The return to growth, albeit slow, is scheduled for 2013 (1.3% in euro area and 1.5% in the EU). Unless additional shock …

Referring to the weight of the wage bill in fixed costs, the group finance director Frederic Saint-Geours found Wednesday morning "quite likely" impact "on all the numbers," which amounted to 205,400 employees.Soon after, Philippe Varin, Chief Executive of the group, said that 10% of the European Non-dedicated to the production could be affected, or 5000 jobs in total. Knowing that in France, with 100,000 employees, temporary workers and subcontractors should be the only ones targeted by these measures he added. By late morning, PSA has already announced in the European group committee deletion of 800 temporary positions in France by the end of 2011, according to a union source quoted by AFP. In addition, Philippe Varin is scheduled to meet soon with Eric Besson, Minister of Industry.

Unions rebiffentLes unions were quick to react to this. These cuts staff have "something outrageous" Bruno Lemerle storm, CGT delegate to the committee of the European Group, deplored the "working conditions already overburdened."And adds: "The financial situation of the company is good [and] there is no reason to go to job losses." In fact, the total turnover of the group grew 3 no faxing payday loans.5% to 13.45 billion euros in the third quarter. It was worn by an increase of nearly 16% of sales of Faurecia, 7.1% of the Gefco and 6.2% of turnover by PSA Finance. The group, however, lowered its earnings forecast for 2011. On the occasion of the publication of its sales figures, the manufacturer announced it is now an operating profit of the car to balance this year when he banked before on a "clearly positive results," said Frederic Saint-Geours.

PSA made no secret of its intention to scale back on the old continent.In mid-September, Philippe Varin have already confided to Le Figaro "Identification of overstaffing," while the European market already slowing. France, Germany, Italy or Spain, the group seeks at once to "get in line" to increase its margins, said Philippe Varin. To do this, the group has initiated a comprehensive economic plan in 2009 (within which the measures of the day), to save 3.7 billion euros in all, drawing on purchases and fixed costs .

Emerging countries in their sights

Meanwhile, the manufacturer seeks to "globalize" more to take better advantage of growth drivers that are "Asia, Russia and Latin America."The group has announced on Wednesday an investment of 200 to 250 million euros a year over the period 2012-2015 in order to double its production capacity in Brazil.

Nevertheless, PSA

After these social ads, the automaker was operating under the sharply higher in late morning, gaining 2.55% to 17.50 euros.

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The green wave that swept across the Rhine after the disaster atomic Fukushima is a capitulation to the first industry group. The German industrial giant Siemens has given up on Sunday at his activity in the nuclear dead end since it considers the abandonment of the atom civilian in Germany. While Berlin has decided to close the seventeen German nuclear power plants by 2020, Siemens decided to enroll in the federal government's strategy and to strengthen further in the field of renewable energy.

"Chapter nuclear ended for us," said Peter Löscher, CEO of Munich, the weekly Der Spiegel. "We are more involved in the total management of the construction of nuclear power plants or in their financing.In the future, we will continue to deliver conventional parts, such as steam turbines (…), found also in the central gas or coal, "he said.

After the emotion aroused in Germany by the catastrophe of Fukushima, the German government decided in March to immediately stop the older reactors and then condemn others by 2022. "That changed things for us," acknowledged Löscher. Prudent, he was one of the few in Germany in 2010 not to sign an open letter from the heavyweights of the German economy demand a longer duration of use of nuclear power plants. Löscher called a "project of the century" turn energy taken by Germany. And he considers attainable goal to move to a 35% share of renewables in the "mix" German in 2020.Siemens, diverse group in the transport, household appliances or medicine, is already a world-class champion in wind energy.

The decision seems even more logical that Siemens has never been lucky in nuclear energy. In 2009, the Munich group was forced to announce his break with the French nuclear group Areva and sell its stake, amounting to 34% of shares in the subsidiary Areva NP reactor. Sued for breach of its contractual obligations, Siemens was ordered to pay 648 million euros of interest to Areva.Unable to further develop this cooperation because of political opposition on the part of France, Siemens had preferred to turn to Russia and had begun discussions with Rosatom in March 2009, in a context of international nuclear renaissance.

