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The Paris Bourse, after changing course several times in the morning, remains close to balance mid-term. The CAC 40 in advance symbolically from 0.38% to 3034.20 points. The day before, was awarded the CAC 40 5.74% to close at 3023.38 points. Same trend in Frankfurt the Dax gleans 0.32% and the FTSE in London ahead of 0.18%. Fears about the strength of global growth are making a comeback. Economist Nouriel Roubini known to have foreseen the financial crisis of 2008 before anyone else, believes that the United States and most advanced economies are already in recession.

The Paris Bourse keep their eyes on the crisis in public finances in Europe and particularly Greece. For several days, investors expect tough decisions to stem the debt crisis in the eurozone.Europeans should take measures to stabilize Greece and the banking sector. Strengthening the emergency fund indebted countries (EFSF) was particularly mentioned. Donors of the "troika" must return to the country Thursday confirmed aa the European union. German Chancellor Angela Merkel said Wednesday await the outcome of the audit of the troika on the financial situation of Greece, to determine whether or not to renegotiate the terms of the second aid plan in the country decided July 21 .

Meanwhile in Europe, the rigor needed everywhere. After Greece, Ireland, Portugal, Spain and Italy, it was the turn of France to deliver a message of rigor.The government will finalize a 2012 budget of rigor at 17:00 with a public debt of 87% in 2012 and a tax ratio that exceeds the 44% of GDP next year, against 42.9% in 2011.

The numbers of zero growth (0.0%) in the second quarter were confirmed by INSEE on Wednesday morning. Other macroeconomic indicators are expected across the Atlantic: orders for durable goods in August, the United States will be published at 14.30 and the weekly crude oil inventories at 16:30.

As for the oil markets, a barrel of "light sweet crude" for November delivery lost 1.25 dollars to 83.20 dollars in the morning. A barrel of Brent North Sea crude for November delivery gave 96 cents to 106.18 dollars.The previous day, oil had spread over 4 dollars in New York.

The bank to follow

Among the values ​​to be followed, the bank, which had literally flown Tuesday, evolve piecemeal. BNP Paribas advance of 3.59% to 31.13 euros.

Societe Generale (-0.02% to 20.50 euros) also seeks to sell its stake in Newedge, a subsidiary jointly owned with derivatives Crédit Agricole (0.91 to 5.23 euros), as part of its plan to sell non-strategic assets, according to Reuters.

Green Bank is expected to announce a sale of assets today, reports the Financial Times. Following the example of BNP Paribas and Societe Generale, Credit Agricole and wants to improve its solvency ratios.The amount of the sale, however, was not known by the British newspaper.

The Franco-Belgian bank Dexia (0.33% to 1.51 euros) examine options to strengthen its balance sheet but excludes any split in the group, said Tuesday its chairman at the end of a board whose held fueled much speculation.

Neopost (-2.34% to 56.36 euros) on Tuesday announced an increase of 2.7% of its turnover in the first half (+5.9% excluding currency effects).The solutions specialist courier has confirmed its forecast 2011 and launched a plan to optimize its structures in the United States and Europe which should generate annual savings of about 7 to 8 million euros in 2013 .

Renault (-1.83% to 25.79 euros): According to a source close to the deal quoted by Reuters, its partner Nissan will invest $ 1.5 billion (1.1 billion) in building a factory in Brazil, capable of producing electric cars.

Alten (-3.79% to 21.55 euros) back fortementmalgré the publication of a net income up sharply in the first six months of the year (+26% to EUR 31.9 million) and perspectives optimistic about the rest of 2011.According to analysts of Gilbert Dupont, "the key issue now is the level of activity in 2012," for which the markets seem pessimistic

Goldman Sachs lowered its recommendation to "neutral" to "sell" and target price of 40 euros to 26 euros previously Peugeot (-1.06% to 16.74 euros).

Goldman Sachs has increased its share in Eurotunnel (0.98% to 6.48 euros), crossing the 25% threshold of voting rights, according to an opinion of the AMF, on Wednesday.

Sanofi (1.43% to 50.23 euros) has successfully placed a bond issue of one billion dollars (0.73 billion) maturing in 2014, with a coupon of 1.20%. The title Sanofi rose 0.73% to 49.88 euros.

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"France presents its budget discipline

The Department of Defense is mobilizing to help reduce public spending. Authorized since 2004 to sign agreements of public-private partnership (PPP), the military have a growing use, like other state services.

