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.

There are so many add-on features to every insurance policy that add up to more expense for the consumer that every person who signs up for affordable car insurance needs to read thoroughly through the policy before agreeing to paying higher premiums.

New casualty of the crisis: the key feature of the station. Arrived at the head of the national railway company in March 2008 Guillaume Pepy had quickly announced his intention of transforming the rail group. But the crisis forced the officer to review his copy.

The original plan announced by the boss "Destination 2012", targeted a turnover of 36 bn euros in this horizon, an increase of 50% compared to 2007, and a recurring operating profit doubled between 2007 and 2012, 2 billion euros. But now the target may be difficult to achieve, especially operating profit, which reached 150 million euros in 2009. The officer was therefore resolved to rethink its strategy, reports Les Echos.

The group plans to develop a new strategic plan by 2015. The SNCF would nevertheless not completely turn his project in 2008.The goal to transform the railway into a group of transport and mobility services remains a major international priority. This ambition should see a significant milestone this year, says the business daily, due to income from railway agent, for the first time, less than half the total group.

Elysee and the RFF involved

And the state shareholder following these developments closely. The Elysee has stepped in and plans to hold a meeting on the subject as early as July, it said. In particular, discussions with the government and the RFF (Reseau Ferre de France, which owns the network) should help establish new directions for the business lines. The partners will also agree on the reform of railway planning activity nearby.

Another difficulty officer: reassure railway. In this regard, Guillaume Pepy envisages a tour of France regions, reports Les Echos.

Forget the sessions in the red Wednesday. Place in dark green well on Thursday. Markets after the euphoria that led to yesterday's Wall Street close on a rise of 2.25%. U.S. indexes are made by good macroeconomic statistics on housing and automotive sectors.

This morning, the Japanese Nikkei has started the session on a gain of 1.62% and has risen steadily to reach an increase of 3.13% to 9903.75 points shortly before the mid-session. The TOPIX gained 2.42% on his side to 891.14 points. In addition to optimism about the U.S. economic recovery, the rating is supported by Japanese exporters who values this morning, enjoy a favorable decline in the yen. Toyota gained 3.24% and in plenary at 3340 yen, and Panasonic 3.75% to 1188 yen. Around 6:00, the dollar was up slightly to 92.20 yen while the euro rose more frankly, to 113.32 yen.

The Japanese invenstisseurs also anticipate the appointment of Finance Minister Naoto Kan as prime minister following the resignation of the head of the center-left Yukio Hatoyama. Naoto Kan market support measures in the economic positions which are considered by operators reassuring low fee payday advance. Finance Minister calls for a weaker yen, an increase in consumption tax and a cap on the deficit. He is currently the only declared candidate and a favorite for prime minister, who will be appointed Friday.

The rest of the region is bathed in green

In Hong Kong, the Hang Seng turns the page of a tough session on Thursday for an increase of 1.84% at 19,830 points.Ditto for the Shanghai Composite, which gained 0.62% to 2587 points.

In Korea, the Kosdaq is 0.70% to 1268 points, and Australia, the S & P recorded a growth of 2.13% to 4474 points. Finally, in India, Sensex 1.53% allows itself to 16,998 points.

Oil follows the movement

The rise in the markets has also evolved over the crude above $ 73 a barrel in electronic trading Thursday in Asia. In morning trading, a barrel of light sweet crude for July delivery 70 cents to 73.56 dollars, while Brent North Sea with identical maturity, gained 72 cents to 74.47 dollars.

"The government is out of the woods", as Le Parisien, Aujourd'hui en France on Saturday. According to the newspaper, Eric Woerth, Minister of Labour, is about to finalize the report of government policy on pension reform. A "document of step" with a score of pages should be sent to unions and employers late Sunday afternoon, within the time allowed by Nicolas Sarkozy.

The president had asked last Monday, his Minister of Labour announcing the broad principles of pension reform "early next week." A complete overhaul of the system seems already excluded. "If many doors remain open, one or two tracks will be closed by some claimed," confirmed the Ministry of Labour today in Paris, France.

Employment of older people will be at the heart of the reform, the newspaper said.The Government would consider special measures "in human resources and working conditions" to ensure increased employment rate of older workers. Longer working hours and thus, delaying the age of retirement seem to have largely favored the government.

