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Rain of bad news and stock prices in free fall: the equity markets reconnect with painful memories of that week. The day after a heavy fall session, the Paris Bourse continued to tumble Tuesday. The listing of the CAC 40, which was no longer available since 9:56, due to technical problems with NYSE Euronext seeks to determine the cause, took over around 1:35 p.m.. To 14h, the index was down 1.19% to 3762.10 points. The Paris index is so close to its lows of the year (3,696.56 points on March 16).

On other European markets, some markets reduced their losses: Milan fell by 0.50% in mid-session, Madrid from 1.47% and the London Stock Exchange fell back to 1.55% and Frankfurt 2.09 %.

On both sides of the Atlantic, countries are faced with concerns about the level of debt.In the eurozone, fears of contagion from the debt crisis, with Italy in its sights, spread. European finance ministers are trying to reassure the markets and say they want to "preserve the financial stability of the euro area" and "resist the risk of contagion" said the head of the Eurogroup Jean-Claude Junker. But after a meeting that had at a crisis meeting, the central bankers do not scaffold new plan. A lack of concrete severely punished by the markets. I

They however expressed their readiness to increase the size of the Emergency Fund financial.They are also considering a "lengthening of maturities of loans" made to allow more time for countries struggling to pay to reduce the interest rates of loans to Greece.

Meanwhile, the Portuguese economy expected to contract by 2% in 2011 and 1.8% next year, partly because of the austerity program that the country has committed to implement in exchange for financial assistance international, according to new forecasts from the Bank of Portugal.

And the problem of sovereign debt is a concern across the Atlantic. The U.S. president, however, has indicated a willingness to compromise, particularly on reducing the budget deficit.

As a result, the euro accentuated its losses against the dollar Tuesday, falling to levels seen for four months.Around 11:00 in Paris, the single European currency was worth 1.3930 dollars against 1.4029 dollars the night before.

Inflation and rising Livret A

The consumer prices in France rose 0.1% in June as in May, according to the National Institute of Statistics, an increase that has immediately led to an increase of 2 to 2.25% rate remuneration of the Livret A. Prices over the year were up 2.1% (after + 2%). Excluding tobacco, the increase is the same.

Rising prices of consumer goods in supermarkets rose 0.4% in June, after rising more pronounced 0.7% in May, INSEE said on Tuesday in a statement. OPEC will release today the release of its monthly report.In the U.S., we know the trade in May (1430) and then comes the publication of the minutes of the last Fed meeting (20 hours).

Banks in trouble

The sharp fall of the European banking sector marked a break in the late morning Tuesday, but this improvement technique does not dispel investors' fears of contagion from the debt crisis in Italy or Spain. A Credit Agricole, which fell nearly 5% to 2.33% leaves the opening in mid-session, followed by BNP Paribas which yields 1.32% and Societe Generale was down 0.92%. For his part gleans Natixis 0.40%. The conclusion was the same in Europe with a major Stoxx European banking shares down 1.39% against 5% at the close Monday.

Carrefour lost 3.56%.The group met with a setback in Brazil: the government no longer supports the project Carrefour to approach the local distributor Pao de Acucar, while the Brazilian National Bank for Development has agreed to support the funding. The transaction is challenged by Casino, already a partner of Pao de Acucar, which opposes the merger of the latter with its rival.

The title of the French car rental company short Ucar evolved sharply down on Tuesday for his first day of trading on the Paris Bourse, in a context of very difficult market due to the crisis in the eurozone. At 12:00, Ucar lost 5.31% to 14.1 euros.

In addition, Christophe de Margerie, CEO of Total (-1.8%), was "summoned" to Bercy by the Minister of Economy, Baroin. The goal is to take stock of the evolution of fuel prices. "A study published by Le Parisien suggests that oil tankers are quick to pass on price increases at the pump, which is less true for the declines.

Vivendi (-1.35%) may waive the tax Consolidated Global Profit, writes Les Echos newspaper Tuesday.

Publicis (-1.25%) announced Monday the acquisition of a controlling interest in the advertising agency DPZ, based in Sao Paulo.

Bull after falling 1.52% expressed the signing of an agreement with Carmat, designer of artificial heart, for the development of equipment for carrying artificial heart. And that's the whole electronics sector that folds.

