World and National News

The index futures Standard & Poor's 500 and Nasdaq 100 fell back modestly, respectively, from 0.04% to 1049.40 points and 0.17% to 1770.75 points in mid-day. The Dow Jones is projected to open in tiny drop of 0.06%

The U.S. stock market could then recover a bit, after falling heavily on Tuesday night. They have been depressed by the announcement of resales of existing homes to a record low. The Dow Jones has sold 1.3%, barely above the 10,000 points, to 10,040.45 points exactly. Fears of a slowdown in economic activity grows with each new bad news in that order. Especially since U.S. growth should be revised down sharply on Friday.

Meanwhile, on Wednesday, the new macroeconomic indicators should be more optimistic than yesterday. Sales of existing homes could well rebound.Orders for durable goods may for them be more frank increase in July. An increase in relative terms, however, because it will rely heavily on transport, especially for orders received in July, at the last Farnborough Air Show (47 billion dollars in one week).

As for values, technology, which derive from several days down the coast, remain controlled. Especially since they are also often at the heart of big mergers and acquisitions.

Investors keep an eye on Cisco (-2.5% Tuesday in closing) and Dell (-3%), penalized by expectations of raising its bid for 3PAR.The maker of data storage systems has announced on Tuesday he gave three days at computer maker Dell to revise upwards its bid after bid "probably higher" Hewlett-Packard ( HP).

The saga of the hostile takeover of mining giant BHP Billiton (which today presents its annual results, with net profit more than doubled in 2009/10 to 12.72 billion dollars) on the King of Potash Fertilizer in search a white knight bounces. The U.S. stock regulator, the SEC said on Tuesday the freezing of financial assets of two Spanish, one part of Banco Santander, on accusations of insider trading in the attempted takeover of Canadian fertilizer producer Potash mining group BHP Billiton.On the occasion of the presentation of its accounts, however, BHP Billiton is used to calm speculation the event of any significant raising its hostile bid of 39 billion dollars (30 billion euros) Potash fertilizer leading manufacturer in the world, despite the magnitude of his war chest.

The U.S. computer giant Apple is close to a deal with media companies Disney and News Corp., parent company of TV channels, Fox series to offer their rent on iTunes, said Tuesday the New York Times.

Campbell, world number one soup, advances in its acquisition of Britain's United Biscuits, and more specifically, its branch Biscuits, which represents three-quarters of its business.

Crucial day on Tuesday for French nuclear. By late morning, the President convened the Council of nuclear policy, simply responsible for developing strategic thrusts of the French sector, based on the recommendations of the report Roussely.

The latter, watched impatiently for several weeks, has finally been published. Or more precisely, a synthesis of some twenty pages, available from Tuesday evening at the site of the Elysee. Originally, the former President of EDF had been instructed by Nicolas Sarkozy to consider the optimization of a sector hurt by the failure of the bidding in Abu Dhabi on the creation four stations of the future.

But more than this summary and fifteen major recommendations, the Council communiqué nuclear policy, also disclosed this Tuesday evening, which proved enlightening.He devotes just the rule of EDF on the sector. Admittedly, this rule was expected, but not necessarily rooted with such intensity.

Not only a strategic partnership agreement between EDF and Areva covering the whole of their common business will be established, but the scenario of a capital input of EDF, Areva will be studied.

So far, Areva group present on the cycle (uranium mining to reprocessing spent fuel) was working on the principle of a capital increase, but a scenario involving a stake EDF No. had never been formally considered.Conversely, in its report published in summer 2009, Jean-Cyril Spinetta, the current chairman of the supervisory board of Areva, had reversed this possibility, considering that it was inappropriate for a client of Areva entered the capital quick pay day loan.

GDF Suez absent

Meanwhile, the Council of nuclear policy has confirmed that the increased initial capital of Areva, to the tune of 15%, would be implemented before the end of the year.If EDF was to enter the capital of Areva, it would be in addition to the 15% threshold.

Meanwhile, the two companies, which face regularly on many issues, are invited to work much more efficiently.

