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The CAC 40 index recorded a new low of the year Friday afternoon at the Paris Stock Exchange, just after the announcement of a U.S. growth weaker than expected in the second quarter, confirming fears of the market of a slowdown in the United States.

The CAC 40 fell to its lowest level since December 1, 2010 to 3630.75 points (-2.2%) just after the publication of preliminary figures of U.S. GDP.

The benchmark index of the Paris ended down 1.07% at 3672.77 points, according to preliminary closing level, computing the final level being delayed by a technical problem on NYSE Euronext, which has disrupted the 3:30 p.m. to 5:08 p.m. market.

For the week, the temporary loss of the CAC 40 was 4.42%.

Concerns about sovereign debt in Europe and the United States, coupled with performance and prospects considered to be disappointing, especially for Veolia, Michelin or Total, also weighed on the trend throughout the session.

However, the market has used the excuse of a President Barack Obama's speech at the end of the session, calling for a bipartisan solution to the debt crisis, to reduce its losses.

"Obama called for national unity on the debt. It's not much, there has been no decision.But we believe that investors who short the market this week, bought their positions before the weekend, "said Joffrey Ouafqa, Convictions manager at Asset Management.

The GDP of the United States increased by 1.3% annual rate in the second quarter, according to preliminary estimates, while economists on average expected growth of 1.8%.

"In short, we have a U.S. economy that has evolved over six months at a pace that is dangerously close to the threshold of recession and in the short term, we do not very encouraging elements of the real economy or persons responsible for economic policy, "said Bruno Cavalier, an economist at Oddo Securities.

Pan-European FTSEurofirst 300 indices and Euro Stoxx 50 ended down 0.41%, respectively, and 0.83%. Squares of London and Frankfurt have yielded 0.44% and 0.99%.

Credit Suisse unveiled Thursday figures subdued for the second quarter, announcing a program to reduce costs.

Credit Suisse is setting up improvement measures to achieve one billion Swiss francs of savings and cost reductions by 2012. This program includes workforce reductions of approximately 4% of the global group.

These initiatives include the costs of implementation in 2011 of 400 million to 450 million francs, of which 142 million have already been recorded in the second quarter.Additional amounts will be accounted for the rest of the year.

UBS said Tuesday it would cut the next two to three years due to certain costs of 1.5 to 2.0 billion francs.

Net income fell to 768 million francs, after 1.14 billion in the first quarter while economists had forecast 1.02 billion francs.

The period was also marked by fair value gains of CHF 41 million, said in a statement number two in the banking industry in Switzerland.

In the various business segments, the private bank recorded a profit before tax in a small decrease to 843 million francs, while the investment bank saw its five-fold to 231 million francs.

Asset Management has completed the period of the second quarter pre-tax profits rose to 202 million.

"Our performance in respect of Investment Banking was below our expectations," admitted the chief executive Brady Dougan in a statement.

This segment was impacted by difficult trading conditions and declining customer activity.In addition, the weaker U.S. dollar vis-à-vis the Swiss franc had a negative impact on revenue and favorable for the charges, said Credit Suisse.

The net inflow of capital at the group rose to 14.3 billion and 11.5 billion francs in private banking. In asset management, Credit Suisse has recorded revenue of four billion.

Analysts polled by Reuters had forecast on average net inflows of 14.2 billion in private banking and 3.98 billion in asset management.

The ratio of core capital remained stable at 18.2% at the end of the quarter. The return on equity has however declined to 9.7% against 13.4% in late March.

First recommendations of the IMF Annual Report on the French economy to reduce its public deficit to 5.7% of GDP, it will increase the budgetary consolidation measures. Because the growth prospects for France are lower than expected. Bercy would be willing if necessary to strengthen its efforts to reduce the deficit, including planing more tax loopholes.

The International Monetary Fund (IMF) has welcomed the commitments to reduce the deficit announced by France, but believes it will make additional efforts to meet them, in its annual report on the French economy on Wednesday.

"Progress is being made in fiscal consolidation, but further efforts may be needed to achieve the objectives for 2012-13," the Fund in this report.France has pledged to reduce its deficit from 7.1% of gross domestic product (GDP) in 2010 to 5.7% this year, 4.6% next year and 3% in 2013. But for this, the government expects an acceleration in growth from 2% in 2011 to 2.25% in 2012 and 2.5% in 2013.

