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Hesitation waltz at the Paris Bourse. After opening on a drop of 0.27% in the wake of the Asian markets, the benchmark index in Paris dropped more than 1% in the morning to return to equilibrium. But the opening of Wall Street in 1530, the CAC 40 has shifted downward, before digging even after two bad losses to U.S. figures, which brought down the U.S. indices. Around 4:12 p.m., the CAC 40 fell by 0.877% to 3733.38 points.

This morning, the losses have widened in the late morning after the publication of several macroeconomic statistics:

– In France, INSEE announced that French household consumption of manufactured goods had rebounded 2.7% in July and fell 1.6% in August.Economists were expecting an average growth of 0.6% in July and the consensus was +0.2% in August.

– Updates of new housing projects in France fell by 7.7% over one year for the period June-August 2010, while building permits rose 30%, said Tuesday the Department of Ecology.

– German consumer confidence in the economy, measured by the GfK barometer, reached its highest level in three years.The barometer set for the month of October reached 4.9 points, against 4.3 points for September (revised).

The afternoon was marked by the S & P / Case-Shiller house price in the U.S.: housing prices have declined in the United States in July, 0.1% from the previous month.

Then, 16 hours, the index of investor confidence and U.S. consumers in September fell more sharply than expected, according to the Conference Board index released Tuesday, which fell 4.7 points from July to $ 48.5.

As for currencies, the euro found strength against the U.S. dollar vert.Un euro is worth 1.3454 (+0.19%).

Michelin tumbles

But since this morning, the rating is primarily driven down by the Michelin red lantern ACC.The titles of the group let go of 10% to 58.71 euros after announcing a capital increase of EUR 1.2 billion to finance investments.

The title brings with it the entire automotive sector, including Peugeot (-2.38%) and Renault (-0.63%). 1.24% abandoned.

Ireland shook the banking

The banking and financial sector is also misguided Tuesday. BNP Paribas (-0.18%), Societe Generale (-0.48%), AXA (-0.35%) are abused.

Concerns have arisen with the estimate given by Standard & Poor's following which Ireland will inject 35 billion euros in Anglo Irish Bank. "The projections that were previously in sharp contrast to our estimate of 35 billion now appear to evolve more into line with such a cost of recapitalization," said Trevor Cullinan said Tuesday the channel RTE."The alternative plan of government for Anglo implies that we could even surpass the 35 billion, if that were the case, it may well be that Standard & Poor's conducts downgrades," he added.

Moody's Investors Service had already cut three notches Monday of the debt rating of Anglo Irish Bank and six notches the rating of the subordinated debt.

EADS is pessimistic

Technicolor (+4% to 4.23 euros) announced Monday the sale of the majority of its 50% stake in Screenvision U.S., specializing in advertising for the film, for $ 60 million (45 million euros ).

Eurocopter (EADS: -0.86% to 19.09 euros) yesterday unveiled a new range of helicopter, the X3.Lutz Bertling, head of the group, took advantage of a press conference to clarify that Germany had yet maintained its order for 80 Tiger helicopters contrary to rumors in the German media. They had recently assured that Germany would lower the number of Tiger ordered 60 and the number of NH90 military helicopters and 80 against 122 ordered. Pessimistic, Lutz Bertling said last night also that "2011 will be the toughest year of Eurocopter. Cancellations of orders decreased but the stimulus of government too. " However, he stated that 2011 would not be a year of losses."We believe that the first signs of recovery should be perceptible from the second quarter of 2011."

Aries (+12.5% to 7.11 euros) automotive supplier specializing in the production of aluminum parts, announced back in the green Monday night with a net profit in the first half of 5.1 million euros against a loss of 2 million euros a year earlier."The group anticipates continued growth in its turnover by 2013 and envisages a return to an activity level comparable to that recorded in 2007, close to 47,000 tons of foundry.

The board of directors of Bolloré (-0.06% to 160.50 euros) decided Monday night to distribute an interim dividend of two euros per share given the good results of the group in the first half of 2010.

