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The CAC 40 is the caution on Friday. After an opening in the red (-0.12%) followed by a brief stint in the green (0.24%), the benchmark index of Paris back into negative territory just over half an hour after the start Session: -0.11% to 3647 points. The markets are waiting game: the first estimate of U.S. GDP in the second quarter will indeed be announced this afternoon across the Atlantic. This Friday in Asia as investors remained on the defensive.

Besides GDP, the U.S. will publish the index of consumer sentiment and Chicago PMI. In Europe, German retail sales and GDP of the area will also be published.

But it was the positive interpretation of the many important results published before opening behind the rating.

Publication Burst

Alcatel Lucent (6.38% to 2.20 euros) announces revenues of 3.813 billion euros in the second quarter.The group reiterated its outlook for 2010, including an adjusted operating income of between 1% and 5% of its revenues.

JCDecaux (+0.35% at 19.94 euros) on Friday announced a net profit in the first half of 65 million euros. The group anticipates a change in organic revenue for the third quarter less than that of the second with a cash flow of 119 million euros, compared with -1.7 million euros in the first half.

Lafarge (-3% to 42.18 euros) has reported a sales increase of 2% to 4.43 billion euros in the second quarter. The company expects a reduction in capital expenditure to less than 1 billion euros in 2011.

EDF (2.02% to 33.12 euros) announced a net income Group share 1.7 billion euros including a provision for $ 1.1 billion on its North American operations.The group, which should sell its UK electricity networks based on an enterprise value of over 5.5 billion pounds, has announced a delay of two years for his BDU Flamanville.

EADS (4.38% to 18.35 euros) announces a net profit in the first half of 185 million euros and a turnover of 20.3 billion euros.

Schneider Electric (2.51% to 88.57 euros) publishes a turnover of 8.57 billion euros in the first half (+10.5%) of which 4.661 billion (+18.5%) in the second . In an interview with Le Figaro, Jean-Pascal Tricoire, CEO, set an improvement for the second part of the year.

Renault (+0.16% at 33.07 euros) issued a revenue increase of 23.1% for the first half like for like identical, to 19.668 billion euros. The constructor returns to the green with profits of 823 million euros.

The reaction of Peugeot (-0.80%) is observed.Still in the automotive industry, Michelin (0.62% to 59.72 euros) announced a net profit in the first half and said it expects a continued rebound in demand for tires in the second half of the year .

PPR (-0.24% to 102.10 euros) announced a net profit after minority interests rose 86.8% to 407 million euros in the first half.

Imerys (2.01% to 45.36 euros) has reported a net operating income rose sharply to 122 million euros in the first half with a turnover of organic growth of 16%.

Total (2.09% to 39.15 euros) announced adjusted net income for the second quarter of 3 billion euros, up 72%.

CNP Assurances (-1.12% to 15.92 euros) has issued a net increase of 8% to 542 million euros and a turnover of 17.697 million euros (+2.4%).

Rhodia (2.98% to 16.22 euros) raised again after its 2010 targets announced Friday results exceeded expectations in the second quarter.

Saint Gobain is optimistic

Saint-Gobain (+0.02% to 33.3 euros) has reported a strong rebound in its first half results, while confirming its target of strong growth in operating earnings in 2010.

Capgemini (-0.59% to 36.13 euros) has announced the acquisition of the Swedish IT services Skvader Systems. No financial details were disclosed.

Air Liquide (-0.75 to 85.45 euros ù) has announced the acquisition of the company Lion Copolymer Geismar American Services. No financial details were disclosed.

Euler Hermes (4.92% to 61.39 euros) has reported net profit more than doubled in the second quarter from the first and said he intended to maintain profitability in an environment more favorable macroeconomic that over the past two years.

Ingenico (3.68% to 19.15 euros) on Thursday posted a net profit increased more than two in the first half thanks to increased transactions in Europe and raised its sales target.

Alten (1.43% to 22.71 euros) has reported a slight improvement in activity in its sector in the first half. Turnover rose 2.7% to 450.9 million euros over the period.

Flo (0.65% to 4.63 euros) said that the activity in its restaurants had not yet regained the level that was hers before the crisis, despite the reduction in VAT.The turnover of the group stood in the first half rose 7.6%.

Place the masons and painters! Members of the Committee on Social Affairs of the National Assembly completed late Thursday afternoon, discussing the draft law on pensions, with a few hours ahead of schedule. Members will now leave the Palais Bourbon completely delivered to artisans, who have already begun the usual summer work. Return scheduled Tuesday, Sept. 7, even on Monday night at 6 for a special session will begin by examining the same text, but this time in the Chamber.

