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Nicolas Hulot, who had to declare candidacy for president on Wednesday morning that the economy is disconnected from reality. "I try to ask again and again the question of an economic model compatible with the physical reality of the world," he declared last December. The standard is not abundance but scarcity ", contrary to prevailing economic theories.

Created 20 years ago, Hulot Foundation for Nature and Man published in recent years of economic policy recommendations. The rhetoric to concrete action, these works are now a genuine box idea for an environmentalist candidate.

The instigators. Nicolas Hulot likes to say he knows nothing about economics. This is less true.He has surrounded himself in recent years of senior economists, like Patrick Criqui, an expert in the fight against climate change, or the founders of the consulting firm Carbone 4, Jean-Marc Jancovici and Alain Grandjean, advocates of "development sustainable. " Last December, he sent to Paris for a conference Tim Jackson, a British economist reference advocating a reduction in consumption.

"Desecrate GDP". "An infinite growth in a finite world is hopeless: there must be a fool or an economist to believe it," said Nicolas Hulot last December at a conference, paraphrasing the economist Kenneth Boulding. We must therefore evaluate the progress that otherwise simply by gross domestic product (GDP), which measures the creation of wealth by a country. Hulot Foundation for enthusiastic and alternative economic indicators, such as carbon footprint, or welfare no fax pay day loan.And welcomes the passage Stiglitz report commissioned by Nicolas Sarkozy on the measurement of social progress.

A large loan to finance "green economy". Education, training and research, "clean technology" energy saving … Hulot Foundation has calculated that France needs to invest 600 billion euros by 2020 in sustainable development. To avoid digging all the public debt, the state must borrow from the European Central Bank "to zero or very low." Economists of the NGO out the measurement in a technical appendix of 20 pages. Nearly 100 billion euros should be invested for example in the construction of 500,000 new homes, advocates the foundation.

Radical reform of taxation. Staunch defender of the carbon tax, Nicolas Hulot has apparently failed to disarm it.Its foundation therefore recommends to "pay more in energy consumption and reduce taxes on labor." Through the establishment of a climate energy "tax on energy consumption enterprises, governments and households," says the foundation in a document dated June 2009. This tax would be offset by a universal allowance climate for smaller households and less polluting.

Clamp finance. Hulot Foundation believes that "limiting the ability of banks to finance operations without social interest" in limiting the borrowing capacity of investors who speculate. It proposes to limit operations to leverage and lead the hunt for tax havens.

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In July 2010, stress tests on the European 91banques were passed handily, with only 7 failed institution. This time, the new series of stress tests, to be launched next March 18 to 88 banks, whose results will be announced in June, hyptohèses would be even more flexible, according to the Financial Times, which has been view documents sent to banks.

In other words, the conditions for obtaining the review will be even more straightforward and the results should still be unusually good. The log book of some hypotheses deteriorating economic situation and financial. The supervisor is considering a decrease of 0.5% of GDP in the euro zone this year and -0.2% in 2012. Outlook more gloomy than what is expected.This item had been criticized in tests last July because of hyptohèses deteriorating economy were too low.

But apart from this good point, the tests include a 15% drop in financial markets against 20% in the previous tests, as revealed yesterday by the German newspaper Handelsblatt. They forget to take into account a possible "clash of commodity prices" or non-payment of a European state. They submit that the idea of a loss of 20% of the value of Portuguese government bonds held by banks and 15% on values related to the Spanish sovereign debt business card design. Moreover, the tests are considering an increase of 1.25 percentage point to core funding for European banks.Note that last week at the monthly meeting of the European Central Bank, Jean-Claude Trichet did not rule out raising rates of interest of 0.25 European Directors in April. They are currently at 1%.

Finally, the scenario for the stress test provides a steep decline in the housing market.

A new marketing campaign?

Obviously, the consideration that the banks must pass can not be too difficult to pass. For fear of panicking the markets. Because the exercise is really to make communication.But be careful not to discredit, just as was the case last July.

