In the wake of Wall Street and Paris, the Asian stock markets preparing to end the week uncoordinated. Although most of the macroeconomic indicators published Thursday in the U.S. and Europe were positive, caution is still required until the figures of unemployment and employment for the month of August in the United States.

Around 7:00, the Nikkei 225 gained 0.19% to 9079.80 points, the Hang Seng in Hong Kong shows a small increase from 0.08% to 20,884.96 points, the Seoul Stock Exchange and Sydney move at equilibrium respectively 3726.98 points (+0.02%) and 4533 points (0.01%) and the Bombay Stock Exchange ahead of 0.16% to 18,268.04 points.Only the Taiwan Stock Exchange posted a sharp increase: 1.33% to 7823.54 points.

Conversely, Singapore was down 0.20% to 2980.70 points and the MIC of the China Stock Exchange was down 0.48% to 2907.32 points.

On the currency markets, the euro / yen has fallen slightly: -0.17% at 107.96 yen per euro, as the dollar / yen -0.10% at 84.23 yen to the dollar .

Oil prices drop below $ 75 in electronic trading in Asia, due to profit taking and some optimistic forecasts for employment in the United States.

In morning trading, a barrel of light sweet crude for October delivery lost 26 cents to 74.76 dollars. One of Brent North Sea crude for October delivery yielded 35 cents to 76.58 dollars a barrel.

The French government wants to reduce by three billion in Budget 2011, tax loopholes enjoyed by the insurance industry, under the "movement of the plane" of 10 billion to reduce the deficit, said Monday AFP at the Department of Economics. The revenue thus acquired will be made to the Sinking Fund of the social debt of 3.2 billion new resources the government has agreed to pay."This revenue will be made in three steps facing the insurance industry at large, because it is the sector with the biggest stake in what guarantees the sustainability of social protection system," said the entourage of the Minister of Economy Christine Lagarde.

Resources collected in advance

The first measure deemed included in the Finance Bill to be presented in late September by the cabinet for life insurance, the preferred placement of the French.Included are contracts known as "multi-media, which include a part in Euro (guaranteed capital invested in bonds) and other units of account (mostly invested in equities).

To date, social security contributions (general social contribution and contribution to reducing social deficits) are made only outcome of multi-support contract, then they are executed each year on contracts in euros only. "We will achieve the social deductions each year for the compartment euro contract of life insurance multi-media", it was argued. In this case, it is not really new but revenue from resources "advance", they added.

Tax incentives obsolete

The second measure relates to contracts "caring and responsible" health insurance, covering virtually all of the supplementary cover.They have since their launch in 2005 of a tax exemption on insurance agreements. "This exemption would allow these contracts to take an important place. But it is a success, so there is no need for a tax incentive very strong, "argued the entourage of Christine Lagarde."These contracts will therefore be subject to tax on insurance contracts, but at a reduced rate of 3.5% instead of the standard rate of seven per cent," he said.

The final measure focuses on the taxation of the "reserve accumulation" that insurers are required to be to smooth fluctuations in interest rates.

Each of these three measures should yield about one billion euros in revenues in 2011.

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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.

Meeting Monday in Washington, the directors of the International Monetary Fund (IMF) has called on China to rebalance its growth. It is now driven by exports and investment, and little by domestic demand. Even if the consumption figures were revised upwards for 2009, growth in domestic demand remains a key challenge for the government, with control of inflation in property prices. In this regard, the IMF welcomes the measures taken by Beijing and noted that "additional measures may be needed to address this problem at its root.

Some members of the IMF estimate that a stronger currency would help China to rebalance its growth, expected by the institution in 2010 to 10.5% and 9.6% in 2011. Economists have however been divided on the issue of undervaluation of the yuan.In fact, six weeks after announcing the easing of exchange rate policy, China continues to monitor closely the movements of its currency, which gained less than 1% against the greenback.

The end of the docking of the renminbi to the dollar opened, at least, the prospects in Shanghai as an international financial center potential. Guangdong Development Bank, based in Canton, bet on this option and will move its bond traders and exchange rate regime in the economic capital of China.