The Air Force is leading. It announced yesterday the award of the contract to upgrade its computer networks and communications in a pool of companies led by Alcatel-Lucent. This contract runs on sixteen for a value of 350 million euros, the amount of royalties to be paid by the Air Force over the period. The state expects "tens of millions of euros in savings" through the pooling of engineering resources used on other projects as well as the speed of network deployment."Without the PPP, we would never have as quickly renovate and take advantage of new technologies," says Marc Leclere, director of central purchasing in the Directorate General for Armaments (DGA).

Financial arrangements entrusted to the Caisse des Depots

PPP is the second signed by the DGA and the first for the Air Force. The yard is huge. This is to equip a hundred bases, to wire several hundred buildings and installing 36,000 "access points" (for computer, telephone or system) to build high speed, with the latest fiber optic generation, the future "Internet protocol network service" of the Air Force (Air-RDIP). The construction should start in the coming days with commissioning of the first "positions" equipped end of 2012. The deployment should be completed in 2014. Alcatel-Lucent's partner INEO, an infrastructure specialist defense techniques.

As for the financial package, it is entrusted to the Caisse des depots associated with the Luxembourg investment funds SEIEF. The pool of partners committed to cede 10% of contracts outsourced to SMEs and to provide reclassifications to hundreds of military and civilian personnel involved. Alcatel-Lucent will assume management and maintenance of networks of Air Force with the requirement, half-life of RDIP-Air, an "update" so that it benefits from technological developments.

All of the information flow internal air bases including allowing the Air Force to conduct its missions – such as surveillance of airspace – will therefore be outsourced. The information will be protected and secured through five levels of privacy from the most basic to the "secret NATO" and "confidential defense".Alcatel-Lucent is also committed to service quality (availability and reliability) together with a penalty system if necessary. The operation could RDIP-Air School with the Navy and the Army in time, although for now the two armies have computer networks and communications referred to as "suitable."

Three sectors where the state says its operations in private

1. The defense pointed

The Army had the ball rolling in 2008 benefiting from the first PPP contract signed by the DGA. Specifically, with the company DCI has taken over the management of flight hours and the helicopter fleet of the School of Dax which trains pilots of the French armies.

The contract worth 400 million euros spread over twenty-two years. It must allow a saving of 600 million euros.But the PPP's most famous landmark is undoubtedly the contract of 3 free 3-in-1 credit report.5 billion euros, signed in early June, with Bouygues to build the "Pentagon in French" (pictured) at Balard. In 2014, 10,000 military and civilian staffs of the three armies and the DGA have to regroup. The PPP is not always the rule to outsource activities and services where military competence is not necessary. After the lawn or airport maintenance (based Cognac), the Ministry of Defence had retained in 2006 the American GE Fleet Services to manage its fleet, more than 20,000 commercial vehicles. With, in sight, a savings of 25% on an annual budget of 90 million.

2. Transportation and Maintenance

Bikers of the gendarmerie and the police accompanying the convoy will soon be a thing of the past exceptional.The state decided to entrust to private companies the management of transportation of wind turbines, ships and other bulky goods. Effective November 1, this measure is indicative of the willingness of departments to focus on their core missions. This is the philosophy of the modernization of the state launched since 2007. The functions called "media" such as purchasing, information technology, are among the first to be restructured. "We look first at the pool," says one at Bercy. A purchasing department of the State, which oversees the current purchases of government departments, has been created. The state also uses outsourcing. No more garages in the ministries: the management of their 72,000 vehicles will be performed by private companies at the end of the year. Caretaking, cleaning, heavy lifting, the reception is already provided by the private staff at Bercy.This is also true at the Musée du quai Branly. The Ministry of Foreign Affairs, he, a single private provider for the maintenance of its buildings in Paris. The government can also go further, by giving public-private partnership in the management and construction of prisons.

