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New waves of turbulence on Thursday on European equity markets. At closing, the ACC has sold 2.25% to 3432 points in trading volume of over 4.43 billion euros. The London Stock Exchange lost 1.55% at the same time, while the German Dax loose more than 2.2%. Already strained by the very repetition frictions between Paris and Berlin, investors have been demoralized by a poor U.S. statistics: registration weekly unemployment rose against all odds, for the first time since early April in the U.S. during the weeks to 15 May, against 471,000 446,000 the previous week, according to the Department of Labor.

The euro goes down quickly and found $ 1.23, after having taken the day 1.5% up to 1.2414 dollar.The rebound came after the sharp decline of the single currency in the night from Tuesday to Thursday, which has pushed the euro to a new four year more, to 1.2144 dollar.

Christine Lagarde did not hesitate to take the opposite view Thursday of Germany, stating, in contrast to Chancellor Angela Merkel, the euro was "absolutely not" in danger. She also criticized the German ban of short selling of certain financial products, described as "questionable, because there was no prior discussion."

But on substance, they are two different philosophies that are expressed on both sides of the Rhine, experts say, vis-à-vis the economy and Europe: the quasi-religious cult of stability and solidity Monetary and fiscal policy in Germany; tradition of state intervention and boost growth and employment in France.Since the beginning of the crisis in Greek, the largest economy in the euro area has a position of accused in Europe, having been slow to rally to the idea of a bailout.

His German counterpart, said this morning in the Financial Times that he considers the markets "really out of control" and advocates more regulation. Taboos have been broken yet for Germany, as the intervention of the European Central Bank (ECB) in the support system put in place or the rescue of a country in the euro area. And the crisis has, according to experts, everyone take a step towards each other.

L'Oreal stands

On the values front, two titles show up on the CAC 40. This is L'Oreal (2.17%) and France Telecom (+0.10%).

As for cuts, is Alcatel Lucent is the most penalized (-6%), to Vallourec, Arcelor Mittal.

On the SBF 120, it appears as Soitec the red lantern (-9.26% to 8.60 euros): the producer of silicon on insulator for the semiconductor industry confirmed its forecast return to operating breakeven this year, Concentrix off after a current operating loss reduced during the second half of 2009-2010.

In addition, Air France-KLM (-2.12% to 9.40 euros) confirmed anticipate a return to operational balance in 2010-2011 after posting record losses after an exercise she calls it himself as "annus horribilis." Franco Dutch airline, which renounces propose an annual dividend, also undergoes an early exercise sealed by the eruption of the Icelandic volcano Eyjafjöll.

Credit Agricole (-3.07% to 9.09 euros) was no surprise on Wednesday confirmed the appointment of Jean-Marie Sander as his successor Rene Carron as president of the bank, marking the arrival of a new tandem leaders the head of the listed vehicle of mutual group.

Sanofi-Aventis (-1.25% to 47.38 euros): Brazil has given the green light to redeem Medley by the pharmaceutical company for 500 million euros.

The Board of Directors and the two main shareholders of Sperian have agreed to repurchase the company specialized in personal protective equipment by the industry group American Honeywell for $ 1.4 billion. The shares are still suspended from trading.

Ten months (June 2009, Ed) that the government was waiting for good news on the employment front! The number of registered unemployed at the employment center in group A (unemployed who have not worked at all during the month) has in fact declined by 0.2% in March, representing a decrease of 6,600 people on a months. In total, 2.7 million people were registered in late March in the reference category, an increase of 9.8% over one year.

But the thinning stops there because the number of jobseekers registered in the four other categories increases. And sometimes significantly: +2% in group BC (24,700 unemployed persons who worked more or less than 78 hours in the month), 2.4% in category D (6200 unemployed in training, education or health) to +3 8% in group E (11,400 unemployed in assisted contracts). Worse, over one year variations ranging from 18.3% (Class BC) to + 36.4% (Class E).

"The increase in categories C, D and E reflects both the recovery of Acting as an employment policy more active, more job seekers in training and subsidized contracts," Marie-grade Claire Carrere-Gee, President of the Advisory Council for Employment which welcomed the "significant slowdown for several months" the number of unemployed.