"It is in times of transition, summarized perhaps one at the Elysee. The real battle will take place from September. "The for Sarkozy are well aware that this first parliamentary stage was a formality. Not surprisingly, the debates have been looped smoothly."The Socialists have just wanted to make a coup by breaking the lock-in twitter discussions with their phone," is a counselor. What the left willingly admits. For now, she preferred surf the weakening of Labour Minister Caught in the case Bettencourt. Godsend for the Socialists, who are careful not to request his resignation.

Paradoxically, the majority seemed more worried by the progress of the case and its component Bettencourt Woerth that by the turn of the debate on pensions. "The left is going clubbing Woerth in September. He held up? "Wonders already a Minister. The Elysee hopes that the summer break will reduce the pressure. Nicolas Sarkozy and François Fillon reiterated that Eric Woerth defend indeed the text on Sept. 7. In other words, he will not be driven to resign by then."It is quiet because we know there is nothing in the record," says the Prime Minister.

"Everything will be decided in September. We are ready for battle. But it also depends on the mobilization in the streets, "says one seat in the PS. Clearly, the left hopes to build on part of the public. Even if the opponents and proponents of reform are divided into two shares more or less equal bad credit pay day loans.

Unions united

Unions, too, prepare to maturity. For September 7 will also be a new day of strikes and protests against the reform that SF has, once again, on Thursday asked the "withdrawal". In reality, most organizations do not believe and do not even dream to win concessions on key points, beginning with the postponement of the age to 62 years.However, they have not conceded the changes on other aspects of the text during the parliamentary debate.

They rely for that on the "pressure" of the street. Will they go over the two million demonstrators, after 1.9 million announced on the evening of the last day of action – successful – last June 24? Not easy to mobilize massively, just days after school starts. Therefore, the central plan to continue their campaign throughout the summer, beach tour in the CFDT distributed a booklet "educational" on reform and its "alternative" possible, the CGT.

The unions will have an advantage: their unity restored. Having refused to sign for months, FOR has joined its competitors, and the CFE-CGC has done the same.It is the only organization to accept the decline of legal age, but she believes that the conditions there pose – including a strong financial closure of the reform – are not met.

Faced with this united front, the government has chosen to keep the ballast drop. He has done at this stage, no specific proposals on issues which he is willing to develop: difficulty, and long careers polypensionnés.

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The trading hours of that Friday could mark a break after one week it is true though challenging for investors. Since Monday, the market has lost more than 5%. Of course, markets will pay close attention to monthly statistics showing employment in the United States which will be unveiled before the opening of Wall Street. But they seem they are already included in the indices, because Wednesday the investigation uncovered ADP than-expected figures for private use.

Thursday came another statistics support the poor with claims of unemployment rose 13,000 to $ 472,000 in the figures as at June 26, while economists on average expected a decline to 452,000 over the figure of 457,000 originally announced. This does not suggest the best for this afternoon.

The futures contracts reflected in the opening up of the order of 0.7 to 3362 points.

Note that the meeting in Paris will be exceptionally today around 41 values because of two new entities of Accor.

The trend has been better after the session on Wall Street to limit losses. At the close, the Dow Jones lost 0.42% to 9733 points, the Nasdaq was down 0.37% at 2101 points and the S & P 500 drops 0.32% to 1027 points. This morning in Asia, calm prevailed in the markets.

On the face values, we will therefore:

Bank stocks after doubts about the health of European banks. According to the Financial Times, a score of banks would be forced to raise funds after testing resistance.

Edenred (new name of Accor Services) made its market debut.The award technical reference of the title was set at 11.40 euros, a figure which is located in the lower range of 11-14 euro advanced Tuesday by the chairman of Accor at its general assembly and lower than its During Thursday on the gray market, which was around 12 euros depending on traders.

Accor: according to Les Echos, the group is also about to give the caterer railway wagons Beds French Newrest.Moreover, according to the newspaper, the proposed IPO of Lucien Barriere, another subsidiary of Accor, will be presented to analysts on July 7.

GDF Suez: Standard & Poor's said on Thursday lowered the outlook notes A/A1 group of "positive" to "stable", judging unlikely that the group achieves and maintains financial situation justifying an increase in his notes.

BNP Paribas and BPCE, the parent company of Natixis announced an alliance in consumer credit, which will require the development of a common platform operational from 1 January 2013.

Schneider said Thursday night it was in talks with the city of Ashgabat, Turkmenistan, on the renovation of the city's power grid. The Tribune reported Friday that the group has secured this contract, the newspaper figure at 1.3 billion dollars (1 billion euros).