3. Public enterprises

Public companies, subject to increasing competition, should ensure the public service closer to the citizens without increasing their operating costs. It is the object, including the action plan for rural areas launched last year. The plan includes for example the Post Office launches 17,000 "contact points", mainly in shops run by individuals. In this way, 90% of French people will have access to a courier service within 5 kilometers.For their part, the old disused railway stations could be reused to pool several services in one place: social security office, ticket sales SNCF, EDF payment services. The state is full of ideas. Left to ogle the side of the private sector. The opening to competition of regional express trains (pictured) could well tip the railway in the private sector. It is expected that a "social framework harmonized" be defined so that they retain their current benefits. The Elysee confirmed in an engagement letter to the President of the SNCF. And Nathalie Kosciusko-Morizet, the responsible minister of the SNCF, was asked last June that the negotiations between social partners are committed as soon as possible. These issues should be addressed in the coming weeks as part of Focus on the rail.

The slowdown in industry was confirmed in France. So much so that the activity in this sector has even contracted in August, according to the leading index prepared by Markit PMI. The latter appears to 49.3 points (against 50.5 in July) this passage below 50 points signals a return to recession in the sector. This is the fourth consecutive monthly decline in French industrial activity. The first time since 2009. "The volume of new orders in manufacturing decreases, the contraction is also most severe for 27 months," Markit analysis.

These figures confirm the slowdown in the second quarter as the government puts the finishing touches on additional measures of rigor.

The overall activity in France continues to grow

The French, however, overall activity continues to increase, to 53.6 points in August (from 53.2 in July), on the strength of services. The services sector recorded the first increase of its activity for three months, to 56.1 points against 54.2 a month earlier. "The increase in the number of new contracts received by service providers is accelerating and shows a high of three months," says Markit.But negative signal, trust services companies about their business prospects over-year declines, to an extent not seen since the crisis began in October 2008.

Whether in the servcies or industry, employment, however, continues to progress with a "rate of creation of posts which falls to its highest level in four months," said Mark. Jack Kennedy, economist at Markit, said further that "despite the growing concern in financial markets about the French debt, growth does not record further deterioration." The horizon is by no means completely clear. The economist considers indeed "likely that growth will remain sluggish in the third quarter."

The activity in the eurozone at their lowest for two years

Throughout the euro area, the overall activity stood at 51.1 points in August, unchanged from July."Growth in the Eurozone recorded a low of two years, the volume of new orders contracting again," said Mark. Services continued to grow at 51.5 points against 51.6 in July. This is its lowest growth since September 2009. At the same time, the industry is stagnating, just under 50 points, to 49.7, against 50.4 in July.

The coming months ahead do not pleasing. The index of business prospects in the service sector recorded its largest decline since October 2008. In industry, the activity should also slow in the short term, according to Markit.

"The private sector activity in the Eurozone only records again in August that a marginal growth, demonstrating for the past few months, the weakest pace of expansion in two years," notes Chris Williamson, economist Chief at Markit.It expects a growth lower than the already weak second quarter to 0.2% was established. He added: "The near stagnation of business in Germany, so far one of the main engines of growth in the euro area, is a source of even greater concern."

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"The austerity plan will depend on growth forecast

"The GDP is stagnant, more rigorous for

After the storm that plunged all the stock exchanges, the European stock exchanges succeed they stay in the green on Thursday? In Paris, after opening up 2.96% to 3092.16 points, the CAC 40 went back down just before noon and sank below the threshold of 3000 points, already briefly reached Tuesday. At midday, it loses 0.69% to 2983.16 points. In Frankfurt, the Dax is in the green at 5688.28 points, up 1.33%. In London, the FTSE 100 edged up 0.17% to 5015.86 points.

The concerns are far from being dissipated, particularly those relating to the slowdown in the global economy and the issue of sovereign debt on both sides of the Atlantic.The overwhelming investor nervousness could therefore persist while no major indicator is the program on Thursday.

Wednesday, the markets were shaken by rumors of a deterioration in the rating of France, immediately denied by the rating agencies and the French government, and concerns about the health of the bank Societe Generale. And the CAC 40 plunged 5.45%, narrowly escaping the psychological threshold of 3000 points to 3002.99 points. Other European markets have suffered the same drop Frankfurt dropped 5.13%, 3.05% London. Madrid and Milan 5.49% 6.65%. In New York, the Dow fell 4.62% and 4.09% for the Nasdaq. However, on Thursday, appeasement was back on the Asian stock markets that are returned to the green or showed moderate declines.

Societe Generale attacked again

Gold continues, meanwhile, fly from record to record.The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars. However, oil resumed its decline in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

Among the values ​​to be followed, the bank that have been heavily tested yesterday. The Financial Markets Authority (AMF), the stock market regulator, announced that it will monitor developments in the securities sector.Shortly before noon, BNP Paribas (-5.88% to 33.515 euros), and Credit Agricole (-1.51% to 5.981 euros) and plunged into the red after yet open on a rebound.