In other words, the social treatment of unemployment is running at full output during the crisis. Difficult, therefore, welcome a decline in unemployment in France (including overseas departments) where 4,130,000 people "required to make positive job search" was recorded at the end of March employment center. 0.5% more than a month ago and 12.5% a year ago.

As usual, most 50 year olds still have suffered in March, with growth still disturbing number of entries: +1.1% in group A and +1.5% in ABC."Without strong political will, these jobseekers were statistically unlikely to rush out of trouble, consider Marie-Claire Carrere-Gee. Passed the fifties, it is very difficult to find work, moreover in an economy that barely found his breath. "And, even more than" half of the unemployed over 50 years are unemployed Long-term, "she insists. Conversely, young shoot for the fifth consecutive month hold their own while benefiting from a decline of between 0.5 (Class ABC) and 1% (A) enrolled.

Lower radiation

Another black spot: the share of jobseekers in employment center for over a year continues to increase (+0.7 percentage points in one month and up 5.1 in one year) to represent 35.3% of registered voters. As for seniority, it reached 415 days on average, an increase of 29 days in a year.In fact, only the registered unemployed for less than a year benefit from the upturn in March with a decline of 0.7% of their enrollment and reduced to 4.1% increase over one year.

As grounds for release of employment center, march to a significant reduction in the number of radiation administration (-7.9% in one month) and a stagnation of terminations for default updating entries (0.8%). The collection of jobs is up 2.9%, including the jobs of more than 6 months were up 7.4% in a month.

U.S. stock markets are a small step forward Wednesday. The Dow Jones ahead of a timid 0.06%, while the Nasdaq rose 0.24%. The previous day, the Dow Jones gained 0.23% and the Nasdaq 0.81%. In Asia this morning, the same trend with the Nikkei in particular that ended on a positive note (1.74%).

Apple Earnings blaze

The technology sector benefited from the announcement after market, a 90% surge in net income of U.S. computer maker Apple in the first quarter. Inflated by including a doubling of sales of iPhones, the company's net earnings to net apple exceeds $ 3 billion in the second quarter of its fiscal offset. Turnover was up 49% to 13.50 billion dollars.Apple shares climbed 5.64% to 258.38 dollars.

Also in the technology sector, Yahoo! also published after the close a net profit group share in the first quarter more than doubled on year to more than 310 million dollars. In contrast, the turnover has been disappointing. It increased only 1% to just under $ 1.6 billion. Result: the shares fell sharply from 5.77% to 17.32 dollars.

On Tuesday, the financial sector, for its part, was carried by the strong quarterly results from investment bank Goldman Sachs (1.26% to $ 162), whose future remains clouded by fraud prosecutions undertaken by securities regulators in the United States and Great Britain.The firm has more than doubled its net profit in the first three months of the year to nearly 3.5 billion dollars.

On the foreign exchange market, the euro was slightly lower Wednesday as investors watching the talks between Greek officials and teams from the EU, IMF and ECB on aid to Greece due to start Wednesday after a successful bond sale by Athens yesterday. By mid-afternoon, the European currency was worth 1.3401 dollars, down 0.16%.

Today on Wall Street, investors will monitor the traditional weekly crude inventories will be published in late afternoon.

It is an alliance that giant Credit Agricole is poised to build in the business of brokering, with China's Citic. Corroborating sources, the two groups, whose discussions began a year ago, will announce in the next few days their entry into exclusive negotiations.

Before yesterday, the Bloomberg spoke of the creation of a joint venture in Asia. The project is actually much broader. Cr?dit Agricole and Citic were preparing to share all of their brokerage activities, with the ambition to offer a comprehensive worldwide.For the Bank Green, this means that it will bring in the trash marriage the two flagships, CA Cheuvreux in Europe but also CLSA Asia inherited his nugget of the former Credit Lyonnais and the ex-Indosuez, which strike force in Asia is comprised of over 1 300 employees.

"An entry by the front door"

The negotiations will refine the assembly operation. It seems, however, have articulated a pattern in stages. Globally, the respective contributions show an economic weight of about 70% for Credit Agricole, 30% for its Chinese partner. In Asia alone, the ratio is 50-50.

In China, finally, market still very restrictive with regard to foreign players, the Green Bank would of course be a minority, but Citic would offer "an entry by the front door," said a source familiar with the matter.Both groups have the ambition to create a unique platform for implementation to the world. A strategy that sticks to the explosion of capital flows to and from the Asian region, particularly China. She also accompany the rise, very fast, of IPOs on the Asian markets for new local giants, but also of foreign cash advance. Western companies are increasingly likely to be tempted by either a dual listing-West Asia, either through public offerings in part of their activities in emerging markets.

