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U.S. stock markets are changing very slightly higher on Tuesday, spurred by bargain hunting after plogeon the day before. The Dow Jones rose 0.21% to 12,407.07 points, the Nasdaq advance of 0.23% to 2765.11 points and the S & P 500 gained 0.38% to 1322.35 points.
On Monday, the NYSE has closed lower for the second straight session, giving back to concerns about the debt of several countries considered fragile in the euro area and undermined by the sharp fall in oil prices has weighed on the energy sector.
The euro against the dollar resumes
While concern has focused until recently on the Greek case and the single issue of debt restructuring, they come to spread to other fragile countries of the euro area, including Spain.Even Belgium was concerned, as Fitch downgraded to "negative" view of the note because of the persistence of the institutional crisis in the kingdom.
In the wake of heightened tensions, the euro fell against the dollar, moving below the $ 1.40 for the first time in over two months. On Tuesday, the European currency regained a bit high. In early afternoon in Paris, the European single currency was worth $ 1.41.
On the macroeconomic front, investors will monitor the new home sales and expenditures and household incomes.Among the other highlights of the week, the Michigan index, and promises of sales are expected on Friday.
Bank of America pays $ 410 million to customers
Bank of America 0.30% to 11.45 dollars
The side of values, Bank of America has found a tentative agreement Monday night to pay $ 410 million to customers who complained of excessive bank charges after an overdraft on their account. The complaint partnership had attracted about one million customers aggrieved.
Coca-Cola Enterprises: 0.69% to 29.33 dollars
Also note, Coca-Cola Enterprises (CCE), the leading bottler of Coca-Cola products in Western Europe, is listed since this morning on NYSE Euronext Paris, in addition to its listing in New York.The IPO price was set at 20.73 euros per share and the market capitalization of CEC on the day of the introduction amounted to 7.06 billion euros.
eBay: 0 no checking account payday advance.28%: 31.72 dollars
The distribution group online eBay does not use its earnings from the acquisition of Skype by Microsoft to make acquisitions, said its chief executive John Donahoe in an interview with the Wall Street Journal.
Cisco Systems: -0.40% to 16.29 dollars
The spiritual movement Falun Gong filed a complaint with the U.S. against the U.S. computer equipment manufacturer Cisco Systems, which he believes helps the Chinese regime to suppress its followers.
Avon Products: 0.94% to $ 30
After the close DeWall Street, Avon Products has announced the appointment of Kimberly Ross, currently CFO of Dutch Royal Ahold, as Vice President and CFO of Avon.
Blackstone: 0.54% to 16.64 dollars
For his part, Blackstone seek transfer of real estate assets in Canada for about $ 900 million according to Reuters.
Sigma Aldrich: 0.53% to 68.62 dollars
Sigma Aldrich has announced the acquisition of Brazilian VETEC Quimica Fina Ltda, a provider of specialty chemicals for industry and research.The transaction, whose terms were not disclosed, should have no impact on results.
Union Pacific: 0.26% to 101.85 dollars
Union Pacific has announced the launch of a limited supply to exchange $ 750 million of existing bonds with bonds maturing 2022 and a partial settlement in cash.
Applied Materials: 0.69% to 13.89 dollars
The presentation of results from Applied Material, Tuesday and especially the speech which should also accompany attention. The group was downgraded by Goldman Sachs Friday because of a reduction in forecast request to the semiconductor industry.Also today, Compuware will also deliver his views on the changing demands of business and therefore on the strength of their investment in information technology.
Russian Yandex Internet group in turn could make a sensational debut on the Nasdaq, a week after scoring a spectacular goal in professional social network LinkedIn, says New York Times. The action Yandex will be sold at a price of 25 dollars, far beyond expectations, the newspaper said. Such a price would value the group at Moscow $ 8 billion.
The games are not made. While the International Monetary Fund is seeking a new general manager following the resignation of Dominique Strauss-Kahn, emerging countries are mobilizing for a leader from their ranks.
While for now, no Chinese is not on the list of potential candidates for the resumption of the post, the Middle Kingdom believes the new boss of the institution should be Chinese. "The time has come to put an end to Western domination on the IMF," said Shan Renping commentator, in an article published by the Chinese newspaper Global Times. He adds that "one of the main responsibilities of the IMF is to oversee the trade and provide funds to countries in need, capabilities that can provide a growing China."He cited the name of Zhu Min, the former deputy governor of the People's Bank of China, then became Special Advisor to the Director of the IMF, as a potential buyer of the post.
