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In the space of just three months, Axa sold nearly half its stake in Goldman Sachs. According to a document quoted by U.S. stock market regulator the Financial Times, the French insurer has sold nearly 16 million shares of U.S. bank and reduced its share from 5% to 2.1%. The funds were raised to bail out financial services group.

The withdrawal of the French group came at a time when the famous Wall Street bank saw its market capitalization melt after an investigation by the U.S. court on possible fraud. In the quarter, the title of the investment bank collapsed by nearly 23%.

Other major shareholders of Goldman Sachs have also reduced their stake in the bank business loan no fax payday. BlackRock and T.Rowe Price have respectively sold 1.6 million and 4.2 million shares Goldman Sachs.

Meanwhile, Axa has reduced its stake in U.S. Bancorp and that of Barclays and acquired stakes in Wells Fargo and Bank of America.

However, the bank always seems to be supported by Warren Buffett had invested in September 2008 – is in financial crisis – some five billion dollars in bank capital. The investor would also prominent candidate for the acquisition of Direct Line, a subsidiary of British bank RBS.

All sorts of people need fast cash though are unwilling to compromise on interest rates. Naturally, the lower the interest rate, the better. Low rate payday loans are easy to access thanks to the Internet.

Bids climb for 3PAR. The computer giants Dell and Hewlett-Packard are engaged in a struggle to redeem the American Society of data storage. A standoff that intensified this week.

Last rebound on Friday: HP announced in mid-afternoon that he raised his bid for 3PAR to $ 30 per share, valuing the company proposed data storage to 2 billion dollars! Rival Dell had announced earlier in the day he lined up on the previous HP offers made Thursday night: $ 27 per share, or $ 1.8 billion.

In this battle of "cloud computing (cloud computing via the Internet), and two days are alike. The day of Thursday has been marked by the same scenario.By putting on the table an offer to 1.8 billion, HP responded to Dell, which had outbid earlier in the day.

For Dell, the matter seemed closed Thursday morning. Thirty cents per share closely. Indeed, the offer was raised from Dell was barely higher than that of HP, to 24.30 cents per share against 24 cents. If the transaction would receive the green light from authorities, Dell assured however that it could be finalized before the end of the year. The computer maker also added that the operation "should have a positive impact on [his] profit excluding exceptional items from fiscal 2012.

The "cloud computing" is popular

He had not reckoned on the pugnacity of HP.The acquisition would allow 3PAR to expand its range of storage products for cloud computing and support services activities, like other industry heavyweights like IBM, they tend to generate higher profit margins than sales of computers.

The ball is now in the hands of Dell. And it did not intend to waive 3PAR Friday. "The group continues to believe that the acquisition of 3PAR, and its storage technology market leaders, is an important operation for our customers and will strengthen Dell's position on these services," he said in its statement.Dell has until Sept. 20 to launch a public offer to acquire all the shares of 3PAR, "unless the offer is extended," he says.

The battle began last Aug. 16, when Dell announced plans to acquire 3PAR price of $ 18 per share. A week later, HP came out of the woods. Last Monday, the group also proposed 1.6 billion dollars against 1.15 billion for Dell. The suspense continues, therefore. And the recovery of 3PAR flies …

On Friday, shares of Hewlett-Packard bend 1.5% to 37.6 dollars in Wall Street, about 17 hours, while Dell shares advance 1.8% to $ 12. 3PAR him, flew 21.5%.

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Dropped 6% Eurostoxx 50 in four meetings. -4.5% On the Dow Jones. The stock markets are feeling the pinch since five days after a series of disappointing indicators. But the deteriorating economic conditions may explain in part the decline of recent days. A new phobia stirred since mid-August the community of technical analysts, very active in the Anglo-Saxon: the Hindenburg omen. According to this theory based on statistical observation, when during a single session, a large amount of assets a share price reached its highest level since 52 weeks and another group of shares is in contrast to a low of 52 weeks, then it presages a new crash on Wall Street. This configuration has indeed preceded all the crashes of the past 25 years.Now this rare phenomenon has been observed on August 12 last.

