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Financial markets have returned to levels prior to the Europe Agreement. After the Greek Prime Minister George Papandreou announced a referendum by the Greek end of the year, the Cac 40 lost more than 9% over the last three sessions to fall below the 3100 points. Heads does one to a fourth consecutive session of decline? Probable: after opening on a technical rebound by nearly 2%, the Paris index off again down in the late morning. Halfway through, he advanced modestly from 0.30% to 3077.67 points.

In Asia, the Tokyo Stock Exchange fell by over 2% to 8640.42 points, while China's financial markets have now returned and rose slightly.

On the foreign exchange market, the euro regained some strength to climb 0.83% in late morning at 1.3775 dollars."More than a referendum Greek, what are the consequences of such a decision are disturbing, that the will of the populations of other European countries to express their disagreement through a referendum," said Laurent Berrebi, Chief Economist Groupama Asset Management on BFM Business payday loan online.

In addition, the Prime Minister, François Fillon, will hold talks in late morning with the leaders of banks on the implementation of decisions of the last EU summit and the financing of the economy.

Vigilance on banking stocks

On the corporate side, banking stocks should still hold the attention well after the Greek government has cast doubt on the effective starting date of the settlement of the crisis of sovereign debt area. In Paris, BNP Paribas is leading the CAC 40 (3.99%, to 29.70 euros).

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New tough session in Paris. Shortly after the beginning of the speech of Ben Bernanke, the Cac 40 was unscrewed from 3045 to 3015 points in minutes. On Wall Street, the indices are also grim: the Dow Jones was down 1.3%

Earlier, the index feature of the Paris market was disappointing not welcome the publication of the second estimate of U.S. GDP in the second quarter.

Second-quarter U.S. gross domestic product grew by 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first growth estimate published in late spring July.Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

Indices am the London Stock Exchange, the FTSE-100 lost 1.37% to 5064.08 points while the Dax-30 from the Frankfurt Stock Exchange, after opening steady, hollow losses (-2.96%) to 5419.09 points.

Fed pushes to place an ad in September

Highly anticipated speech of the President of the U.S. central bank, Ben Bernanke does not reassure investors. In fact, Ben Bernanke has pushed the September announcement of concrete measures to support the U.S. economy. The central bank is expected to meet more fully next month, he indicated, to "discuss more fully" in the policy.

Ben Bernanke also called on U.S. lawmakers to take fiscal stimulus, saying they have more flexibility than the institution.

In this uncertain environment expected on ads across the Atlantic, the euro resumed slightly against the dollar Friday in a market without much volume. To 11 hours in Paris, the European currency was worth 1.4440 dollars against 1.4378 dollars on Thursday night.

In the euro area, the few new major macroeconomic n.This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously).

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.26% to 52.99 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

This decision only briefly managed to reassure investors.If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need. After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 2.5% to 21.4 euros, BNP Paribas was down 2.8% at 33, 4 euros, Credit Agricole down 6.4% to 2.04 euros while Natixis closed the show the worst performance (-3.31% to 2.72 euros).

In an interview with Le Figaro, the executive director of Credit Agricole said the group has "significant cash reserves" and "not difficult to obtain financing."

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange.Peugeot, which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, retreated 2.03% to 19.01 euros. Renault leaves him 0.94% to 25.95 euros.

Total: -1.62% to 32.21 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed).In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.24%, to 163 euros) will publish their interim results after market close.

This Friday looks bleak at the Paris Bourse. Operators should be difficult to recover from their emotions after the new European stock markets plummeting and U.S. yesterday. This morning, Asian stock market sent negative signals with indices in very sharp drop.

This bad mood due to a surge in concern about the state of the global economy, reinforced by poor indicators of the Atlantic. Bad index measuring the Philadelphia Fed manufacturing activity in the region, lower sales of existing homes in July, new jobless claims rising again during the second week of August … All signs of the apparent stagnation of growth in the United States.

Concerns about U.S. growth fears add to the debt crisis in Europe, European banks are the first to bear the brunt. In its Thursday edition, The Wall Street Journal reported on fears the U.S. Federal Reserve on the liquidity of European banks. And for the first time since February, the European Central Bank (ECB) has given a major dollar loan to a European bank, whose identity was not revealed. An action that reinforces doubts about the ability of banks to refinance.

