European markets based on the surge on Wall Street Wednesday, but also on purchases cheaply. The NYSE has erased its losses late in the session to close up 0.2%. A technical rebound which was conducted in a context of bad macro news (sales of new homes in July after falling sales in the former, smaller increase than expected orders for durable goods).The Paris markets will also be comforted by Asia which has borrowed the same road this morning as Wall Street.

After consecutive declines (which have seen the ACC lost 2% since Monday), European investors are making purchases on the cheap pending the release of weekly unemployment registration in the United States earlier this afternoon.

Side currencies, the euro remains strong against the dollar. In morning trade, one euro is worth 1.2710 dollars (0.31%) and 1.2712 in mid-session.

The Paris markets react to the small decline in unemployment in France in July, fell after the market closes Wednesday.More importantly, they welcomed the battery results fell before the opening.

Accor flies, Gemalto tumbles

For the first time in years, the industrial take over ads on macroeconomic indicators:

After his former branch of service Edenred, Accor issued this morning. The group announced a net loss for the first half of 64 million euros against a loss of 236 million a year earlier. Despite very conservative outlook, the stock market welcomed the performance: Accor shares are leading the ACC with an increase of 4.68% to 24.6 euros.

Credit Agricole has reported a net profit of 379 million euros in the second quarter, well above the 280 million expected by the markets. Net revenue reached 5.469 billion euros and the cost of risk fell by 13%.Again, the stock appreciates: the titles are among the highest increases with a jump of 3.28% to 10.225 euros.

Bureau Veritas (4.30% to 47.34 euros) announced adjusted net income Group share up 8.9% to 149.5 million euros in the first half. Turnover was up 1.5% to 1.349 billion euros. The group aims to increase its sales in the second half of the order of 10% and expects a "slight increase" in operating margin over the full year 2010 on the current scope.

Gemalto has reported net earnings fell to 63 million euros in the first half and sales of 840 million euros, up 5%. The group said banking on accelerated growth in the second half, with a turnover of over one billion euros over the period.The title gives 2.63% to 28.67 euros.

Bongrain (+0.19%), Lagardere (0.41%), Stallergenes (1.34%) and Etam (1.56%) will release after the market closes.

Wednesday, L'Oreal (5.77% to 80.14 euros) announced an operating profit up sharply in the first half and higher expectations. This performance allows the number one global cosmetics find a level of operating margin similar to the record first half of 2008.

L'Oreal and Total (0.24%), major shareholders of Sanofi-Aventis (-0.81%) would otherwise be reserved for the proposed acquisition by Genzyme, fearing that the French pharmaceutical group pays its target too expensive , said Wednesday the banking sources told Reuters.

BioAlliance Pharma (5.03%) received European agencies agreed in principle on the filing in mid-2011 the registration dossier of the drug against herpes labialis.The laboratory recorded a strong increase in its turnover in the first half and a net positive.

After the series of bad statistics released Tuesday as investors welcomed with relief the figures of private sector employment. The monthly survey from consulting firm ADP showed that the U.S. has created 42,000 jobs in July, when economists and analysts on average expected 40 000 new posts. The June figure was also revised upward and now shows 19,000 new jobs, 13,000 cons first announced.

These figures augur well before the official statistics of the U.S. labor market that will be published Friday. Economists and analysts on average had forecast an index down to 53.

Moreover, the ISM services has accelerated unexpectedly in July. It stood at 54.3 last month, against 53.8 in June

On the currency front, the dollar resumed on Wednesday it some color, but remains near its lowest level since 1995 against the yen and a low of three months against the euro. Indeed, this Wednesday, the euro continues to evolve over $ 1.32, while the dollar plunged against the yen at 85.42 yen 85.80 yen against Tuesday night.

Anadarko bounded

Time Warner (+0.40% to $ 32.49) has published a quarterly profit above Wall Street expectations after posting the largest increase in sales for two years.

Anadarko (4.29% to 55.01 dollars) oil group, owns 25% of wells BP, Tuesday reported a net loss of 8 cents per share less than 48 cents per share loss a year previously.Excluding items, earnings came in at 49 cents, while the consensus gave 35 cents.

EA (7.42% to 17.38 dollars) announced on Tuesday quarterly results better than expected and confirmed its forecast of annual and that could still give breath to the title Wednesday.

