The Paris Bourse is trying to make a new step forward. After three sessions of rise, the CAC 40 opened down. He then went up the slope ahead of 1.04% to 3058 points mid-session.
Operators welcome the announcements of leading finance ministers of the euro zone, Jean-Claude Juncker, made in the night. The latter warned that the Financial Assistance Fund (EFSF) would reach "probably not" the one trillion euros, as had been promised after the crisis summit last October. "The conditions have changed" in the financial markets, he said.
The euro area is turning to the IMF, whose resources should be increased "through bilateral loans" to the institution of Washington "could have adequately the same firepower as the EFSF and cooperate with him in an even closer, "said Jean-Claude Juncker credit reports free.In the process, BNP Paribas advance of 0.91%, 1.44% of Credit Agricole and Societe Generale 0.38.
Laurent-Perrier (4.96% to 68.75 euros)
The group announced on Wednesday champagne avoirtriplé profit in the first half of fiscal year 2011-2012 (ending September 30) through its exports and that he intends to remain cautious about the whole year because of economic context.
Publicis (-0.06% to 33.34 euros)
Maurice Levy, 69, was extended for four years as Chairman of the Corporate Executive Board advertising.
Bouygues (-0.36% to 23.30 euros)
The construction group Bouygues said Wednesday it has awarded two contracts for a combined total of nearly 160 million euros for the construction of residential buildings in Singapore.
"The European economic recovery was interrupted." The verdict of the European Commission, which presented on Thursday its autumn forecasts for 2011-2013, is categorical. According to Brussels, all signals of the economy are red. "The sharp drop in confidence hinders investment and consumption, while the slowdown in global growth reduces export and fiscal consolidation to operate emergency weigh on domestic demand." Accordingly, the Institution provides a low growth for the EU in 2012, about 0.6% against 1.9% forecast last spring. In the euro area, GDP is expected to show a slight increase of 0.5%.
The return to growth, albeit slow, is scheduled for 2013 (1.3% in euro area and 1.5% in the EU). Unless additional shock …
Private labels (PLs) are back in force in the carts of French consumers. Since early 2010, the agribusiness giant had managed to contain their breakthrough, and the best manufacturers regained market share. "But since June, private labels are gaining market share from national brands, said Jacques Dupre, director at Insight SymphonyIRI. This trend coincides with the rise in inflation. "
Earlier this year, the MDD had continued to lose market share (down 0.4 points from January to May). But the trend has reversed this summer. From June to September, the MDD show an increase of 0.4 percentage points, according to SymphonyIRI. This growth could reach 0.5 points throughout the second half.It concerns mainly the heart of the range and not the premium private label, or, more surprisingly, the first price ranges.
Click on the thumbnail to enlarge the graphic.
After rising steadily since their inception in the 1970s, sales of private label had marked a halt for nearly two years, even though the distributors did not cease to give them more room on their shelves. In 2010, domestic brands have responded. With a lot of innovations, promotions, advertising campaigns and price cuts, Danone, Nestle, Coca-Cola and Unilever have then taken the field. So, while Leclerc marks usually represent 35% of sales of the brand, this share fell below 30% during the past year.National brands benefited, at the time of price stability, conducive to buying, and saturation of consumers to the overrepresentation of MDD in radii.
But since the spring, the price increase, following the surge in raw materials, has changed all that. Carrefour to pass on increases in the month of March, after the conclusion of negotiations with suppliers. Other retailers have waited until June Between January and May, the rise in prices has been limited to 1 payday loan.3%. But between June and September, it reached 3.5%.
Descent line
As a result, the constraints of purchasing power of the French took over the top, recalling – to a lesser extent – the situation in 2008.At the time, in a crisis of raw materials, private labels have gained two points of market share, while the level of inflation was nearly 5%.
