Unemployment in Germany fell to its lowest level for over 18 years in September as businesses continued to hire despite the downturn in the recovery.
According to statistics released Thursday by the Federal Labour Office, the number of job seekers decreased by 40,000 from the previous month to $ 3.146 million, down two times higher than that expected by economists polled by Reuters.
It is the fifteenth consecutive decline in the number of unemployed, whose share in the workforce fell to 7.5% against 7.6% in August, the lowest since April 1992, according to statistics from the Bundesbank.
"The conditions on the labor market will continue to improve in the coming months.Statistic of GDP in the second quarter showed that exports but also domestic demand to recover strongly now, "said Timo Klein, economist at IHS Global Insight.
"The figures are down a part-time and temporary work has already returned more or less levels of the mid-2008 levels before the crisis," he adds.
PAY INCREASE IN THE STEEL INDUSTRY
The government has taken steps to encourage companies to resort to layoffs rather than part time during the crisis, which helped limit the rise in unemployment.
This practice, called "Kurzarbeit", but tend to decline, says Labour Office.In July, some 288,000 employees received incentives for part-time, or 111,000 less than the previous month.
The decline in unemployment appears to boost the morale of households.It should reach its highest October level since May 2008, on Tuesday showed the monthly survey of the GfK research institute.
Boosted by exports, Germany has taken out quickly last year to its worst recession in the postwar period, but the bleak outlook of some of its trading partners should result in slower growth compared to the increase of 2.2% recorded in the second quarter.
Economists now expect an average growth of 3.0% for all of 2010.
Several ministers said the number of unemployed is expected to fall below three million this year, and employment is expected to reach its highest level since reunification in 1990.
In the morning, the Employers' Federation of Steel and the union IG Metall announced an agreement on a salary increase of 3.6% from October, which will benefit 85,000 employees in the sector.
The group of hotels and casinos Lucien Barriere should make its IPO on October 1 at about 16.10 euros per share, the bottom of the indicative valuation range provided to the market, said Tuesday banking sources told Reuters.
The IPO, closely watched after the partial failure suffered in February by retirement homes Medica, operates in a climate marked by relatively cautious investors vis-à-vis the risky assets in general and in particular shares.
The range of application were fixed between 16.10 and 19.60 euros, which valued Lucien Barrière between 575 and 700 million euros.
Nobody was available at the Lucien Barrière group to comment on this information.
This must allow the hotel group Accor to sell its 49% stake in Lucien Barrière and should allow the family Desseigne Barrier to strengthen the group's capital.
Around 3:10 p.m. Accor share lost 1.56% to 26.50 euros.
Investment bankers were responsible for a message indicating that the market price offered to the market is at the bottom of the scale, banking sources said.
"The message is that we stop rather low end to 16.10 euros (…)" reported one of the bankers.
"Most investors (interested in the case) were placed on this award," he says, adding that there is no questioning of other modalities.
"It was a message that if people wanted to place orders, they could make the low end," confirmed another banker.
The offering, which began Sept. 16, is scheduled to close Wednesday at 17.00, also reminded the bankers.
Valeo has revised up again Monday several of its objectives in a recovering faster than expected global automotive production.
At 11:35, the action of the supplier earns 1.13% to 33.545 euros.
The French manufacturer announced in a statement now expect growth of 19% of global automobile production in 2010, while in July, when publishing its interim results, it was up 16%.
"In this context, Valeo continues to outperform its major markets and sales group in the second half should be significantly higher than was projected in July," he added.
When publishing its interim, the group had not provided any numerical target turnover for the second half of the year.
It was then revised upward its 2010 operating margin target to more than 5%, while it expects up to a doubling of the rate of 1.8% in 2009Cet goal should be updated upon publication of the sales business group in the third quarter, October 21, said a spokesman.
In the first half, Valeo has returned a net profit, achieved a turnover up 38% to 4.8 billion euros and an operating margin of 6.1%, its highest level in ten years.
Nike Thursday posted quarterly earnings well above expectations due to strong demand in North America and China.
In after-hours trading, the value gained 5.3% after finishing at 77.67 dollars, up 0.5%.
The world's number one sporting a net profit of 559 million dollars for its first fiscal quarter ended August 31, or $ 1.14 per share, against $ 513 million or $ 1.04 per share in first quarter Fiscal 2009-2010.
Analysts had forecast $ 1.01 on average, according to Thomson Reuters I / B / E / S.
Revenues for the quarter increased 8% to $ 5.18 billion.Analysts had expected 5.22 billion.
Excluding currency effects, sales rose 10%.
Orders to be delivered between September 2010 and January 2011 totaled $ 7.1 billion. They are up 10% year on year.
Excluding currency effects, these orders have increased 13%, exceeding the expectations of the analysts.
For the fourth quarter, Nike expects a 7% increase in orders.
