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In the wake of Grants in Asia this morning, the CAC 40 on a downward trend during the early exchanges. It lost 0.53% to 3669 points before embarking on his decline of 1%.

Meanwhile the employment figures in the United States, which will be published in early afternoon, the French public deficit rose to a record 138 billion euros in 2009 against 56.3 billion euros last year. As the trade deficit, it was absorbed in 2009 to 43,03 billion euros against 55.14 billion euros. Other important economic indicators are expected in Europe: Industrial output for the month of December and for 2009, Germany, and producer prices in January, Great Britain.

Finally, the finance ministers and central bankers of the G7 meet in Iqaluit, Canada.

The detailed values to follow

After criticizing the organization of the nuclear industry, Henri Proglio blames the system of distribution of gas and electricity, according to the financial daily Les Echos, Henri Proglio would have felt during a trip to Mount de-Marsan January 25 last, that the current organization involving EDF and GDF Suez in the distribution of gas and electricity, through their respective subsidiaries and ERDF GrDF, figure was "nonsense".

As for unions, the direction in which this issue is not a surprise, but "the idea of separation is a major concern in the year 2010, the newspaper reported.

Already in early January Francony Michel, CEO of ERDF, had indicated that the joint service between ERDF and GrDF was "faced with the necessity of (the) provide organizations and own way of functioning, better able to respond to issues more and more different and sometimes contradictory.

Moving with the times

Force is indeed clear that the context has changed since the time when both companies have been reconciled. EDF and GDF were then public monopoly . GDF Suez is now closed and the market is competitive.

Yet about 45,000 employees, are 95% of the total workforce of ERDF and GrDF continue to work respectively for the maintenance of power lines and gas pipelines.

Henri Proglio recovery and the idea of messing up the organization.But he will face unions and local politicians who advocate mixed organizations and public service mission, and legal provisions, but "around".

The case should take its time …

Michel Francony on an ejection seat

Also according to Voices, the new boss of EDF had proposed to his colleague Michel Francony leaving office, whose mandate expires in 2012. But it should not let them. Implied, another slow and choppy affair prepare.

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U.S. markets resumed momentum. After opening the session on a slight increase (0.16%), the Dow Jones continues to grow more strongly in the morning, settling on a less hesitant in green. Around 17 hours (Paris time), the leading U.S. index is 0.71% at 10,257 points, the Nasdaq gained 0.23% to 2176 points and the S & P 500 rose 0.71% to 1097 points.

This stronger growth is explained by the strong housing figures, published an hour after opening. Thus, the promise of home sales in December rebounded in December from 1%, as expected by analysts, after falling 16.4% in November, according to figures from the National Association of Realtors American (NAR) .

Nevertheless, caution is required."The market is just in a holding pattern, waiting to see if the advance of yesterday continues, and watching the economic indicators and hearings on Capitol Hill," observed Patrick O'Hare, Site Analysis Briefing . com.

The shadow of the monthly report on employment which will be released on Friday, weighed on the market. Investors will also be attentive to the hearing of an economic adviser to the White House Paul Volcker before the Senate Banking Committee and the beginning of the hearing Treasury Secretary Tim Geithner on the draft budget 2011.

As for currencies, the euro rose further against the dollar (0.16%) to 1.3946 dollar. For raw materials, oil regain momentum he gained 2.17% to 75.21 dollars.

The bank under the microscope

The banking and financials should be monitored.Indeed, Paul Volcker, a leading economic advisers of Barack Obama should call on Tuesday, Congress to limit the scope for risk-taking by large banks. Fannie Mae (-1.46%), Freddie Mac (-2.44%) but Morgan Stanley (-0.02%), JP Morgan Chase (1.54%), Citigroup (-0.30%) and Godlman Sachs (1.19%) react façpn mixed. The latter also strongly denied rumors conveyed by the Times that the bank boss, Lloyd Blankfein, could reach $ 100 million bonus.

The title Whirlpool skyrocketing: 6.74% to 81.19 dollars. The appliance group reported a quarterly profit that more than doubled to 95 million dollars, including through measures to reduce costs fast cash without a hassle . Its turnover rose 13% to 4.9 billion in the fourth quarter.

Dow Chemical took the opposite path: -3.95% to 27.50 dollars. The chemical company has posted net earnings of $ 172 million in the fourth quarter (+11.9%). Dow believes that growth will lag behind the United States and Europe, but demand from emerging countries should maintain growth.

Manpower (3.33% to 54.93 dollars) has announced a net profit declined by 62% to $ 29.1 million, 37 cents per share, against $ 76 million, 97 cents per share, a year ago . It also provides an increase in its turnover in the first quarter.

UPS (+0.27% 58.53 dollars): the U.S. mail group saw its net income dropped 28% to 2.152 billion dollars in 2009 although it has rebounded strongly in the fourth quarter. In the fourth quarter, it rose to 757 million, nearly three times more than a year earlier to the same period.

Kraft Foods (+1.39% to 28.45 dollars): Cadbury's shareholders have until today to decide on the bid of 11.7 billion pounds (13.4 billion euros ) American group.

Bank of New York Mellon (-1.44% to 29.15 dollars) said it would buy a division of investment services to PNC Financial Services Group (-1.09% to 55.25 dollars) for 2 31 billion, including $ 1.57 billion in Action. This deal could help PNC to repay 7.6 billion dollars of public funds received by the bank. The news was not well received by investors.

