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The downward trend is continuing. After a decline of 1.2% in June and 11.5% in May, new car registrations in France fell 12.9% in July to 169,804 units, according to the Committee of French Automobile ( CCFA). A comparable number of working days, the decline in sales stood at 8.7%. The month of July had 21 days this year, against 22 last year.

"This is indeed great car scrapping begins to decrease," said a spokesman for the CCFA to Reuters. "But we have a slow decline, not an effect to the German, which is rather positive," he added. In Germany the first European car market, the scrappage has indeed been deleted from the exhaustion of the envelope at the start. The relapse was rapid.The German market has declined from 32.3% to 289,259 cars registered in June

In France, the government has opted for a gradual withdrawal of aid device. The scrapping bonus of 1,000 euros last year, was reduced to 700 euro from 1 January and 500 euros July 1.

Dacia and Volkswagen in good shape

While Volkswagen (11.9%) and Dacia (% 47.5) drew their game well, all the other major brands have lost ground on the French car market last month. Sales only French brands, which have benefited most from the demand created by the aid fell by 15.4% in July, while those of foreign brands fell 9.9%.

In the duel Franco-French, PSA Peugeot Citroen has suffered more than its competitor Renault.Its sales have faltered by 15% (-17% to -13.3% for Citroën and Peugeot), while those of the Renault group fell 7.6%. A victory in sham, because largely due to the strong performance of low-cost Dacia brand. The brand with the diamond, it has seen its sales eroded by 15.9%, despite the accession of the Mégane range to the highest step of the podium families of best-selling cars in France last month.

In the first seven months of 2010, registrations in France stand still up 2.8% in raw data to 1,382,240 units, and 2.1% in comparable number of working days, compared to the same period of 2009. For all of 2010, the CCFA expected to registrations of about two million new vehicles in France.

Back to a market more 'normal'

"We are now back to a more normal market, with a second part of the year is traditionally the weakest. Except this time, the end of the year will be much worse with the unfavorable base effect in late 2009, "says its spokesman.

In Spain, the Association of Automotive Manufacturers ANFAC does not show as serene. Registrations of new cars in Spain fell 24.1% in July over a year, a setback after ten consecutive months of increases, "she said Monday. In total, 82,167 new cars were sold in July, against 121,483 a month earlier and 108,221 in July 2009. On Thursday, the Association had sounded the alarm, suggesting a 50% drop in auto sales in July. She even called for "an urgent meeting with Minister of Industry to study the proposals and possible solutions to this serious situation."

Outside Europe, other markets automotive show excellent health. Japan has announced on Monday registrations up 15% for the month of July. In the first seven months of the year, the Japs bought 2,054,094 new cars, or 28.9% more than the previous year.

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This is the number one concern of manufacturers in China: keeping the fast pace of market? Volkswagen, which wants to double its production capacity by 2013-2014, to 3 million vehicles, will build two new sites, bringing the total to eleven. Rival Nissan will expand its industrial base by 70% by 2012, to 900,000 cars. This level may nevertheless be insufficient, hence the interest group for the Korean Ssangyong sites in the land of Morning Calm, which would allow it to export to China.

After jumping 45% in 2009, thanks to state aid, sales on the world's largest market could grow 20% this year (they were up to fourth in six months). For the next five years, analysts at Nomura anticipate an annual increase of 10%.The market would then exceed – all vehicles – 25 million cars in 2015, against 13.6 million last year. "I expect a long period of growth in China. There is no reason why the rate of motor equipment does not reach that of France, "said Carlos Ghosn, CEO of Renault and Nissan. China had 34 cars per 1000 inhabitants in 2008, against 600 for 1000 in France. Proof of the youth of this market: 60% of new car purchases are the first acquisitions made by elderly drivers average 35 years against 50 years in Europe.

With growth in volumes, manufacturers have emerged in 2009 on the market an operating margin of between 6 and 8%, according to the firm Alix Partners.They benefit from economies of scale related to the full factory utilization, and managed to impose price calculated to generate good margins. The German specialists of high quality rub their hands as their cars more luxurious than elsewhere, are selling much more expensive than in Europe.

Increased competition marks

The most successful brands have managed to adapt their cars to local tastes. This is what the French PSA Peugeot Citroen with its new Peugeot 408 and its future 508. Still small, French wants to increase its market share in China from 3.3% to 5% in 2015. All very ambitious, the conquerors of China, however, will face increased competition from local brands, specialized for the moment in small cars at low cost.Their market share could reach 37% in 2015, against 32% in 2009, according to Alix Partners.

