Despite the rebound in Asian stock markets Wednesday morning and the revival of U.S. consumer confidence on Tuesday, the Paris financial markets remain febrile for the first day of September. At mid-session, the index in Paris rose 2.03% to 3561.75 points. The CAC 40 closed Tuesday August on a small increase of 0.11% to 3490.79 points. Throughout the month, the index in Paris lost more than 7%.

The Footsie-100 from the London Stock Exchange ahead of 0.38% to 5244.92 points. In contrast, the German DAX 30, after opening up slightly, declining from 0.41% to 5900.95 points, following the unexpected decline of 0.3% of retail sales in July.

The Paris Bourse and benefits of U.S. statistics less bad than expected, especially the rebound in consumer confidence in August. The increase in manufacturing activity in China is also contributing to accelerating gains in the CAC 40."The upward movement was initiated at the close on Wall Street Tuesday night, says it in the rooms. We do not press too heavily on the markets, which explains that the movement is noticeable now, and not opening.

Vivendi stock rewarded

The set of interim results continued. Vivendi raised its forecast for this year, after posting a 6.1% increase in sales to 13.9 billion euros and 6.6% of its net profit to 1.26 billion euros. The shares rose 5.05% to 19.34 euros, the largest increase in the CAC 40, before Lafarge (4.77% to 38.09 euros). The group also benefits from the increase in the analysts' recommendations Credit Agricole Cheuvreux to "outperform" cons "underperformance."They also raised their price target to 48 euros 46 euros cons.

The investment company Wendel (4.31% to 42.15 euros) in the first half net profit of 124.5 million euros against a loss of 959 million for the same period of 2009.

Tuesday after-hours trade, Bouygues (-1.31% at 31.62 euros) issued a revenue down 1% in the first half and slightly raised its full-year sales (30.4 billion cons EUR 30.1 billion previously planned). The value is the largest drop in the CAC 40, about 9:25.

Vinci (2.86% to 35.62 euros) reported interim results exceeded expectations Guaranteed payday loan.Its net profit was up 1.9% to 703 million euros and sales rose 2.3% to 15.5 billion euros, thanks to improved traffic conditions and benefits the acquisition of Cegelec.

Finally, Eiffage (-1.36% to 35.50 euros) confirmed its forecast of sales for 2010 thanks to the growth of its backlog and achieved a 40% jump in net profit share Half of the group 70 million euros. The operating profit has however declined by 2.6% to 412 million, within the scope of the downturn in work due to a climate of increased competition.

In the tug of opposing Sanofi-Aventis (2.11% to 46.23 euros) to Genzyme, the CEO of biotech company judge, in an interview with Reuters, the high probability of finding an agreement on Sanofi bid on American group.However, he reiterated that Genzyme will not accept the proposed price of 69 dollars per share. According to sources close to the U.S. group will not negotiate at least $ 75.

Manufacturing: up in France, down in the euro area

On the macroeconomic front, the growth of manufacturing in the euro area shows in August to its lowest level since February, according to figures released Wednesday by the monthly survey Markit. The PMI purchasing managers fell to 55.1 against 56.7 in July. In France, it reached 55.1 points in August, against 53.9 the previous month in Britain, it fell to 54.3 in August, after a final figure revised down to 56.9 in July.

The same index will be unveiled in the U.S. in 16 hours. Also overseas, the ADP employment figures in the private sector will be published to 14.15.They give a first overview of the situation on the labor market in the U.S. before the official figures on Friday.

Another indicator of importance: New car registrations in France fell 9.8% in August on a year to reach 102,912 units with the breathless pursuit of the effect "scrappage" announced Wednesday the Committee of French Automobile (CCFA). In July, new car registrations fell by 12.9% compared to last year, and 15.4% for the only French brands.

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Meeting in Brussels, the Heads of States of the euro area have finally approved the activation of the financial assistance plan 110 billion euros to Greece three years. Moreover, on a French initiative, they announced the establishment of "a Community mechanism to intervene" to help their country would face financial difficulties and this, in order to preserve financial stability in Europe. More specifically, it would be a fund to help countries threatened to defend the euro.

According to government sources, the European Commission could contribute in the form of loans to the tune of 70 billion euros. The European Central Bank (ECB) will also participate. "All institutions are determined to act," said Nicolas Sarkozy simply at the press conference that followed the discussions."We will not let destabilize the euro zone for behind, there is the growth of European jobs," he said.

The Heads of State and Government decided to convene a meeting Sunday of finance ministers across the European Union to finalize the operation and financing of this novel device, which forevermore assembly developed for Greece . "On Monday, the mechanism will be operational," said Nicolas Sarkozy, sending a signal to markets still very upset.

"We will do whatever it takes to defend the euro," piped up the European Commission President Jose Manuel Barroso.

Pressure on ECB

The other track would be mentioned that the ECB buys bonds issued by states of the euro area, to provide them in exchange for cash.According to the same diplomatic sources, the European Commission would now pressure on the ECB to make sense in a concrete proposal to support the euro area. In their draft agreement, the leaders of the Eurogroup, however, have said they support "full action of the ECB to ensure the stability of the euro area.

