Financial News Headlines

The European Commission said it wanted to preserve the stability of the euro area as a whole and said to disagree with the rumors point to a stability pact between the States the strongest. The President of the European Commission Jose Manuel Barroso (here at a press conference in Brussels April 13, 2011)

The European Commission on Monday rejected categorically any option that would lead to "break" the euro area into several groups, while news reports indicate possible projects in this direction in Germany and France. "The goal is to preserve the unity of the euro area," said a spokesperson for the Economic and Monetary Affairs, Amadeu Altafaj, during a press conference."If the ultimate goal is to safeguard the stability of the euro area, it is clear that fragmentation does not serve this purpose, any proposal must be based on preserving the unity of the euro area," Has he added.

The German press reported over the weekend of a proposed stability pact reinforced for only a few countries of the monetary union and an option to create Eurobonds limited to only those countries benefiting from the best rating (Triple A). The latter project was denied Monday by the German government. The spokesman also assured the Commission preferred the "Community method", which places the center of decision-making institutions representing the European Union as a whole, as the Commission or Parliament, not a group of States .

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Values ​​to follow on Monday in the Paris Bourse, where the index was down 2% to 12.45, a victim of profit taking while waiting for details of the Europe Agreement concluded last week before the G20 in Cannes Thursday and Friday:

* GDF SUEZ losing 3.3%. Belgian political parties, who are negotiating the formation of a new government, have agreed to close Sunday on condition the two nuclear power plants still operating in the country. AREVA also lost 3.8%.

EDF indirectly affected by the decision of the holdings of rights "draw" directly on 8% of the capacity of central Belgium, and indirectly through its Belgian subsidiary SPE rights over 7%, loses 1.7% .The title had sold more than 5% Friday.

* Bank stocks weigh on the coast, especially hurt by profit taking in a climate of uncertainty about the implementation of the plan to resolve the crisis of sovereign debt in the euro area, as shown in the voltage levels Italian government bonds.

BNP Paribas lost 6.7%, 6.5% Societe Generale, Credit Agricole and Natixis 6.4% 5%. The European index yields 3.3%, one of the biggest declines sector with commodities (-3.4%).

* The CYCLIC are also victims of profit-taking, exacerbated by concerns over growth. ALSTOM lost 3.6% and 3.2% MICHELIN 53.930 euros, while Goldman Sachs cut its price target from 78 to 70 euros, while remaining "neutral" on value.

European shares opened up, consolidating their gains from yesterday, and moving towards their best monthly performance in 30 months in the hope of resolving the debt crisis.

In Paris the CAC 40 gained 0.34% (11 points) to 3380 points to 9.30. Renault jumped 4.8%, signing the second performance of the index the day after announcing record sales in the third quarter thanks to markets outside Europe and confirmed its objective of free cash flow and sales.

The FTSEurofirst 300 index of blue chips in Europe, which gained 10.6% since the beginning of the month, could register its biggest monthly increase since April 2009, although there is a decrease of 9% over the year.

The Stoxx European banking sector ahead 0.9% after jumping 8.9% the day before.The index remains down 23.5% over the year.

Credit Agricole and BNP Paribas are among the highest increases in the sector, gaining 4.3% and 3.8% on the Paris Bourse.

Exchanges could continue to rise next week in anticipation of the G20 summit on 3 and 4 November, Judge Edmund Shing, strategist at Barclays Capital actions, however, recommends that investors not to run after the market too aggressively.

"The next key event is held in just one week. Meanwhile, the shares can probably gain more ground," he said.

French deputies adopted Monday by 49 votes to 25 against the bill authorizing the state to provide guarantees to the restructuring of the Franco-Belgian bank Dexia to facilitate its dismantling.

The UMP, which holds an absolute majority in the Assembly, and the group of the New Centre (NC) voted this draft supplementary budget ("collective") for 2011, reviewed by expedited review in the Senate turn Wednesday night.

The leftist opposition voted against. "We vote against it because what we present is completely blurred. The minister did not believe," said Christian Eckert (PS).

The left is now a majority in the upper house, the text may be released Wednesday.It will then be made a new reading in the Assembly who constitutionally has the final say.

"The adoption of this supplementary budget is an issue of responsibility. Dexia's customers like the creditors must have confidence that states have kept their word.Our communities in turn can rely on this feature to continue to invest for the benefit of the economy, "said Baroin, the Minister of Economy.

This restructuring plan, arrested Oct. 10 by the board of directors of the group and approved by the Belgian, French and Luxembourg, Dexia provides for the dismantling.

The bank, founded in 1996 with the merger of Crédit local de France and Crédit Communal de Belgique, had already received a bailout in 2008.

The decommissioning plan provides that Dexia France, Belgium and Luxembourg will provide 90 billion euros in guarantees for its financing needs with 60.5% for Belgium, 36.5% for France and 3% Luxembourg.

The new supplementary budget offers a double guarantee.First, the funding will enable Dexia to borrow on the markets with the guarantee of France, Belgium and Luxembourg, the maximum total outstanding amount of 90 billion euros for a period of ten years maximum.

The second guarantee, up to 10 billion euros, is for a fraction of the portfolio of loans to local authorities of Dexia that the new structure controlled by the Deposit (CDSC) and the Post Bank will acquire.

The Belgian part of the rescue of Dexia was temporarily authorized Monday by the European Commission, however, that announces the opening of an investigation to ensure that the operation does not violate the rules on state aid and application Belgium to submit within six months a new restructuring plan of the bank.

The Spaniard David Ferrer, seeded No. 3, qualified Saturday for the final of the Shanghai Masters 1000 at the expense of his compatriot Feliciano Lopez, a score of 6-7 (5) 6-3 6-3 .

