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The Paris Bourse finally returns to the threshold of 3000 points. On Thursday, the CAC 40 closed up on 3.27% to 3045.62 points. Other European markets follow the same path: Milan ended up 3.56%, 2.11% from London, Frankfurt and Madrid from 3.15% to 3.63%. Wall Street was also in the green fence at the time in Europe.

Investors seem reassured by the willingness of European leaders to develop concrete actions to leave the eurozone its difficulties. Among them is the establishment of an agreement in principle to toughen the Stability Pact and fiscal discipline common in the EU, which provides for sanctions for countries that would leave too lax spinning their deficits. Another reassuring element: the willingness of German and French leaders to avoid an out of Greece in the euro area and the Greek government's determination to break the budget impasse.

Brazil and Russia have also said they were considering a support action. While international solidarity is organized to support Europe, Christine Lagarde since Washington recalled the need for world leaders to "common front" to avoid falling into a global recession will spare "person."

These statements on the euro area, combined with bargain hunting, did overshadow the release of mixed U.S. indicators (including the employment front) and European (growth on less-than-expected expected in the second half).

Side values, the banking sector was further illustrated by a sharp rise. Operators have particularly appreciated the decision taken by the central banks of the richest countries to take concerted action to expand the supply of banks in dollars.BNP Paribas is the largest increase in the ACC (13.38% to 30.50 euros). It is followed by Natixis (7.12% to 2.49 euros), Axa (6.49% to 9.89 euros), Credit Agricole (5.89% to 5.52 euros) and Societe Generale ( 5.44% to 18.33 euros). The area was not affected by the announcement of the massive fraud that hit UBS.

Another day value, LVMH, which climbed 3.44% to 115.65 euros after announcing choosing Jordi Constans, come to Danone, to succeed Yves Carcelle at the head of Louis Vuitton in 2013.

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Pressure on Europe. Even before the G7, which met Friday night in Marseille finance ministers and central bank governors of the G7 (U.S., Japan, Canada, Germany, France, Italy, UK), Christine Lagarde urged leaders of the Old Continent to "act now and boldly."

Executive Director of the IMF did not hesitate to dramatize the situation. "The world economy is in a period fraught with danger," she said in London, alongside the British Chancellor of the Exchequer, before flying to Marseille.She reiterated her concerns vis-à-vis European banks: "Faced with the rising risks and uncertainties and the need to convince the markets, some need to strengthen their capital." We explained to the IMF and the European economies are funded for three quarters by banks and only a quarter through the markets (the opposite in the U.S.) and are highly dependent on the health of their banking system.

Old friend of Christine Lagarde, the U.S. Treasury Secretary has also multiplied the statements at the Europeans. In an article in the Financial Times, Timothy Geithner asked "an unequivocal commitment to support the European financial system and ensure that states can borrow at interest rates as they adopt sustainable reforms."Then, Friday afternoon, he returned to the charge, live from the Old Port with Bloomberg TV in the rooms was sending a market enchanting image: "It is very important for the world that the Europeans do the right thing , he said. It is in the interest of the United States that the euro will survive. "

Tensions

The G7 meeting ended, Friday night, for a press conference Baroin, who chaired the proceedings. The central bankers have published "terms of reference" that mark a commitment to "strong" and "coordinated," said Baroin, on four themes: the challenges of the global economy, the balance between fiscal consolidation and recovery, pursuing monetary policies that allow banks to supply the necessary liquidity, and the reform of financial regulation.

The responses of the G7 remains limited.The possibility of an announcement of coordinated central bank for monetary policy even more generous seems unlikely, "I do not think we will see that," Geithner acknowledged. The IMF, whose services are exposed to a new state G7 encrypted in the world economy, called for a stimulus modulated, depending on the situation of each country, welcoming the passage the Obama plan for employment (see below below).

But Germany, the only G7 country whose public finances could provide room to maneuver, had refused in advance: "Combating the crisis with a debt even more pronounced, it would be the wrong path to take," said Wolfgang Schäuble, his finance minister. But that's another German who fed the conversations, Jürgen Stark, the chief economist of the ECB, resigned.

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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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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.

