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%.
European shares ended slightly lower Wednesday, ending six consecutive sessions upward, banking stocks have suffered from the perspective of capital rules and more stringent risk for banks.
The increase of the high tech, according to results from Intel, however, helped to significantly reduce losses. Without appease investors who wait with some anxiety the results of stress tests of banks, July 23.
In Paris the Cac 40 index loses and 0.13% to 3632.98 points.The FTSEurofirst 300 index, which gained 8.2% over the previous six sessions, do likewise yields only 0.14%.
The European banking index, which lost more than 1% in session, ended the day on a decline of 0.42%. This is the second segment loss of the day and not as the first meeting. On the contrary, it confirms the high techs gain the most important day of 1.21%.
For banks, BNP Paribas, HSBC and Societe Generale have lost 1% to 2.7%.
For the high techs, ASLM Holdings gained 3.05%. The world leader in machine lithographed raised its revenue outlook for 2010, strong demand for its machines that allowed him to achieve results better than expected second quarter.
Growth in manufacturing output slowed in June in Europe, the euro zone even dropped below four months, further indication of lack of breath from the economic recovery in the region.
The final results of the survey conducted among Markit purchasing managers, the PMI manufacturing sector in the euro area stood at 55.6 in June, a level consistent with the flash estimate and slightly below the 55 , 8 May.
Economists do not take the alarm to prevent a risk of sudden halt to growth in Europe, but it seems clear that economic activity has probably reached its maximum rate during the quarter just s' complete and that interest rates should be maintained at low levels until next year.
"In many Western countries, we will see the pace of economic growth slowed in the second half of the year.This is the path that one takes, "said Mark Miller, economist at Lloyds TSB Corporate Markets in London.
"In continental Europe, exports remain an engine of economic growth but I do not know how long this can continue."
In France, growth in manufacturing activity slowed for the second consecutive month the sector has continued to destroy jobs.By dipping to 55.8 in June, the PMI Markit / FASC has reached its lowest level since December 2009.
Similarly, the UK manufacturing activity slowed to its lowest level in 10 months when she had reached a high of 15 in May
In contrast, activity in Germany has kept pace in June than in May, with an index that has emerged even slightly higher than the first estimate published two weeks ago.
The slowdown in manufacturing activity is not unique to Europe and key emerging countries as well as India and especially China are also involved.
While economists do not expect a recurrence of the global economy into recession, some warn that most developed countries could face a protracted period of sluggish growth.
INSEE confirmed the modest growth of 0.1% of GDP in the first quarter but revised the figure up in the fourth quarter 2009 to +0.6% +0.5% instead announced May
The figure for all of last year remains unchanged at -2.5%, the worst recession known the French economy in the postwar period.
In late March, the acquired growth for 2010 came to 0.8%.
Consumer spending by French households have stagnated in January-March when they were up 1.0% at end 2009 (0.9% in the previous estimate) before the reduction of vehicle scrappage.
The total investment fell by 0.9% (after -1.1% in the fourth quarter), with declines of 0.6% for household investment and 1.0% for non-financial firms.
The government spending stagnated after rising 0.6% in late 2009.
The total final domestic demand (excluding inventories) contributed negatively to growth (-0.2 instead of -0.1 points initially estimated), after +0.5% in October to December.
Changes in inventories also contributed negatively by 0.2 percentage points (instead of -0.1) to the growth in the first quarter as foreign trade contributed positively to the tune of 0.4 points.Exports increased by 4.1% (instead of 3.9%) in the quarter, almost twice more than imports (+2.1% instead of 2.0%).
Detailed results of the national accounts also reveal that the disposable income of households rose 0.4% in fourth quarter, after rising 0.2% in the previous three months.But the benefits have slowed, increased taxes and inflation accelerated, so that the purchasing power of disposable income fell 0.1%, after stability in the fourth quarter.
The savings rate has meanwhile declined slightly to 15.7% from 15.8% in late 2009.
Last indication given by INSEE, the margin of non-financial corporations increased by 1.2 points to 30.5%.
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 pension reform presented Wednesday, June 16 by the Labour Minister, Eric Woerth, will help reduce the government deficit in France to 0.5 by 2013, when the government pledged to reduce it to 3 % of gross domestic product (GDP), according to estimates provided by Bercy.
"This reform helps to improve the deficit by about 0.5 percentage points of GDP by 2013, it was argued in the entourage of the Minister of Economy Christine Lagarde. By 2020, the measures announced by the government "would reduce the government deficit by 1.9 percentage point of GDP, they added the same source.
The government deficit (state, corporate and local) of France, formed by the crisis, should beat a new record this year, 8% of GDP.The Government is committed to the European Commission to take on the 2013-3% limit allowed by the European Stability Pact.
Brussels said Tuesday that France would "specify" the budget saving measures planned to take its objective and could be forced to take further.
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.
