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In the wake of the optimism about the global financial markets, including Wall Street, U.S. stock prices were at a standstill Friday in the opening exchanges.

It was not counting the lower by Standard and Poor's of its recommendation on Goldman Sachs from "hold" to "sell" and its price target from 190 to 140 dollars. The titles of the U.S. bank fell by more than 7%.

Around 4:20 p.m., the Dow Jones, Nasdaq and S & P 500 -0.27% change respectively to 11,137 points, 2,498 points to -0.58% and -0.54% at 1,200 points, after opening around equilibrium .

On Thursday, markets were reassured by announcements from Brussels on the Greek case.This Friday, the country announced it was preparing a shock treatment for the public finances.

The number of days across the Atlantic, guarded by all investors in the financial world, was published at 14.30 Paris time. This is the first estimate of U.S. GDP for the first quarter of the year, which emerged in growth of 3.2%.It's worse than expected.

Indicators to monitor

At the same time, rising labor costs in the United States accelerated in the first quarter for the first time since 2008, according to figures released Friday by the Labor Department.

Increased economic activity in the Chicago area (northern USA), a closely watched index, accelerated in April, the index rose from 59.9 to 63.8 easy payday loans.

Moreover, the morale of U.S. households has deteriorated in April but less than expected, consumers holding that the recovery is well under way even though it is slow, final results showed on Friday of the monthly survey of Thomson Reuters-University Michigan.

McAfee tumbles 12%.

Side companies, results in the first quarter of Chevron reported a net profit of $ 4.55 billion, doubled in a year. The shares are timidly 0.04%, to 82.32 dollars in early trade.

Yesterday, ConocoPhillips (-0.02% to 59.09 dollars), oil group announced it had doubled its profits to 2.1 billion, or 1.4 cents per share. Volume production is down 5.2% on a year (mainly related to the fields in the North Sea), but rising oil prices could imply a higher turnover of 2.6 times.

After-hours trade, McAfee, the editor of anti-virus software has unveiled a decline in profits to 37.6 million dolars, or 23 cents per share.The securities fell by 12.18% to 34.72 dollars.

The U.S. Justice had opened a criminal investigation against the U.S. investment bank Goldman Sachs, say several U.S. media including the Wall Street Journal and Washington Post. The U.S. bank still loses more than 7.6% on Wall Street, 147.1 million.

Standard and Poor's lowered its rating on the bank.

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The news has given a new heart from U.S. markets, battered by the crisis of European sovereign debt. The Fed decided to keep its key rate in the range of 0 to 0.25% during a "prolonged period". After two days of meetings of its Monetary Policy Committee (FOMC), in Washington, the decision was made Wednesday by nine votes against one. As at the previous meeting, Thomas Hoenig, president of broadcasting at the Fed in Kansas City, voted against this provision, hoping that the Fed abandons this language.

The Fed noted that, as at its previous meeting in mid-March that "employers remain reluctant to increase their payroll, and a number of barriers impede growth.Considering that the recovery should always be at a pace "moderate" for some time, the FOMC believes that the absence of threats of inflation, the conditions are in place to guarantee a rate "unusually low" long.

Despite this announcement, your wants more optimistic: "The economy has continued to strengthen" and "labor market begins to improve," the Fed wrote in its final communique. However, no information suggests the date of a rate hike to come.

For Thomas Hoenig, the language of the Fed is likely to "aggravate the financial imbalances."Like other FOMC members who themselves do not have a right to vote, he fears that the Fed can no longer control any increase in futures prices if it is slow to signal his intention to increase its rates.

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'The United States more optimistic about recovery

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Bad news for the government. The health insurance spending increased in the first quarter 2010 by 4.1% over the same period in 2009. This level is well above the national target (ONDAM) set last October by Parliament for the whole year to 3%. Worse, the rate of growth of health spending reached 4.7% a year (March 2009-March 2010).

This quarterly increase is mainly due to increase in reimbursements of ambulatory care (4%) on the first three months of the year. Care paramedics have particular jumped 8.2% (against 7% over the last twelve months) with a peak even at 13.3% for nursing costs alone unsecured personal loans.The drug delivery has also increased significantly (3.7%) in the first quarter, as the daily allowances are rising again (+6.1% in the first quarter, against 4.8% over the past twelve month) in particular because "payments linked to the outbreak of H1N1 in late 2009.

