After Japan, the fall in industrial activity in France

Surprises in the industry. Production fell unexpectedly in March, activity in the manufacturing of picking up 1%, offsetting a rebound of the same magnitude in March, reports the INSEE. The industry as a whole fell 0.9% in March, after +0.5% in, February.

Virtually all sectors are in the red in March. The most dramatic decline is undoubtedly out of road car production, which lost 4.3% in one month, after 2% in February. The end of the scrapping partly explains the sudden stall. "The supplies seem to suffer from the Japanese crisis," also argues INSEE. The earthquake and tsunami, has paralyzed parts of the archipelago where factories subcontracting to automotive know-how.For example, the manufacturer PSA had to slow down its production in Europe because of a part for diesel engine developed exclusively on a Japanese site affected by the disaster. In addition, all transportation registers down -4.2% (against a rebound of 2.4% in February).

Also penalized by shortages of components due to events in Japan, activity in the electrical, electronic and information technology has continued to decline in March, to -1% from -0.9% in February. The agrifood sector displays a production decline of 0.4%. In this as in the automotive sector, "it remains unclear how much of the decline in production due to malfunction of the Japanese industry and what proportion by lower demand," says Dominique Barbet, an economist market at BNP Paribas.

The production of energy and water, on the other hand, fell 0.7% against 1.2% in February. In construction activity also declined by 0.3% after -0.2% in February.

Quarterly Progress

The poor figures of March are not enough to spoil the balance on the first quarter. From January to March, manufacturing output jumped 3% from late 2010, and the industry as a whole by 2.1%.

This increase is due to the boost given by the maturity of scrapping the transport sector (+3.1%) and the catch-up effect in refining (+21.3 %) after a fourth quarter of 2010 severely disrupted by strikes.

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Portugal in the Greek system

The country is preparing for two years of recession. This is the price of economic modernization demanded by the IMF and the European Union to pay the 78 billion euros of assistance plan, after the rescue of Greece and Ireland.

The recession is expected to "2%" this year and next year, warned Thursday the Portuguese Finance Minister Fernando Teixeira dos Santos, for 2011 is double what was originally planned. Unemployment is also expected to jump up to 13% in 2013 before declining in subsequent years.

"The program is tough, but necessary and right," acknowledged the European negotiator Jürgen Kröger. "The economy will face significant headwinds in the coming three years," said Premier Poul Thomsen of the IMF, which provides for recovery "in the first half of 2013." But donors stressed that there was little alternative.The Portuguese economy is suffering from under-competitiveness and "without this package, the reforms have been more rapid and painful," assured Mr. Thomsen.

The program rests on three pillars: fiscal adjustment, with lower expenditure equivalent to 3.4% of GDP, especially in health and pensions, continued structural reforms, with an extensive program of privatization and an overhaul of legislation work and dynamic financial sector, with the establishment of a safety net 12 billion euros to banks in exchange for an increase in their capital ratios fast payday loan. The details will be formally adopted at the Eurogroup, May 16

Lisbon Area will stay out of the market for almost two years.The interest rate paid on the portion IMF (26 billion euros) will be calculated on a basis of 3.25% in the first three years, and 4.25% thereafter, according to a senior official of the Fund.

Sacrifice unpopular

The package will, however, far less than many feared, reducing the deficit more gradually than expected. But the sacrifices incurred unpopularity is likely to take center stage at the approach of parliamentary elections on June 5. The main opposition right-wing has already hinted that he would support him. "It must be clear in the campaign that the future government will implement this program," however, hammered Mr. Kröger. Portugal will need the funds by 15 June, the date of repayment of a loan of 4.9 billion euros.

It will also silence the growing discontent in Europe face the new rescue.Before Lisbon, he had help Athens (110 billion euros) and Dublin (85 billion), without reach to prevent speculation on a debt restructuring Greek. In Finland, the Portuguese plan hostility looms over forming a coalition government. And Germany voices were raised yesterday to ask that Portugal first sell its gold.

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The war began in savings

"Frankly, I am interested in your money": this clash of the BNP did not last long in the 1970 No bank would dare today to show his frontispiece, yet it has never been so relevant. Whether at the counter or on the home pages of online banks, retailers are currently struggling to raise cash from businesses and some 200 billion saved every year by French households paydayloans. All opportunities are good. A mortgage? Some lenders offer more attractive rates if the borrower is guaranteed to leave a cushion of deposits.

Prudence expected on Wall Street

The index futures Standard & Poor's 500 and Nasdaq 100 advanced 0.06%, respectively, to 1355.70 points and 2404.25 points 0.10% to about 13 hours, suggesting opening of U.S. stock markets to equilibrium Friday. Yesterday, the Dow ended the session up 0.57% to 12,763.31 points.

