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Despite the rebound in Asian stock markets Wednesday morning and the revival of U.S. consumer confidence on Tuesday, the Paris financial markets should remain febrile for the first day of September. Futures rose 0.59% to 3506 points, about 8.20am. The CAC 40 closed Tuesday August on a small increase of 0.11% to 3490.79 points. Throughout the month, the index in Paris lost more than 7%.

Vivendi raised its forecast

The set of interim results continued. Meanwhile Wendel and Altran particular, Vivendi raised its forecast for this year, after posting a 6.1% increase in sales to 13.9 billion euros and 6.6% of net income to a 26 billion euros.

Wendela investment company registered in the first half net profit of 124.5 million euros against a loss of 959 million for the same period of 2009.

Tuesday after-hours trade, Bouygues has issued a revenue down 1% in the first half and slightly raised its full-year sales (30.4 billion euros against 30.1 billion euros previously planned) .

Vinci reported interim results exceeded expectations. Its net profit was up 1.9% to 703 million euros and sales rose 2.3% to 15.5 billion euros, thanks to improved traffic conditions and benefits the acquisition of Cegelec.

Finally, Eiffage confirmed its forecast of sales for 2010 thanks to the growth of its backlog and achieved a 40% jump in net profit group share semi-annual 70 million euros payday advances .The operating profit has however declined by 2.6% to 412 million, within the scope of the downturn in work due to a climate of increased competition.

The investors also will keep an eye on Sanofi-Aventis. In the showdown, which contrasted with Genzyme, the CEO of biotech company judge, in an interview with Reuters, the high probability of finding an agreement on an offer from Sanofi on American group. However, he reiterated that Genzyme will not accept the proposed price of 69 dollars per share.According to sources close to the U.S. group will not negotiate at least $ 75.

PMI manufacturing program

On the macroeconomic front, the meeting will be especially marked by the publication of the manufacturing PMI in France (8.45am), Europe (11:00) and USA (16 hours), and the ADP survey which will give a first overview the situation on the labor market in the U.S. before the official data on Friday.

Other important indicators: the numbers of the car market in August in France (12:00). In July, new car registrations fell by 12.9% compared to last year, and 15.4% for the only French brands.

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At a time when the government prepares raising the legal age of retirement, he has surprisingly little publicity to these statistics, however, encouraging. The employment rate of 55-64 age group reached 38.9% in 2009 against 38.2% last year and 37% in 2003, according Studies Branch of the Ministries of Economy and Labour (DARES ).

The trend is especially notable is that despite an unfavorable demographic developments: the employment rate falls to 60 years, yet the 'sixties youth "are more numerous since 2005 as' s acts of war on people born after full-baby boom. By neutralizing this "structure effect", the employment rate of older workers has also increased by almost 5 percentage points since 2003.

However, unemployment was 50 years and older flies.Between March 2009 and March 2010, it jumped by 21.2%, after rising 16.7% the previous twelve months, said the panel of Dares. In fact, the number of seniors looking for employment and the number of seniors who work progressing both. In the first case, for cyclical reasons that should improve. The crisis, plus the gradual end to the exemption from seeking employment, given until 2008 to unemployed persons over 57 years and half is in effect passed by.

Effective retirement age for retirement of 61 years and a half

And in the second case, for deeper reasons. Women are more likely to work. The reforms of 1993 and 2003 from 37 ½ to 40 years the contribution period for a full pension in the private and the public.The effects of the device "long career" – awarded in 2003 to those who have started working very young, fade, because the generations born since 1953 have been affected by compulsory schooling to 16 years.

According to the National Insurance Old-Age, 30 218 nationals of the general system and have retired before age 60 in 2009, against 100,000 to 126,000 per year in previous years. Ultimately, the effective retirement age from 61 years to 61 ½ years for pensioners to live right (that is to say outside widowers). A second consecutive year of breaking up a downward trend in virtually stopped since the early 1970s when the average neared 64.

France remains still lags behind its neighbors: the employment rate of older workers of 27 countries of the European Union is 46%.The majority sees this as an argument for the legal age of retirement, arguing that it is possible to retire at age 60 which explains the low employment rate of 60-64 years. Opponents of the reform them, believe that we must first improve the employment of older before trying to make them work longer.

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beginning of August euphoric on European exchanges. In Paris the CAC 40 rose 2.99% to 3752.03 points, or beyond the threshold of 3750 points. In London (2.65%), Frankfurt (2.34%) and Madrid (3.2%), the indices show the same optimism. The euro, it is the highest since three months.

Throughout the meeting in Paris, the CAC 40 was worn by banking stocks, while BNP Paribas reported Monday morning a good interim results.Worldwide, banks have been well supported by investors more confidence in the sector, particularly in Europe, and after already good grades stress tests.

