The values to follow on Wednesday at the Paris Bourse, where the CAC 40 has risen sharply and takes 1.75% to 3,551.87 points at 12:42, after the recent half-yearly publication of the index generally encouraging.
* VIVENDI signs the largest increase in ACC and climbed 4.56% after announcing an anticipated increase in its annual results for 2010 and maintaining its dividend at least 1.40 euro until 2012, after a first half marked by higher performance expectations, including SFR.
Lafarge wins * 4.41%. CA Cheuvreux has raised its rating to outperform against under-performance for valuation issues.In addition, Moody's confirmed Tuesday evening Baa3 debt rating of the group he had placed under review in early August for a possible lowering.
* Also in Construction, VINCI was up 2.89% after confirming its forecast for an improvement in its net profit this year and said he had good visibility for 2011 and beyond given the backlog. SAINT-GOBAIN earns 2.65%.
* In contrast, Bouygues is the only value of ACC in the red, losing 0.67%.The group has slightly raised its sales target for 2010 but has expressed an intensification of the relief of its subsidiary Colas (-4.75%), including the weakness in the first half was partially offset by Bouygues Telecom and TF1 ( 1.2%).
* CARREFOUR advance 2.9% to 36.87 euros after the publication of his semi. Deutsche Bank raised its target price of 36-41 euros and reiterated its advice to buy the title.
Moreover, the Japanese distribution Aeon will bid on the assets of French in Thailand, Malaysia and Singapore, it was learned from sources close to the matter.
* ARCELORMITTAL garnered 2.08% with its sector in Europe (+1.6%), driven by a slight rebound in manufacturing activity in China.
* Sanofi-Aventis jumped 2.23%.In an interview with Reuters, CEO of Genzyme considers the probability of finding an agreement on an offer from Sanofi on American group, however, reiterating that no question of accepting the proposed price of $ 69 per share
* Out ACC, CAM, highest increase of the SBF 120, jumped 5.1%. The group has returned to growth in the second quarter after four consecutive quarters of decline and forecast a continued recovery in its automotive business.
6.63% * Havas abandoned after publishing an organic growth in the first half making him "the last of the class" in its sector, in the words of its chairman and largest shareholder, Vincent Bolloré.
* BOURBON loose 3.5%.Specialist Marine Services has published the results down in the first half because of the growth of its operating costs, but the group says still confident in its ability to achieve the objectives of its plan 2011-2015.
* Wendel advance of 3.89%. The investment company has seen its half year results increase sharply thanks to a rebound in performance of its investments as listed and unlisted said there was "no urgency" to make asset sales.
* Transgene is 5.05% after a positive opinion from the European Medicines Agency for the final phase of clinical trials of its treatment of a form of cancer, TG4010.The biotechnology company publishes its interim results this evening after the market closes.
* April Group climbed 4.21% after first half results found encouraging. CM-CIC and Socgen went to purchase the title.
The European financial markets have closed lower Monday, investors still fearing a slowdown in the global economy, but the exchanges were, however, supported by numerous mergers and acquisitions in progress.
The Paris CAC 40 index finished the session with losses, yielding 20.43 points (-0.58%) to 3487.01.
Trade volumes were particularly weak during this meeting due to a holiday in Britain.
The pharmaceutical values showed the strongest gains, taking Sanofi-Aventis 0.66% after the rejection of its proposal for redemption by Genzyme.
Intel announced on Monday the takeover of the division of components for mobile equipment of Germany's Infineon Technologies for $ 1.4 billion, pushing back the title of the latter 3.69% at closing.
Other declining value, the title Safran lost 2.3%, the group had denied preparing a bid for Capital of Zodiac, whose title has however jumped 10.45%.
The Japanese Minister of Finance has honed his arguments Wednesday on the strength of the yen after the Nikkei newspaper had reported that Tokyo would consider unilateral intervention on the foreign exchange market if speculators push the yen upwards.
While it should meet in the day Prime Minister Naoto Kan and other members of the Government, the Minister of Finance Yoshihiko Noda told reporters that he would intervene appropriately whether to do so, speech he had not taken up.
"When necessary shall have to act appropriately," he said in response to a question about the evolution of the yen.