The growth of activity in services and manufacturing in the euro area slowed more than expected in September although the optimism of business leaders for the coming months has strengthened show Thursday Initial results of monthly surveys from Markit purchasing managers.
PMI flash services, calculated on the basis of responses from approximately 2,000 companies, fell to 53.6 against 55.9 in August, falling to its lowest level since February.
It now exceeds more than a year since the 50 between contraction and expansion of activity.But it appears below the consensus estimate of economists and analysts polled by Reuters, who gave it to 55.5.
"The slowdown in September is quite high, but the third quarter as a whole does not seem too bad.The pace of growth remains strong (…) We expect growth (Gross Domestic Product) of about 0.6%, "said Chris Williamson, Mark.
For the manufacturing sector, one of the engines of recovery in late 2009, the PMI flash fell to the lowest since January, to 53.6 against 55.1 in August and 54.5 expected.
The composite PMI, which includes services and industry and is often used to predict the evolution of global growth, fell to 53.8 against 56.2 last month, well below estimates, which gave 55 7.
Ben May at Capital Economics, "prefigures the composite index still reasonably healthy growth in quarterly GDP, about 0.4%.
"But, more worryingly, the equivalent U.S. and UK have recently registered decreases even stronger, and as the euro zone is often behind these indices, further declines in the coming months are unlikely to exclude" , "he added.
The euro area is output in the third quarter of last year from its worst recession since World War II and the announcement last month of relatively strong growth of 1.0% in the second quarter surprised the markets.
THE SLOWDOWN IS CONFIRMED
But economists expect a slowdown over the coming months with the rise of austerity plans implemented by many states and mitigation of support provided to date by the stimulus.However, the likelihood of a relapse into recession in the region is considered low.
Based on estimates of about 70 economists polled by Reuters, the growth of the Sixteen would be between 0.2% and 0.4% per quarter until the end of 2011.
The PMI for new orders in manufacturing fell in September to the lowest in a year, falling from 55.3 to 52.8.And the decline in new contracts in services is of equal magnitude.
Wednesday, Eurostat reported a 2.4% decline in industrial orders in the euro area in July, down two times greater than expected due among others to a significant weakness in capital goods and consumer durables.
And the recent appreciation of the euro against the dollar a bit more clouded the horizon for exporters in the region.
Positive, the expectations index to a year in services, the largest sector of the euro area rose one point to 68.1, its highest since April.
This rise contrasts with the sharp drop in the ZEW index of investor sentiment in Germany announced last week.
In Germany, growth fell to its lowest level since February in the services and the lowest in the industry since January, according to PMI flash nationally.
In France, PMI flash services also appears slightly below the consensus while the industry shows up unexpectedly.
More worryingly, the composite index of employment fell to 51.3 against 51.7 in August, which bodes of a slowdown in hiring.
European shares ended the session down Tuesday as investors cautious statements expected from the Fed after a meeting of its Monetary Policy Committee (FOMC).
The Paris CAC 40 index ended the session on a decline of 0.10% (-3.61 points) to 3784.40 points.
The losses have been limited by good performance in the construction sector after the release of U.S. data considered reassuring for the real estate market.
Ubisoft wins more than 7.39% at the close of the Paris Stock Exchange, while Goldman Sachs added the action of the video game publisher to its list of reference "conviction buy list".
Nokia loses the title, however, 4.51% after the group announced Tuesday it had, for the second time, decided to postpone the marketing of its new flagship model N8.
The Greek central bank said Monday the postponement of resistance tests of its banks under the agreement with the European Union and the International Monetary Fund (IMF), saying they would be, if not too close of "stress tests" Europe in July.
This decision should in particular allow the number one local sector, National Bank of Greece in the sector to complete its capital increase.
In the spring signing aid plan of 110 billion euros developed by its partners in the eurozone, the IMF and the European Central Bank, Greece is committed to strengthening the supervision of its banking system, which includes achieving resistance testing quarterly.
The major banks have already been submitted at the beginning of summer to tests performed by the Committee of European Banking Supervisors (CEBS) and one of them, ATEbank failed in the most severe scenario.
"The delay is not important. The stress tests CEBS have somehow disrupted the previous arrangements between the Bank of Greece and the IMF.Conduct further testing in September after those of CEBS in July would be too close to the two simulations of each other, "commented Alexander Kyrtsis, an analyst at UBS.
A central bank official said the tests would most likely take place in October.
Analysts explained that the postponement would leave the field open to multiple deadlines expected in the sector, including the capital increase of EUR 2.8 billion from National Bank of Greece, a report on privatization and nine months results banks.
TESTS OF THOSE DIFFERENT GREEK CEBS
"The central bank wants the stress tests take into account a series of developments to come," said Natasa Roumantzi, responsible for the analysis of Piraeus Securities."First, he spent little time since the stress tests in July and she wants the capital increase of National Bank is complete."
