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31 Ekim 2007 Çarşamba
11 Ekim 2007 Perşembe
Google's Stock Tops $600 for First Time
Google Inc.'s stock price sailed past $600 for the first time Monday, extending a monthlong rally propelled by the lofty expectations surrounding the Internet search leader's upcoming third-quarter earnings report.The Mountain View-based company's shares traded as high as $610.26 before slipping back to $609.62, a gain of $15.57, or 2.6 percent. It marked the sixth time in the past 12 trading sessions that the stock has reached a new peak, indicating investors are confident Google's third-quarter profit will be impressive. The results are scheduled to be released Oct. 18.The latest milestone served as yet another reminder of the immense wealth created since Google went public in August 2004.The shares have increased more than sevenfold from their initial public offering price of $85, bringing the nine-year-old company's market value to $190 billion eclipsing bigger, more mature businesses like Wal-Mart Stores Inc., Coca-Cola Co., Hewlett-Packard Co. and IBM Corp.It took 10 1/2 months for Google's stock to leap from $500 to $600 and more than a year for the journey from $400 to $500. The shares hurdled $300 in June 2005 after passing the $100 and $200 thresholds in 2004.Analysts began predicting Google's stock would reach $600 at the start of 2006 when the shares were still hovering around $420. Some analysts already are predicting Google's stock will hit $700 within the next year, but the average target price for the stock is $614.64 among analysts polled by Thomson Financial.The biggest beneficiaries of the stock's ascension have been Larry Page and Sergey Brin, who began developing their search engine, then called "BackRub," in a Stanford University dorm room in 1996. Page and Brin, both 34, now rank among the world's wealthiest people, with fortunes approaching $20 billion apiece.Google's chief executive, Eric Schmidt, and top sales executive Omid Kordestani also have accumulated enough stock in the company to become multibillionaires.
As the Dollar Falls, New Doors Open to Currency Bets
THE dollar’s recent swoon is a textbook example of just how volatile foreign exchange markets can be. The new lows for the dollar brought quick profits to many investors, but the “easy money” has already been made, said Ed Yardeni, the president of Yardeni Research.“Trading in currencies is a dangerous game,” he said. Whether the dollar weakens further or begins to rise will largely depend on what the Federal Reserve does next, he said, and that is very difficult to handicap.This month, the central bank cut its benchmark interest rate by half a percentage point, to 4.75 percent; the cut was bigger than Wall Street had expected. The Fed also reduced the rate it charges banks for emergency short-term loans by half a point.“There is some expectation that there will be more rate cuts,” Mr. Yardeni said. “But I think the Fed was aggressive enough in its recent action that it might not have to cut rates again any time soon.” If the Fed keeps rates as they are, the dollar may stabilize and start trading in a narrow range against some major currencies, like the euro and the Japanese yen, in Mr. Yardeni’s view. That could change the fortunes of investors who have been using a spate of new exchange-traded funds to bet that the dollar will keep falling. These E.T.F.’s have made it much easier for individuals to buy and sell the British pound, the Swiss franc or even the Mexican peso. And some E.T.F.’s allow investors to bet that the dollar will rise or fall against a basket of currencies.Many individual investors have been drawn to these funds. Tim Meyer, the E.T.F. business manager at Rydex Investments, estimated that only about 30 percent of the roughly $1.1 billion that has flowed into the company’s eight currency E.T.F.’s this year was from institutional investors, like pension plans and hedge funds. He said 50 percent probably came through financial planners and the other 20 percent from online brokerage accounts.Rydex Investments, based in Rockville, Md., has created many of the new E.T.F.’s. Each holds currency in a bank account at JPMorgan Chase in London. The funds pay interest, which is based on the overnight money market rate in each currency, minus fund expenses.Although the dollar has fallen against a broad range of currencies this year, Mr. Yardeni said the picture might soon become more complex. The dollar could rise against some major currencies over the next six months, while falling against others, he said, depending on economic conditions and interest rates in each country.For example, the Japanese yen, which has been floundering for years, has surprised investors by rallying against the dollar recently. But Mr. Yardeni said the yen could level off — or even reverse course — unless Japan’s central bank raised the country’s razor-thin interest rates. With fresh signs of deflation in Japan, he said, that may not happen soon.As for the euro, which traded above $1.40 for the first time this month, Mr. Yardeni said he could imagine it going as high as $1.45 but not $1.50. And he predicted that the British pound, now trading at more than twice the value of the dollar, could fall to around $1.85 over the next six months.“We might see a little divergence, where the dollar weakens against the euro and strengthens relative to the pound,” Mr. Yardeni said, because Britain’s economy has a lot of the same risk factors that the American economy does now — including a shaky mortgage market.The currencies with the best outlook are the Australian and Canadian dollars, he said, “because they have what the world wants now, which is raw materials.”Earlier this month, the Canadian dollar reached parity with the American dollar for the first time in more than 30 years. But Mr. Yardeni said he thought both the Canadian and Australian dollars might rise an additional 5 percent or so against the American dollar.Michael Metz, the chief investment strategist at Oppenheimer & Company, said it was too late to buy the British pound or the euro, calling both currencies “grossly overvalued.” He said the Japanese yen was still attractive but not as much as it was in February, when Rydex introduced the CurrencyShares Japanese Yen Trust.