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STOCK markets take a breather. In Paris the CAC 40 tumbled 1.94%, to finish the session in 4000 exactly 3 points at 986.63 points. The announcement of action against the U.S. investment bank Goldman Sachs has literally showered the markets.

The indices that had evolved sawtooth most of the day were immediately plunged. Almost everywhere, investors chose to pocket their gains on the values that have risen more. In London, the FTSE fell 1.39% and in Frankfurt the Dax dropped 1.76%.

Wall Street had previously lined up six sessions was washed away.Shortly before the close of European stock exchanges, the Dow Jones slid 0.51% and the Nasdaq by 0.76%.

Goldman Sachs Sticky

The U.S. stock market watchdog, the SEC announced Friday it was suing the U.S. investment bank Goldman Sachs to "fraud" on the sale of investment securities linked to subprime mortgages, called "subprime" ( see also page 21). The good news continued to flow as the business side as the economy fell into the background. Thus, the highly anticipated conglomerate General Electric, as well as those of Bank of America, the Internet giant Google, the specialist of AMD microprocessors, or the toy maker Mattel has exceeded all expectations.

Good news also on the side of macroeconomic indicators in the United States.Housing starts housing as the number of building permits issued rose more than expected in February. In Europe, the public debt remains a central concern. Greece announced Friday its intention to raise 1.5 billion euros in Treasury bills. Tuesday an initial public offering had already helped to raise 1.56 billion euros. The announcement comes as the Europeans and the IMF are finalizing the program of aid to Greece. Finance ministers from the euro zone met in Madrid on Friday for an update on the crisis in Greece. And a new mission of the IMF and the European Commission is expected in Athens on Monday.

lefigaro.fr / jdf.com: carbon tax rejected, disagreements at the Copenhagen summit. These events would not they have a negative impact on Socially Responsible Investment (SRI)?

Alain Zeitouni: I think, however, that these cons-time advocate of SRI. They illustrate the inability of states to agree on what policy to adopt and highlight companies that have a real socially responsible approach. Investing in SRI is an investment in a well-run company with good governance and employability positive and more likely to see its share price appreciate.

AFG (French Association of Financial Management) will also require management companies by July 31, a code of ethics which they must answer a series of questions about their SRI policy.Management companies will therefore have an obligation to be transparent with investors in our case, we will put this code available to our customers on our website.

Why did you choose the multi *? How do you reconcile with SRI?

As a society, we believe it is more appropriate to rely on several topics related to SRI, rather than a team with SRI extra-financial analysis.It is well known that our SRI funds Alphastar Barclays profit pricing that allows investors to actively contribute to social awareness, with 20% management fee will be donated to support local civic projects through our structure Barclays Solidarity.

SRI funds are they more efficient than conventional investments?

It is difficult to measure but what is certain is that SRI is more resistant in the phases of market correction and presents a more defensive profile, if uptrend. In other words, there is an outperformance in the market phases. SRI is not a barrier to the market performance. Instead, he must give value added to the fund compared to a traditional investment.The management team should also bring in funds through the performance of traditional criteria such as the revaluation of securities and its prospects.

How do you select your values?

Our management approach is based on a "best in class", that is to say that we select the best titles in their class, whatever the category. In other words, we do not exclude sectors that initially do not appear to be consistent with the ISR, such as the automotive and oil industries, for example.

While values have a real socially responsible approach, we keep them. For example, some car values are investing heavily in R & D to reduce pollution from their vehicles or oil stocks investing in renewable energy. The purpose of a product is primarily SRI performance.We believe it is unnecessary to have a debate about whether a particular value or not SRI.

Why is it your portfolio as concentrated (Barclays Alphastar SRI consists of 13 funds, Ed)?

Our portfolio consists of only 13 funds, because we were not convinced of the other approaches SRI funds, and we believe this issue to make it more readable, it is not necessary to invest in more funds . Accordingly, we are heavily invested on each line, because we have strong convictions on certain themes (sustainable development, corporate governance) that we identify as a source of added value.