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The CAC 40 would he find his way? In any case, this suggests that his continued positive territory by mid-morning, up 0.64% to 3623 points after opening down 0.13% to 3595.66 points.

Elsewhere, the same trend. The London Stock Exchange, which opened down 0.37%, is now up 0.15%. The DAX index of the Frankfurt Stock Exchange, which had also started the session on a decline of 0.27% is now 0.39%. The Madrid Stock Exchange, where banks are under pressure as explained in the El Pais newspaper in its edition today, regaining ground with a fall of 0.16% against -0.54% in early trade.

The waiting game surrounding the publication of results of stress tests of European banks calls for caution investors. On the currency markets, the euro back a bit against the dollar, under $ 1.29.

Volatility will be the point common to all European trading sessions this Friday.

Asian markets have been chosen more strongly green this morning. Yesterday, U.S. markets have done a great meeting at which time the Dow has gained almost 2%, relatively insensitive to the announcement of a surprise increase in weekly unemployment registration.

Consumption of French decline

In terms of macroeconomic statistics, the session looks very calm. No major indicator is expected in the United States.

In France, the French household consumption of manufactured goods fell 1.4% in June after the previous month was supported by purchases of televisions before the World Cup, according to figures published by INSEE before the opening markets.Throughout the second quarter, it shows a decrease of 0.9% after falling 1.9% on the first three months of the year. Analysts on average expected a rise of 0.2% in June

INSEE also believes that the request to industry has increased significantly in the second quarter but is expected to decline in the third. The balance measures the views of industrialists on the past evolution of aggregate demand was 9 in the previous survey in April to 17 in July, and 4-14 for foreign demand.

In Germany, business climate has improved significantly more than expected in recent weeks. The Ifo index rose to 106.2 against 101.2 in June (revised from 101.1 in estimating intials) last month. Economists and analysts had expected decline to 101.6.

TF1 jumped after its results

The stress test, however, occupy the banking sector.BNP Paribas (-0.60%), Societe Generale (-0.84%), Credit Agricole (-0.36%), Natixis (BPCE. -0.39%) or Dexia (-0.39%), remain cautious.

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

TF1 (4.83% to 12.27 euros) announced before market advertising revenues up 11% in the first semester for a total turnover of 1.28 billion euros, above consensus. Net income group share was 74 million euros over the period. The objectives are significantly revised upward with a turnover in 2010 rose by 7% instead of 4%.

STMicroelectronics (-2.30% to 6.58 euros) reported Thursday a profit above expectations at 18 cents per share, with sales 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 (-1.56% to 63.11 euros) a statement on Thursday its forecast annual 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 (0.65% to 7.02 euros) issued a turnover up 94% in the first quarter of 2010-2011 to 161 million euros and confirmed its objective of a sales draft 160 million for the remainder of the year.

BioAlliance Pharma (5.29% to 5.77 euros) announced a record turnover of 15.2 million euros in the second quarter against 1.5 million a year earlier, after recording in April in U.S. Loramyc, headlight treatment of fungal infections in patients with oral cancer or AIDS.

As for ads, Alstom (1.80% to 37.83 euros) said it had won contracts valued at about 450 million euros for the construction of two units for a combined cycle power plant in India.

Air Liquide (-0.40% to 86.43 euros) announced Friday the signing of a new contract with Russian steelmaker Severstal for investments worth 50 million euros in total.

Legrand (-0.61% to 25.06 euros) Thursday announced 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 et Prom (+0.24% to 9.42 euros) announced Thursday it had increased to approximately 70 million euros the amount of its issuance of convertible bonds to five years following the full exercise of the option overallotment.

This is one of the largest employee share plans in recent years. GDF Suez, which offered about 200,000 employees worldwide to receive shares of the group, welcomed the success of the operation. Nearly one third of employees (over 67,000) have said "yes", for a total of 25 million shares and 535 million euros. Exceeding the ceiling set by the board (almost 500 million). "Few groups are engaged in transactions of this magnitude," said Sami Toutounji, partner at Shearman & Sterling, except for example, recently EDF, which has far exceeded this amount, or Axa who approach regularly.

The staff of GDF Suez will thus receive 1.1% stake in Arcelor. Turnout was highest in France, Belgium, Italy and Germany.Outside Europe, Brazil, Chile, Argentina and the United States recorded the most sales Payday Loan for Bad Credit.

