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Closing on a rise from 0.65% late Wednesday, Wall Street has ended three consecutive sessions of decline. The U.S. central bank reassured investors by announcing that it would continue its policy to support the economy of the United States.

Despite the mixed performance of Asian stock markets on Thursday morning, the CAC 40 index continued its rebound movement began Wednesday. And the more so as oil prices are starting to rebound on Wednesday, surpassing the $ 100. In electronic trading in Asia, the black gold coast 100.23 dollars.

At the opening, the index in Paris gained 0.59% to 4001.32 points. On the stock market in Frankfurt, the DAX 30 rose 0.78% to 7360.47 points, for its part, the Footsie-100 from the London Stock Exchange ahead of 0.62% to 5960.32 points.

On the macroeconomic front, no indicator is expected in France.However, several are in the U.S.: the weekly claims for unemployment benefits (1430), home resales in April (16 hours), the composite indicator of economic activity in April (16 hours) activity in the Philadelphia area in May (16 hours).

Air France-KLM returns to profit

Air France-KLM: 1.43% to 12.06 euros

Air France-KLM announced in a statement it had returned to profit in 2010-2011, with a net profit of 613 million euros after a loss of 1.55 billion a year earlier.

EDF: 1.17% to 28.86 euros

Eric Besson confirmed Wednesday that the wholesale price of nuclear electricity EDF will sell to its competitors will be far from 42 euros per megawatt hour (MWh) from 1 January 2012 against the advice of the Regulatory Commission Energy (CRE) payday loans lenders.

Vinci: 0.67% to 43.60 euros, GDF Suez: +0.40% to 26.29 euros, Areva: +0.12% at 30.20 euros

GDF Suez, Vinci and Areva said Wednesday they have jointly respond to the bidding of government for the development of five wind farms off the French coast as part of a program of dévloppement 6000 MW offshore.

Vinci could also interest in the activities of German Hochtief concessions if it were to sell them.

LVMH: -1.37% to 118.60 euros

The redevelopment of the Samaritan woman, owned by LVMH, has been finalized and will be open for public consultation from May 20

In addition, in the case LVMH / Hermes, the Paris Court of Appeal will consider the appeal filed by minority shareholders against the decision of the AMF to allow the group to lock Hermes capital.Hermes was down 0.11% to 174.90 euros.

Plastic Omnium: 3.19% at 22.63 euros

Plastic Omnium buys the activities of gas tanks of Ford in the U.S. through its subsidiary, Plastic Omnium Auto Energy.

Soitec: + 2.80% to 10.45 euros

Soitec said Wednesday that the activity continued to expand its markets suggesting a positive outlook despite unfavorable exchange rates.

The rigor is no longer appropriate for the big bosses of the banking sector. Aid paid by the state and now repaid their business reaping the effects of recovery, there are incentive bonuses, considering the annual reports and press reports, clearly an upward trend for 2010. While many top executives of French banks had waived their bonuses the previous two years, 2010 has signed the back of generous salaries.

In addition to a salary of 1 million euros, up from last year, the head of Societe Generale, Frederic Oudéa, reaching his first bonus since he took office and the Kerviel affair.Bank boss of the highest paid, he will receive a variable remuneration amounting to 598,400 euros paid immediately in cash, plus a paid deferred until 2015 to comply with European Directive CRD3 applicable since 1 January 2011. In total, the variable compensation paid for 2010 could reach up to 3.2 million euros, according to the calculation of Echos.

It's a little more than Baudoin Prot, CEO of BNP Paribas, which in turn will receive a fixed salary unchanged from the previous year, but a sharp rise in bonuses. About 1.67 million awarded in total, 60% will be paid in deferred over two years with conditions. His total compensation could reach 2.47 million euros as well. Last example, the boss of BPCE, former deputy secretary general of the Elysee Perol, who waived his bonus last year easy payday loans.According to AFP, he will receive 1.05 million euros to this title, for a fixed salary unchanged at 550,000 euros.

Variable pay "balanced"

If the amounts received are variable up substantially, however, banks have generally respected the requirements of European directive adopted in 2010. Transposed into French law by the end of last year, it sought to control the compensation of employees of banks that may affect the risks taken by their institution. To get them interested in long-term results, a fraction ranging from 40% to 60% variable compensation should be paid for example over several years, subject to results.

