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Brought by investor confidence in the economy, U.S. markets have concluded the first meeting of 2010, the highest level ever last fifteen months. But on Tuesday, Wall Street opens on an uncertain note: the Dow Jones displays a meter just in the red, -0.03%, while the Nasdaq fell by 0.04%.

The euphoria of yesterday and seems to give way to calm. To recall, the meeting Monday was characterized by a jump in raw materials, through a combination of economic data carriers (Global manufacturing PMI at highest level in 44 months) and political or geopolitical event (tensions between Russia and its former satellites, strike in a copper mine in Chile …). The oil is pressed above 80 dollars per barrel WTI and the dollar has declined substantially.On Tuesday, a barrel of oil is trading at 81.53 dollars and the dollar continues its decline at 1.4438 dollar per euro.

On the macroeconomic front, investors will pay attention to the publication of overseas industrial orders for November, promises of home sales in November and figures about the car market, each in 16 hours.

Google and Kraft Foods for

Google (-0.38%) today gave a press conference during which he must present his new cell phone.

For its part, Apple (-0.04%) said the Wall Street Journal that it planned to unveil a multimedia device during the months of January to start next March.Moreover, according to All Things Digital, the group should buy an advertising company on phones, Quattro Wireless, for $ 275 million dollars.

Kraft Foods (+3.6%) has sold its frozen pizzas to Nestl? ($ 3.7 billion) to afford Cadbury. The giant U.S. agribusiness should specify January 19 the modalities of its new offering to achieve his ends. Today, Berkshire Hathaway (+0.06%), the investment fund of billionaire investor Warren Buffett, said he opposed the hostile bid from Kraft Foods, which he said the biggest shareholder, its British rival.

Mesa Air Group (-64.79%) announced on Tuesday it had entered under the protection of Chapter 11 of U.S. law on bankruptcy. The group intends to restructure its debt and settle its legal dispute with Delta Airlines.

The CAC 40 revives the green after having been the victim of profit taking on Wednesday. Around 12 hours, the benchmark DAX index rose 0.22% to 3944 point. The volume of trade remains very low (242 million euros), as investors deserted the market for the shortened session to be completed in 14 hours. The activity is even smaller that no statistics are expected today. After stock market, but the U.S. will monitor weekly figures on employment to be released at 14:30.

On the currency markets, the euro is rising against the dollar, investors sure some profits after the rebound of the greenback Wednesday.The euro gained 0.54% and traded at 1.4417 dollars against 1.4341 dollars late Wednesday.

As for commodities, crude prices are gaining ground, always supported by the publication yesterday of a decline in U.S. inventories for the second consecutive week. The barrel of Brent North Sea for February delivery gained 0.48% to 77.71 dollars. The barrel of WTI crude oil is 0.38% to 78.99 dollars.

If the objective of the 4,000 items listed on the Paris markets later this year will not be reached, the ACC can claim to have made a good performance this year. For now, the French index has gained 22.3% since 1 January. Of the remaining European markets, the trend is similar with increases hovering around 20% for German and English indexes.

EADS is good

The European giant EADS is the top of the charts of the CAC 40 in mid-session: title wins 1.82% to 13.95 euros.The parent company of Airbus has yet to face attacks by unions who say that the manufacturer will not be able to deliver its 13 A380s this year.

Like previous meetings, defensive stocks are also in the top of the table. PPR gained 1.71% and sign the second best performance of ACC, Suez Environment is 0.78% and 0.53% Oreal nibbles.

For this last meeting, the bank confirm their good health. Dexia (+1.82%), BNP Paribas (0.41%), Societe Generale (0.31%) and Credit Agricole (+0.12%) are all trending up.

Note, Cac 40 off the rebound of Air France. The airline gained 1.19% after having lost 1.70% Wednesday.

Total gain 0.34% on the strength of rising oil prices recorded since yesterday.

Among the largest declines in the ACC, there is Sanofi-Aventis (-0.80%), France Telecom (-0.64%) and Lafarge (-0.21%).

Carried by the first signs of recovery, commodity prices should continue to benefit from a demand effect, according to most analysts. And inevitably, when the recovery point the tip of his nose, the main concern of investors is inflation. Central banks, especially American, will they let it slip that the growth settles? Exactly, materials excellent in coverage against the general rise in prices. Among them gold.

It's the return of the "barbarous relic", to quote the famous phrase of John Maynard Keynes, the famous English economist. In one year, gold has gained 40%, up two times higher than the CAC 40. An increase which reached a peak last December 3, with a historic high: 1.227 dollars per ounce.The successive reductions in interest rates have reduced the cost of money at a level so close to zero as the low profitability of gold goes completely unnoticed. More than a genuine interest – unlike shares or bonds, gold in nothing (hence the term "barbarous relic" – the precious metal benefits mainly three phenomena.

