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The Paris Bourse started the day on a slight gain: 0.31% to 3536.95 points. In London, the FTSE was up 0.30% to 5211.05 points in early trade. The German Dax climbed 0.20% to 6017.19 points.

Markets are still clinging to macroeconomic announcements, only able to move the index in August. On Monday, the Institute has unveiled a Markit composite PMI index in France to 59 points in August against 59.7 in July. This is its lowest level in five months. The services PMI index stood at 59.9 against 60.5 expected and 61.1 in July.For its part, the manufacturing PMI stood at 54.7 against 53.4 expected and 53.9 in July, its highest in two months.

The rest of the week promises to be loaded including unemployment figures in France in July (Wednesday), the new home sales and durable goods orders in July in the U.S. (Wednesday) and weekly entries to unemployment overseas (Thursday).

The hesitation may yet be well on the markets on Monday. After closing largely under the 3600 points on Friday, down 1.30% net, the CAC 40 should be difficult to get out of the red zone. With two weeks of decline, Wall Street does not give signals of optimism. For their part, Asian markets are very hesitant, juggling between gains and declines for several sessions.At the Paris Bourse, the key index also remained febrile throughout the week, erasing gains from one month to return to its levels of July.

Note that the side of currencies this morning, the euro is still on track against the dollar. He won 0.12% to 1.2714 dollar.

Values follow

Until the weekend, charged in half-yearly publication, the day of Monday is quiet on the side advertisements.

Brussels plans to dismiss the complaint against the French state by telecom operators Orange (France Telecom: 1.27% to 16.30 euros), SFR (Vivendi: 0.06% to 17.66 euros) and Bouygues Telecoms (-0.37% to 32.43 euros) in the allocation of the fourth 3G mobile license to Free (Iliad: 0.25% to 68.59 euros), La Tribune reported Monday.

GDF Suez (0.46% to 25.09 euros) is interested in acquiring sites for storing gas sold by Exxon Mobil and Shell, valued around one billion euros, according to a report in Le Figaro on Saturday.

Carrefour (-0.22% to 35.67 euros) will launch a new concept of hypermarkets to address the erosion of its customers.

The absence for several days, any public information on the new presumed interest of Sanofi-Aventis (0.73 to 45.30 euros ù) for American Genzyme could mean that both sides have begun discussions, says Geoffrey Porges, an analyst at Sanford Bernstein

The pharmaceutical group Sanofi-Aventis, seeking a major acquisition, would have approached the U.S. biotech Genzyme understands the Wall Street Journal on its website. In early July, the French had been the subject of market rumors about a proposed acquisition of U.S. $ 20 billion.

"Discussions are still in their infancy and there is no agreement expected in the immediate future. Issues such as price and management have not yet been addressed. " Both groups refuse to aAny comment.

According to the U.S. daily, officials from Genzyme, which specializes in products for the treatment of orphan diseases, are studying the amount that Sanofi would pay.In Stock, Genzyme capitalization stood at 14 billion dollars (10.8 billion euros) but the group can require a significant premium given its portfolio of drugs. "If we take as a starting point the figure of 20 billion dollars that has been discussed before, this puts Genzyme to $ 75 (per share)," said Michael Yee, an analyst at RBC Capital Markets.

Blow to Lovenox that will have to battle against a generic

In exchange, the action Genzyme has skyrocketed 15% to 62.52 dollars a barrel on Wall Street. And during transactions unofficial title continued to grow.

Faced with competition from generic drugs, many pharmaceutical companies are looking for external growth.And the more that Sanofi-Aventis has paid this Friday a blow, with the approval by U.S. health officials the first of its generic anti-coagulant Lovenox star, his second top-selling drug in the world. "The FDA today approved the Administrationa first generic version of Lovenox, the FDA announced in a statement posted on its website.

This product is developed by the Swiss Sandoz, the generic arm of Novartis, Momenta and American society.Sales of Lovenox, a drug derived from heparin and more complex to copy a traditional chemical molecule had reached 3 billion euros worldwide in 2009, including $ 1.8 billion in the United States.

In the first quarter 2010, sales of the drug was 769 million euros, which was still the second largest group of drug sold in the world.

The sales of Sanofi made in the USA by its anticancer Eloxin fell sharply after the launch of generic versions, while its other cancer drugs, Taxotere, will drop its patent to the public in November in Europe and United States.

