LVMH has published Thursday the results up sharply, signing new record, reflecting once again the resilience of the luxury sector facing the economic downturn.
The world of luxury, owner of Louis Vuitton, Moet et Chandon champagne and Christian Dior perfumes, saw its sales grow by 16% to 23.66 billion euros, exceeding slightly forecasts (consensus Thomson Reuters I / B / E / S of 23.3 billion) and operating income reached 5.26 billion euros (5.1 billion against expected ), signing up 22%.
The group's organic growth stood at 14% throughout the year and 12% in the fourth quarter alone.
As usual, LVMH does not give any indication about its outlook for 2012, indicating just have the "best assets to pursue an aggressive growth", as many analysts have revised down their pre visions of organic growth of industry leaders.
The annual net income reached 3.06 billion euros (3.07 billion consensus), up 1%, and the proposed dividend will be 2.60 euros (against 2.1 euros in 2010) up 24%.
After the Swiss Richemont (Cartier, Van Cleef & Arpels) and Britain's Burberry, LVMH confirms the strength of luxury to the crisis, on the strength of demand in the e Mergent and very important tourist flows in Europe.
The title LVMH closed Thursday at 126.40 euros at the Paris Stock Exchange, advancing and 15.5% since early January, after falling 11.13% in 2011.
Perceived by analysts as the value most defensive sector, largely due to the brand Louis Vuitton, she exchanged with valuation multiples of about 17 times the beneficial ; profits estimated for 2012, representing a premium of approximately 15% of the industry average off Hermes.
Poul Thomsen, the head of IMF mission in Greece, will have to recognize that slow the pace of fiscal consolidation since the recession is more severe than expected. The head of IMF mission to monitor the recovery of Greek finances, Poul Thomsen (here in Athens November 19, 2011) The head of IMF mission to monitor the recovery of Greek finances, Poul Thomsen, acknowledged errors in the control of the country for two years and called for fewer budget cuts and further liberalization, in an interview published Wednesday. "The budgetary adjustment was based on an exaggerated tax increases, we should have put more emphasis on cost containment is the one area where we could have been more convincing to the government "said the IMF representative, when asked about possible errors of the IMF by the Greek daily Khatimerini." Although much remains to be done, Greece has made good progress, "he said, claiming to understand the discomfort of the Greek opinion against criticism blaming the downturn on the country or accusing him of being unable to recover. "We should be more careful to ensure that we send a balanced message when we say that the program is off the rails," he said. But "reform and the effort required (…) have lost their momentum, we must find her," he ajouté.Poul Thomsen was recognized "worried" at the worsening of the recession-induced these measures. "We need to slow down the pace of fiscal consolidation and advance much faster in the implementation of reforms." He reiterated that among them, he supported measures to wage cuts in the private sector, as expected IMF boost the economy via a gain in competitiveness, but rejected by the Greeks as being at risk of stopping further consumption and activity. Poul Thomsen in particular called for a reduction in the minimum wage, red rag to the unions, stating that 'to 751 euros gross per month was 35% higher than that of Portugal, and from 20% to that of Spain. Despite reservations Greek on these requirements, he found that the negotiations that led to the side its counterparts Commission and European Central Bank with the government to complete the new plan for the country's recovery will be concluded "very shortly, within a few days."Target these days of sharp attacks in the Greek press as too inflexible and challenged him as in the IMF because of the failures encountered by the first bailout of Greece, Mr. Thomsen also emphasized working in full agreement with colleagues at the IMF.
Airbus anticipates a decline in orders in 2012 compared to 2011, the success of the A320neo, announces CEO Thomas Enders.
"There will not be the same kind of firework of new orders in 2012 as there has been this year," said Tom Enders daily Börsen-Zeitung, in an interview published Thursday.
Despite expectations of a recession, the two major aircraft manufacturers worldwide have accumulated very large orders this year after deciding to upgrade their best-selling models, namely the Airbus A320 and Boeing 737, by equipping them with new engines capable save 12% to 15% fuel.
Airbus, a subsidiary of EADS, is leading the race by promising that the A320neo would be available by 2015.It has sold more than 1,000.
The manufacturer plans to increase its production rate to 44 A320s per month. He must make a decision soon.
But first we must weigh what is happening economically, said Thomas Enders at Börsen Zeitung.
