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In a market worried about the evolution of global growth after poor figures from Asia, European exchanges were falling sharply this morning and Wall Street follows the same path. In the first exchanges, the Dow Jones, who started the session on a drop of 0.75%, accelerates quickly to its fall -1.31% to 10,006 points. The Nasdaq also lost 1.70% to 2183 points and the S & P was down 1.49% to 1059 points.

On Monday, the Dow Jones plunged into the red light moments before the closing. It has receded by 0.05%.

As evidenced by the very low volumes of trade these days, the caution among investors, who are eagerly awaiting the release of employment figures on Friday. Trading volumes remain low.In addition to "the decline of the euro against the dollar, under $ 1.23 in mid-session, weighed on the direction of Wall Street, analysts said Aurel Bgc. A large number of awards, including Spain (Thursday) take place this week and the markets may remain nervous before the termination of the operation of 442 billion euros from the ECB on Thursday. "

Consumer confidence is expected to increase

Meanwhile, on the side of macroeconomic indicators, after consumer spending, announced Monday an increase of 0.2% annualized, against 0.1% expected, consumer confidence is to be unveiled Tuesday. And it is expected to clear up.

Moreover, housing prices in the United States rallied in April, after declining in March, according to the monthly Standard and Poor's / Case-Shiller.They rose 0.4% from the previous month (seasonally adjusted) after falling 0.2% in March.

On the face of currency, the euro continued its fall against the dollar, penalized by fears about the strength of economic recovery and China on debt in the euro area. Around 1530, the euro stood at 1.2181 dollars (-0.86%).

As for values, the 3M group (-1.23% to 78.01 dollars) should respond well after the stock market announcements made on Monday after closing. The industry has raised its guidances for the second quarter with a turnover of between 6.6 and 6.75 billion dollars against 6.52 billion dollars expected.The organic sales growth would be between 16 and 18%.

The book distributor Barnes & Noble (-11.70% 14.49 dollars) might instead fall after announcing a loss of 85 cents to $ 1.15 per share against 45 cents a share. The turnover will be between 1.32 and 1.11 billion dollars against 1.28 billion initially expected.

Google (-1.92% to $ 463) also made the headlines, the U.S. computer giant has sold a deal in Beijing.Given the refusal of China to see the California company to redirect its users to search the HK Group U.S., Google has decided to terminate the transfer, in order not to be censored by Beijing.

Californian Tesla goes public

Tesla electric car manufacturer in California, which comes on Tuesday on the Nasdaq stock exchange, announced Monday it had raised over 200 million dollars with this, beyond his expectations. According to final results of the offering, 13.3 million shares were placed on the market at a price of $ 17, while the group expected more than $ 16. This represents a total of $ 226.1 million, including about 202 million directly back to him. In trading, the shares lost 0.52% to 3.52 dollars.

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From our special correspondent in Toronto

Pace Canada, champion of fiscal restraint, G20 Toronto has not been that of austerity. Neither the form – the summit will cost a record $ 900 million – or on the bottom. Hostile to a widespread tightening, he accepted a rigor to the map, depending on the country, and spread over time.

The Toronto Declaration welcomes the commitment of rich countries to "reduce by at least half deficits of 2013 and to stabilize or reduce the costs of public debt to GDP by 2016, but she is careful not to set binding targets to states. "The G20 has not set targets for reducing the deficit or debt at the global scale," Nicolas Sarkozy has insisted. "He took note of the commitments already made by developed countries is different," he added.

The G20 is not forcing his hand to any of its members.France has already pledged to reduce its deficit to 8% today to 3% in 2013. Barack Obama has pledged to reduce the U.S. budget deficit by half in 2013 to return to 3% deficit in 2015. The G20 has shown more understanding toward Japan, a debt of 200% of GDP, due to deflation.

