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Finally down. After rising continuously for two years, property prices in France fell 2.7% in the third quarter. An observation made by Century 21, one of the largest networks of estate agents. Attention, the phenomenon is not felt the same way everywhere.

The price per square meter have ebbed in seven regions, only one out of three. The most dramatic decline (-9.7%) occurred in Burgundy. Overall, the square meter reached 2621 euros on average in the Hexagon. This downward trend for most homes (-4%) than apartments (-0.8%). "This illustrates a trend that is not new, said Laurent Vimont, CEO of Century 21.Not to be too far from their workplaces, are the buyers prefer to live in inner cities where there are more apartments in suburbs where the houses are built. "

Contrary to what one might imagine, the ups and downs of the stock market and the threat of recession do not even buyers of housing. The decline in prices has a much more immediate cause: rising interest rates on home loans now in the neighborhood of 3.9%. "In recent months, buyers have lost purchasing power of real estate, says Laurent Vimont. In the second half of 2010, paying 1,000 euros a month for twenty years, they could borrow 172,400 euros.Today, with the same reimbursement for the same period, they can not borrow 160,800 Euros. "This increase in interest rates has an impact because in France, on average, 77% of the purchase of a property is financed with a mortgage.

But everybody does not suffer the same way that rising interest rates. Most affected are first-time buyers under 40 years, the number has dropped by 18%. But also the CSP (occupational categories) the least favored: the employees and workers down 17% or middle managers decreased by 12% among the buyers.

The U.S. stock markets accentuate their losses on Wednesday. Shortly after the announcements of the Fed, the Dow drops 1.26% to 11,265 points, the Nasdaq 0.44% to loose 2579 points and the S & P was down 1.50% to 1184 points.

In accordance with the expectations of investors, the central bank of the United States announced new measures to support the U.S. economy. It will sell by the end of June 2012 for $ 400 billion of treasury bills and short-term buy for the same amount with a longer maturity in an attempt to lower interest rates in the long term ( it "Operation Twist"). To support the mortgage market, it will also buy real estate securities without increasing the size of its portfolio, according to the Committee.

But markets that find especially its verdict on the economy is not good.The recovery is considered "slow", hence maintaining the rate to almost zero "until mid 2013."

These remarks are similar to those Dufond International Monetary Fund (IMF), which raised the specter of a global recession and launched at policy makers in the world "a fervent call to action". At the same time the institution has significantly downgraded its growth forecasts for the global economy. This is expected to grow 4% in 2011 as in 2012, 0.5 points below its previous forecast of 4.5% last April.

Markets always attentive to the crisis in the eurozone

Investors also remain attentive to developments in the crisis of public finances in Europe.Greece announced on the evening of its intention to launch new austerity measures to convince the Troika of its creditors and obtain payment of a new tranche of aid in October that will allow it to avoid bankruptcy.

Wednesday Rousseff, the president of Brazil, Barack Obama has assured his support for the euro area, together with other emerging countries, as it had already mentioned a week ago.

On the foreign exchange market, the euro lost some ground against the dollar after the Fed. The euro bought 1.3616 dollars late in the session on Wall Street against 1.3702 dollars late Tuesday. The price of a barrel of oil closed lower. A barrel of "light sweet crude" for November delivery ended down a dollar to 85.92 dollars on the New York Mercantile Exchange (Nymex).He had opened down 14 cents, and had rebounded upward after stock figures showing a sharp decline in U.S. reserves.

On the macroeconomic front, sales of existing homes in the U.S. rose 7.7% from July, seasonally adjusted data, the NAR said that sales figures are higher than the median estimate of analysts payday loans.

Microsoft treats its shareholders

The side of values, Moody's said Wednesday it lowered the credit ratings of Bank of America, Wells Fargo and Citigroup on the ground that the Federal government may be reluctant to rush to the aid of large banking institutions in difficulty.

The oil company ExxonMobil (+0.11% A74, 09 dollars) will sell of deposits in the North Sea to fellow Apache through $ 1.75 billion in cash, announced Wednesday it.

Microsoft (-0.85% to 26.75 dollars) announced Tuesday evening after the close of Wall Street that it would increase the quarterly dividend 25% used to its shareholders. The dividend paid on December 8 will be increased to $ 0.20 per share, or $ 0.04 higher than the previous one. Also in order to treat his shareholders Microsoft also recalled that he had launched in September 2008 a program to repurchase its own shares for 40 billion dollars. Of this amount, the group can still make $ 12.2 billion of purchases before the scheduled end of the program in September 2013.

