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%.
Mattel announced Friday a lower than expected earnings in the second quarter, a weak euro offset the benefits of licensed Toy Story 3 and strong sales of Hot Wheels.
The manufacturer of the Barbie doll has reported a profit of $ 51.6 million, or 14 cents per share, against 21.5 million (six cents) a year earlier.
Turnover increased 13.4% to $ 1.02 billion but the effects of unfavorable exchange slashed three points to this growth.
The Thomson Reuters consensus I / B / E / S gave an EPS of 15 cents and revenue of $ 1.02 billion.
Sales in the U.S. increased by 17% and 9% in the rest of the world.
Sales of Barbie and Hot Wheels were up 6% and 11% respectively, while those of American Girl fell 4%.
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.
Greece will overcome its fiscal crisis without having to restructure its debt, said Greek Finance Minister George Papaconstantinou in an interview published Wednesday by the German newspaper Handelsblatt.
'We still have a credibility problem, he acknowledged, adding that the country would not need to restructure its debt.
'We must not let the single currency to be destroyed by the markets overreacted.
A delegation of the European Union, the International Monetary Fund (IMF) and European Central Bank (ECB) said last week that Greece put in place economic reforms, according to plan massive aid over three years 110 billion euros to save the country from bankruptcy.
"I see the end of the tunnel," said the minister.
"We hope to finish the year better than we expected, out of the recession more quickly and return to growth from the mid-2011," he said, while acknowledging that "Spain and the Portugal [were] in a much better position than Greece.
In return for IMF assistance plan / EU, Greece has promised to cut its budget deficit to 8.1% of GDP this year to comply with the requirements of Brussels and under the 3% of GDP by 2014 .
Why oil markets do not react to the catastrophe of BP in the Gulf of Mexico?
It is true that oil prices have finally been little impacted by this disaster. For two reasons. First, it was thought a few days after the disaster, the movement of tankers in the Gulf would be disrupted, which could affect the evolution of very short-term U.S. oil inventories. This was not the case. Meanwhile, outside the six-month moratorium on the exploitation of new platforms, markets await the outcome of the commission, (introduced by the Obama Administration) regarding the future development of deepwater drilling. For the moment nothing has filtered out on the progress of discussions. Yes, President, stuck in the oil slick bomb on his chest and hardens ecological discourse.But for the United States, deprive themselves of deepwater drilling and oil from the Gulf of Mexico equivalent to increasing its short-term dependence on foreign and thereby increase its imports and the movement of tankers. But from a strictly ecological point of view, the likelihood of oil spills associated with tanker accidents is much higher than that related to problems occurring on a platform …
The survival of BP is threatened?
BP is not dead but its future is very bleak. The total cost of the disaster will obviously staggering, at least about 10 billion dollars. But the slate will not pay a single blow and will be paid over several years, which does not undermine the cash short-term business.It remains, however, the cost in terms of reputation and image especially in the United States. Can you imagine, when referring to obtain from the U.S. Administration to permit new drilling in the United States that This case does not come back on the carpet. But the U.S. market is essential for BP. It represents 26% of its oil and gas worldwide, 40% of its sale of petroleum products and 56% of its refining capacity. This ecological disaster is challenging deep and lasting development of BP across the Atlantic.
The objective, "not less deficit, a deficit from zero in 2018," insisted Eric Woerth at the presentation of the proposed government reform, Wednesday, June 16 The key measure for achieving this and the decline of the statutory retirement age to 62 years. And a whole series of other measures, which help the rich, business, capital, etc..
Read about: Pension reform: who pays?
In total, the combined revenues related to raising the legal age of retirement, the alignment of the public on the private and various taxes and levies increases, will amount to 27.2 billion euros in 2018.
The government also plans to switch the unemployment insurance contributions on pension contributions from 2015, assuming a return to the green accounts Unedic.This shift would provide 1 billion euros of additional revenue in 2018.
In addition, the funding for the state retirement officials will now be frozen at its current level of 15.6 billion euros a year. This non-worsening deficit is included as a gain by the government in its calculations of pension funding. A calculation that is questionable to say the president of the National Fund of retirement, Daniele Karniewicz that "the account is not there".
The proposed reform of the government does not provide that additional income: it also includes a series of "fair" and "positive" in the words of the Minister of Labour.Maintenance of the device "long careers, can leave at 60 years under the" hardship "increase the number of terms validated during the period of youth unemployment, maternity leave compensation to the calculation of pensions for women, exemption from wage costs for companies that hire unemployed over 55 years, etc. … total, these measures will cost 1.3 billion euros in 2018.
What funding after 2018?
So in the end, the 42 billion euros needed to finance pensions in 2018 will be well assured, if it is based on calculations of the government. But before? Meanwhile the "deficit 0", the accumulated holes will be financed by the Pension Reserve Fund (RRF), whose assets reached 34.5 billion euros.The fund, which accumulates up financial reserves and is fed by a levy of 2% on income from property and investment.