The title is particularly battered Societe Generale: having lost 14 instant payday loans.74% Wednesday, it opened on a rebound of almost 9%. But again plunges 4.13% to 21.265 euros."The willingness of these attacks is to force the SG to a capital increase, which is the workhorse of some analysts and hedge funds in recent months," said an analyst based in Paris at the agency Reuters. "Their reasoning is that the group does not generate enough capital to cope with the capital ratio of over 9% in 2013." The bank, already shaken in 2008 by the Kerviel affair, only to find the investor confidence after several warnings about its results during the financial crisis.

For its part, the CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, attacked Societe Generale, "he lamented. "We have no fear about our ability to raise capital," he added.SocGen has asked the AMF to investigate the origin of the rumors that have depressed its course Wednesday.

Veolia Environnement (4.61% to 10.55 euros) and STMicroelectronics (3.39% to 4.488 euros), especially titles attacked in recent days, return to the field.

In addition, EADS (1.66% to 20.24 euros), the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.

Title Alcatel-Lucent (2.11% to 2.324 euros) is expected to rise following the release of quarterly results from Cisco Systems, above the consensus of Wall Street.

L'Oreal (2.29% to 1.73 euros) should benefit from the decision by Goldman Sachs, which added its list of preferred European stocks to buy ("pan-Europe conviction buy list").

Saint-Gobain (1.11% to 31.775 euros) has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.

Maurel & Prom rose 4.22% to 12.35 euros after opening up over 8%. The oil company reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.

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"Falling stock market: the CEO of Societe Generale reacts

"French banks in the spiral of fear

"Paris Bourse: 70 billion evaporated in five sessions

All weekend, they multiplied the meetings and news: the political leaders of industrialized countries have mobilized to show that they had taken stock of efforts to engage to address concerns about the state of their finances. This will reassure the markets, worried after the announcement Friday after the close of a deterioration in the rating of the sovereign debt of the United States by Standard & Poor's, but also disturbed by the difficulties faced by countries in the region euro to implement the solutions to the crisis in Greece. With always in sight the risk of contagion of debt to other countries.

In the wake of the Asian stock markets, down sharply this morning, the benchmark index in Paris has started his week on a further decline, however, moderate (-0.74%) before recovering quickly in green.Half an hour after opening, the CAC 40 rose 0.58% to 3297.71 points. Sign that the markets have understood, at least in part, statements of intent to both sides of the Atlantic, the austerity measures aimed at fiscal consolidation in industrial countries.

Yesterday, Angela Merkel and Nicolas Sarkozy reiterated their determination to ensure that the bailout of Greece on 21 July be adopted before the end of September. They also praised the efforts of Spain and especially those of Italy, two weak links in the euro area at present. Indeed, Rome has advanced by one year (from 2014 to 2013) the goal of return to balance its accounts. In addition, the European Central Bank (ECB) said it would implement "active" its buyback program obligations.This measure, taken and announced last week by Jean-Claude Trichet, president of the institution, had absolutely convinced investors. On the contrary …

Relaxation rates in Spain and Italy

This does not seem to be the case this morning. The ECB did not specify to which countries would focus the bond buyback program, but rates in ten years Spanish and Italian relaxed strongly on Monday in the bond market, passing under 6%. Relaxation is expected to continue, while the French Minister of Economy and Finance has confirmed Baroin on Europe 1 that the ECB was ready to buy the Spanish and European debt, if investors withdrew.

Elsewhere in Europe, the trend is much better than the stock market crash feared by investors. In Frankfurt, the DAX opened down 1% to 6170.69 points.A little more for London, the FTSE 100 opened down 1.15%, before recovering slightly (-0.77%) to 6204.12 points. In Madrid, the Ibex 35 index wins more than 2.6% to 9.30 at 8843 points. Finally, Milan sign the best growth (+3%) to 16,500 points.

Next on the list?

However, uncertainty should remain in force on the European markets at the beginning of the week. The decision of Standard & Poor's in the United States continues to claim haunt the minds of the markets, despite a weekend to "digest" the news.Now that the world's largest economy, long considered one of the most reliable borrowers, is not as well marked, which could consider itself safe from degradation? In France, this concern should be limited, however, the chief economist for Europe, Standard & Poor's Jean-Michel Six, who said Saturday that the agency maintained the "AAA" of France, in a stable outlook no fax pay day loan.