“When that E.T.F. was created, the yen was the cheapest currency around,” Mr. Metz said. “But if you want an alternative to the dollar now, I think it’s the Swiss franc.” He said that the Swiss currency had not appreciated in tandem with the euro, largely because Switzerland has lower interest rates.Many investors do not want to pick and choose among foreign currencies, said Bruce Bond, the president and chief executive of PowerShares Capital Management in Wheaton, Ill. PowerShares offers two E.T.F.’s that use futures contracts to make bets on the dollar versus a basket of six currencies: the yen, euro, British pound, Canadian dollar, Swedish krona and Swiss franc. If the dollar rises against these currencies, investors in one of the E.T.F.’s, the PowerShares DB U.S. Dollar Bullish fund, would make money. If the dollar falls, the PowerShares DB U.S. Dollar Bearish fund would come out ahead. Neither fund uses leverage.The company has also created an E.T.F., PowerShares DB G10 Currency Harvest, intended to allow investors to bet against currencies in countries with low interest rates and to take long positions in those with higher rates. Currently, the fund has long positions in the Australian dollar, the New Zealand dollar and the British pound, and short positions in the Japanese yen, the Swiss franc and the Swedish krona.THERE are special tax consequences associated with the three PowerShares funds. Investors who own E.T.F.’s that use derivatives, like futures contracts, have to declare capital gains each year — even if they still own the funds — and 40 percent of the gains will be taxed at the higher rate for short-term capital gains. So experts recommend holding such E.T.F.’s in a tax-advantaged account like an Individual Retirement Account.Alternatively, Mr. Metz said that it might be simpler for investors who are worried about a further decline in the dollar to put a small portion of their portfolios into gold. He recommended one of the E.T.F.’s that invest in actual bars of gold, like the StreetTracks Gold Shares fund or iShares Comex Gold Trust.“I think there will be a big move by central banks to build up their gold reserves, which they have really sold off in recent years,” Mr. Metz said.
Euro bursts to fresh dollar high
The US dollar was dragged down further against the euro in Asian trade as dealers bet that further poor US economic data could lead to a rate cut.In early Tokyo trade, the euro climbed to $1.4283 after breaching the $1.42 level for the first time last week.Traders are now looking ahead to US jobless data out on Friday for a better idea of how the housing slump and credit woes are hurting the economy.Depressed numbers could strengthen the Fed's hand in cutting rates further.The dollar has been sliding since the Federal Reserve cut rates from 5.25% to 4.75% in September to help rejuvenate confidence in the world's largest economy.This followed a summer of turmoil in the world's credit markets, sparked by record loan defaults in the US sub-prime mortgage sector.Since then, a raft of mostly disappointing economic news and soft inflation figures has prompted anticipation of further rate cuts. Eurozone ratesMeanwhile, the European Central Bank's rate-setting committee is due to meet this week.No change is expected in the 13-member eurozone's key interest rate, which is currently 4%.Analysts say the ECB will want to exercise caution in the face of fragile stock markets, although Mr Trichet has maintained recently that Europe's economy remains strong.Investors will listen carefully to the words used by ECB President Jean-Claude Trichet in the news conference after the meeting for any indication of where eurozone rates will be headed next.
Wall Street Awaits Key Economic Reports
Wall Street is on surer footing than it was a month ago, but it enters the fourth quarter with many questions still unanswered about the health of the nation's economy and corporations.At this point, the credit markets have loosened up some, the Dow Jones industrial average is only about 100 points below its record, and investors appear to be more confident the Federal Reserve will do what it can to keep the economy from slipping into recession.The third quarter, after all the tumult in the housing and credit markets this summer, ended with the Dow up 3.6 percent after the Federal Reserve lowered key interest rates.However, not everything that keeps the stock market afloat is under the Fed's control. The housing market is the weakest it's been in years, and some homebuilders have said recently that they see conditions deteriorating through next year. Credit has improved, but the financial markets remain unsure how problems with spiking mortgage defaults and excessively leveraged debt will shake out."Everybody's nervous. This housing thing is big, and it's going to continue," said Kim Caughey, equity research analyst at Fort Pitt Capital Group in Pittsburgh, Pa.This week will bring data not only on August's pending home sales, but also on three major pillars of the nation's economy: manufacturing activity, service sector activity, and employment.Third-quarter earnings don't arrive in earnest until mid-October, and the Federal Reserve isn't scheduled to discuss interest rates until Oct. 30-31, so this week's reports could help investors figure out where the economy is headed, if rates will keep falling, and whether corporate America is weathering the uncertainty.The Institute for Supply Management is expected to report Monday that manufacturing rose at a similar rate in September as in August, according to the median estimate of economists surveyed by Thomson Financial. An ISM report Wednesday, however, is expected to show that growth slowed in the service sector, which makes up a larger portion of the economy than manufacturing does.
The price of existing homes in the 10 largest US cities fell by 0.6% in July - the steepest drop in 16 years - a survey has found.
The data, from S&P/Case-Shiller home price index, put the annual price fall in those cities at 4.5%.
A broader survey of 20 cities found that prices fell in 15 of them, dropping an average of 0.4% from June to July, and down 3.9% on July 2006.
Large numbers of unsold existing and new homes have hit prices.