In contrast, expenditure on medical and dental fees have risen more moderately in the first quarter of 2010 as the year: + 0.9%, against 1.8% in one year. A slowdown explained by health insurance through "the decline in reimbursements of medical care (-1.9%) due to an epidemic situation lower than in 2009.

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The company, which sells cosmetics and herbal Provence, today launched an offer reserved for the Asian market, covering 25% of its capital, half through a capital increase. She hopes to raise 530 million euros as well. The sovereign wealth fund China Investment Corp. should attend to the tune of 50 million dollars. L'Occitane operates 1,517 stores worldwide and plans to open 650 new in the five years. Reinold Geiger, discreet Austrian businessman, bought the company in 1996. It explains the objectives of this operation.

LE FIGARO. – Why did you finally decided to get an IPO?

Reinold Geiger. – This is the beginning of a new stage. We had a mini-LBO (leveraged buyout, management buyout leveraged) three years ago by buying 13% of our shares to Clarins and 12% to a private investor.Since then, it seemed that the best solution for us was to develop an IPO. It is also a way of giving a market value of the holding company, many employees are shareholders. I will keep a majority stake, or about 52%.

Why Hong Kong?

We sell more in Asia than in Europe and the U.S. together and that's where we are going as we develop. Being listed on Hong Kong will help increase the awareness of society in the region, very important factor to attract consumers. When we arrived in 1997 in Hong Kong and Taiwan, it did not work at all, while in New York where we opened at the same time we exceed our targets. Our auditors have recommended after three years of closing our operations in Asia! But we persevered, developed the image of the brand and, after three to four years, it exploded.Today, in the minds of Asian consumers, we are comparable to luxury brands that I dare not mention the names for fear of seeming pretentious. All our products continue to be manufactured in France because we sell Provence. We will invest 50 million euros in our production sites.

What are your most important markets?

Until now, this is Japan, with 23% of turnover and over 70 stores. Despite the economic crisis, young people continue to consume and we are among the leading imported brands in the country. In Hong Kong, we have 16 stores that work very well. In China, the copiers were installed before us, with hundreds of stores with their signs "Occitown" and "Camenae.It has been very excited at first but the Chinese do not understand our reaction: they explained that it was an honor to be copied! We took two years to mount a 100% subsidiary, which manages more than 40 stores. We will accelerate. China has a potential of 200 to 300 stores eventually. We are also in Taiwan, Korea, Thailand and Vietnam. The United States is our second largest market, with 15% of sales and 170 stores. In Europe, France and the United Kingdom account for 19% of our worldwide sales.

What is your growth potential?

Ten years ago, during an interview in Le Figaro asked me how many shops I have thought ten years later. I said 1000 on a whim – I was 50 at the time! Today we have 1517 in the world. We open about 100 per year.In the year ending March 2009, we achieved a turnover of 537 million euros, up more than 30%. In late December 2009, we were up 14% despite the crisis. We can certainly consider doubling the number of stores worldwide over the medium term. Moreover, we can acquire new brands to develop three or four countries where we operate. We have acquired the cosmetics Melvita there a year and a half and we have already opened in Croatia, Hong Kong and soon in the United States.

With this IPO, you will finally lift the veil on your profitability.

We develop a net profit of more than 10% of turnover.

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The surge in Greek interest rates leaves little choice in Athens. Greece asked the triggering of a device using the European Union and the International Monetary Fund to 11:00 Paris time, report Greek media and news agencies on Friday, citing unnamed sources. A solution to which it had hitherto refused.

"The die is cast. Greece turns to the mechanism for EU / IMF today and an announcement to that effect will be made to local noon, "wrote the Greek daily To Vima, without citing sources. The website provides financial Reporter.gr the same information, citing unnamed sources.