But the IMF expects growth of 2.1% this year and only 1.9% next year and 2% in 2013. He warned further that the debt crisis in the euro area poses risks to this outlook. As a result, the IMF is concerned that, given the current state of the measures announced, "the deficit declined more slowly envisaged."

He estimated it would still be 3.8% in 2013 if no additional effort is made. The public debt would reach a peak at 88% of GDP that year and to decline – while the government provides an early decline, to 86.4% in 2013."Meeting the deficit target to 3% of GDP in 2013 requires further action," stressed the report. Savings or new revenues in addition should represent 0.2% of GDP in 2012 and 0.6% of GDP in 2013, they calculate, citing for example an increase of reduced VAT rates in force.

The government has already expressed its readiness to strengthen its efforts if necessary to reduce the deficit, including planing more tax loopholes. "France can not take the risk of not meeting its fiscal targets over the medium-term" if it wants to preserve the low cost of borrowing as guaranteed its AAA rating, the best possible, warns the IMF. He noted that the deficit and debt of France are higher than those of other states rated AAA.Overall, the IMF report confirms the good report given to the French government and its management of the crisis, June 15 at the end of a mission of experts in France. He stressed that the path of deficit reduction is expected a "good balance between speed and feasibility."

In a statement, the Minister of Economy Baroin "welcomes" the report "which welcomes the economic policy of France." It focuses on the passage "recalls the importance of adopting the golden rule budget", a debate that stirred the government and opposition. "A fiscal rule currently being debated (…) help give a clear signal of the authorities' commitment to respect the adjustment path," the Fund, taking up an argument already mentioned mid-June.

The inclusion in the Constitution of this "golden rule" has already been passed by the National Assembly and the Senate, but requires approval by the entire Parliament convened in Congress. But the Socialist Party, which at least some of the voices are needed, refuses to vote, citing the government's own responsibility in the surge in the deficit since 2007.

Klépierre reported Monday, against all odds, a growth of almost 4% of its rental income, supported by the increase in rents in shopping centers in an economic context, however, marked by the slowdown in consumption in Europe.

The land, owned nearly 50% by BNP Paribas, also confirmed to wait for this year in rents and a slight increase in net current cash flow per share at least stable.

Rental of the entire office building in Issy Sereinis-les-Moulineaux (Hauts-de-Seine), with effect from 1 September 2011, confirms this view, the company said in a statement.

"Klépierre has very good growth prospects," said Laurent Morel, CEO of the group during a conference call.

Concentrated to 90% on France and Scandinavia, the transactions under development represent a potential 80 million euros of additional rent to the end of 2013, ensures the company, while several large shopping centers should open in 2012 as Saint-Lazare in Paris, and Emporia in Malmö, Sweden.

Maintaining the pace of asset sales

"We maintain our pace of sales," said Laurent Morel also referring to 77.4 million euros of assets sold off rights to the first six months of the year, with an average premium of 4% the final appraised values.

"We always think we cede some 200 million euros this year. In all, our heritage reaches a value at June 30, right out of 15.6 billion euros against 14.7 billion euros at end June 2010 and 15.1 billion euros at end December 2010, "he added.

Rental income group reached 471 million euros at end-June, against 453.8 million euros a year earlier and 452.04 million euros expected by analysts from Thomson Reuters consensus I / B / E / S.Rents malls rose 5.6% to 436 million euros.

At constant exchange rates, rising rents and the consolidated shopping centers, however, were limited to 1.6%, the company said that net debt increased by 139 million euros over six months, 7, 64 billion.

Given the improved value of its assets, the debt ratio ("loan-to-value") Klépierre, however, was reduced to 46.5% (against 48.6% a year earlier).

In addition, the net current cash flow, group share was down 0.4% over one year to 184.1 million euros, or 0.99 euro per share.

Before the publication of these results, Klépierre, whose market capitalization is 5.2 billion euros, finished Monday with a gain of 0.88% to 27.41 euros, bringing the increase to 1.56% title since the beginning of the year, against respectively 1.05% and 7.64% for Unibail-Rodamco.

The value is now trading at a discount of 6.1% compared to its net asset liquidation, stood at 29.2 euros at end-June, up 4% compared to end December 2010, against a premium of 19.8% in the field to Unibail, which reported on Wednesday a 0.9% growth in recurring profit in the first half, supported by rental income.