Household consumption to menu

After finishing up the day, Wall Street might react to various macroeconomic indicators on the agenda this Friday: from 14.30, will be unveiled expenditure and income of households in March. Will be detailed figures on consumption of households and the PCE price index based inflation measure. Thereafter, at 15.45, the Chicago PMI index, indicative of economic activity in the region in April, then at 15:55, the second estimate of the index of consumer confidence in April, awarded by the University of Michigan .

Merck, Chevron and Caterpillar publish their results

On the corporate side, Chevron will release its first quarter results before the market opens, and Caterpillar.

Merck has announced a net profit in the first quarter more than tripled over the same period last year, which was impacted by costs of merger with Schering Plough. It amounts to $ 1.04 billion. The pharmaceutical group has slightly raised its annual forecast.

The groupeMicrosoft (up 1.25% to 26.710 dollars) will for its part, very guarded, after publication, on Thursday after the market close, with net income up 31% to 5.23 billion dollars for the third quarter of fiscal offset. A performance that does not stop him being left behind parApple (-0.97% to 346.75 dollars).Based on the number of shares and excluding special items, earnings amounts to 61 cents, above the 56 cents expected by analysts. The turnover shown up 10% to 16.43 billion, despite the climate of "mixed" for the PC market.

The executive employment rebounded with the recovery

Virtuous circle. According to the Quarterly Business Tendency note published today by the Association for the use of frameworks (APEC), the upturn in the market for the employment of executives, up 10% yoy in the first quarter, will persist throughout the year. "This should result in increased recruitment of executives between 3% and 10% on the year," welcomes APEC. More than one in two firms planning to hire at least one frame in the second quarter of 2011, or 10 points higher than last year, and 17 points more than two years ago, during an economic crisis.Levels of recruitment have found their rhythm early 2008.

Graduates or experienced managers

Almost all sectors benefit from this improvement, including industry (59% of companies in this sector have recruited at least one frame during the first three months of the year, or 12 points higher than a year ago) , engineering, R & D (86%), consulting and business services (55%) and computer services (90%). Only construction and medico-social results show lower than last year at the same time, "although the outlook remains favorable to recruit" Apec shade.

If young professionals with several years of experience are always' the prime target for recruiters, "a beautiful part will also be reserved for graduates and highly experienced executives, unloved in recent years.Hiring intentions are regarding the effect on net increase over last year: nearly one in two firms who will recruit in the second quarter and has given his chance at a fresh graduate or a manager over twenty years of experience. Be, respectively, increases of 14 and 11 points in one year.

48 applications per offer

Recruitment target mostly business executives (42%). But the improvement in the industry will also lead to increased recruitment in specialized functions of production sites and technical services such as maintenance, procurement and quality.Technical studies, especially popular in engineering and R & D progress on these six points in one year to reach one in four businesses now.

Replacement of departures (for retirement, resignation …) remains the main explanation envisaged recruitment (41% of cases). But more than a third of companies also cite the development of activity as the main reason for recruitment.

Last sign of a strengthening labor market frameworks: a job entrusted to Apec has generated, on average, 48 applications during the third quarter of 2010. Ten less in a year. Employers are more likely to report difficulties in finding suitable candidates – 61% against 55% last year – even if the trend is still to longer delays in recruitment.The share of hires still being three to six months after the publication of the offer is stable at 23%. And this especially in functions where the offerings attracts fewer candidates: computer (72% recruitment difficult), and R & D studies (68%) and industrial production (67%).

The rebound is confirmed by the Paris Bourse

Achieved. Shaken by the deteriorating situation in Japan's nuclear, the CAC 40 was able to reconnect with the 4000 points in mid-session, after finishing on Tuesday a net decrease of 1.54%, below the psychological threshold. On Wednesday traders try so successful ascent, in the footsteps of Asian markets. The CAC 40 advanced 0.79% to 4,008.04 shortly after midday.

Same trend in London and Frankfurt. After opening in the green, clinching the two exchanges respectively 0.97% and 0.85% in mid-day.

Markets react without panic to the new aftershock of magnitude 5.8 that struck today north-eastern Japan and shook buildings in Tokyo. In addition, they host without the excessive pessimism downward revision of economic forecasts of the archipelago by the government.In a report, it says that the earthquake, tsunami and the nuclear disaster that struck the country will impact on a "temporary" consumption and consumer confidence, exports, industrial production and employment. The triple disaster, whose total cost amounts to about $ 300 billion, will require a supplementary budget of 4000 billion yen (33 billion). "The economy, which was improving, experiencing a phase of weakness, because of the consequences of the great earthquake northeast of Japan," says the government.

Gust Statistics

In this context, progress is therefore no euphoria. Especially since many key indicators are expected to analyze both sides of the Atlantic.In France, consumer prices rose 0.8% in France in March from the previous month and one-year inflation accelerated to 2%, show statistics released Wednesday by the INSEE.