For its part, the title of his new partner earns 7.83%, to 183.10 euros, having announced Carmat a capital increase of EUR 25.5 million.The operation is primarily intended to fund clinical trials in humans and manufacture of prostheses, for a first commercialization in 2013. The total artificial heart specialist has also submitted its application for authorization of clinical trials with the French health authorities (AFSSAPS). If approved, Carmat realize the first implantation in humans before the end of the year.

A consortium of six companies led by EDF EN, a subsidiary of EDF (0.43%) Monday formalized his candidacy for the tender that the French government has launched for offshore windEEN has partnered with Dong Energy, Nass & Wind Offshore Poweo ENR, wpd Offshore and Alstom.

Icade announced the signing of a put option for the purchase of seven clinics belonging to the private hospital Medi-Partners for $ 233 million.

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LVMH invited the General Assembly of Hermes and is a sensation. With its 20% stake acquired last fall, the group Bernard Arnault has publicly responded to very hostile statements by the family heirs of Hermes. Through the voice of his vice-president, Pierre Gode, the second largest shareholder of Hermes tried to convey a "message of peace" after six months of conflict.

The meeting was opened Monday afternoon at the Palais des Congres de Paris, in a further demonstration of muscle vis-à-vis this new shareholder. After his interview Monday in Le Figaro, Bertrand Puech, spokesman for the families Hermes, repeated his charges on "a series of aggressive moves against our house started to weaken and destabilize.""I want to say how pleased I am shocked at the methods used against our people and our families to invite them to join a company with which we are universally hostile." He once again reiterated the commitment of the family "who wants to keep control of the jewel."

At the opening session of questions, Pierre Gode has seized the opportunity to "denounce the trial of facts to LVMH for" with "force if not violence." The right arm of Bernard Arnault said LVMH's position in the capital of Hermes was "perfectly legitimate what anyone says," and that "in no case it can not be questioned." Bertrand Puech had asked the group Monday to sell half its stake. "LVMH has invested at Hermes for the long term and not meant to be a passive shareholder but not a shareholder activist and active but peaceful."As evidence, he pledged to vote on resolutions proposed at the meeting. He also assured that LVMH had never tried to destabilize Hermes, which would be "madness", "absurd" and put "anyone challenged to provide any evidence." "It is my hope that the bickering stop artificial, baseless and fruitless," he said.

The heirs of Hermes and officers have received more than freshly intervention. Ironically, Bertrand Puech has "taken note" of this "new era". Already tense, the atmosphere is therefore became somewhat rough. A small shareholder speaking then laid a new charge against LVMH and her boss, described as "predatory," "cynical" and "disingenuous." This has pushed back its representative, who asked officials at the meeting to maintain order and prevent about "defamatory".The meeting was also marked by the attempt of another individual shareholder, Patrick Repplinger, to deprive the family of Hermes voting rights because of its proposed holding heritage together a majority shareholding which, he said , amend the Control of Capital. This shareholder, whose application was rejected, is already causing an appeal against the decision of the AMF to authorize the project.

Reassured by the denial of Greece about extra help the European Union, the CAC 40 closed up sharply Tuesday. The stock market continues to move in the rebound for good performance on Wall Street Tuesday and Asian stock markets Wednesday morning. The Cac 40 rose at the opening of 4,062.43 points to 0.23%.

At the London Stock Exchange, the FTSE 100 was stable at 6015.88 points and the Frankfurt Stock Exchange, the DAX 30 is 0.33% to 7526.56 points.

On the macroeconomic front, companies in the manufacturing sector have revised upward their forecasts for investment this year and now expect a 15% increase, according to the quarterly survey conducted by INSEE and published on Wednesday . In the previous survey in January, business leaders the industry planned to increase investment by 14% in 2011.

United States, are on the agenda: foreign trade in March (1430), the weekly oil inventories (16:30) and the figures of budget execution in April (20 hours).

On the podium of the largest increases include LVMH's Cac 40 (1.25% to 121.80 euros), EADS (0.81% to 21.69 euros) and France Telecom (+0.48% at 15, 78 euros).Conversely, Accor (-0.72% to 29.83 euros), Alstom (-0.50% to 42.54 euros) and Saint-Gobain (-0.43% to 46.93 euros) display largest declines.

