International News

Finishing the week? Difficult even within an hour of the closing address. The CAC 40 was indeed well embedded in the green, but 16 hours, the morale of Americans showed degraded. The investors in the United States and Europe reacted immediately.

Around 16.45, the flagship index of Paris evolves close to equilibrium after being tipped into the red. The CAC 40 is around 3930 points. The index of consumer sentiment fell to 72.5 in March against 73.6 in February. Americans are less optimistic about employment prospects.

Earlier on Friday, retail sales in the United States have however withstood the bad weather in February.Against all odds, they rose by 0.3% compared to January (in data seasonally adjusted) while analysts felt they had declined by 0.2%.

This supports other new ad, released Thursday, which was rather reassuring, even if they still underscore the difficulties overseas cheapest one. Like the U.S. trade deficit fell to 37.29 billion dollars from 39.9 billion in January. Other good news side of the labor market "listings weekly unemployment fell to 462,000 from 469,000 the previous week. Perhaps, then, that the ACC will manage to close the week at the Green …

Mixed signals

But some lingering doubts in the markets due to the mixed signals sent to the assumption by the United States, Japan and China.The latter confirmed his great form with a rise in industrial production by 20.7% yoy in January and February, coupled with increased investment in fixed assets of 26.6%. But the United States, the government announced a record budget deficit of 220.909 billion dollars in February, while the decrease in the number of newly unemployed was less than expected, with 462,000 new registrations against 460,000 estimated.

In Japan, meanwhile, lowered its estimates of GDP for the fourth quarter 2009, up 0.9% from the previous quarter, instead of +1.1%. This is in addition a possible credit crunch in China because of rising inflation (2.7% in February).

Firstly, the current account deficit remained virtually stable in France in January over December, to 3.4 billion euros, against 3.3 billion euros in December, by BdF cashadvance .

The automotive sector in the form

The CAC 40 is pulled up by the automotive sector. Renault (+1.85% to 33.885 euros) is the fourth largest increase in the index. It is preceded by Peugeot (+1.90% to 21.990 euros). Far behind Michelin earns 0.46% to 57.19 euros. Valeo lost 0.22% to 24.91 euros.Faurecia is gaining 0.53% to 14.33 euros.

The bank also support document: Credit Agricole (+1.20% to 12.2 euros), BNP Paribas (0.67% to 57.28 euros) and Societe Generale (+1.66% to 44.730 euros) seem announcements have given the Chinese tighten credit.

EADS (-0.07 to 14.840 euros): the controversy swells around the financing of the A400M. Matignon is mulling an appeal to the general loan or option focusing on the state budget.

Pernod Ricard (+0.10% at 60.30 euros) which has launched a bond issue of 1.2 billion euros on Thursday, brought together an order book exceeding 5.5 billion euros. The proceeds from the offering will be used to repay the installments shorter credit union to extend the maturity of the debt.

Total (stable at 39.10 euros) is always under pressure.The CGT oil group called for a resumption of the strike in the refinery when the Justice will rule on his request for interim measures for the crime of interference with employee representative bodies. The CEC will file early next week a motion to that effect.

Michèle Bellon, Assistant General Manager of Dalkia, will succeed Michael Francony at the head of the ERDF, the distribution subsidiary of EDF (-0.42% to 38.125 euros).

EDF Energies Nouvelles has announced Friday that U.S. power company Indiana Power and Light (IPL) had canceled the contract of sale of electricity on wind project Lakefield, in south-west of the State of Minnesota. The Exchange sanctions: -2.80% to 36.160 euros.

Cellectis (-0.69% to 10.02 euros) on Friday announced a turnover in 2009 rose 14% to 12.1 million.The group also announced a strengthening of its cash to 45.6 million euros against 28.7 million a year earlier.

As for publications, Rally (-1.18% to 25.9 euros), which controls Casino (-0.25% to 60.86 euros) will announce its annual results.

After a meeting on Tuesday closed at equilibrium, the rings on Wednesday renewed optimism substantial. At closing, the Cac 40 displayed up 0.63% to 3635.61 points. The revival was strongest in mid-session at 1.38%. But inidice flagship Paris has calmed a few minutes from the end of the session.

