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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.

Until recently, searching for health insurance quotes was a rare occurrence, not only in the online world of private coverage providers but also among their brick-and-mortar counterparts.

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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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.

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.

A denied "categorically". Fabrice Tourre, a trader at the heart of the case heard Goldman Sachs on Tuesday by U.S. lawmakers, denies all charges against him and issued against the bank by the SEC, the U.S. financial policeman. In his written testimony, he denied the charge of the market authority that it did not inform investors of the nature of complex financial product he had created, the Abacus AC-07 1. He also denied the fact of not having told investors that Goldman Sachs had authorized the manager hedge fund Paulson & Co in selecting portfolio securities included in the Abacus betting on depreciation.The SEC alleges including Paulson & Co have put in the pocket more than one billion dollars in capital gains through the operation, almost the total amount of losses incurred by investors who bid on Abacus.

Fabrice Tourre himself "surprised" and said he never told the ACA, the media company that acted as an agent of selection underlying portfolio of 07 Abacus AC-1, that Paulson & Co take share or buying a long position in the Abacus. "I do not remember the exact words I used at that time," admits Fabrice Tourre but he claims to have suggested to the ACA, Paulson could be involved in the transaction without being an investor. "If the ACA was not insured on this point, she had every opportunity to clarify the subject."

"We lost money too"

Fabrice Tourre said he never intended to mislead "two of its two major customers, the ACA and the German bank IKB No checking account payday advance. "When Goldman Sachs told investors that ACA had selected the titles referenced in Abacus, this statement was absolutely correct," said Fabrice Tourre.

Contrary to qu'assurent members of the Subcommittee investigation ongoing U.S. Senate, the transaction Abacus, "was not designed to fail". He said Goldman Sachs had no economic interest in seeing it fail. "We lost money too," says he, advancing "an amount exceeding 100 million dollars."

A polluted river

In his testimony, Fabrice Tourre appreciates being able to defend itself against these "false accusations". "These past weeks have been difficult for me and my family. I have been the subject of unfounded attacks on my motives, "he says.

Things get tough for him, as for the other leaders agreed Tuesday. In opening the hearing, Sen. Carl Levin, chairman of the subcommittee, did not mince his words regarding the Goldman Sachs "who took advantage of the collapse. "As the polluters who put the poison into a river, they have integrated the risky products in our financial system and polluted," he acknowledges. He does not forget to pass the role of credit ratings agencies "who with their triple A have to believe that the water was drinkable.

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The International Monetary Fund (IMF) has just been presented with a request for assistance from Greece. Until now, the IMF provided only technical assistance to Athens. The team of experts is hard at work in the capital of Greece. "We are ready to act quickly in response to this demand," said Dominique Strauss-Kahn Friday, IMF Managing Director. And Youssef Boutros-Ghali, chairman of the board of the institution, recalled: "Aid to Greece will take time. This can not happen from one day to another. "Especially since the Papandreou government is engaged in negotiations on a plan" covering several years. "

So far, the IMF had not been involved in developing the plan of the European Union. This is not a member of the board of the fund. The proposals could therefore engage the IMF, said it does in Washington.It is expected to "several weeks" of negotiations. The amount of the full plan could exceed the record $ 58 billion set by Korea in 1997 with the conditions negotiated by the IMF.

The multilateral institution also assumed that the share of aid to Greece will represent one third of the package agreed by the other countries of the euro area. But this figure could possibly change after the verdict of the negotiators of the fund. The absence of a margin for adjustment by devaluation, however, seriously complicates the terms that the IMF should negotiate with the Greek authorities.This is not entirely without precedent: for example, Latvia has received 1.7 billion euros from the IMF in 2008, as part of an international package of 7.5 billion, while keeping its currency indexed euro.

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We now know more about the profile of the 16,350 taxpayers who have benefited from the tax shield in 2009. According to documents that Le Figaro was purchased, the 4521 households who have a wealth greater than 7.3 million and an annual income tax of more than 43,761 euros were collected 90.4% of the amount the tax repaid under the shield. Amounts totaled 585.6 million euros in 2009. These affluent taxpayers received an average check of 117,142 euros.

More generally, 47% of the 2009 version of the shield beneficiaries pay the ISF (wealth tax). And they pick …. 99% of repayments. In 2008, the conclusion was the same. "So I think we need to end both the shield and the ISF, while introducing an additional tax on income at 45% and reviewing the taxation of savings.The shield is a wrong answer to a bad tax, "said Jean Arthuis, the president of the centrist Senate Finance Committee.

For those who are not subject to the ISF, the check tax is much less interesting: just 565 euros. These are households with very low incomes but who own their own homes (a common situation at the meeting, among farmers. …) And are in practice pay their property tax. Also found in this category of professionals who have deficits professionals. It remains an anomaly among the beneficiaries of the shield, there are 14 taxpayers with annual income less than 3428 euros but have some assets above 16 million euros. Some suspect heavy use of tax loopholes that understate income

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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