The agreement reached Thursday night at the Summit of the euro zone to help Greece and create an embryonic "European Monetary Fund" a turning point in the crisis but does not mean the end, analysts say.

European markets have certainly welcomed the opening Friday the agreement reached with forceps but several question marks stand already on the road to euro zone countries.cceptée by banks and European insurers on their claims Greek is easily bearable.

"For banks, the agreement is not worse than was feared.Analysts had already built a partial loss and the number of twenty billion overall loss that flows will not destabilize them, "said Pierre Flabbée, an analyst at Kepler Capital Markets.

But "what matters is whether the markets will consider the agreement provides a substantive response to the crisis of the euro," he warns.

SUSTAINABILITY

In all, the new plan will represent Greece 159 billion euros, of which one third – 50 billion – will come from a voluntary contribution of private sector operations through the exchange of bonds (37 billion) and redemptions ( 12.7 billion).

Greek debt, however, should not be reduced by over 25 percentage points of GDP over the next five years, according to estimates by JPMorgan, which correspond to figures provided Thursday by the French delegation.

The bank judges that the debt will not cross the threshold of 120% by 2016 while the Greek program of privatization of 50 billion euros is implemented in its entirety, what many doubt in Brussels.

"The solutions adopted do not address the underlying problem which is that of a debt to 350 billion euros that the Greeks will not be able to repay or through financial aid, measures of privatization or the promise of reducing expenditures as GDP is low and high interest charges, "insists his side CM-CIC.

In addition, the default situation reported by rating agencies with regard to these "swap", "rollover" and "buy-back" could have consequences difficult to predict, despite the commitment of states to provide the European Central Bank (ECB) guarantees necessary for it to continue funding operations in Greece and its banks.

INTEGRATION?

Analysts also doubt the ability of Portugal and Ireland, the other two countries receiving aid program, to avoid the remedies applied to Greece and in particular a discount to the private sector.

Despite the assurances of Heads of State and President of the ECB Jean-Claude Trichet that Greece is an exceptional case requiring exceptional response, they consider that the risk premiums associated with peripheral countries in the euro area remain high after an initial decline.

"We do not believe that 'spreads' semi-peripheral will be reduced to their pre-July, mostly because the previous rescue plans led to 'spread' highest once the euphoria has settled" says a note from JPMorgan on Friday.

Decisions on longer-term governance of the euro area also raise questions.

The redesign of the Financial Stability Fund (EFSF) and the European Stability Mechanism (SPM) who succeeded him from 2013 – to make it more flexible and allow it to take preventive action – immediately raised the question of whether these organizations had the financial means to cope with these new features.

Finally, the fact remains that the euro area monetary union without a true economic union remains a concern.

Philippe Waechter, Natixis Asset Management, believes that the current institutional construction reached its limits and must now "move to a wider mode has its own autonomy and not dependent on the unanimity of the countries that will be around table ".

The proposals for governance of the euro area than France and Germany said they would put on the table by the end of August will determine whether the two heavyweights of the single currency are ready to move in this direction .

EDF and Delmi holding company, which jointly control Edison, resumed their discussions around a draft agreement that would give the French electricity control number two Italian electricity.

The president of Delmi, Franco Baiguera, said Thursday it had resumed talks with EDF and the Italian Economy Minister Giulio Tremonti had lifted its veto on an agreement in March which gave the control of Edison French.

"Today, the scenario has changed," said Franco Baiguera to reporters after a meeting of the Board of Directors of Delmi.

EDF currently holds directly and indirectly 49% of the capital and 50% of the voting rights in Edison.

French and A2a, majority shareholder of Delmi, have extended their shareholders in March in Edison for six months until September 15, 2011, to take the time to reach agreement on the restructuring of their partnership .

Italy had blocked the takeover of Edison by EDF after the French raids in the capital of its companies, with the takeover of Parmalat dairy group Lactalis by the redemption and the jeweler Bulgari by the luxury group LVMH.

Baiguera Franco also said Thursday that the shareholders' complex that binds and A2a EDF in Edison could be further extended beyond September 15.

Delmi shareholders, including A2a (51%) and EDF (50%), have agreed to the price of output is based on Edison's net asset value and not on the share price, he said.

"In our opinion and according to EDF (…), is the net worth of 8.2 billion euros, equivalent to 1.50 euro per share," said Franco Baiguera.

