Paris market ground yields for Greece and Italy growth
Paris cedes ground in a market that grows with the convolutions policies in Italy and Greece. Financial stocks move in a disorganized, while the cyclical retreat. Faurecia is distinguished by its forecasts. At 2:45 p.m., the Cac 40 yields 0.50% to 3108 points.
The Paris Bourse was down in a rickety market at the mercy of political developments in Italy and Greece. Silvio Berlusconi has denied rumors suggesting his resignation on the eve of a parliamentary vote on new budget cuts. Due to the weight of its economy, the situation in Italy has almost completely overshadowed the talks that stir Greece on the identity of the head of the future coalition government, including George Papandreou will not be included. Negotiations are also on the approval of the terms of the plan of international aid and the early elections. The fears of contagion from the debt crisis in Italy are nevertheless strong, the performance of the bond trans to 10 years who have reached 6.638% in late morning, against 6.4% on Friday. According to traders, the ECB would buy limited quantities of Italian bonds mature 3 to 10 years, allowing the performance of 10-year Italian back to 6.5063%. These subjects will be naturally addressed by policy makers together, today ‘ Today and tomorrow, as part of the Eurogroup and Ecofin. The fiscal situation of Athens and Rome will be the focus of discussion, as the new measures of deficit reduction agreed in the Hexagon. The Prime Minister, Francois Fillon, has announced budget cuts of 18.6 billion euros in 2012-2013 and the recovery effort increased to 65 billion euros by 2016. The finance ministers also stain to explain how they intend to leverage the resources of the European financial stability. At 2:45 p.m., the Cac 40 yields 0.49% to 3108.12 points, in a business volume of 1.5 billion euros. Elsewhere in Europe, the FTSE lost 0.63% to 5492.54 points in London and in Frankfurt the Dax fold from 0.35% to 5945.03 points. The December futures contract index Dow Joneswas down 50 points to 11,891. In economic terms, retail sales fell 0.7% in September in the euro area (-0.1% expected) after 0.3 % in August. In Germany, industrial production bent 2.7% for the same month. No leading indicator is expected across the Atlantic. On the foreign exchange market, the euro stood at 1.3743 dollars, against 1.3792 on Friday night in New York. Raw materials, a barrel of WTI crude yield 71 cents to 93.55 dollars. As for values, banks operate in an uncoordinated given the uncertainties that continue to weigh in the euro area. Societe Generale gained 2.09% to 17.55 and BNP Paribas 1.26% to 31.27, while Credit Agricole lost 1.09% to 5.177. The Green Bank is expected to announce this month’s job cuts, The Tribune understands. The branch of finance and investment (CA CIB) is the main question.The newspaper, without citing sources, reported that “the number that comes up most in-house is 1,000 ‘in this division. Note that Berlin has denied weekend press reports of rumors that the reserves of the Bundesbank would be used to replenish the EFSF. Other financial Axa abandons 1.09% to 10.425 euros.Carrefour fall of 3.79% to 18.915 euros. Citigroup rose to “sell” the title of the distributor, with a target of 15 euros. The broker suggests the risk of deterioration in the credit note. Alcatel-Lucent sells 1.02% to 1.651 euro. The same broker also switched to “sell”. It also revised its price target to 1 euro against 4.2 previously. Purchases seem cheap now made, after the fall of over 20% of the title Friday. Faurecia rose 3.91% to 18.60 euros. The automotive supplier holds its investor day on Monday. There is a turnover of 20 billion by the year 2015 and has outperform the growth of automobile production 3 to 4 points per year.Maurel & Prom earns 1.80% to 15.28 euros. The oil company will submit 12 December general meeting its proposed demerger of its Nigerian subsidiary. This confirms the information that we issued on Friday evening on our site. Ubisoft advance of 3.73% to 4.551 euros, supported by a study of Exane BNP Paribas, who noted the title of “neutral” from “outperform.” The video game publisher has to publish its interim results on Tuesday. The specialist for quality control of food, environment and pharmaceuticalsEurofins Scientific (3.02% to 66.24 euros) saw its net income double in the first nine of fiscal 2011. At the end of September, it stood at 33 million euros.
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