The markets reacted positively, the Athens Stock Exchange (Athex) was up by midday Friday, gaining 3.77%. London

More to come …

See also:

"SPECIAL CASE – Greece, a challenge for Europe

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The decision of the Swiss Competition Commission (Comco) is final: France Telecom and TDC, the Danish operator, will not merge the two subsidiaries, Orange and Sunrise in Switzerland. According to a statement from the Competition Commission published today, the company created by this merger would be found, with the operator Swisscom, "a collective dominant position, likely to remove effective competition, no new entrants have been able to exert a disciplining power.

For both companies, he was then "more profitable to maintain a high level of prices than addressing each in its competitor in order to take away market share," fears the competition authority. According to her, even the synergies possible from this merger, would "not enough to offset the negative effects on competition expected in a merger.The Competition Commission said that "with three network operators, however, some momentum is maintained on the Swiss market of mobile telephony and it remains open to any innovations.

"Disappointed"

For Orange and TDC, this decision is incomprehensible. In a statement, the French operator, said he was "disappointed and surprised by this decision." According to the two groups, the proposed merger and the substantial commitments that they had proposed to implement "would have benefited the Swiss consumers. Without this, the dominance of Swisscom Swiss telecommunications market has perpetuated.Unlike the Competition Commission, France Telecom and TDC say they believe that the synergies in the combined entity would offer more attractive prices, products and innovative services and improved access to a network of international communications. "

Consequently, the two groups do not have to stay on this decision. They now wish to "evaluate the options available to them in preparation for possible next steps."

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"France Telecom goes on the attack in Switzerland

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There were volcanic refugees, there is now the collateral victims of the cloud. That product remained stranded at the other end of the world because they could travel in the cargo holds of airplanes. From Kenya to pink salmon from Norway through the Japanese electronic components, detailed review of an economy that can no longer do without the plane.

Cut Flowers

Since late last week and the suspension of air traffic, the Netherlands, hub of the flower market, has fallen from 20% of its activity. Note that if 75% of the merchandise sold in the various flower markets of the country from the Netherlands, 25% arrive from Kenya, Ethiopia or Israel. However, since Thursday, the first aircraft to be delivered flowers arrived Monday evening in Nairobi. In France, the impact is much more limited.At Monceau Fleurs, the cloud of ash had no impact on supplies coming from abroad. The roses come mainly from Kenya, Ethiopia, Ecuador and Colombia and they are delivered to France by plane, every Thursday. They are thus reached the end of last week just before the closing of the sky. "It's a fluke, Dominique recognizes Munier, director of network Monceau Fleurs. If our weekly delivery arrived on Friday, we would have been quite worried. It must be said that the plane on Thursday, Monceau Fleurs has 1 000 boxes of 66 bundles (7 roses each), about 460 000 flowers. At 3.90 euros boot, luckily the plane had been flying … "And then, says one expert, we arrive around May 1, and thrush comes from Nantes in the truck, so we do not suffer too much."

Rungis Market

No panic at Rungis, the "belly" of Paris, who says little affected by the closure of airports. For this season, only 10% of food comes by air. "It's spring, it is in a good period for the production of fruits and vegetables in Europe, said Philippe STIS, spokesman for the Rungis market. So, only 10% of our supplies arrive by plane. "The rest is produced in Europe or close enough that the goods come by boat, train, truck. "The green beans from Kenya will perhaps missed but he will be replaced by that of Morocco, who travels by boat and train," he says.

Textiles, mobile phones

Shipments of textiles that are blocked in Bangladesh, mobile phones piling up in Seoul, is the last face of globalization. The global economy is struggling to respond quickly to a lack of aircraft.In the bunkers, and there is usually a little pell-mell of high value added products or fresh produce that could withstand long journeys too. Result: South Korea, Samsung and LG have said that they were unable to fulfill shipments of approximately 200 000 mobile phones valued at $ 30 million ….

Norwegian Salmon

Japanese sushi lovers are deprived of salmon from Norway! Incredible, but it is true that Asian food economy is also beginning to suffer from air chaos cash advance. About 90% of the fresh salmon consumed in Japan is imported from Norway, mostly by air. "There is absolutely no check.I pray that the disturbances cease quickly, "lamented the mardiun professional fish market in Tsukiji, Tokyo, the largest in the world.