In addition to these developments planned capital, the other major teaching issued by the Council of nuclear policy, largely supported by the report Roussely, based on the total absence of GDF Suez in this folder. However, the group led by Gerard Mestrallet have long aspired to become a nuclear operator of reference in France. It has not been heard, far from it. This should not preclude that GDF Suez may work, as EDF, on the development of a medium-power reactor. Provided that if the Council insists on nuclear policy the considerable potential of the EPR, it also stresses that the range of French reactors should be extended."To better meet the diverse needs of the customer."

In this regard, the report Roussely pin delays of the two EPR sites, one in Finland and one in the Channel.

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The CAC 40 is left substantially in the red half an hour after the opening of Wall Street. After opening on a note hesitant index in Paris gained 0.77% to 3609.53 points. but the announcement of disappointing results that are mixed and macroeconomic statistics have undermined the morale of the few investors present that day in the markets. At 16 hours, ACC drops 2.5% to less than 3,500 points.

On the foreign exchange market, the euro is strengthening its progress against the dollar. Fears about the economic recovery in the U.S., more and more vivid, weigh on the dollar.At mid-session, the euro was worth 1.2971 dollars against 1.2941 dollars the previous day.

On the macroeconomic front, consumer prices in the U.S. declined for the third consecutive month in June because of falling energy prices, official figures released Friday showing that inflation remains contained in a context of stagnating domestic demand. The index of consumer prices adjusted for seasonal variations show a decrease of 0.1%. Economists and analysts polled by Reuters had expected a price stability after a decline of 0.2% in May

The morale of U.S. households has deteriorated in July fell to its lowest level in 11 months because of fears about the economy, according to preliminary results from the monthly survey Thomson Reuters-University of Michigan.The index of consumer sentiment stood at 66.5 against 76 in June and 74.5 expected by economists to Reuters. The index measuring consumers' judgments on the current economic situation has emerged to 75.5, its lowest level since November 2009, against 84 expected and 85.6 last month.

The banking and automobiles in the spotlight

After the adoption Thursday of the reform on Wall Street and encouraging results from JP Morgan, the bank is well oriented on Friday: Societe Generale rose 0.49% to 38.02 euros and Credit Agricole was up 0.58 % to 9.34 dollars and BNP Paribas gained 0.62% to 49 euros.

The car values also outperform the CAC 40.They benefit from the announcement of Renault, with its Japanese partner Nissan will invest 300 million euros in the construction of a plant of Russian automaker Avtovaz order to produce together a small car from 2012, reported the Nikkei business daily. The Renault share gains 1.80% to 35.06 euros, bringing in its train rival Peugeot, which climbs as 2.26% to 24.24 euros payday loan lenders.

On a visit to Tokyo, Prime Minister Francois Fillon said France was "open" to the entry of Japanese conglomerate Mitsubishi Heavy Industries in the capital of the nuclear group Areva (-1.67% to 335.15 euros) .

Carrefour (-0.16% to 35.28 euros) published a quarterly revenue slightly exceeded expectations thanks to its positions in emerging countries and announced the signing of a new partnership in China.Over the period April to June, the group saw its turnover totaling 24.92 billion euros, up 6.3% over one year.

Seb (-0.10% to 58.5 euros) has announced an increase in sales in the first half due mainly to a favorable currency impact and good dynamic emerging countries. Its turnover grew by 13.1% at current exchange rates and 9.4% at constant exchange rates.

Lafarge (+0.33% at 41.31 euros) concluded Friday the sale of 11.2% of its business in Malaysia for a net total of 141 million euros in the divestment program initiated by the World number one cement.Following this, the group will remain the principal shareholder of LMCB with a 51% and will retain management of the business.

Axa to discuss its Asian subsidiary

Axa Asia Pacific (AAP) and its parent, Axa (1.35% to 13.55 euros), and National Australia Bank (NAB) to discuss extending the period of exclusive negotiations between the two parties. NAB hopes to acquire 100% of PAA and has proposed that $ 11.5 billion (9.13 billion euros).The Australian Competition Authority has so far opposed the transaction.

Pierre & Vacances (-3.45% to 53.7 euros) has warned that tourist bookings for the fourth quarter was marked by delay on the month of July, in the context of crisis, after essentially flat sales in the third quarter .

Stallergenes (3.83% to 57.10 euros) Thursday revised its annual targets upwards, after posting a 14% increase in turnover in the second quarter, owing mainly to increasing sales of its blockbuster drug the Oralair. Specializing in the treatment of allergies, has achieved a turnover of 47.3 million euros in the quarter and $ 110.6 million over the period (13%).