"The further deceleration in prices is still apparent across the majority of regions," said Robert Shiller, chief economist at MacroMarkets LLC.
Recession risk
The cities where prices are still rising are Atlanta, Charlotte, North Carolina, Dallas, Portland and Seattle.
However, these have reported that growth is slowing, the index compilers said, with Atlanta and Dallas moving closer to negative territory.
Analysts say that tight credit conditions - making it harder for people to get mortgages - are continuing to dent the market for house sales, which is already weak.
The housing slowdown and decline in credit availability have triggered worries that the economy could go into a recession - prompting the US Federal Reserve to slash interest rates earlier this month from 5.25% to 4.75%.
Last week, Mr Shiller told politicians that the loss of a boom mentality among consumers posed a "significant risk" of a recession within the next year.
The data, from S&P/Case-Shiller home price index, put the annual price fall in those cities at 4.5%.
A broader survey of 20 cities found that prices fell in 15 of them, dropping an average of 0.4% from June to July, and down 3.9% on July 2006.
Large numbers of unsold existing and new homes have hit prices.
"The further deceleration in prices is still apparent across the majority of regions," said Robert Shiller, chief economist at MacroMarkets LLC.
Recession risk
The cities where prices are still rising are Atlanta, Charlotte, North Carolina, Dallas, Portland and Seattle.
However, these have reported that growth is slowing, the index compilers said, with Atlanta and Dallas moving closer to negative territory.
Analysts say that tight credit conditions - making it harder for people to get mortgages - are continuing to dent the market for house sales, which is already weak.
The housing slowdown and decline in credit availability have triggered worries that the economy could go into a recession - prompting the US Federal Reserve to slash interest rates earlier this month from 5.25% to 4.75%.
Last week, Mr Shiller told politicians that the loss of a boom mentality among consumers posed a "significant risk" of a recession within the next year.
In una Borsa fiacca balzano Tiscali e Tod's
Chiusura di seduta in lieve calo per la Borsa, che ha confermato nel pomeriggio l'andamento fiacco già visto in mattinata. L'indice Mibtel registra così un -0,17%, a 31.620 punti, mentre l'S&P/Mib cede lo 0,29% e l'All Stars sale dello 0,74%. Scambi vicino ai 5 miliardi di euro.Con Wall Street a mezza forza per la festività del Columbus Day, Piazza Affari ha preferito rallentare il ritmo ed evitare di prendere posizioni chiare. Il Mibtel ha oscillato tutta la seduta tra il -0,2% e il +0,2%. In evidenza pochi titoli, tra cui Atlantia dopo l'accordo sulla convenzione unica e l'annuncio di un acconto sul dividendo, Lottomatica, Parmalat e Tiscali, galvanizzata dall'operazione avvenuta nel weekend nel settore tlc, con cui Vodafone ha acquisito Tele2 Italia e Spagna. Tiene le posizioni Eni, dopo gli incontri di Prodi e Scaroni in Kazakistan, che hanno portato ottimismo sulla conclusione della vicenda Kashagan.Tiscali registra un rialzo del 4,93%, frutto anche della valutazione data a Tele2 da Vodafone, secondo multipli che riporterebbero in alto la quotazione del provider sardo. Gli operatori inoltre scommettono su una acquisizione di cui potrebbe essere oggetto la stessa Tiscali; infine si pensa che Tiscali diminuisca l'importo dell'aumento di capitale in programma, non essendo riuscita ad acquisire Tele2 per cui era in gara. Ancora nelle tlc Telecom chiude con un -0,43%.Bene Atlantia (+1,79%) dopo che venerdì sera la società ha annunciato l'ok all'accordo con il governo sulla convenzione unica, con un programma di investimenti per 7 miliardi; deliberato anche un acconto di 0,31 euro sul dividendo. Sale Autogrill (+1,26%). Si è mossa anche Alitalia (+0,39%) in attesa delle novità sulla short list dal cda di oggi.Tra le altre blue chip, si riprende Lottomatica (+2,23%), bene Parmalat (+2,68%), Fiat oscilla poi chiude con un -0,32%. Salgono ancora i cementieri, la ripresa del dollaro favorisce Bulgari (+1,79%) e alcuni titoli del lusso-abbigliamento, come Safilo (+1,94%), Tod's (+5,24%) e Geox (+1,71%). Fermi i titoli energetici, con Eni -0,12% dopo i colloqui in Kazakistan. In calo i bancari, con Intesa Sanpaolo -1,01%, Unicredit -0,55%, Bpm -1,21%. Giù anche gli assicurativi, con Unipol -2,03% e Mediolanum -1,12%.
Criteria se estrenará en Bolsa mañana a 5,25 euros por título
Criteria, el brazo inversor de La Caixa, empezará a cotizar mañana en Bolsa a 5,25 euros por título. Este precio, que valora el grupo en 17.500 millones de euros, se sitúa en la parte baja de la horquilla prevista, lo que representa un descuento bruto del 27,9% sobre el valor de los activos del pasado viernes y asegura un buen recorrido para la acción. La suscripción es de 3.500 millones, lo que constituye la mayor colocación en una operación de salida a Bolsa en España.
