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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.

The European Commission, guardian of competition in the European Union, is very interested in the station, according to Les Echos published on Monday. As for La Poste, it requires that France put an end to the "unlimited state guarantee" that the company enjoys as a public industrial and commercial (EPIC). This does not mean a change of status into a limited company, which is the sole responsibility of the French state, but this would pave the way for a reform in this direction.

The European Commission had made the same request to all Member States in July 2008 with the ambition of a Complies to share its requirements in two years, ie by July 2010.According to the newspaper, France, Portugal, Italy and the United Kingdom is problematic, one month maturity.

The guarantee unlimited public is considered a "state aid incompatible" with EU competition law by the Commission. With this guarantee, the company is in fact not subject to the law on bankruptcy and insolvency. The state covers all the group's commitments and repay debts if the company can do itself. In the case of La Poste, the transformation of the public enterprise into a limited company had solved the problem of the unlimited guarantee.

The situation is repeated Does the station? According to Les Echos, the French government sent an absolute bar to the Commission in early April, saying that "France rejects the view expressed by the European Commission will present its legal arguments because the government 's will not change the status of Epic SNCF.

On Monday, the Secretary of State for Transport Dominique Bussereau said in a statement it was "no question of changing the status of EPIC SNCF, which does not entitle its holder a competitive advantage." The statement said that France had asked the Court of Justice against the EU Commission.

Click on the thumbnail to enlarge the graphic

Can you still perform in France? At a time when a movement of deindustrialization affects the Hexagon, Saint-Gobain slice on the downturn. On Wednesday, the group inaugurated in Chemill? glass, next to Angers, a glass wool factory last generation called G3. A major investment (100 million euros) with the key, the immediate creation of 75 jobs including 25 items made by subcontractors on the site. And when the unit running at full capacity it will employ 150 people. A move welcomed by Prime Minister Francois Fillon, present at the inauguration: "In France, we built factories! You are proof that our country has an industrial future. "There is no inevitability to the relocation, he said the group's CEO, Pierre-Andre de Chalendar.The cost of labor, even if it is too high in France, is not always an obstacle to industrialization. "

That was 38 years, Saint-Gobain had not started a manufacturing plant in France this kind of product. But other businesses of the group have also recently made the choice of production in France. Mid-February, Saint-Gobain has finalized the extension of a site that makes double glazing Crissey, near Chalon-sur-Saone. With again a few tens of indirect jobs.

Sustainability

If Saint-Gobain is the bet of "Made in France", is by economic realism. "Once the fiberglass travel more than 400 to 500 km, transport costs become excessive, recognizes Xavier de Maistre, General Manager France of Saint-Gobain Isover cash advance.We therefore produce locally for local markets. "In this case, the group chose to locate in Maine-et-Loire, for he had no factory producing glass wool to the markets of west of France.

Saint-Gobain has also launched the opening of an industrial site, because it believes in market prospects opened by the Grenelle Environment. A bet bolstered by the commitment reiterated Wednesday Francois Fillon not relegated to the status of sustainable development subtopic: "The green growth is not the end of the industry: it's renewal." Thus, Saint-Gobain will have to Chemill? a production capacity sufficient to isolate 100 000 houses per year. However, since 2012, some 300 000 to 400 000 houses built each year will be the standard BBC (building low consumption) to be very well insulated."In addition, there are 22 million buildings constructed before 1973 and 30 million non-insulated and poorly insulated," says one at Saint-Gobain Isover. In fact, the glass wool G3 is a good answer to these problems: compared to previous lines, it provides better thermal protection of 30%. What Saint-Gobain dampen somewhat the crisis currently affecting the construction industry.

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Not seen since the launch of the classification in 1985! For the first time in 2008, BAE Systems, an advocacy group for non-American, became the leading supplier of arms. The information, published Monday, comes from the International Institute for Peace Research (SIPRI), a Swedish think tank considered a reference material.

