International News

After the storm that plunged all the stock exchanges, the European shares rebound on Thursday. In Paris the CAC 40 index opened up 2.96% to 3092.16 points. Same trend in Frankfurt the Dax rose 2.81% to 5771.21 points and in London the FTSE 100 opened up over 2% to 5118.29 points. Appeasement was already felt in the Asian stock markets that are returned to the green or showed moderate declines.

This is for now a simple technical rebound following the sharp fall of the Paris market by nearly 5.5% yesterday, the most since December 2008.The collapse in global equity markets was too large, "note the analysts of Axa IM, hoping more rational for this session.

But 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.

Bank stocks monitored

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 payday loans with no fax.Trading in Societe Generale jumped nearly 9% to 24.16 euros after being suspended briefly at the opening. The title was unscrewed from 14.74% on Wednesday. The bank asked the AMF to investigate the origin of the rumors that have depressed its course. 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, it is taken at Societe Generale, "he lamented. "We have no fear on our lending: we achieved 93% of our long-term funding program year, he added.Short-term side, we have 105 billion euros of underlying assets with central banks and keep full access to the interbank market. "

BNP Paribas (2.98% to 36.67 euros) and Credit Agricole (5.68% to 6.418 euros) rebounded Wednesday after falling by 9.5% and 11.8%.

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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The damage is limited. After the first weekend after the degradation of the sovereign rating of the United States by Standard's and Poor's, the world was afraid to wake up on Monday on a stock market crash. Certainly, Asian stock markets, first to start the week and give the trend, showing all this morning a marked decline of more than 2%. But the risk of a crash seems for the moment excluded.

More than 48 hours after the announcement that shook the world's largest economy, Asian investors have been partially sensitive to the political mobilization of the weekend, both of European leaders, who called for the adoption by the end of September pland the rescue of Greece on 21 July. But also that of the ECB, on Sunday night discussed a possible acquisition of Italian and Spanish debt, and the White House, which yesterday called for unity among Democrats and Republicans.

The yen is rebounding

Still, if the announcement of the degradation of the United States was somewhat expected in Asia, the timing chosen by Standard & Poor's has caught the markets, even after a weekend of reflection, continuing their descent into hell. In this context of concern about the state of European and American finance, the yen has tended to take some strength vis-à-vis the dollar and euro. Around 4 o'clock, Paris time, the dollar was worth around 78.05 yen and the euro hovered on the other hand around 111.90 yen, the two displayed small decline vis-à-vis the Japanese currency. A phenomenon still unfavorable export values.

In Tokyo, after opening down 1.40%, the Nikkei 225 blue chips of its losses widened in mid-session.The index fell by 2.17% to 9097.90 points, although the statement last night the Japanese Minister of Finance Yoshihiko Noda, who has maintained his confidence in the U.S. Treasury, and emphasized the mobilization of the European central bankers sign of awareness on the efforts to be undertaken.

Same phenomenon in other major Asian markets, but more amplified. China, which was very critical this weekend against the failure of U.S. lawmakers to find a long-term solution to their debt problems, the tooth was also harder on the markets: the Hang Seng Hong Kong picks up 4.12% on Monday morning at 20,082.80 points while the Chinese CSI 300 lost 3.51% to 2795.64 points. Beijing is by far the largest holder of U.S. debt in the world with 1.16 trillion dollars of U.S. Treasury bills in the drawers.

Elsewhere in Asia, all places show a sharp decline. The KRX South Korean loose 3.45% to 7581.86 points, while the S & P / ASX 200 Australian loses 2.14% to 4017.60 points. A Bonbay, the BSE Sensex was down 2.60% to 16,855.60 points. Finally in Singapore, the FTSE Straits shows the largest decline (-4.14%) to 2870.92 points.

Oil continues to tumble

Moreover, in this context very uncertain about the strength of economic recovery, oil prices continued their steep decline on Monday morning in electronic trading in Asia. A barrel of "light sweet crude" for September delivery lost 2.59 dollars to 84.29 dollars. That of Brent North Sea crude for September delivery fell by 2.48 dollars to 106.89 dollars.

At the same time, gold has gone through the roof of 1700 dollars to 1704 dollars an ounce on the market in Hong Kong.