El precio fijado se sitúa en la parte baja de la banda establecida, que iba de cinco a 6,75 euros por acción en el folleto de la oferta pública de suscripción (OPS). La entidad financiera prefirió realizar una ampliación de capital a una mera venta de acciones, lo que habría arrojado plusvalías inmediatas. Al final, el valor fijado supone valorar Criteria en 17.500 millones de euros y permite afrontar "un proyecto de futuro con amplio recorrido" y en beneficio de la masa accionarial, según declaró Criteria, presidida por Ricard Fornesa, en un comunicado oficial.
La oferta de Criteria ha recibido peticiones por importe próximo a los 9.000 millones de euros y ha incorporado más de 500.000 nuevos accionistas (360.000 familias) en todos sus tramos.
Como la demanda de títulos ha superado 2,57 veces la oferta, habrá prorrateo en los tramos minoristas y para los empleados, para los que se ha reservado el 55% y el 5% de los títulos, respectivamente. Las peticiones mínimas, por valor de 1.500 euros cada una, recibirán 285 acciones. Aquellas peticiones que superen dicha cantidad recibirán esos 285 títulos y, además, en torno al 25% o el 30% de las acciones solicitadas por encima de esa cifra.
"Es una apuesta valiente que ayuda a dar tranquilidad a los mercados en un momento muy delicado", subrayó una fuente de La Caixa a este periódico. "Si nos hubiéramos retirado, habríamos generado un enorme nerviosismo", añadió. Según esa fuente, el atractivo de Criteria se demuestra por la alta demanda recibida en toda España.
Recorrido al alza
En ese sentido, quiso salir al paso de algunos informes negativos contra la operación y, en concreto, el de Caja Madrid Bolsa, que la vinculaba con intereses políticos y criticaba falta de información. "No quiero pensar que ha habido mala fe, pero nosotros nos portamos muy bien cuando salió Realia [sociedad participada por Caja Madrid] a cotizar", remachó.
Ahora el empeño se centra en vigilar la cotización y darle recorrido. Tanto las fuentes de La Caixa consultadas como varios analistas de entidades colocadoras que prefieren guardar el anonimato consideran positivo el precio, puesto que abre un recorrido amplio a la acción. Algunos gestores de renta variable vaticinan, incluso, un alza de la acción de dos dígitos para esta misma semana.
Criteria se estrena en el parqué mañana y es la vía elegida por La Caixa para obtener recursos para financiar su expansión internacional, tanto en el área financiera como en el de participaciones industriales, y al mismo tiempo obtener cierto "contraste de mercado" con la gestión de sus participadas.
Principalmente, la caja que preside Isidre Fainé tiene en el punto de mira la compra de bancos y de participaciones bancarias en entidades de Europa, Asia (China e India) y Estados Unidos. Su incursión se ha limitado por ahora a la compra de un 4% del Banco de Hong Kong Bank of East Asia.
El descuento aplicado se ajusta a las exigencias de los inversores institucionales. En bruto, representa el 27,9% con relación al NAV (net asset value), el valor de los activos, que al cierre del pasado viernes era de 20.634 millones de euros, según varios bancos de inversión. Despúes de impuestos, el descuento es de 22,7%.
Analistas Financieros Internacionales (AFI) discrepa. "No vemos que sea una operación muy atractiva", explicaba ayer el analista Daniel Suárez. En primer lugar porque "no hay un descuento diferencial en relación, por ejemplo, al de Corporación Financiera Alba
[el holding de la familia March], que es de un 28". Asimismo, el 80% de la cartera de Criteria está formada por empresas cotizadas, "lo que la hace bastante replicable". "Lo único que podría añadir valor es el 20% restante", insiste AFI. Las empresas más relevantes son CaiFor y Port Aventura.
El precio fijado se sitúa en la parte baja de la banda establecida, que iba de cinco a 6,75 euros por acción en el folleto de la oferta pública de suscripción (OPS). La entidad financiera prefirió realizar una ampliación de capital a una mera venta de acciones, lo que habría arrojado plusvalías inmediatas. Al final, el valor fijado supone valorar Criteria en 17.500 millones de euros y permite afrontar "un proyecto de futuro con amplio recorrido" y en beneficio de la masa accionarial, según declaró Criteria, presidida por Ricard Fornesa, en un comunicado oficial.
La oferta de Criteria ha recibido peticiones por importe próximo a los 9.000 millones de euros y ha incorporado más de 500.000 nuevos accionistas (360.000 familias) en todos sus tramos.
Como la demanda de títulos ha superado 2,57 veces la oferta, habrá prorrateo en los tramos minoristas y para los empleados, para los que se ha reservado el 55% y el 5% de los títulos, respectivamente. Las peticiones mínimas, por valor de 1.500 euros cada una, recibirán 285 acciones. Aquellas peticiones que superen dicha cantidad recibirán esos 285 títulos y, además, en torno al 25% o el 30% de las acciones solicitadas por encima de esa cifra.
"Es una apuesta valiente que ayuda a dar tranquilidad a los mercados en un momento muy delicado", subrayó una fuente de La Caixa a este periódico. "Si nos hubiéramos retirado, habríamos generado un enorme nerviosismo", añadió. Según esa fuente, el atractivo de Criteria se demuestra por la alta demanda recibida en toda España.
