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Bank stocks they reach to support the rating for a third consecutive session on the Paris Stock Exchange? It is certainly a good start for. The CAC 40, which began sitting on a small rise of 0.39% to 3680.60 points, is already supported by industry: Societe Generale (3.55%), BNP Paribas (3.02%) and Credit Agricole (2.82%) took the top spot.

Marcoéconomique side, the Paris markets react to the employment figures fell after the stock market yesterday. After a bad month in May, June is a very moderate decline in the number of job seekers registered at employment center Class A (2,691,000 in metropolitan France, down 0.3%).

In addition, other indicators are expected: durable goods orders in the U.S. in early afternoon and the conclusions of the Fed's Beige Book in the evening.

But it was the avalanche of publications that draws attention:

Saffron (4.90% to 21.19 euros) has announced its first-half adjusted net income rose 8% to 223 million euros, above the consensus. The turnover amounted to 5.19 billion euros. The group plans for the rest of the income year similar to those of 2009.

Rexel (3.47% to 12.95 euros) has announced a turnover up 2.4% to 5.7 billion euros in the first half. The company expects a slight growth in sales on a comparable basis and constant number of days over the year and EBITA margin of an adjusted 4.5%.

ArcelorMittal (-1.78% to 24.28 euros) has reported net earnings of 1.70 billion dollar in the second quarter, well above the 1.16 billion expected by the markets. In contrast, the turnover of 21.65 billion, below the 23.1 billion expected.

Nexans (-2.70% to 54.50 euros) has reported a net loss after minority interests of 17 million euros for a turnover of 2.1 billion euros in the first half of 2010 (-5.3% in organic). The group, which says its target operating margin of 4% over the period, expects improved sales in the second half and a return to net profit.

Atos Origin (1.34% to 34.01 euros) announced Wednesday for its first half operating margin above expectations of 150 million euros, with a rate of 6% against 4.6% a year earlier. The focus group confirmed a slight decrease in organic turnover in 2010, but less marked than the 3.7% decline in 2009.

Bull (-15.93% to 2.48 euro) recorded a first half net loss of 18.4 million euros, against a net profit of two million euros a year ago.While it expects operating profit of between 35 and 40 million euros in fiscal 2010, he now sets out "a minimum of 30 million euros."

PSA Peugeot Citroen (-2.37% to 24.28 euros) Wednesday said profit from operations $ 1.137 billion in the first half against a loss of 826 million a year earlier. Net income group share of 680 milllion euros against a loss of 962 million. The manufacturer anticipates an operating profit of around 1.5 billion euros.

The announcement could also be reacted rival Renault (1.24% to 35.24 euros).Also in the automotive sector, Valeo (5.02% to 27.20 euros) a statement Tuesday its margin target in 2010 after a first half marked by a return to net income and a continued recovery in automobile production despite end of car scrapping.

EDF Energies Nouvelles (-0.20% to 32.65 euros) Wednesday reported an Ebitda up 15.2% to 168.9 million euros in the first half, below market expectations. The sales were meanwhile up 28.1% in the first half, to 545 million euros.

PagesJaunes (-1.70% to 9.07 euros) has reported a turnover down 3.5% to 542.3 million euros in the first half, below the 545 million expected.The publisher of printed directories expects a drop in revenues of 1% to 3% this year and confirms its margin target of between 510 and 530 million euros in 2010.

EDF and Areva: Following the serial

EDF (1.46% to 32.71 euros) and Areva (-0.57% to 338.05 euros) shall enter into a strategic partnership agreement covering all their areas of common interest in the Nuclear, said Tuesday the Elysee. The possibility of a stake in the capital of EDF, Areva will be considered in the context of this agreement.

LVMH (2.45% to 94.52 euros) Tuesday reported a strong rebound in sales and profitability in the first half, driven by the performance of Louis Vuitton.

Vinci (+1.66% at 38.31 euros) has returned to growth in the first half thanks to the first effects of the acquisition of Cegelec.The turnover of the first half came out up 1.8% on an actual structure, to 15.4 billion euros.

Air France-KLM (4.29% to 11.43 euros) on Tuesday confirmed the target return to balance its operational activity in 2010-2011 but remains cautious about the economic developments in the second half.

