"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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Throughout the first half, however, sales are expected to increase by 4% thanks to good figures at the beginning of the year. In the first quarter, the premium had already broken down, but the manufacturers had assured compensation. Result: the market had increased by 16.9%. The second quarter would be less attractive, the end of car scrapping seriously starting to feel their effects.

Renault is doing well

As for manufacturers, all the French have won market share. Renault is the one who gets the better of the game's pin manufacturer would have gained 1% market share. On June alone, its subsidiary Dacia has sold as many cars than the whole of 2009. According to Bernard Cambier, director of sales Renault France, the Sandero is indeed the best-selling car in France. In total, Dacia would hand over 5% of the French market.

As for foreign carmakers, Volkswagen resist well. Exports of German cars rose 46% in the month of May

Scrappage EUR 500

According to BFM, the prospects are not reassuring. In the second half, the reduction would be 20%. Nevertheless, the number of cars sold would be even higher CUX 2007 and 2008.For the full year 2010, the decline would be 10%.

The market expected a backlash over the second half of the year. The July 1 heralds a new drop in scrap bonus which amounts to 700 euros to 500 euros. More government aid declining, manufacturers are less able to compensate. In Europe, the example of Germany left pointing to an already difficult year-end. The country, which ended the scrappage scheme in September 2009, showed a slump of 34% of registrations in the month of May.

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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.

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 CAC 40, ending up over 2% yesterday, managed to climb beyond 3,500 points. Sign of the return of investors, the volumes are recovering. About 4.5 billion changed hands on the great values of the Paris stock exchange Thursday.

In Europe, the announcement by Jean Claude Trichet, president of the European Central Bank revised upwards its growth forecast for 2010 to 1% against 0.8% previously, has reassured investors.

Jean-Claude Trichet also reiterated its confidence in the euro, a currency "very credible".On the foreign exchange market, the euro, good barometer of market confidence returning the land to more than $ 1.21. On Friday morning, about 7:15, the euro does not move too much, and gold trading at around 1217 dollars per ounce.

Statistics follow

In France this morning, inflation will be unveiled by INSEE for the month of May, at the same time as the balance of payments in April (Bank of France).

In the eurozone, this balance will be issued for the entire quarter at 11:00.

While in the U.S., sales details in May, which will be published at 14.30, will be as usual well attended, and the second estimate of the confidence index from the University of Michigan for the month May, at 15:55.Five minutes later, it is the stocks and sales of companies in April will be known.

Club Med lots of red heads for China

Club Mediterranean in the first half of its 2009/2010 financial year ended in April with net income of 3 million euros, against 22 million loss a year earlier, in a European tourist market "sluggish" and despite the impact Icelandic cloud, "he said Friday in a statement. In addition, the group discusses with a Chinese group ready to open its capital, according to management.

EDF CEO Henri Proglio will meet this Friday, Gazprom CEO Alexei Miller to discuss the pipeline project Southstream. Alexei Miller said one option would be for EDF to take a 10% stake in Southstream.

Moreover, the computer giant HP has partnered with a subsidiary of EDF to provide businesses with "Pod", aka Performance Optimized Datacenter, installed computer labs in containers.

Lagardere Lagardere announced the signing of a Memorandum of Understanding for the final disposal of the television 17 to Bolloré Virgin Media.

The manufacturer Renault has confirmed the reports of Figaro on the appointment of Dominique Thormann the position of Financial Director Replacment Thierry Moulonguet.

Peugeot Thursday, hail crippled the manufacturer's plant in Sochaux. The group has not yet quantified the shortfall.6000 employees are laid off.

With STMicroelectronics Soitec could could hold the attention after the Semiconductor Industry Association (SIA) has estimated that worldwide sales of semiconductors will grow by 28.4% to 290.5 billion dollars in 2010 thanks to strong demand from emerging countries.

Banking Profession, held in the IIR, said that the regulation being developed in Basel will have a massive impact on growth, particularly in the euro area.

Societe Generale Kerviel At trial, the atmosphere is electric. The ex-trader annoys the President and General Counsel of the Company to show nervous.

Pharmaceutical companies across Europe, governments are spending on health to reduce their deficit. France is no exception. The government fell in April the rate of return of 200 drugs.He also announced a few days ago to further declines in commodity prices, in order to save 100 million euros by December.