Monday, lcette last announced it would accept the Greek debt as collateral for its loans, regardless of their credit ratings. Extending this unprecedented step for all countries in the euro area "would be a strong signal to markets" would have said the president of the European Commission Jose Manuel Barroso. But on Thursday, the ECB said it had not considered.

At the meeting this Friday, the president of the European Central Bank, Jean-Claude Trichet, have estimated that the eurozone faced a "systemic crisis".

Tighten fiscal discipline

The euro zone leaders agree at least on the need to tighten fiscal discipline. A commitment to ensure that "Greece is not only to reduce its deficits, but that we work so that all the Stability and Growth speedy again respected," said German Chancellor Angela Merkel in Brussels. "The leaders will do whatever it takes to meet budgetary targets," says the text of the draft agreement. A penalty system "more efficient" will be established.The European Council President, Herman Van Rompuy, reported that an agreement between heads of state had been reached for "a strengthening of economic surveillance and policy coordination."

Finally the sixteen Heads of State and Government reiterated their determination to "move quickly on the regulation and supervision of financial markets. They also insist on the creation of "a European rating agency.

Barack Obama supports the EU

Moreover, since the White House is that Barack Obama supported the European heads of state on Friday. "I made it clear that the United States supports these efforts and will continue to cooperate with EU authorities and the IMF during this critical period," he said, after talks with Angela Merkel.

American concerns grew at the same time as the market stress. Wednesday, Charles Plosser, a leader of the U.S. central bank (Fed) has assured that "the economic recovery of the U.S. could be delayed by a further turmoil in financial markets. Recent events in Greece are one of the factors likely to influence the evolution of the U.S. economy. "

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One hundred and sixty rooms and suites and 144 private residences, five restaurants, a spa, grand reception rooms: the first Armani hotel was inaugurated on Tuesday the world's tallest tower (828 meters), Khalifa Burj, Dubai. "After five years of working with photos and drawings, I finally discover the culmination of this project", rejoiced Giorgio Armani, who came to attend the opening ceremonies of this first school bearing his name. From a distance, the designer has personally supervised every detail, soft curves of the design of rooms, choice of fabrics or utensils, mainly originating from the Armani Casa collection. "In my idea, Dubai was the Las Vegas of the Middle East, the opposite of minimalism, which I am a follower," he added.I wanted to create something you can remember. "

After several months of backlogs – and one more week because of the chaos associated with the air of the Icelandic volcano eruption – the event has high symbolic figure for the Emirate of Dubai in a financial crisis. For Emaar Properties, developer of the hotel, the Burj Khalifa and the whole new area called Downtown, where it is located, is also a way to show a positive face of setbacks experienced by the competitor Nakheel, overburdened, and the origin of the famous palm-shaped islands created from scratch in the Persian Gulf. Debt Nakheel, owned by the state, has led Dubai to seek help from its neighbor Abu Dhabi and to refinance its debt with its creditors last month.

Emaar has invested over one billion euros in the construction of the tower.Having suffered a halving in two years of its turnover (1.76 billion euros in 2009) and a slump in its profits, delivery of the 1,000 apartments and 50 floors of offices in recent months will boost the results of the firm. "Crises come and go. Projects like this are built for centuries, "said Mohammed Alabar, chairman of Emaar, which expects a return on investment of 9%. It was he who persuaded Mr. Armani to sign an agreement with him to develop a chain of hotels plans to open a dozen locations around the world in ten years. The next is planned for Milan in 2011. Follow residences in Marrakesh and Marassi, Egypt.

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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.

To restore relations sometimes unbalanced between contractors and subcontractors, Nicolas Sarkozy had announced in early March, as part of the States-General of Industry, he would appoint a mediator outsourcing, reporting to the Minister Industry. The latter, Christian Estrosi, Mardin morning announce that Jean-Claude Volot was chosen for this position. Former contractor at the head of the group Dedienne, and former Chairman of the Agency for start-ups (PACE), Jean-Claude Vollot was already delegated to the Ombudsman of the credit for industrial strategy.

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The airline Air France-KLM issued Monday traffic figures for January 2010 on its planes. There was a 1.6% decline in passenger traffic over this period. Activity has decreased mainly because of bad weather in Europe and the two-day strike of French air traffic control.

This is the thirteenth consecutive monthly decline in passenger numbers recorded by the Franco-Dutch group, but it is nevertheless lower than in December, which was -4.6%. In parallel, the capacity of the group were down 3.4%, thereby enhancing the load factor, which increases by 1.4 percentage points to 78%.

On the cargo business, Air France-KLM has had on January traffic increased by 2%, thanks to the Asian network, which showed "a sharp recovery in terms of both volume of traffic," the statement said .The load factor reached 64.3% and, up 8.5%, due to the capacity reduction of 11.4% on the cargo segment.