Before testing the first effects on the markets of this political mobilization, the announcement of the ECB on repurchase of bonds has already led to support the euro against the dollar. At 7 o'clock this morning, the euro was worth 1.4321 dollars, against 1.4281 dollars on Friday night, after the dollar rose to 1.4370 on Sunday night.But above all concerns macroeconomic benefit to gold, which recorded a new record Monday on the market in Hong Kong, dying for the first time the maximum 1700 dollars an ounce, and benefiting fully from his safe haven status.

The sharp drop in oil

Instead, the side of the oil, oil prices continued to tumble on Monday. Result of numerous concerns about a possible global recession, prices show a sharp decline. In morning trading in Asia, a barrel of "light sweet crude" lost 2.59 dollars to 84.29 dollars, while that of Brent North Sea crude for September delivery fell by 2.48 dollars to 106.89 dollars.

Finally, the political mobilization should remain in force throughout the day, and guide the trend in European markets as U.S.. For the side of the macroeconomic data, the news will remain low in the first day of the week.Unlike last week, no statistics across the Atlantic will not give further details Monday about the health of the U.S. economy or the risk of a possible recession in the country. In France alone were expected business surveys of the Banque de France, unveiled on Monday its growth forecast for the third quarter. For the period, the institution expects an increase of 0.2% of French GDP, the same pace as in the previous quarter.

As for values ​​to follow, business publications are scarce this week.

Battered last week after interim results affected by exposure in Greece, banking stocks offered a nice rally this morning and take the lead increases the Cac 40.BNP Paribas (5.47% to 42.83 euros), followed closely by Credit Agricole (+ 5.01% to 7.51 euros) and Societe Generale (4.83% to 28.76 euros). For its part, Axa wins 3.81%, to 11.99 euros. The entire financial sector benefits from the relief this morning, the insurer CNP Assurances taking his side 3.91%, to 12.37 euros. Outside the CAC 40, ahead of Dexia 5.26% to 1.7 euro.

The manufacturer Archos tablet that will detail its annual accounts after market, has already won 4.77% to 8.35 euros.

Carmat (12.80% to 105.47 euros). The total artificial heart specialist said on Sunday evening the success of its capital increase launched from July 13 to 29. The former subsidiary of EADS has raised 29.3 million euros, which will fund the first clinical trials on humans.

GDF Suez (2.74% to 20.97 euros).The group of energy and services has sealed, according to Les Echos, a strategic Partenaris with the Chinese sovereign wealth fund CIC, which would lead to an acquisition of a 30% interest in the exploration and production arm of French.

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"Paris and Berlin are mobilizing to fight crisis

The dream of motorists has it become reality? The site offers Kidioui.com for several days until September 30 to adjust the PV parking offenders who collect the votes of visitors to its site. The principle is simple: anyone who wants to be reimbursed must register on the mini social network for this purpose, explain the context in which the fine was imposed, and get as many votes as euros to pay.

Each registrant may, in fact, a vote for a candidate for reimbursement. A voting system which limits the scope of the regulations to be sent. "Not to push the crime", only minutes of parking are also affected by this unusual offer, which kidioui.com starts to make itself known to the public.

The site, which usually sells cars and scooters new discount Internet, hopes to boost its sales.Opportunely launched after the passage of 11 euros to 17 euros in the price of parking fine, this communication campaign is already bearing fruit, says Uri Stopek, co-founder of the site. "In five days, we recorded over 20,000 visitors to our dedicated website. And in July, while the beta site was just launched, our sales were maintained, when new car registrations were down overall, "said he.

Budget "unlimited"

To date, the bill for this operation is approximately 2000 euros. But the site states that its budget is "unlimited." "The cost of the campaign will be proportional to its impact on public opinion. Plus we will pay fines, and we will have visitors to the site, "said Uri Stopek. This strategy, which uses a bait to attract the interest, is not new.Two years ago, the company had pushed the Rentabiliweb ploy to organize distribution of tickets in central Paris … finally canceled for security reasons.

