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In the wake of Wall Street and especially the severe downturn in Asian indices this morning, the Paris Bourse is scheduled to begin the session in negative territory: a marked decline of 1.64%, according to futures contracts of 8:15. Yesterday, Wall Street indexes ended the session closest to their equilibrium level, the wait was put before the publication of the ISM index, the employment figures and results for the second quarter. Volumes were particularly weak as well.

In Asia, markets are more active, but the trend is downward path including a decline of nearly 1.5% for the Nikkei, shortly before the closing. Nippon index is penalized by a salvo of disappointing indicators released in Japan early this morning. The strong yen also affects Asian indices.

Moreover, euro fell back this morning to the dollar and 1.2258 dollar is treated to eight hours.In terms of indicators, the INSEE published this morning at 8:45, the business survey among households in the month of June And in the euro zone economic confidence in the month of June will be unveiled at 11:00. On the other side of the Atlantic, housing prices will be released 15 hours, Paris time and consumer confidence in 14 hours.

EDF and Total in Christian Estrosi

As for companies, investors will pay close attention this morning to headlines EDF and Total. Indeed, leaders of the two heavyweights of the Paris stock exchange will be received this morning by the Minister of Industry Christian Estrosi to discuss the future site of Dunkirk.

Also in the CAC 40, the general meeting of the Accor group's disintegration should also be very well attended.

The eyes will also towards the group's title parapetrolic Technip.The latter will pay 338 million dollars (275 million euros) to settle a dispute with U.S. authorities on suspicion of having bribed Nigerian officials to win contracts in Nigeria, said Monday the Justice Department.

Moreover, the title Saint-Gobain might react after the announcement of the sale of his division advanced to the American Ceramics CoorsTek for 245 million dollars (199 million euros).

In addition, Suez Environment has launched a bid on Aigües of Sabadell, a Catalan company of water treatment.

Finally, Etam, a specialist in ready-to-be bought a little over one quarter of its capital amounting to 99.2 million euros. The operation follows a major shift in strategy and plan of reorganization."It's time to provide liquidity to our shareholders who do not want us in this strategy," says management. This title will buy "no significant impact on the control of the company," says Etam.

An unexpected change of heart: BPCE have finally decided not to sell the subsidiary Foncia, understands Wansquare. The reason? A new law on property managers is underway, and the group Urbania, it is in full rout. This company is on the points to be redeemed by the fund and PEI businessman Bernard Tapie for "a pittance", describes the website.

This new intervene and a few days after the announcement BPCE redemption of any of its subsidiaries, Société Marseillaise de Credit, Société Générale, for the sum of expected 872 million payday loans with no fax.

To recap, the group Foncia real estate was bought in January 2007 by the Banque Populaire banks which had put on the table some 1.3 billion euros.Now Foncia would be valued by analysts in the 500 million euros.

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Societe Generale on Wednesday asked the Criminal Court of Paris condemned his former trader Jerome Kerviel to pay 4.9 billion in damages in compensation for "injury" suffered in 2008.

"It is clear that Mr. Kerviel will not pay" such sum, said in his address one of three lawyers from the bank, Jean Veil.Mais amount is requested for the sake of "simplicity" and "understanding ", he said, adding that this sum represented only" a part "of the injury."You could charge interest, they could claim compensation for moral damage" also suffered, "he added.

The bank alleges that Jerome Kerviel, who faces further five years in prison and 375,000 euros in damages for having taken without his knowledge for tens of billions of dollars of speculative positions in financial markets, which resulted in January 2008 by a historic loss of 4.9 billion euros.

Jerome Kerviel, 33, disputes this analysis and refuses to take responsibility for this perte.Il says his superiors knew of his operations – what they denied in their testimony – and thinks he could have ultimately "chasing" if he had been given time.

Under the old trader, the "unwinding" (liquidation) of the positions he had taken was done wrong at the wrong time, what still strongly disputed Mr. Veil.The bank was threatened, she had no choice, provided the lawyer.

Before Mr. Veil, François Martineau, another lawyer for the bank, explained that the "thesis of Jerome Kerviel" that Societe Generale "knew" what he was doing was "totally unbelievable. First, "why hide what is known? There is a major contradiction. Then, continued the lawyer, "he said, 'They let me win, and when I started losing I was arrested'."But, he said, "it began to lose in April 2007!" Redress the situation before the end of the year end 2007, then lost again in January 2008.

Martineau also recalled the "images" that have been raised since the beginning of this case: the "earthen pot against the iron pot," or "David against Goliath." But there are many, he said A victim who is the bank, and a "defendant" charged with three offenses of embezzlement, forgery and using false and fraudulent introduction of data into a computer system.