The oil sector also outperformed on Monday, while oil was up 2.84% to 17.30 to 81.2 dollars per barrel.

But the boost has been given 16 hours, when the ISM manufacturing activity in the United States has continued to slow in July, the ISM index measuring it has fallen to 55.5, but less expected, according to figures released Monday by the association.A pleasant surprise on the side of the building has boosted the morale of the operators as well.

In Europe, growth in manufacturing output and new orders accelerated, reaching their highest level in three months, according to the latest PMI survey released Monday and conducted by Markit Economics Institute. The PMI index for manufacturing final Eurozone appears already to 56.7 in July against 55.6 in June

Last month, the CAC 40 had already recovered, compared to a decline in June and a memorable month of May in terms of poor performance. Between 1 July and this July 30, the index rose 9.1%. Since the beginning of the year, it remains a decline of 7.45%.Compared to a year ago, it was up 6.3%.

On the values front, we retain:

BNP Paribas (5.27% to 21.5 euros) unveiled on Monday its quarterly results before the market in good order. They are far beyond expectations, thanks to lower provisions. The title gained 4.19% to 54.92 euros. The title brings in its wake Societe Generale (4.67%). For its part, Credit Agricole gained 3.71% to 10.9 euros.

As for the high rise, there are also values related to oil and commodities in general, more expensive that.Technip has been 5.15%, Maurel et Prom, 5.01%, and Arcelor Mittal, the largest increase in the CAC 40 rose 5.81% to 24.75 euros.

Air Liquide (3.43% to 89.433 euros) on Monday confirmed its objective of increasing its net profit in 2010 after an acceleration of growth in sales between the first and second quarter, thanks notably to markets emerging.

France Telecom (2.24% to 16.43 euros) has initiated discussions with shareholders Meditel second operator in Morocco, to acquire 40% stake in it, according to the Moroccan weekly News, suggesting a possible investment of 650 million euros. Title varies slightly to 16.05 euros.

On the other hand, in the red, Areva (-4.04% to 350.05 euros) is at the bottom of the ACC 40.The group released Friday, as expected, half results penalized by an additional provision under the Finnish EPR OL3, but it confirmed its targets for 2010.

Vinci and Eiffage shaped

Eurazeo announced Saturday that entered into exclusive negotiations with the U.S. fund Carlyle for the sale of the hotel chain B & B.Eurazeo gained 4.14% to 50.91 euros.

The construction group Vinci (3.73% to 38.53 euros) was selected Friday by the Government for the concession and the construction of the airport at Notre-Dame-des-Landes, who should take over from 2017 the air service from Nantes-Atlantique.

Eiffage (3.47% to 40.06 euros) published a quarterly revenue up 2.2% and said its order book stood at EUR 10.8 billion at July 1 ( +4.4% at constant since 1 April 2010), more than 11 months of activity.

APRR. The socialist leader Arnaud Montebourg said Friday it has seized the financial markets authority (AMF) to try and block the delisting of Autoroutes Paris Rhin Rhone (APRR) requested by Eiffarie, a joint venture of the Australian Eiffage Macquarie Group

The first half of fiscal 2010, the M6 (metropolis TV) grew by 9.4% of consolidated sales, which totaled 742.1 million euros. All activities have contributed to this growth: the advertising revenue of the group (M6 channel, digital channels, the Internet) is up 10% at June 30, 2010, while non-advertising revenues are up 8.7%.

Net profit for the period amounted to 84.4 million euros, an increase of 5.5%. Net margin reached 11.4% at June 30, 2010 against 10.3% at June 30, 2009.And operating profit rises 23.3% to 132.5 million euros.

Figures better than what was expected analysts, who believe that the real catalyst (which permits actions M6 mounting) is the group's ability to realize its ambitions in terms of external growth, given the past success of the group the subject cash advance loans.

M6 is in fact actively seeking targets in the areas of DTT, the broadcasting rights and the Internet. However, this strategy is currently hampered by the lack of significant opportunities.

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Maintain the 3600 points. It is an objective that will bind the Paris Stock Exchange on Friday. If investors follow their Asian counterparts in Paris, and especially Tokyo, the CAC 40 should be driven up to the opening. The green should be this good after a session to bounce which saw the benchmark index of Paris open reduction and regroup before accelerating earnings and to close more than 3%.

In addition to Asia, should further positive momentum on Wall Street. The U.S. markets have done a nice meeting Thursday at which time the Dow has gained almost 2%. U.S. markets relatively insensitive to the announcement of a surprise increase in weekly unemployment registrations have been worn by the overall business results above consensus.

In this good mood, the wait surrounding the publication of results of stress tests of European banks on Friday should be more on that early next week.

In terms of macroeconomic statistics, the session looks very calm. No major indicator is expected in the United States. In France, INSEE must publish the figures for household consumption while the Germans unveil their Ifo business climate.

