Hiring picked up in April in the United States. Based on the highly anticipated monthly report from the Labor Department released this Friday, 244,000 net jobs were created, when adjusted for seasonal variations, or 10.4% more than in March. It's the largest increase in employment since May 2009. The figure for March was also revised upward to 221,000 against 216,000 originally announced.
This acceleration was driven by the dynamism of the private sector has created 268,000 jobs, the highest since February 2006. Economists predicted, however, a plateau in improving U.S. labor market and had forecast 186,000 new jobs.
Unemployment rate to 9%
However, this improvement was not enough to prevent a surprise rise in unemployment.After four months of decline, it was 9% in April against 8.8% the previous month.
This rise, which goes against forecasts of analysts, was foreshadowed by the poor figures published this week: a monthly survey of firm ADP, released Wednesday, showed a slowdown in job creation in the private sector April. The next day, figures released by the Labor Department showed a surprise rebound in weekly jobless claims at 474,000 against 431,000 the previous week free online credit report.They thus reach a high of eight months.
This apparent distortion between the two statistics can be explained by the fact that the unemployment rate and the number of hires are made after two separate investigations, the first conducted with a sample of households, with the second of a sample of firms.
It could be a sign that the number of jobs created have benefited people who already have a job or it could signal an adjustment of the figures next month.
European stock markets have increased their earnings from these figures, a sign that the health of the U.S. economy is not as bad as that. In Paris the CAC 40 gained 1.26% in 4055 to 15 hours, 34 points. On the foreign exchange market, the dollar has increased its progress against the euro at 1.4547.
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It was only called reform, but the mobilization of EDF employees in particular have been enough to reverse the direction of the electrician.
Monday, LEU (French Union of Electricians), which represents an area heavily dominated by EDF and GDF Suez announced that it would not implement tariff reform agents put on the negotiating table last February. But on April 7, to call their unions, employees of the electrician had made a real show of force: almost 60% of them went on strike on behalf of the acquis, mobilization much higher than that observed during movement on pensions fall, for example.
Monday LEU advanced cautiously that "reform conditions were not met."Exit, therefore, the development plan benefit enjoyed today 300,000 homes for active and retired officers of EDF and GDF. Currently, their bill is 5% or 10% of the price paid by the general public. The proposed reform would not cause the end of February to catch up with, but at least to change the tariff agent in parallel regular rates. Ultimately, according to projections, an EDF employee would have paid its electricity around 20% of the price charged to the individual lambda.
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Will there a shortage of cameras in France? The French representatives of Japanese companies have shifted from caution to a post-earthquake alarmist tone. "The situation is critical, we will receive a limited amount of cameras. The months of May and June, traditionally important to sales, will be very complicated, "says Laurent Roussel, president of Panasonic France.
For his part, that Nikon is launching this month its new SLR D5100 warns there will be only 140 000 shipped worldwide or the quantities for normal development. "Then we do not know when the next will be produced," says Benedict Dieuleveult. This means that the restocking might as well take place in May than in September. And in the latter case, it will be too late to ensure supplies for the summer season crucial.The SLR market, which accounted for 600,000 sales in France in 2010 is the most affected segment of the camera market.
The reasons for these delays are related to the consequences of the earthquake that hit Japan on March 11. The factories of the great names of the photo little affected by the tsunami, but are still penalized by blackouts or disruptions in component supply. Canon is thus a state of "intermittent generation," "partial recovery of activity" in its sites dedicated to optics. Among Japanese manufacturers, Olympus only exception to this rule: it only has an optical factory in Japan, located on the west coast of the archipelago – the tsunami struck the east. Its production units are located elsewhere in Asia. "Right now, we suffer no delay nor a decrease in delivery, says Christophe Valentin, marketing director of Olympus France.But we remain always thank you for the interest in a sub-contractor. "
Threats to employment
The numerous local subcontractors in the industry have suffered more from the tsunami. Some productions have still not recovered components of "normal" levels and in the worst cases, have not restarted. Most major Japanese houses have also set up systems to help support the rebuilding of their suppliers.
