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The major stock markets in Asia are in the red on Tuesday. The signals sent yesterday by the stock exchanges in Europe and the United States do not encourage investors to take risks. Gloom settles permanently while stresst tests of European banks are not convincing and that the debt problems on both sides of the Atlantic continue.

In Tokyo, the Nikkei, which resumed trading after the long weekend, started on a decline of 0.53%. An hour of closing, it was down from 0.60% to 9914 points. The banking sector is particularly abused in the image of Mitsubishi UFJ Financial (-2.54%), Nomura Holdings (-2.34%) and Daiwa Securities Group (-1.15%). Export values ​​also suffer from a higher yen against the dollar: Sony loose 2.06% 3.63% Nintendo loses first Panasonic was down 1.95%.

For their part, Hong Kong and Shanghai respectively lost 0.29% and 0.47%.In Hong Kong, banks are still in trouble: HSBC Holdings (-0.47%), Agricultural Bank of China (-0.99%) and China Merchants Bank (-0.22%) down.

Only exchanges of Korea (0.12%), Australia (0.10%) and India (0.26%) manage to rise into the green but remain cautious. Note that at the Sydney Stock Exchange, the action News Corp, battered since the wiretapping scandal, bounced 2.54% to 14.53 dollars as investors take advantage of lower stock price.They also respond to information from the Wall Street Journal under which Rupert Murdoch, the founder of the media group, plans to release the reins of his company.

Oil climbs the slope

Oil prices were up Tuesday in electronic trading in Asia, investors taking advantage of prices driven down by concerns about the debt crisis in the eurozone, analysts said.

In morning trading, a barrel of "light sweet crude" for delivery in August took 38 cents to 96.31 dollars. That of Brent North Sea crude for September delivery took 41 cents to 116.46 dollars.

Eight European banks have failed the tests of resistance imposed on 91 banks on the continent to test their strength in the event of economic shocks, said Friday in a statement the EBA (EBA) responsible for these tests.

ABB said that the banks needed a total of 2.5 billion euros to strengthen. She did not initially detail the name or nationality of the banks that failed the exam, each institution concerned and the national regulators with priority to communicate about it.

According to announcements made simultaneously in each country by banks and regulators, five Spanish banks and a German bank failed.Two banks failed still missing the call, the regulators have not yet communicated all.

ABB said that the results of only 90 banks had finally been taken into account, without further explanation.

All Italian banks, French, Portuguese, Irish and British passed the test.

The year 2011 will be marked by beauty "jolts", it should nevertheless result in an increase of 2.1%, according to forecasts released yesterday by INSEE. A figure that – even if it is the thickness of the line – is widely expected to satisfy the government, including the forecast for this year is 2%. It is rare that the institute of statistics is more optimistic than Bercy!

This year has been marked by "shock," said he notes in the introduction of its quarterly. The first months left on the ground running, with a 1% growth in first quarter – "supported in part by exceptional factors, including the effects of catch-up following the strike last fall," and a phenomenon stock, is the INSEE.Industrial production was then greatly accelerated.

This is another backlash that explains the strong slowdown in the spring: the end of the scrapping a car that plunged household consumption, in the face of any support in the international environment.

But after that, the momentum for two years and would resume its place in the third and fourth quarters, growth would return to a rate of 0.5%. Households would resume eating, companies continue to invest and trade would not weigh on growth.

Peak inflation to 2.5% in October

In this context, improving on the employment front would continue. Job creation in the private sector would be of about 106,000 in the first half, then 73,000 the second 100% free credit score.The unemployment rate should fall back and to 9% in mainland France by the end of the year, "still above its pre-crisis", said Insee, however. This improvement, along with higher wages, could have played very positively on the wallets of the French. Especially since the Insee estimated that 1 billion the amount that could be injected by companies to employees by the end of the year (an amount that does not damage their margin, the precise INSEE) for the "premium against dividend" – a device that must still be approved by the Senate.

But did not count on the rise in inflation resulting from higher commodity prices. In October, a peak would be reached, with inflation reaching 2.5% year on year.As a result, gains in purchasing power would be only "moderate" in 2011, and they increase by 1%, after 0.8% in 2010.

The savings rate, which had increased significantly during the crisis, should remain at a high level, 16%.