European banks may need to raise 80 billion euros, to reassure the markets. A report by JPMorgan Cazenove, led by analyst Kian Abouhossein, estimates that if the level of reserve requirements is strictly adhered to 7%, nearly two banks will raise new money. French banks Societe Generale, BNP Paribas and Credit Agricole would need twenty billion euros, against 25 billion for UK institutions and 14 billion euros for German lenders, including Deutsche Bank. The Italian UniCredit, Credit Suisse and Santander are also cited in the report by JPMorgan Cazenove.

This study revealed the results of stress tests published last Friday by the EBA.These tests, built on capital requirements as 5%, entered into a need to refinance 2.5 billion euros for eight of the 90 banks assessed, including any French. But investors believe these tests inadequate, particularly criticizing for not sufficiently taken into account the default risk in Greece. JPMorgan Cazenove said the criticism in his study, indicating that these stress tests have "limited value".

The evolution of banking stocks on European stock markets will be very observed on Monday morning to find Investors Arbitration between the reassuring results of stress tests and numerical study of JPMorgan. In March, ratings agency Standard & Poor's had conducted its own tests of resistance.His conclusion: European banks would need 250 billion euros of additional capital.

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Insensitive to the new this morning reported last night, after-hours trading, the rating agency Moody's downgraded four notches of the long-term rating of Portugal, the Cac 40 back into the red. By mid afternoon, the stock index was down 0.59% to 3955.48 points. Moody's does not trust the program "ambitious" in the words of the new government which includes to reduce the country's deficit from 9.1% to 5.9% this year, and 3% by 2013, and believes it is likely that Portugal needs a new aid in addition to 78 billion decided last May.

In addition, major banks and international insurers have go to Paris again today to discuss how they are expected to attend the next Plan aid to Greece. Chaired by the Institute of International Finance in the presence of several countries, this meeting should not be decisive.According to one familiar with the matter, the Minister of Economy Baroin believes that the negotiations will not end until "several weeks beyond the summer."

Finally, China has raised interest rates Wednesday for the third consecutive time this year by 25 basis points from February to April. The rates of the Chinese central bank now stands at 6.56%.

Yesterday, the Cac 40 ended on a decline of 0.61% and dropped below the 4,000 points, while this morning in Asia, stock markets are mixed – only the Nikkei stands out with a strong increase of 1.1 % – after a session on Wall Street in a disorganized manner.

The euro widens its losses against the dollar

On the currency side, the euro fell sharply against the dollar on Wednesday, weighed down by renewed worries about the economic health of the most fragile countries in the euro area.Mid-afternoon in Paris, the single European currency was worth 1.4325 dollars against 1.4418 dollars late Tuesday.

On the macroeconomic front, the German industrial orders rose 1.8% in May after rising 2.9% in April according to a slightly revised upwards, said Thursday the Ministry of Economy . It now expects the annual Arcep to 15 hours and the economic outlook for the euro area in 16 hours.Overseas, we will monitor the ISM index of activity in the service in June in 16 hours and the weekly inventory of crude oil after half an hour.

Casa loses CFO

Sodexo (-0.07% to 53.91 euros) on Wednesday confirmed its targets from 2010 to 2011, announcing an increase of 7.7% of sales in the first 9 months of the year in which emerging markets achieved growth rates in double digits.

The manufacturer Gemalto smart card (0.32% to 33.33 euros), the world, announced Tuesday it has been selected by Qatar to secure its online public services, after developing a national identity card e for Qatari nationals.

Bank stocks remain under pressure, affected by concerns surrounding the euro area after the rating is downgraded by Moody's from Portugal and the slow pace of discussions on Greece unsecured personal loans.Mid-session, BNP Paribas was down 1.70% to 51.41 euros, Societe Generale of 2.17% to 40.25 euros and Natixis 2.32% to 3.45 euros. Credit Agricole SA (-3.53% to 9.98 euros, the largest decline CAC) announced the day before the departure of its chief financial Badré Bertrand, completing an overhaul of the General Staff of the French bank since the arrival of the new management team in early 2010.

Dia hard discount to the company being divided of Carrefour (-2.38% to 23.58 euros), fell on his first day of trading Tuesday in Madrid Stock Exchange. In addition, the band recorded new setbacks Tuesday in his attempt to form the leading Brazilian distribution.