Corollary fears of disruptions in store, announcements of price increases began. Panasonic was the first to open the ball, with an increase of 10 to 12% on its products for the month of May. "This increase is also intended to help the French structure, knowing that the volume of sales probably will fall," said Laurent Roussel. His concern is shared. "The French subsidiaries of Japanese corporations are 7 000 to 8 000 jobs.A decrease in their activity could have negative consequences on employment, "says Laurence Fauque, General Delegate of Ficime, a federation of businesses. In turn, distribution and particularly specialists could be financially penalized by supply disruptions.
Friday morning presentation of the broad guidelines of the economic program of FN required three hours of explanation. Declined by Francis, an "economist in a private financial institution" who did not want his identity, this project is at odds with "one of the WSPU who repeats the same stale receipts, what does not and Yet that attention be given to apply for 30 years, "Marine Le Pen hammered.
The base of the FN program revolves around the gradual exit of the euro. "France is the 5th world power, it has the means to manage its own currency as it has done for 600 years," François considered. If Marine Le Pen was elected in 2012, it will give six months to persuade other countries to abandon the euro zone single currency. "If they do not, we will go out alone," warned the president of the FN.In case of attack against the franc (reintroduced to parity 1 franc = 1 Euro), the government will leave "float" or will "exchange control temporarily. As for the risk of inflation due to devaluation "necessary", it is not proven by the FN.
The party of Marine Le Pen proposes to restore the "border protection" to fight against unfair competition that we deliver the low cost countries. This patriotism newlook rely on import quotas, tariffs or health standards on certain products.
"To ensure the recovery of the middle class and SMBs," his two priorities, the FN suggests reindustrialise France in investing in certain sectors and certain renationalizing strategic sectors (energy, transport …). Marine Le Pen also promises to rebuild a large public banking division."We will wait until fall for the banks to redeem them," admitted publicly any of his relatives, who requested anonymity.
In fiscal matters, the FN promises a "revolution for social justice": the merger of income tax with the CSG, simplifying the corporate tax, eliminating tax loopholes … "We want to go to 5 taxes instead of 1000 today, "said Marine Le Pen. On the expenditure side, the FN wants to reduce bureaucracy and cut in social benefits. "You have to book some social protection, including the French," she said, promising also the "national preference" in employment. "If a stranger does not find work, he did not intend to stay in the country," she conceded.
The FN will also remove the 35 hours but not repeal the tax exemption of overtime.It will end in "1 of 2" in the state civil service and reserve one third of public recruitment for over 45 years. It will allow learning from 14 years and establish a retirement card from "40 years, full".
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The NYSE, returned to its levels before the earthquake in Japan after braving geopolitical tensions in the Middle East, nuclear crisis in Fukushima and threats to the eurozone, catch your breath. Very hesitant start, the indices have flirted with the balance throughout the session before finally closing down very slightly. The Dow Jones loose and 0.19% at 12,201 points, the Nasdaq lost 0.45% to 2731 points and the S & P coward 0.27% at 1310 points.
Yet, on the side of macroeconomic indicators, the positive news were chained:
– Household consumption has increased slightly more than expected in February, as consumers tapped into their savings while inflation accelerated at an unprecedented pace since June 2009, official data showed on Monday.According to the U.S. Commerce Department, spending rose 0.7% after rising 0.3% in January (revised from 0.2%).
– The promise of home sales rose against all odds over the month of February, according to data released Monday by the National Association of developers. One month to another, this increase amounts to 2.1%, while analysts expected a decline of 1% after falling 2.8% in January.
Employment at the rendezvous
But the caution was then that the main highlight of the week is expected Friday with the monthly figures of employment in the United States. These numbers will give "a fairly complete what happened in March for consumer spending, industry and economy, and give a good idea of the performance of the economy in the first quarter" , say the experts Hugh Johnson Advisors.The market expects the new posts at the same level as last month, around 190,000.