Insee warns in conclusion that several uncertainties surrounding this scenario. On the negative side, the weakness of the U.S. economy could be more sustainable envisioned the restoration of the Japanese economy may be slower. Conversely, "face to improve the labor market, the French could break with the precautionary behavior they adopted during the crisis," and consumption grow more strongly than anticipated.

Goldman Sachs, the largest bank on Wall Street, the subject of a request for information from the prosecutor in Manhattan. The office of Cyrus Vance Jr., who also addresses the issue Strauss-Kahn, asked Goldman Sachs for clarification on its activities before the crisis in bonds secured on real estate debt.

The survey was conducted by a Senate committee. His report of 640 pages, released in April, outlines potential conflicts of interests between, on one hand, potential paris Goldman Sachs on the collapse of the housing market and, secondly, how the bank distributed financial products to its customers. Democratic Senator Carl Levin bank suspected of having lied. The approach of the New York attorney could lead to an investigation or even criminal prosecution.

The new operational boss of Renault will have to quickly roll up their sleeves, as the challenges that await her number. First priority: to forget the disastrous management of the spy case, which has deeply shaken the entire company, three frames have been wrongfully dismissed. It will include restoring the confidence of employees towards the direction of the group, widely discredited by the fiasco, in which, besides Patrick Pelata, the former number two, several executives have been implicated.

Meanwhile, Carlos Tavares will restore momentum to a manufacturer whose weight continues to fall within the Renault-Nissan. The Renault group has passed 2.6 million cars last year, against 4.1 million for the third Japanese manufacturer.

But the weight of the Renault brand is actually much lower.Between 2004 and 2010, sales of cars in the diamond fell from 2.3 to 2.1 million vehicles, while Renault Samsung Motors of Korea has almost doubled and Dacia, the Romanian subsidiary low cost has increased by 3.5. In total, counting models badged Dacia Renault in emerging countries, these low-cost cars represent 26% of group sales.

The difficulty now is to create a range "consistent with more innovative products and smarter, more relevant to the roots of the brand," said Thierry Huon, an analyst at Exane-BNP Paribas no fax payday advance. Only problem, Renault will not have real news before Zoe Electrical and Clio 4, arriving in the second half of next year.And in the upscale, replacements of the Laguna and Espace will not come out until 2013-2014.

As acknowledged by Steven Norman, director of marketing at the recent meeting of the group, Renault has faced in recent years to two problems: a design that was too bland arbitrate potential buyers for other manufacturers and quality problems in the mid-2000s, which drove away some loyal customers. Fri Laurens den Acker, the new design director, is responsible for restoring the "seduction" to the brand.

The Chinese challenge

The group, which in February unveiled its new strategic plan with relative indifference because business, seeks a total of 3 million cars in 2013.The European market is sluggish, almost all the growth will occur outside the Old Continent, particularly in Brazil and Russia, which could become, as calculated by the group, his second and fourth largest market in this horizon. For now, Renault has the huge disadvantage of being absent from the Chinese market, the largest market in the world. Carlos Ghosn is planning an implementation of the Middle Kingdom between 2013 and 2016. Another challenge for Carlos Tavares.

lefigaro.fr – How do you explain the poor performance in the first quarter of the telecom sector, considered a defensive sector?

Yves Maillot – In general, defensive stocks have disappointed in the first quarter. Regarding telecommunications, financial markets are convinced that this is an area of ​​decay. I think that investors under-value in excess of these companies. Certainly, one should not expect to make money on the stock market with them, but a value such as France Telecom still generates a dividend of 8.5%.And even if its share price remains stable by the end of the year will be good for the group.

How do you explain the outperformance of Iliad stock exchange since the beginning of the year compared to the incumbents?

This illustrates that the market continues to appreciate Iliad as a growth stock, unlike the incumbents. Investors expect that Free (Iliad Group subsidiary) generate more growth through its new offering "Freebox Revolution." For three months the group has registered 154,000 new subscribers. Analysts expect 5% growth in turnover in 2011de its parent company, Iliad. This also confirms the good performance of small and mid-cap at the expense of larger ones.Now I think that this abuse of financial markets vis-à-vis incumbents will abate in the course of the year.

What reverse this trend?