The virtues of fiscal restraint are recognized

Pessimistic about the recovery, deemed "fragile and uneven," worried about "the unemployment rate to levels unacceptable in some countries, the G20 warns against excessive rigor Guaranteed payday loans. "Adjustments in simultaneous largest countries may jeopardize the recovery," said the G20 … "Fiscal adjustment needs to be carefully calibrated to support private demand," it added.

For the first time, however, the virtues of fiscal restraint is recognized at the highest level. "Sound public finances are essential to sustain the recovery," said the final communique. "It is possible that the lack of sanitation where they are needed undermines confidence and slowing growth," it added.

Barack Obama has struggled to retain the word "recovery" in the final communique. But he managed to impose discipline in camp, led by Germany and Great Britain, while fiscal policy is increasingly challenged in the United States in the United States. "We agreed to pursue recovery measures, to provide building plans favorable to growth," says the well G2O.

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If certain points of the pension reform remain "open to discussion" with the unions, the government will not go back. This was the message from Francois Fillon on Friday at a press conference at Matignon. After the day of action which drew between 797 000 and 2 million people across France, the Prime Minister is out of the reserve to a "front stage".

"Whatever the opposition, whatever their strength, we have a duty to ensure the funding of pensions for French", said François Fillon. According to him, longer working hours, and thus, delaying the age of retirement at age 62, is "the only truly effective parameter to avoid bankruptcy.""No engagement will not solve the demographic problem," still insisted the prime minister, noting that previous pension reforms of 1993 and 2003 had been "challenged" and "are now accepted by everyone."

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Better than expected.

Job center will provide 18 hours tonight the numbers of jobseekers registered.

In the Eurozone industrial orders in April showed the strongest gain in 10 years: +0.9% over March and 22.1% compared to April 2009. This last figure is the highest since May 2000, according to statistics released Thursday by Eurostat.

On the macroeconomic front, new jobless claims in the U.S. declined for the first time in three weeks, more than expected, according to official figures released on Thursday, and identifying the deposit of 457,000 new applications for grants from 13 to June 19 cons 476,000, said Thursday the Labor Department.

Furthermore, new orders for durable goods fell for the first time in six months from May to include the down purchases in the aviation sector, official statistics show on Thursday.

The Commerce Department reported a decline of 1.1% of these orders, to 192.008 billion dollars, after rising by 3.0% in April.

Analysts polled by Reuters had forecast an average decline of 1.4% in May after rising 2.8% announced in the first estimate for April.

Areva accrues $ 400 million more

The Group accrues 400 million euros more because of the further delay of the EPR. These delays have already cost the group 2.3 billion euros nuclear. And this new supply will cause the accounts into the red in the first half.

Vinci: -0.59% to 37.26 euros The company has signed an agreement for a proposed road tunnel in Vietnam, worth an estimated $ 600 million.

Publicis: -0.34% to 34.74 euros Interpublic does not need to merge with Publicis, according to its CEO, Michael Roth.The fourth group in terms of global advertising revenues has been speculation about a possible merger with French group.

L'Oreal: -1.81% to 81.82 euros, L'Oréal held yesterday, a presentation on New Markets, on their growth potential, based on affordable innovations, development of new product categories and the acceleration of globalization. Natixis Securities appreciated and raised price target on the value of 92-97 euros.

Societe Generale: -2.93% to 35.74 euros, the bank claimed Kerviel to 4.9 billion. This sum is claimed as damages, the commitments of the former alleged fraudulent trader.

Banking sector is doing well this Thursday after being bottom of the list of the CAC 40 over the past two sessions.The President of the European Central Bank, Jean-Claude Trichet said in an interview published Thursday that the reform of financial regulation are on track and that a number of important decisions will be taken in November, during G20.

Axa: + 0.07% to 13.55 Resolution eurosL'assureur UK announced Thursday the acquisition of its French rival Axa Life insurance, savings and pensions in the United Kingdom for up to 2.75 billion pounds (3.3 billion euros).

