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Unibail-Rodamco said Wednesday night anticipating a growth in recurring earnings per share by about 4% this year after suffering a weaker than expected decline in 2011 in the context of consumption, however, difficult and unstable. Europe's leading commercial real estate has also maintained its target of annual growth in recurring earnings per share of between 5 and 7% on average over the period 2013-2015. "For 2012, the group remains confident about the growth in rents. This perspective is based on strong fundamentals: a low vacancy rates, as limited effort, rents rise and cost of debt content "said in a statement Unibail-Rodamco. The company explains that caution is when the impact of the crisis in the euro area consumption and the situation of teachers, however, can not be ignored. "The net assets has increased, thanks to growth in rents, which is a very positive point. ANR spring with a premium of 15% over the share price, which shows the value remains price, "said Thomas Aubert, the French manager at AM. Before the publication of these results, Unibail-Rodamco has indeed ended with a gain of 2.72% to 150.80 euros, compared to its net asset value (NAV) ERPA triple net stood at 130.70 euros at end-December (4.9% compared to end 2010). Analysts consensus Thomson Reuters I / B / E / S awaited a NAV 131.18 euros. PRIME on sales net rents stand at 1.262 billion euros in 2011 against 1.257 billion a year earlier. Shopping centers on net rents reached 984.1 million euros last year, up 2.4% year on year. At the end of December, the recurring earnings per share of the group came out down 2.6% to 9.03 euros, 8.89 euros against expected by analysts. When publishing its interim results in July, the group reiterated its outlook for a decline in recurring profit for 2011 of between 3% and 5%, given the impacts the exceptional payout in October 2010 and its program of asset sales. Unibail will propose to the General Meeting the payment of a dividend of eight per share in cash, representing a distribution of 89% of its recurring earnings per share as the market expected an average 8.08 euros. Despite the difficult financial markets in 2011, the group rated "A" by rating agencies Standard & Poor's and Fitch Ratings, has raised a total of 3.1 billion euros of new financing , medium and long term, in the form of bank loans and bond issues. "It is also interesting to note that even on desks, Unibail managed to achieve growth while all sales were made at a premium," said Thomas Aubert, the net rents of offices increased by 4.2% on a constant basis. Unibail-Rodamco, the market capitalization of 13.8 billion euros, sold 1.084 million euros of non-core business assets and 242 million euros of assets from offices in 2011, with an average premium of 7.8% over the last values ​​of external expertise. The portfolio of development projects of the group, who will deliver this year including the mall Lyon Confluence, the end of 2011 amounted to 6.9 billion euros, 1.5 billion already spent. The market value of the portfolio of Unibail-Rodamco amounted to 25.9 billion euros late last year, up from 1.4 billion end of 2010.

The number of registered employment center has again sharply in October. The unemployment rate could pass the symbolic threshold of 10% this year as the economy is threatened lights of a new recession. Explanations. Agency employment center in Nice

Unemployment continued to fly in October in France: the number of job seekers without activity (category A) has again increased sharply in October, 1.2%, or 34,400 people, to reach 2.814 million , according to figures released Monday by the Ministry of Labour. The total number of people seeking work, including those engaged in a reduced (categories A, B and C) also increased by 17,200 to 4.193 million people (0.4%).

Fever market does not seem to stop. So many voices calling for the ECB buys massive amounts of government securities in difficulty to break the panic and speculation. But is this really the solution? ECB

In the state of current market panic, the ECB is more than ever figure of last bastion of the euro area. Provided, however, she agreed to play this role … Italian interest rates still evolving around 7% Thursday, an unsustainable level on the scale of a few months. And fears of contagion from France have propelled the difference in interest rates between Germany and France to a new record (204 basis points difference, France into debt at a cost of more than two times higher).Sign that it is a disruption of markets, interest rates of other states in the euro area AAA rated – such as Finland or the virtuous Netherlands – are also affected.

