It's official: the economy in the euro zone will be better than expected. The European Central Bank has acknowledged Thursday by raising its growth forecast for 2010 and 2011. According to new figures, the business would grow in 2010 in a range between 1.4 and 1.8% from 0.7% to 1.3% estimated earlier. By 2011, growth would be between 0.5% and 2.3%, against +0.2% +2.2% previously.

"The range of real GDP growth this year has been revised upward due to stronger than expected rebound in economic growth in the second quarter and better than expected trends observed during the months of summer," explained the ECB president, Jean-Claude Trichet."For 2011, the band has also been revised up to reflect mainly the lingering effects of the stronger growth expected in late 2010."

Uncertainty

Despite these upward revisions, "uncertainty continues to prevail," said Jean-Claude Trichet nuanced. On the other hand, "the resumption of activity should be constrained by the process of balance sheet adjustments in various sectors and the prospects of the labor market."

Especially, the growth differentials are widening between the different countries of the eurozone, economists noted. When Germany led the run with 2.2% growth in the second quarter, Greece sinking into recession with a decline of 1.5% of GDP. Same trend for national unemployment rates. In these circumstances, the ECB's strategy looks complicated.

This is not a problem, "replied Jean-Claude Trichet: the Fed, the U.S., is in the same position for decades with 50 states. "Over the past decade, the lowest growth of a U.S. state was 0.9% (Ohio) and the highest 4.7% (Arizona). We observed the same discrepancy in the euro area over the same period, "argued the president of the ECB. Same thing for the unemployment rates have spread from 3.5% to 14% depending on the states. Again, we found the same range in the Eurozone. "

New blow for Toyota. The Japanese automaker has launched a new campaign to recall the United States. It covers 1.13 million Corollas, his best-seller.

The reason? An engine problem that affects models built between 2005 and 2008. The decision comes two days after the U.S. National Highway Safety Agency (NHTSA) reported having opened a new investigation into the Corolla, which was already under control since last February after 163 complaints of American motorists.

This new campaign will tarnish a bit more Toyota's reputation, which had been forced to recall more than 10 million vehicles worldwide, mostly in the U.S. since last fall.

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After opening at 3746.56 points on balance, the CAC 40 suffered some profit taking and lost around 10:30 just over 0.5% to 3726.45 points. At midday, the index feature yielded 0.54% to 3727 points before picking up one hour before the opening of Wall Street. 14.30 ACC exceeds 3750 points (+0.13%). Tuesday evening now, the benchmark index of the Paris market had bent slightly, from 0.12% to 3747.51 points, while nearly 3,750 points in the wake of Wall Street, penalized by economic indicators so good that anticipated.

Investors reacted positively Wednesday morning, however, the results of Societe Generale, published before the opening, and that are much better than expected.Monday, BNP Paribas and HSBC had already published accounts reassuring and had restored confidence to investors worldwide.

In Asia, Tokyo has fallen sharply while export values are penalized by the yen continued to rise against the dollar. At 85.5 yen to the dollar, the yen has never been stronger.

Economic News still loaded

On Wednesday, the macroeconomic news might still punctuate the markets. In the euro area, the focus will be on the PMI services and composite July (2nd estimate).Growth in the French sector of services has accelerated slightly in July, but expectations of entrepreneurs are less strong, according to the PMI survey published Wednesday by Markit Economics.

At 11:00, retail sales in the eurozone emerged flat in June mainly due to lower sales of food products, following a 0.4% increase the previous month (revised from +0.2%) but show a larger increase than expected 0.4% in one year, after 0.6% (revised from +0.3%) recorded in May Economists polled by Reuters had forecast an average increase of 0.1% from one month to another as well as annual.

Overseas, the ADP employment figures in the private sector in July will be well attended in the financial world, at 14.30. Then at 16 hours, the ISM index of activity in services should lead the market.Finally, at 16:30, the traditional weekly crude oil stocks are known. All these figures of importance, so that on Tuesday, the statistics on consumer spending and incomes of households were poorer than expected.

