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The Paris Bourse is scheduled to begin this week on an optimistic note. The future CAC 40 up 0.63% at 3934.50 points, an hour of opening, leaving hope for a session in positive territory. The Paris markets should broadly follow the movement driven by Asia Market earlier this week. The Japanese Nikkei closed up sharply (2.09%), carrying with him all the financial centers of the region.

This optimism comes from the U.S. figures for employment, less bad than expected, published Friday (36,000 jobs destroyed destruction cons 50,000 expected). Statistic reassure markets that see it as a sign of recovery very explicit. Especially as the consumer credit in the United States also sets out again on the rise (4.96 billion dollars in January). Both information had enabled the Cac 40 to exceed the 3900 points at the close Friday.Maintaining this level will be one of the objectives of investors on Monday, before setting off to the 4,000 points.

Japan, meanwhile, announced Monday a current account surplus (899.8 billion yen), compared to the deficit recorded last year in the same period (132.7 billion yen).

On Monday, markets will keep an eye on the index of business sentiment of the Bank of France, published before the commencement of trading (8.30). German industrial production for January will be known 12 hours.

EADS in the collimator

The defense group EADS said on Friday reached an agreement in principle with client countries on the financing of the military transport plane A400M. This also held Monday in Paris a crucial meeting on the fate of the military plane, which displays almost four years behind the counter.

The director general of Crédit Agricole, Jean-Paul Chifflet, revealed in an interview with Le Figaro, his long-term goals. "If we find other opportunities for collaboration to reduce intermediation costs for our customers, we will. With the Company generally or with others, "he said as well. This information may affect the securities Societe Generale and BNP Paribas.

In an interview with Le Figaro also Antoine Frerot, CEO of Veolia, reaffirms the group's objectives, including "after-tax profit of at least 9% and operating profit up 4% on average annually.

The central works of extraordinary total stands Monday.Employees of Dunkerque, on strike since January 12 this year, threatening to spread the oil available to them if management does not accede to their demands.

As for publications, Biomerieux announced on Monday a net profit in 2009 of 148 million euros, above expectations. The group table for the period 2010-2015, an average annual growth of between 7% and 9% at constant exchange rates.

The annual results of cements French gather today. Just as those of April, after market close.

For better and for worse. The formula is devoted to marriages as a glove in Hong Kong. China, with its tremendous growth (10.7% last quarter 2009), certainly takes the resumption of the Special Administrative Region (SAR), politically subservient to Beijing but economically and financially independent. However, it also threatens to plunge the country into a spiral of overheating.

"The potential risk of forming bubbles is high," says Norman Chan, Executive Director of the Hong Kong Monetary Authority.

In China, prices are rising for several months now so excessive, and many experts are warning the country against the dangers of relapse.Mid-January, during the Asian Financial Forum, Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF) called for the establishment of measures of capital controls in Asia, stating: "Until is temporary, it probably only means to avoid the bubble shape. Beijing does nothing when the bank credit limit to 7.500 billion yuan (773 billion euros) in 2010, against 9590 billion yuan (966 billion) per annum penny.

"The Chinese spend freely"

The Government of Hong Kong is believed to be safe. But it was forgotten that the two powers "are linked by two-way interests perfectly understood one side or the other, as recalled Victor Visot, president of advisers of Foreign Trade of France.

The city is a work in progress."500 buildings out of earth each year, observes Edward Yau, Minister of Environment, pointing to the towers being built around his office. While height and meet new environmental standards, "says he, anxious to point out that 70% of the land remains wild.

Even 710,000 Hong Kong dollars (66 cash advance in one hour .700 Euros) per square meter for an apartment overlooking the sea, tearing programs like hotcakes. The mainland Chinese are the first customers of Hong Kong developers."All the establishement of Beijing and Shanghai, all top managers have a pied-à-terre here that they have or not a business, said Edward Leung, chief economist at the Hong Kong Trade Development Council. They are the ones who buy goods more expensive and they have that, unlike the financial crisis of 1997-1998, house prices do not collapse. "

They invest more easily than the Chinese authorities have allowed banks on the continent to settle in Hong Kong. In the luxury shops of the Central neighborhood, one recognizes immediately the Chinese in their Mandarin while everyone here speaks Cantonese. "They have money, they spend freely and today supply 60% of sales of major brands," said Victor Visot.

After declining 20% in fall 2008, housing prices soared again, observes Helen Chan, senior economist for the government.Especially in the high end, where they rose 30% in 2009, at the same time that transactions were exploding, driven by interest rates very low (0.5% base rate).

While "the risk of a bubble is not imminent," dithers Nomura specialist on site. But it is real enough that Hong Kong officials, while saying "do not control capital movements, consider taking administrative measures to curb overheating. As they did last October, raising the deposit on the most luxurious apartments.

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The CAC 40 ended down 1.43% at 3785.30 points. Other European stock markets also closed in the red: the Footsie in London has yielded 1.65%, the Frankfurt DAX 1.66% and 1.62% Eurostoxx 50. After growing slowly in the early morning, the Paris market has swung into the red following the publication of an unexpected fall in industrial production in Germany (-1.8%) last October. Investors are also under pressure while in Greece the deficits have slipped dangerously leading rating agency Fitch downgraded the long-term debt of this country from A-to BBB +.

The statement made Monday by Ben Bernanke on monetary policy of the United States has not given clear direction to markets.The chairman of the Federal Reserve has however indicated that the central bank would keep interest rates at an unusually low for an extended period, while some economists fear the opposite.

