Daily International Headlines

The Dow Jones wins 0.92% at the opening. The Nasdaq, 1.23%. And the S & P, 1.31%. From the first minutes of trading, the indexes have increased their earnings. The Dow Jones already posted a gain of 1.23% to 10,595.06, while the S & P 500 1115.12 1.23% to taking and the Nasdaq Composite advanced 1.1% to 2279.52 .

The month of August begins on sound footing, after a month of July under the sign of the rally. Wall Street has indeed the balance Friday night, but after a volatile session. The Dow Jones has sold just 0.01% at 10,466 points, but has had its best monthly performance (7.18%) last year. The Nasdaq was awarded 0.13% to 2255 points. In July, the Nasdaq and the Standard & Poor'500 have earned 6.9%.

The slowdown, confirmed the U.S. economy, however, has influenced the trend.In fact, the Commerce Department announced preliminary second quarter GDP rose just 2.4% annualized, while the consensus was expecting 2.5 and he had grown more openly 3.7% first quarter. Traders are still welcomed other indicators more encouraging: the Chicago PMI for July was well above expectations (even if relapse at its lowest since November 2009) and the final index of consumer sentiment for July improved slightly although it remains a net withdrawal a month.

On Monday, investors showed they appreciated the performance of enterprises. The KBW index of bank took 1.69%, encouraged by the strong results presented today by BNP Paribas and HSBC.

The ISM manufacturing index is expected with caution

On the face of macroeconomic indicators, meanwhile, on Friday, the U.S. employment report, investors will closely monitor the publication at 16:00 on Monday, the ISM manufacturing index for July (consensus 54) index ISM activity in the industry, which could either be moderating further, but also show that on Monday the 12th consecutive month of growth in manufacturing output. It could increase by 54.6% against 56.2% previously. It also is known that at 16:00 the index of construction spending for June, due in slight decline of -0.5% against -0.1% previously.

"Employment and consumer credit (Friday) will be crucial electronic check payday advance.Other market movers are, unsurprisingly, the two ISM surveys, analysts said Aurel Bgc. Investors have "overreacted" to last week regional surveys, which are very volatile … The ISM manufacturing index, released today, will determine the market trend over the week. "

Latest quarterly publications before the summer break

On the corporate side, no new publication will boost the morale of investors. Indeed, the largest quarterly publications arrive this week to an end, on both sides of the Atlantic after the accounts variously appreciated Merck, Chevron, McAfee or Friday, "recently published expected these days This should provide some important information and news on different sectors of activity, analysts said Aurel Bgc.

This week will publish in fact the computer services company VeriSign (Monday), and Electronic Arts, as well as Pfizer, Dow Chemical, Procter & Gamble (Tuesday).It will then turn to Time Warner (Wednesday) and Kraft Foods and Viacom (Thursday).

The investors also will keep an eye on the pharmaceutical giant Bristol-Meyers, and the other on the pharmaceutical distributor CVS Caremark, who will pay interim dividends.

In the news this Monday, Ford (1.63% to 12.98 U.S. dollars) has announced having completed the sale of the Volvo automobile brand and related assets in China Zhejiang Geely to $ 1 8 billion.

Walt Disney (-1.75% to 34.28 dollars) will also be closely watched after the announced sale of its studio Miramax for more than 660 Million Dollars to Filmyard Holdings.

The acquisition of Alico by the insurer MetLife (-0.45% to 41.87 dollars) will not bring much to the insurer that he had hoped and the latter announced Monday a program to increase capital to finance this acquisition.First life insurance company in the U.S., MetLife now expects an increase in its annual operating profit of between 40 and 45 cents per share. The group had initially estimated that the acquisition of Alico would be accretive to its results between 45 cents to 55 cents per share in 2011.

The green will not stay very long on Wall Street Wednesday. After starting up in, carried by companies satisfactory results, the markets fall into the red of -0.57% to 10,172 points for the Dow Jones -1.12% to 2198 points and the Nasdaq – 0.80% in 1075 for the S & P.