Incumbents can not forever remain inert as financial markets anticipate. The telecom industry is back today as it was fifteen years ago, namely an activity to low growth but high profitability. He is immune to a speculative bubble, because analysts are no longer unrealistic forecasts. The risk / reward ratio is good. With this sector, investors have a "free option". In other words, an investor has nothing to lose by investing in value as France Telecom, whose price is very low (15.86 euros) and the opposite of a decade ago (220 euros).Good surprises are waiting on the telecom sector by the end of the year.

The 4G mobile is she a new growth?

It is difficult to assess the quantitative impact that 4G will have on the growth of operators. As I said earlier, analysts no longer looking like for 3G decade ago, to estimate the additional revenue that can generate these new growth.

As a result, financial markets do not believe in the potential of 4G. This explains the low valuations of the stock market operators. However, the 4G gives operators access to a historic new world of services. They still need to generate more revenue with subscriptions. And for that, more services and thus more features are needed.Traffic from the mobile broadband Internet will be increased tenfold in the next two years! These frequencies are strategic for the future.

Do you think that a fifth operator to participate in the tender that the state has launched?

There is no room for economic fifth licensee. This tender aims to give additional spectrum for existing licensees. Given the announced reserve price, I do not see what other operators – the mobile virtual network operators (MVNO) or other – could afford to participate in this tender. I see more MVNOs try to position themselves for the future and fit into the traditional grid in search of money. They seek primarily to promote their business model.

The eG8 be held on 24 and 25 May.Do you think the telecoms have their place in the G8?

This meeting is a good thing to discuss global issues in the sector and especially the arrival of new generations and new standards, at a time when the industry is looking for new growth. Whatever think the financial markets and rating agencies, telecoms evolve technologically.

The French are less Eurosceptic than the Germans. According to a poll by TNS-Sofres for the political foundation and published on Monday, 67% of respondents wish that France retains the euro, against 30% who would prefer to return to the franc. For comparison, a survey conducted a few months ago in Germany gave half of citizens in Germany favor a return to the Deutsche Mark, the currency dropped during the transition to the euro in 2002. More broadly, the French are rather attached to the European Union (EU). Only 13% of respondents expressed willingness in effect to leave. Results "surprising" to Secretary of State for Europe Laurent Wauquiez: "The French are more pro-European than we think," he responded on France Inter.

The French only lip though not the European Union on all fronts.Their trial against him is even more mixed: 30% of respondents, hope is the first feeling evoked by the EU for them. But for 29%, the disappointment! For some aspects, the EU is their protective: for three quarters of respondents, it ensures peace, and for more than half, it makes France more strong against the U payday loan lenders.S. and China. But in parallel, 60% of French believe that the term unemployment "corresponds to the EU, and for more than half, it accentuates the problem of immigration.

While the conditions of the plan of aid to Greece should be discussed again, the French are also mostly favorable for financial support to countries in difficulty, "even if this represents a cost to France." Only 39% believe that France did not pay for others.Overall, respondents call for a Europe of solidarity, more involved in the fight for employment, purchasing power and welfare. "The French are not skeptics, they just want Europe to change," concludes Laurent Wauquiez Monday.

* This survey was conducted for the Foundation for Political Innovation (Fondapol) from April 15 to 21 among a nationally representative sample of 1500 people aged 18 and over (quota method).

For the second consecutive year, neither the first nor May 8 to do the bridge in 2011! Labor Day and the commemoration of the armistice of 1945 had fallen on Saturdays last year and this time it's a Sunday.

The timing, thus depriving the French of long weekends or days off, he is at least good for growth? "Sure, in theory, the more days worked, the more activity, purchases, consumption, etc.. There is an effect on the raw data, "said Vladimir Passeron, Division Chief of the quarterly to the INSEE. In fact, France will work more during the month of May, which did not include bank holiday week, the production system will run more than a year so classic.

But it will not be visible in the figures for second quarter growth to be published this summer.Because the National Institute of Statistics and Economic Studies anticipates and smooth the data "in the discipline of working days" and structural effects, says the expert.

Three Saturdays worth a weekday

This correction is not performed when calculating annual growth. Therefore, the sum of the quarterly is not equivalent to the annual accounts! However, it should not be a macroeconomic impact on GDP 2011, relative to GDP 2010. Last year there were 254 days of the week (Monday-Friday) working, there will be only 253 this year. But if the May 1, 8 May 2011 and Christmas fall on a Sunday, the holiday fell on a Saturday in 2010. Gold worked three Saturdays "compensate" a weekday break, says a study by the INSEE.