Recorrido al alza
En ese sentido, quiso salir al paso de algunos informes negativos contra la operación y, en concreto, el de Caja Madrid Bolsa, que la vinculaba con intereses políticos y criticaba falta de información. "No quiero pensar que ha habido mala fe, pero nosotros nos portamos muy bien cuando salió Realia [sociedad participada por Caja Madrid] a cotizar", remachó.
Ahora el empeño se centra en vigilar la cotización y darle recorrido. Tanto las fuentes de La Caixa consultadas como varios analistas de entidades colocadoras que prefieren guardar el anonimato consideran positivo el precio, puesto que abre un recorrido amplio a la acción. Algunos gestores de renta variable vaticinan, incluso, un alza de la acción de dos dígitos para esta misma semana.
Criteria se estrena en el parqué mañana y es la vía elegida por La Caixa para obtener recursos para financiar su expansión internacional, tanto en el área financiera como en el de participaciones industriales, y al mismo tiempo obtener cierto "contraste de mercado" con la gestión de sus participadas.
Principalmente, la caja que preside Isidre Fainé tiene en el punto de mira la compra de bancos y de participaciones bancarias en entidades de Europa, Asia (China e India) y Estados Unidos. Su incursión se ha limitado por ahora a la compra de un 4% del Banco de Hong Kong Bank of East Asia.
El descuento aplicado se ajusta a las exigencias de los inversores institucionales. En bruto, representa el 27,9% con relación al NAV (net asset value), el valor de los activos, que al cierre del pasado viernes era de 20.634 millones de euros, según varios bancos de inversión. Despúes de impuestos, el descuento es de 22,7%.
Analistas Financieros Internacionales (AFI) discrepa. "No vemos que sea una operación muy atractiva", explicaba ayer el analista Daniel Suárez. En primer lugar porque "no hay un descuento diferencial en relación, por ejemplo, al de Corporación Financiera Alba
[el holding de la familia March], que es de un 28". Asimismo, el 80% de la cartera de Criteria está formada por empresas cotizadas, "lo que la hace bastante replicable". "Lo único que podría añadir valor es el 20% restante", insiste AFI. Las empresas más relevantes son CaiFor y Port Aventura.
Les Français s'expatrient de plus en plus en Asie
La moitié des Français installés à l'étranger gagne plus de 45 000 eur par an. Et 80 % des expatriés ne prévoient pas de rentrer avant plusieurs années.
QU'ILS SOIENT 1,3 million ou 2,3 millions - le chiffre fait polémique depuis des années -, les Français qui s'expatrient forment une communauté qu'une enquête TNS Sofres *, réalisée à l'occasion du salon Avenir international qui ouvre ses portes demain, tente de décrypter.
La motivation de ceux qui décident, un jour, de passer de l'autre côté de nos frontières : un enrichissement à la fois culturel, pécuniaire et professionnel. Pour la moitié de ces Français, « l'envie de quitter l'Hexagone » a aussi été déterminante, selon l'étude. Qui sont ceux qui ont sauté le pas ? Les trois quarts sont des hommes, de plus en plus jeunes - ils sont plus de 55 % à avoir moins de 35 ans contre 48 % en 2006 - et ont un statut de cadre.
Un peu plus d'un quart des Français à l'étranger - 28 % - ont un vrai statut d'« expatrié » - c'est-à-dire détaché à l'étranger par une entreprise française. Environ 50 % sont, en revanche, employés par une entreprise locale ou encore embauchés sous contrat local dans des filiales d'entreprises françaises. L'augmentation des contrats locaux est « nettement confirmée en 2007 » (+ 4 points par rapport à 2006, + 13 points par rapport à 2005), alors que les professions libérales ou les entrepreneurs sont de moins en moins nombreux. Ce sont, sans surprise, les entreprises de plus de 1 000 salariés qui disposent d'un personnel à l'étranger, « et la tendance va croissant », indique l'étude.
Si l'Europe demeure la première destination des expatriés (voir carte), on observe une « hausse très forte » pour l'Asie : + 7 points par rapport à 2006, et même + 13 points pour l'Asie du Sud-Est... « Le syndrome grippe aviaire serait-il terminé ? » interroge l'étude. Ou bien les entreprises françaises veulent-elles se donner le maximum de chances de profiter de la forte croissance de certains pays, comme par exemple la Chine ?
Une vie de famille organisée
Une fois sur place, 97 % des expatriés sont « satisfaits » de leur vie. Il faut dire qu'ils sont plutôt bien lotis sur le plan financier : alors que le salaire brut moyen en France est proche de 29 000 eur, la moitié des Français de l'étranger touche plus de 45 000 eur (salaire et primes). La tranche la moins rémunérée (celle de moins de 30 000 eur par an) a baissé de 6 points par rapport à 2006, alors que celle dépassant les 76 000 eur a, quant à elle, augmenté de 7 points en 2007. Cela représente désormais près du quart des expatriés. Si l'on ajoute à cela une vie de famille bien organisée (67 % des expatriés vivent en couple et la moitié d'entre eux ont au moins un enfant sur place), le résultat donne 80 % de Français installés à l'étranger qui ne prévoient pas de rentrer avant plusieurs années ! Et tant pis pour leurs craintes de plus en plus prononcées du terrorisme ou des catastrophes naturelles, et pour leur insatisfaction de la façon dont ils sont gérés par leur entreprise...