According to SIPRI, BAE Systems has been leading the 100 largest arms suppliers in favor of the U.S. market. "The company is based in the UK but generates more than half its sales in the United States. BAE demonstrates the internationalization of the arms industry and the strong appeal of the U.S. market, "says Susan Jackson, an expert of SIPRI.

Sales of BAE established in 2008 to $ 32.4 billion.The bulk of these revenues came from a command of the U.S. Department of Defence who bought vehicles MRAP (Mine Resistant Ambush Protected) as part of the war in Afghanistan and Iraq.

Boeing beat, Navistar enters

BAE Systems therefore delighted number one place to Boeing. The American group, with 29.2 billion worth of arms sales, slipped to third place, and is placed behind his compatriot Lockheed Martin (29.4 billion).

Elsewhere in the rankings after three American groups, Northrup Grumman, General Dynamics and Raytheon. EADS is in seventh place. Italian Finmeccanica is eighth, while the French Thales is tenth.

Almaz-Antei, is the first Russian company to make its entry in the top 20 at the eighteenth spot.With 4.3 billion turnover in 2008, "Almaz-Antei has tripled its sales since 2003," says the SIPRI.

For its part, the American Navistar made a sensational debut in twentieth place with 3.9 billion in revenue from sales to the U.S. Department of Defense. "This represents an increase of 960% compared to 2007," says the think tank.

Three times the development assistance

The SIPRI does not fail to note that in 2008 the 100 largest arms suppliers have made 385 billion dollars in revenue, a figure rising to 39 billion by 2007."This represents more than three times the total development assistance of OECD countries (120 billion dollars)," lamented the SIPRI.

According to the findings of the ranking, sales of BAE are equivalent to the GDP of 105 countries worldwide, while Lockheed Martin exceed 4 billion development aid from the United States.

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A colossal sum greater than the budget of the National Education (61 billion). Highly concentrated: 16 niches alone capturing half the cost for public finances.

However, it is often those most economically useful. So goes there for the two most expensive devices: reduced VAT for maintenance in housing, which supports the construction sector and limit the black, and the research tax credit, which helps innovation.

Even finding the side of households, half the cost of tax loopholes is on tax cuts on income. It includes the premium for employment, the benefits of life insurance or the tax cut for working as employees at home. Suffice to say that these niches are very popular among the French! What makes the issue politically sensitive.In addition, certain devices have become political symbols untouchable, like reduced VAT in restaurants, promised by Jacques Chirac and Nicolas Sarkozy obtained payday loans online. Finally address the benefits of retirees is not straightforward.

To avoid the worst abuses – some taxpayers paying more tax because of all these devices – Parliament has capped the niche end of 2008. He then reduced that limit last year. A taxpayer can not reduce income taxes by using loopholes in the tax in excess of an amount equal to 20 000 plus 8% of its taxable income. And almost all devices are now individually capped. Including niches overseas.

But reducing the niche 2 billion per year is a task far more difficult. Two competing options.Gilles Carrez, the UMP rapporteur of the Finance Committee in Parliament, hopes all planing devices 5% to 10%. The rate of tax reduction for use of an employee at home happen for example 50% to 45%. Bercy wishes to address the niches with the least sense. Elysee Matignon and have not yet decided.

For the government, the record Pechiney has never really been completed. Les Echos on Tuesday unveiled the details of this future recovery in hand, already mentioned several times. Thus, the Strategic Investment Fund (ISP) plans to take 10% stake in this company called Alcan Engineered Products (Alcan EP) since its acquisition by Canada of the same name. This entry would be alongside the U.S. investment fund Apollo would take 51% stake. The remaining 39% remain in the hands of current owner, Rio Tinto, which acquired Alcan in 2007.

