The CAC 40 starts sitting in the green

The CAC 40 starts the session in positive territory. The flagship Paris takes Index 0.46% to 3705.79 points. Markets welcome the extension to the head of the Fed Ben Bernanke. In choosing the U.S. Senate is also banking on a continuation of the current monetary policy, marked by very low rates. The news is welcome.

But the extreme volatility of the day calls for caution. Already at 10 minutes of opening the future of Paris showed an increase of 0.61% when they were -1.97% an hour ago … The day in Paris, the meeting was marked by the 'indecision. Opening up, balanced mid-session, then heavy fall at the close (-1.89%) ACC 40 do not know what direction to take. This Friday, the meeting should be similar.The closing in the red on Wall Street Thursday (-1.13%) doing nothing to fix things.

The Asia this morning ruled clearer. In Tokyo, the Nikkei ended in sharp fall of 2.08%. Furthermore, all financial markets in the region have followed the trend.

The markets will remain very nervous before the publication of a series of important statistics on Friday. The U.S. will unveil their highly anticipated first estimate of GDP for the fourth quarter to 14.30. At 15.45, the PMI Region Chigaco for January will be announced. Approximately 10 minutes later fall index of consumer confidence as measured by the University of Michigan (second estimate for January). As for American publications before market, Chevron, Honeywell and Mattel will unveil the fourth quarter.The day before, the number of good publications (Ford, AT & T, Procter, Colgate, etc..) Was used to support an increase in the CAC 40.

Before that, in Europe, markets will learn in 10 hours of the M3 money supply and credit to the private sector in the euro area. At 11 hours, they will know the rate of unemployment in the area and the first estimate of inflation for January.

Telecommunications on the alert

According to the Tribune on Friday, the mobile operators must pay at least 120 million euros for one of the last two blocks of frequencies available yet for the fourth license for 3G mobile freecreditscore . A follow therefore, the reaction of France Telecom, Vivendi and Bouygues Going into battle.Iliad, which has won through its subsidiary Free the fourth license for mobile telephony in December, will be observed.

The bank should also react to the reappointment of Ben Bernanke to head Fed. The Senate of the United States confirmed Thursday its new term as president of the U.S. central bank (Fed) for four years. Highly criticized by politicians for his supposed links too close to Wall Street, Ben Bernanke should ensure the continuity of the current system for rates. The announcement added that Chinese leaders in Davos that offer a monetary policy "more flexible depending on circumstances." The reaction of banking and finance sector is expected: BNP Paribas, Credit Agricole, Societe Generale, Dexia and Axa

JC Decaux on Thursday sales down 11.5% in 2009. This is less than expected.The group plans a return to organic growth in the first quarter.

Areva said Thursday sales rose 5.4% to 8.5 billion euros for 2009 and forecast in 2010 a significant growth of its backlog and its turnover .

Fleury Michon has also published its results yesterday. The group reported an increase of 8.8% of its turnover in the fourth quarter, to 138.1 million euros.

Carbone Lorraine also posted lower sales in the fourth quarter of 2009 but 17% said to have enhanced growth markets like Asia.

Beneteau said Thursday targeting a turnover up 20% in 2010-2011 and an operating margin of more than 9%. For 2009-2010, the group announced that its turnover is expected to grow by 17% to 771 million euros.The group will hold a general meeting this Friday at 14.30.

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The Paris Bourse widening losses

The fall continues at the Paris Bourse. After opening down 0.73% at 3779.24 points, the CAC 40 plunged more sharply in the red circles in the morning. Around 11.10 pm, the benchmark DAX index lost 1.37% in Paris to 3754.93 points.

And pessmisme wins all European markets.The London Stock Exchange fell 1.03% to 0.91% at 5179 points while in Frankfurt the Dax loose 0.89% to 5618 points.