It was established in 1999 by the Socialist government of Lionel Jospin to face the demographic shock expected after 2020. His assets should therefore not be released to the origin before that date. In fact in 2020 that the generations of the baby boom, the "boomers" of today, are retiring. The FRR was hoping to further capitalize on the funds entrusted to him and was expecting an available amount of 87 billion euros in 2020. This is not the case. All of its funds should indeed be engulfed by 2020.
And after 2018? A great deal of uncertainty about the future: the reform of government does not respond to this question. He places the cursor on the age of retirement in the heart of its reform.But the economic gains of this variable on the long term fading. According to the ROC, the rise of legal age to 62 years provides an improved pension deficit by half in 2020, then fourth in 2030 and only 15% in 2050. Indeed, after raising the age completed, improving the balance is reduced as a result of the increase in the average pension.
The coffee burns. Around 1000 GMT (1200 Paris), Arabica for September delivery traded on the NYBOT-ICE touched 162.95 U.S. cents per pound, its highest level since early March 2008, garnering over 12% compared to Friday last. Robusta (September) traded on Liffe in London soared to 1,595 dollars per tonne, its highest since early March 2009.
"The explosion in prices is explained by fears of supply failing to keep up with demand," commented analyst at Commerzbank.
Indeed, the tight supply from Vietnam and Central America support prices, as fears about the effect expected from the ongoing harvest in Brazil, the largest producer of coffee, according to Michael Hewson, an analyst at CMC Markets.Furthermore, demand continues to strengthen in key import markets such as Europe, Japan and the United States.
"The markets are catching up after a while to take into account" the tension on the fundamentals of supply and demand, noted Kona Haque, analyst at Macquarie, to the extent that the rebound is reinforced by a renewed interest to speculative investors taking advantage of a slight weakening of the dollar.
"The supply-demand balance of the arabica market suggests another deficit in 2009/2010 season, also highlights the analyst, noting also that the European stocks of coffee have shown a decrease in April .
The greenback fell Wednesday to 1.2353 dollars per euro, its lowest level in two weeks, making them more attractive purchases of raw materials denominated in dollars for investors provided with other currencies.
Innumerable reactions, unsurprisingly diametrically opposed, welcomed the detailed design of the government on pensions, and most employers applauding while unions and the left have criticized the "injustice" of the reform.
"A reform unfair and short-term almost a provocation"
First, since the relevant draft law applies to employees, trade unions, who will meet Thursday to diagnose common government proposals, said they were furious and insisted – except that FP should not participate – on the importance of the day of strikes and demonstrations of June 24
Eric Aubin, head of pensions to the CGT, has asked the government to "rewrite" his reform project "taking into account what the unions say.The CGT vilifies "a brutal reform" with "conditions of acquisition of pension rights the most drastic in Europe.
François Chérèque (CFDT) speaks of "reform unfair and short-term almost a provocation," saying that "85% of the effort is borne solely by employees. According to the CFDT, "the younger generations will pay the price" of a future reform, considered "inevitable".
Jean-Claude Mailly (FOR), "it is in the" work more to earn less ". As Solidarity (South and other unions), he asked "withdrawal" of government copies. The pattern of TF has appealed to his counterparts of the foot."If other unions are on the same position – we will not quibble about this or that point – the unit of action is possible."
Like his colleagues, the TCRC President Jacques Voisin railed that the request to take account of the harshness of certain trades "ends with an end of inadmissibility.
President of the National Fund for Pension Insurance (CNAV), Daniele Karniewicz (CFE-CGC) estimates that "missing" 16 billion euros in the government project to ensure balance. One argument used extensively, especially the PS.
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The UMP and the MEDEF applaud
Tone different at MEDEF. The employers' organization sees "a great step forward" in the decline of legal age, but criticizes the "higher taxes on savings, considered harmful to business financing.The judge CGPME reform "fairly balanced".
In the National Assembly, the weather was stormy at the presentation of the reform commission by Eric Woerth, in which the leading members Jean-Marc Ayrault, PS called "a little respect and listening."
If the New Centre (NC) regretted the lack of "systemic reform" wing called "social" of the majority approved warmly. "The worker who started work at 17 years can be confident and secure," said UMP deputy Pierre Mehaignerie. For Alain Juppe, the reform is "very ambitious, comprehensive and above all fair." However, the president of Modem Bayrou has found the project "not fair".
Outcry left
Martine Aubry, the Socialist Party first secretary, branded "irresponsible reform.She believes that "the postponement of the retirement age to 62 years is a measure which does not solve ideological problems of funding pensions.
Segolene Royal has denounced "a threefold denial" of Nicolas Sarkozy, "the worst part" to deny "the promise" of 2007 not to touch retirement at age 60.
Also strong criticism from the Greens ("an outrageous injustice"), and other leftist. But "the battle is not over," hopes the PCF.
As to Marine Le Pen (National Front), she denounced reform "actually written by the MEDEF, the European Commission and the rating agencies.