Apple Tuesday reported a quarterly revenue again well above expectations, driven by strong sales of iPhones, particularly in Asia, and tablets iPad.

The Cupertino (Calif.) posted revenue of 28.57 billion dollars in its third fiscal quarter ended June, nearly doubled in one year, while analysts on average expected billings of close to 25 billion dollars, according to Thomson Reuters I / B / E / S.

The U.S. company sold 20.34 million iPhones during the quarter instead of 17 to 18 million expected by the market, giving it the role of world leader in smartphones.

It also sold 9.25 million and 3.95 million iPad Mac.Gross margin stood at 41.7%.

Apple should release a new version of the iPhone in the coming months.

The profit amounted to 7.31 billion dollars in the third quarter, or 7.79 dollars per share against 5.85 dollars expected by the market, representing 33% better than the average forecast. Apple had exceeded expectations by about 20% during the previous two quarters.

Apple, whose forecasts are usually conservative, estimates that earnings per share for the current quarter will rise to $ 5.50 for a turnover of 25 billion. The market expects 6.45 dollars and an annual turnover of 27.7 billion.

In after-hours trading, Apple's stock gained more than 7% to $ 405 after a brief suspension.She had finished up 0.8% to 376.85 dollars.

Based on a share price of $ 400, Apple's market capitalization stands at nearly $ 370 billion, which approximates that of the Exxon (412 billion).

Questions about the health of Apple founder Steve Jobs, who announced in January a new stop-disease, remain in the background. The Wall Street Journal, several members of the board of the group raised the question of his succession, and have spoken with at least one head of a major technology company.

Many observers believe that Steve Jobs will not return to work in the company he founded in 1976. His acting is currently provided by the Chief Operating Officer Tim Cook.

The brand's ready-to-wear clothing Paule Ka was acquired by the fund Change Capital Partners, which intends to accelerate development in the brand internationally, including a booming Chinese market.

The founding family of the brand founded in 1987 by Serge Cajfinger sold about 50% of the capital fund Change Capital to retain 30%, while the Deposit and Consignment Office (CDC) has since 2007 via its funds in business, sold its 17%.

The amount of the transaction, announced Monday in a statement, was not disclosed.

Paule Ka, known for her evening gowns to look chic and sober, often filled with the spirit of the 1960s, was looking for an investor to accelerate its development, including its network of stores owned and its presence Asian markets with very strong growth.

"The company wanted to move to another gear with the backing of a distribution specialist," said Antoine Reuters Bing, deputy director general of the brand.

"We were attracted by the positioning of the company in the segment of ready-to-wear clothing at an affordable price", for his part felt Lobmeyr Stephan, Partner at Change Capital.

The dresses of the mark are sold on average between 350 and 450 euros.

The company released, according to him, a very good return in terms of outlets, which will in the future "to absorb more costs related to the creation and collection development."

TOWARD A MORE DISCREET LUXURY IN CHINA

The company, which has weathered the crisis by managing to keep its sales and its workforce in 2009, has streamlined its costs, particularly in the transport or assembly, from Eastern Europe mainly.

She realized during the year ended in July 2011 a turnover of 40 million euros, up 14% to an EBITDA margin of 15%.

The label wants to double the number of its own stores (8) in Europe in five years and is an important development of its franchise network (7), corners (29) and multi-brand retailers (370).

In China, in particular, considers the brand's growth potential is very important, given the new aspirations of customers "who is looking for a more discreet luxury," he noted.

Paule Ka is expected to open its first store in mainland China at the end of the year, then to open two to three per year over the next five years, said Anthony Bing.

It also aims to open a flagship in New York within twelve months.

From its sales in France, 50% now, should eventually get around 35%.

Paule Ka, which is chaired by Serge Cajfinger, will also continue its diversification. Bags and accessories account for 12% of its sales today and the brand will launch in September an eyewear collection manufactured under license by The Amy.

Plans are also under consideration for the development of an online children's clothing and lingerie.

EXCITEMENT IN THE LUXURY

Change Capital, founded in 2004 by Luc Vandevelde, former chairman of Carrefour, has invested in the German ready-to-wear mass-HALLHUBER.He had also invested in the brand Jil Sander before selling it to Japanese investors.

This acquisition is a powerful wave of mergers and acquisitions in the luxury and fashion, driven by a sip of liquidity and industry that is experiencing growth rates that few industries can boast.

