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.

After rejecting the offer Monday, Genzyme said, however open to negotiations which should, according to Henri Termeer, lasting several months. According to the latter, there is a "high probability" that an agreement was finally reached with Sanofi, given the "strategic needs" of the two groups. But this would require "a reasonable starting point for negotiations."

Sources familiar with the matter have said previously that Genzyme wanted to receive an offer of at least $ 75 per share before committing serious discussions.

The boss of Genzyme said it was too early to say if another candidate could submit a bid. For the moment, neither the company nor its banks have begun efforts to find potential buyers. "Once the process begins with Sanofi, this could change."

Sanofi Aventis remains firm on its position

In response to these remarks, a spokesman for Sanofi-Aventis said in the evening that the group was willing to engage in discussions while maintaining its original proposal. "We are always willing to engage at any time in constructive discussions with the company and its board of directors.

"We believe that our offer provides shareholders a premium of Genzyme strong and attractive that fully integrates the upside potential of the company," added the spokesman.

Sanofi has hinted he could go directly to shareholders if the company Genzyme refused to enter into negotiations on the basis of its current offering. Heni Termeer scans the threat: "I think a hostile situation is unlikely to happen," he said. "We need so much from each other in terms of future value. This could go in that direction but I would recommend to object if I was advising the other party because it is not how things should be done, "said he.

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This Wednesday in Asia, fears of a relapse of the new global economy have sealed the evidence.Wall Street had already set the tone with a fence net decrease of 1.32%.

As for currencies, the euro traded at 1.2638 in the morning the dollar.

Publications resume

In terms of values, many trucks will publish their results quarterly and half in this weekend.

Today before the market opens, Edenred, the old branch of prepaid services group Accor became autonomous, has reported an operating income of 155 million euros in the first six months of the year, down 7.1%. Turnover rose 3.8% to 461 million.But the group is very conservative forecasts, the growth in issuance volume yet to be affected by rising unemployment in Europe.

L'Oreal and Sperian publish their half year results after market close.

The Polish government has short listed five offers to buy the 51% stake in state power company Enea on Tuesday said the Treasury Department, without specifying the identity of Suez and GDF would candidats.EDF on ranks according to media reports. Only EDF confirmed it had made a preliminary offer.

Scor has been a change of recommendation by Fitch. The broker has raised its outlook on Tuesday its debt rating of reinsurance group to "positive" cons "stable" and kept at "A" rating from its long-term debt of the group.Fitch said the decision including the prudent investment policy conducted by SCOR and the diversification of its risks.

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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Bond 9% of occupational diseases

The report is rather more pessimistic about the illness.Despite rising unemployment, they jumped 9% -13.5% a year over the last decade – to reach 50,000 new cases. Almost all of this increase is explained by taking better account of musculoskeletal disorders (MSDs) such as tendonitis and herniated discs … which account for 80% of disease. Better recognition by the French system, but also the consequence of the transformation of labor. The tasks become more routine and stress are the main contributors to the increase in these disorders. The handling of chemicals also cause the progression of certain cancers.Social Security today conducting actions to better detect them.

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According to Brussels, the increase in cases of mismanagement is not due to the proliferation of financial crimes in Europe, but better tracking by member states for fraud.

You'd think they were particularly pugnacious this year. Three times as many cases of suspected fraud were detected in the use of agricultural subsidies and twice more for regional grants from 2008. The sums involved amounted respectively to 13.3 million euros and 109 million euros.

Same trend towards aid allocated to countries applying for accession, including the amount of suspected fraud increased from 13 to 57 million euros in 2009.Bulgaria alone has 92% of suspected fraud in the management of a fund dedicated to the modernization of its agriculture. Anomalies in the invoices or purchase orders, payments in cash, big difference between the estimated price of an investment and actual cost … a body of evidence exists to detect the rogue actions.

France, a very good or very bad student?

France is characterized by a number of suspicions of fraud very low. The country has seen 20% of farm subsidies between 2006 and 2009 – which is considerable – but reported only 11 cases of alleged fraud, against 25 for its Belgian neighbor that affects a much leaner about 0.3% of agricultural budget over the same period.