In this context, increasing the pressure on the European Central Bank in order to redeem government bonds heavily attacked. The Nobel Prize in Economics Paul Krugman recently called for greater involvement of the ECB. "It should send a clear message and say" we buy as many (sovereign debt) than necessary. "In France, many economists on the left are also campaigning on this issue. Even in Germany, there are voices in this sense Like Peter Bofinger, an economist and adviser to the German government. "It's not attractive … But we must clearly realize that it's an emergency.

Exxon Mobil reported Thursday a 41% jump in earnings in the third quarter, slightly more than expected by Wall Street, thanks to higher oil prices and improved refining margins.

Several major oil companies like Royal Dutch Shell and Norway's Statoil, have reported in recent days of strong quarterly results due to higher oil prices.

The futures contract on crude oil traded in New York has averaged $ 90 per barrel in the quarter, up 18% over the same period in 2010, while Brent crude oil jumped 48% .

An hour after the opening of Wall Street, Exxon earned the title 0.2% to 81.17 dollars, underperforming the S & P of the energy gained 2.34%.

Exxon is investing heavily in the exploitation of shale gas, particularly in North America.

The benefit of exploration activity and production of Exxon jumped 54%, the refining of 36%. The group said that better refining margins helped boost the profit of one billion dollars.

The U.S. economy has created far more jobs than expected in September and the new posts of previous months have been revised upwards, according to official statistics released Friday that could mitigate fears of a return to recession.

Last month, 103,000 non-farm jobs were created, according to the Labor Department, while economists on average expected 60,000 creations.

The unemployment rate was unchanged from a month to month to 9.1%, in line with analysts' expectations.

The right numbers in September are based in part on the reintroduction of 45,000 employees of Verizon in the number of jobs created, they were not in August because of a strike.By excluding these employees, 58,000 new jobs were created.

Statistics disappointing August, which reported zero job creation, for its part has been revised to bring out 57,000 new jobs. That of July was also revised upward to 127,000 against 85,000 previously.

Overall, the private sector has created 137,000 jobs, 100,000 against and 42,000 expected in August. The public sector has eliminated 34,000 jobs to him.

RELIEF

These employment figures are one more sign that the U.S. economy could avoid falling into recession despite a sluggish summer.Last week, the growth of U.S. gross domestic product in the second quarter was revised up to 1.3% against 1.0% in the first estimate.

Recent indicators of the manufacturing sector, business spending and auto sales leave now think the economy is doing better than expected third quarter.

Hourly wages have also increased by 4 cents in September after falling all the previous month.They then recorded their first decline since October 2009, pushing the savings to its lowest level for over a year and a half.

"The increase in job creation and revisions of the statistics is comforting and exciting to the market," said John Kilduff, partner of Capital hedge fund in New York Again.

"But it seems premature to use these numbers to say, regarding the economy in general, we are out of the woods," he tempers.

In September, the U.S. economy has eliminated 13,000 manufacturing jobs, after having destroyed in August 4000.

Some economists fear that the debt crisis will derail the U.S. recovery, not a fear expressed Thursday by U.S. Treasury Secretary Timothy Geithner.

"We're still not at a job that can bring down the unemployment rate, which remains a key concern important to the economy," warns Ellen Zentner, economist at Nomura Securities in New York.

The economy must grow by at least 2.5% per year and create jobs 150.00 per month to prevent the unemployment rate to rise.

GDF Suez and Spanish Iberdrola announced Friday they would wear 50% participation in each NuGeneration, a joint venture created to develop a new generation of nuclear power in Britain, following the decision of Scottish and Southern Energy (SSE) to withdraw from the joint venture.

GDF Suez and Iberdrola, in a joint statement, reiterate their "strong commitment" in NuGen and adds that "there is no reason for the decision to interfere with the SSE project or schedule."

"As expected, the final investment decision should take place by 2015 for commercial operation of new nuclear power plant around 2023," they affirm.

Greece hopes to conclude an agreement Tuesday with its international donors, so you can receive a new tranche of eight billion euros scheduled for October, told Reuters on Monday a senior Greek finance.

