The Elysee revises down growth in 2011

The Elysee has ruled. The growth forecast for 2011 was revised downwards to 2%, against 2.5% initially announced by President Nicolas Sarkozy after a meeting between Prime Minister François Fillon and the ministers of Bercy , held at Fort Brégançon.

Accordingly, the government will fall further fiscal austerity. The state spending will be frozen in value over three years. Ten billion euros of tax loopholes and social will be removed in the fall. In contrast, neither income tax nor corporation tax will be increased. VAT will not hit.

"Are we going to save the plane on social niches and tax everything to create employment, all that is relevant, all that sustains the economy, the answer is yes," said on RTL Budget Minister Francois Baroin.

If the government recognizes that 2011 will be worse than expected, the growth target for 2010 of 1.4%, should be well met, "or even exceeded, welcomes the Elysee. "On the pressure of potential revenue will be fully allocated to deficit reduction."

"After a GDP growth of 0.2% in the first quarter, a growth of 0.6% was recorded in the second quarter," said the Elysee. "Given the rebound in activity, the prospect of growth of 1.4% will be reached or exceeded for the year 2010.This also allows, in line with OECD projections, forecast growth of 2% for 2011. "

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"[This] leads us to the end of September, that is to say, the presentation of the draft budget law to the Cabinet, to be between 3 and 3.5 billion more, which is perfectly achievable, "said Baroin.

The downward revision in growth was expected. Economists considered the unrealistic assumption of the government and rely for their part in an average growth of between 1.5 and 1.8%. For its part, the International Monetary Fund deemed "too optimistic" the official forecast. Recently, Bercy also acknowledged work scenario around 2%.

Banks have again supported the Paris stock exchange

Closing reassuring Wall Street yesterday gave a positive impetus for the Paris Stock Exchange on Tuesday, which has increased its earnings to grow by 1.57% enséance before reducing them after a disappointing statistic across the Atlantic on the U.S. consumer confidence in July.

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.

Three finalists for the ISP

Since announcing the departure of Gilles Michel DG Strategic Investment Fund (ISF), a few weeks ago, its main shareholder, the Caisse des Depots, is activated to find a replacement. Brigitte Lemercier, the headhunter mandated, would have considered up to 80 sheets grantee, including nearly half of unsolicited applications.

The Board of Directors of the ISP has agreed on a list of finalists. According to several sources, the CDC and the State will have to decide between Thierry Moulonguet, former CFO of Renault, now special advisor to Carlos Ghosn, Jean-Yves Gilet, CEO of Arcelor's stainless steel industry while Bruno Deschamps, who has just left the venture capital company 3i low rates payday advance.Until recently, the name of Jean-Dominique Comolli, former chairman of Altadis, was on that list, reduced to three names recently. If the timetable is respected, the verdict must fall next week.

Wall Street supported by the results of Alcoa

The U.S. stock markets are another step forward Tuesday. Following the better than expected results from Alcoa, the New York Stock Exchange, like European stock markets continue their progress. The Dow Jones gains 1% to 10,318 points, the Nasdaq rose 0.90% to 2219 points and the S & P 500 climbed 1.03% to 1090 points. The night before, after long hesitation which direction to take, the New York Stock Exchange finished the session up into smaller, undecided before the start of the season results with the aluminum producer Alcoa. The Dow Jones gleaned 0.18% to 10 216.27 points and the Nasdaq 0.09% at 2 198.36 points.The broader index Standard & Poor's 500 index of leading his side to finish by 0.07% to 1 078.75 points.

On the foreign exchange market, the euro dropped sharply against the dollar Tuesday, weighed down by the lowering of the sovereign rating of Portugal in the ratings agency Moody's, which relaunched the concerns about the fiscal health of the member countries of the euro area .

On the side of macroeconomic indicators, the U.S. Department of Commerce must publish the figures for trade balance in May while the Treasury will unveil the state of the U.S. budget.

Publications for

On the side of values, Alcoa started the ball rolling quarterly results yesterday after the close of the NYSE. The group returned in the green in the second quarter, with net income of $ 136 million, against a loss of $ 454 million a year earlier, and expressed "great prospects".For a year, Alcoa had recorded one quarter in the green, in summer 2009, but the whole of 2009 was marked by a heavy loss to the tune of $ 1.15 billion .

Always on the side of values, the burst of U.S. results will continue this week with the technology companies Google, Advanced Micro Devices or Intel and banks JPMorgan and Bank of America. Citigroup and General Electric will unveil their findings Friday.