At first glance, the analysis may seem silly, but when we know the possible influence of technical analysis on decision making in trading rooms, the question deserves some attention here. An emphasis on this theory could have the effect of precipitating the collapse of markets by a kind of anticipatory self-fulfilling.

What happened on August 12

On 12 August, the same day at least 2.9% of U.S. stocks from the NYSE reached a peak of 52 weeks, while at least 2.6% of values fell to a low of 52 weeks. This configuration, called "Hindenburg omen," referring to the crash of a German Zeppelin in New Jersey in 1937, would thus poses a risk of an imminent collapse in the New York Stock Exchange.For the scenario is validated, however, requires that the configuration is again within 35 days. However, if one sticks to the analysis of Robert McHugh Marketoracle website, seems to have been the case, last August 20.

More ominously, this type of configuration, which, under certain conditions, would have preceded each of the 25 crashes last year. This was the case before the crash in the fall of 2008. The figure was also present a few weeks before the stock market crash of 1987. We could observe three trading days before the panic of October 1989. With this indicator, the 1990 recession, falling stock markets linked to the collapse of LTCM and Asian crises of 1998 were also predictable.

A highly controversial approach

By looking more closely at the scenario is unlikely to occur. To understand this flag, it must return to basics.The paternity of the Hindenburg omen Miekka back to Jim, who edits a newsletter called the Bull & Bear Report Sudbury. But the very idea of this flag goes back to later, finding its roots in another indicator: the high low logic index, described by Norman Fosback in the 1970s. In his book Stock Market Logic, the American economist, explained why when at the same time, a significant number of shares reached a new high and a significant number reaches a low, markets are likely to decline. This shows that the market is undergoing a period of extreme divergence, which is generally not conducive to future rising stock prices.

But where Norman Fosback had merely simple criteria, proponents of the Hindenburg omen facing a multitude of conditions, which are subject to interpretation, and therefore are not unanimous.That's where the shoe pinches. In practice, it is virtually unenforceable.

Reliable indicators abound in the sense of portent

When the five conditions necessary for the validation of the Hindenburg omen are met, the stock market crash, defined by a rapid drop of at least 15% of stock market indices in the next four months, would then have 30% chance to occur. A contrario reasoning is sufficient to limit the scope of this prediction: if a 30% chance that a crash occurs, there are so 70% it does not happen! This likelihood does not however exclude the possibility of an imminent crash.

This approach also runs counter to the traditional view of technical analysis, which is to banish any source of subjectivity by analyzing the market through simple indicators, not subject to multiple conditions in an attempt to predict the evolution courses in the coming weeks. Technical analysts therefore recommend to always use the same indicators that markets go up or they fold, including the trend of moving averages.These reliable indicators not currently exclude a decrease of 10% to 15% of the market in the coming weeks, as recommended in the Hindenburg omen.

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The Paris Bourse hesitated Wednesday

The five conditions of the Hindenburg omen

First, the quota values that cross new thresholds upward or downward has been lowered. For Norman Fosback requires a minimum of 5% of the relevant securities. But for the Hindenburg omen it requires a much lower threshold of 2.5%.

Further, the followers of the Hindenburg omen believe it should be interpreted in light of several other indicators on the conditions of validity of five.The first condition, the most important is that the highest and lowest of 52 weeks. The second is that the moving average of ten weeks NYSE should be increased. Thirdly, the McClellan Oscillator (a proxy measure of volatility) must be negative on the same day. Fourth condition: the highest amount of new 52-week values the NYSE should not exceed twice the amount of new low of 52 weeks. Finally, and this is the fifth and final condition: the scenario must be repeated within 36 days after the first appearance of this configuration market.

The boss of General Electric has no language in his pocket! On the occasion of a dinner in Rome, Jeffrey Immelt said that China would "the real concern," reads the columns in the Financial Times. He said the meeting today, the middle kingdom "the worst working conditions in 25 years." The leader has disavowed the policy of the Chinese government he accuses of becoming increasingly hostile to multinational companies.