Morgan Stanley has added his two cents to panic, explaining that she perceived the United States and Europe as "dangerously close to recession." The President of the European Union, Herman van Rompuy, tried Thursday to calm the mind by ensuring that there was "no new recession" in sight.And this morning, Chinese Vice President Xi Jinping has reaffirmed that the U fast cash online.S. economy was "resilient". In vain.

"The bears are back"

"The bears (stakeholders pessimistic note) are back in force that night, after disappointing U.S. economic indicators and renewed fears about the stability of European banks, which prompted investors to push the button sales," said Ben Potter, an analyst at IG Markets in Australia. "There seems to be getting ready for a weekend very ugly, with a market dominated once again by fear and panic," he added.

Gold reached a new record Friday morning in Asia, to 1,837.50 dollars per ounce, due to the concern. And oil, which fell 6% in New York yesterday, continues to fall in morning trading.A barrel of "light sweet crude" for September delivery lost 1.69 dollars to 80.69 dollars while that of Brent North Sea crude for October delivery gave 68 cents to 106.31 dollars.

No significant indicator that could reverse the trend, are expected on Friday.

Values ​​to follow

The banking sector

European financial stocks again Thursday unscrewed rolled by renewed tensions in the interbank market and concerns about the short-term refinancing of banks.

Danone

Nestlé, the group became a favorite activity for infant formula, Wyeth, Pfizer subsidiary, valued at approximately ten billion dollars (seven billion euros), officials said a source familiar with the bank.

Leo Kirch, one of the biggest media moguls German, died Thursday in Munich at the age of 84. For fifty years, this son of a humble winemaker Bavaria built a sprawling group that, until his resounding failure in 2002, has continued to shake Europe's media. Even in May, this devout Catholic, who had kept the headquarters of his last activities – Constantin Medien AG and its management company KF15 – a few blocks from the cathedral of Munich, made headlines in the trial as opposed to the Deutsche Bank. Known for his fighting spirit is in a wheelchair he made his last public appearance to claim to the bank 3.5 billion euros in damages.He accuses its former CEO, Rolf Breuer, have precipitated the collapse of his empire in 2002.

An empire in its heyday had 10,000 employees and was a pioneer in the trading of sports and cinema rights and the emergence of pay TV in Europe. In acquiring the rights to credit La Strada, Federico Fellini, Leo Kirch has the intuition, in 1959, the contents will be the black gold of the emerging market of media. Rounding up the rights of the American box office and what is the best in Europe in terms of cinema, the man finds himself at the head of a catalog of 64,000 hours of programming which ensures a quasi-monopoly marketing rights in Germany and a prominent place in Europe.

With this heart of business housed in the structure of Kirch Media, Leo Kirch between the mid-1980s, capital of Axel Springer which will hold up to 40%.A raid that the group in Berlin will not forgive him.

Football rights

At the same time, he founded the group of private channels Sat 1. The latter will become the group ProSiebenSat 1 in 1997, when the IPO of the empire. For he that was nicknamed the "Ogre Bavarian 'needs funds to achieve its second major gamble: the control of sports rights in Europe. In Focus rights of German soccer but also those of the World Cup and in 2001, those of Formula 1. His critics accuse him of having, between 1998 and 2002, multiplied by the broadcasting rights … 40.

At the same time, Leo Kirch, nothing seems to stop, began by buying pay-TV Premiere, now in the lap of Rupert Murdoch. It must be said that this man secret, a great lover of art, is also a close to the government and a friend of Chancellor Helmut Kohl.For many conservatives, it is the counterweight of the "red" Reinhard Mohn, who heads the group Bertelsmann.

But in early 2002, the luck changes: first is a failure and the amount of the group's debt – 6.5 billion – the banks panicked whistle stoppages in play Legend has it that at the time of bankruptcy Leo Kirch has said: "What God gives God back." A good word that did not prevent him in 2007 to build three billion euros to recover the rights of the Bundesliga. While stopped by the office of the cartels, Leo Kirch, though ill, will continue to conduct its business. For as he liked to say "What matters is not to fall seven times but get up the eighth."

