European shares opened slightly lower Tuesday after Moody's decision to lower the perspective of the AAA rating of certain European countries, including France and the UK , and lower that of six states, including Spain, Italy and Portugal.
The Moody's decision weighs on market sentiment already dominated by concerns about the ability of Athens to carry out drastic austerity measures required by its lenders in exchange for a new aid plan.
"It is clear that (the decision by Moody's) do not change the deal, but they come at a time when investors are asking questions about risky assets, following a period of strong growth" said Chris Weston, institutional trader at IG Markets.
The euro and British pound lost ground against the dollar after this announcement, as the yen after a new policy easing by the Bank of Japan.
The day will be full of economic indicators including the German ZEW index and industrial production in the eurozone, as well as new auctions of sovereign debt in Europe.
In the afternoon, investors expect sales to particular details of the U.S. in January and business inventories for December.
The Paris CAC 40 index yields 0.3% to 3,374.97 points in early trade, the German Dax lost 0.1%, the UK FTSE 0.16% and the pan-European index STOXX 50 was down 0.18%.
Bank stocks in Europe (-0.57%) are among the largest declines, with insurers (-0.53%) and commodities (-0.8%).
In Paris, BNP Paribas lost 2.7%, largest drop in the CAC 40, followed by Credit Agricole (-1.64%) and Societe Generale (-1.5%).
Alcatel-Lucent continues to rise they began Friday after the publication of its first profit since 2006, and earns 4% plus increase in the CAC.
L'Oreal takes 2.1% after posting results slightly exceeded expectations, marked by a recovery in margins, and have said "well armed (…) for another year of growth in turnover and results. "
The committee of independent directors to investigate the controversial takeover of UraMin by Areva is expected to conclude Tuesday with a "weak governance", says the Sunday newspaper, citing a "source close "group.
Rene Ricol, charged in 2010 by Nicolas Sarkozy to audit the accounts of French nuclear giant, looking for the same argument, although it acknowledges not Lauvergeon, the former President of the Executive.
The latter said he had no knowledge of mining reports dated from 2008 and 2009 from the geology department of Areva, according to Rene Ricol who put labels on mine reserves and opportunities for exploitation.
"If Anne Lauvergeon has not been informed, the least we can say is that this is a concern in terms of governance," he said, adding that he has had not itself access to these documents during the audit.
"This lack of transparency is unacceptable," he adds.
The purchase of Uramin in 2007 to 1.7 billion euros has forced the giant French nuclear to include in its accounts in 2010 and 2011 provisions totaling close to 1, 9 billion euros to reflect the depreciation of its assets following a drop in uranium prices.
The Industry Minister, Eric Besson, said Sunday he expected the committee's report Tuesday to decide.
"I think we should let those whose work is now shed light on this apparent overvaluation, almost coarse, this mine," he said in the e The Great Mission Visit Europe 1 / i> TELE / Le Parisien.
"This is precisely what the committee of independent directors must say and enlighten. Is it simply a gross error of assessment or do it more? It is for this committee on the one hand and justice, as it has received various complaints now, to say it. "
.. …… "unacceptable practices"
Rene Ricol also condemned the investigations by the husband of pharmacies Anne Lauvergeon
. "These practices are completely unacceptable," he said, calling however "paranoid" reaction of the former president of nuclear group
. He called the protagonists of the record-Anne Lauvergeon, the current leader of the group and Luc Oursel Director of Mining activity Sebastian Montessus to keep their cool. "If they do not subside, it will all end badly."
Lauvergeon Wednesday asked the court to appoint an expert to examine the conditions under which the group commissioned a survey in 2010 related to the acquisition of Uramin.
The Tribunal de Grande Instance of Paris (TGI) announced that it would make its decision on February 29.
Lauvergeon and his lawyers believe that the recipients of the report, ordered society Apic, did not respect the internal rules of Areva.
They say that they include not having alerted the supervisory bodies of the group while the report concluded Apic a possible "fraud" in connection with the redemption.
Lawyers for Anne Lauvergeon protest against an investigation that would have resulted in an alleged espionage husband of the former president of Areva, Olivier Fric, to determine if the had illegally benefited from the acquisition of Uramin.
The former president and CEO of Areva has defended the purchase of Uramin and considered normal for this type of operation can lead to impairment.
The U.S. trade deficit widened slightly more than expected in December, the acceleration of growth with increased imports to their highest level in three and a half years.
The figures released Friday by the Commerce Department also show that the trade deficit with China set a new record over the entire 2011 to 295,500,000,000 dollars (224 billion euros) , a figure that could stimulate discussion often strained between Washington and Beijing within days of a high-level meeting between the two countries.
The monthly trade deficit stood at $ 48.8 billion in December, as imports reached their highest level since July 2008, just before the financial crisis do fall world trade.