* Sondage Avenir international/Europcar/Les Échos réalisé par TNS Sofres entre juin et septembre 2007 auprès de 1 248 Français âgés de 18 ans et plus.
QU'ILS SOIENT 1,3 million ou 2,3 millions - le chiffre fait polémique depuis des années -, les Français qui s'expatrient forment une communauté qu'une enquête TNS Sofres *, réalisée à l'occasion du salon Avenir international qui ouvre ses portes demain, tente de décrypter.
La motivation de ceux qui décident, un jour, de passer de l'autre côté de nos frontières : un enrichissement à la fois culturel, pécuniaire et professionnel. Pour la moitié de ces Français, « l'envie de quitter l'Hexagone » a aussi été déterminante, selon l'étude. Qui sont ceux qui ont sauté le pas ? Les trois quarts sont des hommes, de plus en plus jeunes - ils sont plus de 55 % à avoir moins de 35 ans contre 48 % en 2006 - et ont un statut de cadre.
Un peu plus d'un quart des Français à l'étranger - 28 % - ont un vrai statut d'« expatrié » - c'est-à-dire détaché à l'étranger par une entreprise française. Environ 50 % sont, en revanche, employés par une entreprise locale ou encore embauchés sous contrat local dans des filiales d'entreprises françaises. L'augmentation des contrats locaux est « nettement confirmée en 2007 » (+ 4 points par rapport à 2006, + 13 points par rapport à 2005), alors que les professions libérales ou les entrepreneurs sont de moins en moins nombreux. Ce sont, sans surprise, les entreprises de plus de 1 000 salariés qui disposent d'un personnel à l'étranger, « et la tendance va croissant », indique l'étude.
Si l'Europe demeure la première destination des expatriés (voir carte), on observe une « hausse très forte » pour l'Asie : + 7 points par rapport à 2006, et même + 13 points pour l'Asie du Sud-Est... « Le syndrome grippe aviaire serait-il terminé ? » interroge l'étude. Ou bien les entreprises françaises veulent-elles se donner le maximum de chances de profiter de la forte croissance de certains pays, comme par exemple la Chine ?
Une vie de famille organisée
Une fois sur place, 97 % des expatriés sont « satisfaits » de leur vie. Il faut dire qu'ils sont plutôt bien lotis sur le plan financier : alors que le salaire brut moyen en France est proche de 29 000 eur, la moitié des Français de l'étranger touche plus de 45 000 eur (salaire et primes). La tranche la moins rémunérée (celle de moins de 30 000 eur par an) a baissé de 6 points par rapport à 2006, alors que celle dépassant les 76 000 eur a, quant à elle, augmenté de 7 points en 2007. Cela représente désormais près du quart des expatriés. Si l'on ajoute à cela une vie de famille bien organisée (67 % des expatriés vivent en couple et la moitié d'entre eux ont au moins un enfant sur place), le résultat donne 80 % de Français installés à l'étranger qui ne prévoient pas de rentrer avant plusieurs années ! Et tant pis pour leurs craintes de plus en plus prononcées du terrorisme ou des catastrophes naturelles, et pour leur insatisfaction de la façon dont ils sont gérés par leur entreprise...
* Sondage Avenir international/Europcar/Les Échos réalisé par TNS Sofres entre juin et septembre 2007 auprès de 1 248 Français âgés de 18 ans et plus.
Sarkozy seeks Airbus shares truth
Claims of state involvement in alleged insider trading at the French defence firm EADS must be fully investigated, President Nicolas Sarkozy has said.
Mr Sarkozy said anyone found guilty of fraud in the sale of shares in the Airbus owner must be properly punished.
Media reports have claimed regulators were aware of problems at EADS, but still approved suspicious share sales.
They are looking at share sales before news about damaging delays to the Airbus A380 emerged in June 2006.
This news wiped billions of euros off the market value of EADS, the Franco-German firm which owns the Airbus plane manufacturer.
Prosecutors have been investigating allegations of insider dealing in the eight months leading up to this critical announcement.
Newspaper reports have claimed 21 former and current managers are under suspicion but stock market regulators have refused to comment on this, saying their probe is incomplete.
The role of the French government - which holds a 7.5% stake in EADS - is under scrutiny amid allegations that ministers allowed state bank CDC to buy shares from defence firm Lagardere in April 2006 despite knowing about problems at the planemaker.
Thierry Breton, finance minister at the time, said last week that he did not know about the deal and that the state's role was "beyond reproach".
Opposition calls
But Mr Sarkozy said the finance ministry's internal investigation into its conduct, announced on Friday, must get "to the bottom" of what happened.
"I want to know the truth about what happened concerning the state," he told reporters.
"If there are people who committed fraud at EADS, judicial officials must get to the bottom of it so that we know the truth and those who behaved dishonestly be punished in proportion to what they did."
Opposition politicians have called for a public inquiry into the role of the administration of former President Jacques Chirac during the period now the subject of a judicial investigation.
A Socialist Party spokesman called for the "fullest transparency and a timetable of the information that was provided to various ministers between November 2005 and April 2006".
Airbus is set to hand over its first completed A380 plane to Singapore Airlines on 15 October after a series of delays costing billions of euros.