M6 (0.59% to 17.76 Euros) Tuesday posted first half results exceeded expectations, including increases of 9.4% of consolidated sales and 7.4% of advertising revenue M6, 12% in the second quarter alone. In an interview with Le Figaro, Nicolas de Tavernost, chief executive, hailed "a relevant model in crisis and recovery."

Crédit Mutuel-CIC announced Tuesday a partnership with Banque Casino, to acquire 50% stake in the subsidiary from the distributor.

Compagnie des Alpes (-1.96% to 20.51 euros) warned Tuesday that its sales in the theme parks is projected to decline in 2009-2010. The total turnover decreased by 7.9% in the third quarter, to 120.7 million euros.

Spir Communication (1.22% to 16.60 euros) again suffered in the first half with a decline in its turnover from 10% to 280.7 million euros.

Wednesday, the South East has joined the rest of France, which started one week earlier in the summer sales period 2010 – Corsica follow July 14. Everywhere these days have started "on the top speed, as evidenced by Claude Boulle, Chairman of the Union of the great trade center. For the first four days, the department stores had seen increases of 10-17% in Paris and elsewhere by 6% over the same period last year.

Hostile to a widespread tightening, the G20 has accepted this weekend in Toronto fiscal restraint to the map, depending on the country and spread over time, thus reassuring the markets. The countries have agreed to "reduce by at least halving the deficit by 2013, and stabilize or reduce the costs of public debt to GDP by 2016, without setting binding targets to states, leaving more freedom for everyone, to reduce public deficits without jeopardizing the still fragile economic recovery on both sides of the Atlantic.

In Paris while the CAC 40 has lost about 5% in just four sessions of sharp decline – 10.5% after winning nine consecutive sessions of gains – the hesitation gave way late in the session at a beautiful hike .The CAC 40 gained 1.61% at 3576.45 points.

The euro was down, circa 1750, at 1.2337 dollars (-0.40%), while the gold – even likely – is still dealing $ 1,250 (-0.29%).

A well-attended American Statistical

At the European Central Bank, the M3 money supply fell by 0.2% in May, and remains unchanged over the month. Credit to private sector in euro area gained 0.2% in May over one year, after increasing 0.1% the previous month, according to preliminary results announcement on Monday by the European Central Bank

On the macroeconomic front, U.S. consumer spending rose 0.2% after remaining flat in April, according to statistics released Monday by the Commerce Department. Economists and analysts polled by Reuters had forecast an average increase of 0.1%.

The household income has risen in parallel by 0.4% after rising 0.5% a month earlier.Real disposable income has increased it by 0.5% in May after rising 0.6% the previous month.

The savings rate of Americans has reached 4.0% against 3.8% in April, which represents an additional savings of 454.3 billion annual rate, the highest level since September.

The index of consumer prices PCE excluding food and energy, rose 1.3% over the last 12 months, the Commerce Department said, against 1.2% in April.

But the statistic most watched this week will be the number of applicants for overseas jobs, which will be released Friday, which should mark a break in trend, with new positions expected destruction.But a rebound in employment in the private sector is also expected on Friday to reassure the markets, analysts said Aurel Bgc.

The tax credit: disagreements

Priority of Paris and Berlin, the tax credit has received a cold reception in Toronto at the G20. Despite support from Washington and London, the final communique does not mention the tax lip as a legitimate option for banks to charge up the pieces of the crisis.

In contrast, three of Basel, the beginning of compromise seems to be emerging.The reform of financial regulation will be based primarily on strengthening capital standards imposed on banks, not the end of 2012 before.

On Monday just before noon, bank stocks are well oriented, but unequally: BNP Paribas stands out, gaining 2.48%, Societe Generale has assembled no more than 0.70% and 0.02% Credit Agricole.

Banques populaires Caisses d'Epargne According to information Wansquare, BPCE Foncia has decided to withdraw the sale. The preparation of a new law on directors and the rout of Urbania Group took account of the sale of the land.

Casino: -0.08% to 62.72 euros Jean-Charles Naouri, CEO of the group, delivered at Figaro's strategy to cope with a sluggish consumption in France, however, offset by continued momentum abroad.The boss has no plans to float Cdiscount and will focus more on small and medium format hypermarkets (6 000-8 000 square meters), rather than the hypermarkets.

Trigano will on Monday publish its turnover for the third quarter of fiscal offset. Shares rise 1.07% to 14.705 euros in mid-day.

