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%.

"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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"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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Alessandro Profumo said that using this solution "allows one or more banks in trouble to find a quick solution and avoids any systemic risk." Deutsche Bank and Santander would be convinced by the project.In an interview with the Financial Times, the Director General of the Italian bank in advance that such funds could raise 20 billion euros in a few years no fax cash advance.

Several projects to protect the financial system have already been mentioned. Recently, France, Great Britain and Germany have called for the establishment of a tax credit which funds used to finance the rescue of an institution. However, according to Alessandro Profumo, the creation of a fund from the private sector is able to raise more money.

And initiatives to avoid another crisis are numerous. The Basel Committee develops banking sector reforms to prevent a collapse in the event of another financial crisis.Regulators, who are implementing these measures by 2O12, want to focus on strengthening the capital requirements and capital, and limit debt.

Reacting on RTL, the health minister, Roselyne Bachelot, said Sunday it would propose an increase in tobacco taxes to counter the move by the industry when considering the budget bill. The minister, who denounced a "blow to public health", said she was "absolutely shocked".

Recalling that tobacco was responsible for 60,000 deaths a year, more than half due to cancer of the airways, Roselyne Bachelot said she heard "get cigarettes at a price deterrent.""Do not our mobilization efforts on public health is undermined by the initiative of industry," commented the minister.

"A health scandal"

The public health associations have criticized the approach on their side of tobacco. According to Bertrand Dautzenberg, pulmonologist, president of the French Office for the Prevention of smoking, the decline in the price of tobacco is "a marketing offensive to attract new smokers, particularly youth and women."

"Variations on the price of tobacco, which are the only effective lever for reducing consumption, are now in the hands of industrialists," he laments."This is a health scandal since this will automatically translate into increased consumption," adds Yves Martinet, president of the National Committee against Smoking (NCTC), which campaigns for "a new tax policy."

There are currently 29% of daily smokers and occasional 5% among French people aged 18-75 years. According to the French Observatory for Drugs and Drug Addiction (OFDT), the daily smoking for 28% of girls and 30% of boys and 17 years.

"And all indicators are now red," according to Professor Albert Hirsch, vice president of the National League against Cancer.The latest results from the annual survey conducted by the association without tobacco Paris, in partnership with the rector of Paris and the Fund's primary health insurance, and have recently shown a tendency to relapse to smoking among adolescents Paris, while the latter had given up smoking massively in the wake of the cancer plan.

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Eric Bleine – I do not know if we can speak of schizophrenia, but I find the reactions of financial markets is excessive. This is not surprising when one considers that most large companies in the CAC 40 are majority owned by U.S. pension funds, and increasingly by players from emerging markets. If individuals are continuing to ignore the actions, it will increase, and financial markets continue to be volatile. In this context, I advise investors to focus on their process of investment. In other words, to believe in what they do and do not move during moments of extreme doubt.It is when the visibility is poor economy and financial and prices of listed assets are low it takes to earn money. The doubts the current market is understandable but exaggerated. He should know how to take them by buying now, taking as a necessary condition to have investment horizons reasonable (between 18 months and 3 years) does not get into the position of having to liquidate its portfolio under stress specific personal.

European equities are they really excluded?

Financial markets have still not integrated as European companies are financially sound, well managed despite the crisis and they have high margins and refinanced debt. The euro zone is not in a situation so bad as that.The proof that more than European ones, are also international companies which derive a substantial part of its sales in the U.S. or in emerging countries. If fears about the euro area are so important is because pension funds are selling their fears, "the fear". What explains this high volatility. But I guess they will stop selling because valuation levels as low and reassuring news that we are beginning to have on the sustainability of our currency, the euro.

How do you manage the allocation of your portfolio between defensive stocks and cyclical stocks?

