The markets showed no signs of concern despite the findings of the Fed's Beige Book. The U.S. central bank sees a "profusion of signs of an economic downturn, but investors had already assimilated the information.

The markets were also reassured by the success of the double issue of Portugal announced today.The country has raised 1.039 billion euros in government bonds at 3 and 11 years, but at higher rates than in previous similar operations. "It is a success insofar as the state has succeeded in placing the debt and that there was demand, "said Filipe Silva told AFP bond strategist at Banco Carregosa. This comforts the markets closed on the health of European banks.

On the foreign exchange market, the euro penalized yesterday by concerns over the European banking sector recovered himself.Having lost 1.46% Tuesday, the euro climbed to 1.2720 dollars around 15.30.

Also note in the current macroeconomic, China has again rejected any foreign pressure on Tuesday the exchange rate of its currency, the yuan, while reaffirming the need to maintain good relations with the United States to During the visit to Beijing two senior White House officials.

ZymoGenetics gains more than 80%

On the side of values, while Sanofi-Aventis continues to woo Genzyme (-0.32% to 70.78 dollars), the U.S. laboratory Bristol-Myers Squibb (0.60% to 26.77 dollars) has agreed to buy another American biotech, ZymoGenetics (84.15% to 9.75 dollars) for 885 million dollars.

After its disappointing second quarter, including Its Defence, Boeing (1.75% to 64.53 dollars) announced the reorganization of its military aviation activities.The number of divisions from six to four, with a consequent 10% reduction in the number of posts.

Today on Wall Street banking is likely to remain under pressure. The feeling of increased bank risk has also been fueled by the meeting yesterday, the Basel Committee, responsible for setting new solvency rules for banks. However, after this meeting, the committee has maintained the suspense in not distributing a press release. It will do that Sunday. In the morning, a Wall Street Journal had rekindled doubts doubt on the reliability stress tests on European banks, whose results were published at the end of July. Battered yesterday, the bank found the way to increase the image of JP Morgan (2.17%), Bank of America (1.06%) or Goldman Sachs (1.51%).

The euphoria that followed the release Friday of the revised figure for growth in the second quarter will not last. Caution has again made its appearance in spite of macroeconomic statistics as bad as expected. Consumption has picked up 0.4% yoy compared to June. It's better than the expected by analysts, who had estimated the consumption growth to 0.3%, according to their median forecast.Spending growth has outpaced that of household income since, according to the ministry, they are divided up by 0.2%, after virtually stagnating in June

The wait has dominated this session because of the flurry of statistics to be published this week. On Tuesday, it will house prices and economic activity in the Chicago area in August and, finally, the consumer confidence that will be published. Wednesday, Thursday and Friday will be dominated by such employment with, successively, the ADP employment figures, entries weekly, and finally figures of unemployment and employment in August.

Waltz of mergers and acquisitions

On the corporate side, the dance of mergers and acquisitions continues. 3by (-2.03% to 31.80 dollars) fall after surge 25% to 32.5 dollars on Friday night.As for his suitors, HP (1.47% to 38.56 U.S. dollars) has increased its prices by 3 27 to $ 30, Dell (1.12% to 12.02 U.S. dollars) has aligned its offer Friday morning about $ 27.

The German manufacturer Infineon Semiconductor announced Monday the sale of his division's wireless, which makes components for mobile phones, the U.S. Intel (-2.23% to 17.96 dollars) for 1.4 billion (nearly 1.1 billion euros).

The CEO of Sanofi-Aventis, which formalized Sunday his intention to acquire U.S. biotech Genzyme (3.39% to 69.91 U.S. dollars) to $ 18.5 billion, said that "a lot of time can still drain "by launching a bid, in an interview with Voices dated Monday. But the board rejected Genzyme Monday unanimously the proposed terms.

The Indian government was to meet Monday officials from the Canadian manufacturer of BlackBerry (RIM: -0.88% to 45.59 U.S. dollars) to try to break the deadlock over access to encrypted data from the phone, on the eve of the ultimatum on blocking two messaging services.

French insurer Axa has reduced by almost half its share in the prestigious investment bank Goldman Sachs (-1.97% to 136.66 U.S. dollars), the center of criticism for his role in the Greek crisis, according to documents the regulatory authority of the U.S. markets (SEC).

The U.S. industrial conglomerate 3M (-1.67% to79, $ 65) announced Monday the acquisition of Cogent group (24.40% to 11.09 dollars) to over 900 million dollars (708 million euros) This represents a premium of nearly 18%. 3M will pay $ 10.50 in effect by title Gogent, which posted a closing price of 8.915 dollars Friday.The transaction should be completed in the last quarter of 2010.