On the currency markets, the euro retreated against the dollar on Monday, suffering still concerns on the eurozone, while the dollar remained supported by comments from U.S. Federal Reserve (Fed) on a possible next policy normalization U.S. monetary. At closing, the euro stood at 1.4090 dollars against 1.4081 on Friday.
Time to "window dressing"
The side of values this week, while the month of March ends investors should conduct operations offs quarter-end or "window dressing". A system that is to buy at end of period shares that are doing well to present a portfolio more attractive to future investors.The values of energy, which, buoyed by rising oil prices gained 14% since the beginning of the quarter according to the S & P sector, the compartment is the most powerful moment for the first quarter. Marathon Oil is up 40% so far this quarter. El Paso 31% and 30% of Valero Energy, Chevron 17%. The latter is the value of Dow Jones, which displays the largest increase since January 1. Behind the energy sector, industrial arrive, up about 6%, consumer specialist, up 4% and technology (+3%). The second value is the best performing Dow Jones Caterpillar, up 16.5%.
Always on the side of values, an eBay (-4.29% to 30.34 dollars) has announced its intention to acquire GSI Commerce, a provider of marketing services for e-commerce. The transaction represents approximately $ 2.4 billion.
This weekend, AMR Corp. (2.62% to 6.67 dollars) could decide to split its American Eagle regional airline in May, according to information compiled by Bloomberg from the pilots' union.
The International Trade Commission (ITC) has rejected Nokia (4.67% to 8.74 million), accusing Apple (-0.31% to 350.44 euros) for having violated several of its patents.
Ford (-1% to U.S. $ 14.86) announced a cessation of production of five days at its plant in Genk, Belgium from April 4, following supply problems caused by the earthquake in Japan.
Netflix (3.18% to 237.32 U.S. dollars) have entered into a distribution agreement for a period of five years with the studio Miramax, for a total of more than $ 100 million (Reuters).
Greenstone, the branch of pharmaceutical giant Pfizer (-0.39% to 20.27 dollars) has recalled two drugs in the United States, and citalopram finasteride following a labeling error on the part of a supplier.
Research In Motion (-1.56% to $ 56) announced the acquisition of Canadian tinyHippos startup, mainly known for Ripple, its development platform and test mobile applications. The terms of the transaction were not disclosed.
Wal-Mart (-0.31% to 52.19 dollars) has announced the reopening of 12 Seiyu stores in the region of Sendai, Japan.
LE FIGARO. – What is the meaning of your investment in Bulgaria?
Bernard Arnault. – It's a company that we follow for a long time, ten years maybe. We were already shareholders up to a few percent. We join today with a family that we know well and who shares the values of LVMH: a respect for, excellence in quality, creativity and innovation. Bulgari is one of the largest global brands, and one of the last of this size to be independent again. So it was an opportunity that could interest us and that we could not let go …
Why have you chosen to make the Bulgari family shareholder of LVMH?
The family has the desire to stay involved. And it was attracted by the prospect, rather unusual, to be associated with the success of LVMH.They are entrepreneurs, who will remain at the helm and will be the guarantors of development here, Bulgari. In addition, Francesco Trapani, who was the architect for twenty years of success Bulgari, will oversee our watches and jewelery, crafts he knows intimately.
What Bulgari brings to LVMH?
Bulgari is an iconic brand in the universe, that jewelry and watches. With its acquisition, LVMH double its size in these areas and became a world leader as he is already in leather or champagne. Respecting its creativity, spirit of "Roman" culture, as we do with our other brands, LVMH will accelerate its development. Our group will be able to bring him his strike force in procurement and distribution capabilities. LVMH will now offer something even more unique, with, in each sector, the most iconic brands.This will allow Bulgaria to develop much more on emerging markets and particularly the United States, where its potential is significant. In terms of watchmaking and crafts within our manufacturing watches in Switzerland, we can play together.
Should we change the position of Bulgari, who has diversified into fragrances and cosmetics, in particular?
