Daily International Headlines

The day after a session down slightly in Paris, the CAC 40 is expected to resume the path of opening up in the wake of U.S. markets and as the Japanese market remained closed. The news promises to be quiet, the lining of year-end balance sheet could be a source of arbitration pending the release of durable goods orders in the United States. Volumes are expected to remain particularly weak.

The previous day, the Dow Jones advanced timidly but surely, from 0.23% to 11,558.81 points. U.S. GDP came out up 2.6% against 2.5% in the previous estimate, while economists were expecting a more significant revision, to 2.7% or 2.8%. Resales of existing homes rebounded by 5.6% last month to 4.68 million units on an annualized basis (according to figures from the NAR) in accordance with expectations of economists who expected a rise to 4.7 million .

The main highlight of the week at the macroeconomic level, however, is expected on Thursday with the number of durable goods orders for November. U.S. consumer confidence, spending and incomes, the unemployment claims or sales of new homes will also be published on Thursday.

On this side of the Atlantic, we will learn expenditure Household consumption of manufactured goods and producer price indices and import industry in France and inflation in Belgium.

The French plan to spend less in the next three months because they are pessimistic in purchasing power, according to a poll conducted for ViaVoice BPCE, France Info and Les Echos. Thus, 35% of respondents planning to spend less in the first quarter of 2011 for food and clothing low fee pay day loans.And only 3% of respondents are considering a property purchase.

On the foreign exchange market, the euro rises slightly against the dollar. This morning the euro is worth 1.3134 dollars. Tuesday the euro was again on the decline against the dollar, wiping out the gains earlier in the day. As for the Swiss franc, it has continued to gain ground against the euro in passing for the first time on Wednesday to below 1.25 Swiss francs per euro. The Swiss franc fell to 1.2439 per euro, a new record after those of the previous day where the Swiss currency had reached the milestone of 1.26 per euro.

As for oil, the price of oil has exceeded the threshold of 90 dollars late Wednesday in New York. That had not happened since October 2008.

NYSE-Euronext monitored

In terms of values, all eyes will turn to the NYSE-Euronext.In fact, the Anglo-Saxon trading platforms titles BATS and Chi-X have entered into exclusive negotiations regarding the potential sale of Chi-X Europe to BATS.

Subsidiaries of Bouygues and Plastic Omnium has been condemned by the Competition Authority to pay fines for unlawful agreement on road signs with six other groups.

Areva holds a general meeting must decide on a capital increase.

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The year 2010 was undoubtedly, in developed economies, that of the explosion of public debt. Thus, the net debt service of the U.S. state has increased by more than 2.000 billion for fiscal year 2010, according to a report released Tuesday by the Treasury. In total, the federal public debt has reached 13.473 billion dollars (10,300 million euros). The deficit, which reflects interest on debt and the cost of social spending, spring 2080 billion for the year ended September 30, against 1.253 trillion a year earlier.

The same applies to the United Kingdom: the country's public deficit widened more than expected in November to 16.8 billion pounds (19.8 billion euros) a month, or 2 billion higher than November 2009.Meanwhile, total public debt has dug logically, reaching 65.2% of Gross Domestic Product (GDP), against 59.5% a year earlier. In eight months since the start of the 2010 budget year in April, the deficit reached 83 cash advance no faxing.2 billion pounds, exactly the same level as the previous year despite the efforts announced to fill the hole in the accounts of the state.

Furthermore, with 50 billion of additional debt in 2010, Germany beat a sad record: the largest debt level since the founding of the Federal Republic in 1949. It now amounts to 1791 billion euros. And France, for the current year, Agence France Trésor (AFT) announced it has borrowed 188 billion euros in medium and long term, a record. French debt amounted to 1237 billion euros at end-November.

Meanwhile, Spain has seen the cost of its debt rose at its last auction of debt this year.

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The struggle for redemption Draka intensifies. The merger between Italy's Prysmian Cable Guy and Dutch would give rise to world number one cable to Nexans. But a third robber came to disturb the celebration. After the Dutch Draka refused the offer of 731 million euros of Nexans and accepted that of the Italian Prysmia, the Chinese group was outbid Tianjin Xinmao supply Prysmia. It proposes EUR 20.50 per share against 17.20 for Prysmia, a billion euros against 840 million. In other words, a difference of about 15%. However, if another candidate submits a bid higher than 15% in less than Prysmian, Draka may withdraw its agreement with Prysmian Cable Guy Italian and revise its bid. On Wednesday, both sides confirmed that they were engaged in discussions.

