The Beige Book released Wednesday evening by the U.S. Federal Reserve and state is a better overall economy than before.Both at the point of manufacturing and services.

Sightseeing, the report underscores the strong momentum in the areas of San Francisco, New York, Minneapolis, Richmond, Kansas City and Atlanta, although the latter regrets a decline in leisure travel in the Gulf of Mexico, an area affected by the noirée tide.

On the consumer front, consumer spending during the early summer have increased overall, particularly in Dallas, but in most areas, this growth has remained low.

In the property and the trend is less successful.While the tax credit to Etats6unis expired last April 30, the Boston, Philadelphia, Atlanta and Kansas City have suffered declines in construction activity, one can read in the Beige Book.

Finally, employment has gradually improved in several areas, like New York, Chicago, Richmond and Atlanta, but has stagnated for example, Boston and Dallas.

On Wall Street, the investor response is negative. The major indexes have bent the publication of the Beige Book (20 hours, Paris time). In the end, the Dow Jones ended up on a decline of 0.38% to 10,497.96 points, the Nasdaq is up 1.04% to 226.56 points and the S & P by 0.69% to 1106.13 points.

Note that this information valuable as its Chairman of the institution, Bernanke said there just a week before Congress the slow recovery, without announcing new measures to support the economy.Please note that Friday, all eyes will be the publication of the first estimate of U.S. GDP for the second quarter of 2010.

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If the Office of Tourism Osten-sur-Mer laments a decline in attendance of about 10%, traders stand more negative findings."The customer is down 30% to 40%," says Pascale Soussi Restaurant La Terrasse in Sin-sur-Mer. "And it was discussed among traders: It's the same for everyone. At the restaurant La Marina, sixty meals are served daily on the usual hundreds. At the Hotel du Port, Osten-sur-Mer, Sophie Ramon prepare a statement even less favorable in the hotel which was flooded by 82 inches of water in late February and closed more than a month, attendance was halved.

Three campgrounds closed

In case the destruction of several campsites and many second homes have contributed to empty the streets of the town. A La Faute-sur-Mer, the municipal camp was finally closed and that the Blue Waves should not reopen until April 2011.As for camping Municipal The Sting-sur-Mer, it is only half available: caravans and tents can again take up residence in the "upper" since July 1. But the other part, where you could rent mobile homes, chalets and caravans, remains closed for repairs. It represents, in itself, a hundred beds and less.

Overall, La Faute-sur-Mer, about 8000 tourists were least expected, on the 35,000 usually greeted each summer. Added to an unfavorable economic situation by traders, these accommodations are destroyed a significant shortfall.

Ile de Re also shows a small decrease

A few dozen kilometers south of La Faute-sur-Mer on the Ile de Ré, the damage from the storm were less important. "The island is absolutely destroyed!", Recalled the manager of a hotel restaurant.A campsite for a works council remains closed this season and the hotel Odalys does not welcome new visitors that from 31 July.

Le Relais Thalasso, also closed after the storm has finally reopened its doors on July 4. Four months of work have been necessary for the institution to recover from the flooding that devastated forty rooms. "Today, activity resumed normally," said facility director Didier Gireau. Our forecast for the month of August are in the standard, or even good. We have made efforts to forget the flood and that the center image is not tarnished. "

But many merchants and restaurateurs of the Ile de Ré deplore this was a small decline in attendance. Some highlight the consequences of the storm, others are pointing the finger particularly the unfavorable economic environment."The economic situation is worrying," says director of Ile de Re Tourism, Catherine Senand, refusing to incrimer the storm that left "little effects" on the island. She admits that the season has "started slowly, but expects a better August.

A "moderate" impact on departments

For François Riou, assistant executive Tourist Board of the Vendee, the impact of Xynthia remains "very moderate". Only 2% of the Vendee coast has been destroyed by the storm, "a tiny fringe" which does not affect his view, the department's tourism season. Faced with a peak at half this year, local tourism professionals will therefore want reassurances on their prospects."Only two campsites are closed on the 400 account the Vendee," he recalls.

