The CAC 40 ended the week above 3900 points, to 3910.42 points exactly, powered during the afternoon of Friday figures on U.S. employment. This Friday, the Paris stock exchange has closed up 2.14%, slightly eroded after the previous day. The sessions Monday, Tuesday and Wednesday were marked by increases comfortable leading the progression of the weekly flagship index +7.3% at Paris, from a closing price last Friday of 3640 points.
The United States has published employment figures less bad than expected. The U.S. economy has destroyed 36,000 jobs in February, according to figures released Friday by the Labor Department. It is far better than economists' forecasts. The unemployment rate held steady at 9.7%. But it remains "inadequate", according to President Obama.At the time of closing in Paris on U.S. exchanges were directed upward, the Dow Jones arrogating 0.8% at 10,531 points.
Moreover, German industry has recorded a surprise jump in orders in January, 4.3%, according to provisional figures published on Friday that far exceeds expectations, thanks to a spectacular increase of 7.1% of domestic orders .
The DAX index of 30 blue chips of the Frankfurt Stock Exchange ended Friday up 1.42% at 5877.36 points against 5795.32 the day before closing. The London Stock Exchange closed higher Friday, the FTSE-100 index of leading values winning 72.60 points, or 1.31% over the closing Thursday at 5599.76 points.
After Market (in 21 hours), the U.S. figures reveal consumer credit.
Veolia Environnement in the single red
Veolia Environnement (-4.26% to 23.94 euros) said before market in 2009 have recorded a turnover of 34.55 billion euros, down 3.4% on year, down slightly higher than expected (-2%). The titles are the only ACC to be in red guaranteed approval cash advance loans .
Still later publications, Areva announced Thursday after the stock market, a 2009 operating profit up 20% to 501 million euros. The turnover showed an increase of 6.4%, to 14 billion euros and net income group share for 552 million euros (-6.3%). The title has been 1.98%, to 352.3 euros. euros.
NicOx reported Thursday a net loss of 60.4 million euros in 2009, cons -73.9 million euros in 2008.The shares gained 1.01% on 5.98, having outperformed the broad trend in recent sessions.
The markets welcomed the gesture of banks
Side of EADS (+1.98% at 15.95 euros), the client countries of the military transport plane A400M and the European industrial group EADS in Berlin on Friday reached agreement on funding for this project has told AFP the French Minister of Defense Herve Morin.
The banking sector remained well oriented on Friday: Societe Generale (+4.83% to 44.95 euros) eventually leads the CAC 40, BNP Paribas (3.67% to 56.78 euros), Credit Agricole (3.19% to 11.66 euros) and Axa (+3.17% to 15.61 eruos) were searched. Following a meeting with Nicolas Sarkozy at the Elysee, the banks have agreed to reserve 96 billion in financing small and very small.
Casino (-0.38% to 60.20 euros) should start in May its pods, modeled on that of Nespresso. In France, the market for coffee pods is estimated at 1 billion euros, half for Nespresso.
Natixis (0.90% to 3.69%) is under the radar of the AMF. A book published Thursday reveals that the former officers have disclosed false information to markets, in October 2008.
In an interview with the Financial Times, the group's boss, Jean-Bernard Levy, said he was interested in the sale of a mobile frequency by the governor of Brazil. According to analysts, this would require an investment base of over one billion euros.
Patrick Devedjian is satisfied. The Minister responsible for the Renewal announced Tuesday in a statement that the device scrapping bonus launched by the government in a period of turbulence in the automotive sector, has affected 600,000 new vehicles purchased in 2009, one quarter of 2.268 million cars sold in the year. In November last year already, Patrick Devedjian had advanced this figure, convinced that 220,000 premium originally budgeted by the government would be largely exceeded.
The minister welcomed a device that he says has helped make 2009 the best year since 1990 "in terms of number of new registrations, the latter have actually jumped from 10.7% a year.To the Minister of Recovery, that premium has to save between 24,000 and 33,000 jobs in the automotive industry.
The French builders big winners
The scrapping bonus has mainly benefited the smaller vehicles that consume less fuel than the others. What are the French manufacturers, entrenched in this segment are the big winners of the device. They account for nearly 60% of premiums distributed.
Citro?n and 122,618 vehicles passed through the scrap bonus, closely followed by Renault (115 business card .311) And Peugeot (101,516). Dacia Group Renault (32,344) and Ford (30,908) lagged far behind, according to figures provided by the department.
Manage post premium
"The scrapping bonus has achieved all its objectives in 2009, welcomed the minister. But it said that the hardest part is yet to come.He will now have to "deal effectively" lower the amount of the premium, which began in 2010. Since 1 January, the premium case is indeed back 1,000 euros to 700 euros. It should gradually decline in the rest of the year to 500 euros on 1 July.
But manufacturers are not yet ready to release the magnet to customers. To mitigate the cuts, nearly all manufacturers provided discounts. Renault has announced it will add 300 euros compensation until the end of February. Citro?n offers 700 euro for cars over 10 years and 1,500 euros for those aged 8 to 10 years.Peugeot offers even in the context of his "very, very nice business, doubling the amount of the premium for the current increase to 1,400 euros.
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The United Kingdom is concerned that a boomerang effect will weaken his come back. On January 1, VAT is in fact rise to 17.5%, having been exceptionally lowered to 15% for a year to boost consumption. Economists from the Center for Economics and Business Research (CEBR) think again increase the VAT rate could be "stalling a recovery in its infancy."
