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The CAC 40 would he find his way? In any case, this suggests that his continued positive territory by mid-morning, up 0.64% to 3623 points after opening down 0.13% to 3595.66 points.

Elsewhere, the same trend. The London Stock Exchange, which opened down 0.37%, is now up 0.15%. The DAX index of the Frankfurt Stock Exchange, which had also started the session on a decline of 0.27% is now 0.39%. The Madrid Stock Exchange, where banks are under pressure as explained in the El Pais newspaper in its edition today, regaining ground with a fall of 0.16% against -0.54% in early trade.

The waiting game surrounding the publication of results of stress tests of European banks calls for caution investors. On the currency markets, the euro back a bit against the dollar, under $ 1.29.

Volatility will be the point common to all European trading sessions this Friday.

Asian markets have been chosen more strongly green this morning. Yesterday, U.S. markets have done a great meeting at which time the Dow has gained almost 2%, relatively insensitive to the announcement of a surprise increase in weekly unemployment registration.

Consumption of French decline

In terms of macroeconomic statistics, the session looks very calm. No major indicator is expected in the United States.

In France, the French household consumption of manufactured goods fell 1.4% in June after the previous month was supported by purchases of televisions before the World Cup, according to figures published by INSEE before the opening markets.Throughout the second quarter, it shows a decrease of 0.9% after falling 1.9% on the first three months of the year. Analysts on average expected a rise of 0.2% in June

INSEE also believes that the request to industry has increased significantly in the second quarter but is expected to decline in the third. The balance measures the views of industrialists on the past evolution of aggregate demand was 9 in the previous survey in April to 17 in July, and 4-14 for foreign demand.

In Germany, the business climate has improved significantly more than expected in recent weeks. The Ifo index rose to 106.2 against 101.2 in June (revised from 101.1 in estimating intials) last month. Economists and analysts had expected decline to 101.6.

TF1 jumped after its results

The stress test, however, occupy the banking sector.BNP Paribas (-0.60%), Societe Generale (-0.84%), Credit Agricole (-0.36%), Natixis (BPCE. -0.39%) or Dexia (-0.39%), remain cautious.

Moreover, the markets will again this session to analyze several quarterly publications:

TF1 (4.83% to 12.27 euros) announced before market advertising revenues up 11% in the first semester for a total turnover of 1.28 billion euros, above consensus. Net income group share was 74 million euros over the period. The objectives are significantly revised upward with a turnover in 2010 rose by 7% instead of 4%.

STMicroelectronics (-2.30% to 6.58 euros) reported Thursday a profit above expectations at 18 cents per share, with sales up 27% to $ 2.53 billion.Analysts on average expected a profit of 14 cents per share and a turnover of 2.513 billion dollars.

Pernod Ricard (-1.56% to 63.11 euros) a statement on Thursday its forecast annual operating profit thanks to the improved economic environment and its position in emerging markets. Its turnover in 2009-2010 emerged, up 2% on a comparable basis.

Ubisoft (0.65% to 7.02 euros) issued a turnover up 94% in the first quarter of 2010-2011 to 161 million euros and confirmed its objective of a sales draft 160 million for the remainder of the year.

BioAlliance Pharma (5.29% to 5.77 euros) announced a record turnover of 15.2 million euros in the second quarter against 1.5 million a year earlier, after recording in April in U.S. Loramyc, headlight treatment of fungal infections in patients with oral cancer or AIDS.

As for ads, Alstom (1.80% to 37.83 euros) said it had won contracts valued at about 450 million euros for the construction of two units for a combined cycle power plant in India.

Air Liquide (-0.40% to 86.43 euros) announced Friday the signing of a new contract with Russian steelmaker Severstal for investments worth 50 million euros in total.

Legrand (-0.61% to 25.06 euros) Thursday announced a takeover offer for Indo Asian Switchgear India, where he produced nearly 4% of its annual turnover after the acquisition.Indo Asian Switchgea aims for 2010 sales of more than 35 million euros.

Maurel et Prom (+0.24% to 9.42 euros) announced Thursday it had increased to approximately 70 million euros the amount of its issuance of convertible bonds to five years following the full exercise of the option overallotment.

It will be called Fantastica. The owner of Swiss-Italian MSC Cruises sign this morning at Saint-Nazaire, in the presence of Nicolas Sarkozy, the command of a cruise ship in shipbuilding group STX France (formerly Chantiers de l'Atlantique). The ship, the twelfth of its fleet, will be delivered in May 2012 for an amount of 575 million euros.