Again, the result can be interpreted in two ways: either France demonstrated exemplary management, or it does not endeavor to transfer cases at issue in Brussels No fax pay day loans. Last summer, Le Parisien had raised such a hare revealing hundreds of millions of euros of aid unduly paid to producers of fruits and vegetables.

France declares little fraud as it says little irregularities. In the latter case, there is no real desire to harm (omission of an invoice for example). In 2009, the country has reported that 127 irregularities in Brussels on agricultural subsidies, which is four times less than Spain.

"We have no evidence but the fact is that France is still reporting a low number of defects in comparison with other member states.The European Commission and the Agency for Combating Fraud Office (OLAF is a kind of European financial police, ed), does not conduct audits in Member States. We must therefore assume that their reporting is accurate and reliable, "says one side of the European Commission.

Despite these shortcomings, the work of Olaf has identified some emblematic fraud. A company based in Luxembourg is ordered to reimburse for example 2 million euros of EU funds have placed in an account offshore instead of investing in the recruitment of a hundred people. In late June, a Bulgarian was sentenced to 12 years in prison for falsifying invoices: he pretended to buy new machines for receiving EU aid. The machines were actually purchased used, which enabled it to illegally gather 7.5 million euros.

After dégradaton U.S. growth prospects announced by the Fed and the slowdown in Chinese growth in the second quarter, mixed economic indicators from the United States have significantly penalized equity markets in France.

Indicators mixed U.S.

The jobless claims fell to their lowest level since August 2008, during the week ended July 10.

The producer prices fell in June for the second case consecutive month according to figures published by the Department of Labor.After adjustment for seasonal variations, prices for finished goods charged by producers fell 0.5% from the previous month, having already fallen by 0.3% in May and 0.1% in April. Analysts had expected a decline, but much less marked (0.1%).

Finally, industrial production in the United States in June posted its twelfth consecutive month of rise, increasing by 0.1% according to figures released Thursday by the U.S. central bank.

The Federal Reserve has revised the outlook for U.S. growth to decline and now expects growth of between 3% and 3.5% this year, against a range of 3.2% to 3.7% in a previous estimate. The decline in unemployment should also be slower than expected. Further support measures are also envisaged.

Another new arrival is somewhat reassuring to China this morning.The country has announced that the GDP growth amounted to 10.3% from April to June, a slowdown from the first quarter (+11.9%) and the last three months of 2009 (10 , 7%) fast payday loan no faxing.

Several publications in the program

As for results announcements, trucks U.S. could also evolve global ratings: JP Morgan Chase, Google and AMD will lift the veil on their performance in the second quarter.

In Paris, many companies also publish their sales figures this Thursday. This is the case of Carrefour (second quarter), Seb (first quarter), Pierre et Vacances (second quarter), or Stallergenes (second quarter).

The bank suffered

The bad macroeconomic news weigh on the banking sector.This document draws down: Dexia was the biggest drop of ACC (-2.28%). BNP Paribas is also in the red (-2.10%), as Societe Generale (-1.42 %) and Credit Agricole (-1.54%).

The automotive sector resists. The Association of European Automobile Manufacturers (ACEA) has announced a 6.9% decline in registrations in June to 1.34 million units sold last month. Advance Peugeot and Renault gleaning 0.39% 0.03% to 34.78 euros. From his side wins Michelin 0.59%.

Moreover, Metabolic Explorer (-3.82% to 5.29 euro) company specializing in production processes by organic industrial chemicals, announced on Thursday before market sales nil.The group reiterated its goal of placing on the market the first products of technology METEX in 2012.

Eurofin explains on its website on Thursday it recorded a strong improvement in its operating performance and profitability in the second quarter. The group will not give more detail before the publication of its results on August 30 next. Titles leap of 12.92% to 37.49 euros.

