Economic Analysis and Indicators

The British specialist catering Compass said Thursday he expected an increase of approximately 15% of its annual result after an acceleration of its turnover in the second half due primarily to new contracts.

The group, which has clients in both the football club Chelsea as the Bank of England or the U.S. Senate, said the growth in revenue excluding acquisitions, rose more than 5% in its second fiscal semester ended in late September.

In the first half, higher billings was 0.4%.

Over the full year, the British group expects growth in its turnover of about 3%.With the acquisitions and exchange rates, it should be about 4%.

The competitor Sodexo expects an improved operating margin of approximately 40 basis points over the year.

It states that economic conditions continue to affect its turnover in terms of growth in the short term, but was encouraged by its portfolio of new clients.

He also believes that the structure of its balance sheet will allow it to make acquisitions.

The action Compass, which has outperformed 28% of the FTSE All Share Support Services last year, lost 2.8% to 536 pence at 08:00 GMT.

PSA Peugeot Citroen expects to sell this year more than 350,000 cars in China, to become, eventually, its largest market, said Chairman of the Executive in an interview published Wednesday in Le Figaro.

The automaker launched in September to build a new factory in China with its partner Dongfeng Motor to export and think of China in 2011.

"China is our second largest market and we should surpass the 350,000 sales this year, doubling from 2008. Far behind France (738,000 sales in 2009)," said Philippe Varin.

"But if our growth goes as planned, this market is indeed destined to become our largest market.In total, we aim for 8% of market share in China between 2015 and 2020. "

Asked about the development of low-cost cars in Europe, Philippe Varin said that the priority of PSA will go to upscale its brands.

'A low cost may not be relevant in the immediate future. However, once our strategy is well advanced, the question of creating a third brand to the European low-cost, with models and services radically different, deserves to be asked. Our Chinese partners so we could offer solutions, "he says.

The global automakers are preparing to visit the biennial Paris Motor. The event will open its doors from September 29 to October 17 in Paris.

The Paris Bourse opens up Monday behind the U.S. and Asian markets, confirming its strong growth on Friday after encouraging overall macroeconomic indicators considered.

At 9:34, the CAC 40 index showed a gain of 0.24% to 3791.51 points, after gaining 1.94% on Friday.

The action Latecoère jumped over 16% after a news report that the American Spirit Aerosystems Holdings would consider a merger with the French group. The volume traded amounted to 71,610 pieces, more than three times the average daily volume the past three months.

Sopra earns more than 3.7% after the announcement to strengthen the founding family in the capital.

Altran gaining 4.2%.Oddo Securities resumed coverage of the title with a buy recommendation.

Other major European markets are also slightly higher: London and Frankfurt gained 0.18% 0.19%. Of the European indices, the EuroStoxx 50 wins 0.22% and 0.28% Eurofirst 300.

The dollar is hovering around 1.3465 per euro

Eurocopter, the helicopter subsidiary of EADS, will unveil on Monday a new high-speed device, known by the codename X3, a European secret for several months, officials said Friday from industry sources.

For the world's leading manufacturer of civil helicopters, this initiative aims to replicate the American manufacturer Sikorsky, who last week claimed the unofficial world speed record with a prototype competitor called X2.

Combining the ability to hover the helicopter with the speed of some aircraft is one of the major challenges that are faced by engineers in the sector for several years.

The helicopter manufacturers have devoted years of research to solve this problem, but generally, plus a helicopter flies faster, it becomes less efficient hovering, and vice versa.

Eurocopter presenting its draft and probably a prototype of his machine at its headquarters in Marignane (Bouches-du-Rhone) Monday, said the sources, who requested anonymity.

A spokesman declined to comment Eurocopter information.

It was not immediately clear if the X3 is primarily intended for the civilian market in the defense or both simultaneously.

Sikorsky, a subsidiary of U.S. conglomerate United Technologies, working on the project since 2005 X2 to its military customers.

The X2 has two rotors stacked on top of the cab, which rotate in opposite directions, thereby neutralizing the turning effect generated by a single rotor and thus allows increased speed.

Using this dual rotor can also remove the tail rotor used to stabilize traditional helicopters.Instead of the tail rotor, Sikorsky has its prototype of a third rotor propulsion which allows to further increase speed.

The X2 of the U.S. flew for the first time in 2008 and the manufacturer announced September 15 that his unit had reached its goal of cruising speed of 250 knots (464 km / hour) during a test flight an hour.

Sikorsky said it was a speed record for an unofficial helicopter.

A Sikorsky spokesman did not immediately respond to a request for comment on the draft of Eurocopter.

In 2009, the British engine manufacturer Rolls-Royce had partially violated the secrecy on the project of European X3 saying at a show that would provide the engines.Since then, both companies have consistently refused to comment on the X3.

The growth of activity in services and manufacturing in the euro area slowed more than expected in September although the optimism of business leaders for the coming months has strengthened show Thursday Initial results of monthly surveys from Markit purchasing managers.