"The results of U.S. companies in 2009, better than expected, are completely ignored by markets that focus on three issues: Obama and his banking project, the re-appointment of Ben Bernanke to head the Fed and the organization of economic slowdown China by the Beijing authorities, "said Xavier de Villepion, fund manager at Global Equities.

This decrease in the overall rating takes place amid concerns over banks, while in Davos, experts discuss the modalities of regulation put in place in this sector."Investors fear that they reduce their size or they are prohibited from carrying out activities on their own funds," says Alice Lhabouz, manager Turgot Asset Management.

The morale of French is improving but not market

The publication this morning by INSEE for stabilizing the morale of French households had no impact on investors. The moral of households has remained virtually unchanged in January, the indicator is measured taking 1 point to -29 points, sharply up from the lower reaches in late 2008 but still below the average of the last fifteen years.

From the industry side, INSEE also announced that "the balance of opinion on the overall demand in the fourth quarter picked up strongly, thus approaching its long-term average.For the first quarter 2010, demand prospects remain however below the average long-term view of industry expectations.

The corporate failures of August 2009 will, they are known in 12 hours. After Exchange, 18 hours, Pole employment must disclose the number of requests and offers of jobs in December. Internatinal level in any case, the International Labor Office (ILO) has provided figures on the depressing job in the world. "The number of unemployed worldwide reached almost 212 million in 2009 due to an unprecedented increase of 34 million compared to 2007, the eve of the global economic crisis," says the ILO.

In the United States, all are attentive to the conclusions of the Monetary Policy Committee of the Fed that interest rates will at 20:15.Before that, the U.S. will unveil the promises of home sales in December (16 hours) and the weekly oil inventories (16:30) Payday Loan for Bad Credit .

Risk arbitrage STMicroelectronics

As for values, STMicroelectronics reported Tuesday after market loss of $ 70 million in the fourth quarter, or 8 cents per share, against a loss of $ 366 million (42 cents per share) a year earlier. But this figure is below expectations of analysts. In exchange, however, the title is one of only 40 to the ACC receive up even very small: 0.02% to 6.10 euros.

All eyes will also be turned to Apple must introduce a new product on Wednesday the United States. It should be a new eBook reader electronic touch and connectable to the Internet.France Telecom (-1.01% to 16.69 euros) through Orange and Vivendi (-1.13% to 19.32 euros) via SFR should look at the new "toy" of the Apple brand.

Thomson (-1.13% to 1.05 euros) meets on Wednesday a special general meeting to discuss the restructuring of its debt and the adoption of its new name, Technicolor.

Spir Communication (-0.36% to 21.90 euros) on Tuesday reported a further decline in sales in the fourth quarter, down 11.4%.

Rusal, the Russian mining group, is listed first in Paris and Hong Kong. The group was not well received on the Chinese markets. He lost 10% in early trade.Investors have booked him in Paris the same cold reception: the title lost 11.35 euros to 17.65 euros.

Areva (+ 0.03% to 345.85 euros) and GDF Suez (-0.46% to 28.08 euros) would be full discussion for several months to conclude a partnership in nuclear power, confirming a report in Les Echos. Cependat No information has been taken in this regard.

Klepierre (-0.82% to 27.24 Euros) Tuesday announced a turnover in 2009 increased by 22.6% to 246.5 million euros.

AXA (-2.03% to 15.2 euros) recorded an increase of 11% of its turnover in 2009 to 24.5 billion euros.The growth was 14.5% in life insurance.

Inter Parfums (+1.56% at 18.25 euros) for its part, announced a turnover down 6.2% at constant rates for 2009 to 259.2 million euros.

M6 (-0.5% to 19.03 euros) Lafuma (equilibrium) must publish their figures for the fourth quarter after market close.

Eiffage (-1.10% to 39.60 euros) will publish its balance sheet in 2009.

Note that the banking and financials this morning are especially misguided: AXA (-2.35%, second worst performance of the CAC), BNP Paribas (-2.03%), Credit Agricole (-1.73%) and Societe Generale (-1.72%) saddled the index.