Moreover, the adoption in the United States by the House of Representatives of the financial sector reform, discussed for months, will attract the attention of investors.The new legislation will include Washington to restructure financial institutions in bankruptcy, for failing to conduct further rescue operations financed by the state. The powers of the Federal Reserve (Fed) are expanded, a monitoring of the sector is expected and will give consumers more protection. Moreover, hedge funds and rating agencies will be subject to more stringent regulations. The text must be approved by the Senate next week before being signed by Barack Obama.

Statistically, the markets will be introduced in France in production prices and imports in the industry at 8.45. In the eurozone, the PMI manufacturing index will be released in 11 hours. Overseas, the jobless claims will be released at 16 hours and the promises of home sales and the ISM index of manufacturing activity.

In terms of companies, EADS shares will be particularly taken this morning. Indeed, the WTO has dealt a setback scathing EU ordering him to remove certain export subsidies provided to Airbus. The Union will appeal the decision of the World. Financial details have not been disclosed. Boeing believes that the pan-European aircraft manufacturer must pay back $ 4 billion of undue subsidies. But the WTO has put forward any figures, it will be difficult to see clearly the consequences of the decision of the international organization.

Moreover, the numbers of registrations in France will be unveiled on Thursday at noon. According to BFM, registrations have fallen by 10% in the month of June In addition, the phasing of the scrappage scheme does not allow a glimpse of the market recovery in the immediate future.Renault would be the big winner in first quarter sales thanks to its built by Dacia Sandero.

Bank stocks should once again hold the attention of investors with a loan of 442 billion euros on Thursday. A year ago, in 1121 established banks in the euro zone had borrowed over 442 billion euros at the ECB at a fixed rate of 1%, a record in the history of European monetary institution on a single transaction.

The Société Générale will be more monitoring than the AMF (AMF), Wednesday imposed a fine of 100,000 euros to Jean-Pierre Mustier, former head of market activities of Societe Generale for failing to initiated. Conversely, Natixis has been exonerated by the AMF following an investigation into his financial disclosure.

Shareholders will also be sensitive to the decision of Saint Gobain to repay 72.1% of the 2009 dividend in shares to allow the group to consolidate its equity by 368 million euros.

In addition, the Sanofi-Aventis could react to the decision of the U.S. Food to MultEQ, an arrhythmia drug cons of the French group on the quarterly list of its audits.

France Telecom will also be under the spotlight. The operator presents its new internal business plan

Out CAC40, Faurecia announced the acquisition of 18.75% of the Chinese automotive Xujang Group, where he became the strategic shareholder.

Obama wants to "kick some butt"

The boss of BP is found in a weak position, particularly after the resounding declarations of Barack Obama. Asked by NBC, Bush pointed the finger at Tony Hayward about awkward. "It would not work for me after these statements," said Bush.We talk with these guys because they are potentially more able to tell me who to kick your ass.

Tony Hayward was heavily criticized after saying a week ago wanted to "get his life before" and the Gulf of Mexico was "a great ocean where the environmental impact of the disaster is very, very modest." Words that had caused such an outcry from the families of 11 victims who died in the explosion and for which he apologized on Facebook. 81% of Americans felt negatively the reaction of BP.

Obama worse than Bush

The position of Barack Obama is not the most comfortable vis-à-vis the American people cheap payday advance. A poll ABC News / Washington Post, 69% of respondents have a poor opinion of the management of the crisis the Obama administration.By comparison, 60% of Americans disapproved of the action of George Bush response to Hurricane Katrina in 2005.

Tony Hayward, who will be the only witness to a hearing entitled "The role of BP in the explosion of the drilling rig Deepwater Horizon and the oil spill, to answer questions from elected members of the Subcommittee on Oversight and Investigations of the House of Representatives.

Two months after the explosion

The hearing will take place almost two months after the explosion on April 20 of the platform which has killed 11 people and caused a huge oil spill in the Gulf of Mexico, affecting the fauna and flora in several states in the southern U.S. coast U.S. including Louisiana.

The head of BP America, Lamar McKay, had already been questioned by several committees of both houses of Congress in May.

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