A reversal following direct speech, much anticipated, Ben Bernanke. The Fed chairman, who delivered his verdict on the U.S. economy before the Senate Banking Committee, said that the takeover of the U.S. economy "continues at a slow pace" and that "the economic outlook remain unusually uncertain" . If no measure of support is mentioned, the Fed is willing to act.

"The market reaction reflects the caution shown by the markets," notes Nick Kalivas, an analyst at MF Global in Chicago."Yet, to some degree, support annocée the Fed would have meant that things were worse than we thought."

These ads are disturbing in any case overshadowed the results published before market trimestreils …

Record earnings for Wells Fargo

Wells Fargo (4.32% to 27.03 dollars) on Wednesday posted a net profit of the group "record" for the second quarter to 2.787 billion dollars, up 12% over a year and above expectations, and reported an improvement in the credit greater than planned. Based on the number of shares, the benefit amounts to 55 cents, while analysts were only expecting 48.Net revenue (turnover) of the fourth largest U.S. bank stood at 21.394 billion dollars, yielding 5% a year.

The U.S. investment bank Morgan Stanley (8.05% to $ 24.25) Wednesday announced a net profit group share of $ 1.578 billion in the second quarter, much better than expected, with a turnover also exceeding analysts' forecasts. Per share, net income totaled $ 1.09 and 80 cents without considering the integration of brokerage Smith Barney Citi bought instant credit report.Analysts had expected 46 cents per share excluding special items.

The U.S. giant soft drink Coca-Cola (+2.05% to 54.32 dollars) net earnings up over 16% to $ 2.37 billion in the second quarter, slightly less than expected thanks to higher sales volumes internationally. Reported per share, current earnings is $ 1.02, slightly less than the $ 1.03 expected by analysts, but better than the 92 cents recorded a year earlier.

Apple has released its quarterly after the close of Wall Street. The firm at the apple once again exceeded market expectations in the third quarter of fiscal offset with net income up 78% year on year to 3.253 billion dollars, and sales far beyond forecasts.The securities earn 3.81% to 261.48 dollars.

The U.S. Internet portal Yahoo! posted a group net profit up 51% year on year to 213.32 million dollars in the second quarter, better than expected by analysts, but its sales came out virtually unchanged. The shares dive: -8.88% to 13.85 dollars.

Moreover, the oil giant BP traded on Wall Street Tuesday concluded an agreement with U.S. rival Apache to sell him to seven billion dollars in assets, making a sudden the majority of assignments to which he had hired to offset the cost of the spill. The news was welcomed: securities rise of 3.35% to 36.38 dollars.

Note that the foreign exchange market, the euro retreated against the dollar, traders were playing the card of caution before the release Friday of the results of resistance testing of the 91 largest European banks. In the morning, the euro was at 1.2867 dollars against 1.2881 dollars the previous day.

Fourth day up to the Paris Bourse. This Friday, the CAC 40 has continued to rise started Tuesday and continued Wednesday and Thursday. The key index in Paris was up 0.46% at closing.

At the end of the week, and the CAC 40 gained 5.8%, from around 3360 points to 3554.48 points exactly at the close on Friday.

Elsewhere in Europe, the LSE has been 0.54%, to 5132.94 points while the German Dax rose 0.49% to 6065.24 points.

Yesterday, the index in Paris had passed the milestone of 3,500 points, reassured by U.S. data entries weekly unemployment benefits.

The euro has weakened a bit about him on Friday, while European ald evisa Thursday passed up the psychological and technical $ 1.27.

In France, French investors have learned that before the opening of the Hexagon industrial production had rebounded strongly in May rising 1.7% after falling 0.5% the previous month, according to Insee. Economists had expected an average growth of 0.4% of industrial production in May

EADS tanker of the series continues

EADS (0.53% to 17.01 euros) said it had responded to the call for tenders for tanker aircraft to the U.S. Air Force, on the eve of the deadline for the takeover bids . In addition, the World Trade Organization announced the postponement of the publication of a report on an action by the EU against the United States regarding subsidies granted to Boeing.