LVMH may provide advice to Bulgari in its diversification. That said, a priori, the objective is first to focus on its strengths, namely the high-end jewelry, the creativity of its workshops and watches.
Faced with such Richemont, the division of LVMH watch and jewelry he is now of sufficient size? Or do you still in this job or other, new acquisitions?
Only Bulgari was already a rival to the largest of its businesses.We'll let alone with a size twice as large. As for our growth strategy, I note that with the exception of Hublot, what we now have our first major acquisition since a decade. We are in fact highly selective in acquisitions, and much more committed to internal growth.Bulgari was in any way may be the last opportunity to complete the acquisition of a brand that is on top of his universe.
With Hermes maybe … The transaction with Bulgari can it serve as a model for your ambitions vis-à-vis this group that you have 20.2% of capital? Your position with regard to any change?
I hope, anyway, that this association will show everyone that some families who have built through several generations an iconic brand of the highest quality craftsmanship, can understand the interest of a merger with LVMH.Hermes on, I can only repeat that we are a shareholder and peaceful that we will support the shareholders and the strategy they lead, whatever comments are made here and there.
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If the Tunisian and Egyptian revolutions have little impact on financial markets, one that shakes Libya far more impact. Tensions in the country, which is one of the largest exporters of oil directly affects the price of gold and black strong impact on European stock exchanges (Paris, London, Frankfurt, Milan, etc..) Asian (the Nikkei has lost nearly 1.8% this morning) and American (the index futures point to sharply lower opening on Wall Street this afternoon).
On the foreign exchange market, concern is also affected. Investors, for whom uncertainty is the worst phobias, put their appetite for risk and protect themselves in the closet. How? By placing their ball in the values called "refuge", such as gold, the dollar or the Swiss franc.In contrast, the euro, it is shunned.
Thus the European currency slipped below $ 1.36 on Tuesday morning, facing a greenback sought. Around 11 am, the euro is trading exactly at 1.3574 dollars, down 0.8%. Strong increase in the foreign exchange market.
According to technical analysis – that is to say, the analysis using only graphics – a bullish retracement could take place if "we manage to hold above this level." Conversely, the break of 1.3540 support to "push the pair to return to the area 1.3430 / 1.3460 dollars," warns XTB.
Outbreak of fever dollar
"Operators now appear in the mainstream during the political uncertainty prevailing in Libya", note analysts from Saxo Bank.The dollar is the first to benefit.
"Then just yesterday the greenback remained stable on its main counterparties, currencies against the U.S. dollar depreciate all": in addition to the euro has risen from about 1.37 to less than 1.36 dolar, the Sterling is currently trading at 1.6140 dollars after fluctuating in a range between 1.6220 and 16240 dollar yesterday during the day. The trend is the same for the Australian dollar loses more than about 80 pips (or 0.0080) against the U.S. dollar during the Asian session: it is trading at 1.0015 dollars against 1.0094 dollars late yesterday evening.
The loonie (Canadian dollar pair / USD) has fluctuated sharply in passing last night of 0.9864 to 0.9821 Canadian dollar before regaining ground this morning at 0.9860.In addition, this pair should know today strong fluctuations during the publication of the retail automotive sector off 0.7% expected in December.
Arab currencies more or less affected
Many of its arable currency denominated in dollars, like Qatar or Saudi riyal. By cons, for floating currencies, tensions are visible. "Investors are selling their assets en masse in these countries and then sell the currency in question," said Harry Sebag, at Saxo Bank.
The euro / dinar (dinar) has experienced upward pressures aexemple-that is to say that the dinar fell back – with the fall of the Tunisian regime. In January, the rate increased from 1.90 to 1.94.The Egyptian pound, also floating exchange dropped against the euro (7.5 mid-January, the rate rose above 8.10 at the highest political crisis.
Currently, the euro / dinar libyien is under pressure, "he treated early January under 1.63 and now a close score of 1.69, with a peak at 1.7172 in early February," said the specialist.
