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The CAC 40 index recorded a new low Friday of the year at the Paris Stock Exchange after the announcement of a U.S. growth lower than expected, confirming fears of a market downturn to United States.

Around 15h, the CAC 40 fell 2.06% to 3636.21 points after falling to its lowest level since December 1 to 3630.75 points (-2.2%) in the wake of the U.S. publication.The benchmark index of the Paris gave up 1.3% before the statistics of U.S. GDP.

"The GDP figures are disappointing, and nervousness of investors with the crisis of U.S. debt increases the market reaction," said Meir Ben Amran, sales in small and midcap Aurel-BGC.

The gross domestic product of the world's largest economy rose 1.3% annual rate in the second quarter, according to preliminary estimates, while economists on average expected growth of 1.8%.

Similarly, the pan-European FTSEurofirst 300 index and Euro Stoxx 50 index declined by 1.53% and 1.87%.Squares of London and Frankfurt yielded 1.47% and 1.39%.

On Wall Street, the Dow Jones and S & P 500 lost 1% in early trade.

"The U.S. GDP is poor. The surprise is the sharp downward revision in the first quarter, due to the effects of stocks. The second quarter is better but is still very poor," said Bruno Cavalier, an economist at Oddo Securities.

"In short, we have a U.S. economy that has evolved over six months at a pace that is dangerously close to the threshold of recession and in the short term, we do not very encouraging elements of the real economy or persons responsible for economic policy, "said the economist.

For the week, the CAC 40 recorded a decline of 5.35%, its biggest weekly decline in 14 months.The next important support of the index now stands at 3,591 points, analysts said graphics-Aurel BGC.

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Starbucks on Thursday posted a quarterly profit above expectations, thanks to a larger customer base, and raised its forecast for 2011 above analysts' expectations.

Net income for the Group stood at $ 279.1 million, or 36 cents a share, for the third quarter of its fiscal year ended July 3, against 207.9 million dollars, or 27 cents per share the previous year.

Analysts on average predicted earnings per share of 34 cents according to the Thomson Reuters consensus I / B / E / S.

Revenues rose 12% to $ 2.93 billion.

Starbucks raised its forecast range of annual profit, now ranging from 1.50 to 1.51 dollar per share, against a range of 1.46 to 1.48 dollar per share previously announced. Analysts on average expect a profit of $ 1.50 per share.

The title was progressing in exchange for after-hours trading, to 40.97 dollars against 39.98 dollars at the close of Wall Street.

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Thales said Wednesday an improvement in its operating margin more than expected in the first half thanks to a better performance of its contract, which was largely responsible for the losses incurred by the group in 2010.

The supplier for the aerospace, defense and security has also announced the departure of its chief financial officer Patrice Durand in late August following the reorganization of its executive committee.

Thales generated in the first half current operating income (ROC) of 303 million euros, above expectations, giving a margin of 5.1% against 3.4% a year earlier.

Its turnover has stagnated at 5.968 million in the first half, while his orders were up 2% over the period, despite a fall of 19% in the first quarter.

"We have first-half results which show a Thales on the road to recovery," said CEO Luc Vigneron during a conference call.

Thales was lost in 2010 within the scope of provisions of 721 million euros related to contracts underachievers such as the A400M military transport aircraft.

OPERATING MARGIN AND REVENUE INCREASE FOR 2011

The focus group confirmed a slight increase in sales this year, with a ratio of "book-to-bill" around 1, but said he expected a decline in military orders in 2012 because of budget cuts .

Thales expects an operating margin of 5% in 2011 and 6% in 2012, reinforced by the first fruits of his saving plan Probase.

Luc Vigneron said that Thales was in line with its goal of securing the end of 2011 half of the savings of 1.3 billion euros expected by 2014 as part of the plan.

He said he did not have new information on the discussions of exchange of assets in the defense with Safran, taken in May under pressure from the state, their common shareholder that seeks to reduce duplication in a rapidly budget reduction.

"This is a complex operation and we are currently in discussions about valuations, it is not the easiest part," said Luc Vigneron.

Charles Edelstenne, CEO of Dassault Aviation, Thales's largest industrial shareholder with 26% of the capital, had warned in June that the negotiations could last weeks or months.

Luc Vigneron said he still expects an entry into force this year of the contract to upgrade 51 Mirage 2000 in India, whose share of Thales is valued at approximately one billion euros.

The Indian press reported in mid-July ahead of the government of the country to be awarded the contract to the French proposal, which includes Thales and Dassault Aviation.

"We are in the final straight, but that does not prejudge the outcome until the contract is not signed," commented Luc Vigneron.

The stock closed down 0.72% Wednesday, giving a market capitalization of 5.7 billion.She has returned 7.4% since the beginning of the year, slightly outperforming Safran (+5.8%).