For its part, the Mexican Minister of Budget, Ernesto Cordero, supported the candidacy of Governor of the Bank of Mexico, Agustin Carstens. "This is the best candidate for the IMF," said the minister at the Mexican press.
Statements which echoes the words of the Brazilian Finance Minister Guido Mantega said Wednesday that the succession of DSK to head the IMF should not be "decided in a hurry" or reserved for a European.
For Lipsky, Christine Lagarde is one of the candidates "well qualified"
Since the establishment of the institution the item is traditionally given to a European Bank since management is entrusted to an American.Thus, if an emerging leader is elected this would be a first for the institution.
While the position raises all desires to the four corners of the globe, American John Lipsky, who has served as Acting, said yesterday that the Board of Trustees will meet Friday to discuss it. He believes that Christine Lagarde is one of the candidates "well qualified" to lead the institution. A view widely shared in France and Europe, where statements of support have multiplied yesterday.
However, John Lipsky has left the door open to candidates from emerging countries, stating that "there is a consensus among our members that the process of appointing the CEO should be open, transparent and must be on the basis of merit. Open means open.Open does not open only to some. "The campaign has only just begun.
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Lefigaro.fr – The stock market crash experienced by the materials last week he requires investors to be more responsive?
Fabrice Cousté – We have entered a period in which electronic exchanges and automated to make faster and faster. This is not about to stop! Uncertainties about the euro and oil prices have created an appetite among investors for increasing trading currencies and commodities with a time horizon ranging from several days to a few seconds! Since early May, some hedge funds that had long positions in commodities and the euro came out massively causing a sharp drop of nearly ten dollars on oil. Meanwhile, the euro flirted with the $ 1.50 fell below the $ 1.45 and is now heading towards $ 1.40.These movements in raw materials could weigh on the CAC 40, including through lower oil stocks: Total, Technip and Vallourec.
What do you attribute the return of the volumes traded on the CAC 40 (six billion euro traded on average over the first two sessions of the week)?
These sessions illustrate the volatility of financial markets. And when I talk about financial markets, I do not take into account only the Paris stock exchange but also the Forex (currency market), which weighs 1000 times more than the CAC 40 (4000 billion dollars are traded daily on forex).
Is it out of raw materials?
The sharp drop ('sell off') shows that we are witnessing a situation of bubble that formed on certain assets (gold, silver, oil) and deflates even faster than many of the positions initiated at purchases were intended to hedge against a weakening greenback pronounced. This one covers the force, these positions are unwound or reversed, thus amplifying the plunge.
I would say that the recent plunge in oil is only a pause in a structural increase. I remain convinced that indeed the global economy is experiencing recovery, albeit slow, raw materials remain structurally high levels. Indeed, the double-digit growth in emerging countries may decrease, but these countries are on track for rapid expansion that will require more and more natural resources.We need to get used to the prospect of a sustained oil price at $ 100 a barrel and more in years to come. This new environment should promote market recovery for companies in "green business" (new energy, recycling, energy conservation).
What impact on portfolio management?
The sector rotations will be more frequent. In the short term we will also know where you have a new focus on defensive stocks such as telecoms and technology sectors expanding. As for values that have real pricing power (the ability of firms to impose higher prices, Ed), the ability to pass the rising cost of raw materials in their products are preferable. This is where the champions of luxury such as LVMH and PPR values but also with strong brands such as Danone and Essilor.
Conversely, investors should stay away from utilities and automobiles. Regarding the oil companies, I am negative court term and long-term positive. Good surprises are also possible for banks, but these are values highly speculative and totally dependent on how the policies will manage the debt crisis of the Greek.
A more reactive wrong does not accentuate the lack of interest for individual stocks, considered a distribution medium or long term?
Today, it is true that individuals invest more to take risks but to protect themselves. They therefore turn to the massive gold or stone. The market environment has changed. It is uncertain therefore more complex to understand.But those who still believe the shares are able to adapt their trading, also passing through alternative platforms that will become the next referent of finance or by taking advantage of new business tools ("stop loss" orders intelligent programming strategy) that are available to them. Although the regulator wants to break the speed of trades and trading high frequency counter, it can not prevent the development of these platforms.
The Cac 40 barely exceed the 4200 points for three months. How do you explain it?
