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While the strong yen's strength is in addition to concerns over the economic outlook for the United States, the meeting promises to be eventful in the Paris Bourse. After the profit taking which had plagued the Asian and American markets, the CAC 40 fell sharply changing from 1.49% to 3435 points.

As for companies, an impressive set of interim results announcements is scheduled on Tuesday.

Carrefour and Ipsen does not convince the financial markets

Shortly after the opening of the Paris Bourse, no CAC 40 company to remain constant rise. Among the largest declines in the place was cyclical stocks. First, the bank stocks. Societe Generale lost 2.20% and 39.30 euros, Dexia was down 2.17% to 3.25 euros, BNP Paribas gives up 1.98% to 48.15 euros and Credit Agricole shows a net decline of 1.82% 10 euros.

Then, the values automobiles.Peugeot lost 2.32% to 20.40 euros and Renault yield 1.99% to 31.47 euros.

Carrefour is also on the top of the table, with a decline of 1.69% to 35.50 euros, despite a net profit of 67 million euros against a loss of 48 million last year.

The decline was more limited pourEurazeo, which is ironed into the green with a net profit of 88.5 million euros against a loss of 120.9 million, a year ago. The shares lost 0.62% to 46.70 euros.

Hermes (-0.54% to 146.15 euros) a net profit up 55.2% to 194.6 million euros.

Ipsen (-3.06% to 27.07 euros) publishes an annual turnover up 6.3% to 553.9 million euros and earnings down 23.5% to 75.5 million Euro No faxing payday loan.

Iliad (2.23% to 71.05 euros), parent company of ISP Free and Alice, shows an increase of 138% of its net profit to 171.4 million euros. Finally, the group

Aeroports de Paris (-1.34% to 53.79 euros), manager of platforms Roissy and Orly airports, reported a net profit increase of 8.2% to 137.7 million euros and turnover of 1.3 billion euros (+2.5%).

Havas, Bouygues, Vinci and Eiffage publish after-hours trade.

Statistics expected

The meeting promises to be just as busy on the macroeconomic front. For the eurozone, the unemployment figures for July and inflation for the month of August (11:00).

In France, sales of new homes rose 7.6% in the second quarter over a year, while housing starts rose 0.2% and building permits by 31.4% between May and July 2010 , announced the Department of Ecology. The corporate failures for the month of March and agricultural prices in July will be released by INSEE 12:00.

In Germany, a single indicator of importance: the number of unemployed in August (10:00). In the U.S., house prices (15 hours), economic activity in the Chicago area (to 1545) and consumer confidence in August (16 hours) are also scheduled.

On the currency markets, the euro continued to lose ground against the yen (-0.52% to 106.56 yen) and against the dollar (-0.13% to 1.2649 dollar) to 7.45.

After the low-fare success (Dacia Logan), the self-proclaimed "cheapest car in the world" (the Tata Nano), here is the ultra-low-cost Avtovaz. The Russian group, 25% owned by Renault, will launch in late 2011 a new model, the Granta. It is primarily for Avtovaz to appoint a successor to its ancient Lada Classic, which dates from 1966. Replica of the Fiat 124, the Lada is still the second best selling car in Russia, with its sole asset prices: 170,000 rubles (4,300 euros).

Avtovaz does not leave this market segment to competition from China or India. Granta is sold 220,000 rubles (5,600 euros). A price that is far below that of a Logan entry-level, hence the idea of the ultra-low-cost.

The rest is a matter of industrial process and sharing platform, the concept dear to car manufacturers and enabling them to lower their production costs.The Granta benefit from the platform of the Kalina, a model launched in 2004 which has not met with great commercial success. "Renault has helped teams Avtovaz to improve the quality of its models," said a spokesman for the French group. In addition, Avtovaz build its new city (of a size comparable to a Twingo) in its factory in Togliatti, 1,000 kilometers from Moscow, where labor costs remain low.

Tomorrow, the export?

For the Russian manufacturer, it is not missing the boat. This will be the first model launched by the "new" Avtovaz. However, the group really need to burnish his image and give it a quick facelift.