DR Horton displays the finest up market: 9.40% to 13.03 dollars. The U.S. developer reported net income of $ 192 million in the fourth quarter against a net loss of $ 62.6 million a year ago.The tax credit amounts to $ 149.2 million.

Finally, the automobile industry expects sales figures of new cars in January. Ford should have recorded double digit growth over the period from January 2009. In exchange, the title is already 2.25% to 11.37 dollars.

With 3.2 billion net profit in the third quarter of 2009, the U.S. investment bank Goldman Sachs has recovered quickly from the crisis. And for good reason. According to a survey published by The New York Times December 23, analysts at Goldman Sachs had anticipated the collapse of the housing bubble in 2006. The officers of the bank had lowered their recommendation on the mortgage market from positive to negative in December 2006, discreetly. In the process, Goldman Sachs has begun to shed its portfolio of CDOs. The whole, continuing to sell such financial products to its customers.

Losses abysmal for some …

Created in 2005 by two traders at Goldman Sachs, Jonathan Egoli (graduate of Princeton) and the French Centrale Fabrice Tourre, CDOs (Collaterized debt obligations) known as Abacus products were stars.At that time the housing market was booming. More than $ 108 billion of CDOs were sold to institutional investors, pension funds and insurance companies in the United States and Europe between 2005 and mid 2007, according to statistics from the company Dealogic.

… Substantial benefits for other

But the end of the housing bubble has left buyers of CDOs on the straw. Goldman Sachs was not the only one to make the right bet. According to Wall Street sources quoted by The New York Times, other banks, including Deutsche Bank and Morgan Stanley, and smaller investment companies as Tricadia also bet on falling subprime.And were able to recover sums from insurers.

Given the extent of suspicion, an investigation was initiated by members of Congress, the SEC (the equivalent of the MFA in France) and the Authority of financial sector regulation (FINRA). To determine if these banks and hedge funds have violated the regulations on the sale of securities they have created and injured their own customers. Suspicions immediately contradicted by Goldman Sachs.

Goldman Sachs denies

In a statement posted on its website, the investment bank responds to the New York Times."Goldman Sachs, like many other financial institutions, has suffered substantial losses in its mortgage portfolio, due to the deteriorating housing market." Losses related to such activity amounted to 1.7 billion dollars 2008.

The bank also noted that buyers were "important and sophisticated investors, who had all the resources internally to analyze and adjust their portfolios. Finally, she denied having withheld information to the public regarding its recommendations on CDOs. While the debate swells on the federal government support to banks, which are expected to announce record profits in 2009, explanations of Goldman Sachs will likely be expected to turn.

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Article by New York Times (English)

Around 15:00, the CAC 40 fell by 0.05% to 3890 points. Yesterday, the Paris index hit a new annual record, advancing 1.69% to 3892 points. Traders remained cautious, fearing a wave of profit taking ahead of 4000 points. The success of Apple, released yesterday evening after the close of Wall Street, have long supported the market, like those published at 13:30 by Caterpillar. The group expects a recovery in the global economy in 2010. But the poor figures for housing starts in the U.S. temper this optimism. These last were up 0.5% in August to 590,000 annual rate, and while the market was expecting 610,000. The number of permits issued fell 1.2% from the previous month to 573,000 construction permits on an annual basis, against 595,000 expected by analysts.

The producer prices fell in September by 0.6% compared to August (1.7%).This decrease is due to the decrease of 2.4% of energy costs. Excluding food and energy, the index plaice 0.1% against 0.1% expected by economists.

Values follow

LVMH (+0.35%) announced a turnover decrease of 0.6% to 4.135 billion euros, a figure conformed to market expectations. The group said a "better" compared to earlier this year.

In an interview with the newspaper Les Echos, Sagnières Hubert, who will become CEO of Essilor (-0.67%) from the first next January, is a point on the group's goals. He remains calm on the operating margin for 2009, but was cautious about the turnover.He plans to continue its acquisition strategy.

BioMerieux (+1.51%) achieved a turnover of over 9 months of 895 million euros, up 12% and confirms its target of organic growth of 5 to 7% in 2009, excluding the positive impact related to the epidemic influenza A.

Bouygues Travaux Publics, a subsidiary of Bouygues Construction, will build a road tunnel in Miami for $ 440 million. The title Bouygues rose 0.27%.

The operating margin of Sword Group (-1.21%) stood at 17.25% on the first nine months of 2009 against 17.7% during the same period of 2008.

In the first nine months of 2009, sales of Guyenne et Gascogne (+0.15%) totaled 431.4 million euros, down 1.3%.

Soitec (-2.73%) achieved a turnover of 50.3 million euros in the second quarter, a sequential increase of 14.8% over the first quarter of the year.

The turnover of Pierre & Vacances (+1.97%) totaled 516.5 million euros in the fourth quarter of 2008-2009, an increase of 2.4%. For the full year, sales amounted to 1.451 billion euros, up 2.3%.

Rental income accumulated Mercialys (-3.19%) at the end of September 2009 stand at 100.24 million euros, up 17.1%.

Cash Transgene (-1.47%) totaled 72.9 million euros at September 30, 2009, against 86.7 million at December 31, 2008.

On September 30, 2009, the turnover of Mr Bricolage (0%) stood at 412.3 million euros (+3.3%).