After losing more than 8% over the last seven sessions, and have plunged dangerously, this morning, falling 1.8% to 3460 points, the Cac 40 limited its losses slightly in mid-session, down from 0.40% to 3508.71 points. The index featuring Paris is nevertheless on track to sign an eighth consecutive day of decline.
On other European financial centers, the Footsie-100 from the London Stock Exchange 0.97% to 5663.10 loose points, the DAX 30 Frankfurt Stock Exchange lost 0.83% to 6740 points. But stock markets in the South, the more destabilized the previous day to resume mid-term: 20 PSI of the Lisbon Stock Exchange will stop over as well, only 0.05%. Milan bounces more frankly about 1.15%, and Madrid, 1.59%.
Juncker meets with Italian Minister of Finance
The European sovereign debt and U.S. continue to weigh heavily on the trend.Yield spreads between bonds to ten years Spanish and Italian over German bonds widen. They stood at 402 basis points respectively (13 bps) and 386 basis points (12 bps). Italy and Spain are again under pressure from the markets fear a contagion of debt. Their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries. The Italian Finance Minister Giulio Tremonti and the leader of the euro zone, Jean-Claude Juncker, today concluded their discussion by considering that the reflection on the debt crisis was to continue "calmly."For its part, the Spanish Prime Minister Jose Luis Zapatero on Wednesday convened a meeting on "market movements".
China increasingly perplexed vis-à-vis the dollar
Investors also remain worried about the strength of U.S. growth. And, although the Senate has ratified Tuesday the plan to raise the debt ceiling. Insufficient agreement by Moody's which could lower the rating of the country. The closing down sharply on Wall Street Tuesday night also confirms the markets in their choice to continue to withdraw.
China, for its part welcomed the adoption of very hard this plan. Beijing said it would continue to limit its dependence on the dollar, whereas the U.S. has failed to defuse "the bomb of debt." The rating agency Dagong China in the wake downgraded American.Wednesday morning, Asian stock markets, with the exception of Shanghai, changing all down sharply.
Eurozone: activity in services slows further
On the macroeconomic front, the growth of activity in the services sector continued to slow in July to register their slowest pace since March 2010. The PMI index reached 54.2 against 56.1 in June.
The same goes for the euro area and for Germany: the composite index stood at 52.5 against 56.3 respectively in June and 51.1 against 53.3 in June.
For the euro area, retail sales rebounded 0.9% in June compared to May, where they had fallen by 1.3%, said Wednesday the EU statistics office Eurostat.Eurostat revised down its initial estimate for the month of May, initially announced at 1.1%.
In the U.S., investors will also pay attention to employment figures in the private sector in July (2:15 p.m.), the industrial orders in June (16 hours), the ISM services in the month July (16 hours) and weekly inventory of crude oil (16.30).
Bic flies, Societe Generale sinks
Air France-KLM: + 0.38% to 7.86 euros
The airline plans to delays or cancellations of flights, from Paris, following a strike by technicians responsible for maintenance of its aircraft.
Total: -0.64% to 36.56 euros
The oil company and its CEO Christophe de Margerie were returned to correctional late July for "active corruption" in the investigation into the UN program "Oil against food" in Saddam Hussein's Iraq from 1996 to 2003 officials said a judicial source.
Danone: + 0.01% to 49.51 euros
The dairy group has unveiled a proposed acquisition of 250 million euros in nutrition in India to expand into the Indian markets for infant nutrition and medical purposes.
Societe Generale: -6.91% to 30.26 euros
The bank chaired by Frédéric Oudéa posted net income down 31% to 747 million because of writedowns on loans Greek past.Greece forced Societe Generale has given up its goal of net profit of 6 billion euros in 2012.
Crédit Agricole: -1.53% to 7.87 euros
The bank said it had sold its commercial finance Eurofactor in Britain to GE Capital.
Suez Environnement: + 1.87% to 12.82 euros
The group specializes in water management and waste released on Wednesday a net profit down 43% to 221 million euros in the first half. Suez Environnement, however, reaffirmed its financial targets for 2011-2013.
Bic: + 4.62% to 64.34 euros
Bic raised its growth target for the division of pens, lighters and disposable razors, to "greater than 5%" against up to 5%.Instead, the group anticipates a decline of about 10% growth for its advertising and promotional products division against 5% previously.
Hermes: -2.50% to 237.50 euros
The Association for the Defence of Minority Shareholders (Adam) wonders why the saddle spends as much to buy back its own shares, whose price has reached a new record this week, said Tuesday its president Colette Neuville.
Renault: -0.06% to 35.34 euros, Peugeot: + 0.66% to 24.43 euros
American manufacturers have announced their sales figures on Tuesday night. Chrysler reported a 20% increase in sales of new cars in the U.S. in July, while Ford saw its own increase by 9%.French car values rebound sharply in mid-session.
Accor: -0.80% to 28.59 euros
Accor announced the signing of the sale of catering group Lenôtre Sodexo following the favorable opinion of the works councils of both groups.
After-hours trading, Vilmorin and Cegedim must publish their annual turnover for the first and second quarters respectively.