"Very stable, will ship with our other two ships, MSC Fantasia and MSC Splendida, the biggest and most luxurious cruise ship ever commissioned by a European ship owner to sail the Mediterranean, Le Figaro said Gianluigi Aponte, founding president of MSC Cruises it controls 100%. It will be a VIP class, with 99 staterooms, butler service and placeholders: lounge, restaurant, pool, spa and gym. "Feature 333.3 meters and a width of 38 meters maximum, Fantastica can reach speeds of 23.7 knots.Sailing from Marseilles, he will have 1751 cabins and can accommodate 4,000 passengers. This will increase by 10% the capacity of MSC Cruises, carrying 1.4 million passengers in 2013. Count from 750 to 2000 euros per week all inclusive, with a stopover day.

A letter of intent was signed in early March for this order, which required the support of the State. For STX France is a vital site. His yards idling. To avoid the worst, the government had to mobilize the French bank (Credit Agricole CIB BNP Paribas and Natixis), who were reluctant to grant the necessary funds (our edition of February 18). "The president has made sure that the site did not stop," says Gianluigi Aponte.MSC Cruises and enjoys the support of Coface, the French agency for export credit, which guarantees funding.

Another optional command ship

The owner will pay his command five times in twelve years. It will first check today, amounting to 115 million euros. First client of Chantiers de l'Atlantique, to whom he has already spent 10 orders, MSC Cruises claims the second place cruise in France and number four worldwide. His boss was pleased to have the most modern fleet in the world: if the oldest ship date of 1981, all others were built after 2002. The owner has already made "an option" to purchase STX for the next ship, a steamer of the same scale as the Fantastica. "We continue to invest, because the cruise is well. The industry has felt only slightly crisis, says Gianluigi Aponte.The Italians and the Koreans are eager to work with us. But I'm faithful to STX for over seven years. When I get on well with a supplier, I did not change for a few million euros! "

Last year, MSC Cruises has increased by about 30% of its turnover to 1.2 billion euros. Its net profit reached 60 million euros. "With an average price of 1200 euros or so, the cruise excellent value for money," says Gianluigi Aponte. It attracts more and more. "The younger clientele: the average age is now about forty years.

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The number of counterfeit euro banknotes declined in the first half of 2010 according to the biannual report of the European Central Bank (ECB). In total, 387,000 false banknotes were withdrawn from circulation, a decline of 13% over the second half of 2009.

The ECB said that "reported to the stock, up, of genuine euro banknotes in circulation (average 13.2 billion in cuts in the first half of 2010), the number of counterfeits is very small." The European institution does not specify whether the counterfeit notes were seized before their release.

Tickets are most affected by counterfeiting are € 20 (41.5%) and 50 euros (42.5%) cash advance loan no fax. Almost all (98%) of counterfeit notes seized this semester have been in a member country of the euro area.According to the Central Office for the Suppression of Counterfeiting Currency (OCRFM) quoted by Agence France Presse (AFP), France, Spain and Italy together account for 70% of the counterfeiting of the euro.

The ECB seeks public caution, recalling the method "Touch-Tilt-Watch" called "TRI" to verify the presence of several security features on tickets for the single currency.

While the Asian stock markets declined sharply on Monday morning, the financial markets in Paris have also been very worried. The CAC 40 ended the session on a drop of 0.40% to 3486.33 points.

Even in Germany, where doubts Dax Frankfurt Stock Exchange ended down 0.52% len at 6009.11 points. The London Stock Exchange also closed the day on a drop of 0.21% to 5148.28 points.

The markets are cautious before the release of stress tests on European banks on Friday. The wait also dominated by the rise of publications of results in Europe and the United States.

The macroeconomic environment also remains uncertain especially overseas. Chinese Premier nonetheless sought to reassure investors on the country's economic growth."Everything goes as planned," he said Monday.

On the macroeconomic front, the deficit of the balance of current accounts in the euro area widened in May to 5.8 billion euros against 5.6 billion in April, according to figures from the European Central Bank.

On the currency markets, the euro resists and remains above the $ 1.29 mark Monday morning (0.09%).