Capitalizing on weak dollar

The first is the weak dollar, including emerging countries, mainly turn away. Asians, including Chinese, even openly criticize the supremacy of the dollar green. Which, incidentally, is a dangerous game for the Middle Kingdom, with about 80% of its foreign exchange reserves are denominated in dollars …. But alongside this, China, like India, strengthening its gold reserves in order to diversify its foreign reserves.Although they constitute just 1.6% of its total reserves of foreign exchange, bullion held in vaults of the central bank, however, correspond to the significant volume of 1054 tons, against 600 in 2003. What sets the Middle Kingdom to the sixth place amongst central banks richest gold, this beautiful place in Switzerland. The increase of 76% of China's foreign exchange reserves in gold vividly confirms the interest that Beijing is to the metal, she, who advocated the abandonment of the gold standard. Importantly, this increase clearly confirms the willingness of China to emerge more than ever a new international currency to replace the dollar ….

Hedging against inflation

Another aspect directly linked to the dollar's decline: the fear of a return of inflation."Now, what are the conditions for ending the recession concern; central banks should be tempted to let slip inflation initially, that the recovery takes hold," says Frederic Lasserre, head of research commodities at Soci?t? G?n?rale. Although there is no question, especially towards the European Central Bank left spinning inflation, the Fed, for its concern for some developed countries deflationary risk. It may well in the second quarter of 2010 up its rates.

Value shelter or bubble?

Finally, to protect against loss of value of their assets, investors seek refuge physically in oil and base metals, but primarily in gold.In a context where some European countries are in trouble (damage to the notes in Greece, under surveillance from that of Spain …), gold saw its role as a refuge against the sovereign risk increased. "In the absence of sustained recovery, the sovereign risk could easily extend to other countries (Greece, Portugal, Italy)," said Francois Chevallier, strategist bank Leonardo. "The famous precious metal is seen as a safe asset, since it can serve as a currency of last resort. The rise of gold is made to last, "says Nicolas Rajna, spokesman of ETF Securities.

His recent relapse of 1110 dollars per ounce should nevertheless encourage investors to remain vigilant. Assets designated as refuge values, like gold, could well turn into a speculative bubble ready to explode at any moment."The rise in gold is a mystery because apparently solitary, said Francois Chevallier. Gold, regarded as a raw material is recovered much faster than oil. He has also climbed more than euro (safe haven against the dollar) and that long rates (safe haven against the indefatigable), and that while risk aversion continued to decline. " The virtues of gold have been recently confirmed by the decision of large countries in the world to mobilize some of the gold reserves of the International Monetary Fund to finance its activities in support of emerging economies. The global financial crisis has led to the resurrection of the barbarous relic. It is certainly less sure she keeps that relationship once the crisis is resolved.

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The Supreme Court has sentenced in mid-November the ISP Free, a subsidiary of Iliad, to pay 2,500 euros to one of his subscribers who had complained in 2004 unable to receive television has yet endorsed a bid Triple Play (offers TV / Telephone / Internet) in the latter.

The customer had initially attacked Free before a judge near Orleans, demanding repayment of sums paid as damages. The verdict delivered on 1 July 2008 had gone in the direction of the operator who spoke of the technical problems he had informed his client at the outset of his subscription.The judge had chosen and the "obligation of means" and not "result" to make its ruling.

"The obligation of result" reached by the Court of Cassation

The Court of Cassation found instead that Free was indeed subject to an obligation of result vis-?-vis his client to provide the service for which he had paid, and only one case of "force majeure" would could relieve the operator and justify the breach of his contractual obligation that the technical incidents are not mentioned.

Such a ruling could set a precedent.That case, in addition to its symbolic of the victory of a "simple" client on a company such as Free, has serious consequences for the entire sector, as it will force all providers to verify that TV services are actually available before offering them to their future customers, under penalty of prosecution.

Without recourse, the operator has been convicted yet declined comment.

Despite an increase in job seekers during several months, the CEO job Pole Christian Charpy said on LCI television on Monday morning that the number of unemployed would remain "below the 3 million mark registered in Class A". He said that increasing numbers of people from Pole to register job is way slower than earlier this year.

In September, the number of jobseekers who have not worked (Class A) increased by 21,600 at 2,574 million, a surge of 25.1% in one year. By cons, if we add those who have a reduced activity (categories A, B and C), this number stood at 3.745 million (+20.8% yoy) and 3.972 million households in the overseas.Thus, the number of unemployed could exceed 4 million if one takes into account all categories.

