International News

The European debts go back under the yoke of rating agencies. Moody's has announced this Thursday morning having degraded by one notch the debt rating of Spain, who is now at "Aa2." The note could be further downgraded in the future, since the rating agency maintains a negative outlook on Spain. Moody's explained its decision by his doubts about the ability of Madrid to redress public finances, given the weak growth outlook for the country. Furthermore, measures to clean up the Spanish banking sector would cost more than expected and would increase the country's debt, according to the rating agency.

The Spanish economy minister has expressed his "differences" with the Moody's analysis on the cost of restructuring the banking sector.But Elena Salgado's statements should not prevent a new outbreak of foot on interest rates from Spain to climb again on Thursday, after reaching new levels yesterday, while those in Italy beyond the 5 %, the first since November and that the Portuguese rate stood at a level considered critical by analysts. On Wednesday, the interest rates paid by Lisbon ten years has exceeded 7.5%. And two-year bond were issued at an interest rate of nearly 6%, where the country was paying 4.09% in September, for the same maturity. Economists estimate that the refinancing conditions become difficult to bear for the country free instant credit score. Yet Portugal should emit at least 20 billion debt this year to finance its expenditures.Experts estimate that the country would be about to seek aid from Europe to solve its budget problems, despite repeated denials by the authorities.

A highly anticipated Eurogroup

"Portugal is in the financial and economic emergency," said last night the Portuguese President Anibal Cavaco Silva, in his inaugural speech. "The state funding continues to be abnormally high, which affects the functioning of the Portuguese financial system and our economy."

The Heads of State and Government of the eurozone, which meets tomorrow, should examine the situation in Portugal, says Reuters. The summit of the Eurogroup will focus on "economic policy measures that Portugal is to address its financial difficulties," said the Elysee.

The seventeen heads of state and government should also "discuss strengthening the coordination of national economic policies in the euro area." But many doubt that the summit came to an agreement.

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Caution reigns at the Paris Stock Exchange on Friday. Several elements suggest because investors remain wary. Among them, the volatility of U.S. stock market Thursday after the publication of disappointing statistics, and bad mood operators in Asia following the deterioration of Japan's sovereign debt rating agency Standard & Poor's. These factors lead investors to focus on profit taking while the CAC 40 a chained up sessions this week.

Exchanges therefore start in the red, the benchmark index dropping 0.37% in Paris to 4044.56 points. Even moving to London where the FTSE lost 0.14% to 5956.98 points and in Frankfurt the Dax opened almost unchanged (-0.00%) at 7155.47 points.

Traders also expect several macroeconomic indicators of weight on Friday in the United States.Most importantly, unveiled at 14.30, is the first estimate of U.S. GDP in the fourth quarter of 2010. A little later, the second reading of the index of consumer sentiment for January will be unveiled.

On the currency markets, the euro has stabilized at 1.3723 dollars in morning trading.

Record turnover for JCDecaux

JCDecaux: 1.51% to 23.23 euros

The group reported a record turnover for 2010 to support organic growth more than its forecasts and the positive impact of acquisitions. The specialist in outdoor advertising has over 2010 registered a turnover of 2.35 billion euros, representing organic growth of 9.1% against 8.2% expected on average by analysts.

Areva: 1.32% to 36.40 euros

Nuclear giant posted a turnover up 6.7% in 2010, through its activities in the reactors.In late December, the backlog stood at 44.2 billion euros, up 2.0% year on year. In addition, AREVA will, in the second half of February, the President of the Republic, the list of candidates for a serie of Anne Lauvergeon, chief executive of Areva, whose term expires in June, write Friday Les Echos The Tribune and e. The supervisory board of the company must prepare the list, and has performed at the end of next week a first selection among potential candidates, Les Echos added. The Tribune, quoting a relative of one of the candidates, writing on his part that a preliminary list has already been established and shortlisted personalities were contacted in order to be heard in early February.

Beneteau: +0.37% to 16.46 euros

The world's leading manufacturer of yachts on Thursday unveiled details of his "Plan 2015", a five-year strategic plan that predicts a doubling of its turnover, thanks to conquer new markets.

Lafarge in sight

Vinci: -1.51% to 42.48 euros

The management said tackle 2011 with confidence after a year marked by a return to growth in sales stronger than expected and thanks to a backlog boosted by acquisitions.