One publication of turnover is expected this Friday: Etam Development.

The U.S. stock markets started Wednesday's session in hesitation, but soon found the beautiful colors at the beginning of the meeting, brought by investors reassured by better earnings prospects in the banking sector. An enthusiasm that was accentuated throughout the meeting: at the close, the Dow Jones climbed 2.82% to 10,018 points (best performance since May 27), again surpassing the psychological barrier of 10,000 points for the first time since June 28, the S & P flies from 3.13% to 1060 points and the Nasdaq similarly 3.1% to 2159 points.

State Street Bank (9.9% to U.S. $ 36.64) outperformed all other banks, which also have very good performances, like Bank of New York Mellon (6.35%), Northern Trust Corp. (+ 6.92%), JP Morgan (4.95%), BoA (4.55 %)…

On the foreign exchange market, the euro remained stable against the dollar.It was trading at 1.2628 dollar. The day before, the euro had increased after the publication of an improvement less-than-expected activity in the services sector in the United States, highlighted by the index of purchasing managers published by IMS .

After the disappointment of Friday on the employment figures, investors should be particularly careful this week to weekly figures for unemployment benefits that are to be published Thursday.

At the dawn of interim results

On Wall Street as on most other major world places, operators should play the card of caution this week before the opening of the interim results season.

Today, the discount retailer Family Dollar Stores (-8.14% 36.23 dollar) has released disappointing interim results. This is the only company in the S & P 500 to publish its results this week.Within the Dow, the ball begins, as always, with results from Alcoa (3.23% to 10.54 dollars) July 12, next Monday.

Always on the side of values, Google (3.24% to 450.2 U.S. dollars) said Wednesday that it still awaiting a decision on renewing its operating license in China, needed to operate the largest Internet market in the world, said a spokesman for the American company and a Chinese official.

The Fed refines its forecast for U.S. growth. Three weeks after announcing a growth across the Atlantic between 3.2% and 3.7% this year, the U.S. central bank announced on Wednesday it expects a GDP of 3.5% for 2010 and "a little "more in 2011. In May, the Fed was between 3.4% and 4.5% for 2011.

The announcement comes one week after the U.S. government has revised upwards its forecast of 3% economic growth for the United States in 2010.

Deficits: Europeans have established a "substantial program"

Referring to the situation in Europe, Ben Bernanke said during a hearing before the Budget Committee of the House of Representatives in Washington, the Fed will remain "extremely attentive to developments abroad and its possible effects on the U.S. economy " Fast payday loan. He said however, "reassured by the answers of Europeans," holding that they have developed a "substantial program" to address their budget deficits."If markets continue to stabilize, it seems that the effects of the debt crisis in Europe on growth in the U.S. are likely limited," said Fed Chairman.

The World Bank predicts growth of 2.9% to 3.3% in the world. It anticipates a GDP between 5.7% and 6.2% this year for developing countries and between 2.1% and 2.3% for developed countries.

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The "battle" began. Michel Chassang, president of the Confederation of French Medical Unions (CSMF), announced Tuesday the launch Monday, April 12 a large protest movement throughout the tariff. "Enough is enough," he said. Doctors Liberals are fed to suffer the utter contempt for the government. "

The object of his scorn? The refusal by Roselyne Bachelot, Minister of Health, to implement the tariff adjustment in 2007 and decided that should have been implemented … in June 2008. "We need the signatures and commitments are respected," he insisted.This refusal to do so amounts to wipe their feet on their partners and to deny the value of the medical procedure and the physician's role in our health care system. "

The agreement signed just before the presidential election provided that doctors should reduce the amount in consideration of their prescriptions. An objective written ambiguously, that has not been reached and thus explains, among other things, the refusal of the Executive to reassess the rates.In retaliation, the CSMF calls on all private physicians to begin April 12 a "protest" to demand respect for their word.

Arbitration Rules April 20

All GPs are invited to price the consulting firm at 23 euros – unless the patient refuses to continue to be reimbursed on the basis of 22 euros – and the home visit at 33 euros No fax cash advances. All specialists must apply the "C2 consultant" (consultation at the request of the attending physician) to 46 euros and the doctors office and facility listed in the table guards should require the payment of fines.