The employees of GDF Suez could buy shares at a discount of 20% over the past 20 trading days. Is 19.78 euros per share. The firm abounded these subscriptions, offering titles such as 10 to 10 purchased, subscribed for 50 or 20. Employees could also prefer to invest with no discount, but with a guarantee on invested capital (and insurance to recover at least their implementation) and performance-indexed monthly changes in stock price. Both formulas have been as successful as the other one.

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As usual, Alcoa starts the ball results in the United States. And the least we can say is that it starts well. For the second quarter, the U.S. producer Alcoa aluminum in the green came back in the second quarter, with net income of $ 136 million, against a loss of $ 454 million a year earlier, and praised the "prospects excellent.

The turnover reached 5.187 billion dollars, well above the 5.02 billion forecast underlying the market.

Consumption of aluminum prospects up

"The growth of our revenues and our earnings due to higher volumes of end markets and gains from our productivity program," said CEO Klaus Kleinfeld said in a statement issued after-hours trade .He added: "The outlook for Alcoa and the aluminum are excellent.

The group also said it had received during the period April to June, in addition to higher volumes and productivity improvements, favorable currency effects and a reduction of energy costs, which more than offset a slight reduction in selling prices.

"Given this improvement in final demand, we are raising our projection of consumption of aluminum 10 to 12% this year" in the world, "he concluded.

At the New York Stock Exchange, Alcoa has lost the action Monday at the close 0.64% to 10.87 dollars in a market up 0.18%.

This is the most reassuring news announced by the U.S. authorities for more than two months. According to Coast Guard Admiral Thad Allen American to oversee cleanup operations in the Gulf of Mexico, BP should be able to contain 100% the gap in the well from which oil flows to by Monday. A new funnel, bigger than previous ones, is currently installed by the British oil.

This funnel, called "Top Hat Number 10", should recover up to 80,000 barrels of oil per day (12.7 million liters), against 25,000 now. The authorities are optimistic that based on their assessments, the well lost more than 60,000 barrels per day. The previous dome will be first removed. A large quantity of oil escape so well for 48 hours.But once the new funnel posed, the results will be immediate, promises Thad Allen.

Since April 20, the day of the explosion of the Deepwater Horizon platform off the coast of Louisiana, BP has increased its attempts to clogging, all unsuccessful.

No stop before August

BP was more cautious in its forecasts. Bob Dudley, responsible for managing the disaster, spoke of another scenario where difficulties in installing the new funnel could delay the time from Monday to Thursday.

But authorities are confident: "We have the climate we need," said Thad Allen. The admiral, however, required to calm the enthusiasm that followed the announcement. "I used the word 'contain' and not 'stop'," he commented.According to him, the well would not be closed as well as two-pass will not be completed free instant credit score. These wells, dug deep to inject cement and mud, should not be installed until mid-August. Once the leak stopped, the extensive cleaning and restoration of the ratings will continue.

Anadarko does not pay

On this last point, BP was again struck Friday denied Anadarko Petroleum. The company, which owns 25% of wells responsible for the spill, said she would not pay the $ 272 million that BP is asking her to cover their share of cleanup costs, according to U.S. law known pollution.

On June 18, the tension was raised a notch between the two partners lorsqu'Anadarko stated that the explosion of April 20 on the platform Deepwater Horizon, "was preventable and was a direct result of decisions and actions BP unthinking.

In another e-mail sent Friday, a spokesman for Anadarko, John Christiansen, however, felt that his group remained "committed to working in good faith with BP to reach a satisfactory resolution."

BP is now awaiting the response of Mitsui, which owns 10% of the wells. The British oil giant is claiming $ 112 million for cleanup costs.The company has not yet made its position.

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Fourth day up to the Paris Bourse. This Friday, the CAC 40 has continued to rise started Tuesday and continued Wednesday and Thursday. The key index in Paris was up 0.46% at closing.

At the end of the week, and the CAC 40 gained 5.8%, from around 3360 points to 3554.48 points exactly at the close on Friday.

Elsewhere in Europe, the LSE has been 0.54%, to 5132.94 points while the German Dax rose 0.49% to 6065.24 points.

Yesterday, the index in Paris had passed the milestone of 3,500 points, reassured by U.S. data entries weekly unemployment benefits.