Société Générale and Axa have done better than expected

As for values, investors have been informed by stock-half-year results of Societe Generale (1.38% to 46.02 euros) payday loans. Net income was more than tripled to 1.084 billion euros in the second quarter. Economists expected a doubling.Moreover, its Greek subsidiary Geniki announced a widening its net loss in the first half, the economic difficulties the country promoting the proliferation of bad loans.

AXA (-1.76% to 14.47 euros), has reported net earnings in the first half down 29% to 944 million euros. It's better than expected and operating income, which excludes special items, spring, him, down 3%.

Suez Environment (-0.23% to 15.14 euros), which specializes in managing water and waste, noted Wednesday its growth forecast for the full year 2010, after posting first half results strong growth. Jean-Louis Chaussade, CEO of number two French water treatment and industrial waste, says his group's performance in the first half.

Bic (+0.54% at 56.10 euros).The group anticipates a slowdown in particular the growth in sales of lighters and razors in the second half.

Sopra (-0.02%) and Iliad (-1.15%) also posted pre-market.

Maurel & Prom: + 68% of first half sales

Energy. Departments of Ecology and Economy announced Tuesday that the government planned to increase to 15 August electricity rates by 3% on average for households and 4% to 5.5% for businesses. EDF is the head of the CAC 40 to 34.7 euros.

Maurel & Prom (-0.45%% to EUR 9.78) Tuesday announced sales up 68% in the first half of 2010, helped by the rise in production fields in Gabon and in particular into production fields and Omgw OMBG. Note that the oil companies are particularly sought after in recent sessions.The oil was indeed installed comfortably beyond 80 dollars.

Vilmorin (+0.17% to 74.63 euros) Tuesday posted a consolidated turnover from 2009 to 2010 up 6.2%, supported by his vegetable business. The fourth seed has confirmed global forecast fiscal year 2009-2010 ended June 30, "a good performance of its margins," despite the increased "significantly" from its research investment.

Teleperformance (-0.72% to 19.31 euros) announced Tuesday for the first half rose 3.9% in sales on a reported basis, down to a 2.6% decline in comparable, indicating that positive impact of its restructuring plan on the second play of the year.

The retirements have melted like snow in the sun in 2009. According to the National Insurance pensions (CNAV) 734.0000 some employees have asserted their right to retire last year, against 785,000 in 2008. It has been 10% less than in 2007, when nearly 820,000 active generation of baby boomers are retiring.

The main reason for this huge difference is the collapse of early retirement for long careers. In force since 2004, starting a long career can retire between 56 and 60 for those who started work before their 17 years. The conditions for benefiting from this device, however, were restricted by the government in 2008.

Early departures will be undermined

In 2009, 24,300 people were affected by these departures anticipated, against 122,120 in 2008 and 115,120 in 2007, according CNAV.This decline has led, despite the crisis, to increase the participation rate of older workers aged 50-64 years, has pointed the direction of animation research, studies and statistics (DARES) of the Department Employment in a report on employment, unemployment and labor force in 2009 released this week.

According CNAV, many assets have anticipated the tightening of regulations on long careers and have preferred to assert their rights to retirement in 2008. In September 2007, Prime Minister François Fillon had estimated the cost of this measure is important because it explains half of the deficit of the general pension scheme established in 2007.

Have also been restrictions on the potential acquisition of quarters, and longer duration required assessed under the successive reforms of 1993, 2003 and 2007, according CNAV.

The effects of a 1959 Act

In addition to the tightening of access device initially anticipated a long career, Dares says that downsizing is partly due to "lagged effects of the law Berthoin to 16 years with school age obligoire" for children born after 1953. An ordinance dating from 1959!

If the hour is restraint, reform of pensions in payment should not spell the end of the device of long careers. The government expects its bill for consideration by Parliament in September, to "extend and expand" the insured "who started their business at the age of 17 years." They may retire before the age of 62 years provided for the general scheme. A condition to justify a contribution period of two years longer than the duration required, or 43 years.

(With AFP)

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The use of frames is better. The worst is over. According to the barometer of Apec, 52% of companies surveyed have recruited at least one frame in the second quarter. Five points higher than last year. 43% of companies say they will recruit in the third quarter, eight points higher than the third quarter of 2009. "The results this quarter are at a level close to the situation two years ago," wrote the experts from APEC. Computer science, engineering and business services accounted for this improvement. In the first two sectors, more than half of companies recruit more than a year ago.