Overall, I'm quite recently strengthened financial securities in defensive stocks. I have preferences for certain banking stocks and am overweight, representing 18% of portfolio value Central.Despite the pressure around these companies, the current prices seem particularly attractive and excessive criticism. We focus on the big European banks such as BNP Paribas, Santander, Intesa, UniCredit, Deutsche Bank or Barclays. They are strong and come out winners in my opinion this crisis, the market does not take into account.

It is a rather surprising position in the current context. Other atypical cyclical stocks?

Yes, because we are also overweighted car values (5.32% of portfolio) as DaimlerChrysler, Faurecia and Michelin. For example, Michelin will benefit from new standards that will enable tire manufacturers to sell products with high added values.Furthermore, we focus Faurecia, because we believe that Faurecia has good chances of success in China by supporting the rise of automobile manufacturers in emerging countries

I'm also positive and closer to consensus on technology stocks (11.55% of portfolio) invested with Atos, Steria, STMicroelectronics. There is a real demand for computer services and technology assets. Finally, I like also valued as Lufthansa is one of the few aerospace companies to have limited its losses in 2008 and which we believe will be winners of an industry concentration. However, although it benefits from the dollar, we excluded EADS for which we still have some reservations.

A second half what should we expect?

We look forward to a calmer second half versus the first.We're going out of concerns about the sustainability of the euro area and the ability of states to refinance. The fears will gradually dissipate and the risk premium with them. This should drive us as a first step to a CAC 40-3800 points. Then the market should realize that the growth of European countries will not be as catastrophe we would suggest. This gives a potential ACC 40-4000 points, why not towards the end of the year. With the portfolio that I currently constituted, I am ready for the increase in ACC 40.

Claude Gueant, advisor to Nicolas Sarkozy, says the Financial Times on Monday that further savings measures are in preparation. They should be announced in the fall. It says in part: "France has pledged to reduce its deficit to 3% by 2013. We are determined to achieve this goal. "

Forecast question

For now, the government relies on its growth forecasts to find half the sum. But estimates of France are considered optimistic. The European Commission and the International Monetary Fund have both criticized the government's optimism.The economy minister, Christine Lagarde, has itself acknowledged Sunday at the Grand Jury RTL-LCI-Le Figaro, saying that the forecast 2.5% growth next year was "bold" .

Lower costs

The remaining 50 billion euros will come from the decline in public spending and tax increases. How the State plan to do it? A belief in "Les Echos", the government intends to confirm its target of 100,000 new layoffs of civil servants between 2011 and 2013, after the 100,000 already achieved in recent years. Moreover, the government plans to freeze spending between 2011 and 2013 to maintain transfers to local governments and increase only slightly the health expenditure.The state should also remove the tax loopholes to recover 5 billion euros per year and create a new tax on the wealthiest to raise 3.7 billion euros. Finally, the adjustment of tax evaders will recover, as reported by the Budget Minister Francois Baroin to France Info radio this weekend, "over 1 billion just on the folder HSBC.

The Financial Times points out that these measures should not be sufficient to reach 100 billion euros in savings by 2013. If Claude Gueant has not revealed the content of the proposed measures, economists believe that the state could proceed with a wage freeze for civil servants, their salaries account for nearly one third of public spending.

The announcement of a visit by IMF Managing Director, scheduled for Friday, has added to the panic. Although Dominique Strauss-Kahn said Wednesday in Paris that it was only "a working visit". To cut short the rumors, general manager told AFP he goes to all European countries."I'm in France, is there any rumors in France? I'm going to Italy. Is there any rumors in Italy? "He also downplayed the financial problems of Spain at a conference on Europe and China:" It is also said to exaggerate it a country that has great difficulty and yet the debt is 53% of GDP, which is relatively modest. "

Labour Market Reform

The Spanish head of government has also applied to reassure. Spain is a "country solvent, solid, strong and with the international credit, said Wednesday Jose Luis Rodriguez Zapatero before the Spanish Parliament. The Economy Minister Elena Salgado for his part denied that Brussels has put pressure on Madrid. Support for the Spanish cause is from Paris."We see no reason to be concerned for Spain, and there is no subject in the Spanish agenda of the European Council, it was said at the Elysee.