Household expenditures have dropped from the month of May, before returning in August. "The French have entered a period of rigor in their daily consumption, Jacques Dupré analysis. They limit their spending on products they do not deem necessary and buy fewer products pleasure as confectionery and ready meals. "
Rather than give up certain purchases, more and more consumers prefer to go further upmarket. The shopping basket of many homes has changed significantly in recent months.
This type of buying behavior explains why the MDD leave as soon as the product categories most inflationary, such as coffee, flour or oil.Flour to the radius, where prices rose 10.6% from June to September, their market share rose 3.4 points. This increase reached 5.7 points for milk. Addicted to coffee, whose prices rose 18.5% year on year (to September), have not so far decided not to. They are likely to have delayed their spending to private label which gained nearly a point of market share (June-September). Even if the prices of private labels grew faster than those of manufacturers: 24.9% of private label coffee, against 16.6% for national brands. Product prices in the colors of distributors, however, remain 20 to 30% lower on average.
The giants of agribusiness, penalized by this new, must react quickly to achieve their business goals.
Meetings on Greece and are very similar, a little. Following a meeting which ended yesterday, the finance ministers of the euro area have not taken any decision regarding the granting of the next tranche of 8 billion euros to Greece vital for the country.
The ministers of the Eurogroup, however, managed to find a compromise with Finland, the day after his election, had demanded of the counterparties to its participation in the second aid plan Greece's 109 billion euros decided July 21 last. Thus, the collateral will be provided in exchange for loans to Greece, said on Tuesday the Finnish government.
Efforts required to Greece
• The Eurogroup requires additional budgetary efforts of Greece, who said the day before not being able to meet its commitments to reduce its budget deficit."We call on Greece to take additional measures" in terms of savings for 2013 and 2014, thus going beyond those that have just been announced for this year and next, warned the president of the Eurogroup Jean-Claude Juncker. The euro area also recommends Athens to undertake more privatization of companies.
Increase the contribution of banks
• The President of the Eurogroup has also raised the possibility to contribute more financial rescue banks from Athens. Institutions might also undergo a discount greater than 21% of their claims previously considered Greek. There will be "technical revisions" on the subject from what was decided on July 21, he said.But Jean-Claude Juncker warned that "the involvement of the private sector, we must take into account the fact that we have experienced changes since the decision of July 21."
New missions Stability Fund
• And the ministers have suggested to increase the firepower of its Financial Stability Fund (EFSF). Ministers plan to make the fund more "efficient", as demanded insistently the U.S., but refuses however to increase its volume. This fund could help and use of leverage.
In this way, the mechanism would be allowed to use debt to leverage its ability to act. Several scenarios are circulating, the EFSF could turn into a bank that would finance itself from the European Central Bank (ECB).It could also act as an insurer from the holders of debt and cover their losses at 20% to 25%. Options involving the ECB should not be privileged ones, said Jean-Claude Juncker, without giving details.
The Eurogroup is reassuring
After the meeting, ministers have played the card of appeasement. The Eurogroup President said that Greece would be "able to fulfill its obligations" financial. He reiterated that a "failure of Greece will be avoided, adding that a person contemplates leaving Greece in the euro area."
He says that "final decision will be taken in the month of October" based on the findings of the creditors of Greece currently deployed in the country. The meeting between Nicolas Sarkozy and Angela Merkel in Berlin on Sunday planned should also do more advanced discussions.The Franco-German meeting will also prepare for the forthcoming European Council and the Eurogroup meeting on 17 and 18 October in Brussels.
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From our special correspondent in Wroclaw.
The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).
The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .
Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.
The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …
Denial of a tax on financial transactions
The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.
Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.
Decisions deferred
For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.
For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.
It was expected, it's now official: Michelin has raised its target sales volume of the current year, the prospect of a return of the markets at their own pace before the crisis. On the occasion of the publication of interim results of good quality, the tire giant announced a target of 8% increase in sales volumes in 2011, against a 6.5% increase expected before. "The environment in the second half should be marked by continued market growth at a pace closer to the long-term trends," said the OEM Clermont.
