Sundial of world news

The CAC 40 is increased again this Friday, after playing the card of caution on Friday until 14:30 time of publication of U.S. GDP worse than expected.

The CAC 40 has lost more than 1% up shortly after the announcement of a U.S. economic growth of 2.4% against 2.5% expected, the index rolled up the slope and pierced the waterline to increase to 17 hours from 0.66% to 3676 points. An evolution that follows the trend taking place today on Wall Street.

The reason? A Chicago PMI, which increased more than expected and U.S. consumer confidence down, but less than expected.

Publication Burst

Alcatel Lucent (8.27 to 2.24 euros%) announced revenues of 3.813 billion euros in the second quarter.The group reiterated its outlook for 2010, including an Adjusted operating income of between 1% and 5% of its revenues.

JCDecaux (1.16% to 20.10 euros) on Friday announced a net profit in the first half of 65 million euros. The group anticipates a change in organic revenue for the third quarter less than that of the second with a cash flow of 119 million euros, compared with -1.7 million euros in the first half.

Lafarge (-4.75% to 41.43 euros) has reported a sales increase of 2% to 4.43 billion euros in the second quarter. The company expects a reduction in capital expenditure to less than 1 billion euros in 2011.

EDF (1% to 32.80 euros) announced a net income Group share 1.7 billion euros including a provision for $ 1.1 billion on its North American operations.The group, which should sell its UK electricity networks based on an enterprise value of over 5.5 billion pounds, has announced a delay of two years for his BDU Flamanville.

EADS (2.70% to 18.06 euros) announces a net profit in the first half of 185 million euros and a turnover of 20.3 billion euros.

Schneider Electric (2.14% to 88.25 euros) publishes a turnover of 8.57 billion euros in the first half (+10.5%) of which 4.661 billion (+18.5%) in the second . In an interview with Le Figaro, Jean-Pascal Tricoire, CEO, set an improvement for the second part of the year.

Renault (0.28% to 33.74 euros) issued a revenue increase of 23.1% for the first semester in the same area, to 19.668 billion euros.The constructor returns to the green with profits of 823 million euros.

The reaction of Peugeot (-2.23% to 22.61 euros) will be observed.Also in the automotive industry, Michelin (-1.40% to 58.52 euros) announced a net profit in the first half and said it expects a continued rebound in demand for tires in the second half of the year .

PPR (-0.34% to 102 euros) has announced a net profit after minority interests rose 86.8% to 407 million euros in the first half.

Imerys (+0.27% at 44.59 euros) has reported a net operating income rose sharply to 122 million euros in the first half with a turnover of organic growth of 16%.

Total (1.30% to 38.85 euros) announced adjusted net income for the second quarter of 3 billion euros, up 72%.

CNP Assurances (EUR 15.45 -4.01%) has published a net increase of 8% to 542 million euros and a turnover of 17.697 million euros (+2.4%).

Rhodia (1.14% to 15.93 euros) raised again after its 2010 targets announced Friday results exceeded expectations in the second quarter.

Saint Gobain is optimistic

Saint-Gobain (-2.16% to 32.57 euros) reported a strong rebound in its first half results, while confirming its target of strong growth in operating earnings in 2010.

Capgemini (-1.29% to 35.88 euros) has announced the acquisition of the Swedish IT services Skvader Systems. No financial details were disclosed.

Air Liquide (-0.81% to 85.40 euros) has announced the acquisition of the company Lion Copolymer Geismar American Services.No financial details were disclosed.

Euler Hermes (4.94% to 61.40 euros) has reported net profit more than doubled in the second quarter from the first and said he intended to maintain profitability in a more favorable macroeconomic environment that over the past two years.

Ingenico (5.28% to 19.45 euros) on Thursday posted a net profit increased more than two in the first half thanks to increased transactions in Europe and raised its sales target.

Alten (-0.49% to 22.29 euros) has reported a slight improvement in activity in its sector in the first half. Turnover increased 2.7% to 450.9 million euros over the period.