Amund and Natixis are historical actors of SRI investing in this topic for many years. They have a database of the oldest of the place.We also returned UFG shares Sarasin Euro Mid-Caps, while our investment universe is large caps. The idea is to identify mid-cap stocks that are concerned with the theme of SRI, but that hardly communicate, because they do not face the same pressure as the major media values.

What is the performance of your fund?

Our fund outperformed the MSCI Europe since its creation of 1.5 basis points (-19.18% against 20.73%) and the underperformed since the beginning of the year (2.98% against 3 57%). This reflects the fact that our portfolio is too concentrated on European values. Because of the difficulties of Greece, the euro has sharply d?sappr?ci? and our portfolio with him. Thus, more than one reason for the market for a reason related to the SRI we underestimate performons index.We therefore decided to refocus on Europe in integrating the England and Switzerland in our portfolio.

That is why we returned OFI leader who is a fund invested in European companies considered in a leadership role within their industry and their competitive universe. We also selected HS Europe, which is invested in European companies also meeting the constraints on environmental, social ethics and governance. We believe that given the pressures on the euro, the single currency will continue to depreciate.

* Multi-management is a technique that selects the most experienced managers and more effective and provide access to larger customer base through a single medium (CPF unit trust or life insurance contract).

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The Paris Bourse should move up slightly on Tuesday in the first exchanges, and save the 4,000 points, just as before. The index futures on CAC 40 rose about 8:20 am from 0.28% to 4010 points.

Monday evening, Wall Street has ended up, preparing to end the quarter and a week shortened because of Easter. And on Tuesday morning, the stock exchanges in the Asia-Pacific move into positive territory.

INSEE published at 8.45am the detailed national accounts for the fourth quarter. Across the Atlantic, all eyes will be on the S & P / Case-Shiller housing price, to be published 15 hours. An hour later, consumer confidence will be unveiled in March.At 18:30, the economic advisor to President Barack Obama, Paul Volcker, will speak at the Peterson Institute.

But the big highlight of the week on the macroeconomic level is expected Friday with the release of monthly statistics of unemployment in the United States.

The Multaq Sanofi recommended in the United Kingdom

Sanofi-Aventis announced on Tuesday that the National Institute for Health and Clinical Excellence (NICE) – the agency charged with developing recommendations on health promotion and prevention and treatment of diseases in England and Wales — just released a new report evaluating the medicine of the future, the Multaq, in which the Institute expressed its intention to recommend the use of this drug for the treatment of patients with atrial fibrillation.

The drug for heart disease from Sanofi-Aventis had been considered "poor" by the Commission on transparency in France, which had sealed the title of the pharmaceutical company.

The TGV Tours-Bordeaux Vinci?

On Tuesday, investors will learn of the happy elect of the draft Tours-Bordeaux TGV. Vinci, Bouygues and Eiffage are on the move. Vinci had a head start.

Pre-market Transdev, whose merger with Veolia Transport should be completed in the second half of 2010 will hold a press conference presenting the results and balance sheet activity in 2009. Wendel and make public its sales and its annual results for the current year.

On Tuesday, will also be held a hearing at the Commercial Court of Paris on Natixis.Minority shareholders, united behind the consultancy Deminor have assigned the bank in early January for "spreading false, misleading or deceptive on the prospects for Natixis in its creation.

After Hours, the annual results 2009 Neopost will be published.

After limited Wednesday its losses due to degradation of the note of Portugal by U.S. rating agency Fitch, the CAC 40 remains virtually unchanged, with the Opening index in Paris gained 0.05% to 3951 points. Thursday and Friday, will take effect in the European Council in Brussels. Support measures to Greece are expected, involving the IMF and covering several tens of billions of euros.The stock exchanges in London and Frankfurt also opened small increase respectively from 0.07% to 5682 points and 0.08% at 6043 points.

The program also published a series of U.S. data – weeks claimed Thursday to 13 hours, and a third estimate of GDP for the fourth quarter of 2009 Friday at 13.30 – and the presentation from 9 hours by Jean-Claude Trichet's annual report the European Central Bank before the European Parliament.