Nexans could withdraw

Until more information, Nexans, whose bid was rejected Monday by Draka, could announce his retirement. Every effort should therefore be played between Prysmian and Tianjin Xinmao. The Italian seems to be favored by Draka, since its offer has received unanimous support from the leadership of the Dutch group, as well as its largest shareholder, Flint Beheer, which owns 48.5% of capital. Before the Chinese do not make the offer though.

The new group that wants to build Draka and combine Prysmian Prysmian's presence in southern Europe and the Draka in the north and would be present in cables for telecommunications and energy. Its combined turnover would be around 5.8 billion euros based on 2009 figures for both groups.Prysmian's offer, to be launched in the first quarter of 2011 and completed in the second quarter, representing slightly more than 9 times the gross operating profit (EBITDA) of EUR 143 million projected in 2010 for Draka.

Apple has the showmanship. On Monday, a message posted on its website promised an announcement "exceptional" for this Tuesday at 16 o'clock. Immediately, the specialized sites are engaged in a true treasure hunt to guess the subject of this announcement. One scenario has quickly established itself: the arrival of the Beatles catalog on iTunes. A scenario officially confirmed by Apple.

Since the launch of Apple's digital music store in 2003, integration of the Beatles on iTunes was a figure of Arles. The rumor resurfaced routinely before each conference Steve Jobs. In September 2009, was taken for granted: the band's albums were released in version "remastered" and Paul McCartney and Yoko Ono, two managers of the precious catalog, had indicated their desire to negotiate with Apple.

Relations have not always been so addressed.A dispute has long opposed the label Apple and Apple Corps, founded by the Beatles, who share the same name. To avoid confusion of trademarks, the California company has embarked on in 1981 to have no musical activity. The output of the iPod and iTunes came to cause trouble. After several passages in court, an amicable agreement was reached in 2007 between the two Apple.

The situation has been gradually released. And according to The Wall Street Journal, the New York Times and Billboard, the negotiations to release the Beatles catalog on iTunes, started a long association with the major EMI have finally succeeded. Apple could benefit from a presentation Tuesday to introduce also a version of the iPod and the iPad dedicated to the Beatles, as he did for U2 before cash till payday.

A symbolic

Described as "exceptional" by Apple, this ad has primarily a symbolic significance.The Beatles are indeed one of the last groups to go digital soon. According to the New York Times, the agreement would in fact much to the tenacity of Steve Jobs, a great admirer of the group. Upon the death of George Harrison in 2001, the presentation of the Apple site had been upset to pay tribute to the guitarist of the Beatles.

The financial impact may be more marginal. In a depressed record market, the "Fab Four" certainly retain a capacity to attract phenomenal. United States, they still achieved the third best selling in 2009, behind Michael Jackson and Taylor Swift. In France, EMI has sold 100,000 last year remastered CD in just one week. But Apple is gaining much more money selling iPod and iPhone with iTunes. And the fans did not wait for iTunes to convert the songs themselves the Beatles.

That is why other announcements are expected on Tuesday …For Apple fans this time. "There is a chance that Apple has changed its plans at the last moment," also said the Wall Street Journal. iTunes, which has previously adopted the model of downloading the document, could convert to listen to streaming music subscription, facing the breakthrough services like Spotify. But this requires new agreements with record companies, which have not yet been signed.

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No need for capital increase. As BNP Paribas, Societe Generale and BPCE group had done in previous days, Crédit Agricole Wednesday rejected any appeal to the market to meet the new prudential requirements in their current state. The mutual group ensures that its financial structure "solid" and its "internal flexibility" it will show in 2013 a capital ratio above 7%, as required by Basel 3, both overall and at the level its listed vehicle, Credit Agricole SA (Casa).

For the green bank, this commitment is far from a formality. Financial analysts have repeatedly in recent months, to sound the alarm about the French mutual, judging it the most vulnerable in Europe face the stresses imposed by regulators.

Heavyweight insurance

In particular, they require that banks deduct from their own funds a portion of their holdings in the insurance business or in banks. However, Casa, truck insurance, also owns 25% of regional banks in the group. A capital structure similar to that of BPCE and its subsidiary Natixis. Natixis, a new entrant to the CAC 40, has also dropped in exchange for about 12% Wednesday, the day after disclosing earnings below expectations, but its prospects deemed disappointing in terms of prudential ratios payday loans for self employed.

Suffice to say that Credit Agricole was eagerly awaited Wednesday on the subject as technical as strategic. It has revealed that participation in the Casa regional banks would increase its risk-weighted assets of 50 billion euros.It will add 70 to 90 billion euros of risk-weighted assets related to market activities. Who said said additional risk-weighted capital requirement additional. Knowing that, at the same time, the regulator imposes capital deductions in current use: it could go up to 8.5 billion for Casa.