Bill up 10%

Sunday, Löscher also bury the proposed joint venture with the Russian public group in the Rosatom nuclear. "Both groups are still very interested in a partnership. But it will focus on another area, "he added.

The abandonment of the German nuclear announced dealt a severe blow to major energy companies across the Rhine. While their foreign competitors reaping profits, E. ON and RWE, the two main operators of nuclear power, have announced plans for cost savings and layoffs.Germany is now reduced to importing nuclear energy produced under safe conditions, in neighboring Czech Republic. Result: the energy bill has increased by 10% in a few months.

After the flight of the day, the New York Stock Exchange and could catch his breath at the opening on Tuesday. Profit taking, mixed with caution always appreciated by investors, seem to encourage U.S. stock markets to begin the session backwards. Even if the words, held last Friday by the Federal Reserve Chairman Ben Bernanke reassured, prompting indexes rebounded strongly yesterday, investors remain worried.As recalled in a note Tuesday that Jean-Michel Six, chief Europe economist for Standard & Poor's, a "recession" double-dip "is preventable, but the risk increases."

Real Estate and Consumer Menu

Investors monitor more than ever the various macroeconomic indicators of the week free credit report and score. Both are on the agenda for this Tuesday: the Case-Shiller real estate index of house prices for June, from 15.00. Then will come at 16:00, the numbers of consumer confidence for August.

The minutes of the Federal Reserve (Fed) minutes of the last meeting of 9 August, the Monetary Policy Committee (FOMC) of the U.S. central bank will also be observed under the microscope, after market close, at 20:00 Paris time .

On the corporate side, no major publication on Tuesday.Bank of America on Monday launched a new large-scale operation to strengthen its capital by selling about half its stake in China Construction Bank, which allows him to approach the future requirements of rules known as "Basel III". The bank will retain 5% stake in the establishment of China (BCC) after this transaction, which must be completed by the end of September. The sale includes 13.1 million shares of the CCB to a group of investors.

He said it does not hurt to use or for investment, while helping to clean up the country's finances. "Our leaders have called for shared sacrifice, he writes. But when they did ask, they spared me. I checked with my friends to see which mégariches sacrifices they expected payday loans in 1 hour.Them either were not affected. "Warren Buffett has led his small survey: last year's tax rate accounted for 17.4% of its taxable income, while that of 20 workers in his office was between 33% and 41%.

"While the poor and middle class fighting for us in Afghanistan, and while many Americans are struggling to make ends meet, we, the mégariches, continue to benefit from special tax exemptions," says the American billionaire.

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Meanwhile, in Frankfurt, the DAX climbed 3.12% to 5788.64 points. The FTSE-100 index of London Stock Exchange gained 3.01% to 5157.94 points.Milan Mib took the FTSE 4.36% at 15,316 points, and the Ibex-35 index of the Madrid Stock Exchange climbed 4.09% to 8291.7 points.

The concerns are far from being dissipated, particularly those relating to the slowdown in the global economy and the issue of sovereign debt on both sides of the Atlantic. Evidence of this tension, gold continues to fly record after record. The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars.

Oil prices also retreated in a market that once again expressed its concerns about future growth and energy demand.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 82.39 dollars, down 50 cents from the previous day.

Bank stocks battered

Among the values ​​of the day include banking, which have been heavily tested yesterday. The Financial Markets Authority (AMF), the stock market regulator, announced that it will monitor developments in the securities sector. Shortly before noon, BNP Paribas (-5.88% to 33.515 euros), and Credit Agricole (-1.51% to 5.981 euros) and plunged into the red after yet open on a rebound.

The title plays yoyo Societe Generale: having lost 14.74% Wednesday, it opened on a rebound of almost 9%.He dived again from 4.13% to 21.265 euros in midday before regroup after the opening of U.S. markets (-0.45% to 22.08 euros to 16 hours).

