TSR = Total Shareholder Return: returns for actionnairesMarket value = market capitalization in billions of dollars.

No big movements, the indices have stagnated at these levels throughout the session. Investors have also learned a pleasant surprise on the side of the job today. Entries weekly unemployment, against all expectations, declined slightly in the United States during the week to August 28, at 472 000 478 000 cons last week, according to the labor department. Economists had expected jobless claims averaged 475,000.

Other good news: the promise of real estate sales have rebounded in July.The index of sales agreements rose 5.2% compared to June, when the 79.4 economists had expected a decline of 1%. The decline in June was revised down slightly, to -2.8% against a 2.6% previously announced.

Statistics mixed

But in the meantime, investors learned that nonfarm productivity had declined much more sharply than expected in the second quarter to post its sharpest decline since the third quarter of 2006. Productivity has contracted at an annual rate of 1.8%, instead of a contraction of 0.9% initially announced. Although expectations were counting on a decline of 1.9% over the period April to June, this review again cast doubts on the markets.

Moreover, the increase in orders received by U.S. factories in July was weaker than expected.These have increased – after two consecutive months of decline – from 0.1% to 409.5 billion dollars while economists were expecting an increase of 0.3%.

"It has a low volume of trade, economic indicators rather positive, so it is easy to push the market upwards," said Scott Marcouiller, Wells Fargo Advisors. "It does not happen much on the market," said Lindsey Piegza, FTN Financial, noting the hesitation of the indices during the session. Caution is still required before the publication of the very important report on employment and unemployment in August, tomorrow, Friday, payday loans easy.

Note that on the foreign exchange market, the euro is up slightly against the dollar, but only to increase its gains amid anxiety.

Burger King flies

On the side of values, the automotive sector should stand today.The month of August has actually been the worst for U.S. auto industry since 1983. Sales declined 21% to 11.47 million vehicles. Ford Motor (0.86% to 11.71 dollars) has reported a sales decline of 11%. General Motors, which is preparing an offering of securities to reduce by nearly 61% of the state capital, reflecting a drop in its sales by 25%.

Always on the side of values, the U.S. computer giant Apple (0.74% to 252.17 U.S. dollars) has unveiled the updated version of its iPod portable should be very surrounded. The Apple brand has also significantly lowered the price of its Apple TV boxes, for playback on a television screen high definition video from a computer.

Burger King (25.08% to 23.59 dollars) has formalized its takeover by 3G Capital at a price of $ 24 per share.The total transaction is valued at four billion dollars (3.12 billion euros).

Warren Buffett has filed a formal offer to repurchase its Berkshire Hataway (+0.38% to 81.22 dollars) for the 19.9% stake it does not already own in Wesco Financial (unchanged at $ 363 ).

General Electric (0.80% to 15.13 dollars) and Westinghouse Electric might spend ten billion dollars (7.8 billion euros) in total to build two nuclear reactors in India, Financial Express reported Thursday.Citing unidentified official sources, the newspaper said the two projects are being finalized in preparation for the planned visit in November, U.S. President Barack Obama.

HP (1.20% to 39.68 dollars) announced Thursday it had raised its takeover offer for 3PAR (2.43% to 32.86 dollars) to $ 33 per share, valuing the company Storage Data to 2.4 billion dollars. In the process, Dell (1.98% to 12.36 dollars) refuses to bid and withdraw from the race.

On Monday, the Swiss lab had already announced the purchase of another biotech, the California BioImagene for about 100 million dollars. And the other major labs are no exception.Sanofi-Aventis has announced the July 1 takeover of the U.S. biotech TargeGen. That's about the 25th agreement reached by the French laboratory with a biotech since arriving at his head Chris Viehbacher in December 2008. These alliances are not confined to Europe and the United States. Earlier this year, bioMérieux has acquired, for 10 to 15 million euros, a Chinese group, Meikang Biotech specializes in the manufacture of rapid tests.

"The major laboratories multiply this kind of agreement from two to three years to overcome a deficit increasing need for innovation in-house and access to proprietary technology platforms," said Vincent Genet, director of the activity of the firm Alcimed health."Smaller biotechs, in turn, can not afford to assume alone the costs of development of their drug candidates."

Progressive Funding

But it is rare that manufacturers take immediately all the risk. Most operations are based on incremental funding. Paid as and drug development, they can be supplemented by royalties on the commercialization of products.

These operations, which often have no impact on buyers for several years, have "nothing to do with mergers with large biopharma," says Vincent Genet. After the acquisition of Genentech by Roche last year for $ 47 billion, Sanofi-Aventis discussed today a merger with Genzyme. The operation seems to stumble on the price.According to the American press, Genzyme seeks in effect more than 18.4 billion dollars (14 billion euros) that Sanofi would have offered.

