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 Minister of Labour and Public Service has, in fact, provided that the arbitration were not made, ironically on the fact that it seemed "much more difficult to reach agreement between the government trade unions" … He returned the answer to your next appointment, which could take place Tuesday morning.

A lesser evil

A few minutes later, however, at Matignon, the prime minister seemed to reassure staff: "This commitment is not undermined," said Francois Fillon.A way of saying that a freeze point clue is the lesser evil … Then the purchasing power of civil servants grew by 3.6% the previous year, taking into account the effects of seniority , promotions or revaluations granted to certain categories of staff. An old debate: the unions, they do take into account that the index points in their calculations, because it benefits all agents.

These unions – united for the first time in years – in any case have expressed their displeasure at the end of the meeting Friday. "The minister has stirred every red rag" has annoyed Elizabeth David (UNSA).

A technical correction was expected.But that was not expected, is the slamming received by Goldman Sachs, whose shares fell by more than 12.5% to 17.15, bringing with it the whole banking sector and stock market indices.

The U.S. stock market watchdog, the SEC announced Friday it was suing the U.S. investment bank Goldman Sachs to "fraud" on the sale of investment securities linked to subprime mortgages, known as subprime cash till payday.

Goldman Sachs and one of its leaders, Fabrice Tourre, are accused of defrauding investors face while making "misleading statements and omitting material facts on certain financial products linked to subprime loans when the market U.S. housing prices began to collapse. "

The Dow Jones, which retreated in early trading by 0.41%, slipping from 0.92% to 11,041 points. The Nasdaq slipping 1.23% and back below the 1,200 points, 1190 points exactly, and the S & P retrograde 1.8% to 2049 points.

Sign of the times, promotion breaks the hut. The "promotional pressure, which measures consumer exposure prospectuses and offers on products, has never been higher. In ten years, the number of items sold in promotion almost doubled and the number of coupons has increased tenfold.On Google, "coupons" is one of the most frequent requests …

Steadily increasing the share of the turnover of retailers sold discounted up to 18%, according to IRI, a specialist market research. "The proof that the French are susceptible, and that the signs are not about to stop," says Yves Marin, founder of consulting firm Dashkoma. "The removal of a wave of prospectus may bring down the sales of a hypermarket 30%!" Says Alain Guinberteau, president of A3 Distrib, a company specializing in freelance prospectus.

The signs have no choice. Carrefour is participating with "Promo free" an escalation that led to the formation of a real bubble promotion.Under the Galland law, between 1997 and 2008, all food retailers have stepped up promotions to circumvent the prohibition of resale at a loss and restore purchasing power to clients. Result: a flood of offers increasingly sophisticated to become incomprehensible. "The bric-a-brac has created among consumers questioning the right price," said Elizabeth Exertier, Associate Director of Channel Marketing, another company of freelance.

"Offers free" cons "Guarantee promo"

For Carrefour, "Promo free" must mark a break and serve as a new "marker" for its price image, abused for several years on line pay day loans.Deployed on a large scale in its hypermarkets, but also in its supermarkets Carrefour Market stores and Carrefour and Carrefour City Contact, "Promo free" is also presented as a response to Leclerc, leading hypermarkets in France. The company is currently testing Brittany in 127 of its stores a new concept, "Guaranteed Coupon" which sifts through all the prospectuses of competitors in the areas concerned. Leclerc guarantees its customers a refund of the price differences between its products in-stock items and those coupon competitors. He will decide by summer whether it applies in all its stores.

"It's very clever, because Leclerc accredits the idea that promotional offers competing offer no interest," said Elizabeth Exertier. The system would also make savings on the prospectus. But Carrefour's response is also clever.The "Coupon free" outside the control that seeks to impose Leclerc "Warranty promo" because products sold on promotion are known at the time of checkout.

Vis-?-vis customers, distributors seek mainly to get easier. It is the stated objective of all signs and one of the reasons that also explain the rise of virtual prizes in recent years. Simply purchase several products to qualify for automatic discounts at the checkout.

The law of modernization of the economy has changed that. The arrival in 2000 of Long ticket, whose principle is to credit cards, customer loyalty when they checkout, is a page that retailers want to turn. The idea now is to ensure low prices permanent.Long hopes that his "promo Guarantee" has the same effect as "Ticket" it will have a concrete price image.