Vivendi: + 0.06% to 17.45 euros without, however, that the word "relax" is heard, the prosecution had asked for any penalty against former executives of Vivendi Universal. From the first day of the hearing, Jean-Marie Messier, former chief executive, expressed a mea culpa about its "excessive communication."

Casino: + 0.33% to 63.75 euros latest episode in the war of Nespresso.Nestle has obtained the high court in Paris to send bailiffs in Folliet and Vegeplast, the two suppliers to the manufacturer Casino pods compatible with Nespresso machines.

Air France-KLM: -2.73% to 10.87 euros 4,390 people have left the company without being licensed, by March 2013, according to an internal document quoted by La Tribune, on its website.

Company Alps: -4.28% to 23.02 euros Compagnie des Alpes announced Thursday the launch of a capital increase of around 100 million euros, with retention of preferential subscription.

The leisure group has also announced a refinancing of its debt in advance through long-term, secure the liquidity of the group for five years.The increase in crude inventories reported in effect a weakening demand.

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This Wednesday is a symbol of a further decline in Paris at the opening of U.S. existing-home 40descend 1.07% to 3365.85 points at the gong. The key index had managed to keep the 3,700 points on Tuesday night, but the threshold has not kept in the first exchanges.

In Europe, stock markets have made concessions on Tuesday after nine sessions chained up on. Announcing the easing of exchange rate policy of China, made Saturday, had pushed world stock markets Monday. The first steps in this direction have been given yesterday and Wednesday, with two cuts in a row the central rate against the dollar. But in exchange, the effect was short-lived. And on Wall Street, poor statistics on the front of the immmobilier has cast a chill on the market.So, this morning, the main financial centers of the Asia-Pacific are following suit.

Around 9:00 on Wednesday, the euro is changing in a very slight increase. This rating 1.2285 dollar.

Economic News Authority

In France, the business climate in the French manufacturing industry fell slightly in June, according to the business survey released Wednesday by the INSEE. The synthetic indicator has lost two points to 95, its first decline since February, when economists on average expected stability.

Moreover, the index of activity in services climbed to 61.6 in draft cons 61.4 in May, its highest level since August 2006 and well above the 50 mark, which marks the boundary between expansion and contraction.

At noon, the Court of Auditors present its report on the situation and prospects of public finances.In Germany, the GfK consumer barometer, always watched closely, will be visible at 8:10. In the euro area, the first estimate of the PMI will be unveiled at 10:00.

And the United States, 16 hours, will be made public promises of home sales for the month of May, after a bad real estate statistics published in the ninth Tuesday: – 2.2% in volume last month, to 5.66 million units annualized. The traditional weekly crude inventories will be available at 16:30.

Finally, this evening after 20 hours, the Monetary Policy Committee of the Fed will issue its statement.Highly regarded by investors, note any change in the discourse of the Federal Reserve.

The rate strategists believe that Societe Generale U.S. Federal Reserve will raise its rates faster and stronger than expected by the market and call for caution on U.S. government bonds.

Banks suffer disproportionately

The banking sector remains to be monitored throughout the session. On Tuesday, he suffered a spate of bad news. In addition to degradation of the note in the long-term debt, BNP Paribas, Credit Agricole said the cost of risk on its Greek subsidiary Emporiki would weigh 450 million euros more than expected.The BNP Paribas has yielded 1.92% and that of Crédit Agricole SA 4.69% Tuesday.

On Wednesday, the bank stocks sign the worst performance of the CAC 40 Again: Credit Agricole down 1.74%, BNP Paribas 1.54%, 1.5% Societe Generale.

Societe Generale: -1.5% to 36.8 euros Societe Generale will call Wednesday Kerviel just 4.9 billion euros in damages, a record amount corresponding to the loss she attributes to "fraud" its former trader. Yesterday, the former CEO of Societe Generale, Daniel Bouton, has admitted "failures in the control of the bank during his testimony before the Tribunal of Paris.