Good results for ArcelorMittal, Dexia disappoint those

Dexia 2.33% to 2.64 euros

The Franco-Belgian bank Dexia has reached the first-quarter earnings of 69 million euros, down 68% year on year largely as a result of the transformation of the group, according to results released Wednesday.

ArcelorMittal: -0.55% to € 25.15

ArcelorMittal on Wednesday a net profit of 1.07 billion dollars in the first quarter and revenue up 27.3% year on year to 22.2 billion dollars, and aims to improve its profitability in the second quarter.

Hermes: 1.42% to 164 euros

Hermes reported on Wednesday sales rose 25.5% in the first quarter to 637.1 million euros.The luxury house has confirmed its growth target of 8% to 10% of its sales throughout the year.

BNP Paribas 0.28% to 54.28 euros

BNP Paribas is expected to announce on Wednesday on the occasion of its General Assembly (1530) Michel Pebereau replacing the current chief executive Baudouin Prot, which will take effect in December according to Le Figaro.

Michelin: 0.21% to 67.93 euros

The group of tires for the first time opens the door of his leadership to a non-member of the Michelin family, according to the daily Les Echos. Current CFO, Jean-Dominique Sénart be officially named general partner, on Friday.It could succeed Michel Rollier, CEO of the company and cousin of Edouard Michelin, his predecessor, great-grand-son of the founder accidentally disappeared in 2006.

TV rights: Canal + continues with NHL ruby

Canal +: -0.48% to 5.57 euros

Canal + has reached an agreement with the National Rugby League (NRL) to retain the rights to broadcast the Top 14 over the next five seasons for a total of up to 158.5 million euros.

Eutelsat: 1.34% to 30.17 euros

Eutelsat, which states have visibility "very strong" on the end of 2010-2011, noted on Tuesday its annual sales target and found it well placed to exceed its forecast EBITDA of light one quarter growth of 10%.

Nexity: -0.27% to EUR 36.30

Nexity, which holds its general meeting on Wednesday, confirmed Tuesday its annual targets, despite the fire on a building site in Defense in March, after rising 2% of its backlog during the first quarter.

Maurel & Prom: 0.98% to 14.87 euros

Maurel & Prom has reported a quarterly revenue up sharply thanks to the rise of production of the oil in Gabon and the restart of its well Ovhor-2 in Nigeria.

Turnovers: Thales after-hours trading

Alten: -0.05% to 28.24 euros

Alten raised its forecast for organic growth in turnover for the whole of 2011 after posting a jump in its business in the first quarter, driven by increased investments in its markets.

Assystem said Tuesday organic growth target of around 10% of its turnover in 2011 after a strong first quarter marked an acceleration in France.

Bourbon: 4.31% to 34 euros (largest increase in the SBF 120)

Bourbon reported Wednesday a turnover up 23.8% in the first quarter 2011 with the commissioning of 55 new vessels and the gradual recovery of the market.

Thales will publish its first quarter sales and Meetic, its quarterly results after-hours trading.

Besides BNP Paribas, Eramet, JC Decaux and Nexity hold their general meeting on Wednesday.

LinkedIn assesses its value to three billion dollars in its IPO issue addressed yesterday with the Securities and Exchange Commission, Constable of overseas markets. American professional social network is about to score this month on the New York Stock Exchange.

The startup has warned that its growth could slow in the future, investment is expected to increase the capacity of the site. The site could not even be beneficial shareholder this year. In 2010, it has recorded fifteen million dollars profit on a turnover of 243 million. This income was 78 million in 2008.It has also surpassed the hundred million registered end-March, with 102 million accounts free credit report and score.

Some analysts remain skeptical of the optimism LinkedIn whose business model is based on recruiting, marketing solutions and profiles "premium" pay, is very different from sites like Facebook or Zynga, very popular with investors, who rather seek to consume their users via their interfaces. Despite these differences, the IPO of LinkedIn will probably be a good barometer for gauging the success of quotations from other social networks, eagerly awaited.

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Malkin family, which controls the majestic Art Deco skyscraper overlooking Manhattan, plans an IPO for a new real estate company that will include the building of 106 floors. Everyone would theoretically invest in the tower of 381 meters climbed by King Kong film from 1933.