"This type of operation, a relatively low cost compared to a conventional campaign, designed to make short-term buzz. It is a blow, Eric Weerdmeester analysis, associate director of marketing consulting firm Numsight. This generates awareness, but does not contribute to building a lasting positive image. "

But this is perhaps not the sole interest of the brand. For beyond the mere impact on the visibility of the site, the operation provides the same time to Kidioui.com data on a variety of offenders, which will then be reused for future solicitation. "Very few dealers who now offer their customers targeted offers and packaged.But this site has to do a formidable tool, said Eric Weerdmeester. It is in my opinion his best card to play. "

For the eighth consecutive time, the Paris Stock Exchange closed in the red. On Wednesday, the CAC 40 ended down sharply again: 1.93% to 3454.94 points. On only five days, the index lost nearly 8%. The Cac 40 was, however, limited its losses slightly in mid-session, down 0.40% to 3508.71 points. But it was not including the publication of reassuring indicator bit in the U.S..

On other European financial centers in London, the FTSE-100 ended down 2.34% to 5718.14 points, featuring Dax index of the Frankfurt Stock Exchange lost 2.30% to 6640.59 Wednesday points. South exchanges, which had made a catch at mid-day, did not resist.The index featured the Milan Stock Exchange, the FTSE Eb, closed on a decline of 1.54% to 17,006 points and lindice Ibex-35 main values ​​of the Madrid Stock Exchange ended down 0.85% at 9037 , 7 points.

Italy and Spain under pressure

The European sovereign debt and U.S. continue to weigh heavily on the trend. Yield spreads between bonds to ten years Spanish and Italian over German bonds widen. They stood at 402 basis points respectively (13 bps) and 386 basis points (12 bps). Italy and Spain are again under pressure from the markets fear a contagion of debt. Their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries.The Italian Finance Minister Giulio Tremonti and the leader of the euro zone, Jean-Claude Juncker, today concluded their discussion by considering that the reflection on the debt crisis was to continue "calmly." For its part, the Spanish Prime Minister Jose Luis Zapatero on Wednesday convened a meeting on "market movements".

China increasingly perplexed vis-à-vis the dollar

Investors also remain worried about the strength of U.S. growth. And, although the Senate has ratified Tuesday the plan to raise the debt ceiling. Insufficient agreement by Moody's which could lower the rating of the country. The closing down sharply on Wall Street Tuesday night also confirms the markets in their choice to continue to withdraw.

China, for its part welcomed the adoption of very hard this plan.Beijing said it would continue to limit its dependence on the dollar, whereas the U.S. has failed to defuse "the bomb of debt." The rating agency Dagong China in the wake downgraded American. Wednesday morning, Asian stock markets, with the exception of Shanghai, changing all down sharply.

Still bad news in the U.S.

On the macroeconomic front, the growth of activity in the services sector continued to slow in July to register their slowest pace since March 2010.The PMI index reached 54.2 against 56.1 in June.

The same goes for the euro area and for Germany: the composite index stood at 52.5 against 56.3 respectively in June and 51.1 against 53.3 in June.

For the euro area, retail sales rebounded 0.9% in June compared to May, where they had fallen by 1.3%, said Wednesday the EU statistics office Eurostat. Eurostat revised down its initial estimate for the month of May, initially announced at 1.1%.

United States, at 14.15, the consulting firm HR ADP unveiled its traditional and highly anticipated monthly report on employment. Higher than the 100,000 new jobs expected by analysts, job creation in the U.S. private sector employment reached 114,000 in July.

In contrast, growth in the services sector in the United States recorded a surprise slowdown in July, according to the index of purchasing managers released Wednesday by the Institute for Supply Management (ISM) payday loan. ISM non-manufacturing index stood at 52.7 last month, falling to its lowest level since February 2010, after 53.3 in June. Analysts on average expected a 53.6 index.

Orders for the industry fell 0.8% in June in the United States, driven down by gloom in the transport sector, said Wednesday the Commerce Department. Economists on average had expected a decline a little less strong, 0.7%. Orders were up 0.6% in May

Both have overshadowed the latest news on employment, including Wall Street, where markets remain frozen in red.

Bic flies, Societe Generale sinks

Societe Generale: -8.97% to 29.59 euros (red lantern CAC)

The bank chaired by Frédéric Oudéa posted net income down 31% to 747 million because of writedowns on loans Greek past. Greece forced Societe Generale has given up its goal of net profit of 6 billion euros in 2012.