In the euro zone industrial production rose 0.4% in February compared to January, when it grew by 0.2%, according to data released Wednesday by the EU statistics office Eurostat.

In the U.S., retail sales and March business inventories for February will be at the rendezvous, like the weekly oil inventories. The Fed's Beige Book will also be particularly scrutinized for 20 hours across the Atlantic.

Side of the oil markets, time is decreasing. Concerned by the level of demand, investors pull down prices.Shortly after noon, a barrel of light sweet crude for May delivery, accounts for 0.29% 106 $ 56.

On the currency markets, the euro rises against the dollar and reappears slightly above $ 1.45.

Total in the viewfinder of S & P

As for values, Alcatel-Lucent (6.16% to 3.997 euros) recorded the largest increase in the CAC 40 to Accor (2.30% to 30.875 euros). Alcatel is supported by an increase of recommendation from Morgan Stanley to overweight value, weighting cons before.

Schneider Electric: + 0.09% to EUR 113

The group has denied this morning to be "currently" in discussions with Tyco International today.The Daily Telegraph announced Tuesday that Schneider Electric had sent a letter in which he showed his interest in an offer of $ 30 billion on Tyco International, from the perspective of giving birth to the world's leading security systems.

Areva: -0.10% to 30.89 euros

The nuclear expert said Wednesday it has won a contract for the installation of a solar thermal concentrator coupled to the coal-fired Kogan Creek, operated by CS Energy in Australia.

Total: + 0.75% to 42.255 euros

Standard and Poor's lowered the long-term credit rating of the oil group to "AA-" cons "AA" previously, with stable outlook.

Casino: -0.80% to 69.76 euros

The group confirmed on Tuesday after its goals have increased sales by 18.8% in first quarter 2011 due to changes in the portfolio in Brazil and Thailand as well as confirmation of the reorganization of Leader Price.

Credit Agricole + 0.26% to 11.73 euros

The bank president, Jean-Marie Sander, said he was confident the group's business in Japan, noting that the country's economy and its banking system remained strong despite the disaster of 11 March.The chairman of the management company of the bank's assets in Japan, Christian Romeyer said his side that the Japanese savings does not seem dramatically affected by the crisis.

Renault: + 1.52% to 38.32 euros

CEO Carlos Ghosn would not "abandon ship" when the false espionage scandal has unsettled the French group, which must now focus on implementing its strategic plan, said in an interview with Les Echos on Wednesday.

JCDecaux: + 0.26% to 23.01 euros

A group of shareholders of Affichage Holding, Geneva company 30% owned by French group, said the board of directors to court for 150 million Swiss francs (115.6 million euros) after an acquisition in Greece resulted in significant losses.

Vinci: + 1.30% to 43.35 euros

Under the contract LGV Bordeaux Tour, the group selected in March 2010 to build and operate this path, calling for several weeks an extension to the original contract of 7.2 billion, according to information of Figaro.

After market, Kaufman & Broad will release its first quarter results, Fleury Michon announce its results for the fourth quarter of 2010 and its turnover in the first quarter of 2011. Cegedim and Etam will publish their results for the fourth quarter and Camaïeu will unveil its turnover in the first quarter.

The Tokyo Stock Exchange drops after the earthquake

The Nikkei 225 of the Tokyo Stock Exchange has accelerated its losses late in the session, after a massive earthquake off the coast of north-east has triggered a tsunami warning. The index closed down 1.7% to 10,254.43 points.

The Japanese market was closed for the weekend when the first information on the consequences of the earthquake were just beginning to circulate. The air, road and rail are paralyzed throughout the country.

The yen also accused the coup: the Japanese currency fell against the dollar at the news of the disaster.The greenback, which evolved around 82.75 yen by late morning, jumped to 83.30 yen in the minutes that followed the quake at a magnitude of 8.8.

Investors were already gloomy, worried about geopolitics

All the Asian financial centers are displayed in red, concerned about the continuing rise of oil prices, the market closely following the situation in Saudi Arabia after the call for demonstrations in the kingdom, first largest exporter of crude. These same geopolitical tensions had already weighed on prices Thursday on Wall Street, the U.S. stock market ended down almost 2%, its biggest drop since August, and thus enhancing the pessimism on Asian markets .

Despite a decline in oil prices Thursday, worries about the Middle East so the above resume.In morning trading, a barrel of light sweet crude for April delivery took 14 cents to 102.84 dollars. However, that of Brent North Sea crude for April delivery yielded 23 cents to 115.20 dollars. Inflationary pressures which cast doubt on the extent and strength of the global economic recovery.