Still be there as Malkin cross some obstacles. In particular, obtain the consent of the heirs of the millionaire Leona Helmsley, their main partners, and about 3400 other co-investors. In the middle of New York real estate, we can already imagine the rat race. But Malkin has proven, since their takeover of the skyscraper five years ago after a bitter struggle with the eccentric billionaire Donald Trump, they had flair guaranteed payday loans.They restored the decorations of the Art Deco lobby, added a touch of green in the older building will reduce energy consumption by 40% and, especially, more than double the rent of offices, which remain among the most prestigious Manhattan.

At a time when the real estate sector rebounded in New York thanks to foreign clients, it might be a wise investment. Still, co-owner or not the Empire State Building, it will always pay $ 20 at the entrance to climb up.

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Rising energy prices could rise even faster. EDF, controlled nearly 85% by the State, public authorities have offered to pass on higher energy prices on the individual invoice. The increase in electricity prices would range between 5.1% and 6.5% per year until 2015, including inflation, reports Les Echos. At EDF said this morning it had not formally asked the government increased tariffs. On the government side, it also denies the information.

The Energy Minister, Eric Besson announced in effect a "slight increase" in electricity prices this summer. Before the National Assembly, he added that the government did not study "no significant increase" of these awards, underlining that "EDF did not transmit the request to increase rates corresponding to the ranges cited.He had said this morning: "In any event, a document emanating from EDF does not commit the Government." According to Eric Besson, "future pricing decisions will be made with a view to protecting the purchasing power of French people should continue to benefit from electricity 40% cheaper than the average of other European countries, thanks to the nuclear .

Increase between 28% and 37% in five years

The minister however said in February that the increase in electricity prices was "inevitable" in France to finance investments in nuclear power and renewable energy development. And this increase is expected to reach between 28% and 37% in five years, says Les Echos.

The increase in electricity prices depend on the price of Arenh (regulated access to nuclear power history).As part of the liberalization of Europe's electricity, law Nome, EDF is forced to sell up to 25% of its production of nuclear energy to its competitors prices Arenh no fax pay day loan. This rate has not been fixed and is continuing to debate. GDF Suez campaign for a level of 35 euros per megawatt hour (MWh), where the group chaired by Henri Proglio claims 42 euros in 2011 and steady increases to reach 46 euros in 2015. For now, the Regulatory Commission of Energy recommends a redemption price of 37.20 euros and the Champsaur report favors him a price of 39 euros.

Two scenarios

Eventually, the Nome Law provides that the cost of nuclear power in the rates converge to the price of Arenh 2015. But the cost of megawatt is estimated at 35 euros today.So to mitigate rising electricity prices on the invoice particular, EDF has scaffolded several scenarios, reports Les Echos. The electrician tricolor believes that the rise may reach 4.7% per year above inflation to 6.5% including inflation. However, if the government agrees to a modification of certain taxes, including the ability to finance renewable energy, the annual increase in rates could be limited to 3.3% above inflation to 5.1% with inflation.

At the debates on nuclear safety and the needs of investment in nuclear power seem to dominate after catastrophe Fukushima, appeals to higher energy prices could be heard. Still, the context is already loaded for the French who are with increases in fuel and gas.These potential increases could well fuel a new controversy and the fourteen months of a presidential election.

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The CAC 40 should pouruivre its momentum on Tuesday. The benchmark index of the Paris Stock Exchange closed yesterday up 2.47%, exceeding the threshold of 3900 points. The mood on Wall Street Monday to beyond 12,000 points and Asian markets this morning should encourage him to continue on this path.

The increase was sustained by the hopes surrounding the nuclear plant in Fukushima. On site, the nuclear situation remains uncertain but appears to have stopped deteriorating. The operator of the plant, TEPCO announced that the work of rehabilitation of cooling systems had resumed Tuesday morning after being suspended the previous day following release of smoke.

Further intervention by the BoJ also came to reassure the markets. This last Tuesday, in 2000 has injected billions of yen (17 billion) more on the money market to support the Japanese economy.It has increased to 39,000 billion yen from the money released March 11. In this atmosphere a little calmer, operators go hunting for bargains.

The Libyan military action criticized

However, they keep an eye on the situation in Libya. The international coalition, headed by the United States, France and Great Britain continued its operations in the night of Monday to Tuesday. Critics, from Germany, Italy or Russia, rise against, however, the intensity of the bombing in the West.