The world's largest tire with Japan's Bridgestone has also confirmed its forecast of growth in operating profit over the full year. In the first half, he totaled 971 million, up 18%.Net income increased it from 32.6% to 667 million euros, a figure above analysts' expectations.
Offset additional costs of raw materials
And over the period, the volume of the Michelin rose 12.6%, supporting the net sales that rose 21% to 10.1 billion euros over the period. The price effect also explains the increase in group sales up 9%.
And the group plans to continue to maintain a policy of raising prices to offset soaring raw materials, mainly the rise in natural rubber. The extra cost of higher commodity prices is estimated at 1.8 billion euros in a full year by the group but should be offset 100% against 80% previously.
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Still no solution. The elected representatives of the U.S. Congress again tried Sunday to reach an agreement on raising the debt ceiling, but without success. Democrats and Republicans had themselves set a target to announce progress on a plan for deficit reduction before the opening of Asian financial markets on Monday morning. The disappointment of investors is large, the Asian financial centers such as the Paris Bourse.
Secretary of State Hillary Clinton sought Monday to reassure Asian markets: "I am confident that Congress will do what is needed and will come to an agreement on the debt ceiling, and work with President Obama on measures to improve our long-term fiscal outlook, "she said in the text sent in advance of a speech in Hong Kong.
Members of both parties decided to work separately on separate projects. The chairman of the House of Representatives, Republican John Boehner, now plans to announce a plan at 14 am local time (20 hours in Paris).
"Nobody wants a failure"
John Boehner told his troops last night that no breakthrough had yet been obtained to repel the specter of a failure of the United States after August 2. According to two officials, he would have repeated in a conference call that "no one wants a failure." But he also warned his party's elected they may need to make "sacrifices" to avoid it.
Twice since Friday night, the talks between the two sides have failed to unlock the status quo on the action to start to reduce the U.S. debt.Friday night, the country experienced a further escalation in the standoff between Democrats and Republicans, they refused to pander to Barack Obama. The Democrats call indeed now $ 400 billion of additional tax increases. A change of position is unacceptable, according to John Boehner, while the two sides had previously agreed to a ceiling of one trillion dollars in additional tax revenue bad credit payday advance. Saturday evening, the President was therefore convened in emergency to four White House officials Republicans and Democrats in Congress for a new emergency meeting. But no more successful in negotiations, after 50 minutes of discussion.
Democratic side, the president believes that the 1.6 trillion cuts represent an offer "extraordinarily fair".Republican side, these efforts remain insufficient to John Boehner, who wishes to bring to 3 trillion budget savings over ten years.
Critical deadlines
Given the failure of talks between the president and elected representatives of both chambers, the compromise could eventually go through further discussion within Congress. If a common ground on removing the ceiling on debt seems likely, no party could only be satisfied with this short term solution, and discussions on the reduction of public spending should be more difficult. One observation that seems to share Timothy Geithner.
The U.S. Treasury Secretary said yesterday that there would probably have two stages for an agreement, first raising the debt ceiling and an agreement on spending cuts and a second stage of higher taxes and reforms.Whatever the timing adopted, it was also described as "unthinkable" that the United States do not meet their debt obligations. And as Barack Obama, who does not want the thorny issue of debt re-emerged during the election year ahead, Timothy Geithner wants to avert the threat of a default for at least 18 months, but at nine days the deadline of August 2, the time is now critical.