Kaufman and Broad (2.23% to 18.14 euros) issued a revenue down 7.6% to 385.7 million euros in the first half, below expectations.But reservations are up 55% to 675 million euros and the property portfolio is up 50% over one year.The gross margin reached 17.1% against 12.9% in the first half of 2009.

Areva (5.11% to 347.55 euros) announced Thursday it would investigate the possibility of building a second nuclear reactor in the Canadian province of New Brunswick.

Mestrallet, CEO of GDF Suez (+0.4% to 24.96 euros), confirmed Wednesday that negotiations with suppliers in Norway, Holland and Russia to obtain lower prices.

The German utility E. ON has indicated in an interview with Les Echos on Friday that he would be "very interested" in acquiring a stake in EDF reactors (-0.91% to 31 euros) to help extending their lifespan.

Moreover, the banking sector with the exception of BNP Paribas (+1.05% to 50.09 euros) suffered some profit-taking, like Credit Agricole (-1.13%) or Societe Generale ( -0.98%).

Similarly, the automotive sector should still react to earnings announcements commercial Renault and Peugeot this week. Titles manufacturers earn 1.13% respectively to 33.45 euros and 1.94% to 23.09 euros.

Louis Welsh, president of EADS, is convinced. The decision of the World Trade Organization (WTO), said Wednesday that "illegal" certain EU subsidies paid to Airbus for the A380, "changes nothing" for the A350. "The support for the A350 are not iIn the" scope "(Field, Ed) of the panel that reviewed the complaint of Americans," said Louis Welsh Saturday. He added: "It was explicitly stated that although such aid is not in the" scope ", they were sentenced prior BLES, since the system of repayable advances itself is not contrary to the rules WTO.

Always on the fringes of economic meeting organized by the Circle of economists in Aix-en-Provence, Louis Welsh, assured that Airbus would submit an offer in time with U.S. partners for the bulk tanker contract from the U.S. Air Force."We have reached an agreement with 200 companies amricaines. The Pentagon must decide to fall on the mega-tanker contract enviton estimated at 35 billion dollars. Airbus and Boeing have until July 9 to finalize their proposals. A decision is expected next fall. "I think the nervousness that manifests Boeing in this case and the propaganda campaign that he led for three or four days shows qu'ls fear that we have a competitive bid on the tanker," said Louis Welsh. Ambiance, atmosphere …

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Good news for residents of 133 communes in the Ile-de-France. The new contract for water distribution unsurprisingly won Thursday by Veolia provides a decrease in the price of water in the order of 6%.

On its website, the union of the waters of Ile-de-France (SEDIF), explained that the tax price per cubic meter fall under the responsibility of end December 2010 from 1.75 to 1.51 euros or 1.41 euros , following the return or not nine municipalities in the SEDIF. A decrease of at least 14% plus taxes, which amounts to 6% taxes, according to Le Parisien on Friday.

The new contract also provides for the creation of a multi-rate habitat option that will allow residents of an apartment building to "benefit from rates close to those living in individual homes. The union figure to 19 cents per cubic meter of savings for consumption of 180 cubic meters.In return, the affected households will pay a quarterly subscription of 5.72 euros on 1 January 2011.

Other measures under the contract, an amount of 2.5 million euros devoted to households in difficulty should be established. 1% of revenue from water sales will be allocated according to the statement from Veolia. Tariff escalation in the volume of water consumed should also be introduced.

A highly concentrated market

According to André Santini, President of SEDIF and deputy mayor of Issy-les-Moulineaux, is "the price" that made the difference in the manager's choice of water in the Ile-de-France for the next twelve years. For this mega-contract that represents a combined turnover of around 3 billion euros, the offer of Suez Environment has been ruled out from the month of May in favor of Veolia Environment.Leading distributor of water in France, with 24.6 million users, Veolia is already holder of the Paris agreement since 1923 and is now committed until 2022.

Lack of competition in the market for water distribution in France is regularly singled out by the Competition Council. Some cities are returned to management in public ownership (without going through a private company), as Paris at the beginning of the year. Yet, according SEDIF is "the direct competition between candidates" who has achieved this "significant decline" in prices.