The revival of the Cac 40 depends mainly comeback banking shares. In view of its excellent results, BNP Paribas can return to a range between 70 and 75 euros and Societe Generale between 60 and 65 euros by the end of the year.The CAC 40 should not drop below 3800 points for corporate earnings in the first quarter are still excellent. Conversely, as the uncertainties regarding the recovery of Greece will not be lifted, the CAC 40 may not exceed the 4200 points.
Monday invited the Talk Orange-Le Figaro, Gilles Carrez unsurprisingly has announced that he would vote "no regrets" the end of the tax shield. "I have constantly warned against this scheme, said the rapporteur of the Finance Committee of the National Assembly. I made note after note to the candidate Nicolas Sarkozy during the election campaign. "For the UMP du Val-de-Marne," the tax cap was a bad answer to a bad tax that is the ISF.
"Political will to straighten the accounts"
Gilles Carrez is thus not unhappy "that we reform the ISF to make it finally acceptable and less confiscatory." He said this tax is "responsible for many of departures abroad" in recent decades. And proof of harm is that "all countries that have had one removed." This specialist public finances do not regret that reform is a development of the ISF."This tax is so symbolic that remove one year's presidential impossible," he admits, saying that such a decision can be made "in the beginning of term instant payday loan lenders."
Gilles Carrez also found "possible" return to a balance of public finances – is "a deficit that finances investment only and not as now operating expenditure – within five years. This golden rule, which is also part of the draft supplementary budget presented by the Cabinet tomorrow, "foster the political will to rectify the accounts," he said.
The UMP has finally given its support to Laurent Wauquiez has triggered a controversy by proposing that the RSA recipients do five hours of community service per week. "We can not exclude that the community requires a consideration," he acknowledged.I wonder if they did not commit a mistake by grouping the RSA who does not work at all and that we will promote by aid. He who is temporarily deprived of employment should be encouraged to return to work. "
The year 2011 began with disappointment for the departments. Any tax replacing the business tax is less profitable than expected. This is the contribution of value-added enterprises (CVAE), based on the value added generated annually by companies. Technically, the state, which has collected for the first time CVAE in 2010, will transfer to councils this year their share. So that elected officials can build their budgets, Bercy just sent to councils estimated income expected in 2011 CVAE. Knowing that this new tax contributes 15% of operating revenue departments.
Surprise, this estimate has proven often less simulations for the same revenue in 2011 conducted by Bercy in 2010, just months after the adoption of the reform."We do not yet have data from all departments but the trend is clear," they said in the Assembly of the departments of France.
Responsible
Seine-Saint-Denis provides a good example. "According to the simulations dating from 2010, we could expect to receive 196 million CVAE in 2011. In spring, the Department notified us that these revenues would be $ 177 million. That is 10% less! "Explains there be to the general council. Same thing in Loire-Atlantique, always CVAE revenues in 2011, "Estimating the spring of 2011 is 134 million while that of 2010 was 148 million," explains Bernard Gagnet, vice-president responsible for the General Administration Department. Department more rural, the Aisne was also affected: the estimated revenue for 2011 rose by 42.3 million by the end 2010 to 36,200,000 in April 2011.
At Bercy, it does not explain the difference.But we recall that the data sent in the spring are provisional. Businesses, unaccustomed to the new tax, have been delayed. Only 70% of tax CVAE of 2010 were available in the spring. They will all summer. It is at this point that Bercy communicate to departments the final amount of revenue CVAE 2011. "And these revenues should be final, to be generally higher than the spring forecast," says one to the department.
Time will tell if this prediction comes true. Anyway, this poor start has worried politicians. They know that if tax revenues are lower than those prevailing in 2011 before the reform of business tax, they will receive compensation funds. But the presidents of county councils, as mayor, do not depend on funding."Ultimately, the dynamic resource departments can only come from CVAE. This question is crucial, "says Jean-Pierre Balligand, MP PS of the Aisne. "Now, our revenues will be more related to the economic performance of firms, their ability to create value added. It's a good thing that will force us to responsible stewardship, "said Bruni Sido For its part, the UMP president of the General Council of Haute-Marne.
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The mere mention of his name thrills. The supermodel Adriana Karembeu confirms that it is also a business woman: she announced Thursday that his firm, AKD, is just steps away from joining the Paris Bourse. This is also an ambassador for the Red Cross has launched five years ago his company of cosmetics and spa hotels, including providing public relations in both France and Japan easy payday loans. Adriana Karembeu day before each presentation of the products of Silicium +, to bring the message of respect and healthy – its products are not tested on animals and contain no parabens – and the "consumer thinking, civic and qualitative.