The Paris Bourse ended the session on Monday in the green: +0.8% to 3635.86 points after having doubted almost the entire session. The CAC 40 was indeed long hesitation on the way forward following the release Friday of "stress tests" conducted on 91 European banks and published Friday after the stock market. Only seven institutions have failed, which means a respectable success rate of 92%. However, 17 banks post notes just averages. What a cool little enthusiasm.

Finally, Paris has chosen the rise. Like Wall Street, Friday, which had been optimistic, although Asian markets were more hesitant.

No macroeconomic indicator was expected in Europe.But the United States, sales of new houses in the U.S. rebounded more than expected in June, from 23.6% in May after hitting their lowest level since 1963 at least, but still extremely low, according to official figures released Monday in Washington. The news bolstered Wall Street upwards.

As for currencies, the euro climbed slightly against the dollar: + 0.53% to 1.2980 dollar.

Featured Banks

Who says interpretation of "stress tests", said reaction of the banking sector. At the Paris Bourse, the French banks took off and pulled the score up: +7.75% Dexia, 5.24% for Societe Generale, 3.12% for Credit Agricole, 2.37% for BNP Paribas and 1.91% for Axa.For the Minister of Economy Christine Lagarde, have no fear: French banks have succeeded in "this difficult test with flying colors, with honors.

The car values have also boosted the index: 1.65% for Peugeot, 1.58% and 1.28% for Michelin for Renault.

In red lantern ACC, a troucve STMicroelectronics: 2.34% to 6.34 euros.

Sanofi-Aventis lowered its earnings forecast for 2010

Sanofi Aventis (+0.16% to € 45.58) announced Friday that the first generic version of the anticoagulant Lovenox has been approved by the Food and Drug Administration (FDA). The supply of the generic, marketed by Sandoz in association with the American company Momenta began in the wake of the approval by the FDA.The news had tumbled 4.25% securities at the close Friday because the Lovenox was the second top-selling drug from Sanofi last year. In a statement, Sanofi-Aventis recalls his "reservations" about the approval by the FDA in regard to "patient safety".

The pharmaceutical group revises accordingly its earnings forecast downward, with "an evolution of the EPS of activities for 2010 of between 0% and -4% compared to 2009 at constant exchange rates. A turnaround from last April when Sanofi evoked a growth in earnings per share from between 2% and 5%.In addition, Sanofi would have views of the U.S. biotech Genzyme after the Wall Street Journal.

Fimalac (0.95% to 31.29 euros) on Friday issued after the market closes up its turnover by 6.9% to 443.2 million euros in the first nine months of its 2009-2010 ended September 30.

April Group (1.73%) and Faiveley (-0.29%) publish their turnover in the first half after the stock market. Icade (1.84%) and Klépierre (+0.6%) at the same time unveil their interim results.

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.

While the Paris index ended the session fifth consecutive increase, and finished with 3661 points on Tuesday night against 3330 points a week earlier, the CAC 40 does not seem to want to stop. To believe the future contracts on CAC 40, the benchmark index of the Paris market is expected to start Wednesday's session up strong, about 0.85%.

Early this morning the Nikkei is ironed beyond the 10,000 points, up over 2% as U.S. markets, which closed Tuesday night on a comfortable progression.

Around 7:30, the euro is changing the balance after his flight: he rated $ 1.23.Oil, he, trades at more than $ 77.

The large statistics of the day are American

In the euro area, 11 hours, the second estimate of inflation for the month of April will be unveiled.

In the U.S., housing starts, producer prices and industrial production for the month of May will be known between 14.30 and 15.15, before the opening of U.S. markets.Then, the traditional weekly crude inventories will be published.

Rodriguez's boss resigns after indictment

The specialist luxury yacht on Tuesday announced the resignation of its president, Alexander Rodriguez, indicted and jailed last week in a case of banditry, and substituting the group's founder, Gerard Rodriguez.

The scoring title, which had been suspended at the request of the company, will resume on Wednesday Wednesday.

Zodiac AerospaceLe group, whose sales fell 7.6% during the first nine months of its fiscal year, said receiving encouraging signs of restarting the aviation industry in the context of a more favorable exchange rates.The aerospace supplier confirms its annual targets.