The Federal Trade Commission (FTC), U.S. competition authority, said Tuesday it had reached an agreement with industry giant Intel microprocessors (+0.08% to 20.73 dollars), against which she had complained in December for anticompetitive practices. AMD remains unmoved at 7.51 dollars.

The Canadian RIM (-3.85% to 53.39 dollars) presented Tuesday in New York, his new BlackberryTorch 9800, which will go on sale August 12 and will compete directly with Apple's iPhone 4 (+ 0.40% to 268.98 dollars), but his disappointment Arab continuing.Saudi Arabia has in effect suspended the BlackBerry service, according to the UAE, the Gulf countries demanding to watch multimedia phones from the Canadian manufacturer, which replicates grant any waiver of its encryption system, particularly safe.

Investment bank Lazard Franco-American (stable at U.S. $ 31.42) said Tuesday that the heirs of the deceased CEO Bruce Wasserstein, and other current and former executives of the bank, were put on the market some 7.4 million shares, or nearly 7% stake.

The Greek Finance Minister George Papaconstantinou, is not afraid of men in black. "The second tranche of the plan will be paid if we have achieved the targets" by the international community, he said this weekend in an interview to a Greek newspaper. "These conditions were replies and we've even gone ahead with the vote of the pension reform.Greece adopted in June a postponement of the age of retirement at age 65.

"Progress"

The International Monetary Fund had also considered a report published in mid-July, the Greek authorities' making strides to redress public finances. " Athens was required to reduce the deficit by 39% in the first half. He did much better than that, reducing it by 46%.

"They were the hardest, reducing public spending more severely than expected," Judge Jean-Francois Robin, rate and currency strategist at Natixis AM. "In terms of fiscal consolidation, they are on track to be the best European students in the class and should succeed in reducing their deficit to about 9%." Good student in 2009, Ireland is in contrast to the penalty this year and could be weighted with a deficit of 12% in late 2010.

Uncertainties on Revenue

In Greece, if the goal seems far exceeded expenditure side, the revenue side "is more uncertain because revenues depend heavily on economic growth and tax base," Philip Sabuco shade, an economist at BNP Paribas., Philip Sabuco shade, economist at BNP Paribas. The government has managed to find only 7% of additional revenue to date, well below the target of 13, 7%.

Greece will not be judged solely on controlling the budget deficit. The IMF will look very closely the progress of privatization of public enterprises, the state (disastrous) finance social security, the release of occupations "protected" (trucker, notaries, architects, etc..). Records of which Athens is late.

See also:

"SPECIAL CASE – Greece, a challenge for Europe

"I also want to stress that exchange rate determined by the market are essential to global economic vitality," wrote as Barack Obama, who is of course referring to China, which Washington believes the currency, the yuan, is artificially under -valued, preparing a showdown with his counterpart, Hu Jintao.

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According to the decree published in the OJ, the Regulatory Authority online games (Arjel), a specially created, issued 17 licenses, or "amenities" to 11 operators of online games to start from the Paris Global South Africa (June 11-July 11).

The Arjel had received 25 cases corresponding to approximately 35 applications for approval paris sports, horse or Poker. A figure that has evolved steadily, because there is no deadline for submitting applications. One thing is certain, there will be poor candidates because half of the applications have been reviewed by the Arjel. Moreover, the opening of online poker games has been delayed a month because of an obstruction of Malta.

"The educational services are not idle," says Jean-Francois Vilotte, Chairman of the Authority. A number of candidates will not obtain approval immediately, because they are incomplete, we need additional information or have been filed later. "

The Official Journal that published earlier in the night his decree, the lucky few can enter. Provided, said Jean-Francois Vilotte, that computer systems (including safes) are operational and that the game software have been certified by the Arjel.

Like its competitors, Philippe Germond, CEO of the PMU is in the starting blocks. "I feel like the boss of a shop where the shelves are ready, as sellers, there is more than the curtain open," says he.The first operator in Europe paris horse wants to be present on the fifteen licensed sports, from football to rugby to tennis, judo and rowing. He filed his May 18 request for approval for paris horse, and sports of poker. A pad 7400 pages!

Among the operators concerned by the decree, we find also the PMU, the French or Unibet Games, Beturf, BES SAS.