Objective: London Olympics 2012! The challenge is ambitious Laure Manaudou but probably not impossible. "She recovered in the skin of a champion," said Gilles Portelli, CEO of Havas Sports & Entertainment. Absent from the basins since September 18, 2009, the swimming is preparing to make his comeback this Thursday in Athens to the United States. She has eight months to return to competitive, qualified for the Olympics taking place in mid-March. His former mentor, Philippe Lucas, believes it. "It's a good thing for French sport. It changed, it is a mother. She has thought through many things. Swimming was missing.

The importance of achieving good performance will depend in fact a new interest of major sponsors (Lancel, EDF, Arena, among others) who have stopped working when she announced her retirement. These contracts Lancel, EDF Arena and allowed him to reach about three million euros per year between 2007 and 2009. Reportedly, the contract of sponsorship with the chairman of PPR, through his holding company Artemis, who reported one million euros per year, is suspended and not broken. Discussions are therefore underway between the two parties to try to bring back Laure Manaudou and Francois Pinault.But suddenly, its value would decline significantly Advertising (LPG contract with him would bring 200 million euros per year). Necessarily all brands can not match the prices of luxury brands. " Most experts interviewed do not believe that the financial aspect is the main motivation behind this "comeback". "She would have stopped swimming in this case," explains Gilles Portella.

After accumulating the gold medals like pearls and posted disappointing results, shaken by romantic escapades, Laure Manaudou is trying to write a new story of his sporting career. "She now has a stable life, a companion who is immersed in the world of swimming (Frederick Bousquet) and one child (a little old Manon a little over a year). The risk of "relapse" is lower, "said François Guyot. But not nonexistent.

Wall Street puts an end to four consecutive sessions bearish on Wednesday. The Dow Jones lost 2.23% to 12,290.06 points, the Nasdaq yield 2.33% to 2769.19 points and the S & P 500 was down 2.28% at 1314.55 points.

Tuesday, as all global markets, the U.S. stock market had closed on a sharp rise, the Dow Jones climbed 1.03% and the Nasdaq by 1.37%. Investors, who were returning from a long weekend, had welcomed with relief the press releases stating that Germany would give up a debt restructuring of Greece.

On Wednesday, the new no longer effect. Quite the contrary. Moody's has cooled financial markets that had begun to hope that a solution had been found to stabilize the financial situation in Greece.The rating agency downgraded two notches note saying the country more than 50% the risk of seeing the country fail.

This decision adds to several bad macroeconomic news.United States, the employment figures in the private sector show an increase of only 38,000 in May, according to the firm ADP, while analysts were betting on 170,000 net hires.

Construction spending rose 0.4% in the U.S. in April, according to a Commerce Department estimate released Wednesday in Washington, and contrary to that of analysts who had forecast a decline of this indicator.

Manufacturing activity has slowed markedly in the United States in May, according to the index of purchasing managers released Wednesday by the industry trade association and ISM fell to 53.5%.

Side currency, the euro decreased again against the U.S. dollar after the rating is downgraded from Greece at 1 cash advance loans.4330 dollars (-0.46%).For their part, oil prices fell sharply Wednesday in New York, a barrel of benchmark dropping $ 2.41 to 100.29 dollars in a market undermined by disappointing indicators, especially for job creation States USA.

Yahoo!: -4.26% to 15.85 dollars

Yahoo has resolved its dispute with Alibaba Group in connection with the transfer by the Chinese company's online payment system, Alipay, its chief executive Jack Ma said on source familiar with the matter. The two companies reached an agreement before the meeting with analysts from Yahoo last Wednesday. But the agreement requires the green light from the founder of Softbank, Masayoshi Son, who sits on the board of directors of Alibaba. He was quite reluctant, says one. Japanese Softbank is a shareholder of Alibaba and Yahoo Japan.

Google: -0.65% to 525.60 dollars

Eric Schmidt, the executive chairman and former CEO of Google, said Tuesday night had "planted" on social networks four years ago. He takes the responsibility for the error that allowed Facebook to be the undisputed leader in the category.