The CSMF enters "window: Arbitration policy" to push his claims.This procedure, carried out by Bertrand Fragonard, the president of the High Council for the Future of Medicare, is to set the tariff applicable to physicians between the signing of two agreements. Its conclusions should be made public on April 20 instead of 12 as originally planned. "If we do not succeed, everything will be blocked for at least eighteen months," said Michel Chassang. For three years we expect. Commitments must be remaindered. "Pressure necessary for the arbitral settlement should not, he said, proposing the passage of consulting GPs at 23 euros.

The CSMF said it would take no tomorrow – the day when the Supreme Court must rule on the subject – in the strike launched by its competitor MG France to seek alignment of pricing on the generalist specialists ."Let us begin by asking to implement this agreement before considering the next," said Michel Chassang justified.

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Click on the thumbnail to enlarge the graphics.

Compared to one year in 2009 particularly salty on the front of local taxes, the slight increase looming for 2010 seems almost like a lull … "Elected officials have until April 15 to vote on 2010 budget, but many have anticipated the future. My first impression is of limited and moderate increases, "said Philip Lawrence, in right-wing chairman of the Finance Committee at the Association of Mayors of France. Lille, Strasbourg, Lyon, Bordeaux, Nice, but Pau, Mulhouse, Toulon: many municipalities have opted in 2010 not to raise tax rates and residential property taxes. And the increases are reasonable in Albi (1.9%), Marseilles (2.9%) and Toulouse (4.2%), even if the increase goes wrong in the Pink City where opposition has denounced the absence of investment justifying rate increases.Exemplary, the city of Rodez is even lower than 1% of its tax home this year, but this case is extremely rare!

In terms of departments, which also accuse households, the situation is identical. The Gard and the Rhone, for example, have opted for stability. The increase was 1.8% in the Upper Rhine and Lower Rhine and 2% in the Cotes d'Armor. The general council of the Aisne himself has chosen to increase property taxes but to lower the tax. Finally, one region has raised interest rates: Alsace. It is true that the regional councils were encouraged to moderation, in this election year!

Play it safe and limit investment

The electoral cycle also explains the relative wisdom of Commons this year. The mayors have used their first full year term in 2009 to increase the tax pill, so you do not have to be taken thereafter for unpopular decisions.The rate freeze comes in Nice and after soaring 14.8% in 2009! "Faced with crisis, the municipal councils play caution and prefer to limit the investments. In Seals, for example, I do not remake the road, "says Philip Lawrence.

The behavior of the departments is more surprising since they are much affected by the surge in social spending. "But higher taxes do not tell us enough. The general advice is therefore resigned to cut spending in grants to associations for example, "says one to the Assembly of the departments of France (ADF).Or they choose to enter into division, as the President of the General Council of Seine-Saint-Denis, Claude Bartolone, who intends to vote on Thursday a budget deficit – which is illegal – in protest against the decline social benefits paid to his department by the State in the sum of 75 million euros.

Still, the picture is far from idyllic for the taxpayer. Firstly because even in places where rates are stable, their taxes will increase by 1.2%. Indeed, property taxes and housing paid by households are a multiple of a tax rate (passed by elected officials) with a base consisting of the rental value of housing. But this basis is adjusted this year by 1.2% nationwide. Then, all elected officials have not given up the hype tax. In Paris, the rates will still rise by 8%. Even punishment in Perpignan, where taxation was wise for nine years.In addition, there are finally some surprises Tax garbage collection, which jumped 20% incidence in the urban area of Marseille.

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From our special correspondent in Stockton (California)

Real estate staggers back to the United States. The improvement of the activity recorded since the spring of 2009 fade. If this trend continues, it is a worrying news for the economic recovery. Recession brutal voyage around the world last year is part of this key sector of activity which the U.S. bubble burst in spring 2006.

Since May 2006, average prices of properties in the U.S. plunged 30%. In some areas the fall was twice as strong. Over the last seven months, however, a rebound was observed: the average value of U.S. homes rose 3%, according to Case-Shiller index.