Analysts polled by Reuters had expected an average monthly figure of 48.0 billion. The November deficit was revised to $ 47.1 billion against 47.75 billion originally announced.
U.S. exports rose slightly in December (0.7%), but nearly two times less than imports (+1.3%).
For Omer Esiner, strategist at Commonwealth Foreign Exchange in Washington, the slow growth of exports in December could be due to "a fairly soft global demand," a bleak trend.
"Continuous improvement of economic growth here (United States) will result in an increase in imports. But a slowdown in the exports would be a concern: they played a big role in the improvement seen last year, "he says …….
.. The dollar was up against the euro Friday as investors attaching greater importance to the evolution of the debt crisis in the area euro as U.S. data
. CHINA, SENSITIVE PARTNER
Over the whole of 2011, the trade deficit the U.S. has increased from 11.6% to 558.0 billion, a level not seen since 2008 …….
.. Exports rose 14.5%, exceeding for the first time the threshold of 2.100 billion, a growth that leaves the U.S. economy ; Rican on track to achieve the goal set by President Barack Obama, namely a doubling of exports in five years.
Meanwhile, U.S. imports recorded an increase of 13.8%, to nearly 2700 billion. Foreign car purchases included at their highest level since 2007 and oil imports its highest since 2008.
The average price of imported oil has registered a record high in 2011 to 99.78 dollars a barrel.
Unprecedented deficit with China is expected to fuel the concern expressed by Congress against the policy of the People's Republic, regularly accused maintaining the undervaluation of the currency to help its exporters.
Especially since Barack Obama is scheduled to meet next week the Chinese Vice President Xi Jinping, considered a future issue of the regime.
U.S. exports to China jumped 13.1% last year to $ 103.9 billion while imports reached 399.3 billion (+9.4%).
China has published its side Friday figures showing a reduction in its current account deficit in 2011, which provide an additional argument to support it seeks to reduce its dependence on external demand.
However, a sharp decline in imports in January coupled with a decline slowed exports resulted in the largest trade surplus for six months.
Trade deficits of the United States with the European Union and Canada have also increased in 2011 to 99.2 billion and 35.6 billion respectively.
The price of a liter of unleaded 95 euro climbed to 1.5640, while that of 98 unleaded rose to 1.6022 euro. This surge is due to tensions in Iran and the decline of the euro.
The price of gasoline at the pump hit new highs Friday in France, according to data released Tuesday by the Ministry of Sustainable Development, those of diesel playing in contrast to the decline. The price of a liter of unleaded 95 euro climbed to 1.5640, while that of unleaded 98 (whose sales are much lower in SP95) rose to 1.6022 euro, surpassing both levels records they had met in January, according to figures compiled by the Directorate General for Energy and Climate (EDCM).
However, diesel is still trending down, to 1.3960 euro per liter last week against a peak of 1.4240 in mid-January, and well below its spring 2008 record (1.4541 euro ). These are national averages calculated by the DGEC from data provided by service stations.
This surge is linked to two phenomena, geopolitical tensions (Iran, Nigeria …) that keep crude oil prices at very high levels, and weakening of the euro against the dollar, which increases the cost of black gold imported into France, once its price converted into the single currency. Diesel sales represent about 80% of French consumption of motor fuels, the unleaded 95 just under 15% and unleaded approximately 98% 5.
The French car market fell by 20.7% in January, falling to its lowest level for 14 years, the disappearance of the last scrappage sluggish economy and the sign for the sector a difficult first half. According to figures released Wednesday by the Committee of French Automobile Manufacturers (CCFA), registrations in the Hexagon emerged last month at 147,143 units, almost 39,000 less that 'in January 2011. "This is a lowest since 1998. The bad controls are not in December registrations in January (…) The first half would be difficult," said Francois Roudier Wednesday , spokesman for the CCFA. Sales of light trucks fared better, but nevertheless signed the first decline for several months with a 2.5% decline in gross (-7% on CJO) to ; 32,707 units. "This is one more indicator of the economic context, an additional amber light came on," said Flavien Neuvy, Director of the Cetelem of the car. "The trend is bad for sales to individuals, but the climate gradient will also weigh on sales to companies," he added. Around 24:30, the values are still car oriented upward, catching up after several sessions of declines. The European index sector is 2.6%, 2.1% Volkswagen, PSA and Renault 2.9% 3.4%. VERY GOOD MONTH FOR VOLKSWAGEN AND NISSAN The CCFA said that the builders who have benefited from the scrappage scheme have had their registrations plummeted. In addition, the prospect of the release of new models during the years attracted the attention of future customers, it adds. Car sales of PSA Peugeot Citroen last month fell 27.4%, while those of the Renault group tumbled 32.7% (-36.9% for the diamond brand and -10.5% for the low cost brand Dacia). In a statement, Renault blamed the decline in the ongoing renewal of its range, including the arrival of the Clio 4 in the fall. The Group nevertheless confirmed its target of a French market share close to 26.1% in 2011. Next PSA, Peugeot has also continued to be affected by pending the arrival of the 208, scheduled for spring. Other general, the Fiat brand saw its sales in France dropped by 40.9%. In contrast, German Volkswagen still has shot out of the game: Group registrations increased by 18.2%, and the only VW to 26.8% with a wide offensive in terms of products and prices. Nissan's partner Renault, meanwhile saw its sales under its own brand to increase by 19%, which allowed him to exceed the month Opel (GM group) by volume. Sign that sales may remain low for at least several months, PSA Peugeot Citroen announced Tuesday that production would be stopped a week at Mulhouse and Sochaux early March to "adapt the stocks at the request commercial ". Both sites, however, produce some best-sellers like the Peugeot 308 and 3008 and the Citroën C4 and DS4. PSA and Renault have said in recent weeks to expect a difficult environment in 2012. They expect a decline of at least 3% of the European market this year and down 5 to 8% of the French market.