So last night, Wall Street closed up, supported by good figures on private employment, and that Friday morning, Asian stock markets are displayed in green, in Europe, the trend is positive too. In Paris the CAC 40, which took 0.47% yesterday to close at 3979.96 points, titillates the 4000 points in early trade (0.47% to 3998.78 points), it reaches a threshold regularly but beyond which it fails to settle.

The European Central Bank (ECB), anxious to curb inflation, raised interest rates yesterday for the second time of the year and reported new turns of the screw to come despite intensifying debt crisis in the euro area. In the wake of this decision, the euro rose against the dollar before they resell them in the ground this morning (-0.14% to 1.4338 dollar), investors have built long the new monetary tightening.

The U.S. employment on the radar screen

Today is expected to 8:45 the monthly budget of the state in late May. But first, the Bank of France will deliver its business surveys in industry and market services in June.At noon will unveil the INSEE index of construction costs and commercial rents in the first quarter and oil prices and imported raw materials in June.

American side, we expect first unemployment figures and employment in June (1430) and then those of consumer credit in May (21 hours).

Supply: one and a half late for Renault

Renault (-0.01% to 40.47 euros) will produce its electric batteries in 2014, a year and a half behind its original schedule, another disappointment for the automobile manufacturer that makes the electric car the major axis of its future.

EDF (-0.60% to 27.18 euros) will invest 250 million euros in the Romanche valley, on the road to Alpe d'Huez to replace six old hydroelectric plants by a new underground structure , the largest hydroelectric project group in France.The rating agency Standard & Poor's said Thursday it fell one notch to "AA-" with stable outlook, the rating of the long-term debt of the EDF group, considering that the support of the French State group had increased.

Sanofi (0 cheapest personal loan rates.63% to 55.65 euros) Thursday announced the termination of a study on the use of Multaq in patients with permanent AF, where the most severe heart problems. In addition, Merck and Sanofi announced Thursday the appointment of Jean-Paul Kress as President of their European joint venture of Sanofi Pasteur MSD vaccines.

BNP Paribas (0.25% to 51.95 euros) is the last candidate in the running for the takeover of German bank IKB, but an agreement is not imminent, said Thursday a source close to the .

Gourgeon renewed at Air France-KLM

Air France-KLM (-1.09% to 10.41 euros).Pierre-Henri Gourgeon, renewable for four years as CEO of the company, said Thursday that the group had always announce its mega-aircraft order this summer and that Airbus and Boeing offered every other competitive products.In addition, the Franco-Dutch group announced a 2.9% increase in traffic in June and decreased 1.7 points to 82.1% of cooeffecient occupation.

The bank BNDES Brazilian public refuses to take sides in the battle between the French distribution group Carrefour and Casino (-1.22% to 65.82 euros) for control of the Brazilian distributor CBD-Pao de Acucar, said Director, Luiz Eduardo Melin.

The developer Kaufman & Broad (3.10% to 21.65 euros) confirmed predict a doubling of its annual results with the amlioration its gross margin and control of its operating costs and expenses Financial.

Given the green light Thursday by the shareholders of the transatlantic exchange operator NYSE Euronext to merge with Deutsche Börse marks a victory for its chief executive Duncan Niederauer, who has strongly defended the project since mid-February.

Chaumet (LVMH: 0.50% to 129.60 euros) has a good dynamics of sales and is now focusing on its watch business to increase its presence in the global market. Louis Vuitton has announced the acquisition of the studio of Swiss watch The Making of Time, for an undisclosed sum.

Seb (balance 74.77 euros) announced that it had been authorized by the Chinese authorities to raise its stake to 71.3% stake in Chinese Supor Group.

On the eve of closing the doors of the Salon du Bourget, a shadow could come tarnish the immense success of the European manufacturer Airbus at the time of high mass biannual aerospace. While the group has announced four days a new record of orders, with 72.2 billion worth of contracts garnered the announcement by China of a possible blockage of a contract for $ 3.8 billion ( 2.7 billion euros) for 10 A380 looks like a grain of sand from the well-oiled machine seize up.

