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.

Michel de Rosen. – It is indeed a record year with growth of sales from 11.3% to 1.04 billion euros and growth of the gross operating surplus of the same order to 828 million. But do not performance overinterpretation those that involve non-recurring items: we have benefited from the full effect of five new satellites launched in 2008 and 2009. For Eutelsat, this is excellent, our ambitions are clear and our strong future. We operate in a business long term, so we're marathon runners rather than sprinters. Since the IPO in 2005, our turnover grew by an average of 7% per year and we have always kept our commitments.We announce now forecasts annual growth above 7% over the next three years, with a turnover of 1.12 billion over the year begins. The dividend that we offer up 15% to 0.76 euros.

Do you have visibility of 3 years?

Over the weekend, in the daily columns, he emphasized the seriousness of the financial situation and warned: "I hope there will be convergence." At the end of the supervisory board, Gilles Van Kote The president of the Society of Editors (RS) welcomed "the gesture of a great lord of Claude Perdriel, which withdrew its offer and voted for its competitors. On Monday morning, Claude Perdriel and Orange announced they were withdrawing their offer, drawing the lesson of the plebiscite of employees of the World for the trio "BNP". Indeed, on Friday, the different societies of staff (Le Monde, Le Monde Interactif, Telerama, International Mail, employees, managers …) have made an overwhelming majority (between 80% and 91% for the Society of Editors World) for the trio Pierre Berge, Xavier Niel and Matthew Pigasse. After the vote, will open exclusive talks with the trio BNP.Beforehand, prospective buyers are, as they had committed 10 million euro move before July 5 to cross to Le Monde's financial deadlines July 10 and have enough money to take all summer . "Then, in late July or early September a new supervisory board will endorse the negotiations and the deal should be finalized in late September or early October," said Gilles Van Kote.

Negotiations with Lagardère and Prisa

In total, Pierre Berge, Xavier Niel and Matthew Pigasse provide 110 million euros. Therefore, they will control 64.65% of capital. For the first time in the history of the world, workers will abandon the majority stake and control group. The trio "BNP" had taken the measure of the importance of this decision. That is why he insisted on preserving the editorial independence of publications group.Better, it should make a gesture in their favor. Pierre Berge has promised to create a foundation with 10 million euros destined to gradually increase the share of employees to 33%.

With other shareholders, Lagardère and Prisa, also diluted, dialogue should engage. Following the recapitalization, Lagardere will have only 5.86% of capital, and Prisa 5.1%. Lagardère cons grin and heart. In the vote, he refrained. "This is a position consistent with what we've always said. We did not oppose the rescue of the World while taking care to preserve our interests, "responded Khiroun Ramzy, the spokesman of the group. However, Lagardere clearly leaning in favor of the trio Perdriel, Prisa, Orange, with whom he had begun negotiations for the acquisition of its stake in the holding company and Le Monde Interactif. In total, he was to receive nearly 40 million euros.The trio "BNP", everything remains to be done. "The investors must now specify their intentions. Everything depends on the proposals they will make us, "adds the group. However, the trio "BNP" remained unclear. If he says he must "return to the activity in the digital world", it does not specify the amount he is prepared to pay to redeem the 34% of Lagardère in Le Monde Interactif.

The other loser is the media giant Prisa Spanish. The group led by Juan Luis Cebrian came late in the battle alongside Claude Perdriel and Orange. He has to defend its interests in the holding head. But his stance in favor of an issue of the daily morning have undermined his bid.

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Le Monde: the New Orange Obs and throw in the towel

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.

If the proponents of the law on Sunday working wish thereby enable businesses to increase their turnover, Bertrand Delanoe, who has appointed a group of elected officials from all sides Parisian floor several months on the question, do not hear it that way. "There is neither need nor necessity or emergency, or a shared desire for such an extension, in essence considers the mayor of Paris, which the Constitutional Council in August 2009 gave the opportunity to rule, like all other mayors on this issue.