"The willingness of these attacks is to force the SG to a capital increase, which is the workhorse of some analysts and hedge funds in recent months," said an analyst based in Paris at the agency Reuters cash advance. "Their reasoning is that the group does not generate enough capital to cope with the capital ratio of over 9% in 2013." The bank, already shaken in 2008 by the Kerviel affair, only to find the investor confidence after several warnings about its results during the financial crisis.

For its part, the CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, attacked Societe Generale, "he lamented. "We have no fear about our ability to raise capital," he added. SocGen has asked the AMF to investigate the origin of the rumors that have depressed its course Wednesday.

Alcatel-Lucent takes advantage of Cisco's results

Veolia Environnement (4.61% to 10.55 euros) and STMicroelectronics (3.39% to 4.488 euros), especially titles attacked in recent days, return to the field.

In addition, EADS (1.66% to 20.24 euros), the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.

Title Alcatel-Lucent (2.11% to 2.324 euros) rose after the release of quarterly results from Cisco Systems, above the consensus of Wall Street.

L'Oreal (2.29% to 1.73 euros) benefits from the decision by Goldman Sachs, which added its list of preferred European stocks to buy ("pan-Europe conviction buy list").

Saint-Gobain (1.11% to 31.775 euros) has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.

Maurel & Prom rose 4.22% to 12.35 euros after opening up over 8%. The oil company has reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.

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Last week, the inability of the United States to solve the problem of public finances had weighed on investor sentiment. In Paris the CAC 40 was indeed touched its lowest level in session year (3,630.75 points), while Wall Street finished its worst week in a year, despite the intervention of Obama Friday in an attempt to reassure debt.

After the relief 10 days ago on Greek sovereign debt, the second bailout should be voted on Monday by French deputies, optimism is therefore in the financial center of Paris. After weeks of negotiations, elected Democrats and Republicans have indeed finally found common ground on the amount of new ceiling, avoiding the world's largest economy is not found in default of payment in the coming days.

According to preliminary information provided by the White House, the debt ceiling would be raised to 2.1 trillion dollars less, breathe new life in the United States on the forehead of the debt until 2013, after the elections presidential. This agreement in principle will also enable the countries to continue to borrow on the markets beyond the August 2 deadline set by the Treasury.

The reaction of rating agencies expected

On the other hand, no excessive optimism sustainable are to be expected in financial markets, at least until the U.S. Congress has not ratified the agreement. The first submission is expected to vote that day. Furthermore, few details have yet filtered on measures taken to reduce the deficit in the U.S., which does not exclude the possibility of deterioration in the rating of the sovereign debt of the United States.

For now, the first tranche of spending cuts of $ 1 trillion is expected. Then a bipartisan special committee of Congress will be responsible for finding the end of November additional expenditure cuts amounting to 1.5 trillion dollars. A total of 2.5 trillion dollars in budget cuts, all over 10 years.From this point of view, the reaction of rating agencies in this agreement called the "medium term" should be widely adopted by the markets in the coming hours.

On the currency front, the dollar has benefited only modestly from the announcement of the night, illustrating the temporary nature of such an agreement. The euro was little changed at 1.443 dollar. The ounce of gold reperd some ground in 1614 Dollard.

In terms of oil prices were up on Monday in a market relieved by this agreement in extremis. A barrel of "light sweet crude" for September delivery gained 1.37 dollars to 97.01 even dollars in mid-day.

Macroeconomic side, investors will appreciate, at 11:00, the publication of a stable unemployment rate in the Eurozone in June to 9.9% of the workforce, according to EU statistics office Eurostat.The unemployment rate is now 9.9% for four months.

Manufacturing index to the lowest in Europe

Less good news, however, on the front of the growth of manufacturing, reflecting a sharp slowdown in July in the euro area, as confirmed on Monday the second estimate of the PMI purchasing managers, at its lowest level in a year and a half. The manufacturing PMI fell to 50.4 points against 52 in June, the company said that performs Markit index, confirming its preliminary estimate published in mid-July.

Overseas are also expected to 16h construction spending for the month of June, the ISM manufacturing index for July, which should appear in decline.

As for values ​​to follow

Last week, the numerous quarterly publications were rather disappointing, adding to the nervousness of investors.The pace slows down this week, though are expected in the next three days the details of the interim bank shares.