Sanofi-Aventis (-0.04% to 49.9 euros) continued its policy of acquisitions by announcing an agreement on Monday to buy VaxDesign, a U.S. biotech that develops in vitro models of human immune system.

Gabon, come to the capital of the French group Eramet (+0.07% to 219 euros) has reaffirmed the country's president to visit Africa in Paris.

Trigano (-3.75% to 17.09 euros) estimates that the sales growth recorded this year should continue in 2011 thanks to the success of its new models.

As for publications, Neopost (+0.05%) on Tuesday unveiled its first half results.

Note that the title SeLoger.com was suspended from trading this Tuesday morning at the Paris Bourse at the request of the Autorité des marchés financiers (AMF). This suspension is related to official submission of the bid group Axel Springer, which should be imminent and probably intervene in the morning, said a trader. The stock closed Monday at 37.53 euros.

In addition, Alcatel-Lucent (3.25% to 2.57 euros) stays the course: the titles are the only change in the green.

SNCF is much better liked by the French that the Deutsche Bahn (DB) is the Germans.This conclusion emerges from a survey by TNS Sofres conducted on behalf of the French company in four countries (France, Germany, Spain, Italy), from 1 to 6 September in France and 2 to 9 September in Germany Spain and Italy.

Only 41% of Germans have a "good image of the DB, while 66% of the French have one of the station, while 59% of Germans and 34% of French people have a" bad image "of their respective companies.

"When asked about the DB, the Germans have a very strict view that the French are not on the station," commented the president of the SNCF, Guillaume Pepy, at a press seminar at the weekend Forges-les-Eaux (Seine-Maritime) bad credit personal loan lenders.

In detail, 59% of French people are proud of the SNCF and 53% are attached, when only 35% and 24% of Germans are in the DB.Furthermore, 94% of French have a good image of the TGV when 70% of Germans have ICE, its equivalent in Germany.

In Italy, 48% have a good image of their company Trenitalia, they are proud to 35% and they appreciate a lot more high speed trains (75%) that trains daily (36%). Finally, the Spanish Renfe appreciate their "Spanish station" at 81% and 66% are proud, popular both high-speed trains (90%) that trains daily (71%). But only 42% of Italians and 41% of Spaniards are attached to their national airline.

President of the European Bank for Reconstruction and Development (EBRD), based in London, Thomas Mirow details the risks to the countries of Central and Eastern Europe.

Le Figaro Central Europe and the Baltics are they immune to a crisis of sovereign debt to the Greek?

Thomas Mirow No, they are not immune. First, several countries in the region have serious problems of deficits, including Hungary. Others have problems of private debts, Latvia and Lithuania for example. All countries in Central and Eastern Europe are affected by sovereign debt crisis that hit the euro area.This does not mean that there is a sovereign financial risk similar to that struck Greece smoldering currently in the East.

Hungary, which broke off negotiations with the IMF and the EU before the summer, she will need an extra money?

Hungary has specific problems: a public debt greater than its neighbors and a high level of private debt denominated in foreign currencies. After the crisis of the forint, the government committed to reducing the deficit below 3% next year. Concrete steps have been taken in this direction, which should allow the return of confidence among international investors.

The austerity measures which extend in Europe do not they could kill the recovery in the East?

The austerity is needed. It will impact on growth, for sure.But when you live above its means for years, must pay the price, whether public or private. This is the condition to create the foundations for healthy growth. Even if it's hard to live, there is no realistic alternative …

Do you advise governments to ban foreign currency loans?

No. Do not ban them. Financial integration is a good thing. Without this source of funding, growth would be hampered. But banks should be careful not to lend foreign currency to SMEs or individuals if they can not bear the risk. It is a task for the banking regulator.

The tax credit proposed in Europe, especially Hungary, is a good thing?

It must be very careful about the magnitude of such a tax because we all expect to recapitalize banks to be more stable, more resistant.It is an objective that governments must not forget.