These mergers, which provide great laboratories of developing products and marketed drugs, may provide access to "a very different economic model," said Vincent Genet. This changes the perception of the laboratory, giving it a more focused biotech. This may also contribute favorably to income through sales made. A biotech can also expand the universe of which seizes lab. This is the case of the manufacturer of Botox, Allergan, valued near $ 20-billion. It would give the buyer access to the cosmetics market and emerging countries.

In detail, the Cadillac and Buick brands saw sales increase by respectively 142% and 137%. In contrast, Chevrolet, which represents the bulk of group sales with 139,916 units sold last month rose more slowly (12% on a year). The manufacturer announced the transition of its sales jumped 22.2% on a year in China last month.

Ford, the second of the Big Three, has published sales up 5% to 166,092 units sold on American soil. This increase remains well below the 13% expected by the markets awarded the title in stock (-1.44% to 12.97%). The increase is mainly attributed to the addition of trucks (+27.4%). Sales of the Ford Focus for example, have plunged nearly 30%.

The third U.S. manufacturer, Chrysler, reported an increase in sales of the same order: 5% year on year to 93,313 units, driven by the success of the new Jeep Grand Cherokee (54%). The 2011 version of this model was launched only two weeks ago. This is the first new model since the release of the bankruptcy group in June 2009."The vehicle has good national and international journals", says sales manager, Fred Diaz.

Toyota and Honda fall

The Asian competitors are not far behind. The South Korean Hyundai and Kia in particular have seen their sales increase by 19% and 21%. Japanese ad for Nissan's share of sales up 14.6%.

By contrast, Toyota saw its shipments drop 6.8% in the United States to 169,224 units. Honda also reported performance against the trend, with a decline of 5.6% of new car registrations last month.

Reassured

Analysts said the figures show an upturn for the industry according to figures from June which had emerged down compared to May "After the June data, everyone had said that, finally, the sector was not yet out of.Now, it appears that this month was a hiccup, "has said Al Castignetti, commercial director for the Nissan brand to the U.S. market.

On July alone, the American automotive market is expected to exceed the million new vehicles sold. On an annualized basis, analysts on average expect a market to 11.4 million vehicles in July, against 11.2 million a year ago and 11.08 million in June

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At the final bell, the CAC 40 is 0.83% at 3666.4 points and preserves the points.Un 3660 this threshold had not been touched since June 22 last. Elsewhere in Europe, the London Stock Exchange closed up 0.27% to 5365.67 points.

French markets were again worn by banking shares. Yesterday, the shares had already boosted the index, in response to the publication of results of stress tests on Friday.On Tuesday, they went into high gear, including Societe Generale climbed 10.59% to 44.22 euros, Credit Agricole, which has soared 10.14% to 10.62 euros and Dexia, which has rose 7.32% to 3.87 euros. Axa and BNP Paribas followed with respective increases of 6.74% and 5.49%.

After trading, the markets will see the unemployment figures for the month of June in France.

In addition, the Department of Ecology has announced that the number of starts of new homes in France fell 0.3% for the period April-May to June, compared to the same period a year ago, while the number of building permits recorded an increase of 25%.

On the foreign exchange market, the euro continues against the greenback.Around 17:30, the euro was trading at just below $ 1.30, but the threshold has been crossed earlier in session.

The U.S. housing close look

Yesterday the key index in Paris managed to keep the threshold of 3600 points despite an early meeting very hesitant. Good numbers of U.S. homes have played an especially comforting to investors. And on Tuesday, rebelote: the Case-Shiller index of home prices meets the individual operators offering. It rose more than expected in May in the United States, +0.5%. The month of May and is the second consecutive monthly increase, a trend that comes after two months of consecutive decline.

But the Conference Board index, published in 16 hours, fell for the second straight month in July fell to its lowest level since February, to 50.4 in July against 54.3 (revised from 52.9) in JuneAn advertisement that has a little cooled investors.

Publication Burst

On Tuesday, the publications will be honored at the Paris Bourse:

Danone (-4.24% to 44.35 euros) announced before market opening a current net profit in the second quarter of 848 million euros and a turnover of 4.386 billion euros.

Altran (7.79% to 3.25 euros) has reported a turnover of the second quarter 2010 from 357.6 million euros (+2.3%). The group expects a significant improvement in the margin in the second half of 2010.