Crédit Agricole: -6.57% to 7.47 euros

The bank said it had sold its commercial finance Eurofactor in Britain to GE Capital.

Overall, the whole banking sector has suffered: Natixis lost 3.15% to 2.92 euros, 2.98% to loose Axa 12.03 euros and BNP Paribas gives up 1.87% to 41.80 euros.

Air France-KLM: -3.21% to 7.57 euros

The airline plans to delays or cancellations of flights, from Paris, following a strike by technicians responsible for maintenance of its aircraft.

Total: -1.77% to 36.15 euros

The oil company and its CEO Christophe de Margerie were returned to correctional late July for "active corruption" in the investigation into the UN program "Oil against food" in Saddam Hussein's Iraq from 1996 to 2003 officials said a judicial source.

Danone: -0.37% to 49.32 euros

The dairy group has unveiled a proposed acquisition of 250 million euros in nutrition in India to expand into the Indian markets for infant nutrition and medical purposes.

Suez Environnement: 0.68% to 12.67 euros (largest increase in the ACC)

The group specializes in water management and waste released on Wednesday a net profit down 43% to 221 million euros in the first half. Suez Environnement, however, reaffirmed its financial targets for 2011-2013.

Bic: 3.61% to 63.72 euros (largest increase in the SBF 120)

Bic raised its growth target for the division of pens, lighters and disposable razors, to "greater than 5%" against up to 5%.Instead, the group anticipates a decline of about 10% growth for its advertising and promotional products division against 5% previously.

Hermes: -3.39% to 235.35 euros

The Association for the Defence of Minority Shareholders (Adam) wonders why the saddle spends as much to buy back its own shares, whose price has reached a new record this week, said Tuesday its president Colette Neuville.

Renault: -3.20% to 34.23 euros, Peugeot: -1.98% to 23.79 euros

American manufacturers have announced their sales figures on Tuesday night.Chrysler reported a 20% increase in sales of new cars in the U.S. in July, while Ford saw its own increase by 9%.

Accor: -2.03% to 28.23 euros

Accor announced the signing of the sale of catering group Lenôtre Sodexo following the favorable opinion of the works councils of both groups.

After-hours trading, Vilmorin and Cegedim should publish their annual turnover for the first and second quarters respectively.

Faurecia exceeds its own goals. The automotive supplier announced Tuesday an operating profit (EBIT) up 57% to 340 million euros, giving a margin of 4.2% against 3.2% a year earlier. Net income group share jumped from 82% to 185.8 million euros. The specialist for exhaust systems and car seats, including the manufacturer PSA holds 57.4% stake, has also made the period a consolidated turnover of 8.15 billion euros in the first six months of year, an increase of 19.4%.

"With the strong growth recorded by the group in the first half and improved profitability, Faurecia is now a year ahead of its business plan 2010-2014 presented in June 2010", said the equipment in a statement.

Massive investments outside Europe

In this context, the overall objectives of the group are revised upwards.Faurecia, which estimates that growth "should remain strong in the second half in all regions", is a consolidated revenue of between 15.7 and 15.9 billion euros, against 14.8-15300000000 expected so far, an increase of 13.8% to 15.2% over 2010. Incidentally, the group refines upwards its target of operating profit in the range from 620 to 650 million euros, against a previous range from 580 to 640 million.

Yann Delabrière, CEO of Faurecia, said Tuesday during a presentation to analysts that commodities do not constitute a risk to the second half.

To achieve these results, Faurecia is at 450 million its investment objective for this year, against an initial assumption of 350 million.The effort will be concentrated in low-cost countries where investments will increase by 89% against 16% for countries where the cost base is higher. During the presentation of its strategic plan in June 2010, the OEM had also set a goal of doubling the share of sales outside Europe that carries 42% within five years, against 23% in 2009. In the first half, the share of sales generated outside of Europe had already reached 34%. Yann Delabrière announced that the share of sales outside Europe should strive for 50% of the objectives of the new plan in 2015 to be unveiled in November.

The stock market punishes

In a presentation to analysts, Faurecia said to expect in 2011 a new record in terms of new contracts expected between 13 and 14 billion euros, against 13.1 billion in 2010.According to Yann Delabrière, the group would continue to study small acquisitions to strengthen its technology portfolio, but the priority of the moment was clear to organic growth.