However, the situation remains difficult in construction where the recruitment of three companies in four are stable or declining.

Good news for graduates: improving the recruitment forecasts for the first time since the crisis began in 2008. According to APEC, 38% of companies want to hire youth in the third quarter. Four points higher than a year ago. A quarter of managers hired since the beginning of the year are young graduates. For cons, the elderly have always struggled to attract employers. Managers with more than twenty years of experience represent only 9% of new hires.

The crisis has reduced the mobility of executives in 2009

After a break of three days (Monday holiday), the U.S. stock markets have regained the height that ended Tuesday up 0.61% to 9744 points for the Dow Jones and 0.5% for the S & P to 1028 points. A progression that relfète pa really a return to confidence because, after open sharp increase, the U.S. indexes saw their grain can crumble after opening and have spent the waterline to 20 hours.

The ISM index of activity in the services sector in the United States has remained above 50, 53.8, against 55 expected. This means an expansion of activity, but less than expected.

On Friday, the New York Stock Exchange had fallen heavily, cooled by the monthly figures of employment in the United States, although less well than expected. Last week, the Dow Jones dropped 4.51% to 9686.48 points, ending Friday at its lowest level since October 5.The Nasdaq fell 5.92% to 2091.79 points and the Standard & Poor's 500 index 5.03% to 1022.58 points.

On the foreign exchange market, the euro continues to rise on Tuesday. At 22 hours, the euro gained 0.61% to 1.2621 dollar.

After the disappointment of Friday on the employment figures, investors should be particularly careful this week to weekly figures for unemployment benefits that are to be published Thursday.

The employment report in June showed Friday that the U.S. economy had reduced jobs for the first time since the beginning of the year. Even the decline in the unemployment rate to 9.5% was not enough to reassure investors, this situation reflects the despair of a portion of the workforce, which seeks more jobs.On Wall Street as on most other major world places, operators should play the card of caution this week before the opening of the interim results season.

On the face values

Within the Dow, the ball begins, as always, with results from Alcoa July 12 (next Monday) Free 3-in-1 credit report.

Meanwhile, the discount retailer Family Dollar Stores (+2.1% to 39.43 dollars) to publish its half-yearly results on Wednesday. This will be the only company in the S & P 500 to publish its results this week.

The BP Plc, also listed on Wall Street leads the session with an increase of 48.72% to 31.91 dollars.After the group has denied being the search for new shareholders, Shokri Ghanem, Chairman of National Oil Co, a Libyan oil, said that Libya should return to the capital of the British oil company.

The share of investment bank Goldman Sachs benefits of raising recommendation of JPMorgan, which rose to overweight on the title: 0.83% to 132.17 dollars.

Ford Motors has seen its price target return of 16-14 dollars by Goldman Sachs, the bank has lowered its estimate of overall vehicle sales in 2010. However, retain a recommendation "attractive" on the automotive sector. Finally, shares fell 1.17% to 10.16 dollars.

News Corp., the media group founded by Rupert Murdoch, The Wall Street Journal, in discussion with Google, Microsoft and Yahoo! for the sale of advertising space on MySpace, so that the current contract with Google ends.The securities have gained 2.79% to 12.15 dollars.

The group of agrochemicals and seeds Monsanto (-3.05% to 45.12 dollars) Monday withdrew its complaint against European importers of industrial soybean meal from Argentina. Monsanto previously estimated that they infringed its European patent on its Roundup Ready soybeans. But the group has settled its dispute with the Dutch importer and dealer Cefetra raw Alfred C. Toepfer International just before decide the European Court of Justice on the case Tuesday.

The Paris Bourse tries on Monday to continue its momentum from Friday and thus began the session in the green. The CAC 40 gained 0.43% at the opening at 3362.72 points. At the end of last week, the CAC 40 finished on a small increase of 0.25% after a volatile trading. All investors anxiously awaiting the monthly figures for U.S. employment, which were more troubling than expected 125,000 jobs lost in June but 83,000 in private creations against 33,000 in May, and unemployment fell to 9.5%. The U.S. markets have fallen back slightly after the announcement, but their European counterparts have remained on the upside.