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Tuesday, July 12 at 20:45, Stéphane Rotenberg will kick off a "Dinner almost perfect: the best team in France." "This is a series of bonuses for daily works so well, says the leader. We combine the two best candidates to represent their city. This sometimes creates dissension or complementarities. They are fans so it's very far from "Top Chef", but represent his city, this is not the same issue as to represent himself. "
Usually released in late afternoon, the program is available in the evening for the third consecutive year. In 2010, the "Battle of the regions" had attracted an average 2.9 million viewers and 13.2% audience share With the second part of the evening between the candidates for known chefs, who rise up to 40 % market share. "The goal is to repeat the same … if you can!" Smiled the host.In a TV landscape shaken by the appearance of TNT, the erosion of audience is indeed the common lot of most programs. And "Beijing Express", the sixth season ended on July 6 M6 and also presents Stéphane Rotenberg, is no exception to the rule. On average, 2.7 million of the faithful have watched the program this year, 12.7% audience share. "Only 3% of the point of hearing in less than two years ago," Beijing Express "is one of the programs that have best resisted, supports the presenter of the program launched in 2005. With three million members and 14% market share for the final, it is also not very far from our scores there are two or three years, when there were six major channels. And at the candidates, the enthusiasm is still there, since we have already received 20,000 applications for next season. "What convinced the chain of command a new season, and allow the facilitator to reflect on the development of the program. "But we do not revolutionize the program, he says. The challenge is to be creative to surprise, while reducing the budget. "
Starting Agathe LeCaron Top Chef
The show, produced by Studio 89, sometimes receives support from Red Mountain, the production company that Stéphane Rotenberg created in 2006. This example has co-produced the second part of the evening of the show ("Peking Express, The Adventure Continues"). "I know the fragility of the trade facilitator," concedes one that started as a journalist, "so I always wanted to have a second business, behind the camera yesterday and today as a producer." Red Mountain has also produced for the TNT (NRJ12, W9).Thirty-six issues of "Fast Club" were commissioned by the subsidiary of M6 for next season and new episodes of "Convoys to the extreme." With 5% audience share on average and regular spikes in excess of one million viewers, the show imported from England is among the highest ratings of the channel, and TNT. This year, Stéphane Rotenberg has also produced a dozen documentaries for 80 minutes NRJ 12, and is confident about new collaborations. "Working for TNT is not exceptionally profitable, says the producer. What is certain is that the host earns a living as best production company. " Then he nuance: "In the past, producing for TNT was the limit of volunteering. Today, these channels give more and more money because they have more public. They are more ambitious. "
A third season of the program of culinary competition "Top Chef" is on track, despite a question mark on it to replace LeCaron Agathe, the co-presenter of the show which will leave for France 5 in September. "That destabilizes a large chain programs, but we'll find. Moreover, even if there is real competition with "Masterchef" on TF1, I think it is now regarded more as a leader in this field. "
Just arrived in the summer, here are the summer sales. From Wednesday, the clothing retailers will offer discounts of 30 to 50% of their collections. This is for them to attract consumers who shun fashion for nearly two years. If an improvement was seen in the spring, it could be threatened by an inevitable increase in prices of clothing, the impact of rising costs of raw materials, labor and transportation.
"We are all faced with rising production costs that we have at least partly reflected in our prices, and this will be even bigger in the fall and winter," says Antoine Brieu, director of C & A France. Its sign, high image discount, is not doing too badly at the moment, because in inflationary times, consumers fall back on cheap brands.C & A has found "a significant increase in its turnover and sales volumes" in March, April and May
"Buy smart"
In general, the industry experienced a beautiful spring, after a bad first quarter. Sales in April and May were supported by good weather, before a lull since early June due to weather and to wait before a traditional balances. "We have no signs of a recovery in the consumption of textiles in France, contrary to what one can see in some countries of northern Europe, says Gildas Minvielle, head of the center of economic French Institute of fashion. And in times of crisis, it is difficult to raise prices too much.The increases will be applied in a differentiated way for this to be as painless as possible. "
Aware of the issue, the French will then engage in a hunt for "buying smart", as they have done since the beginning of the economic downturn. This time, the scope is relatively narrow. As traders have sold quite well in early spring, the stocks available for sales are less important than the past seasons.