Mr Sarkozy said anyone found guilty of fraud in the sale of shares in the Airbus owner must be properly punished.
Media reports have claimed regulators were aware of problems at EADS, but still approved suspicious share sales.
They are looking at share sales before news about damaging delays to the Airbus A380 emerged in June 2006.
This news wiped billions of euros off the market value of EADS, the Franco-German firm which owns the Airbus plane manufacturer.
Prosecutors have been investigating allegations of insider dealing in the eight months leading up to this critical announcement.
Newspaper reports have claimed 21 former and current managers are under suspicion but stock market regulators have refused to comment on this, saying their probe is incomplete.
The role of the French government - which holds a 7.5% stake in EADS - is under scrutiny amid allegations that ministers allowed state bank CDC to buy shares from defence firm Lagardere in April 2006 despite knowing about problems at the planemaker.
Thierry Breton, finance minister at the time, said last week that he did not know about the deal and that the state's role was "beyond reproach".
Opposition calls
But Mr Sarkozy said the finance ministry's internal investigation into its conduct, announced on Friday, must get "to the bottom" of what happened.
"I want to know the truth about what happened concerning the state," he told reporters.
"If there are people who committed fraud at EADS, judicial officials must get to the bottom of it so that we know the truth and those who behaved dishonestly be punished in proportion to what they did."
Opposition politicians have called for a public inquiry into the role of the administration of former President Jacques Chirac during the period now the subject of a judicial investigation.
A Socialist Party spokesman called for the "fullest transparency and a timetable of the information that was provided to various ministers between November 2005 and April 2006".
Airbus is set to hand over its first completed A380 plane to Singapore Airlines on 15 October after a series of delays costing billions of euros.
3 Ekim 2007 Çarşamba
Credit crunch 'hits world growth'
The International Monetary Fund (IMF), which supervises the world financial system, says an economic slowdown is likely due to the global credit crunch.The IMF warned in its global stability report that the "downside risks [to growth] have increased significantly".IMF Managing Director Rodrigo Rato said that the biggest impact of the crisis will be on the US economy in 2008.His comments came soon after a former Federal Reserve chairman said there was a 50% chance of a recession in the US."We're heading towards a slowdown," Alan Greenspan said on Sunday. "Whether that actually leads to a recession is dependent on things we can't forecast at this moment."World growth slowdownThe IMF said that even if credit markets recover, the turbulence may have "far reaching and significant" consequences. While world economic growth should remain high next year- driven by the buoyant Asian economies - it will be lower than the levels of 2006 and 2007, said Mr Rato.The longer financial markets remain in crisis, the greater the risk of a further slowdown, he added - and the strong euro could be a particular problem.The IMF will publish its world economic forecast next month, but some independent forecasters have suggested that the US economy might only grow by 1% to 1.5% next year, half its current rate, while the UK could slow to between 1.5% and 2%, compared to the 2.8% expected this year.Credit turmoilThe IMF report says that the collapse of credit markets, and concerns about the location and size of potential losses, "has led to disruptions in some money markets and funding difficulties for a number of financial institutions".And it warns that despite the "extraordinary" injection of cash by central banks to ensure the orderly functioning of markets, "the potential consequences of this episode should not be underestimated and the adjustment process is likely to be protracted".What should be done?The report says that although it is too early to draw definitive policy conclusions about how to prevent future crises of this type, there are several key lessons:Uncertainty and lack of information: Financial markets have seized up partly because they lack information about the underlying risks of complicated financial instruments. Greater transparency is needed if markets are to function properly in pricing risk.Unintended consequences of globalisation: While financial innovation, such as "securitisation" of risky mortgage lending, has spread risk more evenly around the financial system, it has also made more institutions vulnerable to those risks.Role of credit agencies: Banks have relied on rating agencies to tell them how risky their involvement in these exotic new financial instruments might be, but they may not have been up to the job.The IMF says that "policymakers now face a delicate task" of tightening up on regulations while being mindful that "households and firms have benefited greatly from financial innovation and sold growth and financial stability of recent years."Tough debateThe issue is likely to dominate the IMF's annual meeting in Washington next month, with France and the US clashing on whether too much regulation of the world financial system would discourage financial innovation.The US faces its own issues in this area - as the lax lending practices of mortgage companies, who were only lightly regulated by the US Federal Reserve, was a key factor contributing to the crisis.The Bush administration is now discussing how to tighten up such regulations, amid predictions of up to 500,000 foreclosures on sub-prime mortgages next year.
El euro bate un nuevo récord en 1,4282 dólares
El euro ha batido hoy durante la negociación de los mercados asiáticos un nuevo récord al llegar a 1,4282 dólares por la posibilidad de un recorte de los tipos de interés en EEUU. La moneda única marcó este año, el 12 de enero, el mínimo frente a la divisa de EEUU, 1,2865 dólares, un 11% por debajo del nivel actual cercano a los 1,43 dólares.
En la apertura del mercado de Fráncfort, hacia las 08.30 hora peninsular, la divisa europea perdió algunas posiciones frente al máximo histórico y se cambiaba a 1,4257 dólares, por encima de los 1,4216 dólares del viernes por la tarde.