PMI flash services, calculated on the basis of responses from approximately 2,000 companies, fell to 53.6 against 55.9 in August, falling to its lowest level since February.

It now exceeds more than a year since the 50 between contraction and expansion of activity.But it appears below the consensus estimate of economists and analysts polled by Reuters, who gave it to 55.5.

"The slowdown in September is quite high, but the third quarter as a whole does not seem too bad.The pace of growth remains strong (…) We expect growth (Gross Domestic Product) of about 0.6%, "said Chris Williamson, Mark.

For the manufacturing sector, one of the engines of recovery in late 2009, the PMI flash fell to the lowest since January, to 53.6 against 55.1 in August and 54.5 expected.

The composite PMI, which includes services and industry and is often used to predict the evolution of global growth, fell to 53.8 against 56.2 last month, well below estimates, which gave 55 7.

Ben May at Capital Economics, "prefigures the composite index still reasonably healthy growth in quarterly GDP, about 0.4%.

"But, more worryingly, the equivalent U.S. and UK have recently registered decreases even stronger, and as the euro zone is often behind these indices, further declines in the coming months are unlikely to exclude" , "he added.

The euro area is output in the third quarter of last year from its worst recession since World War II and the announcement last month of relatively strong growth of 1.0% in the second quarter surprised the markets.

THE SLOWDOWN IS CONFIRMED

But economists expect a slowdown over the coming months with the rise of austerity plans implemented by many states and mitigation of support provided to date by the stimulus.However, the likelihood of a relapse into recession in the region is considered low.

Based on estimates of about 70 economists polled by Reuters, the growth of the Sixteen would be between 0.2% and 0.4% per quarter until the end of 2011.

The PMI for new orders in manufacturing fell in September to the lowest in a year, falling from 55.3 to 52.8.And the decline in new contracts in services is of equal magnitude.

Wednesday, Eurostat reported a 2.4% decline in industrial orders in the euro area in July, down two times greater than expected due among others to a significant weakness in capital goods and consumer durables.

And the recent appreciation of the euro against the dollar a bit more clouded the horizon for exporters in the region.

Positive, the expectations index to a year in services, the largest sector of the euro area rose one point to 68.1, its highest since April.

This rise contrasts with the sharp drop in the ZEW index of investor sentiment in Germany announced last week.

In Germany, growth fell to its lowest level since February in the services and the lowest in the industry since January, according to PMI flash nationally.

In France, PMI flash services also appears slightly below the consensus while the industry shows up unexpectedly.

More worryingly, the composite index of employment fell to 51.3 against 51.7 in August, which bodes of a slowdown in hiring.

An agreement providing better information on fees imposed by banks to their customers and taking note of their promises of managerial practices challenged was announced Tuesday by the French Ministry of Economy.

These ads have been criticized by consumer organization UFC-Que Choisir. She does not believe that change can proceed in the goodwill of the banks and wants binding rules.

The Economy Minister Christine Lagarde has launched this discussion last year after reports of severe European Commission on the practices of French banks.A report was then submitted to the government last July.

The report concluded that a particular average French consumer was paying 14.5% more each year than the average of other major countries. France is the fourth most expensive country in Europe in this area and prices are rising rapidly.

The report estimated that the system penalizes the most vulnerable with the increasing costs related to incidents. He complained of the complexity of information and practice of service packages, bringing into practice the forced sale of useless products.Thirty measures were proposed.

The only effective measure announced on Tuesday following a meeting at Bercy is the requirement for banks to provide, from June 2011, a total cost in the monthly statements of account in addition to the existing record Annual.

Is planned as a duty of best presentation of platelets prices of services and harmonization of terms used interchange.

"MISSED OPPORTUNITY, SAYS UFC

Otherwise, banks are merely a "commitment" to develop packages better and ensure that these packages are not more expensive than the sum of the prices of products they cover.

A "security package" that would limit the risk of billings prohibitive incidents should be established by June 2011.

Christine Lagarde has said he believes the deal will quickly translate into reality.

"I think the commitments made by the banks today, which I hope they will come into force as soon as possible, these will lower bank charges. It's gonna take a little time to practice, but I hope a number of measures will be effective January 1, 2011 and others June 30, 2011, "she said.

Nicole Perez, in charge of the case of banks in the UFC-Que Choisir, said he was disappointed. "We were expecting an announcement of some key measures and strong but we had nothing of that.It is as usual a missed opportunity to put things back to flat, "she told Reuters.

This organization has estimated that costs could rise in some extreme cases to more than 1,000 euros per month by the mechanism of committees intervention. The report submitted in July the government concludes that the average consumer money problems and without paying annually 154 euros.

The issue has become even more sensitive because of crisis, the French government has agreed to support two banks in 2008-2009, first by a guarantee of interbank lending to 320 billion euros, then by a recapitalization of six major networks, for which the State has allocated 40 billion euros.

Banks have paid but have rebuilt their margins through this support.Their economic support is nevertheless considered too low and their practices are challenged.