In late June, Sanofi announced the acquisition of American TargeGen for 560 million dollars (458.5 million euros) in order to strengthen the fight against cancer.

Europe must move faster on the regulation of short sales. This is the opinion of Christine Lagarde, who yesterday called Brussels to "accelerate the work so we can have a coordinated position at European level". The Financial Services Commissioner, Michel Barnier, a device must submit by the fall, but Paris would like to see proposals from Brussels in July or later in September.

The idea being "that is not each other, here or there, tempted to keep up" with other countries that have already taken action on their part. "We will soon impose more stringent rules to harmonize the practices and tools for supervisors, install a coordinating framework for the supervisors, which is not the case today," says Michel Barnier to Le Figaro. The Commission is ready to offer this new framework "at the end of September," he insists.The French commissioner however said he will return to the supervisor of each country, given its assessment of the situation in its markets, to take measures of its choice.

This is precisely what comes to Germany. After banning short selling "naked" on the bonds in the euro area, on certain types of CDS – a contract of insurance against default risk – and the shares of ten financial institutions, Berlin went further yesterday by adopting a bill that extends the prohibition to all stocks.

Technical challenge

Short sales are sophisticated technical exchanges to sell shares they do not yet own, hoping to repurchase them at a lower price later, pocketing the difference. When they are "naked", the investor sells securities he does not even borrowed.The technique is challenged, because accused of encouraging speculation down. But the unilateral initiative of Berlin was cringe. Christine Lagarde has deplored the lack of coordinated European and ensured that Paris would not follow that path Berlin while recalling that France already bans on short selling certain financial stocks since 2008.

Berlin's position is criticized both in London and Paris. "There is certainly not a unanimous position" between the European regulators, "said Chairman of the Committee of European stock market regulators (CESR), Eddy Wymeersch. The framework will present Michel Barnier will solve only part of the problem. In terms of financial supervision, said it does in Brussels, "the Commission does not decide, she proposes.If the Council does not follow, it does not advance.

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"France divided on the naked short selling to

The crisis in Greek and the euro area worry the president of the United States. "I am very concerned about what is happening in Europe," said Barack Obama during an interview Thursday with the Russian television channel Rossiya and released Saturday. The nervousness in global markets and the increasing concern of investors towards the debts of states caused by the Greek problem posing "serious threats" to the United States, "said Bush.

"I think the Europeans have realized that it was very serious. Greece takes measures very difficult in any case they have put in place a plan that calls for tough measures, "he acknowledged."If we can stabilize the situation in Europe, it will be good for the United States, and it will be good also for Russia."

Realizing the gravity of the situation, the EU should announce before markets open Monday morning, creating a "Community mechanism to intervene" to save the states on the brink of bankruptcy. The European Commission was working on an emergency this weekend to present a convincing ministers of the European economy, which meet on Sunday afternoon.

Reflecting the importance of time, Silvio Berlusconi, Italian Prime Minister, and Nicolas Sarkozy, have decided not to travel to Moscow for commemorations of the end of the Second World War. The French president also meet his ministers Sunday night about the crisis in Greece.

Nevertheless, the United Kingdom has indicated that he would remain behind."We do not want to participate in a European emergency fund," said a British diplomatic source told AFP on Sunday.

Week chaotic

European shares and U.S. were closed on very steep declines Thursday and Friday. Protests against the rigor enameled three died in Athens on Wednesday, and unexplained sudden fall of the New York Stock Exchange during the day Thursday and fear of contagion from the crisis in Spain and Portugal have marked one week chaotic markets.

The statements have increased in recent days to encourage European leaders to act. "We hope to see emerge a strong and rapid European response to crisis", said, quoted by Bloomberg, the Canadian Finance Minister Jim Flaherty, who hosted the G7 on Friday."We call for an answer as quickly as possible given the circumstances," insisted the Australian Minister for the Budget, Wayne Swan.

Some central bankers have started their Sunday meeting fortnightly at headquarters of the Bank for International Settlements (BIS) in Basel, Switzerland. The crisis in Greek and the fragility of the euro should hold the debates, which will include the present President of the European Central Bank, Jean-Claude Trichet.

The Greeks accept the rigor

Nearly 55% of Greeks prefer an austerity plan to bankruptcy, according to a poll published Sunday in the daily Vima. Over 56% are even willing to accept wage cuts. Contradictory result, however, the same poll found that 53% of respondents felt the need to continue to protest against the austerity of the Papandreou government.