Banking and auto bad posture

Four days before the release of stress tests, the values remain very bank surrounded. Societe Generale advance 0.56% after losing more than 5% last week, and Credit Agricole st wins 1.15%, BNP Paribas and Dexia 1.48% 1.43%.

The car values are under profit taking in the image of Peugeot -0.35%) and Renault (- 0.13%).

Despite a sharp rise in turnover (+22% to EUR 144.4 million), Eurotunnel reported a net loss of 44.8 million euros, up more than 36 million euros over the same period in 2009. Contracts awarded on the cons-performance: the action loses 2.86% to 5.8 euros and is on track to record its fourth consecutive decline. At this time, Eurotunnel has lost more than 7% in four days.

This afternoon it was the turn of Edenred, two weeks after its IPO, Guyenne et Gascogne, HF Audika Company and to disclose their turnover in the second quarter. Soitec publish its turnover in the first quarter.

GDF Suez is preparing a cash offer of 6.4 billion pounds (7.6 billion euros) on the British electricity group International Power, confirming a report in The Mail on Sunday.In previous discussions about a reconciliation between the two groups had lasted several months before a halt in January, the newspaper said. For its part, International Power shows a net increase of 9.38% to 346.50 pence in London Bours.

BMB Group, an investment company in Brunei, has denied information from the Sunday Times that she had planned to bid for Club Med 800 million euros. BMB Group, which manages funds for the family of the Sultan of Brunei, have the support of three of the four major shareholders of Club Med, according to British newspaper, citing unidentified sources close to the situation.

At the Salon of Farnborough (South London) that opens Monday until July 25, EADS should reassert its confidence in its chances of winning U.S. tanker contract for Boeing cons.The parent company of Airbus is ready to strengthen the United States for eight billion dollars.

The Partouche group will make a capital increase of approximately 100 million euros to reduce its debt and improve financial liquidity of the group of casinos. The subscription price is set at two euros per share while the subscription period will run from July 20 to August 2.

ADP announced that its passenger traffic rose 2.3% in June over one year. In the first six months of the year, traffic appears down 2.1%.

National Australia Bank (NAB) on Monday agreed with its Asian subsidiary Axa and Axa Asia Pacific (AAP) to extend until Aug. 31 offer of 11.5 billion dollars on NAB PAA.

The developer Kaufman & Broad returns to profit.Deficit in 2009, Kaufman saw his accounts in the green board in the first half of this year with a net profit of 2.3 million euros against a loss of 27.5 million in the first half of 2009.

For the full year 2010, Kaufman & Broad confirms in a statement that "a return to positive net income, which will however continue to carry the weight of years, with a view to improvement."

"The results of the second quarter of 2010 are part of the positive dynamic recorded in the first quarter, confirming the validity of the strategy of refocusing the business offer implemented in late 2008 on products more compact, less expensive and more suitable at the request of first time buyers and investors, "said CEO Guy Nafilyan, quoted in the press release.

Turnover down

In the first half of 2010, home sales rose 55% in value to $ 675 million euros free credit report and score. "We restart faster than the overall market," says Guy Nafilyan. In contrast, the turnover stood at the promoter of 385.7 million euros, down 7.6% over the first half of 2009.

Kaufman & Broad has announced it has signed a memorandum of agreement for the sale of all its shares and interests in Senior Health (homes of elderly dependents) for a total price of 30.7 million euros.

Completion of the transaction is subject to a number of conditions to be met by September 30, 2010 at the latest, the statement said, explaining that the buyer's name can not be revealed.

Since the beginning of the year, as Kaufman & Broad has won less than 5%. On Thursday, the title rose 5.15% at 17.75 euros.

Google gave in Beijing. Given the refusal of China to see the California company to redirect its users to search the Hong Kong-American group, Google has decided to terminate the transfer, in order not to be censored by Beijing. "In the coming days, we will not fully returning all our Chinese clients to the new page," said David Drummond, Google's vice president, the official blog of the company. He added: "The Chinese government has made clear that this operation was unacceptable.

Without a license, Google will "cut off all contact with China"

David Drummond also explains the decision by the expiration of the license granted to Google to operate in mainland China. "If we continue to redirect users, our license PKI (Internet content provider, Ed) will not be renewed.Without this license PKI, we can not operate as a commercial site Google.cn. So Google would cut all contact with China. "

After the New York Times revealed in late April that the identification system Google has been attacked by hackers from China, relations between the California company and China have deteriorated markedly. In this context, it is not clear that Google sees his license renewed. And to complicate this relationship further, Beijing has promulgated a law that requires every provider of a mapping service to obtain a license to practice in China for fear of seeing his service to close.In other words, that Google Maps may be available in China, Google must obtain a license.