Flo (-3.7% to 4.43 euros) said that the activity in its restaurants had not yet regained the level that was hers before the crisis, despite the reduction in VAT.The turnover of the group stood in the first half rose 7.6%.

The defense electronics group Thales has multiplied by eleven net profit in the first half compared to the same period in 2009. It amounted to 138 million euros against 12 million euros last year. The turnover has increased it by 4% to 5.95 billion.

"It's a gradual recovery in line with our expectations in an environment that is becoming," said Luc Vigneron, CEO of Thales. France and Great Britain, where Thales is firmly established, and Germany are considering a reduction in their defense budgets. Faced with this gives the group confirms its commitment to expand internationally. "We are continuing our campaign to improve our performance and want to take advantage of growth areas in emerging countries," said Luc Vigneron.

The group confirmed its 2010 targets. The sales will be stable, the operating profit margin would be 3 to 4%."An operating profit of 3 to 4% corresponds to a net positive for the group," said Patrick Durand, CFO. Thales has a loss in 2009.

Two contracts uncertain

While the group has already Saffron rebound airline, Thales will benefit later recovery of the aviation sector. It is possible that the group is obliged to take further charges for two contracts, "the situation is still somewhat uncertain": Meltem contract signed in July 2003 with Turkey on the one hand, the contract signed in July 2004 for the military transport plane A400M ordered by seven NATO countries (Germany, France, Spain, United Kingdom, Turkey, Belgium, Luxembourg), on the other. "Discussions are under way with Airbus business," said Luc Vigneron.The President of Thales said that the group has been in question had also been penalized by delays to the A400M.

Thales, which has won three contracts in excess of 100 million euros in the first half of 2010 against nine for the same period in 2009, expected completion in the second half of the supply of 81 satellites in the Iridium group. A contract of one billion euros.

Saffron is still determined to seize Zodiac

Saffron is always seize Zodiac. Jean-Paul Herteman, Chief Executive of the group of aerospace and defense, confirmed Wednesday that a rapprochement with Zodiac absolve synergies. "We make time to convince," said Jean-Paul Herteman. The battle is difficult. The supervisory board of Zodiac refused unanimously on July 11 a merger offer.Didier and Olivier Domange Zarrouati, respectively Chairman of the supervisory board and chief executive, believe that Zodiac may develop "not lean Safran or anyone else."

Optimistic after the publication of its first half results, Safran has also raised its annual forecast. It expects an operating margin of 8% against 7% previously. It provides a turnover close to that of 2009. "The performance in the first half lead us to revise our ambitions higher," said Jean-Paul Herteman. The group made a net profit of 223 million euros in the first half, down 20.6%.

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Danone raised its sales growth target for 2010 after the publication of its results for the first half Tuesday. The group recorded an increase in its turnover by 7% over the period (6.9% in the second quarter) to 8.364 billion euros. Danone now expects growth in sales of "at least 6%," cons "at least 5%" previously.

Current operating margin stood at 15.30% in the first half, against 16.03% over the same period in 2009. The band announced target for the whole year stable margins on a comparable basis compared to 2009. The operating profit amounted to 1.28 billion (against 1.2 in the first half of 2009).

The current net profit climbed 10.1% to 848 million euros.

Danone also aims to increase free cash flow from operations of at least 10% compared to 2009 historical data.

"A good start to the year"

Group CEO, Franck Riboud, speaking of a "good start to the year" and that Danone announces in particular will continue "to invest in developing countries, products and brands with strong potential: Child Nutrition in Asia, the Fresh Dairy division in United States, Brazil, Russia.

"At the same time, he adds, we are continuing our efforts to improve productivity, essential to cope with the volatility of our raw materials." Third key point, Franck Riboud said that "cash generation continues to grow strongly."

New outbreak of fever at SNCM. During one week, a dozen sailors were delayed for one hour each day the ship departs The Corsican liaising Nice L'Île Rousse. They demanded an adjustment of their pay with that of other marine company. They succeeded, and The Corsican found Thursday its normal pace.

This social movement falls at the worst time, tourist season and while the company controlled by Veolia has also lost market share in the first half. Its traffic decreased 7.1%, one of Corsica Ferries increased by 17.5%. Moby Lines, comer, has received nearly 33 000 passengers in three months.