"The climate was better than expected," the official said, referring to a conference held on Monday between the Finance Minister Evangelos Venizelos and the "troika" (EU, IMF, European Central Bank).

The Ministry of Finance said earlier that this discussion had been "productive and substantial" and that it be repeated Tuesday night.

"We are close to an agreement and we hope to conclude tomorrow.The government will make an announcement likely on Wednesday after the cabinet meeting.We will continue the discussion tomorrow, "the official added.

Without this new tranche of aid, tied to the forefront of international bailout which Greece received last year, the Greek government said it would find itself short of resources in mid-October.

To avoid this, Greece has to reduce its public sector and improve its system of tax collection, consider its international donors.

"The ball is in the Greek camp, the key lies in the implementation of reforms," ​​said Bob Traa, the IMF representative in Greece, at a conference.

These reforms are required to Athens to collect a new tranche of eight billion euros in the first part of its bailout.

According to him, Greece has cut jobs in the public, reduce the salaries and pensions of civil servants and improve its system of tax collection rather than creating new taxes.

Bob Traa was concerned about the lack of public support for the IMF austerity program / EU, while saying that other countries in the euro zone were on the side of Athens, provided that the government showed that he was acting to control its deficits.

FIVE MEASURES

The euro, but Wall Street had cut their losses after an initial source of the Greek Ministry of Finance had said that an agreement was near on aid between Athens and the troika.

Earlier in the day, the euro was down sharply and European shares closed down for fear of a significant failure of Greece.

Greek media have published a list of 15 austerity measures that they believe the troika requires the implementation.They include a new deletion of 20,000 civil service posts, a reduction or a freeze on salaries and pensions of the public service, increasing the tax on heating oil, the closure of public deficit, reducing spending on health and accelerating privatization.

The EC stated that it did not ask to Athens to adopt austerity measures in addition to what has already been agreed in the reform program of government."What is on the table is in full compliance with the agreed objectives," said the spokesperson of the EC Amadeu Altafaj.

Asked whether Greece would receive the next tranche of aid, Venizelos responded to Reuters: "Yes, of course."

Even so, many economists and investors believe that Greece will end up in default on a debt that reached more than 150% of GDP, perhaps a few months.

Venizelos insisted on Sunday that the spending cuts would be the priority of the 2012 budget. He predicted a contraction of GDP higher than expected 5.5% this year.

For two days, France is the heart of the market storm. The cost of insurance against default on debt lights blazing. The contagion of the crisis of debt in the euro area appears to have reached France … French President Nicolas Sarkozy (here on a council of the euro area July 21, 2011)

It was predictable. After Spain and Italy, France is now the new target markets. Wednesday, rumors of degradation of the French note have plunged the European stock exchanges. Fears of contagion from the debt crisis in France have led Thursday by a surge in contracts of insurance against default (CDS) on debt lights. The CDS of France have indeed reached a record 75 basis points, which means it must pay 175,000 dollars a year to provide $ 10 million in French state debt to 5 years.In comparison, Germany CDS are 85 basis points, those of the United States to 56 points. The reasons for the increased tension on France.

Fears of loss of triple A

The CAC 40 is unscrewed from 5.45% Wednesday, amid rumors of degradation of the French note. Bercy immediately issued a formal denial. The three main rating agencies, Standard and Poor's, Fitch and Moody's, they all reaffirmed that the prospect of the "AAA" of France was stable. This means that there is no risk of downgrade tricolor short to medium term. Still, for many analysts and investors, the degradation of the note of the United States sounds like a warning to other countries with a triple A.But France has the worst ratios of the club budget of twelve (composed of Germany, the United Kingdom, Sweden, Australia, Canada, the Netherlands, Austria, Luxembourg of Norway, Switzerland and Finland). The French public deficit (7% of GDP) exceeds the level of other "triple A" in the euro area. France, also displays a primary deficit (excluding debt service charges) twice (3% of GDP) than its neighbors (1.6% in the Netherlands, Austria 0.9%, 0.5% Luxembourg, while Germany and Finland this year should generate a primary surplus).If it were, then, that a rumor, the prospect of a deterioration in the French note in the longer term is not excluded.