Total: -0.40% to 43.04 euros

The oil group is looking for partners to explore the south-eastern France in search of shale gas, the newspaper reported Friday Echoes. The newspaper quotes an internal document sent to the companies likely to be interested and he said it had identified a site as "high potential".Total finds this opportunity in the shale gas "important and very significant." The title is also affected by the recommendation of Citigroup initiates coverage with a sell recommendation for a target price of 40 euros.

Lafarge: -0.80% to 44.63 euros

The group built a strong presence in Egypt, was harassed since the protests began calling for the resignation of President Hosni Mubarak.

France Telecom: 0.12% to 16.17 euros

The group signed a syndicated loan of six billion euros in five years with 28 banks, to extend the maturity of its existing debt.

Latecoere: 4.21% to 8.92 euros

The group has an agreement with Boeing for the development and production of the 787 gates, the new long-haul U.S. manufacturer.

"On pension reform, employers and unions have continued to talk." After this reform has given rise to serious wrangling between government and unions, the president of MEDEF, Laurence Parisot, now wants to look ahead. Objective: To revive the dialogue. "We believe in the power of the peer," she told Europe 1 radio on Sunday. And for that, she will invite leaders of various unions to meet to establish a "social agenda on the next two years."

For the president of MEDEF, we must find a way to "expedite all ongoing negotiations," including one on the modernization of institutions representing the personnel and the modernization of the peer.It is also necessary, she said, packing "obvious negotiations on supplementary pension schemes Agirc-Arcco.

"The government must establish more harmony in our country"

Laurence Parisot also expecting much from the new government. "We expect the new government's ability to establish a little more harmony in our country," she said.

Among the main issues she will discuss with them the job market. "We will diagnose the labor market," says the president of MEDEF. Freshly maintained his position as prime minister by the president, Nicolas Sarkozy, Francois Fillon said in a statement "to be firmly in a new stage which will allow our country to strengthen its economic growth in the service employment. For the president of MEDEF, the creation of jobs through the SOHO and SMEs."We must have the attitude of SMEs and to show solidarity with these companies, which may be both the most vulnerable, but also the first to leave."

"Continue to reduce deficits"

One of his goals is to bring the juniors and seniors. "There is a misconception that we have heard much that would be: a senior citizen who stays longer in the job is a job for a young and less," she insisted. We must, enterprises, we thought the relationship senior juniors in the same way. That is why we are considering the establishment of mechanisms for mentoring between junior and senior. "

Who said creating more jobs, said to boost this growth. Therefore continue to reduce deficits for Laurence Parisot. "If we continue in this direction, we could reach 3% or 4% growth by 2015. Otherwise, social issues will become dramatic. "The government has planned at least 40 billion euros in savings in the 2011 budget. Objective: To reduce the public deficit of 7.7% this year to 6% in late 2011.

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Lafarge posted mixed results. The building materials group unveiled a lower than expected decline in net income in the third quarter. Conversely, the operating income is below expectations.

The world's leading cement has made the quarter a net operating profit fell 2% to 839 million euros, where analysts expected on average 873 million. A rising cost of inputs and contract volumes have infringed the group's results.

Sales meet expectations

Net income, group share, has meanwhile declined by 8% to 372 million euros against 366 million for the professionals. As for revenues, it amounted to 4.5 billion euros, up 6% thanks to favorable currency effects. This figure is in line with consensus analyst expectations bad credit payday advance."The trends have improved in most developed countries in the third quarter, emerging markets have remained strong, despite lower volumes on some of them, and Central and Eastern Europe showed the first signs of improvement since mid-2008, "the company said in a media presentation.

In addition, Lafarge "maintains its forecast for global growth of its markets" and provides "a cement demand in its markets between -1 and +3% in 2010 compared to 2009." The group chaired by Bruno Lafont said that "given the changes in supply and demand, the outlook for the volume group may deviate from the trends in local markets in some countries" but that "prices should remain firm throughout the year, despite declines in some markets. "

The CAC 40 moves upward slowly but surely the psychological threshold of 3800 points. Today, the trend is in effect an opening in decline, despite the close up on Wall Street, supported by good results from Citigroup, Apple or IBM. But industrial output unexpectedly fell and Asian stock markets move in a disorganized Tuesday morning.

On the macroeconomic front, the number of start-ups in September will be announced at 8:45 by the National Institute of Statistics and Economic Studies. The European Central Bank will present the balance of payments Euro area (10 hours). Around 14 o'clock, the European Commission in Brussels will present proposals on reforming the EU budget.The idea of a European tax could be revived.