In July? At the back? After much discussion, the regulation of hedge funds in Europe will soon be passed, and establish conditions to the funds placed in havens can be marketed on the Continent. But managers have taken the lead: many already abandoning the Cayman Islands and repatriate their funds in the European Union, Ireland and Luxembourg. Or even in France, as a dream to do Boussard & Gavaudan, which manages a large European hedge fund.

Many hedge funds were originally installed in the Cayman because it was one of the few countries to allow the managers the freedom of action they need. "But since then other countries like Ireland and Luxembourg have changed their laws and created vehicles that hedge funds can use.All hedge funds that we have been created recently in Luxembourg, "said Laurent Dupeyron, CEO of Olympia.

Many managers even go further and create ordinary mutual funds, subject to the same European regulations (UCIT III) than any ordinary fund. Management is a hedge fund, but not the status. This boosted some professionals. "In these funds, subscribers must be able to leave their money every fortnight. If the markets undergo a new liquidity crisis, it would be very difficult to achieve for managers, "says Emmanuel Boussard Boussard & Gavaudan president. But hedge funds have no choice. Investors are jostling as they used to invest their capital home."Today, especially in private banks, customers are interested in hedge fund performance, but want liquid funds and regulated," says one Axa IM. And as for hedge funds, the customer is king.

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"Aging can not around, we must assume," said Labour Minister Eric Woerth merced this morning, in the introduction to the presentation of its pension reform. A reform that the Minister of Labour wanted "responsible and fair", repeating the statements of the President of the Republic on Tuesday night. To restore the financial balance of PAYG pension scheme in 2018, the government provides multiple measures, including increasing the statutory age of retirement is the main. It should contribute to new revenue generated by 50%. In total, Bercy believes that the pension reform should help reduce the government deficit of 0.5 percentage points of GDP by 2013.

• The legal age of retirement is raised to 62 years: "It is the heart of our reform," said Eric Woerth Wednesday morning.Between 62 and 63 years, Nicolas Sarkozy has finally opted for the less radical change. But the pace of transition to the statutory retirement age will, however, at a pace faster than initially expected: four months per year from 1 July 2011, not three. In practice, people born in 1950 will be the last to be able to retire at age 60. Those born in 1951 will work up to 60 years and four months, those born in 1952 to 60 years and eight months, and so on until the generation born in 1956, for which the statutory retirement age to retirement will be set at 62 years. This implies that the reform will be implemented for everyone in 2018, not 2020. Meanwhile, the age of retirement which can reach a full pension will be increased from 65 to 67 years.A position that is both "reasonable and effective" given the increased life expectancy, argued Eric Woerth. Despite the reform, are on average three years longer to be passed in retirement because of life expectancy, he said. "If the contribution period should remain the only leverage new revenue, it would have to grow up to 47 years to get the same result.

• The contribution period will increase to 41 years and a quarter in 2013 and 41.5 years in 2020.

• The high income and capital income into play: as promised in mid-May by Nicolas Sarkozy, the easier will help shore up the unfunded pension system.

The tax households located in the top of the scale of tax on income will be taxed at 41% instead of 40%, in the name of a "solidarity contribution pension.342,000 tax households, or 1% of the population reporting more than 69,783 euros per share will be affected by this measure, which will not be included in the tax shield.

The capital income will be affected, in the form of a one point increase levies on sales and real estate. The tax credit on dividends received by shareholders should be deleted. The employer contribution will go on stock options on its side of 10-14%, saving 70 million euros, and the employee contribution from 2.5% to 8% payday loan online.

The beneficiaries of pensions hats will also implement a social contribution of 14%, which should bring 110 million euros.

In total, these measures will generate 3.7 billion in revenue.

• The hardship is taken into account: "The reform opens a new right," assured Eric Woerth. "60 years of age will retire worn by employees working." People whose health was damaged because of their working conditions (undergoing disability equal to or greater than 20% of the rent bénécifiant rofessional disease) may indeed leave at 60 with a retreat rate full, whatever their number of quarters. This year 10,000 people are expected to benefit from this new law.

Those who started working before age 18 may also retire between 58 and 60, in the condition that the statutory period of assessment over two years. In total, "over 60,000 people per year will not be affected by a departure at age 62, an unprecedented effort in Europe," argued Eric Woerth.