However, the issue of price allow the investor indifferent. At the Paris Stock Exchange shortly after 9:30 am, the title Veolia Environnement rose 0.46% to 20.955 euros on a market up 0.44%.

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The credit rating of BP continues to tumble with the rating agencies. Moody's downgraded the rating on Friday, the oil company three notches, from A2 to Aa2, "to reflect the worsening of the expected impact of the oil spill in the Gulf of Mexico."

The agency explains reflect the strong upward revision of the volume of oil spills every day in the Gulf of Mexico, the persistent failure to seal the well and the staggering costs associated with damage from the disaster."The oil spill will have a lasting negative impact on cash flow generation of the company and its financial position for a number of years," the agency said in a note.

Moody's believes that the creation of a fund by BP of estimates of 20 billion dollars to compensate victims of the disaster is "a moderately positive development": the pressure of U.S. government could indeed become more flexible but the substance is in no If an expenditure ceiling of BP.

The agency states that all notes of the group remains under surveillance.

The three rating agencies have become so degraded the note of the oil company is the largest British company listed on the London Stock Exchange.Last week, Fitch downgraded BP six notches, to BBB (cons AA), Thursday, Standard & Poor's downgraded two notches, from A to AA-.

Nevertheless, BP wins the title at 2.45% 368.50 pence shortly before 15:30 at the London Stock Exchange. In New York, where the group is also listed, the share was up 3.12% to 32.70 dollars.

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In an essay published last April 15 to Eyrolles, Mary Visot, editor in charge of the government's economic policy at the Figaro, in an educational analysis of the upheavals caused by the economic crisis on the relationship between state and business.

Putting into perspective the level of government intervention resulting from the bankruptcy of Lehman Brothers and the ensuing crisis, the author recalls that during the French economic history, it is "what happened who chaired the degree of state intervention in the economic sphere, rather than the color of government policy in place. " From the planning of post-war to regain control of capitalism in 1981, periods during which the state has invested heavily in the economy are not unusual, said Mary Visot.

Still, the public interventions in 2008 and 2009, have influenced, the circumstances require, the balance of power between the state and enterprises. The bank rescue, aid to the automobile sector, have included more control over legitimate businesses, including the convening of Carlos Ghosn at the Elysee Palace on the production of the Clio in Turkey is an example.

Activity in the first quarter was strong for the group phamarceutique Sanofi-Aventis. Like all its competitors, the French group has benefited from the epidemic of influenza A, which boosted its sales activity of vaccines.

Sanofi-Aventis issued a net profit from growing 9.7% to 2.427 billion euros at constant exchange rates. It's better than expected. The consensus reached by Reuters stood at 2.28 rather billion. Reduced to an action, the net earnings from spring up 9.4% to 1.86 euro. Good performance also operational. Operating income rose 6.5% to 3.3 billion euros while sales reached 7.38 billion euros, up 3.9%.

So the vaccines business that has been the source of this performance fast cash now.This branch has indeed registered a 56% to 944 million euros, 413 million euros on sales of vaccines against H1N1.

Sanofi-Aventis confirmed its 2010 targets

The world number four from the pharmacy always think to do for all of fiscal 2010 to grow its earnings per share from continuing operations of between 2% and 5% at constant exchange rates, "unless major unexpected adverse events .

The group said in a statement that this forecast reflects the input of generic medicines market in 2009 and sales of H1N1 vaccines in the fourth quarter of 2009. They also include the expected impact of health reform in the United States.

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The U.S. administration smiles again. On leaving the G20 meeting in Washington Friday, Timothy Geitner has been shown. The Treasury secretary now considers that the recovery in the United Etatx will be driven by the private sector in 2011, implying that the economy will need at that time a support plan. "We're quite certain," he said.

This is the first time since the end of the U.S. recession in the summer of 2009 that an official raised the possibility of autonomous growth in the United States. In his speech, the more optimistic on the U.S. economy in mid-April, the central bank chairman Ben Bernanke had told Congress that the recent economic evidence "suggests that the increase in final demand would be sufficient to ensure recovery Economic moderate in coming quarters. "He did not, however, ventured to advance a date for a possible self-sustaining recovery.