Phillips-Van Heusen: 0.58% to 66.35 dollars

Phillips-Van Heusen for its part, announced a net profit of $ 58 million (79 cents per share) in the first quarter of fiscal 2012, against $ 28 million loss (53 cents per share) a year before. The turnover was doubled to 1.37 billion against $ 619 million a year earlier. The group is therefore the goal of annual earnings per share to range between 4.80 and $ 5 per title.

Still no comment from Oberthur Technologies on Thursday. Yesterday, Bloomberg launched the rumor of the sale by the specialist of security technology in its field of smart cards CardSystems, then this Thursday's Les Echos that delivers its information on the possible transaction. According to business newspaper, Oberthur want to part with 60% of this activity, which represents 73% of its total turnover, which would be valued over a billion euros. Rothschild and advise the company transaction could be in the form of an LBO is to say, an acquisition by a bank loan.According to Les Echos, the offers of the candidates will be received during the first fortnight of June.

Oberthur, which is no longer publicly traded since November 2008, is the world's second largest smart card with 20% market share worldwide, according to Gemalto, another French side in the Paris Bourse, which claims about 40 %. If smart cards are the heart of business, Oberthur weaker margins amid fierce competition.This could explain why the group wants to break away.

Sell ​​to watchlist De La Rue?

But the transaction would not she intended to make funds available to propose a new offer on the UK's De La Rue, he has failed to buy earlier this year? Oberthur could indeed put on the table more than 1.08 billion euros previously offered to pay for a company that works primarily on the trustee and that prints the tickets of more than 150 countries around the world instant payday loan. Eyeing a lucrative market that Jean-Pierre Savare, CEO of Oberthur, even if it might confront the British government, who intends to protect its business.

In addition, analysts said Exane BNP Paribas, "if the activity CardSystems was sold to an investment fund, it is not certain that the owner undertakes R & D, while at the same time Some key executives could leave the company. " For them, "the industry could then experience a period of turbulence that could lead to Gemalto the opportunity to win market share." Meanwhile, Gemalto folds from 1.37% to 33.73 euros on the Paris Stock Exchange on Thursday to 13 hours.

The activity CardSystems provides smart cards and related services to segments of the mobile but also payment, transport, digital TV and convergence.The other divisions handle everything trustee (bank notes, checks, etc..) Identity (manufacturing and personalization of documents such as passports or driving licenses), and the cash protection ', emerging market of equipments for the protection of banknotes in the distributor for instance. Oberthur Technologies has approximately 6,800 employees in all continents of the world.

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A shareholder in American control will succeed one Italian: according to our information, the management company DNCA Finance is about to be bought by private equity firm TA Associates. The transaction values ​​between 300 and 400 million euros the French firm high of 5.5 billion euros of assets under management.

Banca Leonardo, the bank's business Gerardo Braggiotti owns nearly 70% of DNCA Finance which he had joined in 2006, continues its focus. The Italian bank will remain the capital of the management company, up to 10%. Jean-Charles Mériaux, patron management DNCA Finance, and Joseph Chatel, president, will remain second and third respectively shareholders of the firm.A share capital will also be reserved for employees, present and future of the management company established in 2000.

DNCA Finance, which manages a range of 10 French and Luxembourg UCITS, has based its development especially in the booming wealth management advisors. His new shareholder is an investment fund Boston, which already owns British fund manager Jupiter Asset Management. TA Associates, the head of funds totaling $ 16 billion of capital, fired on all cylinders. He just announced this week its entry into the capital of a management firm Stadion American Money Management, but also an investment in Bigpoint, the German tenor of online games.

"Too big to go away, but not irresponsible." That is essentially the message delivered by the Japanese authorities on Friday after launching Tokyo Electric Power (TEPCO), the operator of the nuclear accident in Fukushima, an injunction to compensate victims forced from their homes or stay confined to their homes.

Fixed by the Government, this compensation reaches $ 12,000 (8350 euros) per family and $ 9,000 (6250 euros) for a single individual. In total, about 48,000 homes are affected by the evacuation of the exclusion zone according to Japanese media reports, an estimated $ 600 million (415 million) charge for the group.

A figure confirmed Friday by the operator, the voice of its President Masataka Shimizu, specifying, however, this very tentative estimate.For it is only a first payment, and it is not impossible to imagine a possible increase of compensation in case of extension of the exclusion period. A scenario more than likely in view of the confusion reigning on the site yet, more than a month after the earthquake and tsunami. The first payments to families will take place from April 28, said the leadership of TEPCO.