The Granta is primarily intended for the Russian market. But, like other Lada, it may be exported. "Renault will use this model was not defined e ', do you know in French. Everything is possible.Includes entry into the Western market for a new model even cheaper than Logan (7,600 euros in entry-level, excluding promotions).

Through Avtovaz, Renault approaching the threshold of new symbolic price of 5,000 euros which had underpinned the launch of the Logan, they are not reached by the group. For now, only few Chinese manufacturers and Avtovaz succeeded. In other words, there is no new car, responding to Western standards to 5.000 euros. The Granta could come fill this gap.

Other models of the group will soon be built at the factory in Togliatti. Beginning in 2012, adapted versions of Logan Lada station wagon and van will be manufactured, followed by Nissan, Renault and then two. A location of production that overcomes the prohibitive tariffs imposed by the Russian government.

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The Spanish economy is indeed recovering from recession. The results of the second quarter, with GDP growth of 0.2%, according to final figures released yesterday, confirmed. This is the second positive quarter after 18 months of recession. A marked improvement in household consumption, especially durable goods, coupled with a slight improvement in business investment boosted the recovery between April and June, also helped by strong exports. The contribution of domestic demand growth rose from -2.8% to -0.5%.

But the horizon may darken in the coming months. "We expected a good performance of consumption with purchases made ahead before stopping the car scrapping and entry into force of up 2 points from VAT, says Jesus Castillo, Natixis.In addition, new restrictive measures and labor market will always influence the damaged second half. "

Social unrest

Growth "Asian" in the German economy would it an exception in a darkening global economic outlook? If the recovery is underway in Germany at rates higher than expected, also signs of fragility are multiplying on the front of the economy, and the unlikely scenario a few weeks ago a "double dip" – in the new dive recession – until now reserved for a few pessimists, is no longer excluded.

The warning came Tuesday from the Bank of England (BoE). "I think it would be unwise to say that this risk does not exist", said in an interview to The Times Martin Weale, who joined in July, the Monetary Policy Committee of the Central Bank. Martin Weale has raised the risk of rising unemployment, lower housing prices and a new crisis in the banking sector."There could be a sovereign debt crisis or it could be a new crisis of liquidity in the private sector," he said. The economist also said that the BoE's forecast, which assumes 2.8% growth in 2011 in England and 3.2% in 2011, could prove too optimistic.

U.S. housing decline

His remarks have increased the nervousness of the markets, which were significantly Tuesday on the downside. The poor performance of the U.S. housing sector that is highly sensitive for triggering the financial crisis and global recession, have added to tensions.Sales of existing homes, which represent between 90 and 95% of the market in July has been an unprecedented fall of 27.2%, falling to their lowest level since 1995, according to data from the National Association of Realtors (NAR) payday advance.

The market suffers from April to the end of the tax credit on buying a first home. Shortly before the publication of these statistics, the chairman of the Federal Reserve Bank of Chicago, Charles Evans, acknowledged that the risk of relapse was increased in the last six months but said "it is not the end most probable. " He expressed concern at the continued strength of the recovery, even though the second estimate of GDP in the second quarter, due Friday, should be revised sharply downward to 1.4% against 2.4%.

In Europe, the wave of rigor that will weigh on the recovery.Even rating agencies are worried. Having sanctioned the debt spiral States, first of Pigs (Portugal, Italy, Ireland, Greece and Spain), which has led most states to adopt austerity plans, a study by Moody's published before yesterday stressed the risk posed by these savings measures on growth in the short term and the rating states. These concerns about growth in Europe have prompted the agency to lower its rating on Greece, Portugal, Spain, Ireland and outside the euro area, on Hungary. "We carefully monitor the ways chosen by governments and their potential to generate growth," says the agency remains confident that the marking of France, Germany and Great Britain, even though these notes have weakened since the crisis.

• Budget: tough decisions on niches
• Pensions: outline of the reform should remain
• Towards the compulsory insurance underwriting loss of autonomy
• The delicate capital increase
• 2011 upturn expected for the job
• Paris wants to reform the international monetary system

Of the four returnees that Nicolas Sarkozy has had to manage since his election, now is probably the trickiest. Very politically charged, the fall will also heavy economically. Number of reforms and sensitive issues facing the head of state and government who begin their Wednesday Cabinet reentry in a tense social climate.