The National Assembly must decide on Tuesday on the bill to regulate the consumer credit. The text, which has already been approved by the Senate must pass the difficult balance between maintaining economic activity supported in part by the credit and the necessary protection of indebted households.

The number of cases filed with the commission of indebtedness that is constantly increasing. A phenomenon considered especially worrisome by the Bank of France that the population affected by the debt overhang is not the same. When creating the indebtedness committee with the law Neiertz 1989, he was helping people who had not managed their budgets: the syndrome of fever buyer where people were abusing the loan to purchase a 4X4 or high-tech products.But since the late 1990s, a new category of people are facing the problem of indebtedness, with the emergence of "new poor", that is to say who, though having a job, fail longer pay the bills of electricity or gas. And the crisis has accentuated the trend by multiplying the number of "accidents of life, including the number of households affected by unemployment, low rates payday advance. Since 2008, the Bank of France notes an increase in cases of indebtedness of approximately 16% per year.

The latest statistics released by the agency confirm this movement. 19,380 cases have been filed with the commission in February 2010. 20.5% higher than the previous month.

The Bank, however states that one should not jump to conclusions, due to some seasonality.The first months of the year are in fact traditionally the stigma of Christmas. A phenomenon in which the new text may perhaps act. It provides for a doubling of the period of withdrawal of clients (14 days instead of 7), the obligation of loyalty card stores offered an option "cash" or a limitation of revolving credit and advertising. The banks and specialized agencies should then put more emphasis on the commitment that is a credit on the ease of obtaining money.

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 Cr?dit 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.

Morale is not high on the Paris Stock Exchange in recent days and it should be so again Tuesday. After closing sharply lower Monday, markets are expected in the red today.: An hour of opening, the future Cac 40 lost 1.02% to 3782 points. The slump in Asian markets this morning gave a glimpse of what lies ahead for financial markets in Paris. In Asia, investors were not convinced by the rebound on Wall Street yesterday.

Among these, caution prevails until several important macroeconomic statistics across the Atlantic. Information should be filtered on the meeting of the Monetary Policy Committee of the Fed's on this Tuesday. There will be 15 hours the index of house prices (the day the markets had suffered a blow after the publication of resales in the United States that emerged in sharp decline from 16.7% in December).At 16 hours, will be revealed indices of consumer confidence and U.S. investors.

As for American publications, markets await the annual results from Yahoo! after market. It will also Texas Instruments, Johnson & Johnson and Dupont.

The Paris markets will also keep an eye on European statistics. We know the cost of household consumption in December (8.45), the construction of housing (8.45), the German IFO index (10 hours), the current accounts of the ECB (10 hours) and GDP in the fourth quarter in the United Kingdom (10.30).

The detailed values to follow shortly …

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This is better, but there is still much work to do. This is essentially the message that the Fed has sent in its periodic report of the Beige Book.Although economic conditions in the United States will be "even slightly improved" since early December, loan demand and credit quality continues to decline in most regions, said Wednesday the U.S. central bank.

"Even if economic activity remains at a low level, the situation has further improved slightly and these improvements are a wider geographical perspective," according to information transmitted by the twelve regional branches of the Fed.

In the previous report, published December 2, the Fed had estimated that the situation had "improved slightly" in late October and November.

The activity of banking and financial sector remains a concern is that the central bank in the report prepared for the next meeting of the Monetary Policy Committee of the Fed, 26 and 27 January.

"The Fed must raise interest rates" (President of the Philadelphia Fed)

The other black economy is unemployment, according to central bank: "the situation on the labor market remained generally poor, with modest increases in wages appearing in only a few regions.

Consumption expenditure of households, the traditional engine of U.S. growth, "have been at parties year end slightly higher than in 2008 but still well below 2007 levels," said the central bank.

Parallel, were the speeches of presidents of the Philadelphia Fed's Charles Plosser and Dallas, Richard Fisher, the U.S. outlook.The first said that sluggish job market should not prevent the Fed raise interest rates, while the latter said that the Fed would begin to withdraw its measures of accommodative monetary policy to avoid an increase inflationary pressures.

At the same time, Washington announced that the deficit of the United States increased from 77.5% to 91.854 billion dollars for the month of December compared to December 2008.