EADS (+0.38% at 23.64 euros).AirAsia will buy 100 Airbus 320neo more, bringing its total order to 300 aircraft, said a source with knowledge of the agreement.

Air France-KLM (-1.10% to 10.80 euros) anticipates an annual growth in turnover of at least 20% in China.

Renault searched, unscrews Scor

The IPO of Mauna Kea (15.03% to 15.03 euros) on Thursday will take place over 13 euros per share, the top of the range that had set the French manufacturer of equipment 'endomicroscopy for placement on NYSE Euronext.

Groups rated television (TF1, Metropole TV, Bolloré, NextRadioTV) will be in Paris to follow.The gross advertising revenue duty of television amounted to 4.29 billion euros in the first half, up more than 12% over the same period a year earlier, said Tuesday firm specializing Yacast.

Scor (-2.84% to 18.99 euros) announced that the exceptionally high cost of natural disasters in the first quarter led him to issue up to 75 million shares to strengthen its equity as part of an automatic protection.

The examining magistrate Herve Robert, in charge of the investigation into the case of pseudo-intelligence within Renault (-0.52% to 40.92 euros), visited Tuesday the premises of the manufacturer at Plessis -Robinson (Hauts-de-Seine) to view documents, said the lawyer for Renault.In addition, the group expects its second half sales results are better than the first half of the year, said deputy director general of the group, Carlos Tavares.

The businessman Bernard Arnault, CEO of luxury group LVMH (+0.16% to 127.25 euros), retains the top spot of the professional fortunes of France, with 21.24 billion euros, before Gerard Mulliez and Liliane Bettencourt, according to a ranking published yesterday Challenges.

L'Oreal (0.55% to 90.02 euros). Françoise Bettencourt Meyers Thursday filed a motion requesting the revocation of the mandate to protect his mother, while urging the judge of guardianships in Courbevoie (Hauts-de-Seine) to take legal action, said Tuesday in an AFP judicial source.

In one week the G20 Agriculture, Paris hosts this Thursday and Friday the summit of 120 farmers and agricultural organizations from five continents. A "G120" will bring together 250 delegates at the OECD headquarters to discuss major issues of global agriculture, as the volatility of agricultural commodities and world hunger. "We want to give a voice to farmers around the world before the meeting of Ministers of Agriculture, said Xavier Beulin, first president of the French farmers' union, FNSEA. We have things to say in the fight against price fluctuations, the arrival of hedge funds, or the establishment of intervention stocks … "Specific themes of the G20 member states which represent 85% of world agricultural production . The conference will also open by Nicolas Sarkozy, President of the club of the twenty richest countries in the world.

Several working meetings were held in advance with the French Minister of Agriculture, Bruno Le Maire, and its teams. "The way the Mayor is to meet with as many partners involved in the problems of the G20 in order to reach an agreement," said his entourage. Thus, for the first time NGOs were consulted, as farmers in poorer countries are not part of the G20. A point emphasized by Jean-Cyril Dagorn, head of Oxfam in France. He hailed "the courage of France, who placed at the top of the G20 agenda the issue of agricultural price volatility no fax payday loan."

However, there are mixed on three points. "The preliminary report of the G20 pushed attached the issue of biofuels.However, they help maintain the volatility of agricultural commodities, particularly in the case of ethanol, where 40% of U.S. corn, 15% of world production, are intended for that purpose, "he insists.

Emergency

Another disappointment: the use of stocks only in an emergency to supply the less developed countries, "while they should be viewed as regulatory tools in the markets." Finally Oxfam regret the timidity of the final text on supporting agriculture in developing countries, which is limited to an international research program on the wheat genome. The NGO advocates using small-scale food production, including access to water, land or inputs. After the forum, the G120 looks forward in a joint statement reaffirming the need to strengthen public policies in favor of agriculture."Agriculture is not a production like any other, it must have rules, that is why we do not want to leave the market alone the task of guiding our practices," insists Christiane Lambert, vice President of the FNSEA. On this point, the consensus should be in order.

