After some hesitation, the euro was again driven up, dollar at 1.4220 on Monday early evening, against $ 1.41 on Friday evening, after concerted action by the G7 to ease the course the Japanese currency. The yen remained, he, always a downward trend, losing 0.7% against the dollar after dropping 2% Friday and 0.6% against the European currency.

Parallel to the stock market recovery, the rebound of the euro reveals a new investor appetite for risky assets, while the Japanese nuclear disaster appears to be cooling."But beware: this movement may be tempered by the evolution of the military situation in Libya," warns Michael Hewson, CMC Markets, the interest of financial markets having moved on for a week -end of the central suburbs of Tripoli in Fukushima …

"Confidence in the euro area is gradually returning," said Kathy Lien, currency trader for GFT Forex in New York, quoted by Bloomberg. "Despite the threats to certain liabilities of the euro area, foreign investors can not ignore this region of the globe."

Monetary stance

The orientation of European monetary policy more sensitive to inflation threat than it is in the United States or in Britain, uses the euro for three weeks low fee payday loans.The European Central Bank said in early March, she was ready to go back next month its key interest rate to avoid "second-round effects" of inflation, that is to say a contagion Imported oil prices to other prices and wages. Having feared a major impact of the disaster on Japan the euro area, and abandoned its proposal, the European Central Bank would be generally prepared to raise its interest rates at its next meeting. On Monday, the announcement by the U.S. Treasury at the beginning of the resale of mortgages – 10 billion dollars a month – has to bend the euro against the dollar.

But the European currency has resumed soon, because despite the resale of assets, the Fed seems determined to maintain a highly accommodative monetary policy during the coming months to support the recovery very slow labor market.Despite an inflation target well above the Bank of England is also very divided on whether to tighten its monetary policy. As for the Bank of Japan, it stands ready to inject as much liquidity as necessary to avoid the financial collapse of the Archipelago.

Finally! After a year of zero order, the 747-8 Intercontinental Boeing B carries a great breakthrough. In addition to China, the most promising market in the world. Air China has announced the purchase of five jumbo jets worth an estimated U.S. list price at $ 1.54 billion. Boeing has made "substantial concessions on price," said Air China becomes the third customer for the Intercontinental after Lufthansa and Korean Air.

This acquisition will enable the Chinese company to increase from 6.6% the capacity of its fleet comprises 381 aircraft in late June 2010. In terms of large aircraft, Air China, which already operated B 747 classics from the 1980s, chose the balance between the two offers on the market. She had in fact already ordered five A380 super jumbos.For Boeing, the resumption of large aircraft orders is good news and crown-month campaign commercial. In contrast, Airbus has just been served the cancellation of ten A 380 by one of its biggest customers, the lessor ILFC U.S..

The fact remains that the day of 8 March 2011 was auspicious for both manufacturers rivals. Boeing recorded $ 12.6 billion worth of orders (at MSRP). Also in China, Hong Kong Airlines has signed a memorandum of understanding with Boeing for six Boeing 777 freighter version and 32 B 787 Dreamliner. And ILFC also signed a contract for 33 medium-range B 737. The leader in aircraft leasing and acquisitions justified its cancellation of its ten A 380 by the need to rebalance their portfolios in order, dominated by large appliances.ILFC also has also announced the purchase for some 8.86 billion dollars, 100 A 320 and A 321, 60 NEO will feature the new engine from Pratt & Whitney.

Finally, Turkish Airlines has signed a firm order for ten medium-haul A321 and three A330-200F freighter aircraft for an estimated $ 1.6 billion.

The markets decide on Thursday to follow the trend on Wall Street yesterday or the Asian markets this morning. Disturbed yesterday by a further rise in oil prices, the Paris Bourse finds the path of rising: the CAC 40 gained 1.17% to 4081.62 points in mid-session.

The DAX index of the Frankfurt Stock Exchange following the same path with an increase of 0.81% to 7239.50 points. Just as the London Stock Exchange takes 1.03% to 5976.02 points.

However, investors should be wary. Despite a moderate decline Thursday morning oil prices remain under pressure. Oil prices have given up $ 3 on Thursday in the morning after the Arab League said it was investigating the peace plan proposed by Venezuelan President Hugo Chavez to end the crisis in Libya.In mid-session, a barrel of Brent North Sea traded in London at 115.72 dollars, down 63 cents from the close of the day, while in New York, a barrel of Light sweet crude (WTI) let go 62 cents to 101.61 dollars.