But according to the directive CRD3, this variable compensation should be "balanced" with respect to the fixed remuneration. And that's where the shoe pinches.As said the European Commissioner Michel Barnier to services in the columns of Liberation on Saturday, "behaviors have not changed as much as you want. The banks have not complied with the spirit and letter of our directive. " If French banks do not face good students, British officials are still better off. The new boss of Barclays saw himself awarded a bonus of 23 million pounds.

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Up to 12 billion euros in the envelope for help in Portugal will be used to increase the level of strength of banks. Tuesday night, the Portuguese Socialist government resigned and the delegations of the European Union (EU) and International Monetary Fund (IMF) are in fact reached an agreement Surun bailout program for three years.

The amount of external financial assistance who does not seem to be completely fixed. According to the Prime Minister, it rises to 78 billion euros, but a senior source in the euro area said that "officially, the range is between 75 and 90 billion euros.Much depends on the final needs of Portuguese banks. "

Jose Socrates said his side that the terms of the agreement, "which defends Portugal", will give the country more time than promised by the government to meet its budget deficit targets. "It's a three-year program, which defines the objectives of a more gradual reduction of the deficit: 5.9% of GDP this year, 4.5% in 2012 and 3% in 2013," he said. Portugal had previously committed to reduce its deficit to 4.6% this year to 3% in 2012 and 2% in 2013.The imbalance of Portuguese public accounts in 2010 amounted to 9.1% of GDP, well beyond the target of 7.3% from the government.

Threatened breach of funding because of prohibitively high interest rates charged by the markets, worried about the solvency of the country, Portugal, who must repay five billion euros of debt in mid-June, had requested assistance EU and IMF on April 7, after Greece and Ireland last year.

In exchange for this aid, the EU and the IMF require an "adjustment program" consisting of austerity measures "ambitious" and structural reforms involving the major parties beyond the next parliamentary elections of June 5

Divergent opinions

The opinions of analysts on the plan unveiled Tuesday night diverge."The rapid deterioration in borrowing conditions in Portugal (which saw interest rates soar in recent months, note) placed the country in an untenable situation", says Jesus Castillo, an economist at Natixis. The plan "will give the country more time to restate its finances and pursue a policy of structural reforms to improve its competitiveness deteriorated."

The plan submitted by José Socrates, for its part considers Gilles Moec, economist at Deutsche Bank, "made no reference to concrete structural reforms to enhance growth potential." However, he continues, "Portugal's budgetary problems are only symptoms of the difficulties of the country, by their source."

Others worry about the aid itself. "The size of the loan appears excessive in relation to the needs of Portugal," said Ciaran O'Hagan, strategist at Societe Generale CIB rate.The maturities of the debt amounted to 10 billion euros per year and the cost of the deficit itself will be less than this amount. In total, Lisbon auait therefore need much less than 20 billion euros a year, he calculates. "We fear that the aid will reduce the incentives to reduce spending and increase taxes," concludes the analyst.

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Lefigaro.fr – Moral and household consumption in U.S. economic growth and lowered down. Yet financial markets are up sharply since the beginning of the year. How do you explain it?

Francis Mouté – The morale of Americans is not really half-mast. They are even more optimistic, despite rising gasoline prices. Getting back to your question, several factors explain the rising trend of U.S. exchanges: the zero interest rate, the excellent corporate profitability, liquidity held by many investors, the tension on the bond markets. U.S. investors have no other choice but to invest in the shares.

U.S. companies generally show very strong first quarter.What should we expect for the second quarter?

In the first quarter despite soft U.S. growth, U.S. companies that have operations in Europe and around the world have benefited from a favorable currency impact, due to the sharp decline in the dollar. We are more cautious on U.S. equities by the end of the year. We believe that the ticket of green should stabilize or even rise against the euro. And then this exchange will not make a favorable economic growth will remain weak.

What are the priority sectors?