The atmosphere is the same in Europe, including the London Stock Exchange gaining 0.39% to 5131.99 points, the Frankfurt amount of 0.69% to 5536.37 points.

The prospect of a European plan to help Greece gives investors reason to smile again. Certainly at this stage, "there is no agreement," said a French source on the eve of the Brussels European Council must take a position on the budgetary situation of Athens.

But it is More than a single nation euro zone to avoid giving the green light for the backup plan.Germany, but could make his signature Thursday.

Long live economic news

On the macroeconomic front, industrial production in France fell by 0.1% in January compared to December, while in November it had gained 0.6%, according to figures published by INSEE. For Frédérique Cerisier, economist at BNP Paribas, "the sharp drop in production of transport equipment (-4.7%) reflects not only the decline in automobile production (-2.1%) but also the aviation branch , naval and railway (-7.9%).After the strong rebound in the third quarter, this pause in the recovery of the activity does not mean that recovery is terminated, but it will be gradual and probably struck, she said.

Furthermore, the current account deficit narrowed in France in 2009 to 40.6 billion euros after 44 billion in 2008, thanks to lower energy costs, said Wednesday the Bank of France (BdF) .

Finally, the United States, the trade figures for December are expected on Wednesday afternoon, and the weekly inventory of crude oil and after-hours trade, the figures of budget execution in January. Governor Daniel Tarullo be heard before the Senate Banking Committee on systemic risks.After Hours, president of the Philadelphia Fed will discuss "Lessons from the global financial crisis."

Bad publications are ignored

The publications were many on Tuesday, and just generally reassuring. But the market is not so far achieved.

Arcelor-Mittal (-5.28% to 27.1 euros) recorded a net profit of 118 million dollars for 2009 and 1.07 billion for the fourth quarter guaranteed payday loan . The metallurgist is the red lantern index in Paris.

PSA Peugeot Citroen (-1.97% to 21.87 euros, 2nd largest drop) announced Wednesday a net loss of 1.161 billion euros in 2009 against a net loss of 363 million a year ago, for a turnover 'sales down 10.9% to 48.417 billion euros.Natixis welcomes performance Faurecia and Gefco, but is very Decca automobile.

Sanofi Aventis (1.03% to 53.2 euros) recorded an adjusted net income of 7.8 billion euros in 2009 up 11%.

According to Le Monde, Renault (+0.27% to 33.4 euros) to consider building a plant near Algiers, which produce 50,000 vehicles annually for the local market.

Nexans (-0.86% to 55.32 euros) worldwide leader in the cable industry, has seen its annual profits collapse at 8 million euros, mainly due to restructuring and divestitures of businesses by group, and remains cautious for 2010.

EDF Energies Nouvelles (+4.82% at 35.85 euros) announced Tuesday a net annual increase of 39% and EBITDA up 47%.Gilbert Dupont went to purchase.

Apart from publications, the bank stand on the CAC 40, including Crédit Agricole, headlining, up 4.66%, to 10.85 euros. Axa rises of 4.13% and Societe Generale is 4.41%.

CAC Hors, Havas (6.71% to 3.08 euros, head of the SBF 120) on Tuesday posted a turnover decrease of 4.4% on an organic basis in Q4 2009, to 1441 million 'euros. Unrealized net budgets amounted to 1,270 million euros in 2009. The group has been identified by Goldman Sachs and Nomura.

Medica (+7.92% at 14.03 euros) announces that its IPO was a "success".The French and international institutional, meanwhile, have subscribed for about three times the size of the offer.

Theolia (6.25% to 3.23 euro) has published a turnover increased almost five in 2009 due to the resumption of sales of wind farms by the group.

Ubisoft (-1.72% to 9.66 euros) said Tuesday night "expects to return to profitable growth and a cash from operating activities positive" for the year 2010-11.

Vinci (+1.17% at 38.43 euros) on Tuesday announced acquistion of 89 contracts for parking company Interpark the United States through its U.S. subsidiary LAZ Parking.