Especially in its latest report released Tuesday, the Board of Retirement Guidance (NRC) has evaluated several scenarios to fill the "hole" of pension funds, which should reach 30 billion euros in 2010. All sought to delay the moment of retirement.

Operate the lever tax

Another sensitive issue for the unions, the contribution period required for a full pension should be extended. In return, Eric Woerth has recently influenced his opposition to tax the lever to secure "additional revenue".Raising the CSG on capital income and savings, increased levy on high income … Several ideas are in the process of arbitration, as the Journal du Dimanche.

Eric Woerth will begin next Tuesday a new series of meetings with leaders of trade union confederations and employers' organizations. Last April, they unveiled a ambitious reform agenda: first tracks in May, major decisions in June, Council of Ministers in July, and passage in Parliament in September.

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The index futures point to a slightly higher opening of U.S. markets. Shortly before the opening of Wall Street, about 12:00 am Paris time, the index futures Standard & Poor's 500 and Nasdaq 100, respectively, progressed from 0.21% to 1186.20 points from 0.15% to 1983 points.

Despite an increase in enrollment weekly unemployment and a shrinking numbers of consumer credit, U.S. investors appear to have courage and choose again, these days, for optimism. They show little worried, finally re-emerging doubts about the ability of Greece to honor its debts. Perhaps partly because, unlike the French or German banks, U.S. banks are not exposed directly to the crisis in Greece.Banks also suspected for 18 of them have, over the last 5 quarters, artificially reduced their debt just before the end of the quarter.

Today's meeting should be calm, however, no new important indicator being waited until Monday, except on Friday, the numbers of U.S. wholesalers' inventories for February, which will be released this afternoon around 16:00 .

Yesterday, while European stock markets in the green-mountain this morning showed an average decrease of 1% of their stars indices, the Dow Jones closed 0.3% awarded in the S & P 500 also, and the Nasdaq Composite 0.2%. One way to greet the rise, much higher than expected, sales of major U.S. retailers: Index by Thomson Reuters, they rose in March by 9.1% against 6.3% expected, the highest since 2000.Taking advantage of some better weather, 28 distributors have seen their turnover increase by over 9% a year, a further sign of improving consumer confidence. Gap saw its turnover grow by 11% against 3.7% expected and Kohl's, 22.5% against 12.4% expected. In the luxury, Nordstrom posted sales up +16.8%.

These values should continue to lead the coast on Friday, and Apple, which yesterday announced a new version of its operating system for the iPhone and iPad, and sales 450 000 iPad since Saturday.

Also to follow, the aviation sector, led from the rumors of merger between U.S. Airways companies (+10.7% at closing) and United Airlines (6.8% at closing), Thursday, at the New York Stock Exchange.UAL (6.75% to 20.23 dollars), parent of United Airlines, is in talks with U.S. Airways (10.70% to 7.55 dollars) for a combination that would create the One of the largest airlines in the world, according to The New York Times and the Wall Street Journal. This operation would be carried out no exchange of shares.

China's ambitions to Tiffany, who wants to spend ten to thirty five the number of stores across the Rising Sun could give impetus to the value.

The California oil company Chevron (0.37% to 77.66 dollars a barrel) announced yesterday the results on the first quarter of 2010 as the fourth best in 2009. The group takes advantage of the rising oil prices and a possible improvement in its refining margins.The major U.S. must publish its accounts on April 30.

In the pharmacy, the distributor McKesson Corp. said it will sell its Asia Pacific unit, which provides health services through telephone and Internet, Medibank Private Limited. Giant Australian health services and insurance.

The support of the U.S. central bank was not enough. Despite the fact that the Fed has confirmed the continued low interest rates, the Dow Jones closed down 0.04%, while the Nasdaq gained 0.30%.

The Fed keeps rates

After the good news on the U.S. employment front, Friday's announcement of keeping rates low is another positive news for the U.S. economy.

Apple announced it had sold more than 300,000 iPad Saturday for the first day of marketing. This figure included the taking of orders. Analysts had forecast sales of between 250,000 and 350,000 units over the entire weekend.Following this announcement, several analysts raised their price target on Apple (0.44% to 239.50 dollars).