"Our main concern is with Moby Lines are denied benefits that help the passenger, and Corsica Ferries.With the current system, they can only gain additional market share, "worries Alpozzo Frederick, Secretary General of the CGT sailors of the SNCM. For the union, the welfare system to the passenger distributed by the local authority Corsican airlines operating out of Nice and Toulon is "antagonistic" to that of the public service delegation (PSD), benefiting SNCM and CMN from Marseilles. "This is not a compensation of public service but a premium for social dumping," Frederick Alpozzo ton.

Risk of losses in 2010

A report commissioned by the government pointed the problem. The ball is in the camp community Corsican. A special session is scheduled in September to review all aid to maritime transport. "SNCM is in a delicate position.She could ask to not go after the convention of CSP, which expires at the end of 2013, we recognize the Corsican Transportation Agency (CTA). Out of the red in 2008, SNCM has gained nearly 18 million euros in 2009 thanks to a gain on disposal of a vessel (26 million). The CTA believes that the company's losses could reach 20 million this year. To make matters worse, if a new DSP is launched, the agreement could exclude ferries operating at peak periods. She would come into force in 2012. Suddenly, the reduction plan envisaged by the SNCM fleet in February, dropped after the strikes of the CGT, may become relevant.

"We need things to change and we stop losing money.Either we reorganized the DSP is still there and it will be dramatic, because it will break everything, "Frederick alarmed Alpozzo who admits fear a scenario where the SeaFrance 725 employees will be dismissed.

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The CAC 40 has struggled to define a trend on Friday. The meeting has been volatile, rising succeeding downward and vice versa. Halfway through, the ACC showed an increase of 0.54% to 3619.85 points after opening down 0.13% to 3595.66 points. Before switching to newcomer to build in the red to 16 hours under the 3600 points. Finally, ACC closed with a gain of 0.18% to 3607.05 points.

Elsewhere, the indices have evolved piecemeal. The London Stock Exchange, which opened down 0.37%, ended on a note steady at 5312.62 points. The DAX index of the Frankfurt Stock Exchange, which had also started the session on a decline of 0.27%, finished with a gain of 0.39% to 6166.34 points.The Madrid Stock Exchange, where banks are under pressure as the newspaper El Pais said in its edition today, regaining ground with a rise of 1.07% against -0.54% in early trade.

The waiting game surrounding the publication of results of stress tests of European banks calls for caution investors. On the currency markets, the euro back a bit against the dollar, under $ 1.29.

Asian markets have them selected more strongly green this morning. Yesterday, U.S. markets have done a great meeting at which time the Dow has gained almost 2%, relatively insensitive to the announcement of a surprise increase in weekly unemployment registration.

Consumption of French decline

In terms of macroeconomic statistics, the session looks very calm.No major indicator is expected in the United States.

In France, the French household consumption of manufactured goods fell 1.4% in June after the previous month was supported by purchases of televisions before the World Cup, according to figures published by INSEE before the opening markets. Throughout the second quarter, it shows a decrease of 0.9% after falling 1.9% on the first three months of the year. Analysts on average expected a rise of 0.2% in June

INSEE also believes that the request to industry has increased significantly in the second quarter but is expected to decline in the third.The balance measures the views of industrialists on the past evolution of aggregate demand was 9 in the previous survey in April to 17 in July, and 4-14 for foreign demand.

In Germany, business climate has improved significantly more than expected in recent weeks. The Ifo index rose to 106.2 against 101.2 in June (revised from 101.1 in the initial estimate) last month. Economists and analysts had expected decline to 101.6.

TF1 jumped after its results

Stress tests, however, occupy the banking sector.BNP Paribas (-0.06%), Societe Generale (+0.08%), Credit Agricole (-1.11%) and Natixis (+0.10%) are unsure about what direction to take.