Contrary to tradition, the vote of the Finance Bill 2011 will not be the first meeting of the economic return.It will be preceded by consideration of the Assembly, from September 7, the pension reform. The fiercely contested between a Labour Minister, Eric Woerth, weakened by the controversies that have continued over the summer, and an opposition determined to block any progress, including the extension to 62 years of retirement age.

But the pressure in this landmark case – the Head of State intends to establish his image as a reformer, especially with financial markets – especially coming from the street. Unions, braced against a reform they consider "unfair and ineffective", the French call en masse to protest on September 7. A mobilization that looks very well attended, in the street, transport and some public services where strikes were not hard to exclude. This day of action will not be the last.Meeting Monday at FSU, the unions agreed to see the 8 "decide how to proceed quickly, probably before September 29, when a euromanifestation against the austerity policies.

Behind the social issues lies the question of growth. For despite the increase of 0.6% of GDP in the second quarter, the horizon remains uncertain. And the downward revision of 0.5 percentage points of growth for 2011, together with further cuts in public spending and tax loopholes, reflects these uncertainties. "France has suffered a negative shock with its strong and deep recession of 2008 and 2009, says Philippe Waechter, director of economic research at Natexis Asset Management. A policy is too restrictive in order to quickly rebalance public finances will penalize the economy. "The paradox of this situation is summarized by the rating agency Moody's.This concern, last week, the deteriorating situation of public finances States rated "AAA", inviting them to structural reforms to rebalance their accounts. On Monday, the same agency cautioned, however, put the European states against a too rigorous, which could negatively affect their growth and influence their debt. In short, the government must practice strict management of public finances without too strict. A delicate balancing act …

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Budget: tough decisions on niches

For Carrefour, the return is a symbol of renewal. The owner of the sign, Lars Olofsson, will present on Tuesday a new superstore concept. "The concept of" everything under one roof, "the spirit bazaar, belong to the past," he says in an interview with Journal du Dimanche.

The new hypermarket Carrefour way, space is reorganized into nine clusters, including the decoration and textiles. "The store will be more competitive in terms of price," says Lars Olofsson. A whole cluster will focus on "special events" with "two major themes monthly surprise in store for" customers, "says the CEO.

Carrefour, the world of large retailers, is facing an erosion of customers of supermarkets. The context is not easy, admits Lars Olofsson: "I think in the coming months, consumption will remain stable.(…) It remains a gloomy background.

The group would pull through, however, better than its competitors. "In France, Carrefour's market share of 24% has increased by almost a point since the beginning of the year on a constant basis," enthuses the director general. The group achieved a turnover of 24.9 billion euros in the second quarter, up 6.3%. The interim results will be presented August 31.

Borletti group does not budge. The Italian owner of Spring, has indeed filed on Wednesday a takeover bid for German Karstadt department stores belonging to the giant Arcandor bankrupt.

Karstadt stores, whose most famous department store KaDeWe in Berlin, however, have been awarded last June to the investor Nicolas Berggruen associated with group BCBG Max Azria fashion that takes 20% stake. The pair pledged to resume all their 120 stores with 26,000 employees.

However, the sale is not finalized yet: it remains in effect suspended from a rental agreement negotiated between, on one hand, the two prospective owners and, secondly, Highstreet, which owns the Karstadt department stores walls. According to Dow Jones Newswire, the period of exclusivity granted to Berggruen expires on August 10 but would extend the financier.Borletti plans to oppose it by sending a letter Thursday to the director of Karstadt.

"The best offer" by Borletti

The Italian investor, Maurizio Borletti is the boss, so take advantage of these difficult negotiations to make its own offer, which according to him, is "the best deal for all parties." The group proposes to inject 100 million euros in department stores online payday loans. It undertakes not to dismantle the company and reinvest the profits and dividends for five years.

Borletti also promises not to close any stores in the short-term and 'preservation of employees' basic ':' no new termination, no increase in hours worked or pay cut, "he assures.

In addition, Borletti holder of 2% of capital Highstreet since 2007, says he would not need to renegotiate the rent.