The companies that provide components for the digital pad Apple could also benefit from the craze for iPad if it is confirmed. This concerns in particular Samsung Electronics (4.09% to U.S. $ 256), Broadcom (-0.66% to 34.40 dollars) or Texas Instruments (-1.34% 25.05 dollars).

The Wall Street Journal, the U.S. software giant Microsoft (+0.17% to 29.32 dollars) plans to unveil a new range of mobile phones next week, with features of socialization designed to attract young consumers.

Greece on Thursday faced its second day national strike in less than a week. A call of the two main unions of the country, public sector employees and transport have stopped work to protest against the austerity plan. In Athens, some 30,000 demonstrators marched through the streets, chanting "no sacrifice for the plutocracy.

Transport is paralyzed air traffic and no public hospitals are managed by emergency personnel.

Incidents erupted between dozens of youths and riot police, protesters who threw stones against them. Police fired tear gas to disperse the crowd of nearly 10,000 people.

The strikers were protesting against the measures which include increases in VAT and affecting the Public Service by the virtual elimination of the 14th month.These measures have been taken by the Socialist government under pressure from the European Union has placed the country under supervision cash advance .

About 200 plainclothes officers, coastguards and firefighters rallied briefly before the start of the event. "The police and other security forces have been particularly affected by these new measures because our salaries are very low," lamented Yannis Fanariote, secretary general of a police union. A policeman earns on average between 1,000 and 1,200 euros per month, weekends and nights included.

Participating in the event "is not strange, because we work like everyone else and we assert our rights," he added.

For unions, it was the Greeks who are paying a disproportionate price for mismanagement."They try to pay for the crisis workers, denounced Yiannis Panagopoulos, head of the main Greek union, the GSEE. "These measures are not effective and will plunge the economy into a deep freeze."

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5 000 participants in round tables, 800 proposals from across the territory, hours of debate … Put the issue of competitiveness at the heart of the debate: it was the whole purpose of the General Industry. Today, while traveling at Eurocopter in Marignane (Bouches-du-Rhone), Nicolas Sarkozy will close the first phase of work completed since last October by announcing a series of steps to a new industrial policy 'ambitious, powerful and consistent, in the words recently used by the Elysee.

I must say it is urgent.Beyond the occasional cases in which the government provides the voice for several months (Heuliez, Molex, Total …), de-industrialization of the country is evident for several years: between 1980 and 2007 its contribution to national wealth rose by 24 % to 14% and, over this period, its numbers have melted to a trickle, from 5.32 million to 3.41 million – a drop of 36% of its workforce, according to estimates by the Treasury Department.

Accompanied on Thursday morning from the Minister of Economy Christine Lagarde, and his industry colleagues, Christian Estrosi, the head of state should take over the main proposals ginned in recent months by the companies themselves, partners social and ministers themselves.

To restore the industrial base of France, the government initially advocated a policy of industry.Because it takes a more balanced relationship between contractors and subcontractors, instead of a relationship "to dominate dominated" commonplace today. The establishment of investment funds sector for the most strategic channels to digital, energy, transportation, pharmacy … – with the participation of principals, should be announced.

Governments also want to encourage employment – particularly in developing mentoring by senior citizens and reorganizing the training – and the location in France of production tools and research."It is not normal that BMW produces nearly three quarters of its cars in Germany and Renault do not produce only 25% in France, likes to cite the example of Christian Estrosi.

On the one billion euros dedicated to general statements in the large loan, 185 million have also been planned to provide repayable loans to companies wishing to reinvest in France. A total of 500 million for loans at subsidized rates for green investments is also provided in this framework.

Innovation, a perpetuation of the current form of research tax credit – at least for SMEs – would be announced today. The CIR could also be extended to expenditure standards, patents and prototypes. One idea that won almost unanimous support.In one detail, cost: about one billion euros.

"Do not close the file"

For the CGT – including metallurgy and chemical federations call for day of action Thursday for the defense of employment in the industry – "the government should not close the file of the General Industry (…) After a speech by President of the Republic. "

This is unlikely to be the case … In fact, some people put on the table at the conclusion of the General Industry require further reflection. Especially the financing industry. Ways to redirect part of the French savings to industry, SMEs and unlisted companies should be studied by the summer.Such a new method of financing social protection, less work-related, too.

