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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.

There are many advertisements that boast of having lower cost for car insurance, but the truth is, most all car insurance companies can provide you with a cheaper policy just by streamlining your coverage.

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.

En route to a seventh consecutive session up to the Paris Bourse. On Wednesday, the CAC 40 starts the day with a gain of 0.40% to 3652.19 points. Investors in Paris after their Asian counterparts so that this morning pushed the indices of the region.

In the rest of Europe, the mood is the same. The DAX index of the Frankfurt Stock Exchange opened up 0.39% to 6215.23 points while in London, the FTSE index gained 0.31% to 5287.28 points.

The markets are reassured about the pace of global economic recovery by the strong quarterly results from major U.S. companies. Monday, Alcoa sent a positive signal, captured well by Wall Street, which signed its sixth consecutive session.Then, Tuesday evening after the stock market, Intel announced it had completed the performance in its history with net earnings in the second quarter of 2.887 billion dollars, far above the consensus.

The reassuring news overshadowed the announcement by Moody's from a severe degradation of the note in Portuguese debt. Similarly, they overshadow the low morale of German investors, illustrated by a Zew index at its lowest since April.

Side indicators on Wednesday, investors will keep a close eye on the industrial production figures for the euro area over the months of May and the index of consumer prices in June, savings account payday loans.The United States will publish details of their sales and their weekly oil inventories.

Note that in the good mood, the euro remains above 1.27 dollar, euro 1.2703 per dollar, more precisely. The greenback lost some of its appeal as a safe haven after this encouraging start to the season results in the United States.

The technology sector at the party

From the corporate side, the day will be very quiet on July 14, national holiday. No publication or any announcement are expected.

As in Asia, the technology sector benefited from the announcement of Intel. Alcatel-Lucent (+1.37% to 2.22 euros), STMicroelectronics (2.85% to EUR 6n95) or Soitec (4.31% to 8.60 euros) grew significantly.

Requiring further attention, the reaction of France Telecom, while the group general manager, Stéphane Richard, acknowledged Tuesday for the first time the suicide of an employee as an occupational accident. The securities lost 0.07% to 15.13 euros.

After his good start in stock, Carmat still trying to attract investors and does this mean securities earning 1.72% to 22.48 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.

Brazilian acquisition for LVMH. The French luxury group said on Friday taking a controlling stake of 70% in Sack's, the leader in sales of perfumes and cosmetics on the Internet and a leading distributor of beauty products in Brazil. No amount has been disclosed about the investment.

This acquisition will enable the world's leading luxury brand Sephora develop the Brazilian market, first in line and in stores, the company said in a statement.

Sack's, founded in 2000 and based in Rio de Janeiro, sells over 270 brands and over 83,000 customers in its database. The site for online sale is one of the three most visited sites in Brazil, with 4 million unique visitors per month. Brazil and beyond, the South American markets are extremely holders for the sale of luxury goods.

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 first witnesses in the trial of Jerome Kerviel to show unfavorable to the former trader. However, the three lawyers of the Societe Generale seem nervous.

My Veil, Reinhart and Martineau do not in place. Sometimes they twirl and shake, like swallows on a wire, while nearly two representatives of the Crown. The result is a mass effect on the side of the charge, which accentuates the loneliness of the accused, sitting in a chair – which is probably not displease her advice. Sometimes, in turn, lawyers for the plaintiff are powerful whisper the word to reporters, as if they have trumpeted the court might be misunderstood.

Here are just a witness who has everything to please them: SN is a trader at Societe Generale. Tall, slim, short hair, gray suit (a standard, obviously), this old friend of Mr.Kerviel stands slightly hunched, embarrassed of the man whose belly gargoyle society. "I do not necessarily asked to be there," he slips to the President. But since there is, he sings the lament of an honest financial embittered: "We all have limits to respect. Jerome Kerviel took positions stratospheric endangering the bank and its employees. We are fighting every day to earn a little money in the bank. I am disappointed and disgusted. "

Mr. Metzner asticote this model employee: "If you say the lesser evil of the Company generally, you would find your chair tomorrow?"

The witness, categorically: "Yes paydayloans. "

The lawyer, humbug "Try …"

Martineau and yelping My Veil: "MSunder oath! We want him to give false testimony: "The prosecutor Jean-Michel Aldebert, but caveat:" Do not terrorize witnesses, Master! "

Mr. Metzner and his partner, Nicolas Huc-Morel, now produce a picture that at first sight, shows that the theoretical limit imposed on the traders would have been "disabled" – understood: it was not expressly prohibited Kerviel to invest billions. Claire Dumas, part of SocGen, refutes the argument. The three councils of the bank seriously nod of the head, Mr. Metzner is gloating.As Mr Kerviel, but it should be noted that his ostensible irony and his disposition to take up anyone questioned irritate the president, who often questioned.

Societe Generale, it comes out of his sleeve a graphic frightening: If it had not "unwound" Kerviel aberrant positions from January 2008, she had said she lost, not 4.9, but 29 billion. This time, the trio that swagger, while Mr. Metzner, red as a peony, storm: "These pieces have not been disclosed to the defense!"

The performance resumed Friday morning.

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The euro continued its fall on Monday and slips under the threshold of 1.19 to 1.1894 dollar against the euro early this morning, a first in over four years. The single currency also fell back against the Japanese currency, the euro fell to its lowest level in over eight years, listing at 108.35 yen against 110.01 yen on Friday evening.

The cause new concerns about the financial situation of Europe after the alarmist claims in Hungary on the country's economic situation where the deficit would exceed 7% of gross domestic product (GDP) while the official estimates evoked 4 5%. A scenario that is eerily the premises of the crisis in Greece.

The economic and monetary instability in the euro zone single currency also weakened. But European leaders are willing to intervene.French President Nicolas Sarkozy and German Chancellor Angela Merkel met today in Berlin to strengthen their ties and cohesion policies. If both appear on the same line in terms of regulation, the outlawing of the regulators or the taxation of banks, other topics are still under discussion as the degree of budgetary austerity.

However, the Luxembourg Prime Minister Jean-Claude Juncker reassuring. The latter said yesterday that the euro is not undermined. Questioned on TV5 Monde, the president of the Eurogroup has explained that while "money appears very weak in the eyes of the markets," in reality "it is not because our fundamentals are stronger than those of Japan and the United States United.

Markets dive again s'nquiètent of the euro and the situation in Hungary.The Tokyo stock market declines and 4% in mid-session on Monday.

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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.