Our portfolio is structured in the context of sluggish growth and high inflation. Thus, we are overweight the oil companies, gold and agricultural products.While rising oil prices do not impact the market price of oil companies due to additional costs (staff, investment, energy) and the next taxation imposed by governments, but the shares remain attractive valuations.

Despite what the President of the U.S. central bank, Ben Bernanke, the dollar remains weak. Is there a risk of the dollar crisis?

Certainly, but the weak dollar also arranges the U.S. for their growth. Hear the Fed saying otherwise is a joke. Given the depreciation of the dollar as investors rush to protect assets such as gold or real estate. U.S. monetary policy remains too loose. The proof is that interest rates are zero in the short term, while inflation is at 2.7%. Ben Bernanke's speech Wednesday was disappointing.Financial markets were expecting a change in language from the last meeting. It is clear he has not changed one iota. He merely found a decrease in growth prospects and rising inflation. Ben Bernanke does not surely expect that U.S. growth is still too soft.

The end of "quantitative easing" * In June he announced a hot summer in the financial markets?

It is not certain. On the one hand, doubts remain about the ability of the U.S. economy to get by without the injections of liquidity of the U.S. central bank (900 billion), which still represent almost 60% of the U.S. budget deficit. Secondly, financial markets know the conditions of release. So do not expect a collapse of financial markets from June.

The continuation of measures to support the U.S. economy is feasible?

Everything will depend on U.S. growth in the second quarter and oil prices. If the upward movement of black gold will continue, U.S. growth will remain sluggish in the second quarter. At this point, anything is possible including further measures to support the economy. The proceeds from maturing U.S. bonds held by the Fed, could thus be used to finance the acquisition of new Treasury bills. Conversely, if U.S. growth in the second quarter is high, the Fed will end its policy accommodation and financial markets will adapt.

The "quantitative easing" Is not the only way to revive the U.S. economy?

The "quantitative easing" is not in any way to revive an economy but to inflate the balance sheet of the Fed.The U.S. central bank can not indefinitely pursue a lax especially when we know that the debt of the United States own more than 30% by foreign investors. If monetary policy remains accommodative for too long, the risk of a bond crash is inevitable but by default support the equity markets. The U.S. financial situation is not very strong. Degradation by Standard and Poor's at the prospect of debt the U.S. is justified. However, the fact that the rating agency has dared to tackle this "monument" that are the United States, is surprising. So much so that the equity markets and bonds do not much mind. Investors do not believe a country like the United States may be degraded. They make it too confident for that.

* The "quantitative easing" (QE) is a monetary policy used by some central banks to increase money supply by increasing the excess reserves of the banking system.

The Barroso Commission is preparing a great tussle tax: it was unveiled on Wednesday a proposed carbon tax that would raise the price of diesel and coal, raising the ire of Berlin, London and the annoyance of reservations in Paris.

Reform, touted as essential to put the tax in accordance with the fight against global warming, is especially transport fuels and fossil fuels for heating. The minimum tax rate based on two parameters. CO2 emissions at a price of 20 euros per tonne to reduce harmful emissions.And energy content to promote the most efficient (9.60 euros per gigajoule for fuel and 0.15 euro for fuels).

"This is to encourage clean energy, biofuels and help reduce dependency created by imports of imported diesel," says Algirdas Semeta, Commissioner of Taxation. The unanimity of the Member States and a vote of the European Parliament will be needed to approve it, which is far from won, as recognized by José Manuel Barroso.

Diesel and fuel oil, which currently taxed, would be more. It would also be true for coal. The minimum rate for diesel would increase from 330 euros to 412 euros per m3 in 2018, an increase of 8 cents per liter. In essence, it would remain unchanged at 359 euros.

Arrangements

The goal is a minimum tax is unique in Europe.It would force it to align countries with low excise duties on fuels, such as Luxembourg or Eastern European countries who purchase Russian diesel. States that are above the floor could maintain their tax unchanged or even decrease.

This carbon tax would apply to transport, building and agriculture, responsible for 60% of the 4.9 billion tons of CO2 and other greenhouse gases emitted each year by the EU. The professionals of the sea would be exempt. Heavy industry and aviation are not affected because already incorporated a mechanism for allocating rights to pollute (ETS). Electricity is regarded as clean, is not affected at the stage of delivery.