L'Oreal: -0.73% to 82.9 euros Paul Bulcke, Nestlé CEO, said in an interview with Reuters that his group had no plans to change the status quo in the capital World number one cosmetics, according to the shareholders agreement that binds to the Bettencourt family.

Alstom (-1.13% to 41.45 euros) and Areva (-1.6% 356.7 euros) Alstom no longer wants to marry with Areva. "To dance the tango, it takes two. Areva does not really want to dance. We no longer so eager to dance ourselves, "Patrick said Tuesday Kron, Alstom's Chairman, at the general meeting of shareholders.

GDF Suez: -0.7% to 25.9 euros The group reportedly asked the Commission to regulate the énegie to request a further increase in gas prices by 5%, according to Le Parisien.

Total: -1.25% to 39.6 eurosTotal and oil stocks are worthy of attention.The International Atomic Energy Agency (IEA) publishes 10:30 prospects of markets for oil and gas.

ArcelorMittal the world's number one steel company, announced Tuesday that the apparent demand and actual demand for steel would remain positive in the second half of the year, even if they should show a slowdown during this period. Lakshmi Mittal, the CEO that the slowdown in demand was due to seasonal reasons. The boss also said he did not think the steel industry return to its pre-crisis level until 2012.

EADS: -0.22% to 17.9 euros Airbus forecasts a near-doubling of its production of A320 aircraft in China, 48 aircraft in 2012, said Zhao Haishan, an official of the manufacturer in Tianjin in northern countries, quoted by the Xinhua news agency.

Vivendi: -1.56% to 17.71 euros The group has denied an Indian newspaper Economic Information Times that he would be in talks with Reliance Communications to take a 26% in the second mobile operator in India. [

Axa Insurance (-2%), CNP (-0.6%), Scor (balance) …: Values of insurance will also be regarded as the French Federation of Insurance Companies (FFSA) releases on the market situation and its prospects.

Renault-Nissan: -1.5% 33.34 euros The automaker Nissan CEO Carlos Ghosn, said he received 890 million yen (8 million euros at current exchange rates) for 2009 – 2010, making him one of the best paid bosses in Japan. Carlos Ghosn made the announcement at the annual general meeting of shareholders of the Japanese group, held Wednesday in Yokohama (Tokyo area).This does not include fees paid 1.24 million euros in 2009 he has received as CEO of the automaker Renault, Nissan's largest shareholder with 45.7% of the securities.

PSA Peugeot: -1.25% to 22.5 euros Peugeot Italy announced Tuesday it had signed an agreement with Sorgenia first private operator in the Italian electricity market created and controlled by Rodolfo De Benedetti, to launch its vehicle Electric Ion Italy.

France Telecom: -0.4% to 15.1 euros, the company announced Tuesday it would invest about 515 million euros over the next five years in its network in Switzerland a few weeks after abandoning its planned merger with Sunrise, blocked by the competition authority of the country.

Nexity: -2.35% to 22.4 euros The group announced the launch of its buyback program of up to 4.5% of its share capital, which will be followed by cancellation of shares they will be well acquired. This operation is designed to optimize the management of the group's balance sheet.

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European markets should take a breather on Tuesday morning at the opening, following a rise of more than 1.3% for the CAC 40 in France, 1.2% for the Dax in Frankfurt and 0.9 % for the FTSE in London.

The effect yuan – will easing of monetary policy by central Banquce China – indeed should not last, just like what happens in Asia this morning the stock exchanges globally are displayed in decline on Tuesday morning (except China). And what happened Monday night on Wall Street, which has erased As his winnings to finish in decline.

The euro resumed its decline late Monday afternoon, and stabilized during the night of Monday to Tuesday to $ 1.23.Meanwhile, China, the Chinese central bank set the yuan's daily central rate – which is the reference rate for the trade – at 6.7980 yuan per dollar, its highest level in five years.