After the U.S. agreement, the entire industry is also well oriented in mid-session: BNP Paribas gained 0.54% to 45.71 euros (the bank will release its results on Tuesday), Societe Generale s' awards 0.76%, to 35 euros (Wednesday results), AXA, 2.10%, to 13.38 euros, and Natixis, 1.51% to 3.22 euros on Thursday).

The Committee of French Automobile Manufacturers (CCFA) announced a decline of 5.9% of new car registrations in France in July, up 159,945 units sold. Sealed by the plunge of its brand Dacia, Renault sales were down 12.4%, but stock market, the title is better than the market (0.12% to 37.31 euros).This is not the case of Peugeot, which despite a more moderate decline in sales (-7%), displays one of the worst performance of the CAC 40 (-2.41% to 25.9 euros).

EADS (1.10% to 24.46%) announced this morning that the takeover from Apax Partners Vizada, a provider of communication services for 673 million euros, the second largest purchase of his history. The transaction will be financed entirely by cash.

Eiffage (0.52% to 38.36 euros) reported a slight slowdown in growth in the second quarter despite a sharp rebound from its construction activities, the division of public works who registered down over the period.

Outremer Telecom (0.42% to 12 euros).A draft tender offer simplified to the telecom operator was introduced by OMT Invest, a structure controlled by Axa Private Equity, according to a notice to the Financial Markets Authority (AMF) and released Friday.

EDF Energies Nouvelles (suspended) entered into exclusive negotiations with Capital Perceva to cede control of Supra, the fund feeds the project to file a simplified takeover bid at the end of the process. The listing of EDF Energies Nouvelles has been suspended following the July 21 filing with the AMF, a project by EDF squeeze.The withdrawal and cancellation of the shares of Euronext Paris EDF EN should be held no later than mid-August.

HSBC (3.95% to 7.10 euros) The UK bank listed in Paris, which will publish its results after market close for the first six months of the year, announced it would sell to First Niagara Bank near half (195 branches) of its retail banking activities in the United States. The transaction amount is estimated at $ 1 billion.

General Health (1.55% to 10.47 euros) issued a sharp drop in operating profit in the first half due to exceptional items, but its revenue rose due to higher stays acute care.

Recylex (6.83% to 6.10 euros) on Friday issued a Revenue for the second quarter increased significantly, from 32% to 125.34 million euros, supported by an increase of 48% of its lead recycling business thanks to the 16% increase of lead prices and increased sales volumes.

Air Liquide (2.55%, to 98.4 euros) the gas giant on Monday reported a 11% increase in net profit in the first half, to 750 million euros. It maintained its forecast a "steady increase" in net profit for the year.

Note that Gameloft will publish its interim results after market close, while Le Noble Age unveil at the same time state sales for the same period.

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Contribution of 9 billion

However, Europe has announced that it could contribute up to 9 billion euros for investment in telecom infrastructure. The total was estimated between 200 and 300 billion euros over the period 2010-2020 for the operators. The President of the European Commission, "Jose Manuel Barroso has made the announcement Tuesday night at a dinner.Wednesday, Neelie Kroes reiterated the proposed contributions to investment of 9 billion euros in European funds, "says Jean-Bernard Lévy, CEO of Vivendi.

In order to reduce investment, European players have suggested that the frequencies are shared for future mobile networks and that "investments are pooled, especially for civil works and the optical fiber," says Gabrielle Gauthey, Director of Public Affairs Alcatel-Lucent. For his part, Rene Obermann, head of Deutsche Telekom, has urged all sectors to agree on the creation of standards for interconnecting the next generation network.

But among all the proposals, which calls on Europe a "differentiation in terms of traffic management to promote innovation and new services and meet the demand for different quality levels" is to be the most difficult to be accepted by the giants of the Web. They should negotiate in secret affairs, with operators to deliver services to high-speed Internet users. Supporters of this proposal, it would not be called into question the "neutrality" of the Internet. Because Google and other Facebook would not have to sign these contracts.

"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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