The capital requirements of Basel decided they threaten three credit in the East?

The economic impact of Basel 3 is very difficult to measure. I am convinced that improving the stability of the financial system pays off in the long term, even if it has a negative impact in the short term, growth.

Major European banks normally lend themselves via their subsidiaries in the East?

The debt that accompanies any financial crisis resulting necessarily less money. It is difficult for SMEs that lack access to financial markets. But that's normal. Banks need to restore their balance sheets.The European Bank for Reconstruction and Development has nothing to complain about.

After Estonia, in 2011, which will be the next member of the eurozone?

Poland and the Czech Republic should be able economically to join the eurozone shortly. But he is not sure they have the will politique.La Czech Republic highlights the risks to its competitiveness. In Poland, the attitude in general seems more positive decision to take on political integration.

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"New standards imposed on banks

The recovery plan launched by Nicolas Sarkozy December 4, 2008 has an impact on employment. According to the credit insurer Euler Hermes, the only tax measures which amounted to 16 billion euros have saved between 15 000 and 30 000 firms in 2009 and as many in 2010. Be between 50,000 and 100,000 jobs each year. SMEs have received 40% of these measures, which were compounded by social and tax arrears in an amount ranging between 5 and 10 billion euros.

Despite this support and a rebound in the French economy since the spring of 2009, French companies continue to go through a difficult period because the recovery is "no momentum", said Karine Berger, marketing director and Euler Hermes markets.

Result, the failures of companies will reach a historical high this year with 65 900 failures. An increase of 2% over one year."This is the highest level since 1993," Karine Berger analysis. The sluggish recovery, competitive pressures, the phasing out of support measures fast cash loans explain this peak.

The main victims are those companies employing between 10 and 50 persons and has between 500,000 and 2 million euros of turnover. "It's the heart of the fabric of French companies," said Karine Berger. Certain sectors are particularly affected, such as hotels, cafes, restaurants, business services and construction. "The crisis is not over for construction SMEs. We have testimonials from small business entrepreneur in South East who noted that large French groups seize on small sites, Karine Berger observes.

According to Euler Hermes business failures will continue in 2011. They should fall only 5%.But companies that have passed the years 2009 and 2010 thanks to measures of the recovery plan should not be part of the next victims.

The bar of the 3800 points is reached. On Tuesday, around 9:45 am, the CAC 40 has exceeded the threshold he had not seen since May 3 last, or almost five months ago. This course is psychologically important, and technical analysis sees the continuation of the upward movement of the Paris Bourse.

"Significant resistance has been exceeded in the U.S.. The Dow Jones has broken the resistance of 10,720 points. The S & P 500 ended at a high of 4 months and so exceeds the 1130 points, is there be analyzing graphs small personal loans.Dans this context, the CAC 40 should make short work of the resistance of 3810 points. "It would thus take a serious option to move to a new bull cycle sustainable, with the highest annual line of sight, around 4090 points to a horizon of two to three months."

Evolution of the CAC 40 for 6 months.

The Minister of Ecology and Energy expects a "advanced by the end of the year" in the folder with the rise of EDF in the capital of Areva, in an interview with The Daily Echos on Monday.

"The situation is simple: Areva capital needs. (…) Apart from the conversations that take place with other partners, including foreigners, it is desirable that EDF is involved in this capital increase and, given the capitalization of the company, this holding would be limited "he recalls.

"I hope a breakthrough by the end of the year", he adds, without further details, noting only that Henri Proglio, chairman of EDF, and Anne Lauvergeon, president of Areva, have seen "the beginning of last week."And note: "We have thoroughly analyzed the situation and concluded that, for years, the state had not always taken its responsibilities and that the entire industry suffered." "It's not a question of individuals but implementation of a strategy", he takes care to specify.