Criminalization of local business

No economic utility, first.If the opening of shops for tourists is indeed likely, as the mayor of Paris, to generate additional profit, opening their destination of Parisians could produce a windfall, which will penalize businesses not open . But seven tourist areas already enjoy an exemption allowing them to open on Sundays. A figure well enough for the mayor of Paris, who feared penalize shops.

"Most major retailers have an interest in the Sunday opening, but on the side of all shops and facilities nearby, it is fear which prevails, says Jacques Bravo, mayor of the 9th arrondissement. "If you open Sunday we will be forced to follow and if we follow, we run the risk of dying," they proclaim in substance.

Working conditions deteriorated

An analysis which added two concerns on the part of the City Hall of Paris: the deteriorating working conditions of employees, mostly women, working in the sector, and of promoting a model of society based on consumption only. Bertrand Delanoë should not give the green light Monday to the extension of Sunday trading.

Even the perimeter comprising Boulevard Haussmann, Galeries Lafayette and Printemps, should not be eligible for an exemption. Even as the opening of these stores, very attractive to tourists would have had conceded the mayor of Paris, economic relevance. This should give way to the chagrin of the Chamber of Commerce and Industry of Paris and the department stores, including the desire to grant to residents of the 9th arrondissement a period of serenity one day a week.

Shortly before the opening bell, Insee has published a public debt to France, 77.6% of GDP, against 67.5% of GDP in 2008. The deficit was driven in by 1.8 points to 7.5% of GDP in 2009, a figure slightly less bad than expected (7.9% expected). The deficit increased a total of 80.1 billion, reflecting a decrease of 4.3% of revenue and an increase of 3.8% of spending, Insee said.

Furthermore, producer prices rose 0.1% in February in France after rising 0.6% in January.

Elsewhere in Europe, the main financial centers are also changing in peace: in London, the Footsie index Gently fold from 0.07% to 5668 points, in Belgium, the Bel 20 was down 0.18% at 2651 points.

But after the trading session should be much busier then a rain of important indicators will be published Wednesday in France, Europe and the United States.

An ample macroeconomic news

At 11 hours, the rate of unemployment in the euro area will be watched by investors, as well as inflation in March (first estimate).At mid-day also, the French Building Federation (FFB) will hold a press conference on the prospects of the market in 2010.

Overseas, his eyes riveted on the figures ADP employment in the private sector in March, which fall at 14.15 (they are the employment figures to be unveiled Friday are the most anticipated by investors) . In February, U.S. employment had come out better than expected. The unemployment rate was 9.7%.

Half an hour later, the economic activity of the Chicago area over the same month that will be scrutinized by investors. Then at 16 hours, February industrial orders register on the radar screens of traders.Finally, at 16:30, the weekly crude oil inventories in the United States will be made public overnight pay day loans.

Other events to note on Wednesday for the first time a foreign minister, in this case the French Minister of Economy Christine Lagarde, participates in the German Council of Ministers, devoted in particular to a stabilization fund for banks (9:30). It will then hold a press conference with his German counterpart Wolfgang Sch?uble at noon.

Societe Generale court

The French bank Societe Generale must respond to a complaint filed by New York Court of pension funds and individual investors who accuse him of having wasted money.The bank securities retreated in early trading from 0.49% to 46.48 euros.

Axa declines sharply (-0.82% to 16.34 euros, the biggest drop CAC 40) while S & P downgraded its rating on value. Just behind BNP Paribas plaice 0.77% to 57.84 euros.

Regarding EADS (1.28%, to 15.07 euros, 2nd best performance of the ACC) and Replenishment American, Barack Obama, during a press conference in Washington with Nicolas Sarkozy, has said it wants " avoid all-protectionism ". He promised a selection of "free and fair" for the contract to 35 billion euros.

Schneider Electric is displayed at the top of the list, with an increase of 1.97%, to 87.11 euros.Vinci rises from 0.97% to 44.22 euros, still boosted by his victory over the tender to 7 billion euros for the HSL South-west France.