Thus, the officer warned that General Electric (GE) is looking for growth opportunities outside of China, so as not to be "colonized by Chinese investors," says the boss. Despite the importance of the market, Jeffrey Immelt said that GE "is now turning to other countries rich in raw materials." The Middle East, Africa, Latin America and Indonesia are in the viewfinder.The officer has been loud and clear the feelings of many companies operating in China. The European Chamber of Commerce has in fact recently reported an uproar among foreign groups in place of the emerging economic power saving account payday loan.

In addition, Jeffrey Immelt has made some unkind towards the Obama administration he blames the poisonous climate in the United States. It is also concerned that regulatory changes desired by the White House have a negative impact on the fragile recovery in the United States. And according to the officer, the U.S. business community would not appreciate the President of the United States, and vice versa.

Not the opinions of the group

But the group tries to reduce the scope of the declarations of his boss.The U.S. giant said that the leader was speaking at a private dinner and that the statements reported are not exactly those of Jeffrey Immelt. GE Jeffrey Immelt said in particular that was not directly involved Barack Obama. In addition, the group says that the speech did not reflect the opinions of the group.

At Microsoft, we talk of "strategic shift". Twenty years after the onset of the first version of Office, its main software, including Word, Excel and PowerPoint, become free on the Internet. "We have incorporated new uses coming from the Web, in a business model funded by advertising," Jean-Christophe defends Pity, director of the division office in France.

The software, in their declination Web are accessible from any computer with Internet Explorer, Firefox, Safari or Chrome. There is no need to install any software or plugin, even if the extension Silverlight competitor to Flash, is recommended.However, it is essential to have a Windows Live at Microsoft, to create and edit documents, stored on a virtual disk with a capacity of 25 GB

The online tools do not support all functions of the Office suite but a light mode. In Word, for example, inserting tables and images work, like changing font, text alignment and the spellchecker. But the footnotes page can not be changed. Similarly, in PowerPoint, changing graphics is skimpy. And from a mobile or a shelf, only consultation is proposed.

A response to Google

For Microsoft, it was not any way to match the capabilities of traditional software, which will sold from 99 euros payday advance.The more complete versions, installed on the hard drive and connected to the Web for collaborative work, to manage the effects and 3D animation video, editing, and the contour images, make layouts. The Outlook e-mail, intended for professionals, now includes the major social networks including Facebook and LinkedIn.

The free software on the Internet should rather discourage users to migrate to the online office suite from Google, Google Docs, and if possible refer to the charges. Office remains one of the main sources of income for Microsoft. For years now, contributed almost half of its profits last year.If Office totaling half a billion users worldwide, Google has recently surpassed 25 million customers, and gaining ground in enterprises.

Without giving specific numbers, Microsoft expects to France, despite the competition from free, on a "double-digit growth" in sales of Office, says Jean-Christophe Mercy. By the end of the year, "between 80 and 90%" of PC will be sold with the suite preinstalled. An activation key must be purchased to access the software. The early indicators are encouraging. The beta version of Office has been downloaded over 600,000 times in France. Behind the United States, but ahead of all other countries.

Click on the thumbnail to enlarge the graphics.

In Madrid

Again, it is a credit rating agency has sounded the alarm. Fitch recently lowered the rating one notch from Spain, was concerned about the weight of private debt for growth prospects. If market pressure in recent weeks has focused on the soaring national debt, the time bomb in Spain could come from private debt.

In 2008, the accumulated debt of households and enterprises was 220% of GDP according to Eurostat, against 159% in France, Italy 138% and 130% in Greece, dunce European government debt. Only Portugal beats the record of his Hispanic neighbor with 255%! The problem is summarized in one word: stone.Even today, real estate receivables represent over 70% of household debt.