In Europe, attention will focus on the ECB meeting, which will decide on interest rates from 13.45. A hardening of tone is expected this Thursday, but not to the point of a rate hike is imminent.Inflation reached 2.4% in February in the eurozone, a figure higher than the target of 2% of the European Central Bank, growth was also up, despite the debt crisis, to 1.6% in 2011, according to Brussels.

As for currencies, the euro off again down slightly against the dollar on Thursday, traders moved cautiously before the monetary policy decision of the European Central Bank (ECB), which could adopt a more aggressive stance to counter the Inflation in the eurozone.About 11:00 am in Paris, the euro bought 1.3853 dollars against 1.3867 dollars late Wednesday, after reaching 1.3891 dollars Wednesday, its highest level since early November.

The French services sector in good shape

In this context, markets will try to focus on the series of macroeconomic statistics published on Thursday

– In France, the unemployment rate fell slightly in the fourth quarter of 2010 to 9.2% of the workforce in France and 9.6% including overseas departments, a decrease of 0.1 point compared to previous quarter, Insee said Thursday. The growth in activity and employment in the services sector continued to accelerate in February. The sector index rose to 59.7 PMI against 57.8 in January.Although down from the flash estimate of 60.8 issued Feb. 21, he enrolled at the highest since August 2010.

– In the euro area, the service sector has experienced in February its fastest growth since August 2007 despite an increase in inflationary pressures. PMI purchasing managers stood at 56.8 in February against 55.9 the previous month. Moreover, economic growth in the euro area has remained almost stable at 0.3% in the fourth quarter, bringing the total for 2010 to 1.7%, confirmed Thursday the EU statistics office Eurostat in a second estimate.Finally, retail sales in the area rose by 0.4% in January compared to the previous month after falling 0.4% in December

The day will also be busy with the U.S. productivity in the fourth quarter and weekly jobless claims (1430) and the ISM Services February (16 hours). Attention should also dominate the market before the publication of the traditional monthly report on U.S. employment on Friday.

Values to follow

Alcatel-Lucent (8.48% to 3.90 euros) is supported by the recovery of target price of Barclays. In addition, traders cited rumors of interest from a Chinese group: "We hear vague rumors of a takeover bid by a Chinese group," says one of them.The sign as the largest increase of the SBF 120 in early trade.

Renault: + 0.80% to 43.09 euros

The manufacturer does not manipulation in the case of alleged espionage whose company reported but awaits the return of investigations into the existence of bank accounts abroad to decide.

Total: + 1.63% to 44.07 euros

The petroleum announced Wednesday it will pay $ 4 billion (2.9 billion euros) to take a 12% stake in Russian gas producer Novatek.

In addition, the group will soon stop operating Mabrouk field, whose production capacity is between 40,000 and 50,000 barrels per day. The group announced Thursday that the exploration budget for 2011 was increased to 2.1 billion dollars against 1.8 billion and he thought that this envelope would increase.In addition, 12 major projects should be launched in 2011-2012.

Alstom: + 1.24% to 41.96 euros

The group announced Wednesday the signing of an agreement for its participation in the development of a technology center in SKOLKOVO Russia.

Unibail Rodamco: -0.21% to 145 euros

Europe's leading retail real estate announced Wednesday it had acquired from Eurohypo AG a stake of 7.25% in SFL (SFL) for 106.5 million euros.

France Telecom: -0.47% to 15.80 euros Iliad: + 5.03% to 84.80 euros

Free and Orange signed a roaming agreement 2G to 3G expanded. The announcement had been evoked by the daily newspaper Les Echos on Thursday.

Air France-KLM: + 1.07% to 11.83 euros

The company plans to reorganize in order to make acquisitions, "said La Tribune.

GDF Suez revises goals upward

GDF Suez: + 0.96% to 28.48 euros

The band recorded in 2010 net income group share of EUR 4.616 billion (+3.1%), especially through its activities in France, and has revised upwards its targets for 2011 due to taking control of Britain's International Power.

Carrefour: + 1.89% to 34.24 euros

The French distribution giant has recorded exceptional costs in 2010 of 1.13 billion euros, which have weighed on operating profit.The group, which announced Thursday a net operating profit up 9%, according to its own forecasts made in January, said an anticipated earnings growth in 2011.

