The whole problem is whether the profit warning could be the first of a series in the CAC 40. Companies are affected by the stock market crisis of the summer. Order books deflate. At the same time, companies have made great efforts to optimize their costs. A new lower spending takes time. For their part, financial analysts are slow to revise their forecasts.

The companies involved in these kinds of concerns are primarily industrial and cyclical stocks. Eramet had also warned that its prospects were less favorable in the second half. The work of specialist nickel and manganese drop 57% since January 1 cash advances pay day loan.

Despite a more difficult context, ArcelorMittal has maintained its forecast. But investors are very cautious since the title is down 52% since the beginning of the year.

Financial analysts continue to anticipate an increase of about 6% of profits in 2012 for CAC 40 companies. They may be forced to correct the optimistic estimate.

U.S. companies will give indications

Investors could have their questions answered with the wave of quarterly results expected in the United States. open the show on October 11.The specialist for aluminum had anticipated a sharp rise in net profit in 2011. This optimistic forecast could be questioned. Each variation of 100 dollars per tonne of aluminum has an impact of $ 200 million of annual net income. Now, three months, a tonne of aluminum has declined by more than 300 dollars.

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For over a year since employees bought the complex in 2008 by the American group at Shell are worried about the survival of their institution on the banks of the Etang de Berre, a center of petrochemical refineries with four French.In May, they had hope again, the company announced it was selling its refinery in which "the extent of losses (…) was no longer sustainable." She had mandated Barclays Capital to find buyers. Soon after, the government had instructed the French agency for international investment to assist. But if the AFII continues to seek a candidate, LyondellBasell would have thrown in the towel.

"Berre refinery is old and of modest size with an output of 5 million tonnes against a national average of 7 absolutely free credit score.5 million, says Jean-Louis Schilansky, president of the Ufip. However, gross margin refining fell to 13 euros per tonne, a level close to that of 2009, when the French refineries had recorded nearly $ 1 billion in losses. "

But, said a council employee, the decision to close seems taken since last spring.Otherwise, why ask in June, the commercial court to appoint an ad hoc agent for the Company's petrochemical Berre covering all employees of the site but not the assets and accused of heavy losses, forcing them to recapitalize before end of the year?

General Assembly

Employees do not agree with the diagnosis of their direction. A study by McKinsey, commissioned as part of a right to notify, concluded that "the next five years, the site is profitable as a whole, integrating the refinery."

So they want the company to reconsider its position and keep the refinery or offer to sell the entire site has been designed on a model built around the refinery.The inter-union (CGT, CFDT, CFE-CGC, FOR, CFTC) will hold a general meeting Tuesday at the end of the works council at the entrance of the petrochemical complex, "to decide on a large-scale strike if announcement is confirmed. "

Investors should in all cases be cautious on the Old Continent, especially after the deterioration of the Italian sovereign debt on Tuesday, which must be added the absence of a clear response from the area in the euro area on the Greek crisis. The conference held the day before between the Greek Finance Minister Evangelos Venizelos and the heads of mission of the "troika" of the creditors of the country has still not been completed. Only "good progress has been made," the European Commission ruled in a statement. Yet it must release the next tranche of aid and vital in Athens 8 billion euros.The Greek authorities are pressed by their foreign creditors to accelerate the reduction of budgetary expenditures, while the other side, protesters denounced the daily ravages of austerity.

Brazil could help the euro area

In addition, the Greek daily Kathimerini Athens unveiled Tuesday would consider holding a referendum on the continuation of Greece in the euro area to strengthen its legitimacy in its management of the debt crisis. A bill prior to the referendum would be discussed in the coming days, the newspaper said, quoting unspecified sources. Athens, however, denied such a referendum.

While the BRIC countries (Brazil, Russia, India, China and South Africa) had indicated last week the possibility of supporting the euro area by increasing their holdings of bonds, the President of Brazil, Dilma Rousseff, confirmed this position at Barack Obama on Wednesday at a meeting in New York.

On the macroeconomic front, the United States, home resales for the month of August are expected in 16 hours as the weekly inventory of crude oil at 16.30.

In Britain, the public finance figures for August are expected.

In Italy, the current account balance for the month of July will be published.

In Japan, foreign trade figures for August will also be unveiled.