The Korean Experience, by Alexander Delaigue, economist and blogger Econoclaste

Protectionism? Good questions but wrong answers, by Nicolas Bouzou, economist at Asteris

Bilateral trade is threatening the dominance of developed countries, by Cyril LACHEVRE, editor of Le Figaro Economie

The fixed-type, by Sebastian Lamache, professor of economics and social Alencon

Korean Experience

Delaigue by Alexander, an economist and blogger Econoclaste

Fiat will decide tomorrow whether to uphold the planned investment of 700 million euros in its factory Neapolitan Pomigliano d'Arco or if it decides not to produce the final Panda in Italy.

The 5500 employees of the group's main plant in southern Italy are in effect asked to vote on the agreement between the manufacturer's direction and four of their unions, the majority in the plant. Steelworkers communist Fiom-CGIL, which are a minority, are in contrast to the resistance.

Sergio Marchionne, Fiat's managing director, requires all unions, including Fiom, undertake a "pact of responsibility" to enforce the terms of the agreement. Otherwise, he threatens to produce the new series of the Panda in the plant in Tychy (Poland), which is already out of 1.6 million models since 2003.

The Panda is a capital model in the Fiat range.This small displacement, very popular, has been produced in Italy with 4.5 million copies in twenty-three years before being relocated to Poland. According to the Corriere della Sera, a Panda "made in Italy", the current costs of production, would cost 500-600 euros more than Tychy.

If Sergio Marchionne has decided to bring a production line in Eastern Europe – "that no other European manufacturer has done," he insists – is part of a " global project for Italy ". The project presentation in Turin last April 21, plans to spend to the peninsula for two-thirds of planned investment by Fiat in 2014 to double sales (104 billion euros) and to produce six million car under its brands and those of Chrysler.

Fiom still resists

In Italy, Fiat wants to build 1.4 million so models, against 650,000 last year.That means modernizing outdated facilities – five in all, including four in the South – to enable them to produce 60-65% of their capacity. Sergio Marchionne has already decided to close its plant in late 2011 Sicily, in Termini Imerese, which assembles Lancia Ypsilon at exorbitant costs. This decision was a first for a manufacturer of Western Europe in its own country. She also earned a violent polemic Sergio Marchionne on Italian politics.

To retrieve the Panda, the Fiat require reductions Pomigliano Arco profitability criteria more acceptable. The plant, which supports 15,000 subcontractors, is plagued by absenteeism and low rates. Sergio Marchionne wants to "saturate" its capacity to 270,000 cars a year out (against 35,000 in 2009), a real leap in quality.He sets his conditions: eighteen laps working on six days (instead of ten every five days), 120 compulsory overtime, a flat on strikes and union licenses, smaller breaks. All with a "pact of responsibility" imposing large fines for unions that do not respect the agreement.

In case of refusal, Pomigliano d'Arco shut – "I do not see what I could do," said Marchionne. The moderate unions signed the agreement and for the support, 5000 workers and their families demonstrated Saturday Pomigliano d'Arco. As the Democratic Party, main opposition, he asserts that "Italy can not afford to lose such a significant investment."

Fiom, however, still resists. And the controversy rebounds … in Poland.The Conservative candidate for the presidency of Poland, Jaroslaw Kaczynski, asked the government to "intervene" against the planned transfer. Warsaw Fiat said it had obtained a commitment of continued employment in Tychy, which would have developed the new Lancia Ypsilon.

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After six consecutive sessions progress, the CAC 40 stalled Thursday. At a time of closing, the CAC 40 lost 0.14% to 3670 points.

Investors are constrained in their Parisian optimism by a battery of U.S. indicators below expectations, which have saddled the mood on Wall Street. Among them, the numbers of students in weekly unemployment rose in the United States during the week to June 12, at 472 000 460 000 cons last week, according to the Labor Department. Economists on average had 450 000 registered unemployed.

Moreover, the current account deficit widened in the first quarter to 109 billion dollars, or 3% of GDP, compared to fourth quarter 2009.Finally, the condition index of industrial activity in the Philadelphia Federal Reserve came out much lower than expected in June, to 8 against 20.9 expected.

Spain after Greece

The wait also dominates. The European Union leaders meet Thursday in Brussels for a summit devoted in principle to tighten fiscal discipline and better coordinate their economic policies but which may be dominated at least behind the scenes by concerns around Spain , whose weight is much more important for Greece in the European economy. They should also take stock of recent stress tests passed by the European banks, particularly Spanish.

The Spanish and German press has reported a plan in preparation to provide financial assistance to Madrid.According to Spanish newspaper El Economista, the EU and the IMF are currently developing an assistance plan for the country, providing a credit line of 200 to 250 billion euros. Information belied by the European Commission.

The euro fell by his side to its highest in two weeks against the dollar at 1.2250, the fears about Spain's public finances and banking system imposed on the European currency. According to the Minister of Economy Christine Lagarde, the euro currency should be durable and strong.