Ferrer is a first Masters title in 1000, after his failures in the final in Rome in 2010 and in Monte Carlo this year against another of his countrymen, Rafael Nadal, world number one then.

For the title, it will face the winner of Sunday's second semi-final between Britain's Andy Murray, the fourth world and winner of the tournament in Bangkok and Tokyo over the past two weeks, the Japanese Kei Nishikori, who reached for the first time this stage of the competition in an event of this category.

The Spanish government said Thursday the postponement of the privatization of two major airports of the country, candidates clashing with the acquisition financing difficulties, a decision that deprives the state of several billion euros in revenues in the crisis debt.

The Department of Public Works said that the operation was postponed for three months, after the parliamentary elections of 20 November, which could, according to polls, give power to the Popular Party (PP) today in the opposition.

But the PP is opposed to the sale of the airport and accused the Socialist government of Jose Luis Rodriguez Zapatero to have rushed into a hasty operation by selling the assets of choice at bargain prices in a financial context lackluster.

Last month, the government had already put a stop to the proposed IPO of the National Lottery on the grounds of market conditions.

Banking sources have said that private investors were reluctant to engage in these privatizations few weeks of the election.

Seven groups of investors had expressed interest in the operation, the government hoped to five billion euros.They included, alone or combined funds, the German airport operator Fraport and Spanish groups Ferrovial and Acciona Infrastructure.

TOO EXPENSIVE, THE WRONG TIME

The government demanded too high a price for the Madrid Barajas airport and El Prat in Barcelona, ​​said sources close to the discussions.

"The schedule would not allow privatization to complete just before the elections.But there was also a big difference in price compared to what the government called for the two airports, including Barajas, "said a senior bank in Madrid.

"For example, two funds that had joined the Spanish group Ferrovial Infrastructure sought a return on investment of 12-15%, while Barajas did not offer more than 10%," he added.

An American manager explained his part that "banks may have had the last word on this issue because it is they who will finance the transaction."

Most candidates have financed the operation with 20 to 30% of equity from the balance of the loan, he added.

"Given the pressure on Spanish banks by higher funding costs and rising ratios of their loans / deposits, they increasingly tend to cut back on corporate financing right now," continued the manager .

Veolia Environnement has recently sold Eolfi Asset Management, his investment company specializing in the management of funds investing in solar and wind power, reported Monday the newspaper La Tribune.

Eolfi AM was purchased by its president and founder Alain Delsupexhe, which confirmed the operation but refused for now to communicate about the subject, the paper said.

Without specifying the amount of the transaction, a spokesman for Veolia told The Tribune qu'Eolfi, a subsidiary of Services Group had sold property investment company, which manages 113 million euros of assets, seeking Eolfi focus on its core business, the development of wind and solar projects.

No one was immediately available for comment at Veolia.

The French CMA CGM, the world number three container shipping, is considering moving to two billion dollars of orders at Chinese shipyards, where it is easier to obtain bank loans in Europe, the newspaper reported Friday Chinese Ta Kung Pao.

CMA CGM is in discussions with two major Chinese shipyards, State Shipbuilding (CSSC) and China Shipbuilding Industry (CSIC) in order to build 20 container ships with a capacity of 9,000 to 10,000 twenty-foot equivalent units (TEUs) the newspaper said, citing industry sources.

Bank of China's import-export plans to grant a loan to CMA CGM, Ta Kung Pao said.

The French group plans to commission the first five ships, with an option on the following fifteen, and have them built in Shanghai and Dalian for delivery from 2013.

CMA CGM, which was not immediately available to respond to this information, turned to Chinese shipyards after having been refused by those of South Korea, said one of the sources of the newspaper Chinese.

China's policy of supporting exports of electrical equipment and machinery, the products of the shipyards in competition with those of South Korea the world leader.

Groups of sea freight are penalized by an oversupply and high fuel costs in a context of fear for the world economy.

Due to the debt crisis in Europe, many banks are now refusing to finance continent this highly cyclical and impacted by the erosion of the price of transport.

Wall Street opened sharply higher Tuesday in the wake of European stock exchanges, investors wanting to believe the adoption of new measures to deal with the debt crisis in the eurozone.

In early trade, the Dow Jones advanced 2.08% (225.95 points) to 11,271.48 points. The Standard & Poor's, wider, taking 1.78% (20.71 points) to 1183.33 points while the Nasdaq composite clinching 1.68% (41.34 points) to 2557.74 points.

"The market is starting to finally say that European leaders emerged from their torpor," Judge Peter Cardillo, chief economist at Rockwell Global Capital.

"The values ​​of all commodities are generally on the rise.People hope that a global recession can be avoided. "

Like their European counterparts, U.S. bank stocks are up, the S & P financials up 2.6% and the KBW bank index of 2.71%. JPMorgan, the largest increase Dow gained 3.8%.

The publication of an S & P Case / Shiller house prices unchanged in July has only little impact on index contracts before the opening, and investors are now looking to the index of consumer confidence The Conference Board in September, due at 14:00 GMT.

European shares have gradually reduced their gains Monday afternoon due to lack of more precise statements confirming the speculation of interest rate cuts from the European Central Bank (ECB) and new measures to support the banking sector.

The announcement 16h to a decline in home sales in the United States in August has increased the movement.

At 4:37 p.m., the CAC 40 index gained no more than 0.4% to 2821.25 points, while he earned more than 3% at mid-session. The London Stock Exchange lost 0.51%, Frankfurt earns more than 1.1% and 1% EuroStoxx 50E.

"The increase in this morning was purely related to rumors. In the absence of confirmation, the markets are reducing their earnings for several hours," said one speaker. "What the market expects, it is clear statements and figures."