The timetable "should not impact the annual growth between 2010 and 2011," concludes INSEE.At best, it would have a positive impact of 0.06 percentage point of GDP, at worst a negative point of 0.06. Only the thickness of the line!

Nevertheless, there are years when the holidays can impact less significant. "The growth differential can be up to 1 tenth of a point or more, is Nicolas Bouzou, economist at Asterès. We also know that the years with few working days result in distributional effects across sectors, to the detriment of the industry by example and benefit from tourism. "That will not happen this year.

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The Paris Bourse continued to rise Wednesday. The CAC 40, which arrived Tuesday night to close just above the 3900 points has exceeded this time the threshold of 4000 points to 4004.62 points for a gain of 2.46%. Investors put aside fears about debt to focus on strong corporate earnings.

Side currency, the euro resumed height and climbs above 1.44 dollars on Wednesday enjoying renewed interest from investors for the risk. Around 11:20 in Paris, the euro stood at 1.4477 dollars against 1.4334 dollars late Tuesday. The European currency enjoys a renewed interest from investors for risk.The euro was also buoyed by the success of a bond issue for Greece, which borrowed 1.625 billion euros Tuesday to three months, during a broadcast more than three times oversubscribed.

Oil continues its launch, after rebounding yesterday in New York, supported by a sharp weakening of the dollar. The market remains concerned that high prices could weigh on demand and tensions in the Arab world. earns $ 1.22 a barrel to 109.50 dollars, in a context conducive to higher commodity prices in financial markets with a marked weakening dollar and rising stock market.The gold, it reached a record high on Wednesday morning, climbing beyond $ 1500, supported by persistent concerns about the global economy.

Japan trade surplus sealed

In France, industrial orders rose 2.4% in February after a sharp fall in January (-6.1%), the export orders is also rising (+3.5%) according to figures from INSEE.Within the EU, the European Commission on Wednesday urged an increase of 4.9% of spending in the 2012 budget of the European Union, an extension of 6.2 billion compared to 2011, already deemed "unacceptable "by the United Kingdom at the time of austerity across Europe.

Japan's trade surplus plunged 78.9% in March over one year to 196.5 billion yen (1.7 billion euros), weighed by the consequences of the earthquake and tsunami of 11 March.

PSA Peugeot, Bic and publish their figures Mersen

PSA Peugeot Citroen (4.71% to 28.45 euros) posted a turnover up 10.2% in the first quarter.The automaker on Wednesday confirmed its forecast of operating results for 2011, despite a likely impact of 150 million euros from the earthquake in Japan.

Bic (6.78% to 64.30 euros largest increase SBF), which has published a net increase of 52.3% due to consumer product, and despite the cons-performance products and promotional advertising. The group says 2011 could be the result affected by the cost of raw materials.

L'Oreal (3.12% to 85.80 euros) announced a net revenue growth in the first quarter, buoyed by an acceleration in North America which helped offset sluggish sales in Western Europe.Note also that Liliane Bettencourt, heir to L'Oreal and second richest woman in the world according to Forbes, the property was recovered from the island of Arros and reflects a way of showing the public its fabulous collections of paintings, furniture and jewelry, can be read in Le Figaro payday loans.

Also note the titles STMicroelectronics (6.11% to 8.38 euros) and Alcatel-Lucent (5.15% to 4.16 euros) leapt at the Paris Bourse, driven by quarterly results from Intel and IBM U.S. that exceeded market expectations.

NicOx freefall

Saft (3.97% to 30.88 euros) announced that its joint venture with U.S. firm Johnson Controls has been selected to supply the battery system powering the electric motors of future Chinese carmaker Beijing Electric Vehicle Company (BAIC group ).

NicOx (-17.66% to 1.88 euros) announced Wednesday its decision to withdraw the application file for permission to market its anti-inflammatory Naproxcinod in Europe.