Even finding across the neighboring department: "After the storm, only 3% of the infrastructure of Charente-Maritime have been affected," said Stephane Villain, president of the Tourism Committee of the department. "The summer looks very good," he says. "The reservation rate is substantially identical to that of 2009 which was a very good year." And we promise to visitors that the hospitality will be at appointment: "People have worked hard to accommodate visitors in very good conditions," says Stephane Villain. They may be even better than usual ".

The image of the region involved

The image of the Atlantic is at stake, as evidenced by the television campaign to promote tourism in the Vendee.Circulated in early June, the commercials were intended to "remind the values of hospitality and tourism" of the department, according to François Riou.

The regions affected by Xynthia therefore trying now to convince visitors that they are again ready to welcome them, with their usual charm and tranquility.

Main explanation: the set of indicators published in the euro area, which show a recovery in the private sector. Can better results than expected for a large number of American business.

– Composite Index Purchasing Managers (PMI) of the area rebounded in July for the first time in three months, to 56.7 points against 56 points in June, according to the firm Markit.In detail, the PMI manufacturing stood at 56.5 in the first estimate in July against 55.6 in June, while economists polled by Reuters had expected 55.2. The equivalent index for services rose to 56.0 against 55.5 last month and a consensus of 55.

– The industrial orders in the euro area recorded its strongest growth for 10 years + 3.8% in May from April and 22.7% compared to May 2009. Economists and analysts surveyed last week by Reuters on average expected stability for May compared to April and up 20.2% over one year.

– The German manufacturing PMI index stood at 61.2 against 58.4 seen in June and 58 expected by economists. As for Britain, the Office for National Statistics reported a 0.7% increase in retail sales compared to May and 1.3% over one year.Economists and analysts on average had forecast a rise of 0.5% a month to month and 1% compared to June 2009.

In France, INSEE announced before market that the morale of French consumers had stabilized in July after five months of degradation remains unchanged at -39, -40, when analysts had expected. The business climate indicator in industry climbed two points to 98, well above the 94 expected by observers. This is its highest level since July 2008. According to INSEE, the order books are filling up again but are still scanty.

The good news is a bit overshadowed the remarks of Ben Bernanke on the U.S. economic recovery. Judge it still too slow and the outlook remains uncertain, paving the way for new measures to support monetary policy.These ads were yesterday meant to topple the Red Wall Street, while the U.S. stock market is moving in the green throughout the session credit reports free.

The bank climb until the stress test

Investors also await with anticipation the release Friday of the results of resistance testing What happened to the European banks. In an interview with Le Figaro, the Minister of Economy Christine Lagarde said she was "totally confident" about the results of French banks.

The banking sector appears up on Thursday, the eve of the results of stress tests of European banks.BNP Paribas (4.76%), Societe Generale (5.08%), Credit Agricole (5.55%) or Dexia (3.74%) were searched

Good resistance values related to the automobile

The supplier Faurecia (1.15% to 15.49 euros) announced before market coming out of the red in the first half of 2010, net income of 102 million euros against a loss of 365 million a year earlier. The group has also sharply raised its guidance for full year. Peugeot (3.15% to 23.73 euros) and Renault (3.36% to 34.26 euros) react to this new optimistic that counterbalances the announcement of a sharp decline in car registrations in Europe in June

For his part, Remy Cointreau (0.65% to 45.14 euros) announced a turnover in the first quarter of 2010 to 2011 of 170 million euros, up 23.6%.The group will propose a dividend of 1.30 euro to the general meeting of July 27, 2010.

Plastic Omnium (2.13 to 38.90 euros%) has announced a net profit of 72.3 million euros in the first half against 8 million euros a year earlier. Turnover amounted to 1.518 billion euros and the group expects a second half "dynamic".

Technip (7.42% to 52.07 euros) published a decline in its net profit by 8.7% to 106.1 million euros for a turnover down 14.3% at 1 48 billion euros. The objectives are confirmed.

Naproxcinod of Nicox rejected the U.S.

NicOx (-21.07% to 2.24 euros) could be heckled.The FDA, the authority of medicine in the United States, has rejected his request for the U.S. market Naproxcinod of this treatment against osteoarthritis, a product NicOx expects a lot.

Unibail-Rodamco (5.42% to 147.70 euros) on Wednesday decided to distribute 1.8 billion euros to its shareholders, or 20 euros per share in respect of a return of capital. The land has issued a recurring earnings per share of 4.70 euros in the first half of 2010. The band reveal all its first-half results after market close.