In the U.S., one indicator is on the agenda this Tuesday: the housing starts and building permits in September (1430).

On the currency markets, the euro remains below the $ 1.40 to precisely 1.3903 (-0.44%).

Computers and power supervision

As for values, investors will follow especially energy companies, after France began to dip into its oil stocks to compensate for disruptions in fuel supplies caused by strikes at refineries, including those of Total.

The markets will also be attentive to the values computer, after the publication of results from Apple and IBM.

PSA and BMW are expanding their cooperation in hybrids

PSA Peugeot Citroën and BMW announced Monday night that they would extend their cooperation in hybrid vehicles but did not disclose financial details.

Havas reported Monday in an acceleration of its business in the third quarter thanks to a rebound in France and a return to positive growth in the Asia Pacific for the good performance of China and India.

Aeroports de Paris said Monday it posted a 5.2% increase in passenger traffic in September, driven mainly by flights in association with the Middle East and Africa make quick cash.

Soitec said Monday expect a net operating profit on the entire first half of 2010-2011, following a sustained demand in the second quarter from the automakers and manufacturers of mobile phones.

Steria has revised its annual goals down on Monday night, relying on organic growth in sales of around 1% in 2010 against an earlier indication of 1.4%. Services company in computer engineering is now targeting an operating margin of around 7% this year, against 7.3% previously.

Compagnie des Alpes announced Monday that it would take an approximate 45% stake in the Futuroscope, for 63 million euros, becoming the largest shareholder in the third largest leisure park in France.

April Group on Monday issued a revenue decline in the first nine months of the year, hit by weakness in the segment of insurance. Sales of the insurer are listed down 9.8% to 556.5 million euros.

Results: the turn of Radiall Edenred and Pierre et Vacances

Guyenne et Gascogne reported Monday in a persistently sluggish consumption for the third quarter, although its network of French supermarkets pulled the pin of the game franchise of Carrefour believes that its Spanish subsidiary will release for its "no problem majority "of the recent crisis.

Transgene Monday issued a turnover in nine months by 11.1 million euros.The biotechnology company, which states have a cash of about 194 million euros at end September, confirming it was on track to bring to market its first product in 2015.

Cellectis has signed, through its subsidiary Cellectis Plant Sciences, a license agreement with Midwest Oliseeds for the plant transformation technology of the American.

Radiall, before trading, and Edenred, after market, will publish their turnover for the third quarter. Pierre et Vacances will present the fourth quarter after-hours trading.

The U.S. employment does not take off. Umpteenth sign of a sluggish recovery, the U.S. economy has destroyed more jobs than expected in September, leaving 95,000 jobs disappeared, according to figures from the U.S. Department of Labor. Economists expected a balance between creation and destruction of jobs.

These figures have been sealed, as in previous months, for the termination of 77,000 temporary contracts signed by the State to achieve the population census. In total, the state has eliminated 159,000 jobs over the month, including 76,000 in local government.

Analysts are however their attention to employment figures from the private sector alone, better able to reflect the economic trend. However, this figure, but not disastrous, is worse than expected. The companies have created 64,000 net jobs, down 31% compared to August.Economists predicted 74,000 creations.

The major employment gains were recorded in the sectors of tourism (34 000), business services (28,000) and health (21,000). However, construction continued to destroy jobs (21,000).

Moreover, the unemployment rate remained steady at 9.6%. That rate, calculated on a different basis than the creation and job destruction, was expected to hand up to 9.7% by the market.

It is the traditional story of the small company became larger and that annoys the industry giants. In sportswear, the role of the small company is held by Under Armour. He is played by giants Nike and Adidas. In 2009, Under Armour has become, with 10.8% market share, the second most important sector in the United States at the expense of Adidas. His goal now is to approach the leader Nike, which holds 23% market share.

For this, the company headed by Kevin Plank, a former player of the football team at the University of Maryland, has arguments to spare. Positioned high-end T-shirt with $ 60 on average, the brand offers clothing intelligent, concocted by scientists in his laboratory studies.Among them, the "moisture transport" which limits the transpiration under high stress, the "UPF" which protects the skin against ultraviolet rays, or the "Wind Resistant" that regulates body temperature in case of large cold.