Apollo and the ISP should take control of Pechiney plants producing aluminum, which represents approximately 70 sites and over 11,000 employees including 5,000 in France. Negotiations should poursuivrent few weeks for a signed agreement in April.This new organization would be in place end June

Create a champion of aluminum

The aluminum activities hitherto neglected by Rio Tinto. In 2009, Alcan EP saw its sales drop 39% payday loans. Eventually, Rio Tinto could even get out of this business by selling its entire remaining stake in Apollo, or via an IPO.

Meanwhile, the government has high ambitions for Alcan EP. With investments of ISP, the state wants to make it a leading French, European and even global aluminum. A goal goes through restructuring. Negotiations are already underway on some sites and departures are expected in Saint-Florentin (Yonne) or New Breisach (Haut-Rhin) Voreppe (Is?re) or Issoire (Puy-de-Dome). In total, several hundred jobs would be in the spotlight.But the proposed takeover would be based on a commitment to maintain the sites.

In addition, acquisitions outside Europe are also on the menu. The headquarters would be based in France. This new scheme does not exclude a future introduction of the group at the Paris Stock Exchange under the name of Pechiney.

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The index futures are predicting a slightly higher opening of U.S. markets. Shortly before the opening of Wall Street, futures on indices Standard & Poor's 500 and 10.8501961,50 points.

The U.S. markets have ended on a stable note Friday. The Dow Jones gained 0.08% to 10850, 36 and the Nasdaq 100 0.18% to 1952.63. The values of consumer durables and clothing and basic materials have gained ground. Conversely, those software and services and facilities and health services have been abused.

For U.S. investors await today in early afternoon revenues and expenditures of households for the month of February.

But the main highlight of the week on the macroeconomic level is expected Friday with the release of monthly statistics of unemployment in the United States.But U.S. markets will be closed as usual April 2 for the Friday that precedes Easter. Investors can therefore respond to the employment figures as the following week. They should focus their attention until the "Leading indicators of employment 'perception of the labor market by households, with the Conference Board survey from Tuesday, then the number of ADP private practice Wednesday. According to the makers of "Aurel BGC, the consensus of economists expect a sharp rebound in job creation."But, "this movement is partly technical, related to the reintegration of people who temporarily lost their jobs because of weather conditions in February …" add the specialists Aurel BGC.

Other key indicators of the week will be Tuesday house prices and an estimate of consumer confidence, Wednesday the index of activity in the Chicago area and the numbers of orders in February. Thursday last week's meeting, the market will focus on the ISM index of manufacturing activity and construction spending in March.

On the currency markets, the euro continued to recover against the greenback after the announcement last Thursday of an agreement between the countries of the eurozone to help Greece with the participation of the IMF.The euro was trading above $ 1.34 in the morning.

The values listed, Chinese, Geely signed Sunday an agreement with Ford on the acquisition of Volvo cars. The sale had been expected for several weeks, the Geely group wishing to build a Volvo plant in Beijing for its domestic market. Ford said the transaction was $ 1.8 billion and would be finalized during the third quarter.By selling Volvo, bought 6.45 billion dollars in 1999, and Ford sells the latest brand of upscale pole he had wanted to be and which also included Aston Martin, Jaguar and Land Rover.

According to the Sunday Telegraph newspaper, Verizon Communications, the second mobile operator in the United States, is in talks to merge with Vodafone.

Companies are also starting to communicate on the cost of health reform. AT & T announced a provision of 1 billion, Caterpillar announced a 100 million dollars and Deere & Co, an extraordinary expense of 150 million. The impact of this legislation on corporate performance is difficult to estimate the short term. The new law eliminates many tax deductions that companies used to reduce health costs for retirees.

Palm is now survive. Friday, the opening of the NYSE, the action of the cellphone maker lost nearly 30%, to $ 4, after the publication of quarterly results disastrous. Since the beginning of the year, diving for more than 50%, completely erasing the gains made in 2009, after the presentation of the Palm Pre, who was to sign the renewal of the brand.