Top of the Committee meeting of the Fed

In Germany, the Ifo barometer, followed closely by investors, will be unveiled at 10:00. At 11:00, the European Central Bank will publish the balance of payments of the euro area. On Tuesday, the new British Minister of Finance presents his budget "emergency" 2010/2011.

In France too, the government prepares new austerity measures. Interviewed by the Financial Times, the secretary general of the Elysee, Claude Gueant, said that measures will be announced in the fall.

At 16 hours, home resales in May, the U.S. will be known when the meeting begins Monetary Policy Committee of the Fed.According to Aurel, the Federal Reserve "will leave once again, its key rates unchanged.

BNP Paribas was downgraded by Fitch

Fitch said Monday it has downgraded the long-term issuer rating of BNP Paribas down one notch, to AA-, but now the investment in solid, with a stable outlook.

The Zodiac aerospace group announced the acquisition of the company canadienneCantwell Cullen & Company, specializes in equipment for cable protection.

Bureau Veritas Group has announced the signing of an agreement with British company to acquire its subsidiary Inspicio Inspectorate, with 450 million pounds (540 million euros). Inspicio is majority owned by British investment company 3i.

Bouygues UMP mayor of Marseille Jean-Claude Gaudin, announced Monday it had accepted the candidacy of GFC Construction, a subsidiary of Bouygues, for renovation of the Velodrome stadium and its surroundings, a project costing 273 million EUR for the Euro 2016 football payday loan online. Vinci is thus rejected.

PSA Peugeot The manufacturer shall make price 500 million of five-year bonds with a 5.625% coupon, a yield of 5.75% and maturing on June 29, 2015. Yesterday, the automotive industry has benefited from the influence yuan. Renault rose 3.56% and 2.44% PSA.

L'Oreal Liliane Bettencourt, the richest heiress in the Group announced the adjustment of its tax assets abroad after the revelation of possible tax evasion in connection with the case between billionaire's daughter.Moreover, the wife of Eric Woerth – the current Minister of Labour previously in charge of the Budget – will resign "in the coming days" of the company since 2007 where she manages a portion of his fortune.

Casino Casino announced Monday it had increased from 33.4% to 33.7% its stake in its Brazilian subsidiary GPA (formerly CBD) at the end of a capital increase reserved for him. Grupo Pao de Acucar (GPA), the leading distributor in Brazil, is jointly owned by the Brazilian Diniz family and French retail group.

BPCE The judge Roger Le Loire will conduct an investigation for "illegal taking of interest" on the appointment of Francois Perol head of Banque Populaire, Caisses d'Epargne (BPCE), opposed by unions and opposition .

Alstom holds its general meeting from 14:00.

Auchan According to information from Figaro, Lille distributor sells new vehicles on its website. Other brands will engage, in signing him as a partnership with self-ies.com, leader of the online sales of cars sold off.

Banks In five days of the beginning of the G20, which will be held in Toronto, France and Germany called on Monday for unity on the subject of the tax credit.But Nicolas Sarkozy and Angela Merkel faced hostility from many countries of the G20, including India, Russia, China or Canada, which hosts the next G20, the introduction of a tax credit.

The leaders of GDF Suez, EDF and Poweo participate in a symposium on the power industry.

The Blues are fleeing

Defeat of France against Mexico on Thursday, referring to Nicolas Anelka on Saturday, the team refused to train Sunday partners French Football Federation (FFF) – Carrefour, Vodafone, Credit Agricole and GDF-Suez – have been strained in recent days, pending a probable elimination of the French on Tuesday.

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The French economy could be structurally affected by the crisis. In any case believes that INSEE detailing today its scenario medium-term growth in France. The French institute of statistics suggests that the gross domestic product (GDP) of France should not catch up in time of crisis. The INSEE estimates that France will find the pace of growth before the crisis but only part of the "lost ground" will never be caught.