Also after the close, Adobe Systems (3.25% to 25.44 dollars) announced better than expected forecasts for the fourth quarter. The group expects adjusted earnings between 57 and 64 cents per share in the fourth quarter, against 58 cents expected by the consensus of analysts.The leading design software issued a profit of $ 195.1 million, or 39 cents Park share in the third quarter against 230.1 million dollars, or 44 cents a share, a year earlier. Turnover increased by 2% to $ 1.01 billion.

Still in the world of technology stocks, Oracle (6.88% to 30.30 dollars) has issued a net profit up 36% to $ 1.84 billion, just above expectations.The turnover to 8.37 billion, also slightly above what had been expected analysts (8360000000).

American Electric Power (-0.30% to 38.20 dollars) and its joint venture with MidAmerican Energy has been approved by the Texas authorities for electrical infrastructure projects for a total estimated at more than $ 520 million.

Bristol-Myers Squibb (0.35% to 1.60 dollars) and Japan's Ono Pharmaceutical has signed a development and commercialization of Orencia, a biological treatment against rheumatoid arthritis.

FMC Technologies (0.56% to 43.37 dollars) has won a contract worth $ 135 million from BG Norge in the manufacture of subsea equipment.

Medtronic (0.37% to 34.95 dollars) will receive 101 million in damages after the trial against the company by NuVasive.

No less than 7000 pages posted! This is the amount represented by the reports of its nineteen nuclear power plants (58 reactors in operation over the EPR under construction at Flamanville) EDF is currently on schedule to transmit to the Nuclear Safety Authority (ASN) . The "policeman" of the atom is committed, through the voice of its Director General Jean-Christophe Niel to publish in full on its website.

The delivery of copies by EDF and other operators of nuclear facilities is only the first step in the process of "revaluation additional security" required by François Fillon after the accident at the plant in Fukushima, and conducted in parallel with the European approach called "stress tests". Experts from the ASN and IRSN (Institute of Nuclear Safety and Radiation Protection) now have three months to publish their report.Extra work for which the ASN has even mobilized to reinforce the "three or four young retirees". Even before the peer review of these reports by experts from other nuclear countries in Europe, between January and April 2012, some foreign experts will participate in the analysis of the copy of EDF.

Alongside the work on paper, the ASN program completed in October of 38 inspections in power, focused on protection against earthquakes, floods, power loss, loss of cooling and crisis management.

During December, the ASN requested EDF as it deems necessary measures – as it has already been done to strengthen the concrete slab of the Central Fessenheim. From January to April, reports of national safety authorities will be considered by their European peers.In the nuclear environment and the hexagonal Quai d'Orsay, is expected to undergo strong pressure from Germany to close the central border Fessenheim, Cattenom and Chooz.

After one week on the black market European markets, policymakers in the euro area seized by the horns of the question. Nicolas Sarkozy must indeed meet this Friday with German Chancellor Angela Merkel, then with the Spanish Prime Minister Jose Luis Zapatero. These exchanges aim to take stock after the bear market in Europe yesterday. The head of state has already mentioned this yesterday with Jean-Claude Trichet, president of the European Central Bank (ECB), which failed yesterday to restore calm on financial markets.

In their discussions, the three heads of state should include mention the announcement by Olli Rehn, Commissioner for Economic and Monetary Affairs this morning of a new stage in the debate on European bonds (Eurobonds). The news was welcomed on the European financial centers.After an open down sharply by 2.5%, the Cac 40 has reduced its losses one hour after opening.

A report on European bonds issued after the summer

Anyway, the official European, the European Commission will, in fact, a report on the subject "after the summer," putting on the front of the stage waving and debate divides EU officials for two years. This idea is not new in itself, proposes to issue debt securities to common European states. These securities are guaranteed by all Member States of the euro area, to allow countries unable to borrow on the markets on terms acceptable to the markets, to finance themselves. In short: it would be to issue debt on behalf of the European Union, as can the U.S. Treasury to communitarise debts of the countries of the euro area.The creation of this type of debt across the euro area would therefore raise the fears of investors about the creditworthiness of a particular state.

In addition to its economic dimension, the project also presupposes political choices instant payday loans. It is indeed based on the principle of mutual assistance in euro, which hit the sensitivity of some countries, notably Germany, which does not hide its hostility to the project. Main complaint: the countries financially "healthy" could only suffer through the European emissions, their solidarity with the countries most in need. In short, Germany does not want to take the weight of debts of some of the euro area.Note however that according to the draft presented by the Luxembourg Jean-Claude Juncker and the Italian Giulio Tremonles, advocates of the project, Eurobonds would not intended to replace the national debt.

