The Nikkei, less than an hour from the close of the Tokyo Stock Exchange, fell sharply from 0.82% to 9224.94 points.

Eurogroup meeting on tax credit

On the macroeconomic front, the day will be especially marked by the meeting of EU finance ministers in Brussels to discuss the establishment of a tax on stock trades and discuss financial supervision in Europe.

On the currency markets, the euro back to a high of three weeks against the dollar, pulled down by renewed concerns about the European banking sector.At about 8:00 the single currency worth 1.2801 dollars (-0.57%).

On the side of companies, two new publications interim results are scheduled before the opening of trading on Tuesday: Medica and Inter Parfums.

In addition to cyclical stocks traidtionnels – banking and automobiles – investors will closely monitor the behavior of steelmakers after the announcement of the recovery plan of 50 billion dollars of Barack Obama and rising steel prices. Chinese steelmakers show increases of about 4% to 5%.

Peugeot unveiled the price of its electric car: it will cost about 30,000 euros. According to Japanese newspaper Nikkei, the group will produce an electric vehicle in 2012 in Vigo, Spain, with its partner Nippon Mitsubishi.

Deutsche Bank announced Monday it is mounted to the capital of France Telecom at 5%.This raises concerns of a particular union, which fears that it is harbinger of a merger with Deutsche Telekom.

The laboratory specializes in homeopathy, Boiron, whose share price was suspended on Monday, announced this evening have succeeded with the Court of Appeal of Versailles in a tax record.

After a half year marked by declining performance, Audika, the specialist distributor of hearing aids, said he adapted his communication campaigns to bring back into its stores seniors stung by a gloomy economic climate.

Vinci has won a contract worth 264 million euros for an underground parking and landscaped grounds in Qatar.

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

Social unrest

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

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

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

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

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

»Back to top

Budget: tough decisions on niches

On the foreign exchange market, the euro is strengthening its progress against the dollar Friday on funding fears of slowing economic recovery in the United States. In the morning, the euro was at 1.2975 dollars against 1.2941 dollars the previous day. He subsequently crossed the threshold of $ 1.30. A first for over two months.

On the side of values, the Internet giant Google has released the Thursday after the close a net result up 24.3% in the second quarter to 1.840 billion dollars for the second quarter on a turnover of 6 8 billion dollars (24%). The action yields 5.37% to 467.70 dollars.

The BP oil company, also traded on Wall Street, said Thursday at the very end of the meeting that spillage of oil had been observed after complete blockage of the wells caused the oil spill in the Gulf of Mexico Bad Credit Payday Advance. However, the title gives 2.49% to 37.95 dollars.

Always on the side of values, the investment bank Goldman Sachs said Thursday after agreeing to pay closing $ 550 million of Ammende (425 million) to end the accusations of fraud regarding the marketing of a product derived from subprime mortgages. It is the largest penalty ever paid to the stock exchange authority, the Securities and Exchange Commission, in a Wall Street firm and the third highest all U.S. companies combined. Investors seem relieved. the title is 2.81% to 149.26 dollars.

Apple has invited journalists to a press conference this Friday, then multiply that rumors of a possible recall of four new iPhones, including an antenna problem has been confirmed by an influential magazine. title wins 0.55% to 252.83 dollars.

The banks should also react Friday to the adoption yesterday by the senate of the reform on Wall Street. Besides the publication of their results. Bank of Amercia plsu yield of 6% to 14.42 dollars and 3.58% Citi 4.01 dollras.

"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 Korean Experience, by Alexander Delaigue, economist and blogger Econoclaste

Protectionism? Good questions but wrong answers, by Nicolas Bouzou, economist at Asteris

Bilateral trade is threatening the dominance of developed countries, by Cyril LACHEVRE, editor of Le Figaro Economie

The fixed-type, by Sebastian Lamache, professor of economics and social Alencon

Korean Experience

Delaigue by Alexander, an economist and blogger Econoclaste

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 turnover of automotive operations increased by 53.4% over the first three months of the year, to 605.6 million, a level comparable to the turnover of the fourth quarter of 2009 (594 million euros).The environment of the activity rose 4.1% to 104.2 million unsecured personal loans.

In 2009, the automotive supplier has made an annual turnover of 2.459 billion euros, down 8.8% and a profit of 63.8 million against a loss in 2008.

Boosted by new models

The activity was supported by the rebound in production in North America and Europe, by continued strong growth in Asia, especially China (152%) and by new model launches in Germany BMW X1 and X5 in the U.S., the Citroen C3 and DS3 in France and the Opel Astra in Germany.

The turnover of the second quarter of 2010 should be similar to the First and growth pole Environment, started in Q1 2010, is expected to accelerate throughout the year, the company said in a statement.

The title, which has a market capitalization of 570 million euros, has already increased by nearly 75% since 1 January after a gain of 160% in 2009.

ALSO READ:

»Plastic Omnium profitable again in 2009

Last year, its turnover reached 915 million euros, down 0.9% compared to 2008. This development has been permitted by opening 26 new outlets. At comparable number of stores, sales fell 6.8%. If it was buckled, this sale would mean the end of the adventure Carrefour Portugal, where the group was present since 1990.In July 2007, the group had already sold for 662 million euros twelve hypermarkets, whose turnover reached 530 million euros so.

Net-a-porter is one of the best success stories of fashion on the Internet. Founded in 2000 in London by Natalie Massenet, an Englishwoman raised in France, former fashion journalist in American magazines, it distributes worldwide about 300 items from great brands rather pointed, like Jimmy Choo, Stella McCartney and Alexander McQueen . The offer is presented in magazine format. The company based in London and New York last year realized a turnover of approximately 134 million euros.The founder sells 18% of the affair it still held, for an estimated 70 million euros. She will remain in place, deeply involved in its development.

"Given the amount, it is clearly a strategic investment, says it does among the Richemont instant payday loan. Net-a-porter will, like all our houses, totally independent. This will not become a channel for the group and we are pleased that the site continues to work with external marks. "So far, the Swiss has a modest presence on the site, including via its label Chloe.

Richemont nevertheless demonstrates a firm belief in the future of e-commerce for luxury. "These are consumers who will decide," Does it tempers in Geneva. So far the industry has been very careful – if reluctantly – to invest the net.The adventure of LVMH in the early 2000s in its U.S. e-luxury.com was cut short. According to a recent study by Precepta, web weighs only 3% of worldwide turnover of luxury. That figure could reach 4.7% in 2011, representing a market of 7 billion euros. The brands like Boucheron (a subsidiary of PPR), Cartier, recently the United States, Ralph Lauren and Gucci come gradually. Yoox.com The Italian, who has just come into stock, has developed a multi-brand and manages many e-shops for claws.