Beneteau lowered from 17% to 15% of its target revenue growth for fiscal year 2009-2010 within the scope of delays in deliveries of vessels. The builder of sailboats and motorboats, however, confirmed its target of operating profit to 37.5 million for its fiscal year ending in late August.

Jerome Kerviel has expressly acknowledged on Wednesday before the Paris Criminal Court, have committed crimes (embezzlement, forgery and uttering, hacking into a computer system) against him and makes it run five years in prison. While it seeks to introduce a nuance that relates to his defense – "the bank knew everything."Still, after a long and detailed questioning of the court, the president Dominique Pauthe and his two assessors, perfectly complementing the former trader at Société Générale could not dodge the onslaught of the Crown.

The prosecutor, Jean-Michel Aldebert, head of the financial section of the floor, asked him: "Have you created fictitious transactions to mask losses or gains?"

Jerome Kerviel: "Yes, Eliot [note: the computer system available to all].

-Have you provided false explanations to your hierarchy?

Non-credible explanation, yes.

Have you crafted fake e-mails?

Yes. "

But the magistrate, silhouette dry, sharp profile of a bird of prey, hushed tone, did not finish.He comes back three days during which, in early 2008, the montages of the trader-delusional about 50 billion euros pledged not covered market that will drive 4.9 billion of losses-have been uncovered: "During the week weekend of January 18 to 20, you do nothing to help the Societe Generale. Why?.

Jérôme Kerviel: "On Saturday the 19th, I was asked only about 1.9 billion that had won in 2007. I was impressed, intimidated, stressed by the officials that I had never seen …

-You sound like a person telling police custody on drugs! You had positions totaling 50 billion, why do not you say?

"It was not the topic this time bad credit payday advance. I answered the questions on the 1.4 billion point.

A few minutes earlier, the accused had replied on the same theme to questions, subtly, by Judge Virginia Tilmont. Especially this one: "Did you feel that challenge the system?"

Jerome Kerviel: "Absolutely not. In trading rooms is a little stash of national sport [note: some of its activities]. Everyone does, I perhaps more than others, but I tried to bring the most money in the bank. " A good little soldier, somehow, even if his methods were not always orthodox.

The boom is fully stretched to their consideration that Mr. Metzner. The lawyer for Mr. Kerviel comes out of his sleeve-mail dated Dec. 17, 2007, from the time his client has 1.4 billion euros and is preparing to invest 50 in the disastrous conditions that known.This email is signed by a certain Raymond Bunge supervisor Claire Dumas, who represents the SocGen this trial. It reads: "Good soldier must learn to disobey more out of the box".

Mr. Metzner Jerome Kerviel: "It reminds you what you asked?

The accused, not surprisingly, all smiles: "Yes."

So what if, as noted by Ms. Dumas, that assessment involved an employee of the department, which had no time to play with the funds lost money from his employer. What matters, after the wrong time spent by Jerome Kerviel, is having the last word. Jean Veil was understood that launches the formula fetish Mr. Metzner: "We agree. And for the first time, the bank puts the laugh on his side. In CHIP is a trick for the defense.

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Although the group had to give up highlighting the claimed benefits for the health of its flagship products such as Activia and Actimel, Danone stood firm Thursday on the group's strategy of focusing on "health through diet.

"We believe that health is more important to the consumer and that Danone will play a role in this development," said Bernard Hours, Deputy CEO, on the occasion of the General Assembly of shareholders.

A meeting is scheduled for June 1 with the EFSA.According to Franck Riboud, Chairman and CEO of Danone, "everything is a question now of adjustment" with the European Constable know what he can say.

Meanwhile, "not to take risks, we preferred to remove the folders to find themselves confronted with a" no "because it failed to respond to what we were asked," Did he admitted.

For him, Actimel "is a battle, it's serious." "Children are less time away from school," he said.But the question is "how to translate that into something that can be dire.

On the sidelines of the meeting, the group confirmed it will pay a dividend of 1.20 euros per share, including dates of posting and payment are respectively the May 4 and May 7, 2010.

Danone has published April 15 last, a quarterly revenue rose 7% to nearly 4 billion euros.

At the close of the Paris Bourse, the stock has lost 0.67% to 44.77 euros in a market down 1.33%.

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The NYSE is changing the balance Monday shortly after opening in a market that remains ill at ease with prosecution by the U.S. stock market regulator against the bank Goldman Sachs. For its part, the Dow Jones Industrial Average rose 10.21 points to 11,021.87 points and the Nasdaq, dominated by technology, from 0.49 point to 2481.75 points. The broader index Standard & Poor's 500 ceded its 0.01% (0.09 points) to 1192.04 points.