The euro has weakened a bit about him on Friday, while European ald evisa Thursday passed up the psychological and technical $ 1.27.

In France, French investors have learned that before the opening of the Hexagon industrial production had rebounded strongly in May rising 1.7% after falling 0.5% the previous month, according to Insee. Economists had expected an average growth of 0.4% of industrial production in May

EADS tanker of the series continues

EADS (0.53% to 17.01 euros) said it had responded to the call for tenders for tanker aircraft to the U.S. Air Force, on the eve of the deadline for the takeover bids . In addition, the World Trade Organization announced the postponement of the publication of a report on an action by the EU against the United States regarding subsidies granted to Boeing.

Kaufman and Broad (2.23% to 18.14 euros) issued a revenue down 7.6% to 385.7 million euros in the first half, below expectations.But reservations are up 55% to 675 million euros and the property portfolio is up 50% over one year.The gross margin reached 17.1% against 12.9% in the first half of 2009.

Areva (5.11% to 347.55 euros) announced Thursday it would investigate the possibility of building a second nuclear reactor in the Canadian province of New Brunswick.

Mestrallet, CEO of GDF Suez (+0.4% to 24.96 euros), confirmed Wednesday that negotiations with suppliers in Norway, Holland and Russia to obtain lower prices.

The German utility E. ON has indicated in an interview with Les Echos on Friday that he would be "very interested" in acquiring a stake in EDF reactors (-0.91% to 31 euros) to help extending their lifespan.

Moreover, the banking sector with the exception of BNP Paribas (+1.05% to 50.09 euros) suffered some profit-taking, like Credit Agricole (-1.13%) or Societe Generale ( -0.98%).

Similarly, the automotive sector should still react to earnings announcements commercial Renault and Peugeot this week. Titles manufacturers earn 1.13% respectively to 33.45 euros and 1.94% to 23.09 euros.

Bernard Arnault regain its leadership among the rich. After having given way in 2008 to boss Gerard Mulliez Auchan, the boss of LVMH prances again tops the ranking of richest people in France, published Wednesday by the weekly magazine Challenges.

Arnault's fortune amounted to 22.7 billion euros, against 19 billion for Mulliez. Among the top three also included Liliane Bettencourt, whose name is now mentioned more as the protagonist of a politico-financial series and its maintenance in the third-largest fortunes in France.

"2010, the year of the crisis for the rich"

Despite the context of crisis, the profits of the rich have increased compared to 2008 payday loan lenders.According to the study, the total capital assets of the 500 largest French professionals has increased by 25% in one year, from 194 to 241 billion euros. That figure remains below the record level of 2007 (280 billion euros). The weight of the 500 largest fortunes in the French economy has also declined from 17% of gross domestic product (GDP) three years ago to 12.4% today.

Several indicators suggest that 2010 will be "the year of the crisis" for the rich, notes the weekly. In one year, the title LVMH has indeed jumped 40%, like that of L'Oreal.

lefigaro.fr / jdf.com – The announcement of the aid plan for the euro area has given way to a new period of pessimism. In this context, how you position yourself on the shares of the euro area?

Matthew Grouès – We are clearly overweight on European equities for the simple reason that we believe that growth prospects are not worst four months ago. The markets have overshadowed the recent economic statistics suggest, however, believe a sharp upturn in Europe in the second quarter.

For a month and a half, markets follow a path contrary to that they should follow since the last published indicators: the series of nine sessions up in mid-June was made with deceptive statistics, particularly retail sales and the U.S. real estate.Unlike the sharp drop in early June took place in spite of very good publications on the ISM manufacturing and job creation. But it is true that today it is mostly good statistics that go unnoticed. It's a classic situation in the tops of cycles, markets do not allow the bad news and low cycles, they close their eyes to the good news. The crisis of 2008 is still in the minds of investors.

So much so that markets fear a simultaneous "double dip" (recession followed by recovery and then a new relapse, Ed) and a return of inflation. What is unthinkable. This proves that markets are in crisis of confidence and they evolve in a logical flow sellers rather than a fundamental logic. And to overcome this crisis of confidence will take time.

But the crisis of confidence in the euro area it is not it paradoxically favor?

It is true that mistrust vis-a-vis the euro favorable to European companies. The decline of the euro offset the restrictions inherent in the plans rigor. All countries in the euro area will clearly not accommodated in the same boat. So, for those who have taken a severe restrictive measures such as Spain or Greece, the balance will be negative. But for others, the impact on growth will be close to zero. It seems that the markets have rediscovered that the euro is a currency like any other. It's a currency shared by several countries. This inevitably creates a certain fragility and justifies a risk premium.