Moreover, the markets will again this session to analyze several quarterly publications:

TF1 (6.41% to 12.45 euros) announced before market advertising revenues up 11% in the first semester for a total turnover of 1.28 billion euros, above consensus. Net income group share was 74 million euros over the period. The objectives are significantly revised upward with a turnover in 2010 rose by 7% instead of 4%.

STMicroelectronics (-3.58% to 6.49 euros) reported Thursday a profit above expectations at 18 cents per share, with sales up 27% to $ 2.53 billion.Analysts on average expected a profit of 14 cents per share and a turnover of 2.513 billion dollars.

Pernod Ricard (-2.34% to 62.61 euros) a statement on Thursday its forecast annual operating profit thanks to the improved economic environment and its position in emerging markets.Its turnover in 2009-2010 emerged, up 2% on a comparable basis.

Ubisoft (-0.07% to 6.97 euros) issued a revenue increase of 94% in the first quarter of 2010-2011, to 161 million euros and confirmed its objective of a sales draft 160 million for the remainder of the year.

BioAlliance Pharma (0.91% to 5.53 euros) announced a record turnover of 15.2 million euros in the second quarter against 1.5 million a year earlier, after recording in April in U.S. Loramyc, headlight treatment of fungal infections in patients with oral cancer or AIDS.

As for ads, Alstom (3.73% to 38.55 euros) said it had won contracts valued at about 450 million euros for the construction of two units for a combined cycle power plant in India.

Air Liquide (1.15% to 87.78 euros) announced Friday the signing of a new contract with Russian steelmaker Severstal for investments worth 50 million euros in total.

Legrand (1.86% to 25.68 euros) Thursday announced a takeover offer for Indo Asian Switchgear India, where he produced nearly 4% of its annual turnover after the acquisition. Indo Asian Switchgea aims for 2010 sales of more than 35 million euros.

Maurel et Prom (0.53% to 9.45 euros) announced Thursday it had increased to approximately 70 million euros the amount of its issuance of convertible bonds to five years following the full exercise of the option overallotment.

One was 37, he is a mason, tiler. The other is 53 years old, it is mover. Gunseli and Michel worked in the Paris region. And both consider "poor" taking into account the hardship, as proposed by the government: the ability to stop working at age 60, provided they have been recognized inability to at least 20%. An advanced course, but also points to the pension reform the most debated by MPs, part of the majority joining the left to request a more broad.

"Now I have to retire at age 62. This is not fair. After 60 years, it is too difficult physically, gunseli regrets. In construction, it is hard all the time.But hey, there's nothing to do, the government chooses. "Considering that life expectancy is lower than" people who work in offices, gunseli legitimate judge to keep a starting retirement at age 60.

"Tired and decreased"

An argument that includes Michael. But the latter, well aware of the contents of the bill, is more nuanced. "We are always obliged to take examinations. The 20%, it will remain an exceptional measure for people who have major injuries, "he laments. The measure should be more flexible. Special schemes and benefit from generous, all we have to work longer. "But then he admits:" Even if you do the same job, it's normal that leave those who are injured early retirement."

Between trips to the doctor, prosthetics and rehabilitation, Michel, as gunseli, admits however, "tired and down." "Clearly I can not do the same work that 20 years!" Jokes the mover, who, despite a slight limp, does not meet the criterion of 20% disability.

And this is probably the real problem: lack of prevention and management of workstations, to avoid the burnout. "It does not exist in the world of work! You're there to produce "wryly Michel. Accustomed to carrying heavy loads and repetitive work and stressful, the fifties suffers from chronic back pain and a persistent knee pain."Every time I go see the doctor, it relieves me of the time, he says, but once you have an injury, no turning back is possible."

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The decision of the Central Bank of China down 0.12% Monday from the central rate of its currency, to bring it back to 6.78 yuan per dollar, is not trivial. It confirms that China believes that the resumption of the global economy is "very slow" in the words of his prime minister, Wen Jiabao.

Since June 19 last, the central rate of RMB, yuan's other name, is fixed daily by the bank that leaves fluctuate within a margin of plus or minus 0.5% vis-à-vis the greenback. Then she had gained 0.8% since that date, the Chinese currency fell Monday to its lowest level in two weeks, to 6.78 yuan per dollar.