Chinese Inflation above expectations

In Shanghai, after the disappointment surrounding the publication Thursday of a larger trade deficit than expected in February, it announced a rise in inflation in February on the Chinese consumer prices, higher than expectations, which prevents the return of confidence on the Chinese site no fax cash loans. Rising consumer prices rose 4.9% in February in China, well above the official target of 4% set by the government.Enough to bend slightly the CSI 300 Index of Shanghai from 0.15% to 3275.21 points.

The remarks of the governor of China's central bank have failed to reassure markets. The revaluation of the yuan is not a "major tool" to fight against inflation in China, Zhou Xiaochuan said Friday, reiterating that Beijing would implement a reform "gradual" exchange rate as its monnaie.Rappelons major trading partners of China are calling for a rapid revaluation of the Chinese currency, which continues to be secured tightly to the dollar, against which she has gained about 4% since June 2010.

Balance in India

Elsewhere in Asia, investors keep the same caution vis-à-vis a gloomy macroeconomic situation. Taiwan TAIEX Index of Taiwan and South Korea's KRX 100 fold respectively 0.87% and 1.26% at 8567.82 points and 4168.39 points.For its part, the Hang Seng in Hong Kong yields 0.73%, to 23,441.70 points.

Net decrease also on the Australian site, the S & P / ASX 200 upgraded from 1.17% at 4644.80 points. Finally, the FTSE Singapore Straits Times was down 0.78% at 3051.53 points and the Indian Sensex is almost at equilibrium, down from 0.19% to 18,293.80 points.

Carrefour is betting on a rise in sales this year

Carrefour opts for optimism. Battered markets since the announcement of the proposed demerger of its Dia hard discount chain and a portion of its real estate subsidiary Carrefour Property, the number two worldwide distribution makes every effort to regain investor confidence. On Thursday, he promised for 2011 increased its revenues and its operating income.

To achieve this dual objective, Crossroads put on an "acceleration of store openings in 2011 with 800 stores, especially in growth markets" and a "strong development of Carrefour-branded products and the continued deployment of our winning concepts under banners Carrefour.

The distributor said, anticipating 480 million euros of cost savings this year and 225 million gain on purchases, and reduced inventories of two days.

More information to follow ….

Ports: Bernard Thibault accused the government

This is the first time he speaks in the press since the announcement, denied, he left the CGT. In an interview published Monday in L'Humanite, the secretary general of the CGT said that "the government bears full responsibility" of the conflict that disrupts past several months the French ports.

For the fourth straight weekend, in fact, the dockers and crane crane operators were expected to strike alternately between Friday and Monday. At the center of the standoff between the CGT ports and docks and the government, taking into account the hardship. "There were negotiations between employers and unions to organize and fund early retirement. The government had agreed, "said Bernard Thibault in the daily newspaper. However, after the redesign of November, the government explains that "it is no longer question the grounds of the application of the law on pensions."Bernard Thibault, who spoke after the national confederal committee of the CGT, the "parliament" of the central Montreuil, also finds that for the government to "accept the recognition of the harshness in the ports would be a bad example for the other branches Online payday loans. "

The conflict in ports is born of the government's willingness to review, after the vote on pension reform in November, the tentative agreement a month earlier between the two sides on the recognition of the hardship for some trades port. This conflict would have cost 800 million euros to companies, recently told Le Figaro.

Questioned on the subject Sunday, the secretary general of the CFDT Francois Chereque, regretted the union system "not very democratic" in French ports."Since the liberation, we are in a single trade union, where it is the unions that are hiring, including the CGT," he said, lamenting the absence of the CFDT from Dockers. In the present conflict and as his counterpart of the CGT, Francois Chereque denounced "dysfunction" of the State which is income on a "promise" the previous government.

(With AFP)

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The pump prices near their record

Pressure is mounting on motorists: Never pump prices have been near record levels in June 2008 when a barrel familiarly the bar $ 150. According to the latest statistics of the administration, the super unleaded 95 (SP 95) averaged at 1.467 euros per liter, 2 cents of the historic peak of 1.488 euro. The diesel has a little more leeway: it now stands at 1.284 euro, against 1.438 in 2008.

These prices can be surprising because the Brent crude in London is changing these days around $ 100, far below the peaks here are two and a half years. However, in the meantime, the dollar has appreciated against the euro, highlighting the pump the impact of soaring crude prices. Over the next few weeks, most experts believe that prices could still rise.They are based primarily on the wave of tensions in the Middle East set to continue.

For now, fuel consumption, which covers about half the French demand for oil has not yet been severely impacted. According to figures released Friday by the French Union of Petroleum Industries (Ufip), it rose 0.2% last year, the increase in diesel sales (+2.1%) to address the decline in supplies Gasoline (- 6.2%). It is the fruit of dieselisation French fleet, with more than 70% of new registrations.