In Greece, the good news is rare lately. The most indebted country in Europe would be out of recession in the first quarter of 2011, thanks to a rebound in activity of 0.8%, according to Eurostat and the Greek Authority statistics. A surprise, after a dip of 2.8% over the last three months of 2010, a figure significantly revised downward from earlier estimates of -1.6%.

"The resumption of growth in Greece is surprising: we expected the continuation of the recession," says Thibault Mercier, economist at BNP Paribas. "But that blip, probably driven by external trade, does not fundamentally change the situation: the austerity program has a strong impact on household consumption.Businesses can not borrow at very high rates and banks, whose health depends on the state of public finances, have limited access to liquidity. "Clearly, they can very easily give credit to their customers.

"The recession is it defeated?" Asks BNP Paribas. "Not really: the figures published so far do not provide details on the components of growth and numbers are often revised significantly after the first publication." These factors explain the downward revision by the European Commission's forecast Greek economy to the same Friday. It now expects a fall of 3.5% of the activity, against a fall of 3% previously envisaged. Accordingly, the government deficit is forecast at 9.5% of GDP, against 7.4% previously estimated.

The recovery is strengthening in the euro zone

Moreover, growth in the euro zone has more than doubled in the first quarter at +0.8% against +0.3% end of 2010, according to a first figure published by Eurostat.

It is true that several countries are still experiencing difficulties. Portugal has thus fallen into recession, with a contraction of 0.7% of GDP and the Italian economy has stagnated (+0.1%). Spain has recorded its share to a timid growth of 0.3%.

The average growth in the euro area was driven by the dynamism of its largest economies: France reported a surprise increase of its activity by 1%. Growth of 1.5% was even made by Germany!

Strong rebound in the Paris Bourse. The Cac 40 wins 1.32% mid-term to 4060.20 points. The previous day he had dropped 1.25% due to the deteriorating financial situation of Greece. The trend remains fragile. Investors will follow the show including six months of the Greece of a $ 1.25 billion.

Greece does not discuss additional assistance, sources said Tuesday Greek and European senior, denying a news report that suggested a new plan of 60 billion euros. This information has boosted European values ​​that are returned to the rise in the morning.

On the macroeconomic front, industrial production fell 0.9% in March, according to statistics released Tuesday by the INSEE.Analysts forecast an average 0.4% increase in industrial production.

United States, the import prices in April will be released at 14:30.

On the foreign exchange market, the euro was stable against the dollar on Tuesday. About 11:00 am in Paris, the euro was at 1.4365 dollars against 1.4358 late Monday.

Greece in big trouble, gasoline at record levels

After losing more than 2% Wednesday, financial stocks are at the party on Tuesday. Societe Generale (2.22% to 43.12 euros), Axa (+2.15% at 14.97 euros), Credit Agricole (2.14% to 10.98 euros) and BNP Paribas (+2, 10% to 54.05 euros) had the largest decreases the Cac 40.The rating agency Standard and Poor's downgraded two notches sovereign rating of Greece.

BNP Paribas is expected to formalize Wednesday Pébereau departure from the presidency of the French bank at the end of the year or early 2012, and appoint in his place the current chief executive Baudoin Prot, the Financial Times. The latter should be replaced by Jean-Laurent Bonnafé, deputy CEO of the group.

Accor: + 4.01% to 30.29 euros

CA Cheuvreux has adopted a positive opinion on value."The stock is trading at a discount of 25% compared to that of its European competitors," suggests the analyst, however, maintains its price target to 35.50 euros on the value.

Plastic Omnium: + 7.98% to € 22.60

The Plastic Omnium share is up sharply Tuesday on the Paris Stock Exchange after announcing the acquisition of Rotherma, a leading European manufacturer of underground containers quick payday loans. ROTHERM achieved a turnover of 12 million euros in 2010.

Lagardère: + 1% to 29.26 EUR

Arnaud Lagardère, general partner of Lagardere said at the meeting due to the group maintained its proposed IPO for its 20% stake in Canal +.

Saint-Gobain: + 3.01% to 47.24 euros

The group announced on Tuesday an investment of around 50 million euros in the construction of its second automotive glass plant in China, Qingdao, Shandong Province (east).

While gasoline prices breaking new records almost 1.55 euros on average, earn 1.60% to Total 41.93 euros.