The Land of the Regions (-0.12% to 72.85 euros) published a recurring net profit increased 1.1% to 153.4 million for its first half, with rents of 264.1 million , up 1.7% at constant scope, and an occupancy rate of 94.4%.However, its net asset value, excluding financial instruments, stood at 73.20 euros per share, down from late 2009 due to the distribution of a special dividend for 2009, consisting of 3 30 euros in cash and six Beni Stabili shares, 52.5% owned subsidiary acquired in 2007

Note that M6 and LVMH will unveil their first-half results after market close. Vinci, Compagnie des Alpes and Fleury Michon publish their turnover for the period also after 17:30.At the same time, Air France KLM (+0.69%) will release first quarter results are.

Sanofi repulsed Klepierre sanctioned

The U.S. biotechnology company Genzyme has rejected a buyout proposal made by Sanofi Aventis (-0.94% to 45.15 euros) according to Bloomberg.

Capgemini (-1.1% to 34.98 euros) has announced the signing of a 6-year contract between its subsidiary Capgemini UK and Royal Mail Group Limited (RMG), the British postal service, for its service management computer.

Klepierre (-2.61% to 25.17 euros), revised down slightly its 2010 targets of current cash flow and rents, the prospect of austerity plans in Europe have slowed the recovery of consumption.

Icade (+1.05% at 73.83 euros) on Monday announced a net profit in the first half more than eight times while its net current cash flow per share, affected by the low profitability of its development division, declined 21%.

April Group (-2.88% to 19.76 euros), saw the decline in sales accelerated to 12.9% in the first half. This is explained by the group with a focus on its brokerage business, which should result in a decrease of 25% of the insurance business in 2010.

Finally, Technicolor (10.81% to 0.41 euros), has received a firm offer from the private equity fund Francisco Partners for the acquisition of the "broadcast professional" Grass Valley.

Provisions repeated Areva's Olkiluoto site have largely supported this suspicion. But, after Finland, behold, the EPR Flamanville, built by EDF, also maintains the possibility of "industrial accident".

LE FIGARO – The morale of your customer shops is it affected by the crisis?

Jean-Charles Naouri – Many signs show that pessimism has worsened. He returned in September 2008, at the peak of the crisis. Because of the crisis of Greek and that of the euro, the fear of job loss has increased and concern about the standard of living reached a record high since 2007.The French prefer the job security of their purchasing power and their careers. This general pessimism is, however disconnected from the real economy, which seems to gradually resume. France is no longer in a situation of danger of deflation, the interest rates are permanently lower a guarantee for the future, and the weak euro is an element of recovery. The figures, including our own business performance, there are better a couple years.

Consumer behavior change it?

We found two relatively recent trends Firstly, in an environment seen as more complex, consumers no longer want it decides for them. They want to regain control over product quality, origin and value for money in particular.Similarly, while far to the client, other consumers were at best indifferent and at worst seen as troublemakers, he now draws more and more choices to their preferences and ratings. This horizontal communication facilitated by the Internet, this new proximity, we must reflect and inspire us to develop relationships with our customers in and outside the store.

How are you adapting?

We have a head start in this area because we have long been close to the heart of our strategy. We could for example indicate, in each point of sale, the preferred products or selling. We already strong commitments on the quality of our products.We reassure our customers, for example about what they buy indicating on the Casino-brand products, in addition to the nutritional use their carbon footprint, or that they are without oil palm and gluten free. We just put in place within the group, a Health Committee attended by several senior experts whose mission is to anticipate health issues and help Casino make good choices on offer. We also test systems dematerialized Innovative allowing customers to share their recommendations.

Hypermarkets Géant Casino continue to lose market share.Are they so essential for the massification of procurement and management of shopping malls you plan to transfer them not to invest in your most promising formats nearby?

I believe in small and medium format hypermarkets (6 000-8 000 square meters), which constitute the backbone of malls. I believe in the relevance of non-food offer in textiles, leisure and household equipment. Casino no reason to separate from Géant. Our superstores are as profitable as those of our competitors, and we set the target that market share has stabilized Géant Casino this year.Remember, also, that 40% of group turnover from international have a double-digit growth in France and the formats most carriers (Franprix, Monoprix supermarket Casino …) know sustained growth, which boosts the overall growth of revenues of Casino.

How is the recovery of your brand discount Leader Price, whose sales fell sharply last year?

This is another priority group in France in 2010. We are very pleased with the sales growth in stores converted to the new concept and we are accelerating the pace of refurbishment of outlets from week to week.

Could you introduce CDiscount stock exchange to accelerate the deleveraging of the group?

This is not the agenda.A listing imposes many constraints on management whose priority now is to continue double-digit growth in turnover. We are the leader, but in a very competitive environment.