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French consumer confidence rose in July despite a surge in fears of unemployment, shows the monthly survey released Tuesday by INSEE.

The composite indicator of consumer confidence stood at 86 after 83 in June, exceeding expectations of 14 economists and analysts polled by Reuters, which provided an average index of 82, with estimates ranging from 81-84.

The indicator stood at 83 since March.

Fell to 77 in October 2008, the barometer of consumer sentiment had risen to 91 in early 2010.It evolves from September 2007 below its historical average of 100.

"In July, the opinion of households on their personal financial situation, past and future progress: the balances corresponding gain respectively 3 and 2 points," said INSEE.

"Households are also more likely in June to consider as appropriate to make major purchases (4 points)."

The opinion of households on their savings increases sharply (7 points), as well as their views on their ability to save in the months to come (4).

However, households believe that the time is less favorable than in June to save: the balance you lost two points but remains above its long-term average.

Fears of unemployment trends strongly to depart upward, increasing the balance corresponding to 10 points after a decline begun in February, returning to a level close to that reached in late 2010.

The opinion of households on past inflation is almost stable (+1 point) and their expectations for inflation fell by 4 points, reaching the level of late 2010.

The INSEE survey is conducted each month by telephone with about 2,000 households.

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The increase of EUR 15 billion of debt due to France's aid to Greece will not cause austerity, says Finance Minister Baroin, in an interview published Saturday in the world.

These 15 billion expected by 2014 will have an impact on the debt amount, and none of the deficit, he says, and this debt will be issued by the EFSF, not France.

"France takes the form of guarantees. But since last year, European statisticians have told us that the debt of the European financial stability should be attached to each state accounting for the share it guarantees," said François Baroin.

"Beyond the accounting impact, France does not need to borrow more and our deficit is not affected.Neither the Fund nor a fortiori France will become poorer in the operation, "he says.

Excess debt is expected to change the trajectory of change forecast public debt of France, which is about 1600 billion.

The government planned to date that the debt ratio would continue to rise this year and next year to 85.4% of GDP end of 2011 and 86.9% in late 2012 and then decline to 86.4% at end 2013 and 84.8% at end 2014.

Asked if France would suffer a dose of austerity in order to fulfill its commitments, Baroin replied: "No."

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Schneider Electric announced Friday the acquisition of Brazilian Steck, specializing in low voltage products used primarily in real estate and industry.

The amount of the transaction, which has yet to receive the green light from regulators, was not disclosed.

Based in Sao Paulo, Steck employs 950 people in 2011 and is expected to achieve a turnover of approximately EUR 80 million, said the French specialist of electrical equipment in a statement.

He added that the deal should increase its earnings per share in the first year.

In a separate statement, Schneider Electric has announced an extension to August 4, its bid to two billion over the Spanish Telvent, a specialist in systems for managing energy infrastructure, water and transport.

In early trading, the action of Schneider Electric gained 0.8% to 106.80 euros.

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Jürgen Stark, member of the Executive Board of the ECB, the private sector participation in new aid package to Greece must be done through a purchase at a reduced price of their claims by the European financial stability.

The acquisition of Greek debt, one of three options on the table just before the crucial summit in the euro area, has received strong support from the ECB. In an interview with newspaper Börsen Zeitung to be published Thursday, Jürgen Stark, a member of the board of the institution, highlights the fact that this transaction would not likely be considered a "credit event", the ECB fears over everything.

"For example, if the Fund (European Financial Stability) EFSF bought on the secondary market for Greek bonds at current prices very low, then the private sector is implicitly at the expense because it does not recover the whole of its nominal titles, "said Mr.Stark in an interview with newspaper Börsen Zeitung to be published Thursday.

"As long as investors sell their bonds on a voluntary basis, the EFSF pays them in cash and keeps them until maturity, I personally see no risk of a credit event or downgrade (debt Greek), "he said. "The ECB has always demanded that the powers of EFSF be expanded in order to buy bonds on the secondary market," he said.

The European Central Bank (ECB) and takes a clear position for the option of buying back debt, one of the possibilities explored by EU leaders on the eve of a crucial summit in Brussels Thursday.But it should be noted that it is inconsistent with a direct purchase of its debt by Greece, a sub-option proposed by Germany for example, which would reduce the amount of debt Greek.

Nevertheless, this statement of the ECB is a new feature that allows us to envisage a solution to the private sector in terms of aid to Greece. Which until then was faced with the intransigence of the guardian of the euro, which rejects any implication that is not voluntary and that can amount to a default, even partial, of Athens.

Basically, for the ECB, "Athens is the first line of defense", and the efforts of Greece to redress public finances should be enough to calm the crisis, said Stark. The nervousness of the markets is due less to the problems of Greek background that "the crisis management by governments," Judge M.Stark, including their insistence on involving private creditors. "In the end, a private sector involvement could be more expensive to the taxpayer as to give it up," he warns.