This tension plays anyway back on oil prices. In morning trading, a barrel of light sweet crude for April delivery took 19 cents to 102.52 dollars. That of Brent North Sea crude for May delivery, however, yielded 15 cents to 114.81 dollars.

International news should be the main préocuppation markets, lack of macroeconomic indicators. Like yesterday, the only statistically expected will come from the United States with the publication of the index of house prices (15 hours).

As for currencies, the euro remains stable against the greenback at 1.4224 dollar.

Values ​​to follow

PSA Peugeot Citroën

The automaker announced Monday that the halt in production at one of its Japanese suppliers affected by the earthquake of March 11 would cause a decrease in its activity in diesel engines and probably induce measures layoffs.

Renault

The Chinese Ministry of Commerce has launched an appeal Tuesday for vigilance against the "vicious allegations" against China for stealing technology from foreign companies after the country has been implicated in the espionage case in the French group Renault .

Latecoere; EADS

Based on information from Figaroce Tuesday, the Chinese Avic, Britain's GKN and the Dutch Stork Fokker-filed a complaint with a price estimate.EADS and Airbus are under pressure to attend a Franco-French solution.

Sanofi-Aventis

Merck and Sanofi Aventis announced Tuesday it had terminated the agreement in March 2010 through a joint venture in animal health, combining Merial Animal Health business of Sanofi, with Intervet / Schering-Plough animal health unit Merck.

Technip

The group announced Tuesday it had won with TAQA Bratan installation contract for the development of Falcon Field, located in the North Sea about 560 kilometers northeast of Aberdeen (Scotland), for a water depth of 160 meters.

EDF

Edison, controlled jointly by the French EDF and Italy's A2A Monday issued an annual profit weighed down by asset writedowns and said it would not pay a dividend for fiscal 2010.

BNP Paribas

The bank granted a bonus of 1.67 million euros to its chief executive Baudouin Prot at the financial year 2010.

SeLoger.com

The group announced Monday expect a double digit growth of its key financial indicators in 2011 thanks to record audience levels.

The arrival of Alain Afflelou on the French market for hearing aids confirms a recent diversification of industry players, after opening in 2009 by the Leclerc group's first store Audition E. Leclerc. Today the market is still very fragmented, with nearly 1,351 independent hearing aid on the 3395 French centers. Nevertheless, the concentration is on, with specialized groups that develop their own network, often a sudden external growth accelerated. Among the most important, French Audika represents 11, 9% of centers (406), followed closely by Italian Amplifon (9.4%, or 321 centers). Following mutual centers with 291 retail outlets, and signs cooperatives (Hearing Health Hearing, Audio 2000 …) with 1026 centers.Finally, beyond the general logistics, opticians that are Grand Hearing, Optical Center and more recently Alain Afflelou want to focus on issues of health carriers.

Audika is by far the best known

The group is best known in France Audika, created by brothers Tonnard the mid-1970s. Its leaders have relied on such marketing campaigns are very active. With Robert Hossein, ambassador of retail chain for 10 years, Audika has also greatly increased his reputation among those 60 years and over, bringing to 71%, far ahead of his Italian counterpart Amplifon which is just over 26% on the same population category.The group spends an average of 7% of its annual turnover in the development and improvement of marketing materials (national advertising on radio and on TV, online marketing, offering testing, direct marketing, event image …)

Sector auditing is carried by positive trends in France and in most European countries, the first of them being an aging population fast payday loan no faxing. However, unlike other types of device (glasses …), it is much more sensitive to economic conditions, as many less well-reimbursed by social security. For example, a device for both ears costs on average 3,200 euros, and will be reimbursed only up to about 10%. What a wait encourage seniors and hard of hearing in the context of economic crisis.Audika has also regularly highlighted as a factor in the slowdown in growth over the last three years. The group next week will detail the accounts of the past year, but already announced a withdrawal of its sales from 0.8% to 105.7 million euros (-4.4% at constant number of centers.

Elsewhere in Europe, demographic trends are also sector growth, while the rate remains the highest gear that the Danes, with about 50% deaf. In Italy there is now barely 1,500 hearing correction centers, almost cons 4000 in France, for a population of just below 6%. This facilitates beyond redemption centers Alpine also many independent, accelerating the creation of outlets.