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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At the 57th International Advertising Festival in Cannes, the technology giants like Microsoft, Yahoo and other Facebook invaded not only the Palais des Festivals, but also the Croisette. Advertisers would they more "masters of the world" of communication? "We have never been masters of communication," says David Jones, CEO of Worldwide and Havas chairman of Euro RSCG network in the world. "The most important actors in the communication, it is consumers. It is true that today we live in a digital revolution. Consumers never change and as new opportunities are created with social networks, mobile platforms … The presence of Microsoft or Yahoo! Reflects this revolution. But consumers are more important than software, technology or communication agencies.

Defending an agency model "integrated" by placing the "digital" in the heart of its agencies, Havas Group is concentrating its investments in digital broadcasting and production, particularly through the newly-Productions Havas. "These investments are essential. We're not a film industry of 30 seconds, we are now an industry of content. If we are sufficiently intelligent content, the audience will interact with the brand and, with a depth that we could not hope, fifteen years ago. Content is our future, "says David Jones emphasizes the trade is already a source of income for Havas and its subsidiary Euro RSCG. For nearly two years, the group has also put one foot in music with the creation of label The Hours."These are new business models and exciting content, we also operate with BETC Music," he says.

The test of 2nd quarter

"The winning of the budget digital IBM, being now the digital agency of Unilever in the world and with the Heineken and EDF contracts, we will exceed 20% of revenue from digital Havas Worldwide from this years, says its CEO. Here we record the strongest growth.

Despite a slight recovery in the advertising market in the first quarter, the boss of Havas Worldwide undertakes no obligation on optimistic forecasts for the rest of the year. "It's like asking me if England will win the World Cup! For now, we qualified and is progressing well … It's about the same thing with the economy and major advertisers.The real test is the 2nd quarter, "says the ad originally, in February, the Young One World, the first" Davos of youth. " After London, next event be held in Zurich until September 2011.

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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The People's Bank of China warned however that the adjustments would not do at once.

According to Wang Tao, an economist at UBS, "it is possible to arrive quickly enough to an appreciation (the yuan) 3 or 4% in the coming weeks." Mark Williams of Capital Economics expects more modest gains: of about 2% vis-à-vis the dollar by the end of the year.

A rising yuan would also give China greater purchasing power, which would be positive for world trade and especially for commodity exporters such as Australia, Brazil, Canada and New Zealand. China is the second largest oil consumer behind the United States.The country is also the largest consumer of iron ore, copper and aluminum.

The currency movement

By Monday morning, the Australian dollar has gained one cent to $ 0.88. He then returned to 0.8765 dollar when China has set its reference rate for the yuan.

The three-month copper on the London Metal Exchange gained 2.33% to 6,585 dollars per tonne.

A barrel of oil gained 1.35% to 78.22 dollars per barrel of light crude Texan.

Green Scholarships

In trading, the index rose on average by 3%, according to the S & P Asia 50 Index, which comprises the largest market capitalizations in the region no faxing payday loans.

In China, the Shanghai Stock Exchange recorded an increase of over 2% on Monday morning. In Hong Kong, the Hang Seng wins 2.6% to 20,806 points."The airlines, real estate or in metals are the most direct beneficiary of yuan appreciation," said Shen Jun, an analyst at Bank of China International.

In Japan, the Nikkei 225 wins 2.07% to 10,201 points by 6:45, while the Topix rose 1.87% to 901 points.

In Australia, the rise of the S & P/1SX 200 reached 1.22%, 4607 points.

China and Australia: EUR 7 billion contract

Australia and China on Monday signed several contracts worth 10 billion Australian dollars (7.1 billion €) after discussions between Prime Minister Kevin Rudd and Chinese Vice President Xi Jinping visits in the country.

The ten agreements, mainly in the field of mineral resources and energy, reflecting strong and growing cooperation between Canberra and its largest trading partner, largest consumer of mineral resources in Australia, Mr Rudd said in a statement.

Xi Jinping arrived here Saturday to Australia for a five-day visit during which the project should be tackled controversial Canberra tax on super profits of mining groups.

Beijing fears that the tax drives up the prices of raw materials which China is a big buyer.

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Without waiting for the amendment of the constitution, Francois Fillon took the lead. In a letter that the Prime Minister has just sent to members of government, he asks them to "stop inserting provisions that affect tax revenues or social security in ordinary legislation.A real revolution!

For material already deposited and bills that have not yet been examined, the head of government asked its ministers "to submit amendments for the deletion of such provisions and to oppose a negative opinion of the Government any amendment which would tend to introduce. Members of the government "shall not in any way rely on the wisdom of Parliament," wrote François Fillon.

François Fillon finally asks ministers to screening assessments for all tax provisions that they want to introduce in the Finance Bill or draft law on financing social security. All this will lead ultimately to limit the creation of new tax loopholes

The improvement in the first quarter, according to the group, mainly due to higher sales (turnover is up 40%), combined with cost control. GM was robbed of four brands including eight in the United States, leaving only Cadillac, Chevrolet, GMC and Buick. The group emerged from bankruptcy in July, eased some of its debts.He completed repaying $ 6.7 billion in loans from the U.S. and Canada in April. The U.S. Treasury still holds 61% of capital.