A sudden return of Nicolas Sarkozy ruled suspicious

Wednesday morning, the Elysee Palace announced the holding of a crisis meeting on deficits, with Prime Minister François Fillon, Minister of Economy Baroin and budget minister Valérie Pécresse. To do this, Nicolas Sarkozy, had to cut short her holiday to Cape Negro. During the meeting, the Head of State has asked his ministers to hand over on 17 August, "proposals to ensure compliance with the goals of deficit reduction." The arbitration will be made Aug. 24. Why Nicolas Sarkozy he called this meeting? As we know, before officially degrade a country, the rating agencies warn its leaders 12 hours.The initiative of Nicolas Sarkozy called a crisis meeting has encouraged the emergence of rumors about a possible loss of the triple-A French. "This has poured oil on the fire," admits one member of the French Government, quoted by the Financial Times. The other explanation – because the degradation did not occur – the holding of this meeting is to anticipate the cold shower that could be the announcement of the growth in the second quarter. INSEE is to publish this number on Friday morning. But after starting the year with a bang, French growth has slowed markedly.According to all forecasts, GDP should grow by only 0.2% in the second quarter, after +0.9% in the first quarter.

Commitments to reduce the deficit unconvincing

If the forecast 2% growth this year is achievable given the good start to the year, that of 2.25% in 2012, however, seems less and less realistic given the economic slowdown. Growth lower than expected means less tax revenue, so a larger effort to predict savings for deficit reduction. So, to achieve the objective of a deficit to 4.6% of GDP in 2012 and 3% in 2013, France will have to tighten their belts. In a report published mid-June, the Court of Auditors estimated that "the necessary efforts go beyond the measures that have already been taken." Particularly in terms of reduction of tax loopholes.According to the institution, the government's effort to reduce represent ten billion euros in 2012. The sages of the rue Cambon advocate an effort twice as large. Valérie Pécresse golds already announced that the government was ready to remove more tax loopholes that what was previously expected. The government is also considering taxing very high incomes, and increase taxation on life insurance. These measures will result in tax increases, targeted in 2012. Unless this commitment does the cost of the presidential campaign. Nicolas Sarkozy had indeed done in 2007 that he was not elected to raise taxes …

European shares sink their media one after the other against a backdrop of slowing global growth, the President of the European Central Bank Jean-Claude Trichet who failed Thursday to allay concerns.

Since the beginning of the week, the European equity markets have lost about 290 billion euros of their value, two thirds of the 440 billion vested in the European Financial Stability Fund (EFSF), under the influence of fear of relapse the economy and the persistence of the crisis of sovereign debt in Europe.

"There are two important points in the speech of Jean-Claude Trichet that are quite contradictory: the desire to control inflation, meaning that eventually a new rate hike, and the possible injection of liquidity through repurchase obligations, "said Alexandre Baradez, market analyst at Saxo Bank.

Jean-Claude Trichet at a news conference after the monthly meeting of the Governing Council of the ECB has implicitly confirmed the recovery of market intervention, and stressed that inflation expectations in the euro area were remain firmly anchored.

If the part of speech of Jean-Claude Trichet on redemptions of bonds was expected by the market, allowing the index to delete then some of their losses, the talk about inflation is not necessarily what is more appropriate in the current environment, explains Alexandre Baradez.

"Inflation eats away at the debt and rising interest rates would not be appropriate when the level is already high in Europe.We also see that we do not ask this question in the United States, "said he.

THE CAC 40 COULD FALL TO LOWEST OF 2010

Around 4:45 p.m., the CAC 40 index fell 2.4% to 3371.62 points, after falling to 3362.35 points before, its lowest level since July 7, 2010.

Exchanges in London and Frankfurt lost 2.5% and 2.76%, while pan-European Euro Stoxx 50 index (-2.39%) fell to its lowest level since July 2009.