In Japan, the Nikkei gained 0.20% to 9,604 points in mid-session after starting on a decline of 0.50%. The Topix is 0.23% at 863 points. The benchmark index of the Tokyo Stock Exchange has taken the time to digest the defeat on Sunday, the Democratic Party of Japan (DPJ), in power, the Senate elections. The failure of the movement of the Prime Minister Naoto Kan weakens the leader of the center-left and opens a new phase of political uncertainty for the archipelago. Investors fear at this stage a deadlock in parliament could hinder the policy of reducing public debt, estimated at 200% of gross GDP.After their defeat, the DPJ and its ally, a small nationalist party, retain only 110 seats, the majority being fixed at 122 seats. The coalition remains however a majority in the Chamber of Deputies but must negotiate alliances with opposition parties on an ad hoc basis to enforce its laws.

Yen flexes

Despite caution, this defeat has not overwhelmed the markets. "The results of this election are obviously not positive, but at this stage they are probably neutral rating, investors had already considered the possibility that the ruling party does not obtain a majority, explained before the opening Yutaka Miura, analyst at Mizuho Securities.

The news has at least led to a weakening of the yen has benefited from the index. "The Prime Minister Kan will have difficulty in passing laws.It is therefore logical that few foreign investors buy yen, "said Hideaki Inoue, head of foreign exchange market to the bank Mitsubishi UFJ.

In terms of macroeconomic indicators, the Bank of Japan reported on Monday a slight increase,% yoy in June wholesale prices on the domestic market. It is the second consecutive increase in this index, which had previously declined for nearly a year and a half without interruption.

The region in the green

In the wake of Tokyo, the other places in the region rise slowly. In China, Shanghai and Hong Kong respectively gaining 0.81% to 2490 points, and 0.67% at 20,516 points. The National Bureau of Statistics (NBS) announced this morning that housing prices had continued to increase but at a moderate pace in June, further evidence of the impact of government measures to prevent runaway industry.Prices listed in 70 cities rose 11.4% last month, against 12.4% in May

In Korea, the Kosdaq is 0.52%, while the S & P climbed 0.31% Australian and Indian Sensex appears up 0.89%.

Oil gains ground

Crude prices were moving upward Monday in electronic trading in Asia brought by a rebound in financial markets.

In morning trading, a barrel of light sweet crude for August delivery took six cents to 76.15 dollars a barrel, while Brent North Sea with identical maturity, gained 3 cents to 75.45 dollars .

Asked about the carbon tax at the borders of the European Union (EU) dear to Nicolas Sarkozy, Denmark's answer, in accordance with the wishes of the French president, the European Commission has discussed this mechanism among the various instruments to reduce CO2 emissions in a communication dated May 26"But I prefer to leave it in the toolbox."

A trade war

As the British Government and several of his fellow commissioners, Connie Hedegaard think raising the price of imported goods like Chinese steel example, according to their carbon footprint is "extremely difficult to implement." Most importantly, "Is that such a measure would help the Chinese to be constructive?" Asks she, fearing a trade war if the environmental barrier was erected on the borders of the EU. One of the arguments of French supporters of a "border adjustment mechanism is that it may help to avoid relocation of jobs to countries where less stringent rules on carbon can produce cheaper.Better to engage in innovation and green growth to create jobs in Europe, contends Connie Hedegaard, as echoing the credo of the Obama Administration.

Former Danish Minister of Environment, which, as such, has chaired the conference in Copenhagen, believes that for the modest agreement in December 2009 ripped credible, rich countries should honor their commitment to pay this year 10 billion dollars promised to the most vulnerable. The finance ministers of Twenty-Seven detailed in May and pay their share of 2.4 billion. These additional funds, a majority of donations and a minority of loans will be paid directly by the Member States. To date, recipient countries have not seen the first euros of new funds.

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Elsewhere in Europe, even the Footsie in London returns to equilibrium (-0.05% to 4835 points) after starting the day up 0.45%. The German Dax, which climbed 0.34% at the opening, back up 0.08% at 5839 points.

The caution at the beginning of the week, as in Asia. On Friday, 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. 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.

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 the commitments made by BNP Paribas to the European Commission following the acquisition of Fortis in Belgium in 2009.