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Yields move away so the Greek benchmark, the German Bund, the gap between the two is widening to 400 bps (4 points). At the same time, the cost of insuring the debt of Greece, which evolves according to the rate, found levels of February, 400 points mid-afternoon, according to Markit surveys.

The weakening euro

Leaded by the Greek distrust of debt, the euro fell as well. Around 13:30 it was trading at 1.3346 to the dollar, after falling to 1.3326 dollars one hour earlier.Reached a floor more since the announcement of a plan of European aid for Greece, on March 26 last.

The markets react since Tuesday in part to a report released that day lending to Greek leaders intend to negotiate the terms of any financial assistance from the EU and IMF. Despite an immediate denial from the authorities of countries, markets have overreacted to information.

IMF teams arrived Wednesday morning in Athens to provide technical assistance to redress public finances. Their mission will last two weeks. The budget deficit, also revised upward, to reach 13% of the GDP against 12.7% of the initial estimate used as the basis for projections of the annual budget fast cash advance.But news of Greek economic, fiscal deficit for 2009 is revised upwards and could reach 13.5% or 14.3%, according to the newspaper Naftemboriki.

Economic forecast not reassuring

This renewed tension on the market does not bode well for the country that has yet to find 20 billion euros by the end of May to repay debt is estimated at 300 billion euros, or 113% of GDP. Macroeconomic statistics are not reassuring either. According to the European Commission, the economy needs to contract by 2.5% against 2% initially estimated.

Asian investors, including Chinese and Japanese funds, show little enthusiasm for the idea of buying Greek bonds. George Papaconstantinou, which announced its intention to borrow dollars, must travel to the United States after April 20 to find new potential buyers.

In this context, Greek banks, whose notes have been degraded in recent weeks and who face capital flight, have requested further financial assistance to the government. They want to benefit from funds remaining from the support plan, or about 17 billion euros, said the Greek finance ministry.

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Invited BFM Radio, this Tuesday, Christian Noyer, governor of the Bank of France said that "to have a robust and sustainable growth for world economies, the issue of currency must be resolved. In G20, we are negotiating with China to find the right system to get the best balance.

"The G20 must address the issue of exchange" (Walnut)

He deplored the existence of two systems with a share of them floating currencies like the dollar, the euro, the pound or the yen and other currencies fixed, as the yuan."If a small country has a fixed currency does not pose a problem, but the fact that this is a country central to the economy, the coexistence of these two sytems is therefore more feasible," said Governor Bank of France.

For its part, Dominique Strauss-Kahn, IMF managing director, in a speech to the European Parliament in Brussels, ruled Wednesday that the Chinese currency was "very undervalued", echoing account criticism of the United States.

For the former French Minister of Economy, Finance and Industry, a reappraisal of the yuan through a Chinese growth "more driven by domestic growth" and consumption, and less by exports and cheap products payday advance . A model that China will continue to develop.And for this, the Chinese government has reiterated its desire to stimulate consumption. Thus, 14% of Chinese GDP, under the stimulus plan has been devoted to domestic demand.

Pressure on Barack Obama

Tuesday, UNCTAD said that letting the yuan float would not solve the problems of trade imbalances, an argument advanced by Washington. For its part, the World Bank has advised Beijing to let its currency appreciate.

After the open letter sent Monday by one hundred thirty legislators to U.S. Treasury Secretary and Secretary of Commerce, five U.S. senators have proposed a text yesterday to redefine the criteria by which a currency is considered handled.Where manipulation proved, trade sanctions can be taken through tariff barriers on imports for example.

The increasing pressure on Barack Obama, U.S. officials did not hesitate to bring to account the "undervalued" yuan a share of the rise in unemployment across the Atlantic. The legislators also believe that the low level of the Chinese currency is an indirect subsidy to Chinese exports and import taxes.

"Read the text of the letter

Asked on Monday, a spokesman for Google said that discussions with the Chinese authorities were not broken. But they seem to be at an impasse.Google, which has complied with the demands of Chinese censors in its entry into the country four years ago, agreeing to serve the political or pornographic content, wants more today affect its results. Opposite, China reminds him that its laws must be respected, otherwise to "pay the price." Any other choice would be "unfriendly and irresponsible," warned Friday the Minister of Industry and Information Technology Li Yizhong.