Adriana Karembeu poses to promote her cosmetics.
The day after a jump of 2.46% which allowed the Cac 40 to exceed the 4000 points, the index is still up: 0.29% to 4016.19 points in ouerture. Last night Wall Street has ended sharply higher and higher over the past three years, supported by the technology sector, and this morning, Asian markets are doing well. The London Stock Exchange opened higher by 0.26% from Wednesday's close at 6037.71 points. The DAX index of the Frankfurt Stock Exchange shows him, up from 0.62% to 7294.58 points.
Side currency, the euro continues to rise inexorably. This morning, it still takes 0.32% and 1.4568 dollar rating, a level not seen since December 2009. The next resistance is at $ 1.46. On the commodity front, oil flies: the classes were still on the upside this morning, boosted by gains on Wall Street the previous day.In morning trading, a barrel of light sweet crude for June delivery took 53 cents to 111.98 dollars. That of Brent North Sea crude for June delivery gained 38 cents to 124.23 dollars. Wednesday, the price of a barrel of oil jumped more than three dollars in New York, under the effect of an unexpected fall in stocks of petroleum products in the United States and a sharp weakening of the dollar.
On Thursday, the economic program, we will now German Ifo barometer at 10 am, followed very investors.United States, the traditional weekly claims for unemployment benefits fall to 14.30, then 16 hours, the composite indicator of economic activity will be unveiled in March, and the figure very important activity in the region Philadelphia in April.
Schneider, Lafarge and Plastic Omnium in top billing
Side values, Schneider Electric (3.41% to 118.15 euros, higher up) has published a turnover up 26.5% in the first quarter to 4.94 billion euros and confirmed its objectives of growth and profit for the year 2011. According to its chief executive Jean-Pascal Tricoire, interviewed by Le Figaro, there are no talks with U.S. giant Tyco.
Just behind Lafarge rises from 2.87% to 47.74 euros. Goldman Sachs noted in his advice on the purchase value, which was previously neutral.Then comes Plastic Omnium (2.70% to 65.50 euros), whose turnover grew by over 36% in the first quarter, estimates that its activity should remain good in the second quarter due to production global automotive always supported.
Scor climbed 2.61% to 19.48 euros). Nomura has begun monitoring the reinsurance industry in Europe with a conservative view but has positioned itself to purchase at Scor.
Debt Eiffage (2.18% to 43.63 eruos) is not a concern, said in an interview with Les Echos published on Thursday Deputy CEO of construction group and concessions, while stressing that the goal was to reduce the debt of 300 to 400 million for each of the years 2011 and 2012.
The French group Alstom (1 make quick cash.93% to 44.57 euros) and China's Shanghai Electric together through the creation of a joint venture their boilers from coal, creating the market leader.
Accor, Sodexo Bénéteau and shunned
Conversely Accor disappoints sharply (-4.39% to 30.07 euros): the hotel group has seen its business grow by 5.8% in the first quarter and remains confident in the continued recovery in the hotel cycle in 2011 .Turnover totaled 1.354 billion euros in first quarter (+5.5% organic) with respect to 1.359 billion provided by Reuters.
The manufacturer of pleasure boats Beneteau (-4.06% to 14.89 euros), has announced a reduction by more than half its operating loss in the first half of 2010-2011 compared to the same period last year and confirmed its performance targets throughout the year. [
it was discovered this morning that Sodexo (-1.49% to 52.07 euros) has revised upward its forecast for annual revenue: the world's second largest catering, now thought behind Compass do for 2010 – 2011 a growth of around 4.5% so far it expects a growth of 3 to 4%.
Publicis (-1.59% to 38.27 euros) this morning publishes an organic growth of 6.5% over the period to 1.286 billion euros, against 3.1 in the first quarter of 2010 and the chairman of Publicis, Maurice Levy anticipates that 2011 will be "good or very good."
The wine and spirits group Remy Cointreau (-1.46% to 53.90 euros) Thursday announced revenues for its fiscal year 2010-2011 (ending March) up 12.4% to 908 million euros, with demand still very strong for its cognacs, particularly in Asia.
APRR (0.45% to 50.92 euros), whose activity increased by 4.1% in the first quarter, expects a less favorable trend in the second quarter mainly due to higher prices fuels that could affect the traffic of cars and trucks.