But if the government will insist, then the redemption of debt is the best option possible. Although the German warns, "we can not exclude that even such an approach is considered a credit event."

Wednesday in Berlin, Chancellor Angela Merkel and French President Nicolas Sarkozy will try to reach a common position in advance of the summit Thursday. This will, according to Mr. Stark, "to end solutions to the will-as-I-te-shoot, and send a clear signal to markets: we can rely on Europe."

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Orpea announced Tuesday a slight increase in its sales target for 2011, after a second consecutive quarter marked a growth of just over 26%, with a high occupancy rate of its homes and favorable evolution of prices.

The manager of retirement homes in a statement issued a turnover of 301 million euros in the second quarter (26.6% or 8.7% organic growth), bringing its sales in the first half year to 594 million.

"The second half promises to be just as dynamic with organic growth remains strong, most of the openings of facilities being concentrated at year end," said Orpea, which expects 1,500 additional beds over the next seven months.

Orpea is now 1.23 billion in revenue in 2011, thus raising its forecast of 20 million.

"This strong growth accompanied by solid profitability, increased cash flow and a dynamic development both in France and abroad," added the company.

The action Orpea closed Monday at 32.995 euros, a market capitalization of 1.4 billion euros. The title gives 4.75% since the beginning of the year, after gaining 10% last year.

The group will publish its first half results on September 14 before the market opening.

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Two weeks before the deadline after which the U.S. will be in default if the debt ceiling is not permitted statement, Barack Obama must decide Saturday whether or not convene congressional leaders for new negotiations.

Financial markets begin to fear that Republican and Democratic positions are irreconcilable to an agreement on the budget by August 2.

At that time, the United States run out of money – and therefore at risk of default – unless the legal limit of debt, currently set at 14,300 billion and already reached, is raised.

The prospect of a possible default on U.S. debt fears at all, and markets in the first place, a new global financial and economic crisis.

The disagreement between the Republican and Democratic camps focuses on ways to implement to reduce the U.S. deficit.

President Democrat Barack Obama wants a comprehensive program combining lower costs, including those linked to popular social programs, increased taxes.For their part, Republicans oppose a heavier too complex taxation.

The result is that after five sessions of fruitless negotiations with the White House, the future budget of the United States still remains unclear.

UPCOMING TALKS SATURDAY OR SUNDAY?

Analysts agree that it is very likely that Barack Obama holds further discussions, Saturday or Sunday.

"The truth is that it is impossible to eliminate a deficit without making cuts," said the U.S. president on Saturday at his traditional radio address.

"But it is also impossible to solve such a problem without asking the wealthiest Americans to pay their fair share – or without addressing the legal loopholes that grant schemes in favor of larger companies that the American middle class n is not entitled, "said the head of the White House.

Republican leaders announced Friday they would submit to Congress next week a bill linking a rise in the debt ceiling of spending cuts strong and immediate, a limitation of future levels of spending and a constitutional amendment requiring presenting a balanced budget each year.

The latter, similar to the "golden rule" that the government wishes to impose in France, is unlikely to get two-thirds of votes necessary for its adoption by both houses of Congress and leaders of the House No have not planned to vote on this.

Nancy Pelosi, the leader of House Democrats, described the project as "scandalous".

But Republicans, like Senator Orrin Hatch, believe in the merits of such a measure.

"The solution to a fiscal crisis is not to raise taxes. Yet, Washington has continued to demonstrate, consistently, his willingness to spend money," said Saturday the Republican elected In the traditional speech of his party start the weekend.

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European values ​​have come down Thursday for the fourth time in five sessions as investors worried about showing themselves to debt problems of the States, the United States and Europe.

In Paris the CAC 40 index ended down 1.11% to 3751.23 points.

Other major European markets have also closed lower. London lost 1.01%, Madrid sold 0.71% 0.73% and Frankfurt. Of the European indices, the Eurofirst 300 finished on a loss of 0.89. The FTSEurofirst 300 has lost about 6% since early May, the concern on the Greek debt resurfaces.

The technology index fell 2.4%, led by German Software, which tumbled more than 16% to 35.1850 euros.The group announced Wednesday that its second quarter results would be affected by delays in license sales and the effects of adverse changes.

The banks were particularly severe. The banking sub-index yielded 0.8%. Crédit Agricole has sold 2.4% to 8.74 euros, Credit Suisse 1.1% to 30.59 francs and 1.5% Dexia 1.8370 euro.

Kingfisher gained 1.65% to 257.24 pence. The UK distributor was supported by a note from JPMorgan, which believes that "overweight" value with a target price of 329 pence.

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