Also note, a hedge fund, the fund Cambridge, filed a complaint against Morgan Stanley, Goldman Sachs and ten other banks in the hope of recovering lost $ 1.2 billion in securities backed by mortgages subprime .

The internet group Google on Monday launched a new tool, "App Inventor", which should allow all users to create their own applications

Retirement: 8% of cases are false

The Court of Auditors has refused Tuesday to certify the 2009 accounts of the branch of the social security pension and its "parent", CNAV. Reason: "A significant number of pension cases (7.56%) is marred by miscalculations, including the impact on the accounts reached 0.78% of the amount of pensions paid in 2009. The process of transmitting data is always assigned to career uncertainties, etc. …

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.

Rigor: same effort in France and Germany

This is not a surprise but the time is more than ever in a pinch. Angela Merkel and Nicolas Sarkozy will meet on Monday to prepare the European Council by the end of the week and the G20 Toronto. Discussions will focus obviously on public deficits in the euro area, including sanctions to apply against the states that are lax or new ways of coordination of economic policies. Originally scheduled on June 7 last, the interview was postponed, allowing the two leaders unveiled their own plans for savings.

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.

The Mercedes star to shine again

"We're back on track", says Joachim Schmidt, director of sales and marketing of Mercedes. In the first five months of the year, sales of the brand with the star rose by 15.8% (443,400 cars) thanks to the success of its S-Class sedans and E. Faster progress than his fellow BMW (+14.1%), which remains the leading high-end segment.

The fact that Audi volumes (+ 21.7%), third in 2009, have exceeded those of the Mercedes in January-May (since it had not Smart) does not seem to affect the group in Stuttgart. "We are not trying to make the race with Audi volumes. What is important is to have the best margins, "says Le Figaro Joachim Schmidt.

After a bad year when she accused an operating deficit of 500 million euros, the car division of Daimler posted a profit of 806 million euros in the first quarter.Representing an operating margin of 7%, which could still grow in the second quarter. Audi is better (5.8% margin) and the BMW automobile industry (2.7%) on the first three months of 2010. Over the year, Mercedes is an operating profit of 2.5 to 3 billion.

To continue to accelerate, Mercedes intends to grow its "greatest asset": the strength of its brand. The manufacturer is launching a global communications campaign, which begins in France in late June, around the slogan "best or nothing," referring to its ambitions in terms of quality, style or safety. Mercedes had no motto since 2005.

Renault cooperation

It's probably in China, Eldorado for luxury cars and the first outlet of the class E, the prestige of the brand is the highest. Mercedes sales have more than doubled since January."We should exceed 100,000 units this year. And in 2015 sales goal is 300,000, which would make this country, currently our third largest market, the first, "said Joachim Schmidt.

In Europe, the German, who, like his rivals, has received almost no premium for scrap in 2009, provides volumes "stable" this year in an overall market decline. It has expand its offerings of smaller cars by launching four new models of Class A and B by 2013. Half of the corresponding volumes will be manufactured in the factory being built in Hungary.

Only downside, sales of the little Smart ball group, continue to decline (- 17.8% through May). Mercedes is counting on cooperation with Renault to make it profitable through "economies of scale," the next generation of this model to be developed on the same platform as the Twingo.

Chérèque clash between Vif and Parisot

Francis and Laurence Parisot Chérèque have severely clashed on Friday during a panel discussion on the emergence of a new social dialogue organized by the Journalists Association of Social Information (AJIS).

The secretary general of the CFDT has accused the president of MEDEF lying to parliamentarians to amend the bill on social dialogue in very small enterprises (VSE) discussed in the Senate next Tuesday and early July at the Assembly ( see our editions of June 3).

"The lobbying done by the MEDEF and CGPME is based on a lie, accused Francis Chérèque: to convince business leaders that will elect staff representatives who will return to the TPE.This is even more intolerable than the MEDEF and CGPME never demonstrated that they are representative of the owners of very small unlike the UPA, and the FNSEA UNAPL who support the bill. "

The secretary general of the CFDT appreciate even less the attitude of the President of the MEDEF Laurence Parisot text and Jean-Francois Roubaud trying to torpedo – CGPME has launched a petition calling for its withdrawal – is based on a Common Position, signed in April 2008 by the CFDT and CGT … with both employers' organizations. "I was tolerant enough," said Francois Chérèque has therefore asked Eric Woerth, sitting two feet away from him, "a law on the employer's representative.