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.

Thursday came another statistical support with the recent claims of unemployment rose 13,000 to $ 472,000 in the figures as at June 26, while economists on average expected a decline to 452,000 over the figure of 457,000 originally announced. This does not suggest the best for this afternoon.

The CAC 40 displayed an increase of 0.75% within minutes of opening to 3364 points and advanced more moderately by 0.29% to 3349.73 points shortly after noon.

Note that the meeting in Paris will be exceptionally today around 41 values because of two new entities of Accor.

The trend has been better after the session on Wall Street to limit losses. At the close, the Dow Jones lost 0.42% to 9733 points, the Nasdaq was down 0.37% at 2101 points and the S & P 500 drops 0.32% to 1027 points. This has encouraged the European markets to dare a technical rebound this morning. This morning in Asia, also dominated the calm markets.

On the face values, we will therefore:

Bank stocks. The banks borrowed yesterday less cash than expected to the ECB, were reassuring.But, according to the Financial Times, a score of banks would be forced to raise capital after testing resistance. Societe Generale 33.585 to yield 0.84%, BNP Paribas 1.72% to 44.24%, Credit Agricole stabilizes.

Edenred (new name of Accor Services) made its market debut. The award technical reference of the title was set at 11.40 euros, a figure which is located in the lower range of 11-14 euro advanced Tuesday by the chairman of Accor at its general assembly and lower than its During Thursday on the gray market, which was around 12 euros depending on traders. In the first exchanges, the title earned more than 24% to 12.24 euros.

Accor is mishandled and lost 5.18% to 23.420 euros. According to Les Echos, the group is also about to give the caterer Rail Wagons-Lits to French Newrest.Moreover, according to the newspaper, the proposed IPO of Lucien Barriere, another subsidiary of Accor, will be presented to analysts on July 7.

GDF Suez (EUR 22.99 0.86%). Standard & Poor's said on Thursday lowered the outlook notes A/A1 group's "positive" to "stable", judging unlikely that the group achieves and maintains financial circumstances justifying an increase in his notes.

BNP Paribas and BPCE, the parent company of Natixis announced an alliance in consumer credit, which will require the development of a common platform operational from 1 January 2013. The BNP Paribas gained 2.09%. Natixis yield 0.41%.

Schneider (0.59% to 81.37 euros) said Thursday it was in talks with the city of Ashgabat, Turkmenistan, on the renovation of the city's power grid.The Tribune reported Friday that the group has secured this contract, the newspaper figure at 1.3 billion dollars (1 billion euros).

LVMH (+0.34% at 85.49 euros) is about to acquire a Brazilian company, the leader of the country of the online sales of perfumes and cosmetics.

Beneteau lowered from 17% to 15% of its target revenue growth for fiscal year 2009-2010 within the scope of delays in deliveries of vessels. The builder of sailboats and motorboats, however, confirmed its target of operating profit to 37.5 million for its fiscal year ending in late August. The title resists: he won 3.32% to 11.06 euros.

The Japanese offered as a place of choice in a market where e-commerce still has the wind in its sails. Online sales have jumped 30% in France in the first quarter of 2010 compared to the same period of 2009, according to figures from the Federation of e-commerce and distance selling (Fevad).

"This acquisition is a significant step towards achieving our goal of creating a global platform on which consumers can shop, whatever their country of origin," said the Japanese group said in a statement.

International ambitions

If Rakuten has big, PriceMinister take this announcement to reaffirm its own ambitions. "While PriceMinister happened since March on the top step of the podium in terms of audience e-commerce in France, we sought to further influence our development," explains Pierre Kosciusko-Morizet, cofounder and CEO of the group, in a statement released Thursday.

The French site, which boasted 11 million members and an offer of nearly 150 million products in March 2010, specifies that the transaction was carried out by the group's European subsidiary, Rakuten Europe. The founders of PriceMinister (Pierre Kosciusko-Morizet, Pierre Krings, Justin Ziegler and Olivier Mathiot) "have a commitment for a minimum of five years to support the development of the brand in France and Europe. A period during which the staff of the group should remain in place.

