Having unscrewed yesterday, the markets are returning to 14:10, the Cac 40 gained 0.75% to 3708 points, after falling more than 1.80% in plenary. In Tokyo, the Nikkei ended the session on a drop of 3.22% to 9082 points.
Investors are beginning to put their fears about Dubai. The financial difficulties of the emirate of Dubai have led to ask its creditors for a six months moratorium on debt repayments. Dubai World, the public holding company owner of the artificial island shaped like palm, and the property giant Nakheel is unable to repay the 59 billion they have borrowed.
Dubai displays a debt of 80 billion dollars, of which about 70 billion owed by public enterprises. Yesterday, the rating agency Moody's immediately downgraded the ratings of six major government-linked companies.For its part, Fitch downgraded two major public companies in Dubai, DHCOG and Dewa. According to Standard & Poor's, many institutions will raise capital in the coming months. Analysts fear a domino effect. The deferred payment of debts could reach other companies, especially in emerging countries. British banks Barclays, Lloyds, Royal Bank of Scotland, but BNP Paribas and Credit Suisse are among the creditors of Dubai World.
According to Credit Suisse, the European banks' exposure to debt and Dubai companies which are attached is estimated at 13 billion euros. If Dubai and parastatal entities were to be absent on 50% of their debt, the bill would amount to 5 billion euros after tax for European banks.
In metropolitan France, the registered unemployed in October rose 52.400 to 2.6 million, an increase twice that of September, and 43,000 to 3.8 million, including those in small business, announced Thursday the Ministry of Employment. These figures suggest that the effects of the crisis on employment will continue beyond the end of the year.
Values to follow the Paris Bourse
EDF and Britain's Centrica have finalized their agreement. EDF (+0.13%) will acquire the 51% held by Centrica in Belgian SPE-Luminus and Centrica will take 20% of Lake Acquisitions, the holding company which owns 100% of British Energy, as well as 20% of the project company of 'EDF set to build new nuclear plants in the United Kingdom.Moreover, the managing director of Italian Eni announced yesterday that a memorandum of agreement on the entry of EDF in the pipeline project South Stream was about to be signed with Russia.
In an interview with The Daily Progress, St?phane Richard, Number 2, France Telecom (-0.35%), has announced its intention to become the CEO of the telecom operator in 2011. Also yesterday, the unions CGT, CFDT, CFTC and FOR, representing 68% of French employees of the group, signed for the establishment of a part-time senior (GST) may affect up to 14 000 employees .
Philippe Varin, CEO of PSA Peugeot Citroen (1.48%) confirmed that the group's operating income would be in equilibrium in the second half and that 2010 would be a difficult year for the sector.
The entire automotive sector, however, is well oriented on Friday: 3.48% wins Michelin and Renault rose 1.76%.A memorandum of agreement on the restructuring of Avtovaz be announced today. According to Les Echos, Renault (-1.57%), which owns 25% of Russian manufacturer should provide assistance in kind equivalent to 240 million euros. Out Cac 40, Faurecia advance of 1.34% and 0.24% Valeo takes.
The Paris court hearing a case of alleged cheating customers GDF Suez (-1.30%) refused Thursday to rule. He believes that the company had not been "informed in detail of the facts alleged against him."
Vivendi (-0.57%) could buy Orascom Telecom Algeria as part of an alliance with the Algerian group Cevital, according to La Tribune.
"TIP:" A welcome correction "(with jdf.com)