TF1 reviewing its objectives to increase

The stress test, however, occupy the banking sector.BNP Paribas, Societe Generale, Credit Agricole, Natixis (BPCE) or Dexia should respond.

Moreover, the markets will again this session to analyze several quarterly publications:

TF1 announced before market sales ad up 11% in the first semester for a total turnover of 1.28 billion euros, above the consensus. Net income group share was 74 million euros over the period payday loans for bad credit. The objectives are significantly revised upward with a turnover in 2010 rose by 7% instead of 4%.

STMicroelectronics reported Thursday a profit above expectations at 18 cents per share with a turnover up 27% to 2.53 billion. Analysts on average expected a profit of 14 cents per share and a turnover of 2.513 billion dollars.

Pernod Ricard noted Thursday its annual forecast for operating profit thanks to the improved economic environment and its position in emerging markets. Its turnover in 2009-2010 emerged, up 2% on a comparable basis.

Ubisoft has released a turnover up 94% in the first quarter of 2010-2011, to 161 million euros and confirmed its objective of a provisional turnover of 160 million for the remainder of the year.

BioAlliance Pharma has announced a record turnover of 15.2 million euros in the second quarter against 1.5 million a year earlier, after recording in April for U.S. Loramyc, light treatment of fungal infections of the mouth patients with cancer or AIDS.

As for ads, Alstom said it had won contracts valued at about 450 million euros for the construction of two units for a combined cycle power station in India.

Legrand announced Thursday a takeover offer for Indo Asian Switchgear India, where he produced nearly 4% of its annual turnover after the acquisition. Indo Asian Switchgea aims for 2010 sales of more than 35 million euros.

Maurel and Prom announced Thursday it had increased to approximately 70 million euros the amount of its issuance of Oceanes five years following the year's total allotment option.

The U.S. stock markets recover a bit high on Thursday. The series of results of U.S. companies, some of which have raised their estimates after a strong second quarter, has reassured investors. And even if the new jobless claims have rebounded strongly. In the first exchanges, the Dow Jones gained 1.40% and the Nasdaq is 1.70%.

On Wednesday, the NYSE has dropped cooled by the president's speech to the U.S. central bank, Ben Bernanke. The latter, who was speaking before a parliamentary committee, believes that the economic recovery continues at a pace "slow".

On the foreign exchange market, the euro regained some ground against the dollar after the publication of an index showing that the growth of private activity in the euro area has increased in July.In the morning, the European currency climbed back above $ 1.28, against 1.2757 dollars the previous day.

New series of results

From the values listed, investors will react to a new salvo of published results Wednesday after the close of Wall Street, and Thursday before the market opening.

The manufacturer of components for Qualcomm phones and released after the close of U.S. markets, a profit of $ 767 million for the third quarter of fiscal offset, up 4% over a year and much better than expected. Thanks to "strong demand for 3G technologies," the group also raised its forecast for the year. The title earns 7.41% to 38.85 dollars.

For his part, Starbucks has unveiled a profit of 207.9 million, in line with analysts' expectations.Turnover was up 8.7% to 2.61 billion dollars against 2.56 billion dollars as abandoned attendu.Le 1.35% to 24.92 dollars.

Always on the side of values, the internet auction group eBay has posted a net profit up 26% to 412 million, just above expectations, and revised down slightly its forecast for the whole of year, under the impact of the strengthening dollar. The title gained 4.31% to 21.04 dollars.

The world's largest construction equipment Caterpillar (0.44% 67.18 EUR) posted quarterly profit of $ 1.09 per share, against 85 cents expected by the market. It was in the aftermath raised its forecast for 2010.

The telecoms operator AT & T on Thursday posted a profit than expected and this best expressed more optimism about the prospects of annual growth. The title hesitates between red and green.

The industrial conglomerate 3M on Thursday reported a 43.2% jump in net profit in the second quarter, above expectations because of strong demand from emerging markets. The title gained 3.11% to 84.84 dollars.

UPS (6.55% to 63.94 dollars) still raised its forecast after the publication of a good second quarter. And thanks to the international.

(From our special correspondent in Tokyo)

François Fillon has dropped the word naturally. He who rejects the word rigor in Paris, finally telling the truth in Tokyo. "Of all the state budgets, the only one who is not subject to discipline is that of Higher Education and Research, argues the prime minister, at the turn of a sentence imposed before an audience of five hundred Japanese businessmen and under the approving glance of Christine Lagarde.

True to his outspokenness, the Minister of Economy has not taken greater care to reassure the business community Nippon concerned about turmoil in Europe since the sinking of the Greek economy. "There is not in France, I can assure you of hidden deficits. We have a package of structural deficits, but our accounts are audited very seriously, "warned the owner of Bercy.What has been told to François Fillon not without humor: "Unfortunately, there is no hidden revenue either!"