Many improvements and grants are drawn. The dual mechanism proposed by Brussels to be operational in 2023.But he faces sensitivities as varied as the uses of energy. Germany, champion of the automotive and diesel engine, responded within the hour: "Reform is in the interest of neither citizens nor the auto industry, or subcontractors, or the environment, "said Minister of Economy, Rainer Bruederle.

France, supported in principle, fear the displeasure of its farmers and its roads. The United Kingdom, which already has a national tax, was opposed in principle to any tax imposed by Brussels. Ireland is on the same line, such as Luxembourg. Large consumers of coal, such as Poland, are finally hostile to any penalty.

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The decision of the Bank of Japan (BoJ) was taken unanimously. All members of the institution wished to act, having raised their estimate of the quake's impact on the Japanese economy. They decided to inject into the Japanese economy 1000 billion yen, or 8.22 billion euros. Several similar actions have been taken since the natural disaster and nuclear, which killed at least 28,000 dead and missing, totaling tens of billions of euros.

The measure taken Thursday morning, along with maintaining its zero interest rate policy, designed to offset declining business prospects of Japanese companies and the slowdown in consumption.

However, the BoJ said it expects Japan's economy revives a "moderate pace to recovery."As for financial markets, the Bank of Japan has been a "relative stability" of the markets after the disaster of 11 March.

She is worried that the 'weak financial positions of some companies, mostly small, since the earthquake. " Despite these statements Thursday morning, the benchmark index of the Tokyo Stock Exchange remained flat.Shortly before the close, the Nikkei displayed indeed close to balance, but still in the green, up 0.15% to 9599 points.

The Nikkei is resistant compared with other exchanges in Asia

If progress is not straightforward in the Nikkei this morning, the comfort that the announcement of the BoJ have given to Japanese investors this morning is measured by comparison to developments in other financial centers in Asia.

Several major exchanges in the region appear to have eased slightly: The South Korean Kospi fold from 0.54% to 2115 points, the Australian ASX was down 0.19% at 4903 points and the Indian BSE dropped 0.31% at 19,550 points.

In contrast, the Taiwan TAIEX index ahead by 0.25% to 8874.28 points.importantly, the Chinese places continued to grow, which seems immune to all events that affect investors worldwide, whether issues related to the situation in Japan, or those that pose debts Sovereign European countries in difficulty, such as Portugal, who admitted last night needing a European aid. Thus, in Shanghai, the CSI 300 rose 0.3% to 3321 points. In Hong Kong, the Hang Seng is in equilibrium (-0.04%) to 24,275 points. The Chinese financial market took a breather on Thursday, but it remains very dynamic and attractive, thanks to the influx of new companies in this market. Indeed, it has recorded no fewer than 37 applications for IPOs for the month of March.

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.

Despite the rise of the franc, the Swiss watch industry is growing again. In 2010, exports of the sector amounted to nearly 12.3 billion euros, or 22.1% more than in 2009-results that reflected their pre-crisis level, due to the vivacity of Asian market.

After a year of slowdown, how brands have they faced the recovery? Some had anticipated the rise in sales. "In late 2009, our results were already excellent," says Jean-Claude Biver, CEO of Hublot watches. We bought more raw materials and hired 60 people! "Other chains have also relaunched the recruitment as Breguet, Tag Heuer and cores. Some, finally, forcing customers to wait. "For a Panerai or a Montblanc, it can go up to a year, said H. Roderich Hess, former CEO of Montblanc Switzerland.Customers know that the luxury watch requires exceptional skill and they patiently wait. "

The industry is optimistic, however, hampered by the rise of the franc. In an interview with the magazine Bilanz, the director of Swatch, Nick Hayek, estimated at 380 million euro loss for 2010 sales caused by depreciation of the euro. The competitiveness of the Swiss watch has declined.

To fix an exchange rate to their disadvantage, producers have raised prices of their watches: +5% in 2010 for Audemars Piguet and Cartier, who think all over again, like Jean-Claude Biver. "While ensuring the value of our currency on forward markets, we have adjusted our prices four times in 2010, an increase of about 20%," says he.