Halt in mid-July

After being ignored for six months the project had been emerged from the closet in early July. But 15 days later, a new setback: Jens Weidmann, the head of the German central bank (Bundesbank) has criticized the project, saying that "there was nothing better to destroy a rapid and sustained strong making fiscal policy a common responsibility for the debts of States.This is exactly what some politicians and economists to offer Eurobonds to solve the problems of Greece. "

Whatever the conclusions of the report of the European Commission in September, the debate on the desirability of strengthening the political commitment at European level promises to be more agitated.

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CEO of TF1, Nonce Paolini, on Tuesday morning could formalize its proposed application to the Higher Audiovisual Council to bring to its free streaming news channel, LCI. But even before this request may be made, TF1 is already under the spotlight.

The subsidiary of the Bouygues group has indeed provided a strong rebound in net income increased 60% in first half year on year, to 118.6 million euros. As for further cost reductions, the television group posted a net increase in operating income over one year, 78.6% to 186.5 million euros. The cost of the grid of the TF1 channel has in fact declined by 482.6 million euros to 423.6 million. Good performance hailed by investors since the title was climbing to 11 hours of 6.80% to 13.59 euros, the largest increase in the SBF 120.One of its main competitors, M6, which must also publish its results on Tuesday but after-hours trading, climbing from 0.77% to 15.74 euros. Meanwhile, the Cac 40 was down 0.57%.

This policy of cost reductions initiated since 2008 had been welcomed on Friday by the U.S. rating agency, Standard & Poor's, which had raised a notch note of the group, believing that these savings would result in a better rentatibilité. The TF1 group has recorded a marked improvement in its operating margin, which has doubled in a year to reach 18 cash advance in one hour.8%."These statistics confirm, quarter after quarter, the effectiveness of measures taken to change positively the economic model of the group" welcomed the television group, which has however avoided giving details of its profitability target medium term.

Lack of visibility

In contrast, sales of the TF1 Group, which owns the Eurosport channel, TMC or LCI, fell slightly from 0.5% to about 1.3 billion euros. "Unlike last year, TF1 did not broadcast major sporting events (like World Cup soccer)," the statement said. But the group is satisfied with a return to growth in advertising revenues in the second quarter (+0.7%) after a decline of 2.6% over the first three months of the year. Of all the activities, the advertising revenue shows an increase of 4.7% to 905.2 million euros."The group remains more than ever mobilized to consolidate its leading position in the field of information and entertainment on the TV market and / or free," says TF1.

This slight decline in sales, however, makes the television group cautious about the stability of the whole of 2011. It evokes a persistent lack of visibility on the changing conditions.

The gas is in talks to take over the assets of the U.S. company Duke Energy in Latin America, according to the Brazilian business newspaper Valor Economico.

Areva. The nuclear group should ally with the Spanish Iberdrola Renewables on two of the five areas of the tender for offshore wind launched by the state, according to Les Echos.

Ipsos. The British advertising group Aegis said to be in exclusive talks with the institute of studies and surveys for the sale of its subsidiary Synovate market research cheapest personal loan rates.

Havas. In an interview with Echo, the executive director of the group will develop two commercial microarray in the world, one around his BETC teaches French and the other around Arnold, a Boston-based agency

After the close of trading, EuropaCorp will release its results for the year 2010-2011.

Serious competition from Google's Android, Apple gave Monday a facelift to the iPhone. Surrounded by a cohort of leaders, CEO Steve Jobs introduced from San Francisco, California, the new version of IOS, the operating system behind the iPhone, iPad, iPod touch. This software, including a 5 iOS draft was made available to developers on Monday, will be available for the iPhone 3G, iPhone 4, iPad iPad 2, and the latest iPod touch here in the fall personal business card. Here's what we can learn from this presentation.

Devices iOS archive their data on Wi-Fi and 3G. Photo credits: Kimihiro HOSHINO / AFP

After a session of ups and downs, the leading index is rising again in Paris on Friday, gaining 0.26% in early trade at 4071.19 points. Yesterday, Wall Street has ended on a high note. For their part, the Asian financial centers are all clearly trending up. Despite rising pressure on the price of a barrel of oil, investors should follow the trend. The publication of results, generally of good quality, also maintains optimism.

Oil prices resumed their upward movement on Friday morning, the market doubts that Venezuela's proposal to find a solution to the crisis in Libya could succeed, analysts said. Libyan oil production has fallen by half because of the violence sweeping the country, announced Thursday the head of the government oil company NOC (Libyan National Oil Corporation) Shukri Ghanem.This morning, a barrel of light sweet crude gained 45 cents to 102.36 dollars. That of Brent North Sea was up 21 cents at $ 115.

