started to increase last week on the basis of a wave of buying on the cheap. The increase was frankly started Thursday, following the easing of world stock markets after China denied its intention to reduce the share of its assets in euros.The euro strengthened against the dollar, making them more attractive purchases of raw materials with the U.S. currency.

Copper prices have soared to 7,043 dollars per tonne on Friday, a level last seen two weeks. The aluminum prices reached 2,086 dollars per tonne on Friday, their highest in two weeks. Lead, nickel and zinc gained respectively 0.6%, 1.8% and 3.4% payday loans.

However, caution remains the watchword. The price volatility is high as evidenced by the slowing of the rebound Friday after the publication of consumer spending by American households down in April after six consecutive months of increases. Overproduction of copper in Chile and increased reserves of aluminum could also disrupt markets.

Precious metals: the gold recovery

Fell from its pedestal last week, gold has recovered to historical levels last week in favor of a new wave of market stress in midweek. Alarmed by the risks in the euro area, investors have once again flocked to the safe haven, pushing prices up to U.S. $ 1218.47 on Thursday, not far from the record of U.S. $ 1249.40 May 14 On the London Bullion Market, an ounce of gold finished at 1207.50 dollars at auction Friday night, cons 1179.75 dollars the previous Friday.

And the prospects of rising oil prices are good for the yellow metal. According to the World Gold Council (BMC), consumption should be taken this year by the expansion of the jewelry in China and India.

The ounce of silver has followed the movement of gold, finishing at 18.53 dollars Friday, against 17.72 dollars last Friday.The platinum group metals have also returned to form more than the football World Cup in South Africa could lead to tensions on the country's electricity supply. A situation that could force the mining groups to reduce their production. The ounce of platinum finished at 1555 dollars per ounce of palladium finished at 471 dollars against 419 dollars a week earlier.

Corn and soybeans climbed in Chicago

The corn and soybean prices rose Thursday on the Chicago futures market, driven by the exchanges and oil. More broadly, the decline of the dollar against the euro makes U.S. production more attractive for export.A bushel of corn ends at $ 3.60 (1.12%) and soybeans to close an $ 9.38 per bushel (0.48%).

Cocoa prices have in turn touched a new high in London this week, boosted by the prospect of tight supplies and growing global demand. Thursday, cocoa for July delivery climbed to 2,451 pounds in London, prices not seen for 32 years, while the same term contract in New York reached 3018 dollars.

Sugar, for its part failed to continue its rebound from the previous week. On Liffe in London, a tonne of white sugar for August delivery was worth 475.80 pounds on Friday. On the NYBOT U.S. a pound of raw sugar for July delivery was worth 14.83 cents.

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A contract which seems small in relation to the size of the division payment at Gemalto.But "this announcement is very important symbolically," noted analysts at Natixis, surprised that the stock price does not react.

For the group at 1.65 billion euros in turnover in 2009 made his first steps on American soil that could well decide to finally initiate the transition from magnetic stripe cards – which are the subject of a high fraud rates – to adopt smart cards EMV (Europay, MasterCard, Visa) to pay around the world and secure quick payday loan.

For the strategists of Natixis, the bank card market with a microprocessor in the United States has "a potential 1.5 billion cards.

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