Market participants, however, questioned the ability of unilateral intervention to contain the strong yen, which hit a high Tuesday of 15 years against the dollar and nine years against the euro and weighs heavily on the Stock Exchange Tokyo which closed Wednesday at a low of 16 months.
"The dollar fell to 83 yen, the probability of intervention has increased, but it would take more than intervention," said Kiichi Murashima, an economist at Citigroup Global Markets.
"This must be accompanied by an easing (of monetary policy) of the BoJ (Bank of Japan) to have any effect."
DOUBTS ON MEASURES TAKEN the radical
The soaring yen and the decline of the Tokyo Stock Exchange have increased the probability of announcing a further easing of monetary policy the Bank of Japan before its next meeting on interest rates scheduled for 6 and 7 September, Reuters said sources familiar with the matter.
Speculators doubt however that the BoJ is ready to take drastic measures.
"If they really want to do something about the yen (…) they must create the conditions to anticipate inflation," said Martin Schulz, senior economist at Fujitsu Research Institute.
"But I do not think the BoJ will move in that direction."
While it took nearly 10% since the beginning of the year against the greenback, against which it was trading around 5:45 GMT at 84.28 dollars, some investors believe the greenback could fall to a record high against the Japanese currency, at least 80 dollars.
So far the Japanese authorities tried to contain the strong yen by simple oral statements, the Minister of Finance stressed on Tuesday the growing irritation of Tokyo against the Japanese currency rise.
Now, about Yoshihiko Noda had the opposite effect to that intended, because dealers have so wanted to test the determination of Japanese authorities to stem the yen's appreciation.Why he decided to get tough on Wednesday.
EMERGENCY MEETING
Tokyo should be difficult to convince the United States and Europe to join its efforts on the foreign exchange market, weakening their own currencies being favorable to their exports.
Yoshihiko Noda declined to comment on rumors suggesting a possible meeting with Secretary of U.S. Treasury Timothy Geithner. The U.S. Treasury has not made any comments.
Japan is no longer intervened on the foreign exchange market since 2004.But the situation is becoming even more worrying than the Japanese export growth slowed to an annual rate in the fifth consecutive month in July.
According to an estimate of Nomura Securities, every increase of one yen against the dollar will result in a decrease of 0.9% of current earnings of major Japanese manufacturing groups for fiscal year 2010-2011, which will close in March.
According to sources close to the situation, the most likely scenario is that the BoJ will increase the size, or prolongs the duration of its mechanism of short-term financing in place in December.
The Nikkei newspaper wrote Wednesday that the BoJ intends to take further monetary easing and could do so in the context of an emergency meeting.
Concerns persist about the state of the U.S. economy have overshadowed the optimism caused by the slight recovery evident on the face of mergers and acquisitions, leading U.S. stock indexes finished down on Monday night.
The Dow Jones closed with a loss of 39.21 points, or 0.38%, to 10,174.41.The Standard & Poor's 500 largest, fell 4.33 points, or 0.40%, to 1067.36 while the Nasdaq Composite ended down 20.13 points (-0.92%) to 2159 63.
The technology has largely underperformed other sectors, driven down by Hewlett-Packard and Dell are waging a fierce battle to take 3PAR, data storage specialist.
HP closed down 2.03% to 39.04 dollars and Dell lost 1.08% to 11.94 dollars, while 3PAR has jumped 44.62% to 26.09 dollars.
These offers are in addition to announcements made last week by Intel that is preparing to resume McAfee and BHP Billiton who covets the Canadian expert potash Potash.
On Monday, sources have reported that Campbell Soup paying serious attention to the British United Biscuits.
Campbell Soup took 0.70% 36.90 dollars.
As the CEO of 3M, he announced Monday that his group would invest about two billion dollars in acquisitions in 2010, double its previous estimate. 3M closed up 0.52% to 81.08 dollars.
"Setting the background of the phenomenon of mergers and acquisitions, which has very little seniority, due to the weakness of economic statistics," said Bucky Hellwig, Vice President of BB & T Wealth Management .
Analysts also point out that activity on the front of M & As is explained primarily by the willingness of companies to generate profits through cost savings rather than through growth in sales.