To compensate for these "less" prudential, Crédit Agricole has emphasized its ability to generate profit. In the third quarter, the whole group net profit group share of EUR 1.4 billion, doubled over the same period in 2009. Casa alone posted a net profit after minority interests of 742 million euros is 2.6 times the profit earned in the third quarter of 2009.In the nine months, the group garnered a profit of 3.3 billion, including $ 1.6 billion at Casa.

In total, 15 billion euros in profits that Credit Agricole expects to generate between 2010 and 2012, including 7 billion for Casa.

The CAC 40 is expected to remain in the green Wednesday. The benchmark index of the Paris Stock Exchange, which closed yesterday's session on a strong rebound is expected to remain near the 3,700-point threshold that had lost six consecutive sessions of declines. Investors will be morally supported by Wall Street ended the day on Tuesday on higher in five months thanks to an ISM service index better than expected. This morning, Asian markets have chosen to follow this path by signing Shakers.

Pending the commencement of quarterly publications and employment figures in the U.S. this weekend, the markets will monitor the final reading of second quarter GDP in the euro area and the controls of German companies in August. They will also have a market overview of U.S. employment in September with the start of the afternoon the monthly ADP selont.

This morning, the euro slows its progress against the dollar (-0.09%) but remained above the $ 1.38 to 1.3844.

Thales seeks to reduce its workforce

According to the Tribune on Wednesday, Thales has called on its unions to begin negotiations on an agreement allowing downsizing in business functions and support.

SeLoger.com announced Tuesday the appointment of an independent expert to study the tender offer launched on its shares by the German media group Axel Springer.

Science AB announced Tuesday night to have received the green light from U.S. and European authorities to launch directly into Phase III without phase II clinical study in the treatment of melanoma, a malignant tumor of the skin.

Nexans should not be subjected to pressures on its supply of copper due to the good relations it has with its suppliers, executives said on Tuesday the cable manufacturer.

Vilmorin publishes its annual results after the stock market 2009-2010.

Optimism should end this Friday at the Paris Bourse. After the publication of measures encouraging the United States and the good performance of the Nikkei, supported by better than expected growth, the CAC 40 is expected to slow its progress towards the 3800 points. Around 8:25, futures were down 0.40% at 3706.50 points. On Thursday, the index in Paris closed above 3700 points (1.22%).

On the macroeconomic front, important indicators are the program: in France, industrial production in July and the price of oil and raw materials imported in August.The euro area will publish an initial estimate of the balance of payments in the second quarter.

On the currency market, about 8:00, the euro lost 0.17% to 1.2677 dollar.

On the side of corporate banking stocks will again be monitored by investors on Friday, while the Basel Committee should announce this weekend's solvency requirements for banks.

Values cars will also follow, while Renault and PSA could pay off sooner than expected third loan that the state has granted them during the crisis, according to La Tribune.

According to Le Figaro, the Central Committee of Air France company would have a cash deficit of 8.9 million and a loss of 14 million for this year.

The fall is twice larger than expected. Sales of existing homes in the United States have unscrewed from 27.2% in July compared to June, according to figures released Tuesday by the National Association of Realtors (NAR). A statistic which agrees with the economists providing a relapse of the U.S. economy.

Sales of existing properties and have hit a 15-year low in July. The June sales have they been revised downward to 5.26 million units, against 5.37 previously.

These figures are certainly worse than expected catastrophic but are not a total surprise. They indeed correspond to the decision of the tax credit established by the Federal Government to support sales. "Citizens are very rationally rushed on the market before the expiry of the measure in May," says Laurence Yun, chief economist of the NAR."Since that date, signature of contracts of sale were far less numerous. Expect a break until late September. "Other economists expect a further slide in sales volumes until 2011.

The CAC 40 should remain cautious. Following a meeting that ended with some profit-taking, the leading index is expected to begin in Paris in the red a session that will be marked by the wait. Markets await in fact the first estimate of U.S. GDP in the second quarter to be announced this afternoon across the Atlantic. This Friday in Asia as investors remained on the defensive. Thursday already on Wall Street, the markets had signed a febrile very bearish session.

Besides GDP, the U.S. will publish the index of consumer sentiment and Chicago PMI. In Europe, German retail sales and GDP of the area will also be published.

Moreover, this last week's meeting will again be marked by a series of major business publications.