The government fully controls the growth of his country. The measures taken to avoid overheating, especially in real estate, have borne fruit. The GDP (gross domestic product) grew by only Chinese 10.3% in the second quarter, against 11.9% in the first.

Wen Jiabao welcomes it, but he believes that his country because of "uncertainties" facing the world must "increase domestic demand, while stabilizing the foreign demand." But Monday, the State Information Center, an organization that depends on the Reform Commission and National Development, released a report which estimates that the growth of Chinese exports in the second half of this year will not exceed 16 3% by volume, against a leap of 35% for the first six months of the year. It does not explain its calculation, but it is clear that it expects a slowdown in trade flows in the world.It probably also fear the consequences of wage increases in Chinese enterprises on the competitiveness of the country pay day advance.

"We will pursue a fiscal policy that anticipates events and a lax monetary policy remains appropriately," recalled last week Wen Jiabao on the occasion of the visit of German Chancellor Angela Merkel. And to reaffirm its confidence in the euro area stressing that China was keen to diversify its huge foreign exchange reserves (2454 billion in late June) by buying other currencies than the dollar, Japanese yen and the euro particular.

Strong pressure

But the Chinese are concerned. The decline in consumer prices in the U.S. in June for the third consecutive month, makes them fear a risk of deflation in the U.S..Deflation, which leads consumers to indefinitely postpone their purchases and that discourages entrepreneurs from investing.

Beijing knows that long-term revaluation of the yuan will allow its exporters to improve the management of their enterprises to go upmarket and strengthen their competitiveness. This is the speech that he held the Americans and Europeans that add such an operation will also contribute to "reduce inflationary pressures from outside."

But in the short term the Chinese authorities think that the pressures are too strong. So, although it continues to assert that it will maintain a "regime of managed floating exchange rate, the speculation began to say that it will limit increases its currency to protect its exporters.

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Moody's has struck again. This time, the rating agency downgraded the credit rating assigned to the public debt of Ireland two notches to Aa2 from Aa1. The agency now shows a stable outlook, while they were negative before.

Moody's analysts explain this degradation by three factors. They rely on "the gradual loss and significant financial strength of the Irish government illustrated by rising deficits and the weakening of the country's repayment capacity." Growth prospects also weakened justify the gesture of the agency. The agency believes that the burden of debt relative to gross domestic product (GDP) is expected to stabilize around 95% to 100% within two to three years. Finally, doubts about the soundness of the banking system, following numerous recapitalizations of businesses have also influenced Moody's.The agency has referred to the substantial liabilities arising from the establishment of the NAMA (National Asset Management), a defeasance bank (or bank rotten ") service, which has to buy the Irish banks Tens of billions of subprime loans that they had accumulated before the credit crisis.

A budget deficit higher than that of Greece

In 2009, the budget deficit of Ireland, 14.3% of GDP was highest in the euro area, even superior to that of Greece, suffered a severe debt crisis. The Irish public debt has soared from 25% of GDP at end 2007 to 65% in late 2009.

Moody's has recently made several other cuts of notes on debt.The sovereign rating of Portugal has been degraded to A1 AA2 cons last week because of growth prospects remain relatively low and a deteriorating financial situation. Following the degradation cascade, investors may be less attentive to agency decisions.

The situation is now clarified. The U.S. company Electronic Arts, publisher of The Sims and sports games like Fifa 10, announced Friday the sale of its share of almost 15% in Ubisoft Entertainment, the leading European video games. According to Reuters, the Swiss bank UBS have been mandated to oversee the operation.

"Electronic Arts (EA) has decided to sell its stake in Ubisoft Entertainment. Our strategic priorities have changed since the initial investment, "said a spokesman for the American group in Europe, in an email sent to news agencies.

Returning to the capital of Ubisoft in 2004 through an unsolicited transaction, the Californian publisher therefore gives up its largest shareholder at the Guillemot family which owned 11.3% stake in European company in May, according to data from Thomson Reuters . Electronic Arts, meanwhile, held 14.82% stake in Ubisoft.