Uncertainty about other Google products

If Google decides to close its Chinese search engine, but the consequences should be above all symbolic. In January, Google had thus ensured that its financial results in the country were "immaterial" (600 million dollars in 2009, according to an estimate by Morgan Stanley).In this sector, it is far outstripped by Baidu, which has a market share of 58%, whose share increased by 3.2% Tuesday on rumors of departure from its competitor. "The Internet market in China will continue to grow rapidly and the impact will not be too big," assured the minister Li Yizhong.

A withdrawal could instead be casting doubts on the future of other Google products, including mobile phones Android, China being the most dynamic market in the world. The impact on freedom of expression is not clear. The approximately 400 million Internet users in the country, wishing to continue using the engine will go through the U.S. version of the site may be blocked. China carries indeed very strict filtering on Western sites most popular, such as Facebook, Twitter and YouTube, owned by Google.

In moving in Cholet, Maine-et-Loire, to present his greetings to economic forces, the President of the Republic Nicolas Sarkozy will go through the factory, where 850 employees are working on making this phone. The terminals will exchange sensitive information secrecy protection.Only two companies in the world are able to produce such a device.

In 2010, the Head of State, representatives of ministries and military staffs will have the 14,000 copies ordered by France in March (price not known at this time).

To ensure the security of sensitive communications that must relay any lost or stolen device will be excluded from the network.

The property "become the main source of investment growth," said Zhang Liqun, an economist with the think-tank, in a report published Friday in the China Economic Times, a newspaper that publishes all research center. Investments in this sector are expected to jump 30% to 40%. Inflation, which feeds a lot of concern among analysts, should be contained below 3%.

Mr.Zhang also provides for a resumption of exports, which depends on the Chinese economy, which had declined in 2009. For his part, Minister of Commerce Chen Deming, recalled earlier in the week a foreign trade up 10% to 15% in 2010.

These estimates are supported by the leading indicators of economic conditions, past the green for several months already. The index of purchasing managers has reached 56.6 in December, registering its highest level in twenty-two months. Above 50, the index indicates an expansion of production.

Concerns about credit

In the third quarter of last year, China's economy recorded 8.9% growth. Even in 2008, which saw the economic slowdown begin has not broken a positive revision of growth figures – like previous years.The National Bureau of Statistics announced a correction of + 0.6% of the increase in gross domestic product (GDP) in 2008 to 9.6% after a reassessment of the place of service sector growth.

For 2010, the Chinese machine should not make a break. President Hu Jintao called for continued rapid economic development and stable, when television delivered his vows December 31. Most analysts expect growth to exceed that of 2009. The Asian Development Bank on a table and GDP growth of 8.9%, against 9% for the International Monetary Fund and 9.3% for the Economist Intelligence Unit.

But challenges remain unchanged. Faced with the explosion of credit in 2009, which helped finance the generous recovery plan, the Chinese Premier did not hide some concerns."It is good that our bank loans are more balanced, better structured and to a lesser extent," confided Wen Jiabao to the official news agency Xinhua last weekend. He asserted, however, want to maintain the stimulus to avoid the risk of jeopardizing the country's development. In 2010, Beijing will need more than ever think about a way of sustainable growth for the drafting of the new five-year plan, covering the period 2011-2015.

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Simplifying funding

These "think-tanks of learning", composed of representatives of training centers of chambers, organizations collecting funds and training of young apprentices must make by February "concrete answers to three questions major.

Primo, Laurent Wauquiez asked to indicate "how to help trainees in their daily lives, especially their conditions of transport, accommodation, purchase of equipment, their enterprise search or choice of their training.

Deuzio, he asks "how to develop alternate" and "extend to all levels of curriculum" and "tertiary trades" that employ only 8% of apprentices in France while there are massive deposits in tourism or call centers. The issue of quota systems, mentioned in the report Proglio, should be particularly addressed.

Thirdly, the Secretary of State for Employment will "simplify the steps or funding to encourage more companies to capitalize on the alternation.