At least, that understands the Financial Times on Saturday. Echoing the words of sources familiar with the matter, the newspaper said that Beijing had threatened "to undermine a deal worth billions of dollars for 10 Airbus super jumbos" in protest against the decision of the European Commission to include air transport system in the trading of CO2.This measure is to buy permits for each tonne of carbon emitted dioxin in European airspace, beyond a certain threshold. The Asian company Hong Kong Airlines was the official control of very large aircraft at the Paris Air Show. But the hardening of the Chinese position facing the European measure prevents the conclusion of the agreement, according to sources.

This disagreement does not allow to increase to 12 orders for A380 harvested at Le Bourget. Thursday, Airbus had reported a firm order for 10 A380, from an unidentified customer. According to one industry source, this command corresponds to that of Hong Kong Airlines. The counter for very large aircraft will remain blocked for the moment 2.

The case could also be amplified in the coming months fast payday loans. "These are not the only contracts held hostage by the Chinese.One on the A380 could be only the first, "explains the paper citing its source. Because the European manufacturer has other current contracts with the Middle Kingdom. Meanwhile, the Airbus management is counting on a visit to Berlin next week Chinese Prime Minister Wen Jiabao, to unblock the situation and conclude the contract.

"No plan B '

Beyond this contentious spot, the tour in Europe, China (Wen Jiabao arrived here Friday in Hungary, a country holding the rotating presidency of the European Union) should be an opportunity to address the underlying problem of quotas. A delicate matter, the European Commissioner for Climate Action, Connie Hedegaard has formally ruled out that the Chinese retaliatory measures have any impact on the measure, scheduled to take effect next January. "There is no plan B. Our position is very clear.We would not amend, "she said.

Faced with this inflexibility, Tom Enders, the boss of Airbus, for its part called on Europe to be flexible, saying the "madness of attracting reprisals" from a player as influential as the China. For the latter, comply with the requirements of the EU would entail, for the Chinese airlines, a surcharge of $ 126 million in 2012, according to data from the China Air Transport Association (CATA). This figure set to rise in coming years, when China's increasing its flights to Europe. In his struggle, China is also supported by the United States.

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Zinedine Zidane, Catherine Deneuve, Michael Jordan and Madonna have their BoConcept furniture, as more and more French. "In a furniture market growing 2.7% last year, BoConcept has managed to grow its sales by 21% to 48 million euros," said Tim Machenaud, France Director of the sign. The French branch has experienced the strongest growth (LFL) of the 55 countries where the Danish group, born in 1952, is present.

BoConcept has yet installed almost by accident in France in 1993. "We were mainly found in Scandinavia as wholesalers," recalls Viggo Mølholm, Group CEO and son of one of the two founders. With the first store in Belle Thorn (Val-de-Marne) open on the board of a student in marketing, furniture manufacturer – which had Ikea and Fly among its clients – embarks distribution.Eighteen years later, BoConcept France became the largest contributor (21%) on sales of the company listed in Copenhagen, far ahead of Germany (13%), United States (10%) and Spain (6%).

"Finding the right balance"

"In the coming years I am convinced that we can continue to grow at an annual rate of 20% in France, among others through the next opening," said the CEO, which lists some points to improve to get there. The average basket of 1050 euros, not high enough, focused attention. "After working for more upscale, we've got a good price positioning," J. Viggo Mølholm. "The challenge of the mid-range segment lies in the fact that we do not have large volumes of low-end and we were not comfortable margins of the high end.It is difficult to find the right balance, which explains the lack of competitors in this segment, "said Tim Machenaud.

BoConcept does not cover the kitchen or the bathroom or the children's room and do not wish to extend its range to other universes. He wishes to deepen the other hand, since this year by offering two collections a year. But also by pushing even further personalization of its furniture design (choice of fabrics, materials and colors), still mostly made near the historic headquarters in Herning, Denmark.

After putting its expansion project in brackets last year, BoConcept expects to create between three and six stores this year in France. "Since 2005, our network has been considerably expanded from seven to 31 stores. We want to reach fifty in the medium term, "France says the director, who admits to not being pressed."I prefer to wait to find the right franchise, good location and good town," he says, noting the target areas with at least 250,000 inhabitants.

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The U.S. stock market should open up again on Wednesday. Futures on Standard Poor's 500 and Nasdaq 100 advancing 1.12% respectively at 1357.90 points and 1.13% at 2413.50 points.Mardi, the New York Stock Exchange ended sharply higher, led by technology sector after the announcement of the acquisition of Skype by Microsoft.