The Spaniards pay the crazy real estate boom years of speculation-all does, where developers have built millions of square meters in gigantic projects, where banks have opened the floodgates of credit, increased interest rates by attractive. Since over 80% of Spaniards, Jose Maria Molina has invested his wages in stone. "I decided to buy an apartment because the reimbursement of the credit cost me nothing more than rent," he says. All were encouraged: the tax benefits, the abundant supply and the famous "cultura de propiedad the" culture of ownership. In Spain, a rent was seen as an expenditure and the purchase of a property as a profitable investment … well until the crisis. Jose Maria has the harsh experience.Employee of a security alarm company, he has always honored its debt carefully, paying each month "between 400 and 500 euros. A total flux, since the vast majority of Spanish mortgages are variable rate negotiated. They are indexed on the Euribor, the interbank lending rate for the euro … Russian mountain assured. In 2008, Jose Maria has lost her job. "When I was fired, I was given eight months of unemployment benefits. Then, I have received no assistance. "He stopped paying the bank for nine months, then his home was seized. Today, Jose Maria returned to live with his mother. At 42 years old. Same scenario for José Coy, who had established a small textile company in the region of Murcia. His property, purchased on credit, served as collateral for other loans that financed its activities. But in April 2009, he had to close shop, victim of globalization.Suddenly, he found himself without a business, jobless and soon without control of his apartment. Jose, who paid back 720 euros each month, tried to renegotiate its loans. But taken in the financial turmoil, the bank had granted its loans so easily does not listen anymore. In one year, his property will be auctioned on the market, morose, Spanish property. Meanwhile, Jose Coy has decided to fight back: he took the head of the Platform of victims of the credit of Murcia and claims to assigning his property in lieu to the bank in exchange for the cancellation of its debt.

Time bomb

These slices of life illustrate the squaring of the circle of the Spanish crisis. Victims of the recession that has resulted in tens bankruptcy and pushed unemployment to 20%, households and businesses no longer able to meet their deadlines.Their purchasing power risk of further deterioration as a result of austerity measures, higher taxes and lower social spending. "Private demand will fall further as the private agents tend to focus on reducing debt and it is not public demand, restrained by the austerity plans, which will take over as in 2008 and 2009," says Philip of Sabuco BNP Paribas. Even within the majority, concern is growing: "We have a private sector debt triple that of the public. The challenge is to ensure that the cost of financing does not stifle the economy, "said Parliament this week the leader of Socialist deputies, José Antonio Alonso. Spain can not inject billions as did the United States to stem the subprime crisis.Knowing too much debt – 71% in 2008 according to the McKinsey Institute – is in the hands of foreign creditors, potential lenders stung by fears of the market, especially if they are outside the Eurozone. This is not counting the other bomb that is a possible crash of the banking sector. How companies and banks refinance? At what rate? What implications for the economy in the long term? The IMF has pointed out, the heavy indebtedness of the private sector is a challenge for Spain struggling to revive growth.

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The Paris Bourse, which sailed around the equilibrium in the morning suddenly stalled in mid-session, disappointed by U.S. employment figures and worried by the fall of the euro.

At the finish the CAC 40 plunged 2.86% to end the session very much below the threshold of 3,500 points to 3,455.61 points exactly. On the whole week in Paris index shows a decline of 1.7% bringing its losses since the beginning of the year to more than 12%.

Reflecting investor nervousness, activity was sustained, with almost 5 billion euros traded on the great values of the Paris stock exchange. Other stock markets in unison dévissaient London lost 1.63% and 1.91% Frankfurt, Milan and Madrid 3.79% 3.80%.The Euro Stoxx 50 index dropped 3.20%.

Investors skeptical of increasing the strength of economic recovery plans for fear that strict hindering growth, obviously await any excuse to sell. They took advantage Friday of a disappointment on the job market in the United States to pass the act.

The euro under $ 1.20

In the U.S., unemployment fell in May to 9.7%, but the net new jobs (431 no teletrack payday loan.000) were significantly worse than expected. The NYSE has also reacted badly to this statistic, always closely watched by the markets. Wall Street was changing rapidly decline with the approach of the close of European stock exchanges. The Dow Jones lost 2.16% and the Nasdaq 1.80%.

In Europe, a new front in the crisis began in Hungary.The local currency, the forint, the Budapest Stock Exchange, and covers the failure of Hungarian debt (CDS, credit default swap) tumbled after the alarmist statements about the economic situation on the part of politicians, from the majority place.

Those fears pushed investors to the traditional safe havens like the dollar or Swiss franc. And for the first time since March 2006, the euro fell below $ 1.20. In Paris, financial stocks were once again the front line. Societe Generale lost 7.5%, BNP Paribas and Crédit Agricole over 5%.