The remaining values to follow shortly …

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The Accor Group will split into two

Nothing will ever be. Directors of Accor approved on Tuesday a proposed split of the group that plans to separate one side hotel, other services (including Ticket Restaurant). The decision was taken unanimously with a vote, the Strategic Investment Fund (ISF). Accor's second largest shareholder with 7.4% of capital, "sovereign wealth fund to the French" had opposed the project, or at least its timing. In our columns, Gilles Michel, CEO of FSI, had deemed "risky". However, it has joined any of the six independent directors on the board (of twelve). A setback for the fledgling fund in the battle that played out behind the scenes.

Accor cut in half, it was the wish expressed long ago by the fund Colony and the investment company Eurazeo, bound by a pact and initial shareholders with about 30% of capital.They say the best way to value the group ending the discount for holding that penalizes the share price. Gilles Pelisson, Accor's CEO, agreed with their opinion in recent months. He will lead the hotel industry (Accor Hospitality). The new entity combining the services will be headed by Jacques Stern. The deputy director general in charge of piloting the project finance division to completion.

"The split does isno job cuts'

An extraordinary general meeting will be convened no earlier than late June to endorse the project to be implemented before the end of 2010. "I said before the group walked on two legs better, but I always said that the subject was not taboo and it would look on a regular basis, was justified Gilles Pelisson, explaining that two looms Accor had profoundly transformed in recent years.He believes that now is in their interest that they become "pure players". "The central scenario, with the final terms will be decided in the coming months, is a split with two listed companies, a detailed Gilles Pelisson. Accor to action today, you have an action Accor Hospitality and action Accor Services. "

On the job – a concern of the unions – he assured that "the division does not create job cuts as there are no synergies between the two professions.

Eurazeo and Colony Capital have agreed to extend to shares of two companies that will arise from the splitting of the provisions of shareholders agreement between them since May 2008 until May 4, 2013. They also extend within the pact until 1 January 2012 the commitment to retain their shares in Accor and entity services.Conversely, the ISP finds his freedom of action vis-à-vis participation inherited from the Deposit.

Studies conducted by management have shown a separation of two Accor would enable it to "accelerate" the development of both trades. Emphasizing the lack of synergy between hospitality and services that evolve "in environments increasingly different," the work of the board have concluded that once separated these two businesses, "with their own business model, attract a greater number of investors. " According to Sebastien Valentin, an analyst at Societe Generale, services should represent 14% of sales this year of Accor, but two-thirds of operating profit."This poses a problem of balance, because culturally Accor remains primarily a hotel company," says he.

Without the hotel, receive services at 100% of the cash they emerge to finance their development. As for the hotel, without the cushion of safety that brought him the services it should expedite the sale of walls.

For the ISP, a division of Accor is too risky

Thales launches a broad economic plan

Thales wants to become more efficient. In a statement released Friday, the electronics group announced a savings plan that should result in a productivity gain of 1.3 billion euros over 5 years. In exchange, the news was very well received by investors. The title jumped 4.6% to 34.36 euros.

This plan consists of three parts. The first is a reduction in costs of non-quality and improved customer satisfaction. The second provides for more effective processes for engineering, industrial and procurement, while increasing the efficiency of information systems. The last aims to reduce operating costs. The statement does not indicate any reduction in workforce.

Organizational change and leadership

The organization of the group will be structured around three main areas and 7 divisions in charge instead of 6, worldwide.Management will also be affected by the changes since it provided a renewal of the team. For now, the group does not specify which leaders are concerned. According to Voices, this would be Olivier Houssin (responsible for division services and security), Quentin (aeronautics), Marc Darmon (naval) and Richard Deakin (Air Systems).

Thales has this plan to improve profitability, affected by the crisis in air traffic, the budget constraints of state and the weak dollar against the euro. In November, the group reported a stable turnover in nine months. In the first half, operating margin was 1.2% emerged as against 6.6% a year earlier at the same time.