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Thirty-five suicides in 2008 and 2009. Twenty-three since the beginning of the year, including five between late August and early September. France Telecom had to react. The expectation is high, but the narrow time frame. Two and a half months after its strategic plan, the group on Friday unveiled its unions to "new social contract" which will be presented to the press Tuesday and sent "in the coming days" with 102,000 employees."I want to establish a radically new model of organization in France," said Stephane Richard Le Figaro on Thursday.

Put people at the heart of the business

This social contract confirms the group's desire to put people at the heart of the company's priority strategic plan presented by the Director General, Stephane Richard, in early summer.

It assumes the key management commitments: Employment (10,000 recruitments by 2012, a best supporting employees in their career), the organization of work (the end of the excessive centralization of decisions), or " quality of work life improved "(with a" network "designed to better prevent psychosocial risks).

Other promises: human resources closer to employees, the evolution of managerial practices and a "fair compensation, based on both individual and general increases. The "new contract" also details the agreements already concluded between management and unions since September 2009 on mobility, balance private life and professional life and stress.

"A compilation of existing commitments"

While they appreciate the fact that the contract be sent to the home of all employees, unions are not convinced by this new contract. 'This is a compilation of existing commitments, and not all required. We must go much further, "said Christian Mathorel, CGT.For Nabyl Beldjoudi union FP, it is a "record of communication to employees, but it will not bridge the gap between rhetoric and reality, and will put pressure on the infernal managers who lack the ways to make autonomous decisions. Finally, Sebastien Crozier, union CFE-CGC, UNSA, that the text "extremely weakened by the absence of industrial project", particularly because of a dividend policy too strong.

Anyway, the road is still long and the internal social crisis persists. So much so that a report of occupational physicians stated that it "is worse than in May, where employees still had hope." The mission proved difficult for Stéphane Richard, who has promised to "do everything" to prevent suicide "because of the company."

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The fiscal austerity measures succeed. As we approach the adoption of pension reform, the government prepares to put the field of insurance to the diet. The government plans to make nearly $ 2.5 billion in savings next year in this area, reports Les Echos.

Decreases in reimbursement for drugs and consultations are envisaged. Thus, according to the daily rate of reimbursement for drugs that medical service is considered moderate return of 35% to 30%. User fees charged to patients for medical consultations will be raised by 0.5 percentage points. Finally, social security cover to a lesser extent certain surgical procedures. A series of measures particularly sensitive, but which could save 400 million euros for Health Insurance.

Other measures affect more laboratories and health professionals No teletrak payday loan. Including biologists and radiologists will see their rates decline, physicians must limit their prescriptions. The homes will also be involved and will slow the rise in spending. The purpose of this device is to contain expenditure growth to 2.9% rebate next year, says Les Echos.

Meanwhile, the revenue side, companies will contribute 400 million euros more in respect of occupational accidents.

Objective: deficit of 23 billion euros in social security

Ultimately, the state wants to reduce the deficit of social security in 2011 to nearly 23 billion euros. However, everything remains open to debate, the draft law for financing social security for 2011 will be presented on September 28.

U.S. stock markets take a breather on Tuesday after four consecutive sessions increase. The Dow Jones lost 0.16% at 10,528 points, the Nasdaq was down 0.32% to 2278 points and the S & P 500 dropped 0.37% to 1118 points. Monday, boosted particularly by banks, the New York Stock Exchange recorded its fourth consecutive session uptrend, the eighth of the last nine days. At the close, the Dow Jones gained 0.78% at 10,544 points, the Nasdaq climbed 1.93% to 2286 points and the S & P 500 ahead 1.11% to 1122 points.

On the foreign exchange market, the dollar fell briefly in the morning to 83.09 yen, its lowest level since May 1995, immediately after the announcement of the re-election of Japanese Prime Minister Naoto Kan at the head of the Democratic Party of Japan , training center-left in power.To 16 hours, the greenback resumed the perks: the euro bought 1.2868 dollars (-0.10%).