Alcatel Lucent revenues of 3.813 billion euros in the second quarter, up 17.4% sequentially and down 2.4% from the second quarter of last year. The group reiterated its outlook for 2010, including an adjusted operating income of between 1% and 5% of its revenues.

JCDecaux announced Friday a net profit in the first half of 65 million euros compared to 4.4 million euros over the same period in 2009. The group anticipates a change in organic revenue for the third quarter less than that of the second with a cash flow of 119 million euros, compared with -1.7 million euros in the first half.

Lafarge reported a sales increase of 2% to 4.43 billion euros in the second quarter. The group now provides a variation of the demand for cement between -1 and +3% in 2010 compared to 2009.Lafarge expects a reduction in capital expenditure to less than 1 billion euros in 2011.

EDF has announced a net profit group share 1.7 billion euros including a provision for $ 1.1 billion on its North American operations easy payday loans. Moreover, the EPR Flamanville, who has two years late, should produce marketable electricity in 2014, with construction costs re-estimated at around five billion euros.

EADS announces first half net profit of 185 million euros and a turnover of 20.3 billion euros. Adjusted operating income is 406 million euros. Its subsidiary Airbus raised its target for gross orders in 2010 to more than 400 aircraft. For Eurocopter, the sales increase for 2010 should exceed 44 billion euros.The adjusted EBIT target is maintained at one billion euros despite negative currency effects that are cumulative outstanding in the first half.

Schneider Electric releases a turnover of 8.57 billion euros in the first half (+10.5%) of which 4.661 billion (+18.5%) in the second. The group expects an increase in organic revenue in the second half "broadly comparable" to that of the first half and is now an EBITA margin of around 15.5% before restructuring costs and the impact of consolidation of distribution areva , against 14% previously.

Renault posted a turnover increase of 23.1% for first half of 2010 to the same perimeter, to 19.668 billion euros.The manufacturer profitable again, the latter standing at 823 million euros over the period cons net loss of 2.712 billion euros a year earlier.

PPR announced a net profit after minority interests rose 86.8% to 407 million euros in the first half. The turnover was 8.139 billion euros, representing organic growth of 1.7%.

Imerys has reported a net operating income rose sharply to 122 million euros (161%) in the first half with a turnover of organic growth of 16%.

Michelin and Total must follow.

The European Commission has announced the opening of two antitrust investigations against the U.S. computer giant IBM, suspected abuse of dominant position in the server market.

"The European Commission has decided to open formal antitrust investigations against IBM Corporation in two separate cases of alleged breaches of EU rules on abuse of dominant position in the market," said the EU executive in a statement.

"The two cases," she added, "are related to behavior of IBM in the market for central servers," which weighs, equipment and operating systems including about 8.5 billion worldwide, including three billion in the European Economic Area.

The central servers are powerful computers used by many large companies and government institutions in the world to store and process critical information.

The software manufacturers penalized

The first investigation follows complaints filed against IBM by two vendors say emulation technology, the U.S. in Q3 2009 and the French Hercules Turbo this year. According to these two companies, the software giant would link its central server hardware and its own operating system these servers.

IBM, by not allowing customers the freedom to use the systems of their choice on the equipment of their choice, would penalize manufacturers of software to improve performance on computers of other brands.

As to the second inquiry, the Commission stated that it was launched on its own initiative.Its services suspect indeed a "discriminatory conduct" IBM "vis-à-vis its competitors who provide maintenance services of central servers" fast payday loan no faxing."By restricting or delaying access to spare parts that IBM is the sole supplier, American society, Brussels is concerned, could foreclose its competitors from the market.

Two investigations "without merit" for IBM

The U.S. computer giant, IBM, Judge "without merit" the two investigations announced Monday by the European Commission for abusing its dominant position in the market for central servers, a market "for it was dead" until recently.

In a statement, IBM claims that "there are few, experts in high technology and IBM's competitors were pronounced dead at the central server market", and "many companies abandoned it or developing alternatives" .

Conversely, "IBM has taken a crucial decision: to invest billions of dollars" in this technology "to bring him an unprecedented level of speed, reliability and security for the enterprise market," the statement added. He continued: "Today, the central server market is a small niche in the highly competitive landscape of servers," he says.

IBM therefore accuses "some competitors who have not been able to earn their place on the market through investments" to want to do this using regulators. "The accusations against IBM TurboHercules and T3 are driven by some of the biggest competitors of IBM, led by Microsoft, (…) who want to emulate certain aspects of IBM mainframe servers without having to make substantial investments IBM has done and continues to do, "concludes the group. "They thus violate its intellectual property."