Manitou: -3.63% to 23.90 euros

The group was cautious about the recovery in margins in 2011 after having returned to growth in its turnover last year thanks to a rebound in orders.

Club Med: + 2.10% to € 17.26

The group announced Thursday a turnover in the first quarter of fiscal shifted 2010/2011 (1 November-31 January) up 14.6% to 337 million euros and bookings for the summer "growing two numbers. "

Always on the side of publications, after market, we will follow the annual results of Areva and results for the fourth quarter of Bio Alliance.

From our Washington correspondent

The Pentagon chose Boeing and EADS not to deliver 179 aircraft-refueling tankers. The European group had, however, in 2008, won the giant contract estimated at $ 35 billion. But Boeing was able to invalidate the win. In a politically charged climate, Boeing had argued errors committed by experts from the U.S. Air Force in the evaluation of their offer."Disappointed and puzzled," according to the terms of Executive Chairman of the European manufacturer, EADS has ten days to enter to turn the U.S. Court of Auditors, which would be a hundred days to decide.

EADS offered to assemble a plant in Alabama, specially built for this purpose, a military version derived from the Airbus A 330.

Boeing wants his side to replace its old KC-135, in operation since 1950, for derivatives of the Boeing aircraft B-767 products in its factories near Seattle. The selection of Boeing will cause a stir in Congress, especially among Republicans from Alabama. Conversely, deputies and senators, anxious to defend Boeing and employment in the United States are met.The contract is more sensitive than the needs of the Air Force is pressing and unlikely to be affected by cuts in appropriations that hit other weapons programs, including those who live Boeing.

Operating Costs

The formula used by the Pentagon to compare the operating costs of both units played a crucial role in the decision. Indeed, the tanker offered by EADS is larger than the unit proposed by Boeing. To compare the two options, experts from the Defense Department have established a mathematical formula that adjusts costs to reflect this difference free instant credit score.

The model incorporates various scenarios of conflicts and situations of refueling more or less far from U.S. bases. It also takes into account the likely increases in fuel during the operating period is 40 years.However, Boeing had long argued that the formula favored EADS. It does not reflect the actual costs of operating the Boeing tanker supposed to be lower.

The manufacturer also claims that EADS is a company illegally subsidized by European states. Moreover, Boeing submitted to the Congress that the U.S. should not rely on a foreign company for a contract as important to national security.

The Pentagon had clearly rejected these objections. On the one hand because the dispute between Boeing and Airbus to the World Trade Organization (WTO) is not resolved, Boeing accused of being eligible for public subsidies. He also believed that competition between the two manufacturers was the ideal way to get the best tanker at the best price.Only against Boeing since Northrop Grumman has renounced his alliance with EADS on this project, the EU has even seen the Pentagon grant it the status of "prime contractor", reserved for the largest U.S. companies weapon. Still, a second phase is planned. The work carried out by EADS is not lost and he could catch up on this occasion

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Prices of existing homes in Paris and in historic areas of major French cities are expected to grow by over 10% in 2011 compared with 2010, according to the note of real estate market trends released Wednesday by the Notaries of France.

"The market in central Paris and the historic districts of large cities a province, like Lyon, Nantes, Bordeaux and Montpellier, evolve beyond 10%," write the solicitors in this study "An early 2011 dynamic but then what? ". For these scholars, the sharp rise in prices should also continue in 2011 in the small and large crown in Paris but "but with a change of less than 10% over the year."

Fewer transactions in 2011

In the rest of the province, the increase will be more moderate in 2010, ranging between 3% and 5% are forecasting notaries.According to the National Federation of Real Estate (Fnaim estate agents), prices of existing homes in France are expected to rise 3% to 6% this year after increasing last year's average of 1.5% for all land and a record 15.7% in Paris. In 2010, the real estate market has regained its former volumes of the years between 2000 and 2007, from 590,000 sales in 2009 to nearly 800,000, "real estate investment appears more secure than investment in the financial market" , welcome notaries paydayloans.

However the number of sales in the former is expected to reach in 2011 a sales volume of less than 2010, they say.Indeed, the tax reform proposed by the government "may cause short-term positions and erratic behavior among some owners vendors, with temporary reduction of risk placed on the market and price pressures."