Vilmorin (+1.29% at 79.86 euros) issued a turnover up 2.7% in the first half of 2009-2010 and has announced a joint venture in wheat seed in Argentina.

Polls difficult cases and poorly negotiated since the fall does not undermine the morale Elysian. Nicolas Sarkozy sees the ordinary burden of a president in mid-term and continues to relativize the scope, particularly in comparing himself to his predecessors. Since the Christmas holidays, he has also given much time to calibrate the outline of its strategy for the second half of the quinquennium. On the form, we have seen since early January that this strategy was through the reaffirmation of listening skills. On the merits, the head of state will play its trump card after the regional. After undergoing controversy that was not planned, it will take a debate front of which he knows by heart the social and political risks. But he also sees the benefits it will reap vis-à-vis the electorate.It is, of course, the pension reform.

The results of regional elections should have little impact on this strategy. The Elysee to environmental stresses that "the majority can not be further sanctioned in 2004, where she could keep only two regions. With this diagnosis, Nicolas Sarkozy has already said he would take the election results, but should still maintain its current balances in the government team, headed by François Fillon.

However, he can thank Martine Aubry. By declaring in the first instance, supported a postponement of the age of retirement at age 62, the first secretary of the PS opened the debate much earlier than expected, and it gave credibility to the government's position.Polls in support, the Elysee is now convinced that the French are ripe.

The time has come for the act

Nicolas Sarkozy wants to move quickly on this issue. No way to let the unions take to the streets in October to protest against a proposed reform dashed again. Everyone remembers the November 1995 strikes against pension reform remains the worst memory of the line for fifteen years. Sarkozy wants then arbitrate on the reform of pensions as early as June And to pass a law "in the month of July," confirmed by several sources. He then turned to a mixed solution, combining the lengthening of the contribution period and delaying the legal retirement age.Symbolically, the change of the legal age of retirement would impact tenfold, and it seems that even the Elysee Raymond Soubie, the great clockmaker of social relations which advises the president, is convinced that the time has come proceed to act. Elysian source, a special session of Parliament in July appears to have "acquired" given the workload of the two assemblies.

Of course, the government expects a tough clash with the social partners. For now, the waters unions are barely wrinkled a few ripples. But beware of "the calm before the storm," warns a minister concerned about the mobilization of the month of May According to someone close to Nicolas Sarkozy, these events present at least the advantage of reform credibility with voters."Plus there will be parades, plus French will credit him for having the courage to decide on this matter," smiled one of his friends. Another adviser very point that "nobody has noticed the reform of universities because there were no strikes at the time." In addition to the mobilization of spring, the Elysee is also expected to fall very volatile. "There will be upward pressure on wages as the recovery will be felt," admits an advisor, providing an inflow of association necessarily muscular. It's time that Sarkozy chose to discuss other reforms in 2010, including the legal proceedings or fifth risk Social Security.

But he also intends to take this year-end 2010 to return in force on the international stage. "He will chair the G20 in the month of November 2010, and until summer 2011, said his entourage.The president wants to play again when the partition that had been so successful during the presidency of the European Union in late 2008. The regional elections, hopefully it will be so far.

ALSO READ:

"Pensions Sarkozy launches countdown

"The French loan to a decline in retirement age

"INTERVIEW -" Pension reform is a sign of seriousness "

"Fillon lays the groundwork for pension reform

European consumers should avoid this year's gas war, which traditionally opposes Russia to Ukraine. However, last week, the European Union monitors to close another front – this time oil – which is taken to Moscow and its close neighbor, Belarus.

It is populated by the republic of 10 million inhabitants, formerly subservient to the Soviet government, which handles a significant part of Russian oil destined for Europe. Now, Moscow intends to Minsk taxing exports of black gold, which should account for this small country a net loss of about 1.8 billion euros. In tough negotiations are taking place in the Russian capital, with the fear still present, the Russian government abruptly interrupted deliveries of oil.