The bank in a disorganized

As for values, the series of publications is nearing completion. Thursday, Hermes has released a turnover up 8.5% to 1.9 billion euros, while earnings fell slightly (-0.5%) to 290.2 million euros.Shortly after opening, shares Hermes show a net decline of 2.52% to 102.50 euros.

Pending more information on the measures to be taken at the Brussels summit, banking stocks move in a disorganized: Cr?dit Agricole and BNP Paribas rose respectively from 0.90% to 12.94 euros and 0, 33% to 58.03 euros. In contrast, Societe Generale and Dexia retreating respectively from 0.27% to 46.38 euros and 0.22% to 4.47 euros.

Renault rose 0.61% to 34.01 euros, negotiations on cooperation between the French automotive group Daimler and German are close to reaching an agreement, the Financial Times online payday loans !!!???!! !???!!!.

The Italian A2A accelerates the process of selling its stake in Edison to EDF (-0.09% to 38.55 euros), a transaction that would allow the French group to take control of Italy's number two electricity, at we learned from sources close to the matter.

TF1 head of DTH

Germany, France, the United Kingdom and Spain are planning to protest together with the U.S. President Barack Obama against the forced removal of EADS (+0.76% to 15.28 euros) in the invitation to Tender tanker aircraft for the U.S. Air Force said Thursday the daily newspaper Les Echos.

TF1 got the green light by the High Council of Audiovisual (CSA) to buy chains and TMC NT1 group but AB's subsidiary Bouygues will make certain commitments.A decision welcomed by financial markets as the TF1 shares climbed 4.93% to 13.63 euros, the largest increase in DTH.

KKR announced Wednesday the sale of a stake of 4.4% in Legrand through a process of "book building" accelerated. It will own 20.6% of the capital and 27.5% of the voting rights of French group at the end of the assignment. Wendel for his part said not to join the operation and maintain its 24.9% stake in Legrand (-4.11% to 23.59 euros). KKR shares changing rapidly declining from 2.14% to 6.41 euros.

Camaieu (stable to 158 euros) announced Wednesday the results in sharp drop in 2009 but said he observed an improvement trend in the last semester.

Veolia (+1.25% at 25.96 euros) announced in a statement that the new boss of EDF, Henri Proglio, leaving the presidency of the board of directors. His replacement has yet not been identified.

The year 2009 was not that of chemistry as shown in the results of the Arkema Group, published on Thursday. The group announced a net loss of 172 million euros, against a profit of 100 million euros in 2008. The turnover has shrunk from 21.1% to 4.44 billion euros for an operating margin of 7%, against 8.8% in 2008.

The group saw its three channels suffer because of weak demand and reduced inventories at its customers. The vinyl products business recorded a decline in its sales to 1 billion euros against 1.443 billion a year earlier. The industrial cluster Chemistry reaping 2.109 billion euros against 2.582 billion revenue in 2008 cash advance to savings account .Finally, the last part, performance products has achieved a turnover of 1.318 billion against 1.602 billion a year ago.

In 2010, Arkema expects a "significant increase" in sales and its gross operating profit (EBITDA), which stood at 310 million euros for 2009 (-37.8%). He adds that "standard conditions", Arkema is an operating margin "greater than 13.5%" in 2014.

In early September, Arkema, a former subsidiary of Total, announced the arrest of a production line in Saint-Auban (Alpes-de-Haute-Provence) with the elimination of 88 positions.

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"Arkema will eliminate 240 jobs

Surprises in the U.S., with two worrying statistics published in the real estate sector and make future dive on Wall Street. This sector is a particular followed by analysts, real estate is at the root of the crisis and each data is scrutinized.

To begin, starts of new homes fell 10.6% in October compared to September. They settle well to 529,000 annual rate, while analysts had forecast 600,000. Housing starts for September were revised to 592,000 against 590,000 in the first estimate. The key indicator to its lowest level since April, when he hit a record low.

Second blow, the building permit for their share fell 4% last month, to 552,000 units annualized, where analysts expected an increase, to 580,000.Compared to the same period last year, building permits fell by 24.3% and housing starts of 30.7%.