The euro area is about to rescue Greece

Facing speculative attacks against the single currency, countries in the euro area were preparing to fly to the aid of Greece. According to a source close to the German government, they would be agreed in principle to help Athens on the eve of a special European summit, convened Thursday evening in Brussels. The information was however not confirmed on Tuesday. "The reports that the euro area has taken the decision to help Greece are unfounded, said Tuesday, a spokesman for the government.

The terms of the rescue would not be arrested, but he could take the form of bilateral aid that is to say, special loans from state to state. Several countries would be involved, including Germany, the largest economy in the euro area, and first funder of the European Union."Whether bilateral or collective aid to Greece will be under strict conditions," warned Michael Meister Tuesday, elected a German conservative party (CDU), quoted by Bloomberg.

So far reluctant to rush to the aid of a country that has lied about its statistics and squandered public finances for years, Germany was forced to intervene again, because it is the unity and stability of the euro area is now in danger. "Germany has a special responsibility vis-à-vis the euro," said German Finance Minister Wolfgang Schäuble, who will make a statement to the government in Berlin today on the financial situation of Greece.

Trichet advance his return

Persistent for several days, rumors have quieted rescue markets. The euro, which fell to $ 1.34 last week, was pressed Tuesday to over $ 1.38.The Athens Stock Exchange has for its closed up 4.96%. In Paris the CAC 40 finished + 0.15%. Rating agencies, very nervous these days, calmed down. Fitch said Tuesday that there was no reason to degrade the notes of Spain, who still enjoys an AAA, but is affected by contagion from the crisis in Greece.

Tuesday morning, the sudden return of Jean-Claude Trichet in Europe that fueled speculation of a European intervention in favor of Greece. The President of the European Central Bank had to spend two days in Australia to attend a meeting of central bankers. He advanced his departure not to miss the extraordinary EU summit Thursday called by the President of the Union, Herman Van Rompuy.According to the German press, experts from the ECB participate in secret for several days in meetings with representatives of countries in the euro area are working on the rescue of Greece. Two options are under consideration: the conditions under bilateral aid or loan guarantees for Greece in the framework of a European fund.

The treaties prohibit any of these options.Just came into force, the Lisbon Treaty provides in Article 122-2, "the Council on a proposal from the Commission, may grant, under certain circumstances, financial assistance from the EU Member State is in difficulties or a serious threat of serious difficulties caused by exceptional occurrences beyond its control.

Speculative attacks of recent days against the euro, and debt to Member States the most vulnerable have been a trigger for the policy decision.

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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 Asian exchanges losing morale

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 Asian exchanges still sluggish

Volatility is back in Stock

The miracle did not happen. The CAC 40 has not yet reached this week the "glass ceiling" of 3850 points on which he stumbled past three months. Same thing on Wall Street for the S & P 500 index off the 500 largest U.S. securities, which stalled again on 1115 points.

Good American statistics which show that the activity distributed gradually across the Atlantic have failed to reassure investors. The gap – more and more important by the European mainland where to pick up much softer – has mainly benefited the dollar has rebounded against the euro, after nine months of almost uninterrupted decline.The rebound in the greenback against the euro has been even stronger than the European currency has weakened for weeks by the financial difficulties of many countries in the eurozone, whose head is Greece.

Investors are obsessed with the risk

In reality, rather than adopting the positive news, investors have preferred this week yet, focus on risks that could weigh on financial markets. Among them, investors began to fear a return of inflation could lead to a gradual tightening of U.S. monetary policy.

However, until now, low interest rate remains the primary equity market in the world. A risen too fast in the dollar could also influence the competitiveness of U.S. exporters.This time, the reassuring statements of the President of the Federal Reserve, which confirmed that rates would stay low permanently in the United States, have failed to completely reassure the markets.

The accumulation of signs of geopolitical tensions and the deterioration of the financial rating of several states of the euro area also participate in the general climate of anxiety that prevails today in exchange.

Hope to cross the figure of 4,000 points for Christmas

So the indecision that has dominated this week's stock market and even the CAC 40 was unable to cross the smallest step towards the 4,000 points that all fellows dream of showing up on screens for the St. Sylvestre. There are still two weeks, each comprising three sessions and a half trading to achieve.Not impossible, but gradually as time passes the likelihood of finishing the year above that threshold becomes thinner.

This week, the rating was mainly penalized by the decline in bank stocks, as well as by car values, and Total, which stalled Friday after a sell recommendation issued by a broker.

In the final session Friday, the U.S. indices were significantly strengthened, giving hope for early next week over laughing at the Paris Bourse.

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.