"Fears over Greece and dull markets are supported by a revival of stock transactions," explained the GI Market analysts making particular reference to the Microsoft buyout of Skype for $ 8.5 billion."This acquisition is important because it enhances the technology sector," said specialists on their side of Cantor Fitzgerald.

On the foreign exchange market, the euro was stable against the dollar Wednesday, struggling to find a clear direction in a cautious market that continues to scrutinize the evolution of the fiscal position of countries identified as fragile in the euro area. About 11:00 am in Paris, the euro bought 1.4412 dollars against 1.4410 dollars late Tuesday.

On the macroeconomic front, investors will monitor including U.S. trade figures for the month of March (1430), then they will learn the traditional weekly oil inventories (16:30).

While waiting for these figures, around 12:00 in Paris, a barrel of Brent was trading at 117.62 dollars in London, yielding 1 percent from the close of Tuesday.And in New York, a barrel of light sweet crude (WTI) for the same period fell by 20 cents to 103.68 dollars.

The side of values, the media group and leisure U.S. Walt Disney reported Tuesday after a close of Wall Street, a decrease of 1% of its net profit in the second quarter of fiscal shifted, to 942 million , well below expectations.

The British oil company BP, which is listed on Wall Street, announced that it received the final green light from the Brazilian authorities for the purchase of ten exploration blocks offshore Brazil to the American Devon Energy, as part of a transaction of 7 billion payday loans.

Google said Tuesday it had set aside $ 500 million in anticipation of the results of an investigation recently launched by the government on the practices of some of its customers in advertising.This provision reduced net income for the first quarter to 1.798 billion dollars against 2.298 billion announced April 14.Advertising has secured 97% of 8.575 billion dollars in turnover during the quarter.

Facebook had left by mistake advertisers have access to profiles, photos, conversations and other private information of its users, said Tuesday the computer security company Symantec.

AIG and the U.S. Treasury Department could launch a capital increase of $ 9 billion in May, while analysts expected an increase of 7 to 25 billion dollars, according to the Wall Street Journal.

The Chinese airline China Southern Airlines has announced that its subsidiary Xiamen Airlines has ordered six Boeing 787, the new jumbo "Dreamliner," a list price of $ 1.1 billion.

General Motors said Tuesday it would invest two billion dollars in 17 of its U.S. sites.GM says these investments will create or safeguard over 4,000 jobs.

Also note, these Chinese companies will start this Wednesday at the New York Stock Exchange. the first website Chinese dating, Jiayuan. Com, hopes to raise nearly $ 78 million. Meanwhile, China Zenix Auto, which is defined as "the largest manufacturer of wheels for commercial vehicles" in China, will debut on the New York Stock Exchange (NYSE) on Wednesday. The offer is expected to total $ 135 million.

George Papandreou is determined to get his country out of crisis. Greek Prime Minister on Friday presented an outline of its program budget 2012-2015. He began by trying to wring the necks of persistent rumors of Greek debt restructuring in 2013, which shook the markets for two days, leaving flaming the cost of debt. For the head of the government solve its problems of Greece "in restructuring the country, not debt."

Papandreou has warned that new austerity measures would be taken, which will be detailed after the Easter holidays. They include wage cuts, building audits, particularly in hospitals, and a brake on hiring.The Greek government hopes to save nearly 23 billion euros to get to cut spending "approximately 44% of GDP in the euro area average, against 53% of GDP in 2009, and increase revenues about 43% of GDP, against 38% in 2009, "said George Papandreou.

Nearly a year after the implementation of remediation plan accounts, Greece must continue its efforts when it is in recession and unemployment set new records, more than 15%.

Privatizations

Despite social tensions and the announcement of new events in early May, the government decided to launch as soon as possible a broad privatization program of 50 billion euros by 2015. He immediately announced a reduction of the share of state ownership of the national electricity by 51% to 34% in 2012.Following the reduction of its stake in the national telephony and the privatization of railways.

Build an image of stability and dynamism is more than ever crucial for Greece. The country will proceed on Tuesday a new issue of treasury bills to thirteen weeks and hopes to raise 1.25 billion euros.

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