On the macroeconomic front, all eyes should be turned to the U.S. this afternoon are expected when two important indicators that will give an overview of health status across the Atlantic, namely the employment figures and unemployment for the month of February (1430) and industrial orders for January (1600).

The euro at its highest in four months

As for currencies, the euro rebounded sharply against the dollar and the yen after ECB President Jean-Claude Trichet, hinted he might raise the rate by the European institution. At its monthly monetary policy meeting, the ECB has maintained, as expected, the rate at 1%.But the President has adopted to the press a very firm tone about inflation, stating that "strong vigilance" was needed.

Last night, the euro climbed to its highest level in nearly four months to nearly $ 1.40. Around 23 pm last night, the euro bought 1.3965 dollars against 1.3867 dollars on Wednesday at the same time, after climbing to 1.3974 dollars, a level unprecedented since Nov. 9. The European currency also climbed against the yen at 115.08 yen against 113.50 yen late Wednesday, after peaking at 115.15 yen, its highest since early November.

Areva more confident for 2011

Legrand – 4.95%, to 28.79 euros

Wendel (+ 2.91%, to 74.63 euros) jointly yield and KKR, as part of an accelerated placement, 40 million shares, or 15% stake in specialist electrical and digital infrastructure of the building.Yesterday the share closed up KKR of 1.61% at the New York Stock Exchange, to 1.61%.

Areva: 4.77% to 35.15%

The nuclear group has accused an operating loss in 2010, mainly because of a provision for the construction of the EPR reactor in Finland, but the specialist's public nuclear aims to grow its business in 2011. The Chairman of the Executive, Anne Lauvergeon, also said that the group did not need additional funds, especially after its capital increase to finance its development.

Hermes International boosts results

Hermes International: 1.09%, to 153 euros

The luxury group has announced an annual net profit up sharply from 46% to 421.7 million euros while its operating margin reached 27.8% of sales, "Best recorded performance by the group since its entry into scholarship in 1993, "says the label.Operating income also flies from 44.3% to 668.2 million euros. Sales, already known since early February reached 2.4 billion euros. The group psoposera a dividend of 1.50 euros, 1.05 euros under cons of fiscal 2009.

Eurotunnel: -2.03% to 7.17 euros

The operator of the Channel Tunnel was charged last year with a net loss of EUR 57 million which he attributes largely to the lack of insurance payments related to operating losses after the fire 2008. The dividend is still maintained at 4 cents, and management stated that if the recovery appears to be confirmed, it should remain as progressive segments. Eurotunnel expects its passenger traffic increase of about 3% in 2011.

Veolia Environnement: -1.61% at 22.63 euros

The company said net income fell slightly by 0.5% for annual sales up 2.5%.It aims to increase its recurring operating income 4 to 8% in 2011 by continuing its program of cost reduction (250 million euros of savings anticipated in 2011).In addition, 1.3 billion euros of asset sales are announced for the current year.

Ingenico: 1.94%, to 27.89 euros

The Grou announced its successful bond issue of 220 million euros, could be increased to 250 million, ocean-type.

IMS: 2.40%, to 15.36 euros

The group suffered an operating loss in 2010, a year marked by heavy charges, particularly related to the reorganization of the group and disposals of non-strategic stocks following the acquisition in July of Jacquet Metals.

EADS: 0.43%, to 19.86 euros

The parent company of Airbus, is close to deciding not to challenge the award of contract to Boeing $ 30 billion for the supply of tankers to the U.S. Air Force, said Thursday Sources familiar with the matter.The European aerospace group could announce the decision on Friday, putting an end to a battle of ten years on this contract.

Crossroads: – 2.4% to

The supermarket group has seen its vice president resign on March 1, due to disagreement with the strategy, according to the Tribune. For its part, the boss of the distributor, Lars Olofsson announced it would deploy its Carrefour hypermarket concept Planet throughout Europe from April.

Societe Generale

Lebanese Canadian Bank (LCB), a private Lebanese accused the U.S. of laundering money, will merge with Societe Generale said Thursday the governor of the Lebanese Central Bank, Riad Salameh.

Note that the calculation of the new composition of the CAC 40 was left unchanged the 40 companies included in the calculation of the benchmark index in Paris.Moreover, the general meeting of shareholders of Euro Disney could be an opportunity to learn more about the reasons for the surge in prices in recent weeks, including rumors of a capital input of a new shareholder.

Thales wants to really turn the page of 2010. The group must submit its annual results on February 24 next Monday reported an operating loss of around 100 million euros.

