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 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.

"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.

ALSO READ

"The Elysee has not yet decided on the age of retirement

"Retirement: controversy on paths to reform

"Pensions: a bill in early July

"Pensions work later necessary but not sufficient

Greece, Portugal and Spain. Southern Europe continues to frighten the markets. The Spanish saw its debt rating one notch worse, with a negative outlook.

Between degradation rate and retention Note

During a joint press conference yesterday, Jean-Claude Trichet, president of the European Central Bank, and Dominique Strauss-Kahn, director of the International Monetary Fund, have called on Germany to take an expeditious decision on aid Greece. Both men say they are confident. German Chancellor Angela Merkel seems he heard the message, since it has declared its intention to activate "as quickly as possible" aid plan.

Fortunately, a decision from the United States has been somewhat reassure financial markets. The Fed has indeed confirmed keep interest rates low for a "prolonged period". And this, despite a rapid recovery of the economy.In this context, the Paris markets are cautious. If the CAC 40 has opened up slightly from 0.17% to 3796.44 points, the index in Paris was quickly ironed into the red, yielding 0.03% to 3786 points.

In this context, it will be interesting to see how values are changing bank, after they have been two sessions in the red. Above Credit Agricole said Wednesday night that its exposure to sovereign risk in Greece amounted to 850 million euros.

Quarterly Results: Sanofi-Aventis, and Technip for ArcelorMittal

Among the values that have posted Wednesday, PPR has returned to growth in the first quarter after five consecutive quarters of downturn, and said Tuesday anticipate a further acceleration in sales in the current year savings account payday loans.

The Thursday is rich in quarterly publications: ArcelorMittal reported net earnings were down 36.6% in first quarter 2010 over fourth quarter 2009.

France Telecom has published a turnover down 2% in the first quarter of 2010, in line with market expectations.

The result of Sanofi-Aventis rose 9.7% to 2.4 billion euros in first quarter 2010 against a consensus of 2.28 billion euros.

Bull saw its sales boosted by the acquisition of Amesys, a company specializing in security systems: its sales rose 9.4% against 0.6% off-Amesys.

Pernod Ricard has announced an increase of 14% of its turnover for the third quarter of 2010 of its fiscal year 2009-2010 to offset 1.5 billion euros.

Vivendi, Axa, Bouygues, Areva or Michelin are also expected.

Renault has announced that the equity between the group, its Japanese partner Nissan and Germany's Daimler had been made Wednesday. The three groups have formalized their alliance in early April for three to share technologies and reduce costs.

The U.S. unemployment statistics in the heart of the day

On the macroeconomic front, the day will, however, less responsible. On the program, the weekly claims for unemployment benefit, which will be published at approximately 14.30 U.S., unemployment for the month of April in Germany and in April business confidence in the euro area.

ALSO READ:

"Debt: Spain in turn under pressure" The Fed keeps rates low despite the recovery

The crisis is confirmed in the advertising community. In any case the message sent by the advertising giant Havas Monday. The group said in a statement a 1.4% of its turnover in the first quarter to 325 million euros against a slowdown from 8.4% a year ago.

The group is pleased to see that "all regions are increasing. In Europe, France and returned to positive organic growth of 0.5% compared to the 6.1% decline in first quarter 2009. Only Spain and Eastern Europe are still "difficult", according to the group.

But the American continent Havas owes its good performance quarterly. A "significant turnaround" was notably produced in North America where revenues recorded in the first quarter organic growth of 5.2% to 114 million euros, against 9.2% in the same period last year.In turn, Latin America continues its "strong organic growth rate" with a jump of 24.4% in the first quarter.

ALSO READ:

"Havas recorded a decline of more than 10% of its profits

Patrick de Carolis, the current CEO of France Televisions, delivered a truly gallant last stand. On Tuesday, he chaired a board explosive. To begin with, all board members, including state officials, praised the work of Patrick de Carolis and his team for the good results of 2009. Then this wonderful unanimity has shattered a crucial point: the negotiations on the privatization of France Television advertising Advertising tandem with Stephane Courbit-Publicis. The five state representatives have proposed to continue negotiations until the deadline of October 30. Opposite, Patrick de Carolis said it was better to suspend indefinitely.His resolution was finally carried by the votes of the representatives of Parliament (Christian Kert and Michel Thiolli?re), qualified individuals (Patricia Langrand, Jacques Martial, Henriette Dorion-S?b?lou?, Jean-Claude Carriere and Dominique Wolton, who had represented ) and staff representatives (Bignolas Laurent and Serge Guillemin). The five state representatives voted against.

Courbit Publicis-shocked

In doing so, Patrick de Carolis has clearly returned to his successor the responsibility of selling 70% stake in the advertising duo Stephane Courbit-Publicis. But they have not even been notified of the decision. "We are very surprised, even shocked by this decision through the press.We reserve our comments after having read the detailed decisions of the board of France Televisions and their consequences ", responded Tuesday group Publicis and St?phane Courbit.