In 2007, Citic had wanted to attempt the adventure of large-scale partnership in market activities. But the Chinese had backed the wrong horse by selecting Bear Stearns, number five on Wall Street, which was the first major victim of the financial crisis in March 2008.The company was swallowed by a weekend, for a pittance and under pressure from the Fed, JPMorgan.

By marrying his "brokerage" than CITIC, Cr?dit Agricole replicates the strategy already implemented in the field of asset management and derivatives: Green Bank has established two joint ventures with Societe Generale, Amund and Newedge . In both cases, there is access to the critical size. The problem applies to the brokerage, a business in which the challenge is to offset the costs of research teams and infrastructures, galloping amid technological revolution on the market.

Finally, the operation comes at a strategic refocusing of the Cr?dit Agricole group. The Green Bank in 2008 has imposed a severe weight loss at its investment banking subsidiary, which came early and suddenly in crisis.Now, CA IPC (Credit Agricole's Corporate and Investment Banking) is focused on three areas: structured finance, capital markets and brokerage. The planned offensive alliance with CITIC confirms this last job.

After the deep recession that marked the years 2009, 2010 should be the rebound. But "the recovery continues." In these terms as Head of the conditions of INSEE, Sandrine Duch?ne, talks about the situation of the French economy.

And these are not figures of household consumption published Thursday that will contradict that finding. Spending by French manufactured goods suffered a second consecutive decline in February, down 1.2% from the previous month. Nobody expected such poor performance.

More broadly, the economic climate could be worse than anticipated earlier this year.In the update of its forecast released Thursday, the Institute of Statistics has just downgraded the growth of the first part of 2010.

In the first quarter, GDP should grow and not more than 0.2% and 0.3% in the second quarter. To reach the forecasted growth of government, namely 1.4% – should be that activity in France rose 0.5% to 0.6% over the last two quarters. Ambitious!

The beginning of the year was marked by a recovery in the euro zone, both "tentative and mixed, according to Insee. Then it would open in Germany, Spain was left behind.In the wake of world trade, the demand addressed to France should slow down on the horizon in mid-2010.

Employment adjustment

For their part, companies are hesitant to implement new investment projects, "despite improvements in their conditions of funding" payday loans . And this, especially as production capacities are still underutilized.

Among households, nothing euphoric either. In the first half, the purchasing power will continue to slow down (+0.1% in the first quarter, 0.3% in the second), due to a slight rise in inflation and an acceleration of tax burden. Thus, while consumption has resisted during the crisis, it fell in the first half.

The aftermath of the scrapping bonus there is not nothing.End of 2009, auto sales had jumped into effect, households with their anticipated purchases to take full advantage of the generosity of the measure.

As for employment, finally, he would continue to adjust, albeit at a more modest pace. The private sector will lose 80,000 more jobs by mid-2010, after destroying 100au second half of 2009 and around 260000au first. Unemployment would reach in France and 9.8% of the workforce in June. At the end of last year, it was 9.6%.

The French Prime Minister Francois Fillon reiterated on Thursday before the Senate that the unemployment curve "should be reversed in the second half of 2010.

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Rio Tinto and Google. In recent months, two cases have come spectacularly recalled that the business climate here was much celebrated its "Chinese characteristics", more often worse than the best payday loan !!!???!!!??? !. And he even tended to become increasingly harder for foreign companies, with limited access to market, a heavy political interference and opaque legal system.

U.S. investors are smiling. The NYSE has finished in the green for the sixth straight session Wednesday. At the close, the Dow is 0.45% to 10,733.67 points, its best close since October 2008. The Nasdaq climbed 0.47% to 2389.09 points. The S & P 500 finished up 0.58% to 1166.21 points.

The decision of the U.S. central bank widely expected, continues to support markets, as before. The Asian and European markets have reacted the same way, following the announcement.

Today, the markets awaited the speech of Fed Chairman Ben Bernanke and Paul Volcker, economic advisor to President Barack Obama, before the Committee on Financial Services of the House of Representatives on Banking Supervision."We are quite concerned about the latest proposal to make the Fed the regulator of banks only," said Ben Bernanke. "The participation of the Federal Reserve oversight of banks of all sizes are greatly enhanced our ability to fulfill its role as central bank," said Ben Bernanke.