Technological advances needed

Match or remains taboo, especially for younger seniors (age 50), which is still a psychological brake to purchase, in a context where power is often equated with disability. Hence the importance for these groups, as well as their manufacturers, to work on the miniaturization of devices and discretion in order to rejuvenate the heart of their target clients to the fifties, and bet on a rate of equipment in France still low, with only 17% of the 6 million hearing impaired equipped in France.

The most powerful earthquake which claimed the North-eastern Japan early this morning has an impact on the Japanese economy. Before long, the Nikkei has literally collapsed, the yen has fallen and the country is, for now paralyzed.

In fact, air transport and railways have stopped Friday in much of Japan. Traffic was stopped in the major airport of the archipelago, at Narita, in the Tokyo area, where services were checking the status of airport runways. Shinkansen express trains were immediately arrested throughout the northeast of the archipelago, and highways in the Tokyo area closed a few minutes after the earthquake.

Similarly, the markets, the response is immediate. The Japanese currency fell against all the eight major currencies.The Japanese currency is thus dropped to a low of two weeks against the dollar at 83.30 yen to the dollar and 114.98 yen per euro after issuing a first warning to the tsunami.

The index of the Tokyo Stock Exchange, the Nikkei 225, has accelerated its losses late in the session. The benchmark index of the place of Japan and ended lower by 1.72%

It must be said that the disaster – which worsens progressively transmitted information has been particularly violent. The quake had a magnitude of 8.8 at 6:46. A scale rarely observed. Waves of 4.2 meters swept the Pacific Coast. Japanese TV shows and soon after the earthquake has made "many injured".

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Poorly controlled spending, revenue uncertain. In its annual report published on Thursday, the Court of Auditors shall, as usual, a finding on the strict management of public finances. This observation leads to doubt that France would bring its public deficit to 3% of GDP in 2013. "We believe that the target of 6% of GDP in 2011 is achievable, but we are more interrogative beyond 2011," said Didier Migaud Thursday, the first president of the Court. In fact, this year's deficit reduction will come mainly from the end of exceptional measures (stimulus plan, reform of business tax). This boost disappearing in subsequent years, it will have to rely on structural measures to redress public finances.And more so, according to the Court, "economic growth could be less" to the 2% retained by Bercy.

However, until now, France has not been rigorous. Expenditure side, the objective enshrined in planning law has never been respected Multi (1.4% increase in 2010 instead of 1% predicted). And as for obeying the Roadmap 2011, "should make an effort to save $ 13 billion, the savings identified by the Court amounts to only about $ 5 billion," said Didier Migaud. The years 2012 and 2013 are not better documented. Hold the involve expense to conduct reforms "much more ambitious than those already announced," concludes the report. Example of payroll for the State.To stabilize it, should, according to the Court, freeze until 2013 the index point officers (one of the essential elements of their remuneration) and capping premiums categorical. Now the government has simply freeze the index points in 2011 …

On the revenue side, the Court is concerned that two reforms of 2009-that of business tax and the VAT reduced food-do lose respectively 4 low interest rate personal loans.7 and 3.1 billion in government revenue annually. Remains that in 2011 this trend is reversed. The tax burden will increase by $ 10 billion, thanks to cuts on the niches. But it recommended to go further, reducing the total tax and social niches 20 billion per year. It must be said that there is urgency. According to the report, the only cost of up tax shelters has increased by 43% from 2004 to 2009, reaching 72.9 billion.One-third of state tax revenue! And this without counting the 75 billion sites that have been deleted from the official list … In the annual report, the Court condemns once more the earned income tax, which costs over $ 4 billion, "does not incentive effect of re-employment "and overlaps with the RSA activity.

Faced with all these excesses, Didier Migaud said on Thursday that "a revision of the Constitution may be useful." A strong statement from the former socialist president of the Finance Committee in the Assembly.

Meanwhile, he reiterated that the action of the Court was bearing fruit. Thus he noted improvements in personnel management of air navigation, singled out last year. While the situation of the port of Marseille or the computer system of State Chorus has not progressed.But overall, according to the Court, 71% of recommendations have led to a reform in 2010.

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