Only three unfortunate salmon slices were exposed in his little fish, which usually sells more than 20 kg of fish each day. And it will not work out because Norway was closed again on Tuesday one of its airspace in the south-west of the country because of the ash cloud.

Deliveries of Norwegian salmon in Europe by truck, France has not missed fish. However, Norway was unable to deliver the salmon in the U.S. (its first client in fish sold at the net) or Japan.

Products for the automotive industry

Japanese carmaker Nissan has announced its next the suspension of three production lines in Japan, unable to import some components produced by air in Ireland.Nissan stops then from that Wednesday for an indefinite period, one of two production lines at its plant in Oppama, a suburb of Tokyo, and the two lines at its plant in Kyushu, in southern Philippines . The same causes produce the same effect: the German carmaker BMW has meanwhile announced a partial suspension of production in three German factories until Thursday, affecting 7 000 vehicles. Because these cars are equipped with compressed air systems which are imported from Ireland by air. The disturbances affecting the plant Dingolfing, and extend today and tomorrow in Munich and Regensburg. The three affected plants, all located in southern Germany are the main group and produced a total of 651 000 vehicles in 2009.

The "Charles de Gaulle"

The French aircraft carrier participating in NATO maneuvers off the coast of Denmark.For the first time in its history it has crossed the Arctic Circle so that its warplanes can operate away from the cloud of volcanic ash came from Iceland, the military said. He managed to reach "due north" to continue its flight operations, said the Navy on its website. Naval air activity of the French navy has been affected by the ash cloud, the Rafale and Super Etendard attending board the Charles de Gaulle in NATO maneuvers in the Baltic had to stay rooted to the deck Saturday .

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A major shock to the airline

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"It was a time, Wall Street firms protected them customers. The irony about Christopher Whalen, head of research firm Institutional Risk analitycs in response to the announcement by the SEC (Securities and Exchange Commission) – The U.S. stock market watchdog – the filing of a complaint for fraud against Goldman Sachs.

The U.S. bank would have hid crucial facts about financial products affected by the subprime crisis. Fraud concerns the structuring of CDOs (collateralized debt obligations) linked to subprime subprime.

Goldman Sachs's action was immediately heavily affected by this lawsuit. Around 17h35, the title fell by almost 14% to 160.3 dollars, bringing in its wake many financial stocks and the major global indices.

The SEC accused the bank and one of its vice-presidents, Fabrice Tourre to have misled investors by concealing important facts about the financial product concerned, while the U.S. housing market began to deteriorate.

"Unfounded" according to Goldman Sachs

"The accusations are completely baseless SEC according to law and the facts and we will vigorously contest and defend the firm and its reputation," the bank said in a statement pay day loan lenders.

Around 19 hours, Wall Street was still affected by the news, the Dow Jones dropping 1.31%, to 10,999 points – falling below the psychological 11,100 points high – while the Nasdaq slipped 1.57% to 2476 points – the bar is also crossed 2,500 points down – and the Standard & Poor's 500 yielded 1.75%, to 1190 points, below 1,200 points.

Huge loss for its property fund

On Friday morning, more bad news has been unearthed: the Whitehall Street International Real Estate Fund managed by the U.S. bank would have lost most of its value, according to the annual report sent to investors last month, and published this Friday The Financial Times.

The report highlights poor investments in the U.S., Germany and Japan. Its net assets would be dropped to 30 million euros when it was previously estimated at 1.8 billion euros (1.3 billion euros).

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Energy: one week for the troubled oil

Gravitating around $ 85 last week, oil prices have slowed their rise this week. On the New York Mercantile Exchange, a barrel of light sweet crude for May delivery traded at 84.52 dollars on Monday against a peak of $ 87 on Tuesday of last week. "It comes back to earth, ironic one analyst.

This correction then explained by an increase in inventories of crude reserves in the United States for the tenth straight week. Oil prices continued their decline in the rest of the week despite the fact that the International Atomic Energy Agency (IEA) has again raised its forecast for global oil demand in 2010 of 2% compared to 2009.Investors have been cooled by the analysis of JP Morgan believed that the offer would remain significant because of high inventories of non-members of the Organization of Petroleum Exporting Countries (OPEC).