But signs of relapse increase. In January, for the third consecutive month, sales of new homes fell.During the winter, the United States have returned to the lowest levels ever recorded transaction. In turn, sales of old houses have, against all expectations, plunged in January to the lowest in seven months. "In terms of price … the pace of decline has stabilized yet. However, the recovery observed during the summer of 2009 did not last, "says David M. Blitzer, who calculates the index for Standard & Poor's.

The improvement in 2009 is largely explained by the massive intervention of federal authorities. In capitalist countries, 90% of U.S. mortgages find themselves de facto guaranteed by the Treasury. This is indeed the de facto owner of Fannie Mae and Freddie Mac, two financial institutions specialized in buying and guaranteeing bank loans to housing.These agencies, nationalized in September 2008, received a new mission explicit Obama Administration: "Do everything to ensure that households can not pay their mortgage maturities could stay in their homes."

Uncle Sam has already spent 111 billion dollars to bail out the two institutions. This is just the beginning. Fannie Mae request 15.3 billion dollars more, having announced its tenth consecutive quarterly loss last week.And the bill could be much heavier in the end: quietly, just before Christmas, the Treasury said that the ceiling of direct aid from the federal government $ 200 billion initially set for Fannie and Freddie was up.

The upper classes affected

Another factor supporting the business about to disappear is the tax credit of between $ 6 500 to 8 000 dollars currently available to homebuyers. The purpose of this aid was initially scheduled to last fall. For fear of turning too sharp, these tax incentives were extended until the end of April. Nothing says that the Administration will continue beyond cash advance to savings account .

On the ground, the reality remains difficult for households. The number of properties seized by banks from borrowers who fell into default continues to climb.2.8 million homes have been taken last year. This year, the record will be beaten. The firm RealtyTrac expects 4.5 million seized in 2010. Optimists point to the stabilization of 9.5% "rate of late payment" mortgage loans in the fourth quarter. Still, the continued rise in defaults ending with seizures. The default rate is now higher than 5%. Equally alarming: the sharp deterioration of late payments by households belonging to a class yet considered less risky. The worst wave of default on subprime niche (highly indebted households) is certainly past.But the failure of the wealthier classes at record levels and is now approaching 10%.

This situation is equally problematic for banks whose balance sheets do not fully reflect the rising defaults on U.S. households trapped in unemployment and the collapse of their heritage. "Overall, we believe that U.S. banks have realized that a third of their losses on residential mortgages," said Robert McNatt agency Standard & Poor's.Financial institutions have beautiful long as possible seizures of homes, high unemployment and the proliferation of "strategic flaws" (see glossary below cons) continue to plumb their balance sheets.

GLOSSARY

• Hamp (or Affordable Home Modification Program)

Federal program encouraging banks to reduce rates and lengthen the duration of mortgage loans to households have at least 60 days late payment of their monthly payments.

The Treasury has set aside 75 billion dollars by 2012 to modify loans 3 to 4 million homes and avoid the seizure of their property and their expulsion. For a year, 830 000 borrowers have tried this program on an experimental basis.But 25% are again in arrears.

• Strategic Default

This is a practice that leads borrowers to stop paying their monthly mortgage lenders by personal choice or calculation, and not for reasons of loss of resources. The "strategic failure" is made safer in states like California or Arizona, where the bank can seize the house of the borrower and not its other assets.

• Under Water

For a home, it will return "under water" when the market value of their property has fallen below the amount of his debt to the bank. This applies to almost 10% of households in the United States who have subscribed to a mortgage.

Born in the urgency of the crisis, the idea of an "economic government" back in force at the time construction begins the following: provide sustainable Europe on track towards growth and employment . Herman Van Rompuy, EU president, described the emergency Friday as "a matter of survival" for the continent. In response, the Spanish Prime Minister Jose Luis Zapatero suggests a tighter coordination of national economic policies, with the possibility of sanctions against the recalcitrant.

For his baptism of fire in Madrid, the first president of the European Council has sounded the alarm. Europe out of the crisis weakened and "defensive," said Herman Van Rompuy. She has no choice. After the test, "the growth potential of the EU has fallen to just over 1% per year. It will not be sufficient to fund our social model (…) and the so-called European way of life. "It is time to speak truth to reforms and "the collective effort."

Europe out of the crisis and palliative care, but diagnosis remains gloomy backdrop of sluggish growth and industrial decline facing Asia and America. Unemployment rose for the first time in over 10% in the euro area, adds gloom. The first test of a burst is due February 11 in Brussels at an extraordinary economic summit with President Van Rompuy himself summoned.