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.

New rebound in the case Lagard?re / Wyser-Pratte. Guy Wyser-Pratte, said the activist investor who hold 0.53% stake in Lagardere, has won the support of governance expert RiskMetrics Group (formerly ISS Proxy Advosry Services) in his critique of the structure of the media group.

Support size, because boards of RiskMetrics are followed by institutional investors. But they represent 78.51% of the capital of Lagard?re (50,51% of foreign institutional investors and 20% French).

Rejection of proposals by the management and the board

But on Monday, the general partners and managers of Lagardere SCA voted against the amendment of articles of the company – a company limited by shares to a company – in a proposed resolution before the next general meeting Guy Wyser-Pratte.A decision that is "not surprised" to advise shareholders of the activist. "The opposite would have been more democratic," he quipped.

Last Friday, the group's supervisory board had rejected outright the two main proposals of the Franco-American investor to relax the sponsorship of the Lagard?re group. For now, Arnaud Lagardere, the manager-partner of Lagardere, which holds all powers of decision with 10% of capital. Partnership status allows to use external financing without losing control of the company.

RiskMetrics 'agree' with Wyser-Pratte

Thus, the shareholder advisory firm RiskMetrics looking for arguments Guy Wyser-Pratte: "We agree with his criticism of the sponsorship per share.

"The presence of dissent to the supervisory board of Lagard?re would be beneficial to the long-term shareholder value," she said in a statement. In any case, any election "reflects the intention of the limited partners to adopt a different status," said the company. Verdict on 27 April at the general meeting of shareholders.

On Monday, the shares are granted Lagard?re 0.46%, to 31.51 euros in a market equilibrium.

Wyser-Pratte had accused Mr Lagardere's "mismanagement", accusing him of preferring to "go play tennis in running the company." Arnaud Lagardere leads the group since the death of his father Jean-Luc Lagard?re in 2003.

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The Paris Stock Exchange began the week on a positive note, after four consecutive days of closure for Easter. In the middle of meeting, the CAC 40 0.50% advance to 4 054.40 points. The Paris Bourse and reached a record since the beginning of the year.

Thursday evening, the CAC 40 finished up sharply from 1.5%, moving beyond 4000 points, 4034 points exactly, carried by the American tone of the evening, and for good economic indicators.

Friday, while Paris and Wall Street were closed, as expected figures on employment have been published. They are good: in March, the United States has created 162,000 jobs, the best performance in nearly three years. It is partly due to the hiring of 48,000 federal agents responsible for conducting the population census planned this year. But overall, the trend shows that employment in the private sector restarts.The ISM and the promise of home sales were also better than expected.

These figures were in any case allowed to appear in Asian stock green overall, except in Tokyo, but this index had increased many previous sessions. The trend was still a bit cool to the announcement by the Australian central bank as falling interest rates to 4.25%, the fifth increase since October.

Few statistics Tuesday

On the macroeconomic front on Tuesday, few new major.The INSEE published at noon on turnover in wholesale trade, retail trade and personal services for French companies in January on line pay day loans.

In the U.S., will be followed by the minutes of the monetary policy meeting of the Fed's March 16 to 20 hours.

Renault honor

Criticized in France, Sanofi-Aventis drug against heart rhythm disorders is considered less effective than existing generic by the Cedars-Sinai Heart Center of Los Angeles whose analysis should be widely listened to. The group shares yield 0.93%, to 54.65 euros.

Historic day for Renault, whose shares climbed 2.21% to 36.28 euros. The French manufacturer is on Tuesday morning a special board.It must give its approval to a broad industrial cooperation with the German group Daimler and equity participations cross.

Total has been indicted for corruption, but its shares rise 1.4%, to 44.25 euros, while oil is still above $ 86. Total advances from 1.90% to 44.47 euros.

As India began the population census, the service companies that handle such services are identified on the alert, like Capgemini and Steria.

Beneteau released Thursday night after a stock turnover of more than 253 million euros for the first half of fiscal 2009-2010, as against less than 240 million euros last year. Beneteau expects a growth of 15% over the year. The stock price up 0.15% to 13.40 euros.