Note that the stronger-than-expected producer prices bolstered the decision of maintaining a low level of interest rates. The latter fell twice more than expected in February, according to official figures from the Labor Department. They have declined 0.6% compared to January while analysts had estimated the decline at 0.3%.This is the first decline in this indicator since September, and its biggest decline since July 2009.

"The combination of good economic statistics and an easy money policy will pull the market up," summarized Peter Cardillo, Avalon Partners. Trade volumes continued to be weak however and movements in the stock market "conservative," the analyst said.

The materials sector to

Within the Dow, the largest increases are signed by the values related to raw materials.The aluminum producer Alcoa (4.78% to 14.48 dollars), the oil companies Chevron (0.93% to 74.76 dollars) and ExxonMobil (1.19% to 67.36 dollars) up, while OPEC has announced his intention not to raise production quotas barrel of oil.

The chip maker Intel (+1% to 22.23 dollars) has unveiled a new chip (Xeon) almost 60% more efficient than the previous generation. The computer giant is to publish its results on April 13 and analysts expect a pleasant surprise.

LBO rumors circulating on Harley-Davidson (-0.53% to 28.20 dollars).

Pepsico (+0.76% to 66.57 dollars) did not suffer from degradation of S & P "A" after the acquisition of bottlers.

Hartford (4.84% to 28.58 dollars) and Discover Fiancial Services (-0.39% to 15.24 dollars), announced after the close of Wall Street they will quickly repay their funds have been advanced state. Hartford must repay $ 3.4 billion to the Treasury and Discover 1.2 billion dollars. The issuer of Discover credit card has also announced a loss of 104 million dollars in its fiscal first quarter.

Pfizer (-0.29% to 17.21 dollars) Wednesday tabled a takeover offer from German manufacturer of generic drugs Ratiopharm in the last stage of the bidding, according to a source familiar with the matter.

Primerica, a subsidiary of Life Insurance Citigroup (at equilibrium, to 4.05 dollars) has filed documents relating to its IPO. It could raise up to $ 234 million through this operation.

Overall, the bank is in good shape. Bank of America took 1.41% to 17.27 dollars and JPMorgan Chase 1.27% to 43.79 dollars.

Note also the French insurer Axa is planning to leave the New York Stock Exchange March 26.

France Telecom has not heard the wave of suicides that has struck in 2009. While the operator has deplored Wednesday a new case in northern France, Le Parisien revealed in its Friday edition the contents of a report submitted in early January by the inspection work on the floor of Besancon. While investigating the suicide of an employee last August in the Doubs, it has concluded quite exceptional for a "homicide by negligence on the part of the operator.

It all begins when Nicolas G., a young engineer-energy air conditioner of France Telecom, is served with a transfer, then seen as "disqualifying" within the unit to troubleshoot customers in January 2009. While this type of job usually requires training estimated at 8 or 9 months, Nicolas G. is immediately put to use without further preparation. He committed suicide seven months later.But when the occupational and a firm specializing in the psycho-social risks identify the unit to which he belonged as being at risk "serious" health of its members, France Telecom does not put in place precautionary measures recommended savings account payday advance . Instead, the operator "significantly increases the rate of technicians"! Finally, the report indicates that this group is to "willfully refused to inform the committee on health, safety and working conditions" (CHSCT), contrary to legal requirements.

After already damning results of a survey conducted by the firm specializes Technologia and made public last December's report noted a "working atmosphere tense, even violent" is a new challenge to the company having recorded nearly fifty suicides since 2008, while France Telecom is still negotiating with the social partners agreement on stress at work. The report of the inspection work was awarded to South Union, which intends to bring civil actions. The floor of Besan?on, which had previously found impossible to establish a causal link between the problems professionals Nicolas G. and his suicide may well change his mind.