These perspectives on the future economic conditions are more optimistic than the Treasury Secretary has made since his arrival at this position in January 2009. They are based mainly on economic indicators better than expected since the beginning of April.

Deficit

Asked how the administration intends to reach its deficit reduction monster, Timothy Geithner has again shown reassuring. According to him, Washington has promised to focus on deficit reduction in 2011. A date that coincides precisely with the arrival of a real growth driven by private sector efforts to lessen the fiscal stimulus.The U.S. deficit reached yet about 10% of GDP in 2008-2009 and could rise to 10.6% for the current fiscal year, which ends in late September.

In this regard, the U.S. Treasury Department said Friday in a letter to the chairmen of both houses of Congress and heads of the parliamentary opposition, that he saw sharply lower its estimate of the total cost of all measures rescue the financial sector taken by federal authorities since the beginning of the crisis bad credit pay day loans.The ministry is now talking to a maximum of $ 87 billion, less than 1% of GDP.

Program to support the liquidity the Fed rescue of AIG, Chrysler and General Motors, through the aid homeowners in distress a year ago, the Treasury estimated that the losses of the state would reach 500 billion dollars, or 3.5% of GDP. "This means that the federal budget deficit and public debt will be substantially below what was expected before," the Treasury.

The return of job creation

On the employment front, the optimism is also relevant. "Next month, I think we will create between 100,000 and 200,000 jobs," said Vice President Joe Biden on Friday during a trip to Pennsylvania. "At the White House, some say to me: 'do not you progress too'.Well, I'm here to tell you that in the coming months we will create between 250,000 and 500,000 jobs per month, "he added.

For now, the unemployment rate remains high at 9.7% of the workforce. "I'll tell you something, folks. We have not stumbled badly in the fall. As well we have designed our plan to end the crisis, we have a lot of good news on the road to recovery, "assured Joe Biden.

These statements come as the U.S. economy has created jobs in March in a way never seen for three years: 162,000 net jobs were created this month, according to figures from the Labor Department. The country began to "see the end of the tunnel," according to President Barack Obama.

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While acknowledging "the path in one year", ie the return of growth, Dominique Strauss-Kahn said on Thursday that "the world remains a dangerous place." At the press conference opening spring financial meetings, held in Washington until Sunday, he cited high unemployment and weak demand remaining lot of "rich countries". He expressed concern about the almost inexorable rise of their public debts, which will spend "80% to 115% of GDP on average, between 2008 and 2014.

But the boss of the International Monetary Fund had especially in mind the "Greek case". "There is no simple solution," he admitted."Everyone can understand that I will not give many details about Greece because we are just beginning to negotiate." Asked about a possible "restructuring of public debt", he replied that "it is not a question on which we work. " The opposite would have been surprising.

Dominique Strauss-Kahn has been more incisive about what should be the main topic of discussion of the G20 Finance Ministers, held on Friday, namely the financial sector reforms."In many areas, such as rating agencies, trading over the counter (derivatives), hedge funds, which has been announced if implemented by the United States, Europeans, Japanese is simply incoherent fast payday loan. "

DSK will strike while the iron is hot and play the full role of coordinator who is the IMF's mandate. "We have a political pressure in most countries, the United States and the European Union to ask governments to move faster.". He took the opportunity to condemn the so called "Basel II on bank capital and the development of which" has taken twelve years.

Two proposed fee

This warning is "advanced countries", the only ones whose banking systems have been failing during the crisis of 2008-2009.It is accompanied by an IMF report, whose first draft will be discussed by finance ministers. DSK summed himself three themes: "The rules of liquidity and capital, systemic risk, and the resolution mechanism (failure)."

The study recommends the introduction of fees. The one on the balance sheets of financial institutions, to supply a mattress of rescue funds. The other tax, sitting on profits and wages, would be to share the burden of public budgets. The IMF, however, rejects the hypothesis of a Tobin tax on financial transactions. It does not contribute to financial stability or to fight against the excessive risks taken.

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