The euro seemed to stabilize after the Irish record. Appeasement has indeed installed these days on the single currency, while the European sovereign debt crisis does not appear to invade Portugal in the short term. But on Wednesday, ratings agency Moody's placed the debt rating of Spain's long-term negative watch, that will see any lowering of its Aa1 rating.
Thus, the euro resumed the downward slope: towards half-past twelve on Wednesday, the exchange rate euro / dollar fold from 0.45% to 1.3319 dollars after a foray to below $ 1.33 earlier this morning. As for equity markets, European stock markets are affected by the announcement from Moody's, and instead of Madrid falls more than 2%, breaking the symbolic and psychological 10,000 points.
Belgium under supervision
Other disappointing news in Europe, this time concerning Belgium.The rating agency Standard and Poor's placed the country on Tuesday notes on negative watch, paving the way for a potential degradation "within six months" if a government is formed "soon".
"Concerns related to the peripheral countries should continue to weigh on the euro over the next three months, although the EU summit this week could provide some support," commented Sara Yates, an analyst at Barclays Capital.
Thursday and Friday, is held in effect an EU summit in which Jean-Claude Juncker, Eurogroup President, does not talk about his idea of Euro-bonds, because "'to a systemic crisis, it requires a systemic response.The "no" Angela Merkel and Nicolas Sarkozy to draft Eurobonds issued by the Luxembourg Jean-Claude Juncker and the Italian Giulio Tremonti yet seemed to have framed this summit no fax cash loans.
General strike in Greece
Meanwhile, in Greece, the general strike in full swing. The country is deprived of this Wednesday, air, sea and rail, and its activity is idling, as part of a general strike against the rigors of 24 hours and two labor market reforms and public companies voted in the night .
For the third consecutive day after initially stoppages in transport, Athens was engaged in massive traffic jams by work stoppages subways, buses and trams, and in anticipation of a demonstration in the center by late morning.
A global economy plagued
On Tuesday, the euro was able to take a little height Parès publication of the ZEW index of German investor confidence, the better. And Tuesday night, the Committee of the Fed has not changed his address: the Federal Reserve found that the economic recovery in the United States was still not enough to cause a sustained fall in unemployment, led to the conclusion that reaffirm its quantitative easing program. The Federal Reserve kept its key rate and confirmed its intention not to raise it for a long period.
Also note the recent rise in the Swiss franc against the dollar. The Swiss currency took a breather on Wednesday but was chained up for five sessions in a row before. Swiss franc recovers its role as a refuge for excellence in global economic turmoil.On Wednesday, the rate dollar / Swiss franc 0.9631 rating. The pattern was the same against the euro, even more pronounced.
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After helping to shake the markets by holding fearmongering recent days, Angela Merkel sought on Thursday to reassure them. The Chancellor said he had "more confidence than in the spring" in the stability of the euro area. The willingness of Berlin to pay the private investors in the future crisis and his idea of "orderly failure" for European states in default yet done away investors. Chancellor was to speak by telephone on Thursday evening, with President Nicolas Sarkozy to adjust positions between Paris and Berlin on the crisis of the euro and the rescue of Ireland credit reports free.The 85 billion in aid to Dublin must be formally approved by EU finance ministers on Sunday, during a telephone conference or formal meeting followed by a press statement from Dublin, Brussels and Luxembourg .
The negotiations on the fate of Irish banks-those that would be condemned and those who considered viable, will benefit from emergency recapitalization, seem to have made good progress in the last hours.
"Clumsy"
lefigaro.fr / jdf.com – Growth at half-mast, high public deficits and high volatility in financial markets. What management "value" is an attractive option for investors?
Benedict Schouler – By taking away the values called "glamorous" that everyone talks about, the operator "value" (management of buying undervalued companies and neglected by the financial markets, Ed) resists market pressure. Investing in such companies and allows investors to avoid speculative bubbles. By construction, management "value" is the best managements in the long term. (*)
Mary Ballorain, director of development in France Sparinvest
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