"But the airline demand is there, and for the second half of the decade, when the" neo "released in 2015, a further increase of production is quite possible," he adds.
The boss of Airbus also points out that in the tough current economic climate, some suppliers of small and medium sized have difficulty obtaining financing and banks are reluctant to finance aircraft construction.
"We must find new sources of funding.
Greek banks erase their losses Thursday morning as investors bet on a drop of the referendum on the bailout of the country in case of fall of the government.
Banks, who lost up to 5% at the opening, gaining nearly 2% to 10:20.
"Given the developments of the last hours, the possibility of a referendum was removed and the top priority is now the sixth tranche disbursement of aid and approval" of the rescue plan EU says Natasha Roumantzi, an analyst at Piraeus Securities.
George Papandreou Thursday called an emergency meeting of his cabinet at 11:00. The head of government is under fire from critics since he announced Monday night to hold a referendum.
The French parliament on Tuesday approved the draft supplementary budget that allows the state to provide guarantees to the restructuring of the Franco-Belgian bank Dexia to facilitate its dismantling.
After the deputies, senators adopted the text finalized last week by a joint committee (WPC) Assembly-Senate.
All groups voted the outcome of the CMP with the exception, both the Assembly and the Senate, communists and the like.
The text of the CMP includes part of the version passed by the Senate, where the left is now the majority.It thus imposes counterparties to support banks.
Credit institutions supported public will not pay bonuses or stock options to their executives and dividends only in securities and not cash to shareholders, these restrictions on 1 January 2012.
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% for Luxembourg.
During the first reading in the Assembly all voted against the left.The same text, as amended by the Senate Finance Committee where the left is now the majority, was then voted almost unanimously by the upper house.
The chairman of the PS Assembly, Jean-Marc Ayrault, asked Tuesday the creation of a parliamentary commission of inquiry on "the adventures of Dexia and its leaders."
Liberal Institute Coe-Rexecode proposes to merge the debts of countries rated "AAA" in the euro area, to eliminate differences in rates between the German and French bonds. This solution would also double the capacity of loans to countries facing difficulties.
To stem the crisis in the euro area, the French Institute of Economic Studies Coe-Rexecode Monday advocated the creation of "eurobunds" which would involve the merger of the debts of many countries "comparable" in the area, which France and Germany. Considering the creation of unrealistic eurobonds, often mentioned in recent months, the institute, near the business, suggests the creation of "eurobunds" with "merger for the debts of seven comparable countries in the euro area as are Germany, France, the Netherlands, Belgium, Austria, Finland and Luxembourg. "
The merger could lead to a large pool of securities, nearly 5,000 billion, a priori rated AAA by rating agencies, is the highest rating possible, pleaded Michel Didier, president of Coe-Rexecode, during a press conference. It would have the advantage of eliminating the spreads between the German and French bonds, he said. Moreover, such a "fire power" would "have a strong base of potential loans to the peripheral countries" beyond the potential 500 billion of loans from the European financial stability. Which, according to Coe-Rexecode, is likely to cut short the threat of contagion from the debt crisis.
Subsequently, "there would still address the problem of divergences in competitiveness" within the euro area, insisted Michel Didier.Considering the current stock market crisis "clearly European," the institute said that the problems of public funding can be resolved, thanks in part to the European plan adopted July 21, which is "appropriate". But "other scenarios are much worse now possible," he warns. "A sovereign default would lead to poorly controlled behavior very restrictive economic actors (reports of investment projects, increase household savings rate …) and lead to a true European recession," said the institute.
The pan-European Euro Stoxx 50 index gained 2.29%, but its implied volatility index remains at levels close to those recorded in August despite a decrease of 4.86% on Wednesday.
"The configurations of the lowest values make you want to buy for those who like to put in front of the trend. Oversold is strong, with significant support.Within the European indices, banks once again accuse the largest declines due to exposure to sovereign debt.We also see that the volatility particularly for banks, "said Benedict Peloille, equity strategist at Natixis.
The real estate industry has accused the only sector down (-0.72%), penalized by several downward revisions of earnings estimates by analysts for several days.
However, the automobile (5.08%), including the Frankfurt Motor Show opens its doors to the public from September 15 to 25 after two days reserved for the press, the best performing European sector, supported in particular by redemption with it, the sector still showing a decline of more than 31% since July 22.