In an interview with the Tribune, Zarrouati Olivier, CEO, says there is no plan to merge with another actor can French aviation capital and no operations are planned at this time with a group foreign

Distribution: showdown on judicial coffee pods Nestlé sued for infringing its competitor Sara Lee (Coffee House). According to information of Figaro, the casino dealer would also be covered by the complaint.Nestle, the world leader in food and owner of Nespresso, sued Friday in front of the Tribunal de Grande Instance of Paris the U.S. Sara Lee, which sells in France for use in coffee pods Nespresso machines under the brand Gold ( coffee house).

GDF Suez Tuesday, the group headed by Gerard Mestrallet did not hide his satisfaction at the announcement of the signing of a contract to build a gas power plant with a capacity of 1730 megawatts (MW) in Saudi Arabia . The operation is substantial. The future plant, which will be commissioned in late 2012, an output slightly above the EPR (1600 MW), for a price much lower: 2.1 billion dollars.But the first shipbuilder in the world, South Korea's Hyundai Heavy Industries (HHI) said Wednesday it signed a $ 1.6 billion to build a power plant in Saudi Arabia. The group said it would construct the power plant using gas from 1729 megawatts (MW) by 2012.

Suez Environment Group said Tuesday night that AA successfully placed a bond issue of 500 million euros over 12 years, due 2022 at a rate of 4.123%.

Sanofi Aventis French pharmaceutical group has signed an agreement to acquire Canadian independent group Canderm, a specialist in dermatology.This acquisition will allow Sanofi-Aventis to double its turnover in public health in Canada, according to a statement.

In addition, the company managed to obtain a refund of the medicine disorders dy heart rate, Multaq, 65%.

Barely buried by the G20 already risen by the European Union? The leaders of the 27 would have agreed on the principle of a tax on banks, according to AFP. Agence France-Presse has procured the draft final agreement from the summit of Heads of State of the EU on June 17.

The text states that "the European Council agrees that a tax on financial institutions to be introduced to ensure that they contribute to pay the price crisis." The implementation would occur in "October 2010", according to the document approved by the ambassadors of member countries in Brussels.

The EU, supported by the Franco-German agreement on the subject, then move only hear about this proposed tax. The G20 had indeed rejected the draft on June 5 last, at the request of Japan, Canada and emerging economies, including Brazil.The topic will be placed on the mat during the next World Summit in Toronto in late June, at the initiative of the Europeans.

"The debate is over"

If the 27 Member States seem to agree on the principle of bank charges, how applications are still a problem. Finance ministers should floor on the issue to ensure "equal treatment" between banks to prevent the European institutions are not penalized compared to their foreign competitors.

EU leaders also wonder on what basis will apply the tax, ie the profits or assets of banks, for example. The biggest uncertainty also use it will be made of revenues generated. "The debate is really over," admitted one European diplomat.

The European Commission wants a fund of insurance of the financial sector, and giving assistance to banks in case of major difficulties. Paris and Berlin for their part, prefer that the money collected feed budgets. "Of what use to mobilize billions of euros in an insurance fund for money to sleep?" Asks a diplomat.

Finally, a country like Luxembourg, a leading financial center, particularly for investment funds, would prefer to introduce a tax on financial transactions in the most speculative.

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The government wants more than ever, give pledges of seriousness on the issue of deficits. On 20 May the Head of State had announced its intention to amend the constitution so that every elected Government embarks on a path of structural balance is imperative, as well as on the date on which the balance of government finances public must be reached.

Without waiting for the amendment of the constitution, Francois Fillon took the lead. In a letter that the Prime Minister has just sent to members of government, he asks them to "stop inserting provisions that affect tax revenues or social security in ordinary legislation.A real revolution!

For material already deposited and bills not yet been discussed, the prime minister asked his ministers "to submit amendments for the deletion of such provisions and to oppose a negative opinion of the Government any amendment which would tend to introduce. Members of the government "shall not in any way rely on the wisdom of Parliament," wrote François Fillon.

Fillon finally asks ministers to screening assessments for all tax provisions that they want to introduce the draft budget law or draft law on financing social security. All this will lead ultimately to limit the creation of new tax loopholes

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