These multiple statements have not been enough to calm markets that have remained very nervous. The Spanish rate in a decade rose 10 points in the day 4.8%, approaching levels Portuguese. The yield spread between German and Spanish titles to ten years to 223 basis points on Wednesday, a record, as investors consider the Spanish debt more risky. The motion of no confidence falls ill in Madrid, which must issue this morning 3.5 billion euros of bonds to ten years.

The concern of the market relates to both the country's financial situation and the capacity of economic recovery.The government on Wednesday passed a labor reform, considered essential for revitalizing the job but remains highly contested by the unions.

In a report released Wednesday, the Bank of Spain insists on the need to implement "as quickly as possible" of economic adjustment measures to increase the competitiveness of the economy Hispanic counter the drop in employment and deterioration public finances. But the Spanish savings banks, the Achilles heel of the banking sector, require 11 billion euros to the state for further restructuring.

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The $ 100 billion, "we (them) to find the half in spending cuts and half in revenue increases," said the head of government.The 50 billion euros in spending cuts will be made up of "45 billion by reducing public expenditure, 5 billion on reducing tax loopholes."

On the revenue side, the 50 billion do not result from increased taxes and levies, "said Francois Fillon. He bets on "35 billion upgrading after the crisis, loss of revenue cyclical. (…) As and when growth returns, revenues are growing once again, "he said. And the remaining 15 billion? They "will correspond to the end of the steps we have taken to boost the economy and have obviously not meant to last beyond this period of recovery," he added.

In May, Francois Fillon had already announced a freeze in spending value of the state but had not detailed the targets.These details are involved a little less than a week after Berlin has adopted a plan rigorously evaluated at 80 billion euros. France is under pressure from financial markets and rating agencies, who urged him to detail the measures to be taken to reduce debt.

"New sources of funding"

The Prime Minister also addressed the issue of pensions. While the government prepares to release his reform plan, Francois Fillon reiterated its intention to extend the duration of activity and pushing the "symbol" of the statutory retirement age to 60 years.

It will also seek new financing, he added. "Justice will lead us to seek new sources of financing because the effort must be shared by all," he said.Nevertheless, the government has temporarily waived taxing incomes over 11,000 euros per month, according to information from Figaro.

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"Maintaining the AAA rating is an objective" tense ", according Baroin

It depends, just, future government decisions. France has suffered less from the crisis than other countries in the euro area, greet agencies. The state has dampened with crisis recovery plan and welfare. The price: a high public deficit (7.5%), which must now reduce the risk of blowing up the already high public debt.

"Such imbalances require a recovery result of public finances, especially on the expenditure side, argue analysts from Standard & Poor's said in its latest report on France from July 2009. They said the debt should represent 90% of gross domestic product in 2011, against 78% today.

The government has already announced a freeze on public finances in late May, while spending on social security should continue to increase, says essentially Moody's in his March report, "which should result in an increase of 1% per year expenditure total. An objective "not particularly ambitious," says the agency, but nevertheless "should be difficult to take, given the unsuccessful efforts to control spending in the past."

"High levels of taxation"

Rating agencies do not seem to bear the greatest confidence in France, this country has two weaknesses, "the high level of taxation, which makes it difficult for future increases in taxes [to reduce the deficit, Ed] and expenditure rigidity, "is always Moody's. A suspicion reinforced by the presidential election of 2012, which could cause "potential expenditure," said Standard & Poor's.

The Fitch welcomes, however, "the intensification of social dialogue on public finance as an important step towards reversing the broad deficit" in a commentary published on May 28 She also applauded "the change in attitude of the government that understood the importance and urgency of fiscal adjustment."

Time is running out there? In the short term, "triple A in France is not in danger," wrote Moody's, often the last of three agencies to scale down its rating. Still, the separation between the country of degradation of the note is reduced "relentlessly," she says. At the rate of excavation of the debt.