On the foreign exchange market, the euro remained stable against the dollar Wednesday after Greece has reported "satisfactory progress" with the troika of creditors, but the markets remained nervous awaiting the announcements of the Fed . Around 8 am, the European currency was worth 1.3703 dollars against 1.3702 dollars the night before.

As for oil, it was down Wednesday morning in a market desperate to face the crisis of debt in the euro area, pending a decision by the Fed to promote economic recovery of the largest consumer of crude in the world.In early electronic trading, a barrel of "light sweet crude" for October delivery gave up 53 cents to 86.38 dollars per barrel of Brent North Sea crude for October delivery lost 37 cents to 110.17 dollars.

Values ​​to follow

• Banking

After the degradation of Italian sovereign debt, Societe Generale, Credit Agricole and BNP Paribas, which are exposed, will still be observed.

Attention will also Dexia, which, in a confidential document revealed by Libération, said that five thousand five hundred local authorities and public institutions have signed French toxic loans.

• Bouygues

The group filed with the Autorité des marchés financiers (AMF) the prospectus of the takeover of shares of € 1.25 billion announced on August 31, at 30 euros per share.

• Saffron

The aerospace equipment mandated banks Mediobanca and UBS to bid for the Italian manufacturer of aircraft engines Avio, reports the newspaper front page.

• JCDecaux

According to Les Echos, the group won an exclusive contract advertising on two subway lines in Chongqing in China for a period of 15 years, but did not disclose financial details.

• Le Noble Age

The company announced in a press up all its results in the 1st half (34% to 3.68 million euros for the net) and confirmed the increase in its forecast of EBITDAR margin ( Operating income before depreciation, amortization and rent) of EBITDAR margin at cruising speed greater than 27% by year end.

The group did not indicate the amount of the order but at list price, the total value would represent an investment of $ 20 billion and approximately 11.3 billion in firm orders.Following its board of directors held Thursday in New York, the group said the acquisitions "are designed to be funded by cash flow generated by the group's operations."

In addition, the group plans to commission 73 new aircraft by 2024 and then the options are exercisable between 2026 and 2028. The first Boeing 787-9 will enter service with KLM in 2016 while the first Airbus A350-900 will integrate the Air France fleet in 2018. The airline declined to give guidance on the distribution of new orders between the two group companies business cards design. "The two companies operate the two types of devices," Air France said simply. Sign that the group is more integrated than before and that the merger between Air France-KLM starts synergies.

Outstanding issues

Points of legal and economic order are still being defined.The discussion include the drivers and maintenance. In fact, the A350-900 ordered will be powered by Rolls-Royce or any device so far the airline did not work with such engines. The most important maintenance service of Air France-KLM has to adapt to new circumstances, notably through new licensing agreements.

And even if Air France-KLM touts its choices "after a detailed assessment" including on energy and environmental performance of appliances, the critics could rocket. One hundred French deputies had indeed launched a petition in June to urge Air France-KLM, which the state owns 15.7%, to choose the Airbus A350 instead of the Boeing 787 for its next command.

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Investors cautiously welcomed the determination shown by German Chancellor Angela Merkel, French President Nicolas Sarkozy and Prime Minister of Greece George Papandreou during a conference call Wednesday night to Athens out of the crisis. Same upward trend in other European financial centers: the FTSE-100 wins from 0.67% to 5262.05 points, the FTSE Milan Mib rose 0.69% to 14,264 points and the Dax in Frankfurt rose by 0 , 87% to 5386.86 points.

For now, the markets show their confidence in the ability of the euro area to help Athens to prevent the country are lacking, and is forced out of the single currency. At the end of their conference, the Franco-German and was convinced "that the place of Greece is well and truly in the euro area." But on one condition, also very explicit: "The implementation of strict and effective recovery program of the Greek economy supported by the countries of the euro area and the IMF and which conditions the disbursement of future tranches of the program. "George Papandreou was quick to deceive, confirming" the absolute determination of his government to take all necessary measures to implement all commitments. "For the budget minister Valérie Pécresse, what the Prime Minister of Greece were "reassured" the euro area, she said on Thursday LCI.

The U.S. maintains pressure on Europe

To this, add the announcement of the Brics (Brazil, Russia, India, China and South Africa) said on Wednesday they could increase their holdings of bonds denominated in euros. Brazil has such willingness to participate in a "global effort" against the economic crisis that affects rich countries, said the same day the President of Brazil Dilma Rousseff. The same goes for Russia, which has indicated its willingness to "consider an investment in the new mechanism in the euro area euro if the responsibilities are clearly defined" through its Vice-Minister of Finance.However, Italy, whose rates have soared during bond, has denied media reports that she would have asked China to invest in debt.