USA: growth "robust" in 2010 and 2011

On the foreign exchange market, the euro relapsing slightly in the morning against the greenback, hit by new fears over a deepening crisis in Europe.The European currency was worth 1.1942 dollars, against 1.1967 dollars the previous day.

Unsurprisingly, Ben Bernanke has confirmed the speech he gave Monday saying that the economic recovery appeared to be "solid" in the United States.

Heavy oil stocks decline

U.S. inventories of crude oil dropped more than expected last week, said Wednesday the U.S. Agency for Energy Information (EIA). Crude inventories fell 1.8 million barrels to 361.4 million. Economists on average had expected a decline of 900,000 barrels.

Today on Wall Street investors expect the Beige Book Federal Reserve, a report on economic conditions in the United States.Analysts said the report should confirm an increase in economic activity, but no sign of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates immediately.

After the disappointment of last Friday on the job figures, investors should pay particular attention to weekly figures for unemployment benefits to be published tomorrow payday loan.Among the major events of the week macroeconomic Friday, the market will face a survey about the mood of consumers.

On the side of values, the fast food giant McDonald's (+0.18% to 68.50 dollars) and the diverse group 3M U.S. (0.56% to 75.34 U.S. dollars) has warned that the collapse of the euro against the dollar would have a negative impact on their results.

Texas Instruments announced that its earnings and its turnover in the second quarter would be in the top end of its previous estimates.

The first U.S. carmaker, General Motors (GM) announced Tuesday the recall of 1.5 million vehicles worldwide, the vast majority in the U.S., for Fire Risk washer.

The U.S. giant Hewlett-Packard (HP) (-0.17% to 45.80 U.S. dollars) has launched a new series of printers capable of drawing paper from a mobile phone or other multi-function devices connected to the Internet.

Also note, the U.S. stock Constable, the SEC announced yesterday after the close that he could approve this week the creation of circuit breakers on trading platforms to avoid the repetition of "crash blitz last month on Wall Street, reported Tuesday the Wall Street Journal. For their part, the elected U.S. Congress to negotiate a version of the reform of financial regulation common to both chambers said Tuesday that those talks could be completed by the June 26 Bank stocks may react to this set of measures.

The statement said however: "The family wants to keep Amaury majority control of his group to continue its investment policy and ensure its development as it has for a long time." All these activities would, as the group is profitable and coupled both titles – Le Parisien and Aujourd'hui in France – had in 2009 paid circulation of 488,553 copies France, down 4.7% (OJD).

Implemented in 2011

Another certainty, this strategic study does not include activities with sports daily L'Équipe and ASO, the organizer of sporting events like the Tour de France. The time that the strategic review being conducted and that strategic options are discussed, no concrete implementation should take place before 2011.

For several weeks, rumors spoke of a possible sale of the entire group Amaury.The refusal, in February, from the group to take the presidency of the Cooperative Parisian dailies in Presstalis had raised some questions. Groups such as Lagardère and Bolloré had then been cited as potential buyers. The Lagardère group is familiar with the file because already owns 25% stake in Amory, against 75% to the family Amaury. Last week, Arnaud Lagardere had also reiterated its interest in the family group, saying "buyer of all or part (…) if the family does not want it, we will respect and then go forth." Problem, its interest mainly concerns the sports industry (ASO), as he himself pointed out at the launch of its new sports center, Lagardère Unlimited. Arnaud Lagardere has any future lunch with Marie-Odile Amaury.

The state park remains a major project

This time, the concern is not the same. Fifteen units are presently closed, a current threshold at this time.EDF enjoy summer to restore the park in preparation for the winter, much more greedy for power. By comparison, in January, peak consumption are regularly found around 90,000 megawatt hours (MWh), while in August, we do not exceed an average of 55,000 MWh.

"There is no risk of power failure for the portfolio company's customers," says Philip Torrioni Director optimization upstream-downstream and trading, while recalling that EDF has the "stacking of multiple means of production ': in addition to nuclear, hydro, fossil-fired (fuel oil and coal) or purchase obligations (cogeneration, wind …).

Note that EDF considers the situation of hydraulics "generally satisfactory", the streams and filling reservoirs for dams being at favorable levels."On this last point, we are even slightly in surplus," says Patrick Tourasse, in charge of coordination of water at EDF.