From "many months" to return to the situation a year ago

"I hope that from the end of this year the trend will change but it will take many months to return to a situation that had been there even just a year – 1.9 million unemployed cons 2.5 million registered job center today. Indeed the number of unemployed still increasing each month at the rate of "20,000 to 25,000," he said. The figures on the number of job seekers for the period of October will be published Thursday.

This declaration takes place just before surgery, at 11.30 President Nicolas Sarkozy before 1700 agency managers and area job center, the new agency created by the merger of Assedic and ANPE, which is far from keep all its promises. The unions believe the poorly prepared.A counselor supports an average of 94 people (a record) in the direction. Employment center uses private companies to complement the Convention and proposed reclassification Custom (PRC) which has only retrenched, where "there, we guarantee a counselor for 50 to 60 people, according to Christian Charpy.

Around 11:30, the title L'Oreal fell by 2.29% to 69.7 euros on the CAC 40, in a market down slightly from 0.20%. The group's quarterly results released yesterday did not surprise investors, who anticipated the return to growth and bought securities they sell now. In addition, Societe Generale has revised down its rating on the stock following its figures from "buying" to "hold" value. Normal in these circumstances, the title of L'Oreal suffer clearances.

The world of cosmetic Thursday reported a turnover of 4.23 billion euros over the period, up 0.8% on a comparable basis."Despite a market that remains difficult, the renewed growth of the cosmetics business in the 3rd quarter was very encouraging and confirms the gradual improvement in sales that we announced," said Jean-Paul Agon, CEO of the group cosmetics. "Each division has improved its performance over the first half," the statement said.

In the nine months of the current year, group sales fall slightly increased by 0.7%, to 13 billion euros (-1.9% on a comparable basis). During a conference call, the chief financial communications Thierry Pr?vot said that L'Oreal has benefited from the dynamism of emerging products, where sales growth "increases quarter after quarter."Sales rose by 18.5% in Asia, but the group continues to record sales declined in Western Europe (-3.5%), in Eastern Europe (-15.3%) or Latin America (-3.8%).

Candidates for acquisition of Areva T & D sharpen their arguments, while the final submission of bids will take place next Monday.

Toshiba, long neglected in this competition is taken more seriously. He muscled his offer by joining two funds: the Japanese INCJ (mostly state-owned nippon) and a fund of Abu Dhabi Taqa. The latter's arrival in the bidding takes on particular importance, while a French consortium (Areva, Total, GDF Suez and EDF) supported by state battle for months to try to sell EPR Abu Dhabi.

Both funds, which provide additional financial strength to Toshiba, hold 40% of the future entity. The Japanese plans, if carried in case of IPO Areva T & D in five to seven years.The prospect of a listing of Areva T & D new version in Paris would be very well received by NYSE Euronext, which suffers from a lack of major operations and would target an ally of Toshiba on this issue. Such a listing would also be the "guarantor" of a French base of activity, in keeping with the country's global headquarters.

The Japanese, who was inspired by the offer from General Electric, has not forgotten to highlight the character "industrial" in its offer. It builds on the geographic – Areva T & D is absent from Asia and Toshiba contributes nearly one billion euros in sales in China – and synergies in research and development and procurement of raw materials.Main downside: Toshiba, owner of Westinghouse, is a very serious competitor Areva in the construction of nuclear reactors.

French base

For his part, General Electric has also revised its copy. Minority shareholder alongside the investment fund CVC in its initial offer, the U.S. conglomerate will position itself in the majority partner in the new offering will be delivered Monday. A decision making more industrial project and facilitate the granting of bank guarantees to Areva T & D when signing contracts.

The project also provides for GE in France to maintain the headquarters of a subsidiary of Areva and introduce the next five years the stock market. Industrial side, GE is the map of complementarity, it would include T & D to access the North American market, albeit less buoyant than Asia for transmitting and distributing electricity.A flat, however, GE sold it eighteen months a part of its T & D, raising questions about the strategic importance of such an event for the American conglomerate.

The presidents of Alstom and Schneider are also mounted to the wall for defending their joint bid. On Thursday, before the National Assembly, they reaffirmed that there would be no site closures or socially, in case of redemption. Schneider may be a cluster "distribution" of 5 billion euros. It would then match its two main competitors in the field, ABB and Siemens. Not enough, a priori, drawing the ire of Brussels. With the "transmission", Alstom is the world leader in this sector. Problem with this offer: it implies a separation of Areva T & D, an idea which irritates its management.

"Alstom defends its bid for Areva T & D