These arguments have already convinced several overseas stars, Jonathan Vilma (player of American football team the New Orleans Saints) to the skier Lindsey Vonn, through one of the rising stars of the NBA basketball player Brandon Jennings. Known for its media outlets, it has also recently told the media that had he not been called to the national team to contest the world championships because he was not under contract with Nike, "If you look carefully, half of the team is under contract with Nike. This brand has a lot of influence.They do not advertise at Under Armour extrovert with a player like me "

Other media star to have signed Michael Phelps. The swimming champion in 16 Olympic medals has signed a three-year contract in February estimated at $ 5 million. It appears in the latest advertising campaign for the brand:

The popularity of sports has also prompted a quick reaction from the competition. Nike has launched the collection in 2006 Nike Pro apparel offering in line with those of Under Armour.

B ouche to ear

But the popularity of some sports stars for this brand is very discreet about as recent as the corporation. Kevin Plank got the idea in 1995. At that time, he makes his prototype t-shirts in the Bronx with his $ 17,000 savings and a loan of $ 40,000.Hiding out in locker rooms, it distributes its jerseys to players university for testing and waiting for word of mouth to take effect. The bet is a winner: the célèbbre football team of "Giants" New York is seduced. Other teams followed internationally, particularly in Asia and Australia. Amateur athletes are discovering that mark in turn through a half-page ad bought $ 25,000 in ESPN Magazine. In 1999, the brand has a different ad campaign with a presence in the movies Any Given Sunday (Oliver Stone) and Alternates (Howard Dutsh).

The business is growing very rapidly: sales increased from $ 17,000 in 1996 to 837 million in 2010. IPO in 2005, Under Armour is now valued at over $ 2 billion.The brand, which employs 3,000 employees, with locations in Amsterdam and Hong Kong, and has signed contracts with 20,000 distributors.

At only 37 years, Kevin Plank is the fifteenth in the standings of the forty most promising employers at CNN. "I threw the best t-shirt in the world," says the young boss in an interview with Newsweek. Had I not done that immediately after completing my studies, I worked in industry for five or seven years and I have been intimidated by others. "

Conquering Europe

Today the brand enjoys an innovative image. But Kevin Plank does not stop there. Under Armour, which makes 80% of its sales on clothing, wants to diversify into the shoe, a market that weighs 35 billion dollars worldwide.Hence the annoyance of Nike, who wishes to retain his undisputed leadership in this niche with Under Armour that only captures the moment that 136 million dollars.

More worrying for major brands, Under Armour wished to make a breakthrough on the European market today is lacking. The group is only present in Britain, Germany, Italy and the Benelux. In France, the brand has been distributed since 2006 at Foot Locker, Go Sport and some independent shops. Under Armour's ambition to expand in France and gain more visibility. A first step in this direction was made with the signing of a contract in July with the champions of France, rugby 2010, the ASM Clermont. Now remains to convince the other stars of Europe's favorite sport: football.

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France Televisions response to the attacks of TF1, which requires compensation to the maintenance of advertising after 20 hours of the public service channels and denounces the "outperformance" of recent trade.

For public group chaired by Rémy Pflimlin, it is wrong to assert that "advertising before 20 hours is more important today than two years ago." The group says, in effect, that if the number of spots broadcast reached 238,000 in 2008, it had dropped to 215,000 in 2009 and 130,000 in the first half of 2010. Regarding sponsorship, he was "77 million euros in revenue in 2008 against 72.6 million in 2009 and 39.8 million in the first half of 2010." Finally, France Televisions loudly denies the charge of "dumping" prices.If the group publicly acknowledges that "gross advertising rates on France Televisions are 28% cheaper than those of TF1," he also notes that "the average net cost GRP four channels of France Televisions on the target housewife least fifty years is 2% higher than that of TF1 and 30% higher than the M6 one hour payday loan.

However, France Televisions is willing to correct the "illusion effect" of the viewer regarding a sponsorship that would be too far.The public group is willing to limit it to civic causes and community service.

That said, in the corridors of France Televisions, one can not help but note "the contradiction of a speech" which "is to complain of too well the public broadcasting group while claiming loudly that TF1 does no revenue problem for 2010, quite the contrary. "

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The U.S. stock markets are unable to find colors. On Tuesday, the Dow Jones started the session on a drop of 0.29% to 9980 points. The loose Nasqad 0.47% to 2110 points while the S & P lost 0.41% to 1,045 points.

Monday already markets in New York fell sharply, including the Dow Jones closed just on the threshold of 10,000 points, the lowest of the session (-1.4% at 10009.73 points) the lowest volume of transactions since the beginning of the year. It is down 4.4% since the beginning of the month.

Already this morning, the Asian indices have suffered heavy losses and their stock markets in Europe have followed suit.