The Swiss government said Wednesday it has chosen to renew its fighter fleet with 22 copies of the Saab Gripen of Sweden, preferred to Dassault Aviation's Rafale and the Eurofighter consortium which includes the European EADS.
Switzerland was launched three years ago the tender for the renewal of its fleet, now consisting of F-5E / F Tiger built by the American Northrop, whose older copies have been flying since 1976.
She originally planned to order up to 33 devices.
The President of the European Central Bank (ECB) Mario Draghi said that the primary purpose of the institution is price stability. He refuses to do more to assist States in the euro area, noting that the "credibility" of the ECB is at stake The Governor of the Bank of Italy, Mario Draghi, should succeed Jean-Claude Trichet as President of the European Central Bank.
The President of the European Central Bank (ECB) Mario Draghi Friday defended the independence of the institution subject to strong pressure to intervene financially better deal with the debt crisis, stressing that it was his "credibility" was at stake . "Our credibility implies the success of our monetary policy (consisting of) anchor the inflation outlook in the medium and long term (…) to sustain growth, job creation and financial stability.
Former European Commissioner Mario Monti was the favorite Thursday to succeed Silvio Berlusconi as head of the Italian government and try to counter the surge in borrowing costs in the country, another who briefly relieved the European stock exchanges.
The Economist, 68, former European Commissioner and now president of Bocconi University in Milan, is seen for weeks by the markets as the best candidate to lead a government of national unity and implementation of emergency austerity measures needed to redress the accounts of the country.The Paris Bourse was almost in equilibrium, Frankfurt advanced 0.5% and London gave up 0.45%.
Discussions in the PDL
Italian President Giorgio Napolitano has appointed Mario Monti senator for life Wednesday. Investors saw this as a sign that he would ask him to try to form a government from the start of Silvio Berlusconi, expected in the coming days.
And as the cost of borrowing to ten years in Italy continue to grow beyond 7%, a level deemed unsustainable by many, the assumption of a unity government seems to be gaining ground in the PDL.
"The LDP can not simply follow the call to the polls that emanates from the core," said Foreign Minister Franco Frattini in an interview with Corriere della Sera.
Faurecia announced Friday the successful refinancing for a $ 1.5 billion, the group has launched Monday.
These operations include a bond due in December 2016, for $ 350 million with a coupon of 9.375%, said the automotive supplier in a statement.
The refinancing of Faurecia also involves a new syndicated loan of 1,150 million, consisting of two bands A (690 million euros) and B (460 million), respectively of maturity in November 2014 and November 2016.
These two operations will allow us to prepay a loan of 250 million euros made by Peugeot in conjunction with the refinancing of the existing syndicated bank also said Faurecia.
Newly appointed head of the IMF, Christine Lagarde Nicolas Sarkozy will meet Saturday to prepare for the G20 summit in Cannes. Christine Lagarde REUTERS / Benoit Tessier (FRANCE – Tags: POLITICS)
Nicolas Sarkozy Saturday at noon will receive the Executive Director of the IMF Christine Lagarde to talk about it with "the preparation of the Cannes summit of the G20 and the situation in the euro area," the Elysee Palace said Friday.
The head of the French state will fly the next day to Berlin for talks with German Chancellor Angela Merkel poour attempt to speed up the rescue plan of the single currency.
Leaders from the eurozone continue intensive negotiations for a recapitalization of banks in the EU to address the risks of contagion from the debt crisis.
Germany has given the green light last week in the expansion of the European Financial Stability Fund (EFSF), which is waiting for the ratification of Slovakia.