18.15: Final Questions of the President: "There is a bank that claims 5 billion euros. What does that mean to you?" "I am conscious of having gone too far, but things do not happen as simply as this does mean that Societe Generale, defends Jerome Kerviel. "Were you made to be traded?" "Probably not, answers Kerviel. At the time, I thought was made for it, because I brought money. "Was there not a way out of it before it explodes?" "It's hard to say, according to ex-trader, which repeats at every he has never hidden. I acted in full sight of everybody. Everything is known and all means in the trading rooms. "Have you no submissions to make? This is the last boom that I tend … We know all about you?" Yes. "There is no mystery Kerviel?" No. It remains none the wiser …
6:06 p.m.: Kerviel was called to the bar."Who are you then, Mr. Kerviel, questioned the president? "My goal was to earn money in the bank" tirelessly answered the trader. It is still "sorry" for having suffered some people, like shareholders. But without the backing of his superiors Kerviel could have done nothing. Okay, but why Societe Generale would she let you do, the response president? Kerviel answers beside the point: "I do not know what degree of knowledge of my superiors." She adds, "I have not been able to circumvent all the controls. Conclusion of the presiding judge: "It is difficult to get you out of your way to change your point of view."
6:04 p.m.: Last question of the defense Button: IEC you know, the bad bank Société Générale? Evasive answer. "The issue is not really there." "I'm sad Master Metzner," concluded Daniel Bouton.With these words, the hearing is completed. Bouton leaves the room.
5:45 p.m. button explains to judges the arbitration function. "Banks are not what Jerome Kerviel tried to do," he pleads. Metzner did not give up its prey so easily. How come no one has responded to various warnings about Kerviel operations? For Button, it is obvious that should have been "fuck Kerviel at the door when the first warnings were issued." Mr. Dumas is accused of blowing the answers to Button. The discussion gets heated. Mr. Metzner has indeed evoke the suicide of another trader in the summer of 2007. For the lawyer the two cases are inextricably linked. Button indignant.
5:35 p.m.: Olivier Metzner continues on his questions.Including the most important: how Societe Generale could she not see the amount of these commitments "stupid"? For Button, one must distinguish between what was seen – and for now no one has proved that Kerviel's superiors were aware of what-should be seen ..
5:12 p.m.: For 20 minutes it is the shareholders' lawyers who have succeeded at the helm. They ask how Societe Generale could compensate its shareholders. Button, "unfortunately," says he can not do anything because it "is not responsible for any" innuendo, certainly not that. As his doctors told him when he was very ill, "you are not responsible for the crisis of Lehman, the banking crisis in the U.S. and now the Greek crisis".It can "reassurance", especially today, the General Socciété will remind, Button, who is not to much.
5:04 p.m.: Kerviel did not meet the wishes of Button. Prosecutors asked him if two and half years after the fraud he is determined to make excuses. He does not refuse them openly, but does not give up. "Of course I recognize mistakes, encouraged by my superiors" Kerviel replied. "50 billion euros you did not lose your cool, slice the prosecutor.
16h50: Button gets to tell his nights. In a strange dream Kerviel admits that he lied, and admitted that no member of the hierarchy has not pushed to defraud. And in this dream, Kerviel explained why he did it. He explained to the tens of thousands of employees of Societe Generale, who also are entitled to answers …A question remains: is it that there is a case where Kerviel's positions had been winning? For Button, of course not. The bank relies on the confidence that gave him his staff. The former CEO is trying a bit of humor. With 1.4 billion won, "the bank might be able to save the souls of young débousselés of trading rooms. Button Kerviel admits to still the tip of talent, and even a "capacity to conceal quite exceptional". With sympathy and physical, it was impossible to be suspicious, finds the former boss of the SG.
Telefonica announces a 9.4% increase in earnings in the first half, exceeding expectations, the strength of its overseas operations to compensate for the weakness of its domestic market, Spain.
The Spanish division of the group, which generates one third of total turnover, has been hit hard by the recession and caused concern to investors. But the group said Thursday she was showing signs of improvement.
He has limited the decline in sales to 3.2% in the second quarter, against 5.7% in the first three months of the year.
"These results are solid at all levels, a recovery in Spain offsetting recent fears of a slowdown in consumption.Business in Latin America is solid, "said David Wright, an analyst specializing in telecommunications from Deutsche Bank, adding that the group's activities in Britain and Germany will also reflect well.