So you are betting that the European companies will catch up on U.S. companies?

Absolutely.European companies have to suffer the restrictions imposed by states, compensated as I said the decline of the euro. In contrast, the U.S. will be doubly penalized: first, that says depreciation of the euro said dollar, so a handicap to competitiveness for U.S. companies. On the other hand, said that restrictive measures in Europe, said reduced demand from Europe.

It is true that the shares are not expensive in all markets, but if U.S. stocks were gaining 10% to 20% in the twelve or eighteen months, the increase should be between 20% and 30% for European equities. Europe contrary to what they say is absolutely no more defensive than the United States. The proof of this statistic: Since 1996, the EuroStoxx amplified movements of the S & P 500 twelve years in fourteen.And two years where the reverse happened, it was during changeovers cycle.

According to a study OpinionWay, 50% French do not have stock and have never held. Furthermore, 66% of them justify their choice by the risk profile of the action. In other words, they are afraid of losing money. What do you think?

I understand their weariness regarding the volatility of financial markets and they prefer to invest in money market products they do not risk losing money even if they do not relate. Incidentally, this is symptomatic of the mindset of investors. There is such excitement in the markets that investors prefer not to lose money rather than win. But they must understand that the only time they have an interest in shares, it is precisely when everyone else shuns.Focusing on the assessment that the actions have on others is not the best indicator.

Also, do not overestimate the impact of financial markets on the real economy, and thus justify the real evolution of financial markets. It is often said that markets anticipate a six to nine months ahead of the changing economy. But this is not always true. The evidence: In 2009, the savings came out much faster from the recession that markets had expected.

I know this may seem surprising but it is precisely now that they must invest in risky assets.In addition to actions, we are positive on the credit for the economic recovery remains favorable and the spacing recent spreads (spread between a corporate bond and government bond, Ed) be reversed.

Five months ago, you bet on an ACC 40-4600 points by the end of the year. This bet is it still relevant?

I think for this year will be a bit complicated. However, I would very surprised if it does not exceed 4000 points. The current level of ACC 40 is not consistent with the economic situation is relatively good: it would be justified if we knew another recession within one year, but I think absolutely not.

Macroeconomic reasoning to 12-18 months also clearly suggests that markets are highly appreciated.Whenever Will it materialize? Hard to say! The market movements often snap on a "spark" a good economic figures, redemptions of "shorts" (the investor buys back the shares it had sold short, Ed), publication of results, etc. . The question is what will this time that "spark" and when it will happen.

It is ultimately the Bouygues group has been selected for the renovation, expansion and coverage of the forums Velodrome stadium in Marseille, which hosted several matches of the Euro Cup in 2016. Jean-Claude Gaudin, senator, mayor of Marseille, was announced yesterday with the presidents of the urban community of Marseille, the General Council and the region that will participate in financing this project.

So far we spoke of a shipyard between 120 million and 160 million euros, the project selected is $ 273 million. It is however more expensive than the one presented by Vinci, Bouygues competitor in this competition.Jean-Claude Gaudin is a "new Velodrome stadium for next fifty years" which will be built!

The Velodrome, the second stage of France in terms of capacity, will reach its tonnage from 57,000 to 67,000 seats and all the galleries will be covered. This coverage, which had not been made during the previous renovation of the stadium in 1998 for the World Cup, was claimed a hue and cry by the fans.

Municipal Stadium will

During the period of construction, scheduled to begin in summer 2011 for completion in summer 2014, the stadium will remain usable even if it could accommodate only 42,000 spectators, that is to say, the number of subscribers Olympique de Marseille.

Funding for the transaction will come to 50% by the City, the Metropolitan Regional Council and the General Council.The other half will be funded through a public-private partnership (PPP) of thirty-five years. A "naming" is planned for obvious reasons of profitability, even if Jean-Claude Gaudin does not fail to promise that the city will stage he would continue to be a public service and carrying the name Velodrome. Without doubt the trade name it is there next to it.

In addition, the sale by the City the right to build a hotel, shops, a museum of the OM will ensure 30 million financial returns.

The choice announced Monday must still pass the course the city council vote on July 12. In this context, Bouygues did not comment yesterday.

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