The surprise decision by the Securities and Exchange Commission (SEC) to file a fraud complaint against Goldman Sachs has been a bombshell Friday on Wall Street. The shock wave spread in Asia this morning.

The NYSE has ended sharply lower Friday, led by falling bank shares, after the shock wave created by Goldman Sachs.The Dow Jones lost 1.13% and the Nasdaq 1.37%.

This latest scandal should support, with the American public, the banking reform projects of the Obama Administration. In addition, the Wall Street Journal, the SEC would consider other "fraud" banks like Deutsche Bank, UBS, Merrill Lynch … on securitization transactions.

The attack comes at the worst time in the open ball of publication of quarterly results to Wall Street. This week the results of 11 companies comprising the Dow Jones and 123 companies in the S & P 500 are expected on Wall Street.

Technology stocks are concerned now with IBM, Yahoo and Apple Tuesday, the day after Qualcomm or Microsoft on Thursday.

Financial stocks will be under the microscope. Citigroup (7.50% to $ 2.15) announced better than expected quarterly accounts.Goldman (-1.04% to 158.94 dollars) and State Street (1.40% to 47.15 dollars) will release their quarterly results tomorrow and Wells Fargo on Wednesday.

Also expected figures for regional banks like U.S. Bancorp, KeyCorp or institutions specialized in consumer credit, including Capital One or Travelers. Other sectors will also be represented with Telecom (AT & T), health (Johnson & Johnson, Abbott, Amgen ..), industry (EMC) or the OEM oil (Schlumberger) …

For specialists Aurel BGC, the risk of "making profit" is high after the recent rise in the U.S. market.Among the uncertainties on the bank, the risk of disappointment on publications and the absence of major economic indicator that can reassure the markets, caution this week on the markets.

On the foreign exchange market, the euro continued its fall against the dollar, suffering prosecutions by the SEC against Sachs and uncertainties which still surround the situation in Greece. In the morning, the euro was at 1.3448 dollars against 1.3496 dollars late Friday meeting.

Markets dissect ads Fed on Tuesday. The latter said that economic conditions continue to ensure the maintenance of interest rates to extremely low "for a long time." The Fed maintains its policy rate in the range from 0 to 0.25%. The institution also believes that "the job market is now stabilizing.

Investors reacted without enthusiasm to these ads. Around 19h25, the Dow Jones climbed 0.32% to 10,676 points while the Nasdaq is 0.57% at 2376 points. The S & P 500 gained 0.61% to 1157 points.

In addition, import prices in the United States declined slightly more than expected in February by 0.3% from the previous month after rising 1.3% in January, according to the Labor Department.Analysts expected a decline somewhat less pronounced, 0.2%.

Housing starts and housing issuing of building permits in the United States also fell in February by 5.9% from the previous month, falling to 575,000 units annually. But with very bad weather that hit much of the country, analysts expected a sharper drop, to 570,000.

Good news in Europe

Reassuring news came from the rating agency Standard and Poor's.This continued Tuesday in the long term rating of BBB + from Greece and announced not to consider a decrease in the short term, but accompanied the confirmation of a negative outlook.

Moreover, in Brussels, the Finance Ministers of the European Union have "supported the evaluation by the European Commission to the budgetary situation of Greece", says European Commissioner for Economic Affairs, Olli Rehn.

The news has boosted European markets … and the euro. The European currency climbed from 0.64% to 1.3760 dollar.

The bank in the viewfinder

In all cases, caution is needed, particularly for the banking sector the most significant announcements of monetary policy committee of the Federal Reserve easy payday loans .Especially as yesterday, Democratic Senator Chris Dodd has introduced a text aimed at reforming American finance which seeks consensus. But he does not yet collect no Republican support. JP Morgan Chase (-0.20%), Goldman Sachs (0.66%) or Bank of America (0.71%) react in an uncoordinated manner.

On the side of values, PepsiCo (-0.14% to 66.06 dollars) announced after the close of Wall Street yesterday, up 7% of its dividend and authorized a new share repurchase 15 billion dollars before June 2013. This new program replaces the $ 6.4 billion, which expires next June.

Similarly, Limited Brands (Victoria's Secret, Abercrombie & Fich …) has announced a special dividend of $ 1 and approved a share repurchase of 200 million dollars.Securities climbed 4.43% to 24.77 dollars.

Also in the luxury sector, the parent company of Calvin Klein, the Philips-Van Heusen (1.64% to 53.30 dollars) announced yesterday the acquisition of the brand casual wear Tommy Hilfiger fund of British investment Apax Partners.