Already, the findings of this new wave of resistance testing could introduce a new category for institutions "tangent", which would be imposed certain constraints, as the chief authority for these tests.

"What I want is that there is not only a binary result pass / fail these tests – if you succeed, there is no action to take if you fail and must proceed a capital increase to reach the required threshold, "said the Financial Times on Monday, the president of the European supervisory authority of banks (EBA), Andrea Enri.

Suspected cyber focus again on China. At least five multinational sector hydocarbures were victims of assaults coordinated, conducted by hackers from the Chinese cities revealed Thursday the U.S. security specialist McAfee. Several gigabytes of confidential documents on bidding for contracts to drill and industrial equipment were stolen. Alerted, the FBI launched an investigation, says the Financial Times.

According to the work of McAfee, which did not specify the names of companies mentioned, these attacks have been ongoing for at least two years and are still ongoing.By combining several techniques for intrusion, hackers managed to penetrate the computer systems of their targets, then go back to the positions of officers in order to download email archives and other sensitive data.

"Worker bees"

The attackers did not try to delete their tracks, says McAfee. One of them, which provided tools to remotely control the hijacked servers, acted from the city of Heze in Shandong Province, while the data downloads were launched from IP addresses in Beijing at office hours. "These people are more like worker bees that hackers love freedom," said Dmitri Alperovicth, vice president of McAfee responsible for research on cyber threats.

The admission of McAfee, this type of attack is "relatively unsophisticated."It is not at the offensive launched against Google and other American companies in December 2009, when Chinese hackers were already under investigation. He did not have the sophistication of computer virus Stuxnet, which has targeted Iran's nuclear infrastructure. He was spying, rather than sabotage. There is no indication that piracy has been orchestrated by a State.

This new offensive, dubbed "Night Dragon" ("Night Dragon") by McAfee, illustrates the recent evolution of computer hacking. The security experts who are used to warn about the risks of viruses, spam and phishing, is now competing revelations about targeted intrusions and spectacular. These attacks do not directly affect most ordinary users, but governments and companies, which are also their customers.

In Pointe-Noire, Philip Ye inspects a cargo timber destined for China. (Paolo Woods)

In a market supported by confident and good indicators in Europe and the United States, the CAC 40 finished sharply higher Tuesday night and closed above 4000 points. A peak not seen since ten months.

But on Wednesday, indecision took over the top: CAC 40, which opened in the green, iron in the red about 10 hours: -0.12% to 4007 points. The 4000 points are kept but investors are worried.

On the one hand, this morning the Asian stock markets have stayed the course and bullish Wall Street closed last night invigorated. United States, the strong performance of IBM and Apple have reassured the financial world. And good macroeconomic news have taken over. According to that day, at 14.30 in the U.S., housing starts and building permits in December.In addition, a point of view of technical analysis, the next resistance is at 4090 points for the CAC 40.

But on the other, the rating agency Standard and Poor's has warned that the debt rating of the United States "will be put under pressure" if the government does not soon a "credible plan" to reduce its budget deficit . Moody's has also deteriorated on Wednesday morning note to long-term debt of Tunisia following the recent political changes and economic disruption resulting am.

On the foreign exchange market, the euro briefly exceeded $ 1.35 on Wednesday morning for the first time since Nov. 23, the greenback fell against all currencies.The euro has received some backlash, investors buying the currency after relatively successful bond issues by European countries in difficulty budget earlier this week, including Spain and Greece.

Edenred, Ingenico, Seb and Pierre & Vacances published

Also on Wednesday, banking stocks remain controlled while the finance minister, Christine Lagarde, hopes that the new tests for strength of banks expected to be completed by late spring. The official said Tuesday that details of the tests was discussed.