The relative optimism of investors has resulted in a marked rise in the performance of the German government bond (Bund) to 10 years to around 1.88% against 1.79% the day before closing. The other safe haven, gold, for its part has given up 0.88% to 1,817.15 dollars per ounce.
The euro, which was passed under $ 1.36 in the morning, rose against the greenback around 1.3706 dollars (0.17%).
London Stock Exchange confirmed on Friday to discuss the purchase of the clearing house LCH.Clearnet, which is coveted by both the service provider Markit UK by rival Nasdaq OMX.
The LSE, which had been, two months ago, put his hand on the Canadian exchange operator TMX Group, said Friday that it "is currently in discussions with LCH.Clearnet to a potential transaction." He added that discussions were preliminary.
LCH.Clearnet, the majority of whose capital is owned by its customers, had said three months ago, she had been in contact about its possible sale.
The LSE said in late May that he did not discuss with LCH.Clearnet.Media evoked them Markit, a specialist in derivatives traded over-the-counter and Nasdaq OMX, in partnership with NYSE Euronext.
For its part, the Financial Times reported Friday that the LSE has submitted a bid for a majority stake in LCH.Clearnet that values the company around one billion euros.
A takeover of the LSE of LCH.Clearnet would be logical in that, unlike most of its competitors, it does not own its main clearing house.
The LSE is already owner of the Italian clearing house CC & G, which it inherited when it bought Borsa Italiana in 2007.The Director General of Xavier Rolet LSE is keen to diversify its business and to increase the share of revenue under the compensation.
"LSE is not to miss the boat but it is likely he will not be part of a larger group with NYSE and Markit," said one trader in London.
The action LSE lost 1.4% to 919.5 pence in early trade while.
The Tokyo Stock Exchange ended up 0.29% Friday, purchasing cheap market conservative who supported a highly anticipated speech before the President of the Federal Reserve.
The Nikkei gained 25.42 points to 8797.78 points and the Topix, broader took 4.25 points (0.57%) to 756.07 points.
Ben Bernanke is speaking from 14:00 GMT to Jackson Hole (Wyoming), a speech that investors around the world hope to gain clues about the Fed's intentions concerning the U.S. economy.
Hope to see Ben Bernanke announced a new plan to support the economy supported the equity markets early in the week, but this enthusiasm has been tempered somewhat.
"The Index (Nikkei) remains below 9.000 points, and is the level where investors buy stocks with attractive valuations, "said Hideyuki Okoshi, director of Chibagin Securities.
On small volumes, some values abused since the beginning of the month and have found favor with investors.
Elpida, the third manufacturer of DRAM, in particular, jumped 17.58% to 535 yen after losing up to 40% in one month due to the capital increase announced by the group.
Standard & Poor's warned Friday it might lower the credit rating of Cyprus, saying not to believe that the country's fiscal position is manageable after the collapse of the coalition government.
The rating agency placed the rating of the country under review with negative implications.
Cyprus is rated BBB + by the agency, which is three notches above speculative grade.The short-term rating is A-2.
The rating agency said it might lower these ratings, and it would give the results of its review once it has examined the economic projects of minority government.
"Due to the departure of a coalition party, the DIKO, the Cypriot government is in our opinion in a more delicate to pass an emergency budget measures in Parliament," wrote S & P said in a statement.
The government no longer has a parliamentary majority since the start of the Democratic Party, which was allied in a coalition.
Moody's lowered the rating of Cyprus on July 27 to Baa1, the level equivalent to BBB + from S & P.Fitch did the same on August 10 and placing it at BBB, one notch below the other two agencies.
Wednesday, Cyprus has unveiled an austerity program of 750 million euros over two years to control the deficit, aggravated by the energy crisis that hit the island since the explosion of its main power plant on July 11.
Opposition parties believe that these measures are insufficient, which augurs a difficult debate in parliament on August 25.
"We believe that the Cypriot government's fiscal position is unsustainable," wrote S & P said in a statement.
The agency questioned its ability to achieve the "ambitious" goal of a debt / GDP ratio of 2.5% in 2012 and believed that the shock absorption capacity of the Greek debt by the system Bank of Cyprus is not "unlimited."