Google (0.53% to 566.16 dollars) could close its search engine or a part of its activities in China. The U.S. group would be safe "99.9%" to abandon its Chinese search engine, reported the Financial Times and the Wall Street Journal this weekend.

The results of FedEx (+0.21%) for the third quarter are expected Thursday. The numbers of specialist couriers are expected.They usually figure advanced barometer of business activity.

The record company Sony (-0.32% to 37.49 dollars) has signed a contract worth 250 million dollars to the heirs of Michael Jackson until 2017 to distribute new and derivatives of the "King of pop, died last June, the Wall Street Journal, citing sources familiar with the matter.

Submit a telephone number of young people living in small job and the homeless. Selling homemade chocolate while respecting the rights of producers of cocoa and employing people in rehabilitation. Eric Chatry, 42, associated with Francis de Pierrebourg, 34, and William Hermitte, 27, have one thing in common: they bring their expertise to the service contractor's office.

The first two have launched the Reconnect partnership that puts technology at the service of the poor and left behind. The third one created society Puerto Cacao, which has two shops in the 17th and 12th arrondissements in Paris.

Both projects are supported by the network Undertake Paris headed by Frank Hughes and chaired by Gonzague de Blignieres who is also chairman of the fund, Barclays Private Equity France.First association selected by the network, Reconnect has received a loan of Honor 25 000. Puerto Cacao 20,000 euros.

The three founders have followed a classic. Eric and William Chatry Hermitte graduate from ESSEC. Francois de Pierrebourg of the Institut d'Etudes Politiques de Paris.

The first worked for Danone, L'Oreal, McKinsey, LVMH. He changed his life and found volunteering in a nursing home for Catholic Relief homeless. The second was launched in the trade fair as it exits from ESSEC in 2006. The third familiar with the functioning of associations and social workers. He has been employed for 8 years of the SOS group is also involved in many drug addicts as ill-housed.

A socially responsible fund

All three have a common concern: they want to reconcile ethics and corporate social and economic efficiency.Eric Chatry which has received support from the State, the Ile-de-France, the Paris City Council and mayor of Bordeaux, is testing its new telephone service before launching a large scale. He circulated by associations that pays 10 euro per line per quarter. It creates a society that creates new services and new technology products for the most disadvantaged and filing patents. His research efforts could enable it to qualify as a young innovative company.

William Hermitte admit his difficulties to meet its commitments and requirements of investors who finance the development of its business.

Surfing on this new generation of social entrepreneurs, network Undertake Paris prepares to launch a socially responsible funds.This PIF "Value Undertake Ile-de-France" will take stakes of 50,000 to 300,000 euros in young companies winning network Entrepreneurship. "We want to mobilize investors by giving the honor to take the concept and entrepreneur," explains Gonzague de Blignieres. Investors in the FIP undertake to respect a very strict rule: they will not affect gains in companies which the fund has invested. These will support the operation of Entrepreneurship Network Ile-de-France. Further evidence that investors are willing to change the rules while refusing mere philanthropy.

In extremis, the European Commission and the U.S. shareholders of Dexia have completed their rough Friday trading on the sacrifices that the Franco-Belgian bank will make. "This agreement ends a period of uncertainty extremely painful for the employees of the bank, welcomed yesterday Pierre Mariani, managing director, that is to say operating officer of Dexia.

In the fall of 2008, as Fortis, Dexia had found just hours after insolvent, unable to find markets daily cash needed to balance its balance sheet. Its shareholders (TFB French, Belgian holding parastatal) had flown to her rescue, and the French, Belgian and Luxembourg. Before the Commission, Dexia has also managed to restrict the amount of state aid to the only reviewed recapitalization States.This has helped limit the damage on the amount of concessions that are required of the bank.

Specifically, Dexia will in 2014 have reduced its balance sheet by 35% compared to what it was in late 2008. A goal that adds only a few assignments, relatively marginal to the restructuring plan prepared by management of Dexia itself: in addition to the scheduled liquidation of its bond portfolio, Dexia will divest its subsidiaries in Italy, Spain, Slovakia and insurance in Turkey.

For Pierre Mariani, the key challenge is won Brussels recognizes the viability of Dexia, and considered credible ability to survive without any government assistance free credit report and score . And projections are optimistic, according to the Federation of e-commerce and distance selling (Fevad), who presented the results Tuesday, the amount could reach 46 billion by 2012. The increase in 2009 was fueled in particular the creation of 17,000 new commercial sites, two every hour!