Vivendi: U.S. authorities have conditionally approved Tuesday by Comcast to acquire a majority stake in NBC Universal.A step that will allow Vivendi to finalize the sale of its interest in NBCU and cash it will allocate funds to the repurchase probably from Vodafone SFR.

Eiffage: 6.35% to 37.25 euros The group was selected at the expense of Bouygues (-1.83%, largest drop Cac), yet the most likely candidate, and Da Vinci (+0.35% at 41 , 89 euros) to finance, design, construction and maintenance of future high-speed line (HSL) Bretagne-Pays de la Loire, a market estimated at 3.4 billion euros.

Ingenico (4.17% to 28.50 euros) announced Tuesday again raised its 2010 earnings targets after posting organic growth of around 14% in Q4.

Seb (2.26% to 80.50 euros) reported Tuesday night with a turnover up 15% for the full year 2010, to 3.651 billion euros, bolstered by its sales in China.

IMS (2.77% to 13.72 euros) ade again in the fourth quarter benefited from higher metals prices, which resulted in an increase of 38.9% of sales over the last three months of the year's leading European distributor of specialty steels.

Alstom (-0.89% to 40.28 euros) and Remy Cointreau (1.20% to 53.29 euros) will unveil on Wednesday its sales in the first nine months of their fiscal offset.

Edenred (-0.54% to 18.55 euros), the former branch of prepaid services group Accor announced a croisssance 7% of its annual sales, supported by Latin America, and confirmed that its result during 2010 will range between 310 and 330 million euros.Accor will release on Wednesday.

Pierre & Vacances (1.02% to 62.43 euros) himself has posted a 11.7% increase of its quarterly revenue, supported in particular by its activity in property development.

CGG Veritas (-1.62%) announced Wednesday the launch of a convertible bond (Oceane) of approximately EUR 315 million maturing on January 1, 2016.

BioMerieux (-0.05%) will announce its turnover for the year 2010 after market close.

Note that yesterday, Gemalto rose over 6.6% at the close Tuesday night after signing a large contract with Japan for mobile payment. On Wednesday, the correct action of 0.26%.

The track is confirmed in the Chinese espionage case that target Renault. A note from the Central Directorate of Internal Intelligence dated January 7 attests. For now, it's just a bundle of converging suspicions that the French spy-cons must seek to substantiate in proceedings once he is officially before a judicial inquiry.

For now, the police sub-directorate for economic protection of the DCRI are on alert. They just carried out a number of "checks" until the builder filed a complaint in proper form. It had become inevitable, could act in the next few days.

At first, everything seemed to indicate that Renault had wanted to resolve this matter internally, discreetly and without making waves.When the manufacturer learned last August in favor of an information, it seems, suspicions of corruption involving three of its executives, he entrusted the care of this matter to its ethics committee, which in close relationship with some members of senior management, is organized to collect information. In its own way. Rather than using formal services, it relies on a private security firm to investigate possible wrongdoing. To everyone's amazement, the names of Jean-Michel Balthazar, a member of the steering committee and director of the division and upstream projects "that has worked for thirty years for the group, his deputy, Bertrand Rochette, in charge of pre- projects, and Matthieu Tenenbaum, assistant project director of electric vehicles, are listed in the confidential file.For months, these three men were found, enabling investigators to trace back to Renault.

"The specialized police became aware of the case by the press, Le Figaro said on Monday a source familiar with the matter. Astonished, they have even approached their counterparts in the Directorate General for External Security (DGSE) who were aware of anything either … "The three executives were laid off last January 3 before a flight in the press set fire to the powder and that Renault is in contact with the cons-espionage last week.

China's giant power

Refusing to reveal a priori the name of the mysterious pharmacy, the manufacturer has delivered some of his conclusions.According to our information, private investigators have ascertained that two of the three leaders suspected of embezzlement shall be provided with a bank account in Liechtenstein, where 130,000 euros have been discovered, and a second one in Switzerland where 500,000 euros have been deposited. According to the same pharmacy, the money would come from a Chinese company based in Beijing, China Power Grid Corporation, a giant electrical distribution … Questioned by Le Figaro, Renault did not want to make any comment Monday night.