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Conforama cons Ikea

Better yet, "the last six months, Conforama has regained market share in furniture.This is the first time in seven years, "says Thierry Guibert, who thinks she recovered some of its behind Ikea.

Since 2002, the distributor of household goods lost a point of market share per year. His image has deteriorated, customers have turned away from the sign. Ikea also pleased to Conforama its leading position in France in early 2009.

"I was worried about the economic health of Conforama, its level of supply and its attractiveness," admits Thierry Guibert, who took the reins in 2008. Engaged in a modernization plan, Conforama renovated its stores (181 to date in France) and launched a new concept that gives more space to the world of cooking and decorating. During deployment, it is already present in 12 stores and should be applied to 15 more this year. A design space will be in place this summer in 40 other outlets."From 1 July we will be increasing our offering around the tableware and cooking utensils," says Thierry Guibert, who hopes to have 15% of sales in the decorative end of 2013, against 10% now . However, Conforama could "reduce by-case its offer in small furniture, lounge and bathroom.

Location cleaned

Conforama is also preparing to launch a new brand called Confo Deco, with shops 500-700 m2 quick cash. Located in downtown or mall, they offer a wide range of products – including a significant part in its own brand – in six worlds (night, kitchen, bathroom …). The first store will open its doors in October in the shopping center La Part-Dieu in Lyon. A second is scheduled for early 2011 at the heart of Lille."We want a real concept that will strengthen both the proximity to our customers and our legitimacy in the decoration, hopes Thierry Guibert, who plans to open 3-5 Confo Home each year.

"The goal is to boost activity in an extremely volatile," said Thierry Guibert. In 2009, the decline in sales has not stopped Conforama improve its profitability, with operating income up 6%, with 77 million euros in savings and international relief. "This year, our goal is to significantly improve our profitability," said the chief executive Conforama. Owing mainly to sales growth. "We are in running order to beat the market without watering customers tariff discounts," says Thierry Guibert, who is without mention other signs, such as Goal, which break the price.

Especially as the activity outside France (27% of sales) should not negatively influence the results. After the closure of seven stores in Italy and the Iberian Peninsula, the situation has been cleaned and sales depart.

"Conforama has passed its turnaround," says Thierry Guibert, while acknowledging that "it is frustrating to hear some suggest that we make the bride more beautiful for better sell. Instead, I explain to my team that, regardless of the shareholder, Conforama should be pretty solid for redeployment and create value. "

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The U.S. stock market watchdog, the SEC announced Friday it was suing the U.S. investment bank "fraud" on the sale of investment securities linked to subprime mortgages.

Goldman Sachs and one of its leaders, Fabrice Tourre, are accused of defrauding investors face while making "misleading statements and omitting material facts on certain financial products linked to subprime loans when the market U.S. housing prices began to collapse. "

In the end, the Dow Jones lost 1.13% at 11,019 points, after fielding a sixth straight session Thursday to increase, the Nasdaq drops 1.37% at 2481 points and the S & P 500 1.61% loose in 1192 points.The thresholds symbolic of the 11,000, 2,500 and 1,200 points respectively have been taken down.

Trust settles

Another bad news on the front of the statistics: the U.S. consumer confidence index calculated by the University of Michigan came out in strong decline, to 69.5 in April, the lowest since November last. Economists had forecast about 75, after the index registered 73.6 in March.

Moreover, housing starts in March hit their highest level since November 2008, to 626,000 units annually. The economists had expected 610,000.

Google view

Later publications of the day, Bank America ok fell more than 6% to U.S. $ 18.31 No fax pay day loan. The bank recorded a net profit of 2.83 billion dollars in the first quarter, or 28 cents per share.It is far better than had been expected by analysts.

General Electric has folded, he of 2.62%, to 18.99 dollars while the conglomerate reported net earnings were down 32% to $ 1.87 billion, or 21 cents per share. Again, it's better than expected.

Google announced Thursday after the close of U.S. markets have performed over the first three months of the year a net profit of 1.96 billion dollars, 6.06 dollars per share, against $ 1.42 billion (U.S. $ 4.49 per share) over the same period last year. In the first three months of the year its sales climbed 23%. The securities have stalled, however, of 7.59%, to 551.76 dollars.

A cons-sense, Mattel manages to rise from 0.38% to 23.84 dollars.The world's leading toy has unveiled a profit of 7 cents per share, or 25 million over the first three months of the year.

In addition, the Financial Times, real estate investment fund Whitehall Street International managed by U.S. bank Goldman Sachs has lost almost all its value, or 1.8 billion dollars (1.3 billion euros) .

On Wednesday, the Wall Street Journal revealed that another major U.S. bank Morgan Stanley had lost 5.4 billion dollars (3.95 billion euros) in investment properties, including the headquarters of the European Central Bank Germany.

Always on the side of values, yesterday, UPS, considered a good barometer of economic activity in the United States, announced a sharp rise in profits.