The CAC 40 lost 5%, however the last five days and will therefore try to regain lost ground this week. Investors can not follow Wall Street Monday as the U.S. stock market is closed after the national holiday.On the side indicators in France, the PMI services will be published. For the euro zone composite PMI index, and the sales details will also be announced.

Elsewhere in Europe, also dominates the green. The London Stock Exchange opened up 0.45% to 4859.98 points, while the German Dax climbed 0.34% to 5853.75 points.

The banking supervision

Dexia (0.61% to 2.81 euros) received the assumptions of Stress tests requested by the European Union on the eve of the weekend and is currently being examined, according to chief executive of French bank Belgian-Pierre Mariani.

BNP Paribas (0.70% to 44.51 euros) has sold its subsidiary of consumer credit BNP Paribas Personal Finance Belgium funds Apax Partners SA and Altamir Amboise.The sale is part of BNP Paribas commitments towards the European Commission following the acquisition of Fortis in Belgium in 2009 free credit score.

Zodiac Aerospace (+0.48% at 37.67 euros) has agreed to buy German Sell. It is the third acquisition transaction in two months for the group led by Olivier Zarrouati.

Carrefour (1.23% to 32.53 euros) will close unprofitable stores sixteen in Belgium at the end of the month as part of the restructuring of its assets in the country, while strengthening its partnership with Mestdagh. The group expects these closures savings of about 25 million euros per year.

Air France KLM (0.64% at 9.66 euros) will face a new competitor on the field connections to Africa. The Airline Oxygen Africa should get the green light for launch in the coming weeks.

France Telecom (0.28% to 14.24 euros) must submit to the press, about 11 o'clock this morning, its strategic plan for the next five years. He wants to have more than 300 million customers worldwide by 2015 against about 200 million today, "said Stéphane Richard, CEO of telecoms group, in an interview published in Le Parisien on Monday.

Total (0.01% to 36.19 euros) does not study the acquisition of BP, but would be willing to consider the acquisition of certain assets if they were on sale, said Friday the CEO Christophe de Margerie.

PSA Peugeot Citroen (0.84% to 21.05 euros) announced it acquired for an amount of 244,925,000 euros, part of the bond issued in 2001 and maturing in September 2011.The takeover was launched June 21, 2010 simultaneously launching the bond issue of 500 million euros due five years.

From simple to double. In 2009, the price of a comparable basket of food and soft drinks were twice as high in the Member State of the European Union the most expensive in the cheapest, according to a survey published by Eurostat, the statistical office of the EU, which compared the prices of nearly 500 products in 37 countries across Europe.

Among the 27 countries of the European Union, Denmark takes the top spot, with rates higher than 39% the EU average. The Nordic country is followed by Ireland (29%) and Finland (20%). A laggard, Poland is the EU country where food prices are the lowest, 36% lower than average.Romania (34%) and Bulgaria (32%) are just ahead of Poland at the end of this ranking.

According to Eurostat, France was the eighth most expensive country in the EU for food in 2009, behind Germany (7th) and Belgium (6th), where food prices were respectively 11% and 15% higher than average.

In France, food prices (including soft drinks) were 10% more expensive than the EU average in 2009, reports Eurostat. In detail, the bread and cereals were costing 13% more in France, the 22% more meat and milk, cheese and eggs 4% more. Excluding food, prices of alcoholic beverages in France were 5% below the European average.Tobacco, however, was 33% more expensive.

"Taxation, particularly on alcohol and tobacco, varies enormously from one country to another, and this has an obvious impact on prices of products sold to consumers," says Mathieu Plane, an economist at the French Observatory Economic Conditions (OFCE). So tobacco is even more expensive in Ireland (117% above the EU average) and the United Kingdom (66%).

Discrepancies of wealth even more important

Other parameters explain the wide disparity within the EU. "The final prices are higher in the importing countries," says Mathieu Plane. Costs such as transportation of products are indeed passed on the labels on the shelves."As for producing countries, wages and other production costs are also reflected in consumer prices." Prices that are reported above the standard of living of each country.