JC Decaux: + 1.47% to 23.49 euros

JCDecaux has significantly exceeded its target on the first three months of 2011 by signing a growth of 7.8% of its turnover but it is more cautious for the current quarter assuming an increase of about 4%.

Saffron: + 2.02% to 26.53 euros, Thales: + 0.34% to 29.80 euros

Safran and Thales should arrive this summer with a tentative agreement on an exchange of assets in the defense wanted by the government, as the chief representative of arming Laurent Collet-Billon, in an interview Tuesday at Les Echos. In a statement, Safran confirms negotiations with Thales.

Sales and general meetings in the program

Atos Origin: -1.8% to 41.54 euros

The IT services company Atos Origin said Tuesday sales down 1.3% in the first quarter 2011 to 1.22 billion euros.For the first half, the group seeks an operating margin up 50 basis points, compared to 6% for the first half of 2010.

Eurazeo: + 1% at 56.76 euros

The investment company Eurazeo in the first quarter revenues stable at 866.8 million euros, but up 5.9% in not taking into account the base effect associated with adverse chain of budget hotels B & B Hotels, sold in 2010.

The turnover in the first quarter of Maurel et Prom, Nexity, Ruby, Alten, Assystem, Devoteam and Eutelsat (third quarter), will be announced after market close.

Note that the general meetings of ArcelorMittal, Lagardere and Havas will be held Tuesday.

François Lenglet, managing editor of business daily.

Zhou Mingwang is a young Chinese entrepreneur very reactive. Twenty-four hours after the official announcement of the royal wedding between William and Kate, 16 November, Zhou placed online on its website chinamingwang.cn a copy of the engagement ring, a large blue sapphire set with diamonds, worn at the time by Princess Diana, she received a gift from Prince Charles.

The jewel, consisting of a zircon crystals and 14, is sold for a whopping $ 2.75 to $ 8 per piece, the price varies depending on the quantity purchased. Located in Yiwu city, south of Shanghai, a center of low-cost production, Zhou took care of changing the jewel just enough to avoid infringement litigation payday loans in one hour.

For the first orders from Great Britain, flocked applications everywhere, even Australia. Recently, a French magazine has purchased 35,000 for a commercial transaction.

If the idea has since made a few followers among the competition, the young man, who has already sold more than 100,000 copies, table for this year on a strong rise in earnings thanks to Kate and William. Friday, he will follow the ceremony in his factory with 40 employees.

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It was the next level to reach for gold. The 1500 dollars, a level ever recorded for the yellow metal, have been hit on Wednesday in Asian trading. At the Stock Exchange of Hong Kong specifically, an ounce of gold reached 1,500.70 dollars in the afternoon. This performance was predictable when reached 1,499.32 dollars an ounce the previous day in London. The pace of growth is dazzling but in less than a month, gold has made close to $ 53. March 24, the yellow metal was trading at 1447.82 dollars yet.

This acceleration reflects a broad movement of deferral of investors in risky assets to what they see as the ultimate safe haven. Gold is indeed a physical asset with intrinsic value is backed by any issuer. He is considered an effective barrier to escape threats currently facing inflationary in most economies.China announced last Friday that inflation rose to 5.4% in March. In Europe, inflation rises to 2.4% while in the U.S., it reached 0.5%.

Alert on debt

The surge in gold can also be explained by rising concerns over the sovereign debt of countries in the euro area. Rumors of the restructuring of debt of Greece sow confusion in the markets. In parallel, operators wonder if Portugal, which will launch an austerity measures, will overcome its difficulties. The degradation of the sovereign rating of Ireland only complicated the situation. Very worried investors finding more than in Finland, nationalists opposed to helping fragile countries, became the third force in the country.

More ominously, investors realize that even the world's largest economy is not immune.For the first time in its history, S & P has downgraded the debt of the United States. Monday, the day the ad crashing, gold has gained almost 10 dollars to 1496.50 dollars. The purchases were supported by a bout of dollar weakness which makes it even more attractive purchases of commodities, including gold.

For the rest, the next goal is the threshold of $ 1600. According to experts from research firm specializing in the GFMS gold, it will be reached and even exceeded by the end of the year.

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