Marc Simoncini has enriched the right time. He managed to sell its Internet portal iFrance Vivendi before the Internet bubble broke. "I sold it very cheap, 182 million, but nearly half in Vivendi shares, says he. And the course is spent in a few weeks from 100 to 8 euros. I lost enough money to tell me that I could not stop working. So I founded Meetic. "

Ten years ago, world capitalism was attending the breakup of one of the most famous bubbles. That of. Com (dot com in English), these values of the "net economy" that even baptized "new economy". At the time, only 350 million people are connected to the Internet in the world against more than a billion and a half now. But in early 2000, analysts and fund venture capital are already there. They overestimate the ability of start-ups to become profitable and give them carte blanche.Just then an idea, a business plan presented on Powerpoint to convince venture capitalists to invest tens of millions even before he won any customer.

No matter, since a tsunami will occur: the bank branches will close in favor of online banking, consumers will no longer do their shopping in supermarkets and choose the sites of e-commerce …

At that time, Philip Collombel is responsible for web development at Carrefour. "A few months before the bubble burst, the group's leaders had planned to invest hundreds of millions of euros in this area," he recalls. Finally, all the ambitious ideas have been put in closets. "We threw the baby out with the bathwater," Regrets Philippe Collombel.Ten years and two owners later, Carrefour has announced its intention to buy a player in online commerce to catch up on the subject. Ooshop.com The site, launched at the time – now renamed Crossroads – sells little more than a large supermarket.

But the food is one of the few sectors where e-commerce has not taken a prominent place. The use of the Internet has indeed developed a massive scale, even if it took longer than expected.With their billions of dollars in profitable sales, Amazon, Yahoo, eBay are still there, joined by thousands of businesses, net of pure players or converted traditional players.

SNCF leading e-commerce

Who would have thought that the station would become the leading French online business? "Many of the ideas of 1999-2000, when they arrived too early, have proven today in the field of e-commerce, social networks, games, e-book, said Jean-Bernard Schmidt, the capital firm Sofinnova Venture Partners. The innovations were ready, the public has taken longer than expected to join. "

A French start-up, Cytale, then had the idea of the eBook, then disappeared after failing to make the model profitable. Posthumous revenge, last Christmas, is that Amazon said it had sold more than Kindle, its electronic reader that works paper.The email service Caramail, founded by the French pasionaria Web, Orianne Garcia and his associates, had established itself as number one in France, before disappearing off the face of Hotmail, now in the fold Microsoft. Meanwhile, Garcia and his partner Alexander Ross became pioneers in the distribution of contact lenses on the Internet.

The online business has not emptied the stores as had been predicted a decade ago, but he does not know the crisis, due to annual growth of 25% for two years in France. One in three adults regularly purchases on the Internet. Against all odds, clothing and footwear join books, high-tech and travel head of the most purchased. The Swedish site Boo.com, one of the most resounding failures of the bubble, was not entirely wrong. Today, sales, and other privees.com Showroomprive.com Rise in fashion D?griff?e.Zebank sank body and soul but Boursorama Bank, now a subsidiary of Societe Generale, prosperous and all banks now offer a one stop online.

Other pre-bubble phenomenon: lastminute.com has seen its share soar 40% on the day of its IPO in spring 2000 before we lose it again quickly and half to be sold to the U.S. in 2005 Saber.

This crisis has served as a "rite of passage, forming a large number of leaders," said Philippe Collombel who now heads the fund Partech International Partners. For Marc Simoncini, now head of his own investment fund, Jains Capital, the bursting of the bubble has had one virtue: "enhance the experience of failure."

The boss of German carmaker Opel, Nick Reilly, said today at a press conference in Frankfurt, it will remove 8 300 jobs from 50 000 in Europe through the restructuring of the German mark. This figure confirms the already announced before. The subsidiary of U.S. manufacturer General Motors (GM) has also confirmed the closure of its Belgian plant in Antwerp and therefore the removal of its 2 377 jobs. The job cuts will be in number 3 911 in Germany, 900 in Spain and 519 in the United Kingdom. The rest of the administration and sales.

Nick Reilly said that "the plan was officially submitted" to the German government payday loan lenders .Opel asked credits or credit guarantees given that restructuring GM sales to 3.3 billion euros in hoping to get 2.7 billion euros state aid.

Also according to the owner of Opel, the group hopes a return to balance in 2011 and "a reasonable profit in 2012. By 2014, it wants to invest 11 billion euros including renewing the range.

Initially, GM had hoped to disengage from Opel before turning back.

However, things do not seem yet settled because some details are under discussion with unions including Nick Reilly said "respect the difficult role.