Regulation of European businesses worried

Like U.S. firms, their European counterparts also fear a tightening of laws against them over the next two years, according to a study by the European Chamber of Commerce in China released on Tuesday. 40% of respondents are concerned about a rise in discrimination against the foreign companies. According to the chairman of the House of Jacques Boisséson, in the case of environmental degradation, they may not choose to remain "absolutely." But about 80% of them are optimistic about growth prospects in China.Proof that it is the political aspect is concerned between the two parties.

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The FIFA World Cup has made its small effect on consumption. With increasing sales of televisions, consumption rebounded in May to 0.7% after falling 1.3% in April, according to figures released Thursday by the INSEE. The category of "durable goods", which owns the TV, jumped 3.6% after falling 4.5% in April.

"Added to the fact the World was going" all digital "in Brittany and Pays de la Loire, which induces additional purchases of new TVs and Freeview decoders," said INSEE. On the other hand, auto sales have plunged, stabilizing in May (-0.1% against -9.6% in April).

The United Kingdom is helping to champion its oil. British Prime Minister David Cameron and his finance minister George Osborne reiterated the importance of BP for English and American economies Friday. The group is under fire from critics across the Atlantic for his management of the oil spill in the Gulf of Mexico.

According to a spokesman for the Prime Minister, David Cameron, "said he was in everyone's interest that BP remains a financially strong and stable". Nearly 40% of shareholders are British-including 25% of pension funds, and 40% are also Americans. The support of London has boosted the share price BP, whose market capitalization has lost several billion dollars since the explosion of the platform in the Gulf of Mexico. The title BP ended the session Friday up 7.2% in London, and 3.63% in New York.

Less good news for shareholders, BP has decided to suspend the payment of dividends, the Times of London. "The board of directors met Monday to approve the temporary deferral of payment of dividends," writes the British daily. BP has not confirmed the information, but the Chief Executive, Tony Hayward, told the Wall Street Journal that he was considering not paying dividends.

David Cameron is to hold talks on the phone with Barack Obama on Saturday 17h. The exchange promises to be tense: the two leaders must stand firm against their public opinion. The first to defend a large national group, the second to refute accusations of inaction.

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A meeting of consolidation looms on the Paris Bourse. After Thursday's rebound, which helped win 40 auCAC 1.59%, investors should take advantage of this last day of the week to lift the foot. In any case, the path that has been selected by U.S. operators yesterday. The Dow Jones, which had won 2.25% Wednesday, finished the balance 0.06% Thursday. This morning, their counterparts in Asia have followed suit. Thus, the Japanese Nikkei remained in balance throughout the session while the rest of the financial centers of the region declined slightly.

The wait should also dominate this session before the release of highly anticipated monthly report on U.S. employment, which will be published early this afternoon. Yesterday, the markets have had a foretaste of what awaited the publication of a fall, slightly above expectations ds, the weekly number of new unemployed (453,000).The firm ADP, meanwhile, announced that the private sector was announced in May its fourth consecutive month of net job creation (55 000). Despite these figures, the head of the U.S. Federal Reserve (Fed), Ben Bernanke, said he still worried about the employment situation overseas. An hour after the publication of the report, the Fed chairman Atlanta, Dennis Lockhart will speak on the economic outlook and the banking environment.

Note that the second estimate of euro area GDP in the first quarter will be unveiled in the morning.

Thales observed by Christian Estrosi

In an interview with Les Echos published Thursday, Industry Minister Christian Estrosi, spoke in favor of a rapprochement between the players of the electronics and embedded software as those of Thales No teletrek payday advance.

The Strategic Investment Fund (ISF) is mounted in the capital of CGG Veritas up to a little over 170 million euros, or 6% of capital.

France Telecom said Thursday it had abandoned its proposed merger with its Swiss subsidiary Sunrise, a subsidiary of TDC, but did not specify its intentions for other building projects in the country.

Airbus, EADS subsidiary, has registered 73 net orders from January to May, but still lagging behind U.S. rival Boeing, which has registered 111, according to the trade balance of the two aircraft manufacturers.