Among the tracks thrown in as part of the reform of taxation on property, the head of state spoke in mid-January the idea of taxing capital gains realized on the sale of a principal residence, up by tax-free. Rising prices continued early in the first quarter of 2011. Based on preliminary contracts (sale agreement), notaries confirm the estimate of their colleagues in Paris at the end of last year, indicating that the average price of apartments in Paris in the first quarter will exceed the 8,000 euros / m2.In the provinces, mainland prices also rise, particularly in Bordeaux and Rennes (+15% yoy), in Nantes and Lyon (5 to 10%), while Lille and Toulouse know in the first quarter of price stable (0-5%).

(With AFP)

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Despite a decline in fourth quarter, Samsung shows an annual profit up 40% in 2010 to 16,150 billion won (10.6 billion) with sales up 13.5% over 101 billion euros. Korean displays an insolent net margin of 10.4%, against 7.2% in 2009. The cash of 14.7 billion euros it also leaves the field to fund its various expansion plans.

Samsung bringing a growth of 40% of the market of mobile telephony this year, to nearly 1.4 billion phones sold worldwide, with a marked acceleration in demand for Smartphone. Korean has much advantage of this craze and put on a doubling in sales of smartphones this year. The good performance of the S Galaxy, its flagship Android-powered smartphone to maximize the incentive cash advance loan no fax.With 10 million copies sold in one semester, it represents one third of iPhone sales. The tablet group, the Galaxy Tab, also honorable debut on the market.

Good behavior screens

The Korean has nevertheless been affected by falling prices of components (memory and LCD panels) for the computing market and television. But he believes that a low has probably been reached. And to expect a recovery or stabilization of prices. Supply difficulties encountered by some manufacturers and a rebound in commodity prices are likely to contribute to relief of rates. In addition, Samsung will expand its range of TV screens to meet the growing demand for LCDs, especially in the entry level.

The rumor had been circulating for a few days. The Central Bank has formalized this Thursday shortly before the opening of the EU summit of heads of state and government: it requires a doubling of its capital. This cushion, which amounts to 5.76 billion euros, would be increased from 5 billion to 10.76 billion euros.

The guardian of the euro said it has to cope with volatility "in exchange rates, interest rates and credit risks." The operation will take place in three stages, the first December 29 following the end of 2011 and again in late 2012.

"If one takes a longer-term, this capital increase is also explained by the need to display an adequate capital base in a financial system that has grown dramatically," said the ECB.This is the first time in twelve years – date of creation – that the ECB makes such a capital increase.

Aid that is not free

It follows the extraordinary transaction redemption of debt of troubled countries like Greece, Portugal and Ireland by the ECB. Having been reluctant to pursue this strategy, she has been forced because of the seriousness of the situation and the States' delay in reacting to the crisis. "We believe that this demand (capital increase, Ed) serves as a reminder of the ECB to the Member States of the Eurozone: the ECB expect to fight only to defend the euro can not be free "Gilles Moec analysis, economist at Deutsche Bank in a note released Thursday morning.

The central bank seeks primarily to strengthen its cushion against losses on bonds it holds the peripheral states.Certainly, it retains those titles until they mature, that is to say, ten years for a ten-year bond, for example, without trying to sell it before the futures market. It is therefore not exposed to changes from day to day. She wiped the other hand a significant loss in the event of partial failure of a State like Greece.

Amputate dividends

Technically, this is not the State paying the money directly to the ECB, but the national central banks, like the German Bundesbank and the Banque de France. But these are financed by governments. The sum required for the capital increase by the ECB could also be levied on dividends paid by the ECB usually its actionnaies States, according to Gilles Moec.

The U.S. central bank, the Fed had also conducted a capital increase after its share buyback program launched massive U.S. Treasury bills.

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Blame it on the crisis. The volume of sales of existing homes in Ile-de-France, up 23% in the third quarter 2010 (52,600 transactions), has caught up with the best years. With 182,400 units sold a year, we are indeed approaching 185,000 sales on average in the years 1999 to 2007.

Meanwhile, prices continued their upward trend to reach a new record. In the former, prices rose an average of 10.6% yoy in Ile-de-France. In Paris, they have gone through the roof to reach 7,030 euros per square meter. An increase of 5.10% in three months and 13.80% year on year.

"One would think that the economic climate, social, financial, that are not yet fully stabilized could weigh on sales. In reality it is nothing.In contrast, in this context, this confirms the confidence in property investment whether for shelter or whether as an investment to rent, "says Christian Lefebvre, President of the Chamber of Notaries of Paris-Ile- France.