Time, it will also need a bit to play a proactive role at European level in order to convince the Member States of the need for a common industrial policy.

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The popular jury ruled. Vivendi misled shareholders about its financial situation between 2000 and 2002 and may have to pay billions of dollars in damage to hundreds of thousands of shareholders.

The trial class action lasted more than three months in New York and requested fourteen days of deliberations. The jury convicted Vivendi guilty of "recklessly misleading communication" on all of the 57 statements on which the group was pursued. He cleared the former CEO of the group, Jean-Marie Messier, and its former CFO, Guillaume Hannezo.

Vivendi will appeal

"The verdict will allow investors to recover an estimated 6.6 billion euros, announced the plaintiffs' lawyers, welcoming the decision of the jury."It'sa huge victory," welcomed the lawyer Maxim Delespaul, while acknowledging that it was only half of what experts had requested.

Vivendi strongly disputes the jury's decision and will appeal. "The jury said that two men are innocent while the company is guilty of the same facts. Furthermore, to calculate the damage, he simply divided into two amounts proposed by the plaintiff, a verdict is absurd and contradictory, "says the group's lawyer, Herve Pisani.

The outcome of this trial will not be known before long. It depends on the outcome of the appeal, and this procedure can be initiated only after the final calculation of damages.Furthermore, if the complaining party announces sales of 6.6 billion, Vivendi said it will take between twelve and eighteen months to calculate the amount of damages.

It will indeed consider each of the complainants' requests, which will be calculated daily based on purchases and sales of securities made between October 30, 2000 and August 14, 2002. It is not known how many shareholders ask to be compensated. In the United States, between 20 and 30% of investors demand compensation after a class action, according to Herve Pisani. The number of shareholders was estimated at one million, the shares traded in the period to one billion.

The trial in "class action" is unique in its kind.This is the first time that so many French shareholders are involved in class action U.S.: about half a million shareholders divided between France, the United States, the Netherlands and the United Kingdom. It is rare in the United States a company refuses, as did Vivendi, to compromise with the complainant before the verdict. U.S. companies believe they can get away with a bill less salt if they find a compromise with representatives of the class action.

Whatever happens, "Vivendi will not pay a penny before the outcome of the appeal, said Herv? Pisani.All elements are present for Vivendi wins this appeal. "

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The week promises to be even difficult for Asian Scholarships. On Monday, all the financial centers of the region are in red. In Tokyo, the Nikkei ended in decline by 0.74% to 10,512.69 points while the Topix fell by 0.67% to 934.59 points. This is the lowest level in a month. The technology sector was battered after Google results found disappointing. And the strength of the Japanese currency, which was trading at 90.26 yen to the dollar, worries the export sector.

Investors also expect further losses on Wall Street after the positions recorded last Friday across the Atlantic. On the eve of the weekend, the U.S. places had finished strong decrease of 2.13%, while the Nasdaq let go of 2.68%, 2205 points and the S & P 500, 2.22% to 1092 points. Google was not pleased the markets and had sealed the general mood by winning of 5.66%.For its part, Advanced Micro Devices (ADM), which was announced Thursday evening having completed its first quarter in the black for three years, has still declined by 12.12%, to 7.9 million.

The sector should also be monitored in the coming days as the markets await U.S. publications from Texas Instrument (fourth quarter) and Apple (first quarter). The firm at the apple must also Wednesday presented its "last creation," probably the digital tablet.

As for statistics, markets will also pay attention to resale figures for new homes in December, released on Monday to 16 hours in the United States.

Exchanges in the region behind

In the wake of Tokyo, all other Asian places are displayed in red.The flagship index of Hong Kong, the Hang Seng 0.89% cowardly to 20,542 points.

In Shanghai, the Shanghai Composite lost 0.57% to 3110 points.

In South Korea, same story. The KOSDAQ index fell by 1.40% to 1321 points.

Finally, in Australia, the S & P / ASX 200 lost 0.69% to 4714 points.