Later publications, the leading classifieds website Adenclassifieds saw its net profit fall by almost 88% last year. But there have been signs appear since the end of 2009. At approximately 9:10 am, no title Adenclassifieds not traded.

On Wednesday, Orpea, a leading French farmers establishments comprehensive care for dependents, has published a rebound in net income of 26.1%, to 61 million euros. The shares climbed 3.3%, to 31.51 euros and are headlining on the SBF 120.

Neopost back him, 2.53%, to 59.7 euros. The group saw its net profit fall by 5.7% in 2009 to 147.9 million euros.

The U.S. central bank has delivered Tuesday its traditional balancing act. While the game is indeed to justify keeping interest rates near zero to support the nascent recovery without paints an overly bleak economy.Not surprisingly the Fed has confirmed that economic conditions required to maintain its key policy rates at a "very low" for a "prolonged period".

Stabilizing labor market

The Fed, however, held that "the pace of economic recovery was slightly accelerated" cash advance america . But the greatest novelty of the final communiqu? comes from the analysis of the labor market. The monetary policy committee has in effect said levy signs of "stabilization of the labor market" in the United States. Stabilization, then recovery of the labor market in the United States is very good news for markets. It would allow a rebound in U.S. consumption, the main engine of global growth.Wall Street, which had welcomed the verdict of the Fed on the economy and the status quo on rates by up Tuesday continued its advance Wednesday.

Signs of renewed investor confidence, the sectors most sensitive to economic conditions, particularly pulled well out of the game values related to raw materials and construction led the increase on most major exchanges. In Paris, Lafarge (+3.06%) finished top of the ACC 40, followed closely by the steel giant Arcelor Mittal (+2.43%) and Saint Gobain (+2.35%)

This resurgence of inflation "from higher prices of manufactured goods, particularly related to the end of winter sales and the prices for other services during a holiday in February, Insee said. The prices of clothing rose by 5.8% compared to January, with the end of winter discounts.On the other hand, prices of holiday homes jumped by 32.4% from the previous month instant payday loan .

Prices of vegetables increased sharply for the second consecutive month by 1.3%, "due to difficult climatic conditions for production and delivery of products," INSEE said.

In contrast, reductions of tariffs in the aviation and automotive brake rising prices. The price of energy, including petroleum products have remained stable.

"The French economy (like all developed economies) is experiencing overcapacity," said Nicolas Bouzou, economist at Aster. "There is no pressure on producer prices could be passed on the overall retail price".

The past year has finally been better than expected. Jean-Paul Bailly talks about a "beautiful resistance group in a rather difficult year." The Post has achieved 395 million euros of savings and leaving only three have been replaced. The financial structure remained "almost stable", even if it is "extremely fragile", with net debt of 5.5 billion euros to 4.1 billion euros of equity.The State has hit 105 million euros in dividends, and postal workers have been entitled to 221 euro bonus incentive.

For 2010, "the situation remains fragile," says Jean-Paul Bailly. The situation of the post, which represents 53.8% of sales group, will not improve. Last year, the volume decline (- 5.3%) has accelerated, and 2010 will be the same vein. "We continue to believe that the decline is structural, perhaps with the exception of a small part that is direct marketing," warned the president of La Poste unsecured personal loans .He offset this decline with the development of La Banque Postale and recovery of the parcel and express services.

Mailbox Secure

To learn more, it was not until the next board meeting in mid-April, and the presentation of what management calls its "financial trajectory. It is the strategic plan of The Post in 2015. It will support the recovery of the group before the arrival of the Deposit capital. One thing is certain: The Post must find new sources of growth. She is preparing to launch an offer for mobile phone (our editions of Wednesday), in partnership with a telecommunications operator to limit investment.Jean-Paul Bailly has announced yesterday the launch of Digiposte a secure mailbox on the Internet, where the goal is to eventually receive all their mail management (invoice, bank statement, pay slip …). In late March, The Post Bank will also launch in the consumer credit. "2010 will be a very important year in terms of innovation," promises Jean-Paul Bailly, in all trades.