Risk for sovereignty

Spain Jose Luis Zapatero, who holds the presidency of the EU, expresses its readiness to help."We must absolutely take another strategy (growth), binding, with the 2020," said Spanish Prime Minister told reporters.

For Madrid, the collective rules that already apply to the euro, government deficits or the competition on the market provide a unique model of governance. It should be expanded to a European recovery in the medium term. The idea remains controversial. If France pushes for eighteen months a "greater coordination" industrial policies, Germany is notoriously reticent. As for Britain, it opposes the front to European encroachment on its sovereignty.

Spain wants to raise – and more muscular – the idea of an investment plan in ten years. Already proposed in the late 1990s, the Lisbon Strategy was to make Europe the area's most competitive. In 2010, she finds herself far short.Now Madrid wants to go further by requiring states to targets and deadlines in areas deemed critical: energy, education, the digital economy or vocational training. The scoreboard would be monitored by Brussels. "Incentives and corrective measures will complement the device, said Jose Luis Zapatero. This time, it is to ensure that the objectives will be achieved. "

Madrid launches the debate with a hint of provocation. Herman Van Rompuy has not taken over the idea of a constraint. The crisis has restored the fortunes of interventionism. But the Spanish recipe may strike the interests of States.The Capitals would not see a good eye, the EU invested a right to control their expenditure budget, or even any power to sanction.

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After the crisis management, management of debt. This is the slogan that could take the major industrialized countries, which are out of recession emerge. In fact, according to the OECD, the 30 most advanced countries will see their debt rise to 100% of their wealth produced in 2010, signaling a near-doubling of their debt in twenty years. Japan's flirt with the 200% of its GDP, followed by those of Italy (127.3%) and Greece (111.8%).

The France is not there … Its debt will reach next year "only" 84% of GDP – a level already history. And since 2013 it has exceeded 90%. UMP Senator Jean-Pierre Fourcade, a member of the Finance Committee of the Senate, said Wednesday that France was now living in "perpetual debt"."The debt spiral is fueled by the fact that not only must pay the debt charges but that revenue for the year does not cover expenses," said Senator of Hauts-de-Seine. The debt burden is estimated for 2010 at 42.5 billion euros. His payment could become the first budget item in 2012.

In a report presented on Wednesday, Jean-Pierre Fourcade said that the evolution of the debt burden is explained not only by the stock of debt increases. but also by the rate of inflation: in 2008, the deviation from the prediction which had been established by the Government had created an additional cost of 2.5 billion, while it had resulted in savings of 2.8 billion in 2009.And finally the interest rate: Agency France Tr?sor has calculated that an increase of 0.25% rate of the European Central Bank in 2010 compared to what is expected (short-term rates to 1.3% and long-term rates to 3.9%) would increase the debt burden of 600 million euros.

Conference on deficits

The quality of the signing of France – which currently enjoys the maximum rating, AAA by the rating agencies – now enables it to fund the best conditions. "But maintaining its advantage is conditional on fiscal consolidation in the medium term," reaffirms the Senate, which considers "necessary to send signals to that effect to our partners and market actors" from 2011.

This was started to the Head of State, in announcing the holding of a conference on public deficits, and the Prime Minister, setting back to 2014 to below 3% deficit "price adjustments very important."

Beginning 2010, France will send to Brussels – which now requires a more ambitious timetable than Fran?ois Fillon – its multi-year plan of public finance. "It is a moment when we must take action just brutal," said the entourage of the Minister of Economy Christine Lagarde.

In regard to debt management, the report stresses that the funding program introduced in the draft budget law (the France would borrow 112 billion in 2010) "is obsolete even before being voted, given the absence of evidence on the future national debt. "He took the opportunity to recall that it "would be much less costly if it were agreed on markets rather than individuals and if it was issued at once," before the rise in interest rates. Focusing on "financial contributions from the state," the senators can only note that enterprises are "affected by the crisis."

The report stresses that the market situation "does not consider major privatization deals in 2010. The capital increase of the Post Office should make an exception. "There were no resources allocated to debt reduction in 2009, prospects for 2010 unfortunately does not consider a start in this direction next year," the senators concluded.