• The pension scheme of officials close to that of private, for estimated revenue of 4.4 billion. Officials will not be saved by postponing the statutory retirement age. The active groups (police, military …), which currently start at 50 or 55 years, will gradually raised the limit of two years. In contrast, employees of the special arrangements will be concerned that from 1 January 2017.The pension contribution rate on wages of employees, currently 7.85%, will also also gradually increased to match the term of private fixed at 10.55%. The calculation of pensions will instead retain the last six months, unlike the private sector.

• Promote the employment of older workers: "From 60 years, the participation rate of French is the lowest in Europe," lamented Eric Woerth. "The postponement of the age will increase the rate of mechanical activity." In order, however, the influx of seniors in the labor market does not result in an influx of additional unemployed, the Minister of Labour announced on Wednesday "an employment subsidy a year for the unemployed over 55.The development of mentoring remains another lever that the government wishes to promote.

• Improving women's pensions, farmers and unemployed: For maternity leave does further lower the mothers' pensions, the daily allowance paid during maternity leave will now be included in the earnings base for calculating pension. For farmers, the rules of the minimum pension will be reviewed, so that those who have contributed little to the minimum pension of 709 euros. As for the unemployed not receiving benefits, the number of terms validated by solidarity in order to prepare for retirement will now 4 to 6.

"Look at the presentation of the reform by Eric Woerth:

The regulation of the financial world would soon see the day. In the United States and Europe, urging the regulators not to adopt stricter rules and thus provide the means to avoid another financial crisis.

In Europe, German Chancellor Angela Merkel and President Nicolas Sarkozy urged the European Commission to "accelerate its work" for an "enhanced supervision" of financial markets in a joint letter to José Manuel Barroso. Thus, Merkel and Nicolas Sarkozy felt that "there is an urgent need for the Commission to expedite its work with regard to the enhanced framework of sovereign CDS market and short sales, and this before the July Ecofin all possible courses of action. "The Heads of State put forward "the return of high market volatility, which makes it legitimate to wonder about some specific financial techniques and the use of certain derivatives such as naked short selling and credit default swaps (CDS).

Financial reform expected U.S. June 26

Across the Atlantic, there is evidence that financial reform should come from next June 26. Indeed, Republican Barney Frank and Democrat Christopher Dodd, father of the original text on financial reform, agreed yesterday on a planning committee that would allow the Senate and House of Representatives to harmonize their versions. For now, both houses of Representatives have both passed a different version of the text. Elected officials from each chamber are now trying to work on a common version.Congress hopes to be ready for the G20 to be held on 26 and 27 June in Toronto and where regulation of the financial sector will be a central theme. The final text could be adopted just before the recess of parliament in early July. It will then be submitted to the U.S. president Barack Obama for enactment.

Adoption of a system of circuit breakers

Also in this effort to regulate the financial sphere, the system of "circuit breaker" required by the Securities and Exchange Commission (SEC) could come into force next Monday. It provides for a suspension of trade in a way that would have fluctuated more than 10% in less than five minutes on the market. With this rule, the Constable of U.S. financial markets hoping to avoid the stock market panic like that of May 6.The SEC is considering extending these fuses, which concern the time being listed companies in the Standard & Poor's 500, over a thousand companies.

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.

The euro zone growth will do better than expected this year, but then things could get tougher for weak links – including Greece and Portugal – which continue to frighten the markets with their debt problems. The European Commission has revised upward its growth forecast Wednesday in 2010, 0.9% (against 0.7% previously forecast). In 2011, the forecast remains unchanged at +1.5%.

"The improved prospects for economic growth this year is good news for Europe," said Economic Affairs Commissioner Olli Rehn. But "we must ensure that risks to financial stability does not compromise this".These figures have initially supported the markets, before a relapse during the meeting.

Forecast 2011 decline

The Commission stressed that the pace of recovery could vary from one state to another. The Netherlands, Germany and France are expected to fare well in the game But in the South, we can expect a performance below average. Greece and could show a contraction of GDP – 3% this year and – 0.5% next year. Spain will be a little better, with growth expected to – 0.4% and 0.8% respectively. In Portugal, the Commission expects a GDP growth of +0.5% this year and 0.7% next year.For these three countries, forecast in 2011 have been revised downwards compared to the figures published in the fall.