BPCE, parent company of Natixis, formalized the merger Thursday holdings of shares of Banques Populaires and Caisses d'Epargne.

BNP Paribas, Fortis bought at the height of the financial crisis, announced Thursday an agreement in principle to merge its Turkish subsidiary with that of the Belgian bank.

National Australia Bank has found three candidates may be interested in acquiring a platform investment Axa Asia-Pacific by Australian newspaper on Friday.

Atos Origin has tabled an offer for the resumption of WorldPay, a subsidiary of Royal Bank of Scotland, according to sources familiar with the matter.

Jean-Louis Beffa, the chairman of Saint Gobain, has formalized his departure at the annual general meeting Thursday. His successor, Pierre-Andre de Chalendar confirmed its objective of a rebound results in 2010 and said to expect solid growth in operating income in the first half, compared to the same period last year.

The CAC 40 climbed 2.19% to 3,578.01 at mid-points. Optimism is also topical in London where the FTSE gained 1.65% to 5236.50 points. In Germany, where the day is a holiday but not to the Exchange, the DAX index climbed 1.66% to 6080.33 points

European markets follow the footsteps of Asian financial centers this morning. These are themselves remained on the rebound on Wall Street yesterday, which saw the Dow finished up 2.25% through the good figures for real estate and automotive. On Wednesday, the same statistics have allowed the Paris Bourse stop the slide to achieve a closing balance (-0.05%).

Selected indicators

On Thursday, markets should evolve further over the many publications of macroeconomic indicators in Europe and the United States:

– In France, INSEE reported that the unemployment rate according to ILO had remained "stable at a high level" in the first quarter of 2010 in France, 9.5% of the workforce in France and 9.9% with the overseas departments (DOM).

– Regarding the euro area: the services sector has experienced growth in May, slightly higher than expected. The index Markit Purchasing Managers (PMI) service sector stood at 56.2 in May, its growth rate was the highest since August 2007, against 56 in "flash" estimate and 55.5 in April.This is the ninth month of consecutive increase this index is above 50, is the line that distinguishes growth from contraction in activity.

– Retail sales in the Eurozone fell sharply in April when economists expected a slight increase from the previous month. In the 16 countries adopting the single currency, sales decreased 1.2% compared to March, its largest decline since October 2008, and show a decline of 1.5% over one year.

Overseas, the day should also be prosperous: Investors await the monthly report of employment in the private sector and the weekly claims for unemployment benefits.Are also expected industrial orders in April, the productivity of the first quarter, the ISM index of services activity and weekly oil inventories.

The car in sight

As for values, Valeo will hold its general assembly in early afternoon. The group expressed confidence in achieving its 2010 target of doubling its operating margin compared to 1.8% achieved in 2009. The automotive supplier is also only for the first half, a operating margin of close to 6% based on a turnover of around 4.7 billion euros. The news pushed the stock market as: the action takes the head of DTH with an increase of 7.35% at 23.50 euros.

PSA Peugeot Citroen for its part occupies the first place winners of the ACC with an increase of 5.48% to 20.60 euros.The builder, who held its general meeting Wednesday, said he would reimburse the billion loan from the State in the second half. The boss of Philippe Varin has also confirmed the target of a largely positive EBIT in the first half. He felt that the positioning of two brands of PSA was not consistent with the lower cost.

Renault, Dacia sales explode in his wake, takes 4.28% to 30.59 euros.

Air France KLM (6.04% to 10.50 euros) on Wednesday, speaking through its Chief Executive Officer Pierre-Henri Gourgeon, the voluntary separation plan of the company had achieved its objectives. This morning, the company also announced that passenger traffic up 4.3% last month, to 6.2 million passengers.With capacities of stable (+0.1%), the load factor is an improvement of 3.3 points to 80.6%.

Maxime Lombardini, Chief Executive of Free (Iliad: + 1.02% to 68.54 euros), said in an interview with Le Figaro that his group had already invested $ 350 million in fiber optics and that it will invest year more than 150 million. "I confirm that we have 4 million homes connected with fiber in 2012," he said.

Saint Gobain (3.47%) held its general meeting this afternoon.

Note that the bank still buffeted yesterday, also benefit from the euphoria: Axa (2.44%), Societe Generale (1.64%), Credit Agricole (2.67%) and BNP Paribas ( 0.27%) are in green.