The Center for Economic Research, which called in July 2008 a decrease of 5% tax, advance that have prolonged the VAT at 15% until July 2010. Joerg Radeke, economist at CEBR, said that the consumer will still need a boost in the first half. Inflation should indeed start rising, exceeding the 3%, which should lead to a decrease of 0.7% of household spending.In 2010, consumption would fall by 0.2%, according to economist.
The test balances
The effects of the rise in VAT rates could soon be visible through balances. If the high shopping season has started on the Bleeding Edge, economists fear it is only a deadweight, consumers rushing to the shelves before the tax goes back to 17.5 %. "They certainly have some early purchases in November and December," Analysis Caroline Newhouse-Cohen, senior economist at BNP Paribas.
The decline in consumption expected in early 2010 should still be written off by the pricing of retail giants such as Tesco. The largest British retail group has decided not to pass on the rising rate of VAT on certain non-food products.This should enable consumers to save another 12 million pounds (13.4 million euros), according to the distributor. The Sainsbury and Home Retail, among others, have also decided to sacrifice their margins.
Beneficial effects difficult to measure
In total, J?rg Radeke the CEBR believes that the rise in VAT rates, premature, and likely to "wipe out most of the benefits had been reduced fee. Still, it is difficult to estimate what were these "benefits" in 2009. According to the CEBR, reduced VAT rates contributed 0.5% to growth of British GDP.
The effect has not been miraculous. While passing the reduced rate, in the first quarter of 2009, "Private consumption fell 1.5% from fourth quarter of 2008, after a similar decline over the previous period," said Caroline Newhouse-Cohen.A decrease which stabilized until July. But economists agree that even if the measure has cost 4.3 billion pounds (4.8 billion euros) to the Treasury, the economic situation would have been worse without it.
The new center-right government led by Angela Merkel won this Friday's first showdown managing to impose a package of tax breaks very controversial. After leading the revolt against the camps, the regional states Conservatives have finally adopted the plan to "stimulate growth" in the Bundesrat, the upper house of Parliament, by voting the 8.5 billion tax cuts promised by the Chancellor . These measures, intended to provide a boost to growth, will take effect from 1 January 2010.
The law includes an increase in family allowances, relief of estate costs and lower tax rates on value added tax (VAT) in hotels. The Chancellor and his ministers have negotiated hard these days to convince the heads of recalcitrant regional government by promising billions of euros in compensation.Including Saxony and Schleswig-Holstein, whose finances are particularly vulnerable by reducing taxes.
Reticence of "wise"
Failure before the Upper House would have been a blow to the government, in place since late October, and whose beginnings have been chaotic, marked by infighting and controversy. The Minister President of Hesse, Roland Koch (CDU) has welcomed this "step in the right direction.""This is an important signal showing that the L?nder black-yellow (conservative liberals) support the federal government black-yellow," he said.
The government of Angela Merkel has also exceeded the reluctance of the Court of Auditors and "wise", the government's economic advisers, and many economists, who consider irresponsible to offer tax breaks while Germany plans to contract a debt record 100 million euros in 2010. They also believe that these tax incentives will not impact on growth.
In its coalition agreement the Liberal-Conservative government of Merkel provides additional tax cuts of around 24 billion euros in 2011. Roland Koch prognostic already "talks tough and violent," to take the next tax cuts.
Christian Cassier, support mobility and recruitment at INRA, the first institute of agricultural research in Europe, believes that the pace of recruitment in 2010 will be the average volume observed over the past three years. For the diversity of its businesses is an asset in the crisis.
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Five billion euros under the Christmas tree. This is the estimate by the Federation of e-commerce and distance selling (Fevad) for the raw end of year 2009 online sales. This represents an increase of 25% over the same period last year, a pace in line with that of the growth in the first nine months of this year (27%). These figures confirm a healthy e-commerce that does not suffer from the downturn.
If retailing is experiencing a decline of 2.5% of its business between January and September by the Bank of France, users keep themselves, morale and fever spendthrift. 88% of those who have already bought on the Internet for last Christmas even say they intend to spend as much or more this year, according M?diam?tire.Among the preferred gifts, there are cultural products, games and toys, hi-tech, apparel, equipment for home and beauty products. According to GfK, the share of sales on the Internet for consumer electronics will reach 12% (against 6.6% in 2006) and the cultural products of the total 7.2% (against 4.6% in 2006).
Overall, electronic commerce should weigh around 25 billion euros in turnover this year. In comparison to 18.5 billion euros earned last year by supermarkets and hypermarkets in France Casino or 42 billion for Carrefour.Another point of comparison, sales of high-tech and Internet cultural approach of 3 billion euros this year, compared to 4.5 billion in sales of Fnac last year.
23 million buyers
The health sector due to the rapid development of habits. "We still have new customers because France is still playing catch up in equipment for homes, said Marc Lolivier, general delegate of the Fevad. Meanwhile, the number of commercial sites is growing rapidly, with two new every hour. "Overall, we approach the 60 000 sites of e-commerce assets. For "pure players" in the first hour followed by "order preparers' successor is currently a third wave of actors composed of large store chains that go into high gear on the Web.But even at constant perimeter, sales are up 6% in one year. The France now has 23 million online consumers, up from 43% in three years. Nearly seven in ten users have bought online. The trip, the high-tech and culture are the three main areas of e-commerce, joined forces in more recent fashion, household equipment and cosmetics.
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