The European austerity plans discussed at length

He came to Japan to reassure businessmen and Japanese bankers, Francois Fillon has long defended the austerity plans implemented in the euro area. The European currency crisis causes, in fact, Japan concern and uncertainty about the strength of the European Union. The major daily newspaper Nikkei has made his One, two days ago, the 30% decline in investment in the euro countries during the first half of 2010.

"I understand that, seen from Asia, our operations can sometimes be difficult to perceive and understand. But Japan's national interest is not to turn away from the euro, "Francois Fillon urged by recalling that Europe is" the great market of the developed world with 500 million consumers.Incidentally, he ditch tackle the Anglo-Saxon does not deliver, he says, a "balanced view of the success of the European Union" and invited his audience to read the German press and French.

Before leaving Tokyo, Francois Fillon met with his counterpart Naoto Kan. In addition to macroeconomic issues, the two men discussed several issues of the Franco-Japanese: nuclear, automotive and aerospace.Weakened by his recent defeat in the senatorial elections, the center-left prime minister of Japan can not implement as it sees the budget and tax reforms that could reduce Japan's debt, too colossal.

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The goals are ambitious but tenable after Pierre Mongin. The head of the RATP said in an interview with Les Echos on Monday he wants to improve efforts to the company's investment this year. The company expects an increase of 10% of these expenditures in 2010 to 1.4 billion euros. "In everything we want to invest 7 billion between 2009 and 2013," he says. These expenses will be allocated to the modernization of the existing network: improving customer service, extending lines, sustainability of the industrial tool. "We have the means to this ambitious policy," explains Pierre Mongin.

The boss of the RATP is excited about the upturn looming gently. In the first five months of the year, the group has recorded 30 million more trips compared to 2009."We feel a tremor on commuting," said Pierre Mongin, which emphasizes a return to positive growth for the RER, barometers of activity (+0.7% -4% against a year ago).

Take a major international

Another ambitious project: the development of Greater Paris. Connect the belt of small suburbs of Paris will require a massive investment of between 20 and 25 billion euros, mainly from local authorities. According to Peter Mangin, the project must be completed in order to "avoid economic decline" in Europe and "be able to create an endogenous growth".

Beyond France and Europe, these investments have the ambition to "bring the RATP in the top 5 worldwide transport companies," said the chief executive of the company.To do this, other acquisitions, following those of certain assets Transdev and Veolia, are possible.

RATP is a turnover of 6.2 billion euros in 2015 against 4.2 billion in 2009. Nearly 25% of these revenues should be generated by subsidiaries outside the Ile-de-France. "The strategic differentiation from our competitors lies in our engineering capabilities. This knowledge gives us advantages comparable to those of EDF Energy, "warns Pierre Mongin.

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The path loss is still far from being solved. Industrial production shows for the month of May, a sharp rise. The overall activity increased 1.7% after falling 0.5% in April.

The production of manufacturing industry (manufacturing goods) has also continued to grow, increasing 0.5% in volume, after +0.3% in April. Between March and May, production increased by 2.4% in manufacturing and 2.2% across the industry.

Manufacturing is in sharp recovery from the same three months last year (+8.2%), but remained "well below its level before the crisis," says the Institute of Statistics.

For Alexander Law, chief economist at Xerfi, there are "two heavy handicaps that are difficult to overcome." One around the restocking process being complete.Another round of unfilled orders that are substantially sdégarnis No fax payday loans. According to the economist, "the situation remains extremely fragile in France and Europe, so a decline in activity in the third quarter is not negative.

Investment timidly off again

On a year over three months (between March and May compared to the period December 2009-February 2010), the production of electrical, electronic, computer and machinery increased 3.4%. Nevertheless, the trend seems to have stalled in May with a decline of 0.2%. For Alexander Law, no cause for alarm. "It's normal. Companies must remain vigilant to the economic uncertainties.There is no question at present to engage in heavy spending and engaging knowing that demand may wane and that the whole of Europe has now begun the turn of rigor.

Air France wants to travel light. The company expects 4390 departures without layoffs by March 2013, a reduction of 16% of its workforce compared to March 2008, after which relies on a document from the Central Committee of the company business.

No social plan, but hiring jellies, retirement and not replaced quits 1765 people. In total, the company should have 2,436 employees under the 2010-2011 fiscal year (which ends in late March 2011), 834 the following year, and 1121 in 2012-2013.

Between the beginning of the crisis in 2008 and 2013, it will be 9312 jobs will be eliminated, according to La Tribune. Hardest hit will be the ground staff including 3,200 voluntary redundancies. While drivers should be redundant by 2013, ground staff and cabin should be reflected in slight under-staffed in three years.