INSEE said that the crisis "is a major macroeconomic shock," and can "have a lasting negative impact on employment, capital and total factor productivity. It tends to depress simultaneously the demand and supply. And according to the institute, the loss of revenue during the crisis and higher interest debt will weigh on the public debt and growth.Several scenarios are examined by the specialist statistics in France. The ratio of debt to GDP would increase by 40 percentage points of GDP by 2018, in the absence of debt reduction.

And INSEE said "the impact of different scenarios of loss of gross domestic product on public debt is raised to 2018, between 20% and 50% of GDP depending on assumptions. Didier Blanchet, head of economic studies, however, said "it is not a prediction, but a hypothesis.

Structural deficit gradient

The evening, Jean-Philippe Cotis, Director General of INSEE had said "the crisis has cost France, hopelessly, about 3 percentage points of GDP in tax revenue and social. Growth restarts quite normally, but it remains a scar.He said the structural deficit of public finances has deteriorated and 3 percentage points of GDP permanently and governments will have to correct this imbalance.

The IMF is no more optimistic

The International Monetary Fund (IMF) was little more optimistic yesterday. In its annual report on France, the institution considers that the recovery will remain "fragile" and the outlook "highly uncertain". According to the IMF, the government may have underestimated the significant budget reduction efforts to be made to return to 3% public deficit.

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After six consecutive sessions progress, the CAC 40 came to a halt on Thursday morning, while the major Asian stock indices were moving into the red as U.S. markets ended Wednesday night, around equilibrium, at the end of a day marked by the publication of statistics mixed.

But optimism is back on the Paris Stock Exchange: about 11 am, the CAC 40 is 0.6% to 3697 points.Since its bounce, there are seven sessions, the index rose 9.3%.

On Wednesday, world stock markets have been cooled by disappointing indicators from the United States and remain haunted by the question of public debt in Europe.

Spain after Greece

The European Union leaders are meeting this Thursday from 10:00 to Brussels for a summit devoted in principle to tighten fiscal discipline and better coordinate their economic policies but which may at least be dominated by concerns backstage around Spain, whose weight is far 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.

Rain figures to follow

Side numbers to remember, the current account deficit of France remained stable in 2009 at 37 billion euros or 1.9% of gross domestic product (GDP), as last year, according to the annual report Bank of France on the balance of payments on Thursday.

Overseas, the meeting will still be charged: 14:30 will be published the figure for inflation in May, the current account of the first quarter and the traditional weekly claims for unemployment benefits, scrutinized closely by the world's finances as they can guide the speech by the Fed on interest rates.

At 16 hours will be unveiled the composite indicator of economic activity in May and that industrial activity in the Philadelphia area in JuneThis index is also studied carefully and exchanges tend to react strongly to this activity.

This Thursday, closes the E3 show in Los Angeles, the appointment of video gaming sector.

Tourism in the sentence

At 11:00, the presentation of the economic results of 2009 and outlook 2010 the drug industry in France will follow.

While the association of tour operators (Ceto) will present at 9:30 am the barometer Semester (1 November 2009 to April 30, 2010) of the tour operating business. Surprises are to be expected: for the first time, summer bookings should not be increased compared to last year: The indicator should show stability.A monitor then, the tourism sector on the Stock Exchange on Thursday.

Rhodia pushes his pawns in China: 4.56% to 15 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 purchase value (cons "ccumukler" above).

Eiffage: 12.25% to 40.6 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 "neutreé and pulled up his target price of 15-38 euros.

Plastic Omnium: 2.35% to 31.78 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: 3.74% to 230.2 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 0.54% to 21.5 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: -0.7% to 25.76 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: 0.02% to 65.45 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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Spain is she about to ask for help from the EU? Despite repeated denials, the new back strongly in the German press. Monday, Frankfurter Allgemeine Zeitung asserted that the issue should be discussed in Brussels this week, without even waiting for the summit of Heads of State and Government scheduled for Thursday. The newspaper said the European Commission President Jose Manuel Barroso and Trichet Jean-Claude Trichet would have voted in favor of aid to Madrid. Friday already, the Financial Times Deutschland said that Brussels was expected to receive a Spanish demand in the months to come.