Flowing through the Druzhba pipeline, the oil supplies to refineries in the Czech Republic, Slovakia, Hungary and Lithuania. Further downstream, 15% of oil consumed in Germany goes through this famous pipe, a proportion which reaches 75 in Poland! "We remain very attentive to the changing situation, said Thursday the spokesperson of European Commissioner for Energy, Andries Piebalgs. Brussels has negotiated with Moscow the introduction of an early warning system, designed to prevent energy crises.

"Bringing the country in the right way"

As usual in energy, trade dispute that combines economic and political considerations. Moscow wants to change the preferential treatment that allows today to Belarus, as a former Soviet republic, to pay no duty on the oil it imports from Russia.

The unspoken goal of the Russian government is to "bring in the right way" Belarussian President Alexander Lukashenko, who is attempting a rapprochement with the EU. Oil, which constitutes 37% of Belarusian exports, is easy ammunition. Meanwhile, Moscow and Minsk – allies in Astana, the capital of Kazakhstan – three negotiating the creation of a customs union, hardly compatible with the flirtation European Belarus. Between the Russian oil and Brussels, Alexander Lukashenko will probably choose.

ALSO READ

"Putin, the prime mover gas in Europe

"Russian-Ukrainian agreement on oil transit

The U.S. Treasury will have to wait again. The sale price of shares has been fixed by CITIGROUP, to 3.15 dollars. A figure below the $ 3.25 paid by the U.S. government, when fitted with a capital of the group last year and well below the closing price of 3.45 dollars per share Citigroup Wednesday.

Suffice to say that this news is more embarrassing for the U.S. Treasury had planned to sell up to five billion dollars of securities it owns Citigroup and completely out of the capital within six to twelve months.However, in the context of extending the bailout of banks until October 3, 2010, the U.S. Treasury has decided to extend for 45 days after freeze selling 7.7 billion shares it holds stake in Citigroup.

Citigroup plans to issue 17 billion worth of shares and will raise 3.5 billion extra in the form of securities convertible into shares in deteriorating solvency ratios. If market demand is strong, Citigroup may increase its emissions to 19.55 billion dollars.

ALSO READ:

"Abu Dhabi is challenging the admission in Citigroup

Citigroup pays 20 billion to the U.S. State

Despite the significant impact of successive delays made the program of the new jumbo Airbus A350, the chairman of its parent, Louis Welsh, said in the columns of the Financial Times that his group will not appeal markets.

The boss of aerospace group EADS has nevertheless conceded that such delays "have an impact on cash Airbus, which suggests the London daily that the group's treasury could melt rapidly due to lower deliveries of had expected next year, raising questions about the long-term funding of new programs.

"We have over 8 billion euros in net cash. When you're in that situation, you do not request funding for your shareholders, "said Louis Welsh. The cost of developing the A350 is generally estimated at over 10 billion euros.Louis Welsh also ensures that the financial difficulties of Dubai, one of the largest customer of Airbus, will have no impact on the European group.

EADS shares evolved to equilibrium at around 11.00 to 12.37 euros, or -0.08% over the closing price last Friday at the Paris Bourse.

An agreement on part-time senior recently signed by the unions CGT, CFDT, CFTC and FOR with the management of France Telecom (Sud-PTT and CFE-CGC did not sign). This agreement covers employees who worked at least fifteen years with the company and due to retire within three years.

This device based on volunteerism should enable people to work part-time for three years before retirement for 80% of gross salary. With a reduction of greater wages, the employee can retire earlier, up to eighteen months if he agrees to be paid at 65% (not working so that eighteen months before the retirement).

"It's an event, a brick building that is being rebuilt, a dynamic" to move towards a new "social contract", said Director of Human Resources Group, Olivier Barberot at signature.The unions amounted to 14,000 the number of employees who could join the scheme.

"The group undertakes to compensate for 50% the time freed by employees in GST, which, on the basis of 6,000 beneficiaries of TPS, 1500 represents the minimum hiring full time Commission under the scheme between June 2010 and June 2013, "said the text agreed.

ALSO READ:

"France Telecom: the number 2 ready to take the lead in 2011