To justify the suspension of negotiations, France Televisions said that "this decision reflects the substantial uncertainty surrounding the continuation or not advertising for 20 hours." Uncertainty related to the announcement last week by Jean-Francois Cope a draft bill for the maintenance of advertising on public channels day.Officially, Luc Chatel, a spokesman for the government, and, informally, the Elys?e is opposed to this initiative and expressed their willingness to go through with the reform and to stop advertising completely online cash advance .

However, Patrick de Carolis said he never received clear answers to the letter sent in February to Fran?ois Fillon and Christine Lagarde, on whether or not to advertise during the day. As an entrepreneur, he felt he had therefore no certainty about the finances of France Televisions beyond 2011. And as a future ex-head of France Televisions, he wanted to make a last act of resistance.

Patrick de Carolis presided over probably the last board of directors.It is precisely to go through with the reform of public broadcasting that the Elysee considered, at the end of last week to expedite the appointment of new president of France Televisions. Alexandre Bompard, the current CEO of the radio station Europe 1, is considered a favorite.

June, when crucial

If a new president was appointed in the coming days, he would take the lead group after its approval by the Higher Audiovisual Council and Parliament. This can take between one and two months. Her inauguration would take place well in mid-June

However, on June 7 is a very important date. It is the legal term of social negotiations on the new collective agreement unified group France Televisions. Negotiations opened since June 2009. "We understand the desire of the State to soon introduce a new team.And, a priori, we are open to any new president of France Televisions, whatever it is, although we'd prefer someone who knows public broadcasting, "said Jean-Francois TEALDI, Secretary General the SNJ-CGT, France Televisions. "But it does not let the new leadership to resume negotiations from scratch. It must take account of progress already made, "he says.

ALSO READ:

"France Televisions suspended the privatization of its governance

"France Televisions: the puzzle of the advertising

"France TV: Publicis ready to increase its offer

"VIDEO INTERVIEW – Ravau:" We must continue advertising on France Televisions "

French industry found an atmosphere worthy of pre-crisis. The situation improved further in the industry in January, the synthetic indicator of business climate rising 4 points to 92, INSEE reported. He "reached its highest level since September 2008," says the National Institute of Statistics.

According to the entrepreneurs interviewed, their past activity has significantly improved, approaching the long-term average (100 points). Inventories remain low but the order books "are filling up again," notes the INSEE. In the automotive sector, including factories running again under the effect of orders of the premium for scrap. But, in parallel with the gradual disappearance of the measure, the activity should slow in the coming months, according to the survey payday advance .

Individual expectations remain low

The overall indicator thus complete its turnaround started last spring. In March 2009, it reached a floor level at 69 points after 15 months of plummeting.

Still, the personal perspectives of production business leaders remain low (-9). Paradoxically, the overall outlook is to say opinion on the overall activity of the industry, improved "significantly" to -4 in January against -11 in December, exceeding the average long term , is the INSEE.

This will be the status quo. Despite the rising price of oil, regulated tariffs for natural gas will not be adjusted on 1 January next year, according to a spokesman for the Department of Ecology and Energy. In applying the method of calculation in force, the rate of megawatt currently set at 41.5 euros would have to increase by 0.65 (an increase of 1.5%) to reflect the supply costs of GDF Suez (ex-Gaz de France).

The regulated gas prices in theory are updated every three months and must reflect the evolution of oil prices over the last six months, with a lag of a month. If the formula had been applied to the letter, it would have resulted in lower gas prices by 3.6% on 1 October and an increase of over 5% on 1 January, when consumption is stronger.

The Government agreed with the energy group to avoid unpopular increases in the heart of winter. The regulated gas prices concern customers in effect nine out of 10 French.

To depoliticize the debate at the coming price adjustments, the government also announced Friday, December 11, it would change the method of fixing rates. It would, under the supervision of the Regulatory Commission of Energy (CRE), to entrust more power to the energy group GDF Suez.

See also:

"Bercy modifies the rules for fixing gas prices

The National Society of French Railways issued Tuesday turnover in the first nine months of the year. One can see a slight recovery in the third quarter, the evolution of railway activity remaining in the trends observed in the first half.

The turnover comes as a slight decrease of 2.6% to 18.3 billion euros or 480 million euros less than in 2008.

Among the four branches of the SNCF, the sectors "Infrastructure" and "Near" (TER Transilien and Coral Intercit?s) both recorded an increase in their turnover, respectively.Up 2.4% in the first, due to "the upward trend of the work on infrastructure" and an increase of 3.2% for the second, thanks in particular "subscriptions, scheduling and the Opening of new services. "

The branch "Travel", including the TGV and Corail particular, fell by 1.7% and is still heavily impacted by the economic crisis, despite the establishment of a trade policy "very dynamic" in the words of the communiqu? .

The branch "Geodis" Finally, dedicated to transporting goods, said "Freight and Logistics, a fall of 13% or 792 million euros compared with the first nine months of 2008, due to lower volume of goods handled.

ALSO READ:

The station repeats its TER

"The 3000 French stations prepare their revolution