Within a few months, Bulgari has been taken over by LVMH, the world of luxury, Jean-Paul Gaultier by Spanish Puig, Cerruti Trinity by the Chinese, whose holding company Li & Fung has also acquired Robert Clergerie, the English shoemaker Jimmy Choo has been bought by German Labelux, the leather tanner by the investors in Qatar.

The Paris Bourse, like other European markets, continuing its downward trend in early trade Friday, also hit by the crisis of sovereign debt on both sides of the Atlantic.

Before publication at 18:00 (Paris time) the results of tests of resistance of European banks, the CAC 40 index, which lost 1.11% Thursday, fell 0.76% to 3722.69 points to 9:15.

Scholarships may also be affected by the expiration on Friday of futures and index options.

After Moody's, Standard & Poor's warned the U.S. federal authorities about the risk of deterioration in the "AAA" rating from the United States in the absence of agreement on raising the ceiling on the national debt.

The Europeans, meanwhile, are struggling to agree on a credible solution to the crisis in the eurozone.

In this context, and pending the results of stress tests, financials weigh heavily on the coast.

BNP Paribas lost 2.11%, Axa 1.72% 1.55% Societe Generale, Credit Agricole 1.37% 1.24% Natixis.

STMicroelectronics shows the largest drop in the CAC, Morgan Stanley has lowered its board of overweight weighted line and reduced its target price of 10 to 6.5 euros.

London and Frankfurt lost 0.52% 0.62%. Of the European indices, the EuroStoxx 50 yields 0.84% ​​and 0.5% Eurofirst 300.

The euro traded around 1.4125 dollars against 1.4155 on Thursday.

Economic growth should continue this year and next year, driven by emerging markets, despite the difficult budgetary and debt problems faced by many developed countries, say economists surveyed by Reuters.

The 350 economists polled by Reuters all over the world for its quarterly survey are less optimistic for the G7 countries than they were in April. Germany, led by exports, should be the only G7 country to post growth above 3% this year.

For 2011, economists expect global growth of 4.1% over 2010. Next year, gross domestic product (GDP) is projected to increase by 4.3%.These results are comparable to the April survey.

American wealth is expected to increase 2.5% this year and 3% in 2012. The previous forecasts were revised down slightly – they were 2.6% for 2011 and 3% in 2012 – to reflect the high level of unemployment is expected to weigh on growth.

The euro area is expected to grow by 0.4% quarterly for the quarters to come until next April, instead of rising 0.8% in the first quarter.

For 2011 as a whole, the 17 euro zone countries are expected to grow by 2.0%. It is expected to slow to 1.7% in 2012. The European Central Bank expected to recover its key rate by 25 basis points in the fourth quarter to bring it to 1.75%.It is expected to 2% in the first quarter of 2012.

In contrast, German wealth would increase by 3.4% this year and 1.9% in 2012, instead of the forecast of 2.8% and 1.9% the previous survey.

"The German growth will remain above the average, a historical perspective and in relation to the standard of the euro area, as the euro area does not break (…)", says Timo Klein, economist at IHS Global Insight.

JAPANESE ECONOMY SHOULD RESUME

Similarly, for France, economists have revised upwards their forecasts 2011: the consensus is now 2.0% against 1.7% three months ago, to take into account the growth of 0.9%, higher expected, in the first quarter.

But the outlook for 2012 French deteriorate.GDP should increase by only 1.7% instead of 1.8% expected in the April survey.

The UK will struggle to achieve a real growth in the second quarter. The country should suffer fiscal austerity and high inflation. GDP expected to grow by 1.3% in 2011 and 2% in 2012. The rate of the Bank of England should remain at 0.5% until the first quarter of 2012.

In Japan, the economy should rebound after the earthquake and tsunami of March 11 that killed more than 21,000 dead. GDP in the third largest economy was probably still contracted between April and June, but the archipelago should emerge from recession this quarter.

However, some emerging countries are in great shape economic and especially China.These countries also have their difficulties and in particular must face the threat of inflation.

Driven by domestic demand and strong investment, gross domestic product (GDP) of China rose 9.5% in the second quarter on an annual basis, while economists expected growth of 9.4%.

"If the debt crisis in the euro area is not treated properly, it will be a significant threat. It is a threat comparable to the mismanagement of the crisis of sovereign debt in the U.S.," said Willem Buiter , economist at Citigroup.