The competition will be difficult. All applicants expect a rapid concentration of the market. Philippe Germond table 4-5 major groups in Paris and a little more sport in poker. Starting from zero, Barrierepoker is 20-25% market share within five years. Marc Simoncini, 20% shareholder Winamax, a site 100% poker is more ambitious. "We want to stay in the top three poker sites in France, says he.I am convinced that those who succeed are the pure poker players. "

Setback to illegal sites

The success of the liberalization of gambling will depend on the state capacity to fight against the multitude of sites which remain outside the law by not asking for approval to the Arjel. They are 25,000 in the world, including 20% in French. On Thursday, the European justice has inflicted another blow. Two licensed operators in the UK, Ladbrokes and Betfair, invoked the freedom to provide services in the European Union to assert their license with the United Kingdom, they could market their offers in the Netherlands. The Justice has confirmed that it was legitimate for a country to ban them, to combat fraud and protect consumers.

This is the sixth increase in eight years. The price of the stamp for a letter of less than 20 grams had already earned a penny last year. But Post said she "is in the average tariffs in Europe even as the universal service commitments of the post office and geographic constraints are higher in France."

"The rising price of stamps will have a minimal impact on the household budget, or approximately 0.10 ? per month per household," the statement said.In addition, The Post said they considered the economic situation by adjusting charges for companies depending on their situation: there will be no change for major mailers and the increase will be 0.6% Small and medium enterprises.

Lefigaro.fr / jdf.com – What is the impact of the crisis on the demand for socially responsible investment (SRI)? Philippe Zaouati We first asked whether the crisis was not going to put the SRI in the background, because of other challenges faced investors (liquidity, market downturn). But in fact it has strengthened doubts about the liability of investors, and the need for simple products, with maturities of medium or long term. Historically, every crisis in financial markets has strengthened a little more investor interest in SRI: this was particularly the case after financial scandals related to Enron, WorldCom, or Vivendi.And this growth occurs with a ratchet effect: in other words, when we begin to invest responsibly, because we are convinced of the usefulness of these investments, there is no return back. But such products, now recognized by institutional investors remains unknown individuals.

Some believe however that SRI is primarily a marketing argument for management companies. What do you say? Of the managers who are interested in SRI, some are primarily interested in the potential of this market. But there are also many houses management that invest in dedicated teams, recruiting specialists extra-financial analysis, in addition to traditional financial analysts.For example, at Natixis AM, we recruited seven people who analyze only the environmental and social impact of companies and their governance, and this team will be strengthened in 2010 through new recrutements.De such dedicated teams bring their own assessment socially responsible companies, and not confined to incorporate the findings of CRAs extra financial times are updated every year or every two years. It is therefore essential for an asset manager to bring its own expertise in their management choices.Similarly, if a manager is satisfied with the credit ratings established by Moody's and Fitch to make its investment decisions, it is not serious.

How do you explain that Islamic finance is more media that SRI investments, while their positions are close? The investment managers in the Anglo-Saxon are designed as fund exclusion: companies whose products or practices do not respect the moral convictions upheld by the fund are excluded from the portfolio. It's the classic case of defense industries, tobacco, wines and spirits, not to mention companies in pornography and games. The philosophy of these funds is very close to the ethical funds, such funds islamiques.Mais there are other types of SRI investments, including those who advocate an approach of "best student", which are most prevalent in France by example.In these funds, the managers invest in every sector of companies that provide the greatest effort in limiting the impact of their activities on the environment, which seek to make social policy and governance. The general public just yet understand the logic of such funds, which are to encourage good practices, but whose message is not very clear. This probably explains why these funds are less known and less publicized so that thematic funds on the environment or renewable energy, for example.

How do you expect demand investment managers? The demand will undoubtedly increase in coming years.Starting next January, the regulations require each such company to include at least a savings fund solidarity among all funds offered under the company savings plan, it goes in the right direction to develop the SRI and solidarity among the general public. Finally, I am convinced that the share devoted to the institutional SRI, which represents between 5% and 10% today, could double or even triple within three years. Good students in social practices Respecting the environment does not suffice for a company is held responsible. It must also be transparent in its management, and be the guarantor of good social practice. Beginning with the rejection of child labor. But this social criterion also considers the role that the company gives to its employees, through such consultations.Among the good performers in terms of social practices, Natixis currently distinguishes Boiron, Orpea, Sanofi-Aventis, Essilor, Technip, Sodexo, Randstad, Ansaldo, EDF Energy and new GDF Suez.