Paris wants to regulate CO2

"Whatever the outcome of negotiations in Copenhagen, carbon finance will grow," asserted Friday Augustin de Romanet, director general of the Caisse des Depots (CDC), central player of the CO2 market in France. Europe, pioneer, has held his Fellowship in 2005. Over 62 billion it traded in 2008, three quarters of global transactions. But Japan, Taiwan and South Korea will begin their Fellowships, followed in 2012 by the United States. Three days before the opening of the UN conference on climate change, Ministers of Economy and Ecology, Christine Lagarde and Jean-Louis Borloo, inaugurated on Friday the "Committee established France Carbone" . This instance of consultation will propose rules for the third phase, 2013-2020, to avoid, including the VAT fraud. The Franco-British rivalry also affects the CO2.Bluenext, the platform for exchange of Paris handles 80% of European spot market, but London (platform ECX) dominates the futures market. Pace "our friends across the Channel," says Christine Lagarde, "our intention is to regulate."

PSA Peugeot-Citroen at materials green

The car pollutes. As we know, but it is not inevitable. To reduce the "ecological footprint" of cars on the environment, manufacturers focus on two main areas of work. On the one hand, improved engine performance, consume less, on the other hand, the use of organic materials or recycled.

The main challenge today comes from the use of plastics which represent about 20% of the mass of a car. However, plastics are petroleum derivatives. Their price depends on the black and gold resource is not inexhaustible. To address these two concerns, both solutions are preferred: the use of recycled plastics and development of biomaterials. Teams of PSA guide us in three workshops to find solutions.

1.Natural fibers

Natural fibers used in combination with plastic for automotive parts.

Wall Street is misguided

The Dow Jones fell by 0.93% to 9969 points and the Nasdaq Composite yield 1.31% 2144. One of the economic advisers of President Barack Obama, Larry Summers, said on CNBC television, there was no question of limiting the salaries of executives of U.S. companies."What we need are rules on the form and structure of pay so that regulators" can ensure that some do not take unnecessary risks.

On the macroeconomic front, the index of U.S. consumer confidence measured by the University of Michigan has declined against all odds in October to $ 69.4 against 73.5 the previous month, according to provisional figures published friday.

The values to follow

In a statement, Bank of America (-4.20%) announced a net loss of $ 1 billion in the third quarter, mainly due to asset impairments totaling $ 2.6 billion. Moreover, under pressure from the Treasury, Kenneth Lewis, CEO of Bank Bank of America, has waived his salary and his bonus for 2009, before his retirement.A Treasury official, to oversee the compensation of companies that benefited from government aid, had in effect "suggested that Lewis did not receive remuneration for 2009.

Google (3.46%) presented Thursday profit rose 27% to 1.638 billion dollars (1.097 billion), or earnings per share of 5.89 dollars, against the expected $ 5.42 per analysts. The turnover to 5.944 billion dollars is also above market expectations which projected 4.24 billion dollars. The group says the worst of the recession is over. He said now "ready to invest."

IBM (-4.59%) posted a net profit of 3.214 billion dollars in the third quarter up 14% over one year.Per share, earnings from IBM reaches $ 2.40, while the market was expecting $ 2.38.

The conglomerate General Electric (-3.22%) reported Friday quarterly earnings sharply lower but still above analysts' expectations. Net income fell 44% to 2.419 billion dollars (1.62 billion euros), or earnings per share of 27 cents against 20 cents expected by consensus.

Mattel (-3.22%) reflecting a drop in earnings in the third quarter from 3.5% to 229.8 million dollars, in line with expectations. Net earnings per share were 63 cents.

The second largest producer of AMD microprocessors (-5.49%) posted a net loss of $ 128 million for the period July to September.

The trend has "stalled" on weekends, but confidence remains

Laskine Roland, editor of the Journal of Finance