To opacify the financial circuit of alleged bribes, kickbacks, secret payments allegedly passed through a series of intermediaries established in Shanghai and the island of Malta no faxing 1 hour payday loans.What draw the sinuous contours of "international organized network" mentioned this weekend in Le Monde by the number two of Renault, Patrick Pelata.

It remains to know the exact nature of the information passed through the chain of industrial espionage. "No nugget technology" has been filtered out of the business, has also assured the Director-General of the Board, before adding "whether the particular chemistry of the electrodes, the architecture of batteries, assembling the various components, the shipper or the engine itself, we are calm. "However, an informed source confided to Le Figaro on Monday that "the automaker did not yet have a clear view of all information that may have been transmitted by the alleged spies."

For now, all the "information" obtained in such shady circumstances by private investigators can not constitute evidence. "My client is stunned by this story, do not know the case against him and was like living a nightmare hammered Monday Thibault de Montbrial, lawyer Matthew Tenenbaum. We refuse to respond to rumors and accusations peremptory, made by Renault, who lost all caution in its communication. We will respond when allegations are supported by hardware. "

Any searches

The three executives will have details on the facts alleged against them as of this Tuesday.They are all three called for interviews prior to possible dismissal. Internally at Renault, the emotion was still as sharp on Monday. "Why do that?" Questioned one of the employees.Matthieu Tenenbaum, assistant program director of the electric car 33 years, was highly appreciated and promised an outstanding career at Renault.

Only the legal referral service as the DCRI investigation should explore in depth the mechanism of leakage and its real significance, especially when they heard the suspects under police custody, by making possible searches, the Technocentre Renault in Guyancourt (Yvelines) or elsewhere.

Beijing denies the charges "baseless and irresponsible"

China denies any involvement on Tuesday morning in the case of alleged industrial espionage in the car manufacturer Renault, announced a spokesman of Chinese Ministry of Foreign Affairs.
"We noted the information on this (…). These accusations are totally unfounded and irresponsible.The Chinese side can not accept them, "said the spokesman, Hong Lei, during a regular press briefing.

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The CAC 40 will begin in October on the positive. After an opening as small (+0.14%), the benchmark index in Paris climbed 0.52% stronger at 3734 points. In London, the FTSE is 0.82% at 5594 points while in Frankfurt the DAX climbed 0.65% to 6269 points.

The indexes are supported by the confirmation this morning announcements on HSBC manufacturing PMI. The China Federation of Logistics and Purchasing (CFLP), an organization close to the government, confirmed that he scored well in an acceleration reaching 53.8 in September against 51.7 in August.

Unemployment stable in the euro area

Still on macroeconomic statistics, growth in Germany's manufacturing sector slowed in September to 55.1 against 58.2 in August, returning to its lowest level since January and just below the flash estimate for September to 55.3.

In the euro area more broadly, the manufacturing PMI fell sharply to 53.7 points from 55.1 points in August, according to the firm Markit. This is its lowest level in eight months. This is slightly more than expected in a first estimate, which gave an index to 53.6 points. Unemployment remains stable in August to 10.1%.

Again this Friday, the meeting promises to be volatile due to a new set of indicators to be released in the U.S.. Among them, income and household spending and construction spending in August, the index of consumer sentiment and manufacturing ISM September.

Side currency, the euro climbed above the threshold of $ 1.37 for the first time in six months and a half. Around 10:40, one euro was trading 1.3725 dollar. Market rumors circulated about a possible intervention by the Fed would buy government bonds.

