U.S. stock markets fail to recover. Aprèsavoir closed in the red its meeting on "Black Friday" Friday, the Dow remains down on the first day of the week. In early trade, it declined from 0.34% to 10,054 points while the Nasdaq dropped 0.57% to 2520 points. The S & P coward 0.72% to 1181 points.
As European markets, investors do not seem reassured by the bailout of Ireland, unveiled Sunday. The European Union has introduced a new package of measures to prevent contagion to the rest of Ireland the euro area and to reassure financial markets. On the foreign exchange market, the euro briefly fell to its lowest level in two months, falling below $ 1.32 in early morning. The single currency traded at 1.3093 dollars opening of U.S. markets.Note, the founder of BlackRock, Larry Fink, sees the euro falling to $ 1.20, reflecting fears of contagion to Spain and Portugal to the Irish crisis.
Moreover, investors are always attentive to the situation in Korea. The South Korean president, Lee Myung-bak, said Monday that North Korea would "pay the price" for its artillery "inhumane."
The consumption figures under the microscope
On Monday, investors also take time to digest less consumer spending numbers in the U.S. during the "Black Friday" on Friday. These have risen by 6.4% over the previous year, according to a study by the American Federation of distribution (NRF). Customers returned to the department stores and boutiques, while the last two years they tended to be confined to supermarkets and discount stores.
Total attendance over the period from Thursday to Sunday of Thanksgiving rose 8.7% to 212 million customers, compared to 2009, the study says the NRF, the institute conducted by BIGresearch, which counts Sundays are still looking. The expenditure incurred on the internet and in stores reached 45 billion over the four days, against 41.2 billion in 2009. Per customer, average spending stood at 365.34 against $ 343.31 last year. Overall, the study reveals that American consumers, whose spending accounts for 70% of local gross domestic product, were willing to pay more this year and no longer be limited to essential items.
On the macroeconomic front, the news is not very rich on Monday. The two main indicators of the week are expected Wednesday with the ISM manufacturing and Friday with the employment figures.
Wal Mart in South Africa
The side of values, the giant U.S. retailer, Wal-Mart (-0.19% to 53.54 dollars) on Monday announced its intention to purchase 51% stake in South African group Massmart for almost 1 , 8 billion. "The board of directors of Massmart has received a letter from Wal-Mart, which confirmed its firm intention to make an offer to buy 51% of Massmart at a price of 148 rands (U.S. $ 20.55 or 15.54 euros ) per share. The total transaction is estimated at about 17 billion rand (2.36 billion dollars or 1.78 billion euros) for the 51% of Massmart, "added the South African group. Wal-Mart had opened on Sept. 27 talks to buy back the entire capital of the South African group. A month later, he had mentioned the possibility to acquire only 51% of the capital, which helps maintain the listing of the company to the JSE.
General Motors (-0.71% to 33.56 dollars) has exercised the option on allocation on the IPO. These securities carry the additional amount of the transaction to $ 23.1 billion. These additional titles allow the introduction of General Motors to beat the record set last July by the Agricultural Bank of China is 22.1 billion dollars. The IPO of General Motors last week had allowed the builder to raise $ 20.1 billion of common and preferred shares, which was already the largest such operation ever conducted in the United States.
Britain's BP (-1.56% to 40.29 dollars), listed on Wall Street, has agreed to sell its 60% share in the Argentine oil and gas producer Pan American Energy's Bridas Corporation for 7.06 billion dollars. The latter now controls 100% of capital.The result of this sale will be used to cover the cost of the oil spill in the Gulf of Mexico estimated at 40 billion.