U.S. side, however, no way to release the pressure on Europe. It "must do more" in the words of Timothy Geithner, U.S. Treasury Secretary, who must participate in a meeting Friday of finance ministers in Europe. In an interview Wednesday on the financial channel CNBC, he considers, however, that the Europeans "has the capacity" to resolve the crisis, seeing as a good thing that they "recognize that they are late."

Note that Christine Lagarde, Executive Director of the IMF, should give a speech in Washington on "Challenges and solutions for the global economy and the IMF" to 16 hours.While Ben Bernanke, the Fed chairman, should speak at a conference in Washington on the regulation of systemic risk in the early afternoon.

Oil prices continue to fall

On the macroeconomic front, figures on employment in the euro zone for the second quarter are expected, and inflation in August.

In France, the trade deficit is expected to reach 75 billion euros this year, a new sad record after the 56 billion euros recorded in 2008, says Les Echos low interest rate personal loans.

For its part, Spain on Thursday to conduct a bond issue.

Finally, many figures are expected in the U.S., including inflation for the month of August, the current account balance in the second quarter, the weekly claims for unemployment and industrial production for the month of August .

On the foreign exchange market, the euro down 0.16% to 1.372 dollar on Thursday. In turn, oil prices continued to fall, after figures showing a decline in demand for refined products in the United States, and while the markets remain worried about the situation in the euro zone, analysts said.In early electronic trading, a barrel of "light sweet crude" for delivery in October lost 43 cents to 88.48 dollars per barrel of Brent North Sea crude for October delivery 53 cents to 111.87 dollars.

Values ​​to follow

• Banking

The banking sector, including Societe Generale (0.29% to 17.43 euros), BNP Paribas (1.04% to 27.18 euros) and Credit Agricole (1.80 to 5.31%) will be once again scrutinized by investors. The crisis became systemic, according to a document sent to the European Union finance ministers and obtained by Reuters, which also recommended a further strengthening of bank resources. In addition, two out of three French believe that the weakening of the banking sector related to the debt crisis could threaten their economies, according to a CSA poll released Wednesday to Les Echos.

• LVMH (1.25% to 113.20 euros)

The group announced Wednesday it had chosen Jordi Constans, come to Danone, to succeed Yves Carcelle at the head of Louis Vuitton in 2013.

• ArcelorMittal (2.68% to 13.23 euros)

The company promised to stop its steel plant in Florange (Moselle) would be temporary, said Wednesday the French government.

• Areva (2.04% to 21 euros)

The nuclear expert will present its strategic plan in early December through improved operational performance, an adjustment of investment and possible asset sales, said its president of dirctoire in an interview for Echoes.

• Publicis (0.56% to 30.66 euros)

The group announced Thursday the acquisition of 100% stake in a public relations agency in the United States, Schwartz Communications, which specializes in technology and health, for an undisclosed sum.

• Bouygues (0.53% to 24.86 euros)

Wednesday, Bouygues Construction, through the company Eirene, delivered the first 53 service centers and respond to the DIT (Directorate of transport infrastructure under the Ministry of Ecology, Sustainable Development, Transportation and housing), according to Reuters.Eirene now provides maintenance and management of these buildings for 28 years.

• Technip (0.76% to 67.89 euros)

The French group of Petroleum Engineering has won a contract for facilities ammonia-urea fertilizer in Port-Gentil (west of Gabon), from Gabon Fertilizers Company, said in a statement.

• Cellectis (6.02% to 5.99 euros)

The company will acquire the Swedish company Cellartis specialist tools for research and development in vitro derived stem cells, as part of a contract valuing the approximately 33.8 million.

• Hermes

The luxury group said that trading in its title would be suspended Thursday pending the decision of the Court of Appeal of Paris on the exemption granted by the AMF on the buyout of minority interests.