The first operator of the euro zone by market capitalization has made a net profit of 3.78 billion euros in the first half, against forecasts for 3.68 billion euros by 10 analysts polled by Reuters.Its first half sales rose to 29.05 billion euros against 28.55 billion expected.
After weeks of fierce fighting, Telefonica has achieved his ends Wednesday in announcing an agreement with Portugal Telecom to repurchase shares of Portuguese in the Brazilian mobile operator Vivo.
In Latin America, which generates 40% of sales, group sales rose 10.2% and gross operating income of 6.1%.
The control of Vivo should allow the group to increase the number of subscribers in Brazil, giving it top spot in this coveted market.
For its part, France Telecom said Thursday a decline in sales and profit margins in the second quarter, but he confirmed the level of its dividend until 2012.
Technip Thursday confirmed its financial targets for 2010 despite the downturn in results in the second quarter and said it was too early to evaluate the impact of futures oil spill in the Gulf of Mexico on the group.
The French oil equipment specialist argued that the incident leaden with oil giant BP had induced a moratorium on drilling and that would delay short-term investment decisions.
The group believes nevertheless able to take its game to end by focusing on safety.
"In the longer term we believe that everywhere in the world, operators prefer to work with contractors who have maintained a constant effort of investment in security," he said in a statement Thierry Pilenko, CEO of the group.
Technip has repeated that he was a 2010 turnover of approximately 5.9 to 6.1 billion euros, with sales of Subsea (underwater infrastructure) of about 2.6 to 2.7 billion, a margin of this sector exceeds 15% and stable margins in its Onshore / Offshore.
The company posted second-quarter sales of 1.484 billion euros and a net profit of 106.1 million euros and an EBIT of 160.5 million, results above expectations analysts according to the group.
These three indicators have fallen from the second quarter of 2009 excluding the impact of exchange rate of 14.3%, 8.7% and 18.1% respectively.
The group's operating margin stood at 10.8%, against 11.3% during the same period last year.
The group had to cope with difficult market conditions, particularly with the collapse of the financial crisis in 2008 and falling prices of oil and gas that followed.
The contracts after this period were signed with strong pressure on margins and increased competition between operators.
In late June, the backlog of Technip progressed him to 8.263 billion euros against 6.066 billion at the end of the second quarter of 2009, renewed energy prices encourage new investment.
Wendel and his former Chief Executive Jean-Bernard Lafonta subject of proceedings before the Sanctions Committee of the Financial Markets Authority (AMF) on the climb to the capital of Saint-Gobain, writes Le Figaro.
The procedure relates the position that Wendel indirectly held in Saint-Gobain, through derivatives, where the investment firm said to have crossed the threshold of 5% stake in the building materials group in September 2007 by daily.
It would be of Wendel was whether the market informed of the existence of its position in derivatives that indirectly strengthened its position in round of Saint-Gobain.
Grievances reported several months ago by the College of the MFA will be reviewed promptly by the sanctions committee, said Le Figaro.
A spokesman declined to comment Wendel information Friday morning.
The AMF was not immediately available to provide comment.
The International Monetary Fund (IMF) estimates that the economic recovery of the United States proves stronger than expected but still weakened by high unemployment and a moribund housing market.
The IMF has slightly raised its outlook for U.S. growth to 3.3% for 2010 and 2.9% for 2011, but he added that unemployment would remain above 9% for two years, with inflation still low.
In a statement released Thursday after annual consultations with the U.S. authorities, the IMF considers that the recovery from the recession is affirmed by an efficient reaction of the authorities in monetary and fiscal policy.
"The outlook has improved with the recovery but weaknesses remain in household balance sheets and financial services, combined with high unemployment may slow private spending," observes the Fund.
Angela Merkel said Wednesday that the euro had stabilized and he had a better basis than before the debt crisis of the Greek through measures to reduce the debt established in the euro area.
"The euro has stabilized," Merkel said in an interview with German television station N24, according to the text released by the media.
"This is an important signal that banks are conducting stress tests and we have more transparency in the system.And it is gratifying that in contrast with what was in the spring, almost all European countries are now saying that we need to reduce deficits and reliance has structural reforms. "
She added: "Once fully implemented the measures decided reliance has, it will mean that the euro is a stronger base than before the crisis. We must await the results of resistance testing. But we are ready, aves rescue measures of the euro, to stabilize the euro at any time. "