GDF Suez (2.28% to 27.08 euros) states his displeasure when the government has formalized Tuesday in tariff of electricity from nuclear power for EDF's competitors. This decision precipitated also the question of a reconciliation for Poweo, reads in Les Echos.A reconciliation with Direct Energy would make sense, "says Loïc Capéran which the group hoped a wholesale price of electricity sold by nuclear EDF at 35 euros per MWh.

Credit Agricole (2.58% to 10.93 euros) reaffirmed that successfully pass the new tests of resistance and meets the criteria of Basel III solvency without resorting to a capital increase.

The French group Technip Petroleum Engineering (2.76% to 75.32 euros) announced Wednesday it had won, in consortium with Tome Engenharia, a contract to supply equipment and monitoring of their operation in a refinery group Brazilian Petrobras.The contract amount was not disclosed in the statement.

NYSE Euronext (1.73% to 27.42 euros): Nasdaq OMX Group and Intercontinental Exchange (ICE) have sought to open negotiations on a buyout of NYSE Euronext's offering of $ 350 million in case rejection of their offer by the authorities.

Spir Communication (1.29% to 41 euros) has confirmed a target EBIT profit in 2011 after signing up 3.5% of its turnover in the first quarter thanks to its Internet operations.

Transgene (-0.88% to 12.59 euros) has issued operating income of 3.56 million euros, against 3.48 million a year earlier, thanks to increased research grants. In late March, the biopharmaceutical company had cash of 169.8 million, against 180.3 million in late 2010.Its cash expenditures amounted to 10.6 million in the first quarter.

Tonight, after market, expected sales of Accor, Schneider Electric, and APRR HighCo.

"Too big to go away, but not irresponsible." That is essentially the message delivered by the Japanese authorities on Friday after launching Tokyo Electric Power (TEPCO), the operator of the nuclear accident in Fukushima, an injunction to compensate victims forced from their homes or stay confined to their homes.

Fixed by the Government, this compensation reaches $ 12,000 (8350 euros) per family and $ 9,000 (6250 euros) for a single individual. In total, about 48,000 homes are affected by the evacuation of the exclusion zone according to Japanese media reports, an estimated $ 600 million (415 million) charge for the group.

A figure confirmed Friday by the operator, the voice of its President Masataka Shimizu, specifying, however, this very tentative estimate.For it is only a first payment, and it is not impossible to imagine a possible increase of compensation in case of extension of the exclusion period. A scenario more than likely in view of the confusion reigning on the site yet, more than a month after the earthquake and tsunami. The first payments to families will take place from April 28, said the leadership of TEPCO.

The bill gets heavier for Tepco

Facing these are deemed insufficient, several families went directly involved in the protest headquarters in Tokyo Tepco. For society, which in 2010 made a net profit of 1.89 billion dollars (1.31 billion euros), the charge may seem bearable.But it adds to the $ 24 billion (16.7 billion euros) required, Masataka Shimizu according to the resolution of current problems (rupture of the cooling circuits, explosions and radiation leaks) and restarting reactors.

Moreover, beyond the displaced families, TEPCO will also likely take into account compensation for loss wider (inability to grow for farmers, contaminated water, etc.).. According to JP Morgan, this compensation could reach a total of 24 billion dollars (16.7 billion euros) for the current fiscal year, while Bank of America-Merrill Lynch estimates that if an extension of the crisis Nuclear bill could exceed $ 130 billion (90.3 billion euros).

The situation may therefore be very critical for the fast group that supplies a third of Japan's electricity.According to the Nikkei newspaper, Tokyo, who could hardly afford to crumble Tepco would train alongside his orders to compensation, to set up an insurance fund guaranteed by the state. The latter, whose amount remains to be determined, would serve both to replenish the coffers of TEPCO and provide additional compensation of victims, also of the order of 12,000 euros per family. The fund would be financed by bank loans guaranteed by the state.

Broad program of cost reduction

The plan, looking like a loan, would allow the nuclear operator to bear the massive costs of compensating victims.This government support is crucial to TEPCO, which before the disaster showed a net debt of $ 91 billion (63.2 billion dollars), since heavier by a new bank loan of 24 billion dollars (16.7 billion euros).

The company will then reimburse the state for several years by a system of special dividends. By then, the company will implement a serious program to reduce costs that go through pay cuts for executives and managers, even for employees. TEPCO could also sell more than 1, 2 billion (0.83 billion) of real estate assets, according to Japanese media.

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