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Attention is actually suspended the publication Friday of employment figures for the month of August in the United States. The deadline is crucial.Then will come after the consumer confidence index in August (which could show a slight increase to 50.9 against 50.4 last month) and the confidence index of purchasing managers in Chicago (August) under 57 against 62.3 previously.

But before that, the S & P / Case-Shiller home price for June was released Tuesday. Conclusion: the price of single family houses has increased more than expected thanks to the positive effects of a tax credit that expired in April. The index came out at 0.3% in seasonally adjusted data, against an increase of 0.5% in May and 0.2% expected by economists.

Doubts about the strength of the recovery

Obama announced his economic advisers to work with new measures to support economic activity.He spoke of targeted measures, such as the extension of tax breaks for middle class matures, increasing public funding for the development of clean energy, infrastructure works or new tax cuts aimed "to encourage businesses to work their capital to create jobs here in the United States.

"This announcement is far from reassured investors, due to lack of accuracy and because investors doubt the effectiveness of proposed measures, analysts said Aurel BCG.

Semiconductors follow

As for values, the semiconductor industry will be watching: the Semiconductor Industry Association (SIA) announced that worldwide sales of semiconductors rose 1.2% in July from JuneThe association has confirmed its forecast of growth of 28.4% of the market for semiconductors throughout the year.

A follow HP (-1.22% to 38.09 euros) was the only value in the green yesterday (+1.5%). In addition to its attempt to acquire 3PAR, the leader in PC sales has announced a new plan to repurchase its shares.

The Financial Crisis Enquiry Commission (Commission of Inquiry on the financial crisis), tasked with finding the causes of the financial crisis, will listen to Ben Bernanke, Fed chairman, Fuld (former boss of Lehman Brothers) and Steel (ex-boss Wachovia) and Sheila Bair (FDIC Director) on the concept of "Too Big To Fail".

3M (-0.51% to 79.24 euros) yesterday announced the acquisition of Cogent (-0.18% to 11.07 euros) for 943 million dollars.The group's management warns that this will reduce its earnings per share cents from September to October in the 12 months following the settlement of the transaction.

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On the Asian stock markets on Friday rhymes with caution. In low trading volumes, market oscillate between green and red since. The fence fall on Wall Street Thursday despite a sharper drop than expected enrollment in weekly unemployment, let consider such a scenario. U.S. investors remained on guard, waiting for the publication of two key indicators of this weekend: the index of consumer sentiment and particularly the second estimate of U.S. GDP in the second quarter.

Moreover, investors are holding their breath before a speech highly anticipated Ben Bernanke, chairman of the U.S. central bank (Fed) on Friday. Alongside major world central bankers meeting in Jackson Hole, Wyoming, it will review the global economy.

The suspicion is required.The second revision of GDP is expected to decline while the speech of Fed chairman should confirm the fragility of the global economic recovery.

The yen spotlight

In Japan, the Nikkei started the session on a drop of 1.04% before gradually erase their losses. At midday, he won 0.33% to 8935 points. The Topix ahead at the same rate to 814 points. However, the key index in Tokyo had a difficult start to the day, falling again to its lowest in 16 months. This volatility is explained by the expectation surrounding the much anticipated speech of the Prime Minister of Japan, Naoto Kan. According to the entourage of the latter, the government will introduce today the actions it wishes to implement to counter the effects of the high price of the yen.

The strong yen just accelerates deflation, which remains very debilitating to the economic recovery of the archipelago.On Friday again, the Ministry of Internal Affairs announced that consumer prices had fallen by 1.1% yoy in July. This is their 17th consecutive monthly decline. Moreover, Japan's unemployment rate fell to 5.2% in July against 5.3% in June after previously recorded four consecutive months of increases.

The rest of the region patient

In China, stock markets are more expectant. In Hong Kong, the Hang Seng 0.10% to loose 20590 points while in Shanghai, the key index lost 0.34% to 2594 points.

The Korean Stock Exchange drops 0.95%, the S & P Australian takes 0.43%, and the Indian Sensex is at equilibrium to -0.03%.

Oil down

Oil prices fall below $ 73 Friday in Asia.In morning trading, a barrel of light sweet crude for October delivery lost 37 cents to 72.99 dollars, while that of Brent North Sea crude for October delivery lost 33 cents to 74.69 dollars.

On Thursday, oil prices had rebounded in New York, supported by an indicator on the job better than expected and a weakening dollar. But oil markets also fear bad news on Friday.