Again, the European Institute of Statistics has found very large differences in wealth within the EU, in relation to gross domestic product (GDP) of all 27 members to its population. According to figures recently released by Eurostat, the EU's 13 states have a standard of living than the European average. France is in 11th place with 7% above average. At the other end of the table, Bulgaria ranks dead last with a per capita wealth less than 59% above the average of the 27 states. And seven times lower than the first classification, Luxembourg!

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Doing better than last May 27. That was the declared objective of the unions on Thursday morning, when an earlier day of action against the pension reform was mobilized between 395,000 and one million people (according to police and unions respectively) on the streets. Since then, times have changed. The government has announced plans for pension reform last week. A text that unions have unanimously considered "unfair."

In the afternoon, the figures for participation in parades and the strike rate was rather encouraging for the Inter-CGT, CFDT, UNSA, Solidaires, FSU and CFTC, the origin of this new day of action against government project.While some 200 rallies are planned across France on Thursday morning parades that took place from north to south have already attracted more people than May 27

It says that Bernard Thibault, secretary general of the CGT:

Like The Prisoner, the hierarchs of the Societe Generale will designate them by numbers, which creates a particularly warm climate. In the case of Jerome Kerviel, we have, in order of increasing responsibility, N +1, N +2, etc.. Until the Director General, N 7. Hence the paradoxical equation that seeks to resolve the criminal court of Paris against a chain of command if expanded and a financial disaster without precedent: (N +1) + (N 2) … + (N +7) =- 4.9 billion euros in January 2008.

Here, at the helm, N +1. A tall, friendly, very thin uniform N + (gray suit, blue tie), polytechnician ruffled the soft look. In real life, he called Eric Cordelle, 38, married, two children. Societe Generale was dismissed in April 2008 and is currently "looking for a job."What is immediately striking is that it does not seem really for the post of Chief of Jerome Kerviel and seven other traders that he agreed in April 2007: expert financial engineering, back from Japan He knows neither the language nor the tricks of trading – exactly the opposite profile of its predecessor. Hence the hypothesis raised by the prosecution, that Mr. Kerviel would have easily eaten secretly by investing 50 billion euros.

What is striking then, is how little energy spent by N +1 to the detection of internal fraud. But N 2, we hear just now, as N 7 and N 6, previously interviewed, was no more ardent. It even comes to say that SocGen was on this point, less vigilant than the first quarter came drugstore. Its controls? A Maginot Line which Kerviel was played, and that his motive remains indecipherable is a poor excuse."A trader can not leave with the cash, 'explains Mr. Cordelle. Let. But why did we not informed, inviting him to greater scrutiny, the 2005 incident, which saw the apprentice trader Kerviel win 500 payday loan lenders.000 euros speculating as Allianz, then he did not have the right? Why does no one consults he never or almost Eliot software, which records all transactions (actual or fictitious) of his subordinate? Why is not the intended recipient of two letters from Eurex, the end of 2007, in which the German derivatives market to demand explanations on SocGen excessive operations implemented by Jerome Kerviel?

True, Mr.Cordelle gives the impression of having been "thrown into the lion's den," with Jerome Kerviel who has "been acting" with a real talent since "every time he explained something, it was credible . We want to believe it was lost in the maquis computer "- the formula is the president Pauthe – in which Mr. Kerviel, he, played as a fish in water.

"To find, we must seek"

But still, the Ecole Polytechnique has an easy to hide behind the situation – activity increase exponentially, inadequate staffing, etc … The fact is that it does not, in particular, read all the emails or bookkeeping, Perhaps it would put a flea in his ear. To him as to his superiors. Therefore the bank as a system, a system so sure of himself that he did not think to detect a free electron, which methodically undermined its own foundations."To find, we must look," says Mr. Cordelle, but this truism leaves the court on his hunger. For if one man could commit 50 billion euros without anyone noticing, jeopardizing a financial institution, its shareholders and its 150,000 employees, What were the controls? Why so many "N"?

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