The Greece international creditors want to be assured that the Greek banking system is adequately protected against rising bad debts caused by the recession and austerity measures implemented in recent months.
Greek banks have also seen their access to traditional financial markets dry up due to the sovereign debt crisis, which forced them to turn massively to the European Central Bank to provide liquidity.In August, the funding provided by the ECB in the sector reached 95.9 billion euros, or about 19% of total banking system assets.
A senior official of a major Greek bank said that tests conducted by the central bank would likely be different from those of CEBS.
"If the stress tests of the IMF and the Bank of Greece are similar to those of CEBS, there is no reason to achieve. They will to some extent be more severe for credit losses, either on the sovereign exposure, "said Alexander for his part Kyrtsis.
EADS on Friday unveiled its new logo, and gets rid of the last national symbols and its founding French and German, while its subsidiary Airbus is seeking to end the disunity among participating countries in its development.
The presentation of the new logo, unveiled on the website of the European aerospace group (www.eads.com), has not made much fanfare, the underlying motivation for this change, the integration of international activities, providing a sensitive issue for investors and the 100,000 employees of the company.
EADS has been rocked by conflict between the French and Germans and other internal tensions over 10 years payday loans.
Louis Welsh, Director General of the European Group, was appointed in 2007 following an agreement between France and Germany to simplify corporate structure and reduce the tensions that had reached their peak with delays production of the A380 superjumbo.
The logo change was announced by sources close to the matter at the Reuters Summit on aerospace and defense, which took place earlier this month in Washington.
Around 1315 GMT, EADS gained 0.80%, while at the same time the Paris Bourse was virtually unchanged (-0.06%).
The family holding company of Dassault confirmed Friday it was considering a purchase of 100% of the newspaper Le Parisien, Aujourd'hui en France.
A spokesman Group Industriel Marcel Dassault said: "We study the file to analyze a single acquisition of Paris and in France today to 100%."
He added that the perimeter of redemption also included printing related to the Parisian and its national edition.
Serge Dassault, who already owns Le Figaro, met in late August Marie-Odile Amaury, the owner of the Amaury group, which owns the Parisian-Today in France, and sent him a letter of intent there a fortnight, has said the spokesman.
It has however refused to confirm press reports that an offer is imminent, declaring that no timetable had been set at this point.
The Amaury Group, which also owns the daily newspaper L'Equipe and who has piloted the Tour de France, had announced in June it was considering a link-up "part" of the Parisian-Today in France.
The Letter of Development had written that the Amaury group had hired investment bank Rothschild to sell the Parisian-Today in France in order to focus on sport.
Le Parisien raises for many lusts.
Serge Dassault and would compete with Vincent Bollore, but also, in the daily Les Echos and La Tribune, with the German group Axel Springer as well as investment funds.
In late August, presenting the results of his group, Bollore had estimated that the Parisian was "an extremely interesting opportunity" because "it is a great newspaper." He however said there was no discussion with the Amaury group.
Bollore's interest for Le Parisien appeared in 2009 when Marie-Odile Amaury had fired a shot the daily's editor and two editors.
Bollore is already present in the media through free daily Direct Soir and Direct Matin.It also owns the television channel Direct 8.
Is also interested, according to La Tribune, the British investment fund Mecom, who had attempted in 2007 to buy The Journals of the South, the group controlling the securities Nice-Matin, Corse-Matin, Var Matin and La Provence, which belonged Lagardère.
The French fund Foundation Capital has advised on its side in the magazine Challenges that he was interested in Le Parisien, but looking for a partner to support him in the deal.
Boeing and the European Union believe that each report of World Trade Organization (WTO) in their favor in the transatlantic dispute over the financing of the aviation sector.
The confidential report of the WTO, provided only to European and U.S. authorities could not be released until mid-2011.
According to European sources, the judges of the WTO concluded that the U.S. aircraft manufacturer had received more than $ 20 billion (15.4 billion euros) of public subsidies in the United States, contested by the Union European and call for their removal.
The confidential decision of the WTO, if confirmed, could argue for a negotiated solution desired by the EU, the largest trade dispute between Washington to Brussels.
"I'll just say that the report seems comprehensive and his conclusions confirm the opinion of the European Union," said Karel de Gucht, EU Trade Commissioner.
"A closer examination is necessary, but I am more convinced than before that the subsidy issue can be resolved only through negotiations," he said.
For its part, Boeing says that if the information is correct, "the verdict amounts to a massive rejection of accusations by the European Union."
According to two U.S. sources familiar with the matter, the WTO report amounts to $ 5 billion in public subsidies to Boeing, which is less than $ 24 billion mentioned by the European Union.
"Nothing in the information released today is comparable with the 20 billion dollars in illegal subsidies received by Airbus and EADS and identified by the WTO in June," said Boeing.
In June, the WTO ruled illegal European subsidies provided to Airbus.