Safran (+0.88% at 24.53 euros) holds a general meeting at 10 o'clock during which shareholders have entrusted to Jean-Paul Herteman a second term and appoint the CEO, while Vivendi will be held at 10:30. Jean-Bernard Levy, "Vivendi saw a major turning point" means the Chief Executive has explained to Le Figaro in an interview the group's strategic direction. Meanwhile, technology stocks, widely acclaimed yesterday, should still be viewed on Thursday. The record results from Intel, the giant high-tech, support the entire sector in the world.
The Director General of the transatlantic exchange operator NYSE Euronext (-0.96% to 26.78 euros), Duncan Niederauer, on Wednesday defended its proposed merger with Deutsche Börse, the finding most relevant to the strategic plan as a redemption the Nasdaq and the ICE documentation of decommissioning.
After-hours trading, we take note of the quarterly results from Michelin, Boiron and BioMérieux.
"Showcase in progress": the furniture is brand new still empty, but they already enthroned in the midst of the post office. Ready for mobile phones to be sold by the group on 23 May.
By embarking on the phone after so many others, with its offer Mobile Post, the group plays big. It is 2.4 million subscribers by 2016. But the battle looks tough because the market is already very competitive, so that all operators are preparing for the arrival of Free early 2012.
La Poste, which is expected on very competitive rates, will have to hit hard to differentiate, while operators have all forms of small entry-level starting around 7 euros a month, and they have put in place, under the leadership of government, "social tariffs" with 40 minutes and 40 SMS communications for less than 10 euros a month."The Post has dangled an attractive price. We will be vigilant that they are really, "says one at Bercy, worried that competition benefits the consumer directly.
This launch is also a gamble in terms of management. Because after asking the factors to help the transition to DTT, it will have to train postmen to sell mobile phone. Not so simple!
Shortly before the opening of Wall Street index futures Standard & Poor's 500 and Nasdaq 100 retreated 0.51% respectively to 1302 and 0.67% points to 2293 points, suggesting an early session in the red. The Dow Jones was due in part to its decline from 0.41% to 12,149 points.
The day before, the U.S. stock market had entered into an indecisive session slightly higher. The results of the first quarter of JPMorgan, though strong, were certainly enthused the stock markets, by and of the Atlantic. But they also left Wall Street more lukewarm. The title JPMorgan also yielded 0.83% at closing."The outstanding consumer loans, down from 8.50% in the quarter were disappointing in this publication," suggested Christian Parisot at Aurel BGC.
Obama's speech and the Beige Book Fed's call for caution
Prudence markets, fueled by retail sales figures mixed, could also be explained by the expectation on Wednesday, after closing a speech of Barack Obama since the George Washington University, the preferred solutions for fight against debt and deficit. The U.S. president has proposed including more taxing wealthy households.Objective: to reduce the U.S. deficit of 4000 billion over 12 years.
The Beige Book Fed unveiled, also on Wednesday evening, has not reassured the markets: according to this highly anticipated release, "the Japanese disaster of 11 March will have a greater impact than expected on the U.S. economy , "because of disruptions in sales and production (especially on the East Coast and central United States)," says Franklin Pichard, Director Barclays Exchange payday loans guaranteed no fax.
If the activity has continued to improve in the United States, this improvement has been uneven from one region to another. Soaring commodity prices began to threaten corporate margins and consumer spending.According to the Fed, the housing market remains depressed, even if the labor market, however, is stronger than in February.
Producer prices and jobless claims
Side indicators, foreclosures in the United States are divided on the rise in March, said this Thursday, the specialist firm RealtyTrac, which are expected to grow further in the coming months. In total, 73,174 homes were seized by creditors in March, up 13% from February, according to figures from RealtyTrac.
On the agenda of the day, the producer prices for March will be announced at 14:30, at the same time that the registered unemployed.This Thursday and Friday, also held the ministerial meeting of the G20 in Washington.
Google and Hasbro unveil quarterly leursrésultats
On the corporate side, after Alcoa and JPMorgan, it is this Thursday, Googleet Hasbro unveil their accounts in the first quarter.
Zipcar, a U.S. car rental self-service, also announced Wednesday it fixed at $ 18 the price of the 9.7 million shares it plans to market Thursday, which would an IPO at some $ 164 million. This price action, revealed in a document released Wednesday by market authorities, beyond the range of 14 to 16 dollars advanced last week.