The values of the day

Alcatel-Lucent is 1.33%. The telecoms equipment maker announced it has signed an agreement with Bouygues Telecom to test the 4G, the next generation technology of mobile broadband. Alcatel-Lucent is also the most action surrounded the square in Paris on Tuesday, with nearly 13 million shares traded.

EADS yields 1.41%. Air Algeria and ATR reported Monday the signing of a contract for four ATR 72-500 aircraft for delivery in 2010.The contract amount is 82 million.

Stallergenes (-0.26%) expressed Monday "very positive" three years of a long term study on the allergy tablet, Oralair, to assess the long-term effect and persistence of this effect after stopping treatment.

Tax havens are not dead. This is proclaimed a platform for NGOs and actors of civil society, Tax Justice Network (TJN), releasing on Monday a list of alternative tax havens. To develop this new classification, the result of 18 months of work, the international network has developed an "index of financial opacity", composed of twelve points and takes into account the degree of secrecy of a state and its weight in international finance. Sixty states or territories and are listed in this ranking. In detail, the U.S. state of Delaware truste first place. The territory is accused of ensuring banking secrecy, not to hold public register of trusts (financial firms) and not sufficiently comply with international rules on taxation. Luxembourg and Switzerland on the podium.

The top five on the white list of OECD

The Cayman Islands take fourth place. The City of London (5th) suffers fewer areas of opacity, as the international network, but it does not keep the ultimate beneficiaries of public corporations and does not "appropriate access" to information bank. Hong Kong takes tenth place. For Tax Justice Network, "is probably in the Top Ten of opaque areas identified as focuses, globally, dirty money and that of tax evasion.

But surprisingly, the top five in this ranking are listed "white" virtuous countries of the Organization for Cooperation and Development (OECD). Of the top ten states in the list of NRT, only Singapore (8th) is still ranked in the gray list of the OECD.This new classification thus casts discredit on the lists prepared in April by the OECD, which refers, in Tax Justice Network, criteria inappropriate and insufficient. Note also that Europe is well represented since most of Luxembourg, Switzerland and the City of London, Ireland (7th), Belgium (9th), Austria (12th), the Netherlands Netherlands (15th), or the Portuguese island of Madeira (17th), all bleached also by the OECD are in the classification established by the Tax Justice Network.

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The UNEDIC (unemployment insurance) is less pessimistic than before. It now provides over 509,000 unemployed in France in 2009 (639,000 in its previous estimate in May). The unemployment rate should rise and 9.7% at the end of this year and 10% in late 2010, according to new forecasts released on Wednesday.

The projections for this year join those published in early October, the INSEE, which however did not give a figure for the end of next year. In the second quarter of this year, the unemployment rate was 9.1%.

According to a statement released Wednesday Unedic, the number of job seekers, after a sharp rise in 2008, would increase this year of 509,000 (including those engaged in a reduced or exempted from seeking employment because of their age ), including 328,000 compensation.End of August, France had a total of 3.7 million job seekers (including those engaged reduced).

The projections, detailed Wednesday in an office monthly Unedic are established on the basis of a GDP decline of 2.2% this year, followed by an increase of 1.1% in 2010.

In 2009, the economy will continue to destroy more jobs than it creates employees, but to a lesser extent than anticipated previously.The unemployment insurance system now expects "a contraction in employment of 413,000 jobs in 2009, while waiting earlier net loss of 591,000 jobs this year employees.

In 2010, estimated Unedic, "wage employment would register a decline of 75,000 jobs, almost two times less than the 133,000 net job losses employees previously expected.

Given these prospects improved, the financial situation of unemployment insurance will deteriorate less strongly than previously expected. The plan should acknowledge the end of 2009 an annual deficit of 902 million euros and not more than 1.3 billion euros as anticipated in late May and end in 2010 a deficit of 3.6 billion euros.

The deficit accumulated in recent years, reduced to 4.9 billion euros in late 2008, would increase slightly less, and would amount to -5.9 billion euro in late 2009 and -9.5 billion euros at end 2010 .

Finally some good news. Sales of tires to motorists called aftermarket leave. Michelin even mentions a "noticeable pick. Dealers begin to rebuild their inventories and demand is the appointment. In Europe, early season winter tires is on track. But this does not apply to the United States, followers of tires "all seasons". In contrast, the market for original equipment, that is to say, sales to carmakers, remains stable. The market for truck tires and engineering seems to have reached its low point, without rebooting.

"We remain cautious on the nature and speed of recovery, tempers Claire Dorland-Clauzel, communications director for Michelin. It showed Friday's new ad campaign "World" of Michelin.The group covers three topics that will be the spearhead of its communication on safety, energy savings and longevity of pneumatic tires. The group says the Energy Saver fourth generation can save 0.2 liters of fuel per 100 km, a reduction in CO2 emissions by 4 g per kilometer. Car tires "consume" fuel indirectly as a result of friction with the ground. This is the "rolling resistance".

More Cherqui competitors

On the life of a full game, this represents a saving equal to the price of a tire. Longevity was also improved by about 30%. Adding the two, Bibendum estimated the savings at 50% of the purchase price of tires.

It is very important for Michelin to cause consumers to think about the "cycle" of use of its tires because they are 10 to 15% more expensive than its competitors.The positioning of the price chosen by the group – which has repeatedly justified in praising the quality of these products – it has helped to cushion the effects of rising raw material. At the beginning of the decade, Michelin has repeatedly raised the prices of its tires aftermarket to pass on the soaring price of rubber and petroleum products. He has managed to preserve its margins. Even in periods of sharp decline in sales, as now, Michelin has not seen this high-end positioning, without losing market share.

In addition, the group has other brands (BFGoodrich, Uniroyal Kleber, Warrior for the Chinese market …) to attack the other market segments, without positioning the entry level.

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