Distinguish the goods to the risk of missing
In addition, professionals, stung by the decline in demand were far more modest in their orders. "Companies have become very conservative for two years.They would rather miss sales than remain with unsold inventory, "said Jean-Marc Genis, president of the National Federation of brands of clothing.
If, as always, a rush is expected at the start of the period, the effect balances the risk of falling fast enough. "We usually sell 50% of our total sales the first week and then is divided by two every week," said Antoine Brieu C & A.
So, after two to three weeks, the goods to stand out may be missed. This will allow retailers to quickly implement the fall-winter season.With price increases all the more important that the parts are more "heavy" coat material includes more than a T-shirt.
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Small form for Wall Street to start the week. At the close, the Dow Jones lost 0.50% to 12,089.96 points, the Standard & Poor's was down 1.08% at 1286.17 points and the Nasdaq dropped 1.11% to 2702.56 points.
The scheduled end of the second program of quantitative easing (QE2) of the Federal Reserve also weighed on the trend on Wall Street. Started last August, the program of monetary easing had allowed the S & P 500 gain 30% over a period of eight months through April. The S & P 500 has since lost 5% from its peak last month.
The absence of major economic indicators or corporate earnings later in the week also makes investors excited.
Portugal calls for calm
Concerning the problems of sovereign debt in Europe, the new Portuguese government appealed for calm on markets.The President of the Social Democratic Party, Pedro Passos Coelho, who succeeded Jose Socrates, has assured creditors on Sunday night that his country would not be "a burden" for them, promising to "do everything" to "honor the commitments" the Portuguese State.
As a result, U.S. banks suffer: Bank of America loose 3.99% to 10.83 dollars, Citigroup dropped 4.47% to 38.07 dollars and Morgan Stanley sells 2.60% to 22.52 dollars.
On the foreign exchange market, the euro declined slightly against the dollar on Monday after climbing to its highest level since a month after the release of new funding for Greece, while the greenback suffered from concerns about the strength of U.S. economic recovery. In the evening in Paris, the European single currency was worth 1.4570 dollars against 1.4637 dollars on Friday night.The euro climbed to 1.4658 dollars in early morning, its highest level since May 5
Apple introduced its icloud
The side of values, the airline sector is battered on Monday. Delta Airlines coward 3.01% to 9.33 dollars. Forecast company profits will be halved in 2011 because of high oil prices, unrest in the Arab world and natural disasters in Japan, said today the International Air Transport Association (Iata).
Apple: -1.57% to 338.04 dollars
On Monday, Steve Jobs, the boss of Apple announced the service icloud cloud computing. The Cupertino company creates a new front against Amazon, Google and Microsoft.For the "cloud" is expanding.
Goldman Sachs: -1.06% to 133.90 dollars
For its part, the U.S. investment bank Goldman Sachs will make public internal documents on its activities in the mortgage before the crisis, to counter the charges against her in the Senate, says the Wall Street Journal (WSJ).Also according to the American newspaper, the United States are studying the possible impact on competition in the acquisition of patents from bankrupt Canadian telecoms equipment maker Nortel giants of the computer and the internet like Google or Apple.
Fiat: -0.56% to 10.72 dollars
Sergio Marchionne said on Saturday on the sidelines of a conference in Venice, having made an offer to the Canadian government to buy back its share from 1.7% of Chrysler for about $ 125 million, or the same terms as the takeover announced on Thursday from 6% U.S. Treasury for $ 500 million. Two years after taking 20% stake in Chrysler, Fiat Group will officially become the majority in the third of the U.S. Big Three. The price for crossing the symbolic threshold of 50% was indeed set Friday: Fiat will spend 560 million dollars for the last 6% stake held by the U.S. Treasury.This enables him to climb to 52% of capital.
Microsoft: 0.44% to 24.01 dollars Yahoo!: -1.47% to 15.45 dollars
The e-mail services from Microsoft and Yahoo have in turn been the subject of infiltration attempts. The U.S. wants global rules against piracy.
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