Claims denied on all sides. "Spain does not need additional funding from any international institution whatsoever.The rumor is false, said Monday the Treasury Secretary Carlos Ocana in Spanish, while recognizing that the Spanish banks struggled to refinance themselves abroad.

German game condemned

In Brussels, the Commission does not hide his irritation deal with rumors. "There is no preparation, there are no plans to provide financial assistance to a member country," said a spokesman. Although in theory "everything is in place" to run the financial stabilization mechanism of 750 billion euros finalized recently.

Spain adopted in late May an austerity plan of 50 billion euros by 2013. But the plan was narrowly passed by Parliament, and it is pale in comparison to 80 billion euros in savings in turn announced by Berlin pay day loans."Somebody in Germany has clearly beneficial to put more pressure on Spain, it's pretty twisted," says a source close to the Commission. In early June already, the Ecofin had requested additional efforts in Madrid.

Figure rumors

In Berlin, the Ministry of Finance wanted to calm things down by saying that Spain did not qualify to seek assistance from the Fiscal Stabilization Fund. Spain has played "no role" in a teleconference Monday for the finance ministers of G7 countries, devoted to preparations for the G20 summit in Toronto, has ensured a spokesman.

Still, the risk premium on bonds was tense Spanish Monday. "Again, there is a pattern of rumors as it was to know about Greece, it has been criticized diplomatic sources in holding that" we must beware of self-fulfilling expectations.Spain worried because it represents nearly 12% of European GDP: the euro area can not afford to drop it. But given the poor state of Spanish banks, some believe that the money from the stabilization fund would actually fly to the rescue of financial institutions.

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Faurecia aims to achieve a turnover of 16.5 billion euros in 2014, a jump of nearly 80% compared to 2009, driven notably by growth in emerging countries and accompanied by a marked recovery its operating margin.

In a preliminary statement issued on the occasion of a presentation to analysts of its medium term strategy, the automotive supplier had suggested a target of about 16 billion euros. It was subsequently refined to 16.5 billion by the group finance director, Frank Imbert, at the end of the presentation.

Faurecia said that his goal would be increased by an average annual growth of 12% over the period, exceeding the estimated average market, including 8% organic growth. In 2009, the turnover of the world's leading exhaust stood at 9.29 billion euros.His prediction halfway strategic plan in 2012, is set at $ 14.2 billion.

The group had already said last month during its general assembly in 2010 that would significantly exceed its target of 4% growth, the dynamism of emerging markets in which Faurecia development in addition to continuing strong demand the scrappage Europe in the first half.

He added target for 2012 operating margin of 4% to 4.5%, against 1% in 2009 and 0.8% in 2008. This rate should be increased to 5-6% in 2014 thanks to growth in the group but also savings plan "Challenge 2009" which led to Faurecia, during the crisis of the automobile, reduce its dead.

The growth will come from China

He estimated that at the end of the period of five years, the share of turnover achieved outside Europe that will reach 42%, against 23% last year, with sales increased by 3 3-6900000000 euros.

This shift from the center of gravity of the group due to the rebound of the North American market, which Faurecia plans to take further since it acquired Emcon, and strong growth enjoyed always the Asian market, led by China.

The group aims at 2014 turnover of 1.7 billion euros to the Chinese market, against 700 million in 2009, representing an average annual growth of 19%.

The Chinese automotive market, already become world number one, is expected to double in size in the coming years.Faurecia now believed to be in position to get the best score for the plants he has in place today allow it to achieve the necessary scale. By 2014, the number of sites expected to reach their thirties.

Faurecia also said targeting a net debt to EBITDA of less than 1 in 2012 and 0.5 in 2014.

In exchange, these ads have been welcomed. The stock has gained nearly 5% to 14.825 euros.

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