"The results are in line with consensus," said JP Morgan Cazenove soberly in a note. "The EBIT forecast is revised up slightly, but remains in line with consensus, while the increase in investment spending reduces the cash flow outlook," says the broker. Indeed, Faurecia has revised down to 100 million euros its forecast net cash flow in 2011, against 200 million euros expected so far.

It is this last point that holds the attention of investors on Tuesday at the Paris Bourse. In early trade, the title Faurecia drops 1.55% to 29.87 euros in a market up 0.55%.

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Marc-Olivier Fogiel left mid-February morning of the orders of a Europe that was in September 2008. At 42, he will find at the back of the antenna M6 where he had led the program "everyone to stop you sleeping."

The FIGARO. -You will return to television with a project to M6. What will this new appointment in September?

Marc-Olivier Fogiel – It will be a weekly news magazine providing an update on current events that marked the week with those who make it. If I had to make a comparison, I would say it resembles the concept of the Sunday Journal, a daily newspaper published once a week and often the event. M6 has already emblematic of news magazines and reports of investigation, we want a news program, interviews with no frills and away from the talk-show atmosphere.It will be the opposite of an issue since zapping will be based on in-depth interviews. Thus there will be no more than three guests. They will live on the channel just as was the case for "7 of 7" or "The moment of truth." Moreover, this one-hour program on Sunday at noon.

On this market, competition from other channels is tough …

It is tough but not insurmountable. Of course, we have to create an appointment for a check and content that do not exist today on M6. But if there was no issue, it would not be worth the trouble to launch this new program.To me being able to meet weekly casting and the best to become the M6, like other chains, a place where those with expressed wish in the news.

When you leave the morning of a Europe in February, many gave you leaving for the public service?

He never discussed or near or far no faxing pay day loans. The only contacts I have had were with the news channels free DTT. To redo the TV, it was essential that it be consistent with what I have begun in recent years and therefore in the wake of the info. I admit that it was not easy to match a weekly basis with the passion of the "hard news". What was more, was returning to M6.When I left three years ago, there was a tacit agreement with this system, I've known for twenty years, talk with their leaders if I wanted to remake the TV.

On the occasion of this new project, you again become producer?

Not at all. When I came to Europe 1, I closed my news agencies and production Paf Paf Press and Prod. It seemed important to enroll in the drafting of the radio, as it is clear to me now to work with that of M6. For me the best way to participate in writing the History Channel and be somewhat in the same "juice" that the teams in place.

However, give yourself projects that you started with Matthew Pigasse?

Instead, we move forward. At that time, I become entrepreneur! But at this point we're still thinking.A reflection not only conducted but also Pigasse Matthew David Kessler, who directs Les Inrockuptibles. I stay in the same vein, that of the info. The idea is to propose a new offer but this time on digital. We would like to launch in 2012. If we had originally planned to create a newspaper on the shelves, now we want to expand our project to all digital. We're a team and especially to think about the business model.

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Monitor prices and margins on agricultural products launched in September 2010 will make its findings on Monday. According quotidienLes Echos, the 250-page report, commissioned by the Ministry of Agriculture in collaboration with INSEE and Agrimer, the responsibility of leading retail chains in maintaining the sales price to consumers despite lower commodity prices.

Cherries five times more expensive

The experts, headed by Philippe Chalmin, an economics professor at the University of Paris Dauphine, studied agricultural production subject to the most serious crises in the last ten years such as milk, beef and pork, and fruits and vegetables. According to their findings the distribution has made such an important and constant gross margin of red meat even though the farmers of this category recorded the lowest incomes.

The situation is similar with regard to pork. In ten years from the final price going to farmers has increased from 45% in 2000 to 36% in 2010. At the same time, one devoted to retailers jumped 39% to 55%. The long-life milk, gross margin was doubled when the signs that producers declined. Distributors also apply high margins on fruits and vegetables. Cherry cherry has been charged five times more expensive to consumers that it was paid by the distributor free credit score. Only segment where margins have been reduced signs: the yoghurt.The report provides no explanation but Les Echos believe that the power companies such as Danone, which reach more to negotiate prices is one reason.

Annual Report

The report, which should help parliamentarians better navigate the debate between producers, manufacturers and distributors for years, however, said it is difficult to track the price of a product from production to its exposure on the shelf. Investigators also complain that the distributors did not provide all the necessary elements to determine the composition of the margins.Information they hope to meet next year, the Observatory should indeed provide an overview of the situation every year.

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