The electronics group justifies the loss of additional charges and provisions on some of its contracts "in excess of 700 million euros." The program of the military transport plane A400M and a contract for ticketing in Denmark are particularly concerned. "We did not charge as much as Thales the boat for 2010, says Christopher Menard, an analyst at Kepler Capital Markets. We had rather anticipated reserves of 100 million. "

Failing to reassure investors, Thales them at least sent a positive signal. "The group has had the good idea to clarify its outlook for 2011 and 2012," says the analyst of Kepler Capital Markets.A strategy that allows Thales to be optimistic for the coming years. The group wants to achieve an operating margin of 5% in 2011, increased to 6% in 2012. Objectives in line with market expectations. "The question is whether Thales sustainably exceed the 6% margin, asks the analyst.

And financial markets appreciate this transparency. Suddenly, the track behaves quite well on the stock market. After significantly underperformed the market opening, the stock is resumed, achieving even better performance than the CAC 40 personal business card. Around 10:30 am, Thales won 0.57% to 26.37 euros, while the index in Paris ahead of 0.27%. "The group had to communicate. The risk would remain unclear. Financial markets would clearly not appreciated.It is a salutary strategy, "says Christophe Ménard.

Vigneron dans le flou

While this information can give some interest to the value, there remains the question of the future CEO of Thales, Luc Vigneron. "Thales policy is and will remain, says an analyst. Financial markets already know. " According to sources quoted by La Tribune, his departure was mentioned by Nicolas Sarkozy, Charles Edelstenne, CEO of Dassault Aviation, which owns 26% of Thales and Serge Dassault, owner of Le Figaro.

Always supported so far by Edelstenne and Dassault, Luc Vigneron begin to irritate the Elysee. "A change of president would not change, however, says an analyst. The industry is highly competitive, the group needs stability. " Luc Vigneron priority remains to improve profitability in Thales, including operating margins. "Increasing margins takes between four and five.Any new candidate will not be otherwise than Vigneron.

The euro broke the $ 1.38 Tuesday evening and continues beyond Wednesday. This level has not been seen since last November. There are less than a month, the European currency was trading under $ 1.30. So she took off nearly 7%, a very substantial increase for a currency.

Why such a surge of the euro? As always, the foreign exchange market evolves fontion many factors, but the spotlight is turned on for a few days the European Central Bank (ECB). President Jean-Claude Trichet left again suggesting that the ECB would tighten monetary policy – that is to say to increase interest rates – to fight against inflation in Europe. In January, the increase in consumer prices was 2.4%, faster than the 2% target set in the European Union.

The ECB should act before the Fed

On Thursday, the ECB will hold a press conference during which it should act to maintain a rate of 1% (as is the case since May 2009). But any change of tone, or word in the speech of Jean-Claude Trichet will be interpreted as a next turn of the screw, which could well take place before that of the U.S. Federal Reserve, the U.S. central bank. "Rates should rise by 25 basis points (0.25 points) to the third or fourth quarter of 2011," predicts Vincent Juvyns, senior strategist at ING IM.

The Fed, she adopts a rather cautious, showing his support for signs of weakness in the economic recovery of the world's largest economy.Numbers of high importance expected on Wednesday afternoon, will be the best guess strategy overseas: will be unveiled and the employment figures in the private sector which should give some indication of the very important report on official monthly Employment and unemployment whose publication is scheduled for Friday. "It would have the numbers of private employment are drastically better than expected so they give a boost to the dollar," Commerzbank analysts warn.

Thus, the mood in the markets are prompting investors to take more risks, which plays in favor of the euro and away from the dollar.

The euro could move to $ 1.45

If one only looks at technical analysis, that is to say, the study by the graphs, the euro is on an upward trend that should propel it to $ 1.43 in short time.ING IM, the euro / dollar should in any case easily cross the $ 1.40 and perhaps reach $ 1.45 after the first quarter.

The next two months are very important for Europe, while major decisions on the European Fund for financial assistance in terms of amount and duration, will be taken, as well as the establishment of Eurobonds (bonds European). "Europe, in my opinion, has no interest in not swell and not to enlarge the European emergency fund, knowing that banks are still convalescing euroépennes and very exposed to the debts of the peripheral countries like Greece, Ireland , Portugal, "says Vincent Juvyns.If this were the case, the impact on the euro would be positive again.

"But from the second quarter, the euro should resume its downtrend, and gradually decreased to the level of fair value say, approximately $ 1.25 towards the end of the year," the head of table at ING IM. Indeed, the good economic indicators released in recent days within the European Union support the euro, while American news, less good, weighing on the dollar. But these waves of publications can still change their mood.

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