The automobile in order to keep

Bank stocks are among the highest increases of ACC on Friday. Dexia (0.93% to 3.26 euros) and Credit Agricole (+0.74% to 11.55 euros) announced Thursday it had formed a partnership in the commercial banking industry in France aimed at local government direct payday lenders. Furthermore, GDF Suez (0.63 U 26.42 euros) on Thursday bought Societe Generale (1.30% to 42.80 euros) its 49% stake in Gaselys specializes in energy trading. Baudouin Prot, CEO of BNP Paribas (1.19% to 52.79 euros), spoke Friday in an interview with the Financial Times, the need to appeal to shareholders in case of big acquisition after the application of new standards solvency Basel III.

International exhibition of the Paris Motor Show, which caters for business yesterday, will open its doors to the public tomorrow.Car manufacturers will therefore remain the greatest attention from investors on Friday. This morning, Carlos Ghosn said on BFM radio that "the crisis has shaken the entire automotive sector, but is now behind us." The titles of the group earns 0.56% to 37.96 euros. Peugot earns 0.89% to 24.89 euros.

Belvedere (0.67%) will report its results for the second quarter.

For the third quarter, which ended in late August, Kaufman & Broad (3.17% to 19.95 euros) himself has posted a net profit almost quadrupled.What it can confirm his return to net income for the full year 2010.

M6 (Métropole TV: -0.09% to 17.23 euros) will follow after that its subsidiary Mistergooddeal announced the acquisition of monaAbumPhoto.fr.

Orange and its parent France Telecom (+0.41% at 15.91 euros) were, they offered Elettra, a subsidiary of Telecom Italia specializes in submarine cables whose value is set at 20 million euros .

Publicis (+0.70% at 35.08 euros) announced Friday the acquisition of a majority stake in two agencies specializing in public relations and communication in India, 20:20 Social Media and 2020.

The U.S. stock market could try to take a step forward Friday. Futures on Standard & Poor's 500 and Nasdaq 100 advancing 0.44% respectively at 1125.30 points from 0.56% to 1992.50 points. On Thursday, the New York Stock Exchange finished the session down after the publication of economic statistics halftone United States. The Dow Jones Industrial Average has surrendered 76.89 points to 10,662.42 points and the Nasdaq, dominated by technology, 7.47 points to 2327.08 points. The broader index Standard & Poor's 500 dropped 0.83% (9.45 points) to 1124.83 points.

On the foreign exchange market, the euro rose in the morning this Friday at 1.3335 dollars against 1.3312 the previous day. The euro, which was still worth $ 1.27 on September 13, this week surpassed $ 1.34 for the first time since late April.Analysts from Exane BNP Paribas have revised their estimate of the euro against the dollar at $ 1.35 over the next 12 months on average.

On the macroeconomic front, investors expect the number of such durable goods orders, a key indicator of consumption across the Atlantic and sales of new homes in the United States.

Nike's net income up

The side of values, the U.S. manufacturer of sporting Nike released Thursday after the close of Wall Street net income up 9% year on year. Net income for the quarter ended Aug. 31 totaled $ 559 million, or $ 1.14 per share, while analysts were only waiting unsecured personal loans $ 1.01. But for specialists Aurel BGC "the most important thing is that Nike ad growth of its global wholesale orders 10% to $ 7.1 billion.Replenishment of stocks and sustained sales will support the growth that is strong in all divisions of Nike. "

For its part Apple has jumped on Thursday a new step on the podium of the largest market capitalizations in the world, the Chinese giant PetroChina lovely place second most expensive company in the world. The action of the U.S. computer group took 0.41% to 299.82 dollars, hitting a new record when an analyst raised its sales forecast for the iPad. It focuses its total weight on the stock market to 266 billion, against 265 billion for PetroChina. The Apple brand was snatched up to number three in May to its arch rival Microsoft. The U.S. oil ExxonMobil with a market capitalization of $ 310 billion, is number one worldwide.

Always on the side of values, EDF and Constellation go to the rescue of their joint venture.The electrician tricolor and Constellation Energy have initiated discussions to save their joint venture in the nuclear agency Bloomberg understands.

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.

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.