Price per m2 in the third quarter of 2010 of old apartments in Paris by district. (Valirisation indices Notaries INSEE)

Crisis forces, the living standards of the majority of the French fact in place since 2008. Nearly two-thirds of French (64%) have not seen their incomes increase significantly over the past two years, according to a poll by the BVA published in L'Expansion Wednesday. And in the longer term, there are four in ten see stability in their income over five years.

Asked about the date of the last significant increase in their income, 13% of the French reply that there was less than one year and 19% felt that there was one to two years. Among respondents 26 and October 27, 22% say their last increase in income rises from three to five years. And in the longer term, there are four in ten see stability in their income over five years direct payday lenders.

Inclinations savings when increasing

On the other hand, if the French surveyed noted an increase of 10% of their wages, 44% of them confide that they would save much against 38% who spend the most part, they spend 9% all and 7% would save the entire amount.

It is mostly people with lower incomes and young people who say they want to save. "Insofar as they can," the French are a precautionary savings "could protect them in case of blow," BVA analysis. In contrast, more than 50 years, who already have a precautionary savings, would benefit massively consume.

The U.S. stock market should open sharply higher Thursday. Futures on Standard & Poor's 500 and Nasdaq 100 advanced in effect respectively from 1.09% to 1190.30 points and 2122.50 points to 1.22%. On Wednesday, Wall Street has ended the session on a hesitant note. The Dow Jones lost 0.14% at 11,007 points, the Nasdaq rose 0.25% to 2476 points and the S & P 500 by 0.02% to 1178 points.

The big event of the day on U.S. markets is the return on the stock market from General Motors. A year and a half after its bankruptcy the manufacturer would make a triumphal entry into the New York Stock Exchange.At its IPO General Motors (GM) will rise on Thursday at least $ 20.1 billion (23 billion if the over-allotment options are fully exercised) making it the biggest IPO ever occurred in the United States and may even exceed the world record held by the Agricultural Bank of China. The first U.S. automaker announced Wednesday that its IPO would take place the next day at an introductory price of $ 33 per common share. GM will indeed break the record for Visa, which raised $ 19.7 billion in 2008, making it far the largest market introduction ever known in the United States.The operation could even beat the world record for the Chinese bank AGBANK, which raised $ 22.1 billion in August by launching a stock exchange.

On the macroeconomic front, investors expect this particular Thursday, the Atlantic, the traditional weekly jobless claims as well as the manufacturing index for November for the Philadelphia area and finally, the index of leading indicators for the month of October.

Always at the macroeconomic level, the Organization for Economic Cooperation and Development (OECD) club of major rich countries on Thursday confirmed the slowing of the recovery, particularly in the area and very strong in the United States. In its new report on the Economic Outlook, the OECD forecasts a global growth of 4.2% next year, after 4 cheap credit report.6% this year.United States, the economy would grow 2.7% in 2010 (against 3.2% expected in May) and only 2.2% in 2011 (against 3.2%), before the rebound of 2012 to 3.1%.

On the foreign exchange market, the euro quickly recovering himself on Thursday, climbing above the $ 1.36 threshold, while the start of crucial talks between Ireland and its European partners on significant assistance given to appease Dublin some market concerns. Around 11:00 am in Paris, the euro bought 1.3629 dollars against 1.3530 late Wednesday

On the values front

The side of values, the U.S. bank Citigroup which examines 14,000 foreclosures recognizes "the probable procedural errors," according to the text that the branch manager of its mortgage, Harold Lewis, must decide on Thursday before a parliamentary committee. This is the first time this bank admits probable errors in this record.Ally Bank (formerly GMAC), JPMorgan Chase and Bank of America suspended early October tens of thousands of foreclosures in the United States after discovering errors in procedures.

Ford has also confirmed the sale of his shares beyond majority Mazda. The American manufacturer will reduce from 11% to 3.5% of the capital of its Japanese counterpart. Both manufacturers maintain their strategic partnership. The U.S. manufacturer was the largest shareholder of Mazda since 1979. After this sale, it will downshift to fourth. Change must be effective November 25.

The American biotech group Genzyme announced Thursday it would sell its diagnostics to Japanese Sekisui Chemical for 265 million dollars.

Also note, the computer company Applied Materials said on Wednesday after trading profit of 468 million, or 35 cents per share.Analysts were expecting a profit of 31 cents per share.

Always on the side of values, investors also expect this Thursday after the close of Wall Street results from Dell.