Tourism in the sentence

At 11:00 on the economic balance of 2009 and outlook 2010 for medicinal products in France was presented.The drug market in France grew 2.7% in 2009, announced the industrial sector, who believe that growth "weak" and expect higher order of only 2% in 2010 and 2011.

The Association of Tour Operators (Ceto) presented its semi-annual barometer (from 1st November 2009 to April 30, 2010) of the tour operating business. The news is not good. For the first time, summer bookings have not increased compared to last year's best payday advance. From February to April, reservations are accumulated to 0.1% (with a delay of -7.8% on the month of April due to cloud of ash). "May is in the blood", according to René-Marc Chikli of Ceto.

Rhodia pushes his pawns in China: + 4.52% to 15.02 euros The chemicals group announced Wednesday the acquisition of Feixiang Chemicals for almost 400 million euros. The French now hopes to achieve one third of its revenues in Asia. The broker CM-CIC recommends buying value.

Eiffage: + 12.40% to 40.65 euros The group announced Wednesday that its subsidiary Eiffarie had signed an agreement with funds for the purchase 13.73% of Autoroutes Paris – Rhine – they hold a total of 854 million euros.Natixis raised its recommendation on the value of "ease" to "neutral" and pulled up his target price of 15-38 euros.

Plastic Omnium: + 6.35% to 33 euros The group announced a proposed takeover of Inergy Automotive Systems, a joint venture specializing in fuel tanks formed with the Belgian group Solvay.

Eramet: + 4.28% to 231.4 euros A tentative agreement was reached Wednesday night to take that Gabon 4% to 5% of the mining group, while riding in the capital of its subsidiary Comilog specialist manganese we read in one of Thursday's Echo.

Veolia Environnement: + 0.58% to 21.49 euros (the third increase in ACC) Veolia Transportation announced Thursday it had obtained the network operating north and south of urban transport by bus from Phoenix, Arizona.The contract period of 5 years starting on 1 July and will generate a combined turnover of 386 million dollars (314 million euros), said in a statement the transport division of Veolia Environnement.

Transgene: The balance specialist therapeutic vaccines holds its general meeting this Thursday. The group specialized in immunotherapy is expected to unveil next year's final results of several of its vaccines.It could also enter new agreements with pharmaceutical companies.

GDF Suez: + 0.27% to 26.02 euros The company on Wednesday signed a syndicated credit line of four billion euros in five years with 18 banks to refinance the advance lines of credit expiring in 2012.

Aeroports de Paris: + 0.48% to 54.70 euros ADP Wednesday reported a 3.3% increase in passenger traffic in May over a year, contrasting with the fall of 19.1% decline in April because of disruptions related to the cloud of ash caused by the eruption of a volcano in Iceland.

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The time seems far away where Greece occupied the attention on the risks within the euro area. Now the most observers official, as the Bank for International Settlements (BIS), the central bank, central banks, are in the same bag "the country under pressure from the markets (Greece, Ireland, Portugal and Spain ).

Guo Guangchang, chairman of the Chinese group Fosun. (Photo CD)

The CAC 40, which was well into the session, continuing its momentum from the previous day (+ 2.03%), reduced the rate at mid-term, dragged down by Wall Street, before resuming the height in the last trade . At the finish, the index in Paris ended with a gain of 1.1%, to 3555.52 points at closing. The weekly review is quite positive, since the last five days, the index in Paris was awarded 2.9% thereby limiting its losses since the beginning of the year at least 10% (-9.67% precisely ). Still haunted by the question of public debts and the fear of a slowdown in economic growth, the other major European markets have also surfed around equilibrium for virtually the entire session. After a brief blip in the middle of the session, finally London, like Paris, opted for the green end of the day, carried by buying cheap. The Footsie eventually won 0.61%.However in Frankfurt the Dax slipped 0.14%.

Wall Street in the red at the opening

The NYSE has opened lower after a sharp rise, cooled by the unexpected drop in retail sales in the U.S. overnight pay day loans. They fell 1.2% in May compared to April, while analysts expected an increase of 0.2%. Shortly before the close of European stock exchanges, the Dow Jones lost 0.21% but the Nasdaq gained 0.48%. The news from China, which play a key role in the global economic recovery, were more mixed in recent days.Inflation in China has exceeded in May the annual target by the government and industrial production grew at a rate still very strong (+16.5%) but below expectations.

As for values, Club Méditerranée (+9.4%) stood out after finding a profitable situation. Banks have continued their recovery. Title Credit Agricole gained 6.4%, while BNP Paribas was awarded 5.6% and Societe Generale share rose 3.26%. Bank stocks whose balance sheets are crammed with public debt, were among the first victims of investor confidence in recent times.