No response Woerth

Piqued, the president of MEDEF has reaffirmed its opposition to the text of the Minister of Labour, which aims to give the four million employees of small opportunity to elect representatives to the territorial commissions optional that parliamentarians now want to limit nationally. "Business owners only want one thing: they are allowed to concentrate on developing their business and they do not impose new constraints," replied the boss of bosses, ready to enter question "once the crisis is over" and the reform of trade union representation buckled.

The President of the MEDEF also recalled that his movement was committed at the common position on trade union representation in April 2008, refer to "a group work, nothing more," the audience measurement and association development of social dialogue in the TPE.

As for the sensitive issue of the representativeness of employers, Laurence Parisot has once again "open debate" but said it would be "difficult to reproduce the mechanism of the election" which applies to trade unions to appoint company representatives. Eric Woerth has not decided. "The minister wants to take time to form his own opinion," says his entourage.

Rescue of the euro: Berlin reservation assistance

Pushed to its limits by the political support to Greece and the massive plan to stabilize the euro, Germany resumed its offensive. It determines, for each country, the outbreak of the plan of 750 billion euros to express a green light of the Bundestag. Berlin is also up to the load on its proposal to amend the EU treaties in order to punish, to the exclusion, the capitals recalcitrant to fiscal discipline.

Angela Merkel defended Tuesday stiffening. "The euro area can only work if we adopt a culture of stability, which means solid finances. (…) For Germany this culture of stability and strength is not negotiable, "Merkel said in an interview given to farm rather several European newspapers.

The sixteen finance ministers of the Eurogroup, and twenty-seven of the EU had the premiere at a double appointment in Brussels.Combative despite a weakened health, the German finance minister, Wolfgang Schauble, surprised his colleagues by questioning the principles they believed acquired for more than a week. Only the Belgian Minister Didier Reynders, ventured to publicly criticize the incoherence of speech come from Berlin.

Debate Lagarde Schauble

Jean-Claude Juncker, the Eurogroup chairman, acknowledged Tuesday that it had to mobilize "patience" during the debate behind closed doors, among others to intercede in the middle of the night between Wolfgang Schauble and Christine Lagarde. Ultimately, the Sixteen were separated without text or definitive agreement on the implementation of the 750 billion the new "European Stability Facility (ESF).Appointment was made on Friday in Brussels, officially in order to tie 'details practices and legal issues " payday loan lenders.

It is still the control exercised by the Federal Parliament is the heart of the debate. At the launch of the ESF, nine days ago, Germany's partners – including France – have understood that the Bundestag would have something to say once, to vote en bloc from the German plan for stabilizing euro. To the astonishment of his colleagues, Wolfgang Schauble has just announced that German MPs intend to vote each time a country in trouble will come from ticket sales, or for each disbursement."The game is not over," says a German source.

In practice, Berlin wants to have a veto at every stage of the process and content of any austerity plan submitted by a country strangled by debt. In the letter, Germany does not come back on his word. The ESF is European in name only, it is in fact an intergovernmental body to sixteen, with a headquarters in Luxembourg and a board of directors. By law, each country is free to make decisions according to the political career of his choice. "For Germany, this procedure should be a German," the source added.

Strategic shift at NYSE Euronext

The transatlantic exchange operator NYSE Euronext is preparing to change the model. He announced the creation of its own clearing houses in Paris and London, and end at the end of 2012, its trade relations with its current service provider LCH Clearnet on the two financial centers.

This decision represents a reversal. In 2007, when Euronext was to choose a partner from the U.S. NYSE and German Deutsche Borse, the group preferred the former because it does not recognize himself in the vertical integration model of the second. The trade of the stock market is indeed a value chain in three stages: the "place" where exchange transactions are carried out, the clearinghouse that records and transactions settlement. Euronext is an operator to date, business-focused transactions.In developing its own clearing houses, goes up the value chain.

This shift fits by NYSE Euronext in the times of political and strategic place in Paris where it argues for the existence of localized market infrastructures in the euro zone. However, compensation is dominated by LCH Clearnet and by great American actors as DTCC. This business is also known to have an increasing role in securing the derivatives market: everywhere regulators are considering forcing a maximum of derivative transactions to go through clearing houses, thereby reducing the counterparty risk of potential systemic transactions.

Another reason, however, pushes NYSE Euronext to expand its field of activity.While its historical business transaction is fierce price competition from entering the competition at alternative platforms in Europe, the conditions are much less harsh on the job of clearing. In short, the incumbent, shaken by the loss of its monopoly, will seek margins where they still exist …