Subcontractors affected

The rise of the franc was not all bad.It allowed the watchmakers to buy at lower prices for raw materials and components abroad. A strategy has its limits: to get the "Swiss Made", these companies must in Switzerland at least 80% of manufacturing costs for mechanical watches.

If large groups are doing well, this is not the case for their sub-contractors, some 600 Swiss companies that still show the effects of the crisis. "They are affected first and the last to resume growth as brands sell their stock before ordering new," said Jean-Daniel Pasche, president of the Federation of Swiss Watch Industry. After losing 20% of its turnover, the director of Pac Team, Alain Borle, "sees a light at the end of the tunnel.Watchmakers have not really launched new programs, but I think imminent. "

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Given the risk of "food riots" which he considers "real" backdrop of soaring agricultural prices, Bruno Le Maire calls to take urgent steps to reform the international markets.

Pitches Friday in Rome for consultations with the two UN agencies responsible for development of agribusiness in developing countries (FAO) and the emergency food aid (World Food Programme or WFP), the French Minister of Agriculture has set itself the goals outlined France for the G20 in June: "Agriculture is central to our priorities," he said.

In seven months, according to the Director General of FAO, Jacques Diouf, the price index for food increased by 37% in January to reach their highest level.The grain increased by 62% in the same time, although it remains below the peak reached in April 2008.

Fight against speculation

For the poor who spend up to 60% of their budget on food, the financial burden becomes unbearable. "These increases in prices and volatility will continue in the coming years if nothing is done to address the root causes of the imbalance in international agricultural system," said Jacques Diouf.

In this context, Bruno Le Maire calls to intervene in four areas best payday advance. Transparency in international stocks should be improved by better statistics, trade information and tools for faster action, to direct any surplus to deficit regions.We must also fight against speculation on agricultural products, "economically dangerous and morally unacceptable", which allows some operators to achieve in a few days of huge gains. Physical and financial markets must also be better controlled to obtain prices "more stable and less volatile."

It is to strengthen international cooperation between governments, multilateral institutions, such as FAO and WTO, and market operators. And to allow the WFP distributes food aid to buy "at prices lower and more stable." Finally, France calls for boosting investment in agriculture. According to FAO, the share of agriculture in official development assistance fell from 19% in 1980 to 5%."It's not normal that the stimulus package agreed in July 2008 by the G8 summit of L'Aquila are not yet in place," said Bruno Le Maire.

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Google settles accounts with Microsoft in public. In a blog published on the night, the number one Internet search accuses his rival of copying the results it provides Internet site Bing. "Some results from Bing resemble more and more to an incomplete version, hackneyed from those offered by Google – a cheap imitation," says one of the engineers of the division of research on the internet, Amit Singhal.

The story takes the spy novel. It began last summer, says Google, where its engineers find that gives the same first search result on a misspelled word: "torsorophy" instead of "tarsorrhaphy (Tarsorrhaphy, an ophthalmic surgery)."Bing began offering our first search result without specifying the spelling [...] It was very strange," writes Amit Singhal.

A real trap is then assembled by teams of Google, who voluntarily associate a hundred keywords devoid of any meaning ("hiybbprqag", "delhipublicschool40 chdjob" or "juegosdeben1ogrande") with Internet pages containing any of these words. Normally, other search engines, which Bing would never have offered results for these keywords invented payday loans. But after some time, Bing began to display exactly the same as those of Google.

Observes the Microsoft Internet Explorer users

Why? Google advance an explanation.Microsoft to attract into his trap, he told twenty of his engineers laptops running Windows with Internet Explorer, and gave them the task of entering the keywords Google invented and click on the rigged results. According to Amit Singhal, the similarity of the results shows that Microsoft observes user navigation on Internet Explorer to copy Google's ranking in Bing. "We hope that this practice cease," he quips.

Taken to task publicly, Microsoft has admitted to using information obtained through Internet Explorer, with the consent of its users. What he had never hidden the rest, says Business Insider. But according to an official of Bing, Harry Shum, these data represent only a "small part" of information that takes into account in determining its ranking."We use more than 1000 different signals and features in our algorithm," said the Microsoft executive.