The major French banks were sentenced Monday to nearly 385 million euro fine by the Competition Authority to have in place a pricing interbank checks deemed irregular.

The Paris Bourse halted its slide on Monday, the eve of the meeting of the Federal Reserve.

The CAC 40 gain of 0.6% to 9.30 after three sessions of consecutive decline last week.

Saffron wins 3.1%, the largest increase DTH in the wake of the announcement of the acquisition of U.S. L-1 Identity Solutions for about 830 million euros.

Zodiac lost 2.3% to 46.245 euros after signing a new agreement between the assignment of family shareholders.This agreement strengthens the defense against the attempted reconciliation Safran notes Oddo Securities, who lowered his target price of 54.30 to 48 euros.

Maurel & Prom is 3.2% higher increase in DTH, after the announcement of a positive result for a second drilling in Colombia.

Other major European markets are also rising: London and Frankfurt gained 0.78% 0.51%. As for the European indices, the EuroStoxx 50 rises by 0.59% and the Eurofirst 300 rose 0.48%.

The continuing concerns surrounding the Irish banking sector is falling Friday sector values while the premium demanded by investors to hold the country's debt is rising sharply.

The premium investors demand to hold the Irish debt to ten years rather than German bonds of similar duration has reached an unprecedented record since the inception of the euro.

The yield spread between the two sovereign debt to ten years was 400 basis points, up 21 basis points.

Furthermore, the CDS (Credit Default Swap) Irish, which measures the cost of insurance against default risk of sovereign bonds in the next five years, reached a high of 425 basis points, 38 basis points more than in early trading, according to Markit, which monitors the evolution of these instruments.

"Ireland did a lot of noise and it is not helped by an article in the Irish Independent writes that Ireland may need IMF assistance at one time or another," said a Trader specializes in bonds.

The Irish Independent quotes a note from Barclays Capital, estimates that Dublin might need to seek outside help if the financial sector were to blame new or unexpected losses if macroeconomic conditions continue to deteriorate more than expected during the months come.

The Barclays report stressed however that the Irish Treasury has comfortable liquidity in the short term, which should provide the government to seek the Union or the IMF immediately.

At 1:10 p.m. GMT, Allied Irish Banks, which must be removed Friday night Stoxx Europe 600 index, fell 8.03% to 0.64 while Bank of Ireland fell by 3.13% 0.64.

The Tokyo Stock Exchange ended virtually unchanged on Thursday, after touching a high of five weeks meeting with the Japanese authorities to intervene on the foreign exchange market to mitigate the strong yen.

The Nikkei lost 7.06 points, or 0.07% to 9509.50 points and the Topix broader yielded 3.93 points (-0.46%) to 844.71 points.

The Nikkei had risen in the morning at 9,620.90 points.

Wednesday the Japanese government, which seeks to preserve the country's exports, is massively intervened in the foreign exchange market, the Nikkei newspaper referring to the sale of 2 payday loan lenders.000 billion yen (18 billion euros).

On Thursday, Prime Minister Naoto Kan has not ruled out a further intervention by the authorities.

These new groups have enabled exporters to finish up, Sony Corp., Canon and Toyota Motor have thus taken between 0.52 and 1.73%.

Axell Corp. The technology group has instead fallen by 20% after lowering its annual earnings forecast by more than half in particular because of its weak outlook for sales of graphics chips.

Wall Street ended higher Wednesday after a meeting hesitant, as investors remained cautious in the absence of factor likely to support the trend.

The Dow Jones Industrial 30 took 46.24 points, or 0.44%, to 10,572.73 points.The S & P-500, larger, advanced 3.97 points, or 0.35%, to 1125.07 points while the Nasdaq Composite advanced by 11.55 points on his side (0.50%) to 2301 , 32 points.

The market had opened lower, reacting negatively to the publication of two indicators showing that the U.S. industry continues to lag.

Industrial production rose 0.2% in August, an increase in line with expectations that marks a slowdown compared to July, during which the production car had been unusually strong.

As the index of manufacturing activity in the State of New York, it emerged on the decline, falling to a low unprecedented since July 2009.

The indices are, however, managed to erase their losses, the S & P bounced after passing under the moving average 200 days.

"There is not much conviction, either one way or the other and with such volatility, most investors prefer to keep their hands in their pockets," said Paul Nolte of Dearborn Partners in Chicago.

The technological and values related to energy have been abused during the meeting, the first because of pessimistic comments from analysts, the second in response to falling oil prices.

Micron Technology dropped 4.54% to 6.94 dollars after lowering the recommendation of Goldman Sachs rose to "neutral" cons "buy".In its wake, the semiconductor index lost 0.34%.

The decline shown by the price of crude has meanwhile pushed down stock prices related to energy.

Chevron has lost 0.37% to 79.21 dollars, while the S & P energy yielded 0.19%.

Kraft Foods, on the contrary, was a rise of 1.73% to 31.59 dollars as investors welcoming the announcement that the acquisition of Cadbury would provide a billion dollars in additional turnover and 750 million 'cost savings by 2013.