"Rakuten has experience and expertise unmatched in the field of Internet commerce," says Pierre Kosciusko-Morizet. "By combining our respective strengths, PriceMinister will be able to accelerate its growth in France and Europe." If it is already present in Spain and England, and has successfully diversified its business expanding into areas of real estate , email marketing and online travel, the French group is a featherweight against its Japanese rival.

PriceMinister sold well

Rakuten has nearly 64 million members to date and posted sales worth 3.2 billion dollars (2.5 billion euros) in 2009, the group said. In its statement, the Japanese lifted the veil on the financial results of PriceMinister, a secret that the French site had always managed to keep.

Thus, according to Rakuten, PriceMinister recorded a turnover of 39.9 million euros in 2009 against 38.1 million in 2008 (including sales of the subsidiary car-Mixad 321Auto sold in March 2009). The site has also experienced a slight net loss of 105,000 euros last year. In 2008, this loss had reached 9.4 billion euros. Sold for 200 million euros, five times its revenue, PriceMinister has at least made a good deal.

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At this conference, Steve Jobs should focus on news and updates available for this new iPhone.But then again, few surprises in the program: the company had already submitted the software that will be applied to the iPhone 4 as she presented the platform iad, allowing Apple to develop the market for advertising applications.

According to analysts, a real surprise could come from the announcement of an extension of the exclusive sales of the iPhone to Verizon. So far, only AT & T can sell the unit on the U.S. market. But again, the mere announcement of talks with Verizon would not be a revelation: more rumors, sometimes belied by the operator to move the subject on the canvas for several weeks.

The product's most profitable brand

Although there is hardly any surprise about the iPhone 4, Apple knows that this presentation could take effect with the customer.The iPhone remains an undeniable success for the brand and the popularity continues unabated since its launch in 2007. In the first quarter, Apple said it had passed 8.7 million iPhones, representing a sales growth of 131% over a year.

The turnover of the phone is 5.4 billion dollars against 3.76 billion to $ 1.3 billion for Mac and iPod. The widening gap so quickly that observers now expects a gross margin of between 50% and 60% for iPhone cons 20-30% for Mac. In other words, the iPhone product line will be more profitable for Apple.

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Visit Brussels on May 21

"They agreed that Germany and France will work in close coordination with each other during the meeting which will begin May 21 in Brussels, said yesterday evening, the spokesman for Angela Merkel.

However, President of the Republic, during a joint press conference with British Prime Minister, David Cameron, argued that there was "no disagreement" with the German chancellor. Instead, "there is complete agreement" on the principle to consider new sanctions against the countries of the euro zone whose deficits are too large.

The rider from Germany irritates Lagarde

The two leaders have long debated on Thursday by telephone. No doubt they spoke of the many episodes that have seen the two countries criticize each other via the press.It all started last March, when Christine Lagarde called Berlin had to change its economic policy. Germany was obviously not appreciated that France has registered a record deficit could give lessons to an exemplary country in this field.

Two months later, around Angela Merkel to encourage European countries to follow its example in terms of budgetary discipline quick cash. A rider that markets have not appreciated at all, no more than those conducted by Berlin on Wednesday on short sales. Investors are seeing is a sign of lack of coordination between Germany and its European partners. Christine Lagarde, Minister of Economy, also regretted the unilateral decision.While stating that there was "no distance between Paris and Berlin," the minister argued that the euro was not in danger ", again taking the cons-foot German Chancellor.

"The real problem with the euro area, growth, not debt"

Guests from France 2, the Director General of the International Monetary Fund, Dominique Strauss-Kahn hammered, meanwhile, that "the euro is not likely to explode," recognizing that the risk would be that it "goes wrong" "The real problem with the euro area is not only the debts and deficits, but also and above all the growth.How is it that the International Monetary Fund expects 3% growth in the United States in 2010 and only 1% for the euro area? If the euro area showed a growth of 3%, we do not speak Greek crisis and even less deficit, "said IMF Managing Director.

Europe has always had a strong Franco-German axis

"To Europe, we must anchor Germany," said General de Gaulle. Europe has always had a strong Franco-German axis: De Gaulle and Adenauer, Giscard d'Estaing and Schmidt or Mitterrand and Kohl. Put under pressure by the Greek crisis, Merkel-Sarkozy axis must reaffirm its strength to ensure a better economic governance.

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