The bill gets heavier for Tepco

Facing these are deemed insufficient, several families went directly involved in the protest headquarters in Tokyo Tepco. For society, which in 2010 made a net profit of 1.89 billion dollars (1.31 billion euros), the charge may seem bearable.But it adds to the $ 24 billion (16.7 billion euros) required, Masataka Shimizu according to the resolution of current problems (rupture of the cooling circuits, explosions and radiation leaks) and restarting reactors.

Moreover, beyond the displaced families, TEPCO will also likely take into account compensation for loss wider (inability to grow for farmers, contaminated water, etc.).. According to JP Morgan, this compensation could reach a total of 24 billion dollars (16.7 billion euros) for the current fiscal year, while Bank of America-Merrill Lynch estimates that if an extension of the crisis Nuclear bill could exceed $ 130 billion (90.3 billion euros).

The situation may therefore be very critical for the fast group that supplies a third of Japan's electricity.According to the Nikkei newspaper, Tokyo, who could hardly afford to crumble Tepco would train alongside his orders to compensation, to set up an insurance fund guaranteed by the state. The latter, whose amount remains to be determined, would serve both to replenish the coffers of TEPCO and provide additional compensation of victims, also of the order of 12,000 euros per family. The fund would be financed by bank loans guaranteed by the state.

Broad program of cost reduction

The plan, looking like a loan, would allow the nuclear operator to bear the massive costs of compensating victims.This government support is crucial to TEPCO, which before the disaster showed a net debt of $ 91 billion (63.2 billion dollars), since heavier by a new bank loan of 24 billion dollars (16.7 billion euros).

The company will then reimburse the state for several years by a system of special dividends. By then, the company will implement a serious program to reduce costs that go through pay cuts for executives and managers, even for employees. TEPCO could also sell more than 1, 2 billion (0.83 billion) of real estate assets, according to Japanese media.

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Certainly, the financing of high-speed rail line between Tours and Bordeaux is a story full of twists. Latest episode, Vinci, selected in March 2010 to build and operate this path, calling for several weeks an extension to the original contract of 7.2 billion. Reportedly, the largest group of French construction and concessions asks his client RFF (Réseau Ferré de France) to pay a supplement of more than 60 million. He argues in particular the rising cost of raw materials.

Vinci does not speak on the subject, but if it goes in this direction is that it can hope to have the right for him. Last year it was agreed with RFF its price of $ 7.2 billion would remain the same until February 28, 2011. The final concession contract between the two parties should be signed before that date.But today, the famous agreement is still not signed. Obviously, RFF is not willing to pay that amount. Negotiations between the two parties are therefore likely to be rough.

These discussions inevitably evoke why preliminary steps essential for the signing of the contract were not completed. First, Vinci had to find loans to the tune of three billion. However, it has not yet achieved this financial closure. "It's complicated given the large number of bankers around the table," said Xavier Huillard mid-February, the group's CEO. The record is, indeed, complicated given the very high amounts of this operation, unprecedented in France.

Communities left behind

The state, meanwhile, was to finalize the contribution of local authorities to round. It was anticipated that 57 communities contribute $ 1.5 billion.Again, this agreement was expected in late February. But the diversity of local contexts has hampered this movement. Especially in the context of district elections. In addition, some communities (General Council of the Landes region of Poitou-Charentes …) have long refused to put their hands in the pocket for this project. Recognizing this, the Minister of Ecology and Transportation, Nathalie Kosciusko-Morizet, left a deadline until April 15 to gather the latest signatures. This has raised the contribution of some as the General Council of Pyrénées-Atlantiques.

But a few days before the deadline, a final tally shows that 200 million missed the $ 1.5 billion. The main recalcitrant? Poitou-Charentes headed by Ségolène Royal, who has just committed to a loan repayable to the state 102 million. Suddenly, everyone wonders who will fill the hole.All eyes turn to the state. But experts say if the state could consider to supplement community failing to 100 million, nothing says it is ready to settle without flinching a note of 200 million.

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