Between December and February, Palm has accumulated cons-performance. Its losses have almost doubled to 22 million dollars and his phones were sold poorly. Although Palm has shipped to retailers smartphones 960,000, almost four times more than a year earlier, but customers still bought 408,000. Result, operators found themselves with huge inventories, and decided to cut off their supplies.Revenues from Palm on the current quarter would be only 150 million dollars, two times less than expected by the market.

Palm is the scenario. "These problems are not going to accelerate the doubts providers and operators" on the future of the brand, wrote Friday morning Peter Misek, analyst at Canaccord Adams, which sets a target price to zero dollars. The operators have observed that, in their shops, customers are more eager to iPhone, Google Android phones and BlackBerry.Under these conditions, application developers are less interested in phones from Palm, which makes them less attractive.

Palm would have to "consider options more extreme"

"We see no quick solution to the challenges facing it: the risk of intensifying competition, and Palm's response seems inadequate," warned Friday Vivek Arya, an analyst at Bank of America / Merrill Lynch. "Palm has at most two or three quarters to take before having to consider more extreme options," she thought. Frontline is the idea of redemption. The names of Nokia, Dell, Hewlett-Packard or even Google, which embarked on the sale of its mobile phones with the Nexus One are among the most frequently mentioned.

Palm remains in effect a few gems. The operating system that runs its phones, webOS, has received very favorable reviews.His team, led by former Apple executive Jon Rubinstein, are recognized for their quality. Furthermore, Palm has an interesting patent portfolio in mobile telephony, while the litigation in this area are increasing. "Obviously, if there is a reasonable proposal, our board of directors must consider," admitted CEO of Palm, while refusing to speculate on a purchase.

While acknowledging a "underperformance very disappointing," Jon Rubinstein holds that "Palm's potential remains strong." "The work we do to improve sales has an impact, we are making great progress on future products, and we prepare to launch new operators with new partners," he said, announcing a new campaign.In 2009, the market share of smartphones in webOS however, was only 0.7%, according to latest figures from Gartner, against 3.9% for Android, 14.4% for the iPhone and 46% for Symbian.

Christine Lagarde is going to war against unfair bank charges. At the request of the Prime Minister, Fran?ois Fillon, Minister of Economy and Finance has commissioned a report to the former CEO of Credit Agricole, Georges Pauget, and chair of the Advisory Committee of the financial sector (CCSF), Emmanuel Constans. "Our goal is to protect consumers," she said into the microphone of RTL on Wednesday morning.

Bank charges: avoid abuse

The minister hopes to shed light on three issues in particular: the "cascade" of bank charges, billing services hitherto free, and finally, the establishment of systems of fixed costs "which include some services that consumers do not, "said Christine Lagarde.In an interview with the newspaper Les Echos on Wednesday, she said that instead "regulate all hair, she wants to ensure there is no abuse."I expect the report to the end of June," says she.

On 24 March, three days after the second round of regional elections, Christine Lagarde presented to the National Assembly a new position on the draft law on consumer credit: remove penalties release (charge made if a person makes one or more checks, Ed), "which are a real obstacle for small businesses.

Germany: Christine Lagarde persists and signs

The Minister is also back at RTL on her remarks Monday on the German economic model, stigmatizing the pressure on labor costs for its exports preferred payday loan lenders . "My remarks have been interpreted negatively. While Germany has performed well for ten years.But in such times of crisis, the deficit country must do everything to reduce it, and those of surplus should not be assumed that they are the only engines of growth, "she says.

Less than a week after the lunch meeting between Gordon Brown and Nicolas Sarkozy in London, Christine Lagarde expressed disappointment at the postponement of the adoption of the Directive on hedge funds, and remains "determined that the text completion by late June.

The subject, which should be discussed Tuesday by the Finance Ministers of the Twenty-Seven, was withdrawn from the brink of the agenda by the Spanish Presidency, who chose not to vote on a text in this highly unpleasant state in the United Kingdom.Christine Lagarde will therefore not stop there, and push to revive the issue with determination, even displease its European counterparts.

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