Can you imagine Rueducommerce complementarities with the site, which Rally has just 8% of capital?

It is a very minority participation, without presence on the board of directors.

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This is the second refusal of the Court to certify the veracity of accounts – it is an "improvement" since 2008 – but this verdict is in full disorder pension reform … Instead, the family branch and CNAF, pinned for 2008 are certified, this time with reservations. Certification with reservations for the branches as illness, injuries and recovery, as in years past.

Yet, the euro had reason to be heckled. The excuse to sell the currency did not in fact missed this week. Even the degradation of the notes by Moody's on Debt Greek Monday, then on the banks of the country, there is nothing. Not more than bad German Zew index. "This renewed appetite for risk has increased since last Thursday following the reassurances of Jean-Claude Trichet, ECB president, analysts said Saxo Bank.The European Central Bank expects growth in the euro zone between 0.7% and 1.3%, against 0.4% and 1.2% previously. The central bank left rates unchanged, while the acceleration of inflation in the euro area was confirmed at 1.6% in May on a year on Wednesday by Eurostat.

So why the euro has appreciated it as much? "The reason is mainly technical: the euro has fallen too quickly in recent weeks, he was catching his breath," says Pierre-Antoine Dusoulier, CEO of Saxo Bank. Other mechanical reason: the falling dollar, which causes the exchange rate euro / dollar rising. However, the dollar has folded. "Historically, there has always been an inverse relationship between the U.S. equity market and the greenback," said the official. Witness the decline of the dollar against the yen, for example.

This trend "is likely to continue at 72 hours – Friday, June 18 – four witches," that famous day will end simultaneously four different products: stock options, index options, futures and stock futures index. Investors still expect that day to extreme volatility. Hence the distrust of investors, which is directly affected by the gold price, rising again, about 1235 dollars an ounce.

But basically, the trend remains bearish, especially as the economic landscape has not changed.

The British currency toped

The pound was a little cup on Wednesday morning, but the trend was clearly upward this past week. The pound was quoted 1.4821 to the dollar early this morning.Either its levels of early May.

The origin of the slowdown, the publication of unemployment figures in Britain. The rate according to ILO (International Labour Office) is lowered to 7.9% in the three months ended in April, against 8% for the three months ended in March, while economists expected a steady rate.

The index of consumer prices in May stood at 3.4% annual rate, down compared to April (3.7%), seems to confirm the inflation targets in Great Britain the BoE (Bank of England), less than 2% by early 2011, provided that the austerity policies of the new government does not impose a further increase in VAT, according to analysts.

Switzerland should remain at a rate of 0.25%

The meeting tomorrow Thursday the Swiss National Bank – Central Bank – should not bring surprises. This should keep its benchmark rate to 0.25%."The SNB could still announce some measures to address liquidity drying up against a risk of inflation induced by its interventions to support the euro, these interventions flooding the market with CHF," says Realtime Forex.

The Swiss franc reached record on record since the end of 2009. Then he had another 1.5 Swiss francs per euro in December, the exchange rate reached 1.3920 désoramis, with a low 1.38 in early June

Advertisements in China and Russia

In Russia, the Central Bank announced its intention to diversify its reserves by including the Australian dollar and Canadian dollar.

Regarding China, the Middle Kingdom has signed contracts for a thirteen billion euros of Greek companies, when Athens strives to attract foreign capital. Turkey and Arab countries have also seen in Greece.

French plan considered "practicable"

The plan submitted by Paris this weekend, is considered "feasible" by the Governor of the Bank of France, Christian Noyer.This has indeed said Sunday he is "perfectly possible" for France to bring its public deficit to 3% of Gross Domestic Product (GDP) by 2013 as foreseen in the government aims to reduce the public deficit (government, corporate accounts, local communities), 100 billion. To do this, the Governor of the Bank of France has called for "focus on measures to reduce expenditure" Guaranteed no fax payday loans.

Effort on the sources of expenditure

And that's the government's target. The Budget Minister Francois Baroin said Sunday that the objective will be achieved by making "a major effort on all sources of expenditure, the state plans to cut public spending by 45 billion euros. The Minister added that this effort on ITélé would "not less" than in Germany.In Germany, the government wants to save 80 billion by 2014, thanks to budget cuts in military spending and social.

The question remains what the market reaction. For now, a report published Sunday by the Bank for International Settlements (BIS) says that the bailout of the European Union has not defused the fears of the markets. The institutions in Basel has also reaffirmed that the French and German banks are particularly exposed to the debts of Greece, Ireland, Portugal and Spain with a respective total of 493 billion and 465 billion dollars.