Shortly after the publication of the Beige Book on Wednesday, the Dow Jones up 0.36% to 10,665.65 points, after opening up 0.15%.

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Nicolas Sarkozy and Christian Estrosi, Minister of Industry, do not joke with the relocation. Especially if Renault thinks. The Minister of Industry will meet Monday at Bercy representatives of subcontractors and management of Renault. Wednesday, Nicolas Sarkozy will Pelatat Patrick, the CEO of Renault. Raymond Soubie, adviser to the president in charge of social issues, and Christian Estrosi will attend.

The manufacturer would consider producing future Clio fourth alternate name and model currently sold in Turkey and no longer Flins, near Paris. The French site would produce more than batteries. A statement carried by the daily La Tribune is the cause of government ire.The Minister of Industry and UMP taste little idea of seeing an additional part of the Renault automobile production from abroad, namely in Bursa, Turkey, which already produced the Clio.

Last year, the French carmakers Renault and PSA Peugeot-Citroen, each received support from the State of 3 billion euros in exchange for a commitment to keep the territory their assembly plants. A Turkish production 100% of the Clio would be contrary to this commitment. Yet the industrial device mentioned nothing very new.In early November, Carlos Ghosn, Renault's CEO, explained that the plant would Flins the heart of the strategy group in the electric car (our editions of the November 6).

Joint Venture

Besides the construction of an electric vehicle "in the heart of the range" of Renault and of a size equivalent to that of the Clio, Carlos Ghosn stated that the plant would also produce francilienne electric batteries. Renault's Japanese partner Nissan, the Commissariat ? l'Energie Atomique (CEA) and the Strategic Investment Fund (ISPs) have signed a letter of intent to create a joint venture. For its part, the State, which still holds 15% stake in Renault, must grant a loan at a subsidized rate, a maximum of 150 million euros in the project.

He has however never been any question that the Clio "is no longer produced in France," explains a spokesman Christian Estrosi.In ministry, it is estimated that Renault has enough plants to France to maintain production in the future Clio. Especially since this model is a best-selling brand and it has plenty of scrap bonus and environmental bonus.

For its part, the CGT Renault protests against a "call for competition between countries, sites and employees." The union condemned the "permanent blackmail exercised by the management of Renault, for grants and tax relief." Facing these criticisms, the management of Renault says that "the future is assured Flins.

Negotiate but not amnesty. This is the philosophy of Eric Woerth, the case of taxpayers illegally holding assets abroad. Opened in April, the unit adjustment for those of them willing to go in the right way – nicknamed "drunk tank" in reference to the "gray list" of tax havens – closed December 31 as planned. But "I will extend this action differently, by giving the tax authorities the means to work in the same state of mind," said Budget Minister Sunday on Europe 1.

The cell allowed these "repentant" to negotiate the interest and late penalties, without escaping tax liability itself.This method will be extended to "the tax administration as a whole" to allow "any person wishing to rectify the situation, make it legal to repatriate their capital, pay tax, do so on acceptable terms," argues Eric Woerth.

A carbon tax on the nuclear idea "crazy"

And to defend the principle of the cell – "a huge success," the minister said. It will be reviewed shortly. On December 9, Eric Woerth noted that the cell had already dealt with 1400 cases and that the State had recovered and 500 million euros. He said that capital repatriated then reached 3 billion.And confirms the information Figaro that, in late December, the caseload was about 3,000.

Angered by the comparisons with Italy, where taxpayers have repatriated 95 billion euros, of which 5 have gone into the coffers of the treasury, the budget minister said that this is amnesty, pure and simple. No way to go in this direction in France, repeats it: "The republican pact does not amnesty." And for those who do not request their regularization, "what will the tax audit.

About the censorship of the Constitutional Council, Eric Woerth confirm that a new carbon tax will "surely" passed before the regional elections in March.Its principle is the same for individuals (taking on fuel and gas reimbursement flat tax on income).

The new device will be "more structured" with that of CO2 allowances, which are subject to more industrial emitters of this greenhouse gas emissions – is the total exemption of carbon tax for these sites that motivated the constitutional censorship. Nevertheless, "we will maintain exceptions" because "the carbon tax is not calculated to undermine competitiveness. Among these exceptions, electricity: "It would be crazy to charge nuclear power because it produces no carbon, ignites Eric Woerth