Similarly, the notes of Crédit Agricole and Societe Generale are also placed on negative watch.In the case of Crédit Agricole, the note changes from "Aa1" to "Aa2," the decision is related to exposure to Greece, while that of Societe Generale, whose rating is downgraded to "Aa2" to "Aa3," the review is to reassess the assistance that could provide the authorities in case of crisis. Note however that the long-term rating of the bank red and black was reduced by only one notch, while Moody's had raised the possibility of falling down two notches. In fact, Moody's decision was expected by the markets. The agency warned on June 15 of this possibility when she made notes of the three banks on negative watch.

The banks were quick to react.Crédit Agricole has announced the establishment, by the beginning of December, a formal support mechanism to the bank market Crédit Agricole Corporate and Investment Banking (CIB CA), according to a statement. BNP Paribas has in turn decided to adjust its balance sheet and Societe Generale had announced a plan to save money. For its part, Societe Generale said "take note" of the decision of Moody's, in a statement released Wednesday.On an optimistic note, the bank then see a confirmation that "exposure to Greece," and more broadly to all sovereign debt of peripheral countries in the euro area remains "modest and manageable" in terms of " profitability and its capital. "

Among the top rated banks in the world

Sebastian Bartholomew, head of credit analysis of Louis Capital Markets, perspective the decisions unveiled this morning by Moody's since these actions "were expected by the markets and for Societe Generale, Moody's improves even his original plans due to the inclusion of systemic support. The agency estimates that banks are able to cope with their exposure to countries in need. The weaknesses of the three French banks, said Moody's, lie in their dependence on the interbank market. "A malfunction of this market could lead to further degradation.

In addition, the analyst said that even lowered, the ratings assigned by Moody's are higher than those awarded by S & P. Moreover, French banks are among the institutions rated in the world. Only the English banks present assessments of the same level.

"A relatively good news"

Shortly after these announcements, the Governor of the Bank of France, Christian Noyer, sought reassurance. He said the position of French banks is not likely to deteriorate further. The microphone of RTL, the latter has said: "I do not think the situation continues to deteriorate and I may surprise you but I think even the degradation of the notes of two banks is relatively good news."

And member of the Board of Governors of the European Central Bank believes that "French banks keep high marks and are the same as the big European banks (…) There is no very bad news." French banks "do not need money to meet their commitments" and nationalization of the banks "would not make sense," said the Governor of the Banque de France.

In addition, Sebastian Bartholomew, head of credit analysis of Louis Capital Markets, said that French banks

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After the removal last week of raising VAT on theme parks, the UMP president of the National Assembly, Bernard Accoyer, pleaded Tuesday morning in an interview with Les Echos, a lower threshold for taxation of high income. Those reporting more than 250,000 euros of income would be affected as well, while not the government's plan was originally intended that the income of more than 500,000 euros. "It's still very high level. I think this discussion will be debated in Parliament. I am at least favorable, "said Bernard Accoyer. A proposal that the government seems willing to consider.Europe 1 this morning, the Minister of Economy, Baroin, said here that "it will be discussed in the budget for next year. We made a proposal, the debate is open. " This measure, however, should be discussed in October.

Remove the Consolidated Global Profit

The government and members of the majority have already agreed on Monday to restore the deduction on real estate gains after 30 years in prison out of a good residence payday loan. To finance this partial restoration of the reduction, the budget minister, Valérie Pécresse, expressed on Tuesday on Canal + ready to tighten the tax on luxury hotels and large groups.

"Whatever the arrangements, relaxations or changes you make to a particular measure, it will have to be fully compensated," recalled the minister.To do this, the parliamentarians had proposed to tax at 14% turnover of hotels above four stars. A measure considered "too heavy" by the minister, "the government will propose a more gentle." According to an official UMP city Tuesday morning by AFP, a 2% tax on overnight could be created.

Large groups will also be put to work by striking the Consolidated Global Profit. A regime that benefited in 2010 only five multinationals, including Total and Vivendi, and enabling them to significantly reduce their corporate tax. The shortfall of this niche was for the state to 460 million euros last year.

"This is a world first, exclusive service and unprecedented," enthuses Jerome Yomtov, general secretary of Numericable. "We want to bring all the mobile services already on the box at home, at home or abroad called unlimited," he says. Over 100 countries are included in this offer, including most major destinations throughout Europe, the DOM, the United States, Canada, Asia.It is extended to calls to Morocco and Algeria for Numericable subscribers who have subscribed to the "Maghreb More" on the NCbox.