Founded in 1860, the family group Borletti invested exclusively in department stores over the past five years. It has acquired shares in 2005 in the Italian department store La Rinacente and has invested the following year, in the French department store Printemps.

For its part, the union Verdi, which had welcomed the offer of Berggrün, said that the proposal Borletti arrived so late was not serious. "Mr. Borletti knew the deadline was the end of May, said a door-paroel Verdi at Berliner Zeitung.If he wanted to make a serious offer, he would have been able to do so. According to the German daily, including Verdi doubt that Borletti be able to make 100 million euros announced and suspected to be primarily concerned with Italian luxury stores Karstadt.

The Nikkei 225 of the Tokyo Stock Exchange yielded 2.11% at 9489.25 and passes under 9500 points on Wednesday. This decline was due to a fall in the dollar against the yen, a move that raised fears of weakening performance groups Japanese exporters, heavyweights document.

The shares of exporting firms are saddled the once heavily penalized by a strong yen and concerns about the U.S. economy.Sony so on, we let go of 1.19%, and Canon was able to take 0.66% after losing almost 4% in session.

The dollar was worth only 85.30 to 85.40 yen Wednesday in mid-session in Asia, a level at which it was not down for eight months and is lower than that on which important Nippon groups have based their forecast revenues and profits.

In terms of company announcements, the Japanese manufacturer of motorcycles and marine equipment Yamaha Motor sharply raised its forecast Wednesday for the annual results, having exceeded its goals in the first half of calendar year, helped by sales of mopeds in Asia. Yamaha now expects an annual turnover of 1.3 trillion yen (1.25 trillion previously expected cons), an increase of 12.7% over one year.It now expects an operating profit of 45 billion annually (instead of 10) and expects to complete the year with a net profit of 25 billion so he could just see the balance.

Ambiance less bearish in the rest of Asia

In Hong Kong, even, the Hang Seng returned to the equilibrium toward 7:00 and stood at 21,455.8 points. In Shanghai, the MIC 30 fold from 0.54% to 2850.5 points. In Sydney, the S & P / ASX was down 0.64% to 4545.2 points.

Oil prices fell Wednesday in Asia, while remaining above 82 dollars a barrel. In morning trading, a barrel of light sweet crude for delivery in September yielded 14 cents to 82.41 dollars a barrel.

Not enough to blow up. Just enough s'émoustiller. The latest figures on the activity of M-acquisistions in the world suggests that companies begin to get wise to close.

In the past month, little more than 3,000 mergers and acquisitions have been recorded by Dealogic, but they were larger and ultimately totaled some 241 billion dollars. This amount had not been exceeded since December 2009, when analysts were anticipating a return of marriages companies.

Unless the meantime, the European crisis and volatility in financial markets have cooled the planet finance. And engagements have been postponed.But now that the equity markets stabilize, that Europe has erased all fear most about its viability and that the U.S. economy marked positive signs, a new wave of mergers and acquisitions could emerge. Above that company accounts have significantly cleaned up and financing conditions have also improved over the last few months.

But, given the length of the process, do not expect a peak to occur before the end of the year or early next year.

A climate still uncertain

If Sanofi-Aventis materialize its operation to about 20 billion dollars over Genzyme, the counter of mergers and acquisitions would be more energized.And the big investment banks that advise companies in discussions, would be delighted to manage more than big business.

But analysts said the large operations in July – for example, EDF and the China Cheung Kong $ 6.9 billion – were already in the pipes, and it is too early to predict a genuine resumption of the M & A (Merge and Acquisition) in the world. There are still too many uncertainties about the evolution of world economies.

Funds return

Investment funds account for 27 billion worth of M & A in July alone. A larger weight should be maintained, after the years 2008 and 2009 of discretion. These funds have indeed considerable resources.

2010 promises to be better than 2009

In 2009, mergers and acquisitions fell by more than half compared to 2008.Of the first seven months of 2010, nearly 1.5 trillion dollars of deals are made. It is almost 15% from a year before.

But we are still very far from the previous cycle peak of M & A – in 2007, the volume has reached 4.000 billion dollars.

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