On the macroeconomic front, retail sales in the U.S. rose 0.4% after rising 0.3% in July (0.4% initial estimate). The Reuters poll gave up 0.3%. For specialists Aurel BGC, "non-automotive, retail sales are benefiting from strong growth in sales during the back to school. Distributors, sacrificing their margins, supported by significant sales promotions. "

The indicator light of the weekend, however, will the publication of preliminary results of the survey by the University of Michigan on consumer confidence, which should improve slightly on the first days of September.

The Treasury disengaging AIG

The side of values, Bank of America (-1.56% to 13.73 dollars) would be forced to buy between 10 and 20 billion dollars of home loans to credit insurers because of missing or incorrect information on the creditworthiness of borrowers in the securitization of these loans. More than half of home loans or mortgage loans granted by the bank between 2005 and 2007 would be affected.

Since Monday, the banks are among the largest declines in the Dow Jones.Besides Bank of America, JP Morgan Chase 1.26% to 40.60 loose dollars.

Always on the side of U.S. Treasury securities could leave the capital of the insurer AIG (-1.98% to 36.19 U.S. dollars) during the first half of 2011. Shares amounting to 79.8%, the U.S. Treasury should initially turn its preference shares into ordinary shares. It would then own 90% of the insurer's capital. Resell it, then, these holdings to private investors.

The technology sector should also take the spotlight today on Wall Street. According to news agency Bloomberg, Microsoft (-0.64% to $ 24.95) would consider issuing bonds (about $ 6 billion) to fund a share buyback and raise its dividend.

Intel (-0.82% to 18.41 dollars) has also announced new chips and new technological developments.Tomorrow's processors will integrate the GPU and algorithms in common with the security software, supporting its recent acquisition by McAfee.

For its part, Apple (+0.04% to 267.13 U.S. dollars) should also be surrounded by Exchange after the announcement of China in the marketing of its wireless iPad.

At the same time, the series between Sanofi Aventis and Genzyme continues. The U.S. biotech many initiatives to improve its value against the offer of French. Genzyme (-0.10% to 70.22 dollars) on Monday announced the sale of its genetic testing ($ 371 million in sales in 2009, representing 8% of its revenues) at LabCorp, to 925 million dollars.

Like the Asian and European stock exchanges, stock markets in the U.S. have risen sharply, on Monday, boosted by bank stocks. The Dow Jones gained 0.79% at 10,546 points, the Nasdaq climbed 1.22% to 2270 points. The increase is more limited for the S & P 500 advancing 0.10% to 1121 points. On Friday, U.S. markets ended the week on a positive note, but in low volumes. The Dow Jones closed up 0.46% Friday at 10,463 points, the Nasdaq gained 0.28% to 2242 points while the S & P advanced 0.49% to end the week at 1110 points.

On the foreign exchange market, the euro was up sharply against the greenback Monday after the announcement of a building less strict than expected global banking standards.In the morning, the euro was at 1.2815 dollars against 1.2680 dollars on Friday.

On the macroeconomic front, some indicators are on the agenda of investors on Monday the United States. They expect such figures of budget execution will be available in August at 20 hours. The following week will be more difficult.The activity indicators from the United States will be examined very carefully by investors, started by retail sales, Tuesday no fax payday loans.

On the side of values, the worldwide leader Hewlett-Packard is close to concluding an agreement for the acquisition of security firm ArcSight cost of approximately $ 1.5 billion.

Always on the side of values, Sunday evening, the world's number one car rental Hertz announced that it raised its offer for Dollar Thrifty Automotive to counter a competing proposal of Avis. In total, the transaction between Hertz and Avis to represent 1.56 billion dollars, beyond the provision of notice that valued the target of $ 1.35 billion.Hertz now offers about $ 50 per share of Dollar Thrifty, of which 43.6 dollars in cash and the remainder in shares, more than Avis has proposed at the beginning of the month 47.13 dollars per share.

Also note, Genzyme Corp. announced today the sale of its genetic test to LabCorp for $ 925 million cash. The proceeds of the sale could fund part of its plan to repurchase shares for a total of 2 billion dollars.