Electronic Arts refocuses its strategy

The American, whose sales have shrunk in late 2009, still on track to reducing costs and streamlining its business. Electronic Arts had already announced it will cut 1,500 jobs in November, and its intention to focus on fewer games. He also wants to expand its content and services online. By disengaging from Ubisoft, the group shows that this participation was more strategic for him, but merely financial.

The news did not surprise analysts sphere. Asked by Reuters, Richard Beaudoux, analyst at Natixis Securities value, said that Electronic Arts "has probably said it was an opportune time to clarify his situation.Last March, the voting rights of the American group had declined due to internal redeployment from 23.5% to 13.2%, said the analyst, for whom this "already showed that (Electronic Arts, Ed) sought to sell its " bad credit payday loans.

Situation clarified for Ubisoft

For Ubisoft, the announcement is good news, said Richard Beaudoux. The European publisher never managed to agree on strategy or on a redemption price, he said. The departure from Electronic Arts releases is the situation. Ubisoft and thus finds greater liquidity and freedom of decision in its strategy, concludes the analyst Natixis Securities.

If Electronic Arts shareholder seemed natural to Ubisoft, the disengagement of American might allow other investors to take a closer look at Ubisoft, says a trader.The Disney group or investment fund Elevation Partners are among the names of potential investors cited regularly.

"We wanted to stay independent"

"It's rather good news for us since we wanted to stay independent," a spokesman assured Ubisoft AFP. The latter did not say who would the purchaser of such shares or the amount and date of the transaction.

Ubisoft therefore creates a surprise for the second time this week. The video game publisher announced Tuesday a turnover of 160 million euros for its first quarter of 2010-2011 (April-June), up 93%. A performance well above its own expectations. Around 3:00 p.m. this Friday, Ubisoft's action, however, lost 1.32% to 6.88 euros.

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Mixed. Between the good results released Tuesday by Intel and announcements pessimistic Fed, the U.S. markets have been slow to find the right direction. They finally finished in extremis in the green. A green very hesitant. The Dow Jones gained 0.04%, Nasdaq 0.35% advance in 2250. In contrast, the S & P 500 was down 0.02% to 1095 points.

On the foreign exchange market, the euro remains above 1.27 dollars to 10:40 p.m. at 1.2738 dollars (0.14%). The dollar seems to lose some of its appeal as a safe haven. The encouraging start to the season half results in the United States seems to restore investor confidence and encourages risk taking. The European currency was on his side with the success of the issuance of treasury bills Greeks.The operation, with a rate of 4.65%, the first since May, when the euro zone and the IMF have provided loans of 110 billion euros over three years, has aroused demand of over 4.5 billion euros, well above the 1.25 billion that the country wanted to raise.

Retail sales disappoint, the Fed resolutely pessimistic

To many observers, the Fed was going to share in the minutes of its monetary policy meeting, the revised growth forecasts downwards. It is clear that they were right. The U.S. central bank now expects growth of between 3% and 3.5%, against a range from 3.2% to 3.7% three months ago. The finding is similar to unemployment. Consequently, the Fed is considering new measures of monetary policy to support the U.S. economy.

Side indicators on Wednesday, the Commerce Department reported a 0.5% drop in retail sales in the U.S. last month, after declining 1.1% in May according to a revised estimate. Economists and analysts polled by Reuters were predicting a decline of 0.2%. Compared to June 2009, sales were up 4.8%. This statistic is added to a series of numbers considered disappointing, especially in real estate and industry, and suggests that the recovery ran out of steam a bit faster than expected.

Intel Features

On the side of values, the salvo of quarterly results continues on Wall Street. The microprocessor giant Intel on Tuesday said the "best quarter in its history, with net income of $ 2.9 billion, better than expected, and a turnover exceeding its forecasts and also market expectations.Intel shares gain 1.67% to 21.36 dollars.

Always on the side of values, the U.S. group Northrop Grumman defense (3.13% to 56.99 U.S. dollars) has also announced Tuesday after the close of Wall Street of its intention to separate from all its shipyards, it would close one on the Gulf of Mexico within three years.