A wake was held following the publication of positive quarterly results from Intel. The U.S. Agency for Energy Information (EIA) had also announced a surprise drop in crude inventories at 354 million. Since Wednesday, the price has recovered the $ 85. Friday, prices have stabilized around 85.69 dollars per barrel WTI.

Metals: copper, always leading

When China talks about his growth figures, the metals markets rub their hands. Latest macroeconomic figures in Chinese date, the country grew 11.9% yoy in the first quarter. A new whetting the appetite of investors.Remember that China is about 8% growth in 2010.

In markets, copper continued its path toward the summit despite a small reflux (-0.47% over the last 5 days). Friday on the London Metal Exchange (LME), the ton is trading at a consistently high level of 7874 dollars. The goal of $ 8,000 is not far.

Aluminum is also up on the LME, with a gain of 4.30% over 5 days and a high of 2,423 dollars per tonne reached Thursday. A fine performance as the industry giant, the American Alcoa announced Monday that he remained in the red in the first quarter due to special charges related to restructuring. The group was divided into two loss over one year to 201 million dollars.

Nickel is also 8.70% on the week. Ton set a record Thursday at 26,685 dollars on the LME.

Precious Metals: Greece weighs on gold

Gold has had a week sawtooth.The gold shows a decrease of 0.62% over 5 days. Friday, traded 1153.80 dollars per ounce, in a market down by 0.52%. This weakening is due to the rise of the dollar against various currencies worldwide that drives investors to take profits. This weekend, the euro lost 0.3% to an average of 1.3535 dollars amid concerns about the ability of Greece to cope with its crisis. The country has announced its intention to use EU funds to cope with its debt. Gold therefore moves away again from the "peak" predicted by the consulting firm GFMS in its annual report 2010.

The money follows the same path as gold, down from 0.49% to 18.35 dollars per ounce on Friday.The metal still remains above the 18 dollars, a level attained for the first time since January last week.

Palladium was trading Friday around $ 540 an ounce on the London Bullion Market (LBM). Prices dropped slightly over the weekend but that does not make the metal more than 6% in 5 days.

Agricultural products in the green

This week has been marked by rising prices for soybeans, corn and wheat on the Chicago futures market. A bushel of wheat climbed Thursday to $ 4.80, allowing a gain of 3.78% over 5 days. Corn was trading at 3.62 dollars per bushel (44.24% in 5 days), while soybeans traded 9.78 dollars per bushel (3.19% in 5 days).

The announcement of a 11.9% growth yoy in the first quarter in China has boosted the morale of investors who expect a steady increase in demand from countries considered major consumers. The news has mostly benefited the soybean: China buys alone 60% of U.S. exports, according to the U.S. Department of Agriculture (USDA).

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Fifteen days of a general meeting which could be problematic, Lagard?re will sell its 20% stake in Canal + France. It has announced that Vivendi, owner of the encrypted channel. The planned sale of 20% of Lagard?re in Canal + had already been circulating on the markets Wednesday.In a roadshow held by the bank Credit Suisse, Dominique D'Hinnin, the group finance director had in fact suggested that Lagardere would yield.

Vivendi and Canal + Group have been informed of the intention to exercise its right Lagard?re liquidity on its 20% stake in Canal + France under the procedure provided for this purpose in the shareholders' agreement on January 4 2007, "Vivendi said in a statement, without elaborating payday loans online.

In fact, according to the agreements between Vivendi and Lagardere in 2006, Lagardere has a launch window from March 15 to April 15 each year until 2015 to make that decision. Either he decides to put its stake on the stock exchange, or it sells by Vivendi. Lagardere has no option and Vivendi has no option.Between the two groups, there is no floor price as provided to the M6 and TF1. These two groups have recently sold their respective stakes of 5.1% and 9.9% on the basis of a $ 7.5 billion for Canal + France. At this level, 20% of Lagard?re worth 1.4 billion euros. But other analysts say the price could be lower: between 1.2 and 1.3 billion euros.

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