The challenge for these countries is that they must serve their public finances without stifling the recovery. "Sustained growth requires fiscal consolidation efforts and specific reforms that improve productivity and employment", insisted Mr Rehn. The deficit is expected to reach 9.3% of GDP in Greece this year, against 9.8% and 8.5% in Spain to Portugal – the record being held by Ireland with 11.7%. But "if other measures sontentreprises farms (to clean up the accounts, Ed), we can expect that this will have an effect on growth," says one to the Commission.

While fears of contagion from the crisis scariest Greek markets, the EU executive wanted was reassuring."Greece is a unique and special," said Rehn, and "It's important to extinguish the brush fire before it becomes a wildfire in the European Union."

For its part, the head of the Eurogroup Jean-Claude Juncker, has ruled out any risk of contagion Greek, and any assumptions bursting of the euro area. As to former Commission President Jacques Delors, he expressed regret for lost time: "The firefighters are at work" to defend Greece and the euro, but "we must say they have been slow .

Norsk Hydro announced Sunday evening the acquisition of assets in the aluminum Brazilian Vale. In a statement, the Norwegian group, which the state holds a majority stake, said that the transaction amount is $ 4.9 billion, equivalent to 3.7 billion euros. The acquisition of these assets, all located in Brazil, is expected to close in the fourth quarter this year.

In exchange, Vale will receive 22% stake in Norsk Hydro, becoming the second largest shareholder in the company after the Norwegian state, and a cash payment of $ 1.1 billion.

To fund this mega operation, the Norwegian group will launch a capital increase of 10 billion kroner (1.75 billion dollars). The transaction is expected to close in the fourth quarter of 2010. On this occasion, by the Norwegian state will be reduced from 43.8% to 34.5%.

Too dependent on others until

The acquisition by Norsk Hydro is the largest acquisition made by a Norwegian company out of its bases No fax pay day loan. This operation ensures the supply of bauxite Norsk Hydro hundred years.

The main assets are redeemed in Vale's share of 51% in the aluminum smelter Albras, its 57% in the Alunorte alumina refinery jointly owned with Norsk Hydro – who now control 91% -, and 60% in Paragominas bauxite mine. Alunorte is the largest alumina refinery in the world, and Paragominas is the third largest bauxite mine, ore of aluminum base of the planet.

"We were so far dependent on others for the purchase of raw materials the most important [for the group, Ed], bauxite and alumina."This agreement will (…) Norsk Hydro group present on the entire chain with strong positions in the production of bauxite, alumina production, the production of aluminum and its transformation, welcomed Terje Vareberg, president of the board of directors, at a press conference.

Greece, Portugal and Spain. Southern Europe continues to frighten the markets. The Spanish saw its debt rating one notch worse, with a negative outlook.

Between degradation rate and retention Note

During a joint press conference yesterday, Jean-Claude Trichet, president of the European Central Bank, and Dominique Strauss-Kahn, director of the International Monetary Fund, have called on Germany to take an expeditious decision on aid Greece. Both men say they are confident. German Chancellor Angela Merkel seems he heard the message, since it has declared its intention to activate "as quickly as possible" aid plan.

Fortunately, a decision from the United States has been somewhat reassure financial markets. The Fed has indeed confirmed keep interest rates low for a "prolonged period".And this, despite a rapid recovery of the economy.

In this context, it will be interesting to see how values are changing bank, after they have been two sessions in the red. Above Credit Agricole said Wednesday night that its exposure to sovereign risk in Greece amounted to 850 million euros.

Quarterly Results: Sanofi-Aventis, and Technip for ArcelorMittal

Among the values that have posted Wednesday, PPR has returned to growth in the first quarter after five consecutive quarters of downturn, and said Tuesday anticipate a further acceleration in sales during the year.

The day of Thursday will be rich in quarterly publications: ArcelorMittal, France Telecom, Suez Environment, Sanofi-Aventis, Pernod-Ricard, Vivendi, AXA, Bouygues, Areva or Michelin publish.

Renault has announced that the equity between the group, its Japanese partner Nissan and Germany's Daimler had been made Wednesday. The three groups have formalized their alliance in early April for three to share technologies and reduce costs.

The U.S. unemployment statistics in the heart of the day

On the macroeconomic front, the day will, however, less responsible.On the program, the weekly claims for unemployment benefit, which will be published at approximately 14.30 U.S., unemployment for the month of April in Germany and in April business confidence in the euro area.

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