As for the effects of the strike last year, they are now digested, said Philippe Druelle, the delegate operational nuclear generation. This does not preclude occasional conflicts: Friday, the Inter Power Plant Flamanville announced the resumption of work after five days of strike any of its services after signing an agreement on creation of ten posts.

However, even if EDF is reassuring for the coming summer, the state park remains a major project for the company. In case the rate of availability of its stations, which dropped to 78% last year, far from that of other major utilities such as GDF Suez nuclear operator in Belgium. In the medium term, Henri Proglio, the chairman of EDF, is the bar of 85%.A major objective of financial terms because in terms of availability, each point less cost around 200 million euros to the company.

To remedy the situation the company began to invest heavily to replace large components of its plants. It also plans to optimize a number of operating procedures. With the desire to obtain tangible results from this year.

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After four days of Easter break, European markets greeted the resumption of job creation in the United States, announced last Friday as well as good numbers of activity in services and real estate published in recent days.

U.S. markets plying highs not seen since late 2008, however, regained their breath. The day before, while Wall Street took note of good statistics published during the week end, the Dow Jones closed up 0.43% and the Nasdaq had allotted 1.12%.

After this beautiful hike, investors preferred to play the card of caution before publication in the night "minutes" of the Fed.A document that transcribes the discussions that took place at the last meeting of the Monetary Policy Committee of the Fed and many analysts imagine animated. Although directed at the opening, the Paris market has reduced its earnings in mid-session, affected by Wall Street and by new concerns about Greece which weighed on the euro.

Raw materials and surging oil

On most major world stock markets, the values related to raw materials and light winds were driving the increase. The latest U.S. statistics have dramatically raised prices. The barrel is trading around 86 dollars in New York, on the summits of 18 months!

In Paris the title of the mining company ArcelorMittal has spent virtually all sitting at the head of the CAC 40 with a gain of nearly 4%, followed closely by oil services Technip and Vallourec disputed second on the podium.On the deferred settlement (SRD), Eramet jumped more than 7%. The title was borne by a positive note, analysts at Exane BNP Paribas, which have raised their price target to 260 euros against 175 previously.

Young contestants of agricultural schools, farmers horses, cattle, sheep and also butchers and florists … the president has sacrificed tradition and spent two hours in the aisles at the meeting of agricultural sector in deep trouble . After the walkabout, he announced new measures to help during a roundtable discussion with farmers.

"It must protect us against disasters"

Among the notable events of the morning, Nicolas Sarkozy held talks with Jean-Paul Rault, sheep farmer in the Vendee who lost almost all of his flock during the storm Xynthia. "I told him he should protect us against future catastrophes, because once again, I will, but not both," says the farmer of Walnut St. Radegund. Only were rescued sheep that was brought to Paris for the Salon.

"The president said he would not let us down, it would help us rebuild. And he would see us in Vendee, "says Jean-Paul Rault. The farmer said he was heartened by the presidential speech? "I have no a priori," he replies."We have seen figures for the help, we'll see what it will serve."

Video – flying over the farm of John Paul Rault after the passage of Xynthia:

More politics, the meat industry has questioned the head of state … about Greece. "He seemed surprised and not really know, but I asked him to be very vigilant on the Greek question: is our first export customer with 70,000 tonnes," explains Denis Sibille, president of Interbev, the inter-beef, mutton and horse. "The number of failures is very high and we refrain now to export, where a shortfall."

"Less talkative than President Chirac"

The exchange was more lively with the representative of the Federation Nationale Bovine (section FNSEA).Jean-Paul Fleury asked Nicolas Sarkozy less listen to his Environment Minister Jean-Louis Borloo, and arbitrate more often for his "excellent minister of Agriculture, Bruno Lemaire. "The arbitrage is my job, I do those I do," replied the president.

As tradition dictates, the President has offered a basket of food to stand craftsmen butchers. A prime rib and leg of lamb. "Just as with Chirac, I am sure that the meat was consumed, as with Nicolas Sarkozy, I'm not really sure," said Jean Claude Obriot however, the vocational school of the Butcher."And then he is less talkative than President Chirac," remembers the butcher who hosts the Salon chairs for ten years.

Just curious still, Nicolas Sarkozy was investigated to know what wood was made of sticks Youth Farm School of Laurent Sainte Marie in the Pyrenees-Atlantiques. In Hazelwood, they replied. A medium hard wood, semi-flexible, especially light. Ideal for tapping the side of the animals and move them forward.

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