This new offering "world" not only to make calls to landlines abroad, but also to the Chinese mobile, U.S. and Canada. And supply expected to be enriched in the coming months. "You can call the U.S. since its unlimited mobile to 34.90 euros a month. United States, to call a mobile to mobile unlimited is $ 70. In short, it will be cheaper to call the U.S. from France, than to be there! "Said Jérôme Yomtov.

Numericable says the offer will be profitable.While the cost of communications decline in Europe and the world, he found a business model by negotiating agreements with major international operators such as Verizon, Telefonica, Cable and Wireless, Tata Communications.

One way to cut the grass under the feet of Free which means lower prices but also change the mobile uses. "This is the mobile revolution continues," trumpets for days on Numericable Tweeter … which led to his being sued by Free, which considers the term as its slogan identity. Atmosphere!

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The only macroeconomic indicator on the agenda on Tuesday, however, was likely to reinforce fears of the market: sales of new housing in the United States have in fact declined by 0.7% in July, following declines of 2 9% in June, according to the Commerce Department. On an annual basis, the sales trend to 298,000 units (300,000 in June after), while analysts on average had forecast 310,000. If other indicators will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

That day, in fact, speak the chairman of the Federal Reserve, Ben Bernanke.Speculation is rife, some still hoping that it will decide a third monetary easing to support the U.S. economy. Will also be unveiled for the second estimate of U.S. GDP for the second quarter.

Banks and investment funds turbulent agitated

Oil markets, a barrel of "light sweet crude" for delivery in October closed up 1.02 dollars to 85.44 dollars in New York. As for gold, it never ceases to reach new records: the precious metal has reached this morning for the first time in its history to 1900 dollars.

As for values, the securities of the banking sector managed to recover. Monday, banks have suffered a lot and have weighed most heavily on the Dow. On Tuesday, Bank of America finally finished down 1.87% to 6.30 dollars.The bank, however, lost up to 6% to 6.01 dollars after losing 7.9% Wednesday on rumors of capital increases.

UBS gained 5.23% to 13.64 dollars, while Goldman Sachs ahead of 0.33% to 106.86 dollars, a government source who reported that the bank had hired Reid Weingarten, a lawyer of reputation, that markets see as the harbinger of a tough legal battle over the role of the bank in the financial crisis of 2008-2009.

News is expanded on the side of investment funds. The fund Cerberus and its partner Chatham Lodging Trust and have informed the United States real estate company Innkeepers Trust (Marriott franchise) they did not buy the walls of 64 of its hotels in the United States.The transaction, amounting to $ 1.1 billion, was announced in May.

The investment fund Jana Partners in New York and the pension fund Ontario Teachers Pension Plan, shareholders of the publisher McGraw-Hill (4.45% to 38.69 dollars), for their part stated the recommended separation group's activities. The two investors, who had announced in early August have acquired a total of 5.2% of the capital, advocated in a paper presented to the authority of the U.S. equity markets (SEC) that the group split its divisions Education, Information and Media and stock index Standard & Poor's.

Finally, on the front of mergers over the world stock markets, the Committee on Foreign Investment in the United States (CFIUS) approved on Tuesday the merger of NYSE Euronext (5.17% to 26.23 dollars) and Deutsche Börse (-0.67% to 56.52 dollars) that should give birth to the first global exchange operator.

Classified ads posted on the Internet are dangling jobseekers a salary of 1000 euros to 2500 euros per month for a simple mission: reship in Africa. In reality, the newspaper said the victims "hired" never touch the wages promised. Moreover, these organizations use their postal address, obtained through a fake contract, to make purchases on the Internet with stolen credit cards.The packages are then sent to the victim, who is to redispatch in Africa, where these networks are based.

Identification almost impossible

When the banks come, ten days later to deny payment for purchases is to "employee" that are turning e-tailers easy payday loans. "It was at that time he understands that he was a mule in the service of a scam," said a judicial source in everyday life. While it is rare that the dealer cheated pursue the victim, it is however difficult to trace the "employer", the shipping address not listed on the stickers sent to Africa with the package.

The identification of these crooks is made virtually impossible. A single network, based in Ivory Coast, has so far been uncovered by police for damages amounting to around 900,000 euros.But after the opening of a judicial investigation in Grasse, research investigators ultimately failed in an Internet cafe in Abidjan. The same source, "the only way to stop this scam is to rely on suspicion of Internet users."