As for the peripheral countries of the euro area, the situation is even more dramatic, the Athens Stock Exchange (-1.35%) finding its levels 14 years ago and the place of Lisbon (-2.46%) those of April 2009.

After pressing multiple media techniques, markets could even fall even lower.

"The CAC 40 may now fall to its next support at 3,350 points, and then go towards the lower end of the year 2010 at 3287 points," warned Alexander the Drogoff technical analyst at Aurel-BGC.

Moreover, all this should be done in a climate of increased volatility, analysts warn.

"The volatility of the Eurostoxx 50 is too low and this should be corrected," warns Gastaldy and Valerie, an analyst at Day By Day graphic.

"The implied volatilities have been very quiet in recent months, despite the intense agitation of the equity markets.Intermarket arbitrage operations are clearly under way: between the CDS, bonds and equities, and especially so on Eurostoxx50, "said she.

As for metals, an ounce of gold hit a new side of his most historic 1677.90 dollars in the wake of the conference of ECB President Jean-Claude Trichet.

The euro yield 1.42% against the greenback at 1.4139 dollar. Baradez Alexander points out, however the relative strength of the euro against the dollar, which manages to stay in a range between 1.4150 to 1.43 dollar down without crossing the threshold of $ 1.40.

"On the foreign exchange market, we see that there is a seller of wind shelters currencies (dollar and yen) for the benefit of currency risk.This could be a harbinger of a renewed appetite for risky assets and therefore support the equity markets, "said he.

EDF issued Friday an increase in profits in the first half data in organic and has set targets for growth in the medium term long-awaited by the market.

The electrician public said in a statement it was for the period 2011-2015 average annual growth of between 4% and 6% of its gross operating profit (EBITDA), at constant scope and exchange rates, and a range from 5% to 10% in net income.

EDF is also a ratio of net debt to EBITDA below 2.5 and a payout ratio of 55 to 65%, and net investments of between 13 and 15 billion euros in 2015.

The group, which seeks to diversify its energy mix and geographical locations, said in May it was 200 gigawatts (GW) of capacity in 2020 against 150 GW at present, 50% in the nuclear, 25% in the thermal (gas, coal) and 25% hydro and other renewables.

In France, EDF said in particular that it plans to spend between 3.4 and 3.6 billion euros in 2015 to ten-year inspections, the program of replacement of heavy components and other investments related to plant operations, against $ 1.7 billion in 2010.

The electrician also provides that the efficiency program will allow him to record 2015 earnings by more than 2.5 billion euros (over 2010), about 1.3 billion euros purchasing performance, on the margins, operating costs and investments.

PURPOSE OF NUCLEAR PRODUCTION RECORD

After restatement of the first half of 2010 to reflect the disposals, the group recorded in the first half 2011 net income group share of EUR 2.554 million (139% organic), a net profit of 2.629 million ( 12.5% ​​organic growth), EBITDA of 8.616 million (6.2% organic) and a turnover of 33.464 million (+2.7% organically).

According to the consensus reached by the group, analysts on average expected a net profit of 2.429 million euros, EBITDA of 8,580 million and a turnover of 33.508 million.

The growth in EBITDA in the first half was driven by good operating performance in France, where the group has improved the performance of its nuclear fleet, and the United Kingdom.

EDF is also the target range nuclear production for 2011 at a level of 411 to 418 terawatt hours (TWh), against a target of 408 TWh to 415 TWh above.

For 2011, it is always an organic growth of its Ebitda of between 4% and 6% and a dividend at least equal to that paid for 2010.

It is also banking on a ratio of net debt / EBITDA between 2.1 and 2.3 by including the buyout of minority EDF Energies Nouvelles.

"The most demanding investment criteria will be applied. The EDF Group will invest in projects that create value from 300 basis points above the weighted average cost of capital (WACC), which corresponds to rates of return above 1.0 to 1.5% from the previous criteria, "he added.

The title EDF closed on Thursday during a 27.005 euros, registering a decline of 12% since the beginning of the year after a plunge of 26% in 2010.