Nuevas bajadas de tiposen EEUU
Ahora, el billete verde está debilitado por las perspectivas de que baje el precio del dinero en EEUU, actualmente en el 4,75%, lo que disminuye el atractivo de los activos denominados en esta divisa para los inversores y por ello baja su cotización.
La semana pasada, algunas cifras coyunturales decepcionantes y la disminución de presiones inflacionistas en EEUU apoyaron más estas expectativas que reducirían el diferencial con las tasas de la zona del euro, que se sitúan en el 4%.
Los expertos prevén que BCE dejará el jueves inalterados los tipos de referencia para los países que comparten la divisa europea debido a las recientes turbulencias en los mercados financieros y a la escasez de liquidez.
Algunos operadores consideran posible que el euro baje en las próximas horas, por recogida de beneficios, tras haber encadenado valores máximos desde su introducción durante ocho negociaciones consecutivas.
En la apertura del mercado de Fráncfort, hacia las 08.30 hora peninsular, la divisa europea perdió algunas posiciones frente al máximo histórico y se cambiaba a 1,4257 dólares, por encima de los 1,4216 dólares del viernes por la tarde.
Nuevas bajadas de tiposen EEUU
Ahora, el billete verde está debilitado por las perspectivas de que baje el precio del dinero en EEUU, actualmente en el 4,75%, lo que disminuye el atractivo de los activos denominados en esta divisa para los inversores y por ello baja su cotización.
La semana pasada, algunas cifras coyunturales decepcionantes y la disminución de presiones inflacionistas en EEUU apoyaron más estas expectativas que reducirían el diferencial con las tasas de la zona del euro, que se sitúan en el 4%.
Los expertos prevén que BCE dejará el jueves inalterados los tipos de referencia para los países que comparten la divisa europea debido a las recientes turbulencias en los mercados financieros y a la escasez de liquidez.
Algunos operadores consideran posible que el euro baje en las próximas horas, por recogida de beneficios, tras haber encadenado valores máximos desde su introducción durante ocho negociaciones consecutivas.
Bristol-Myers Squibb to Settle Probes
Bristol-Myers Squibb Co. and a former subsidiary have agreed to pay more than $515 million to settle federal and state investigations into their drug marketing and pricing practices.
The civil settlement announced Friday resolves a broad array of allegations against Bristol-Myers Squibb, dating from 1994 through 2005.
Among them were a charge that the New York-based pharmaceutical company illegally promoted the sale of Abilify, an anti-psychotic drug, for pediatric use and to treat dementia-related psychoses. Neither use is approved by the U.S. Food and Drug Administration.
In the second quarter, the company reported $412 million in sales of Abilify, approved to treat bipolar disorder and schizophrenia, a 27 percent increase from a year earlier.
Although physicians are permitted to prescribe drugs for off-label uses, drug companies are prohibited from marketing them for uses that have not been approved by the FDA.
U.S. Attorney Michael Sullivan said when pharmaceutical companies market drugs for unapproved uses, there is a potential risk that patients could be harmed, because the drugs have not been tested as rigorously as they are during the FDA approval process.
Prosecutors have no evidence that anyone was harmed by Bristol-Myers Squibb's actions in promoting Abilify for unapproved uses, he said.
"People depend on this industry, thus the industry has an obligation to ensure that all rules, regulations and laws are complied with," Sullivan said.
The government also alleged the company paid illegal inducements in the form of consulting fees and trips to luxury resorts to influence doctors and other health care providers to buy and prescribe the company's drugs. The company's former generic drug subsidiary, Apothecon Inc., also was accused of giving illegal enticements to induce retail pharmacy and wholesale customers to buy its products.
Bristol-Myers Squibb misreported its best price for the anti-depression drug Serzone, violating a law that requires drug companies to report their lowest price to Medicaid, prosecutors said. The company was selling Serzone to a larger commercial purchaser at a lower price, prosecutors said.
The civil settlement announced Friday resolves a broad array of allegations against Bristol-Myers Squibb, dating from 1994 through 2005.
Among them were a charge that the New York-based pharmaceutical company illegally promoted the sale of Abilify, an anti-psychotic drug, for pediatric use and to treat dementia-related psychoses. Neither use is approved by the U.S. Food and Drug Administration.
In the second quarter, the company reported $412 million in sales of Abilify, approved to treat bipolar disorder and schizophrenia, a 27 percent increase from a year earlier.
Although physicians are permitted to prescribe drugs for off-label uses, drug companies are prohibited from marketing them for uses that have not been approved by the FDA.
U.S. Attorney Michael Sullivan said when pharmaceutical companies market drugs for unapproved uses, there is a potential risk that patients could be harmed, because the drugs have not been tested as rigorously as they are during the FDA approval process.
Prosecutors have no evidence that anyone was harmed by Bristol-Myers Squibb's actions in promoting Abilify for unapproved uses, he said.
"People depend on this industry, thus the industry has an obligation to ensure that all rules, regulations and laws are complied with," Sullivan said.
The government also alleged the company paid illegal inducements in the form of consulting fees and trips to luxury resorts to influence doctors and other health care providers to buy and prescribe the company's drugs. The company's former generic drug subsidiary, Apothecon Inc., also was accused of giving illegal enticements to induce retail pharmacy and wholesale customers to buy its products.
Bristol-Myers Squibb misreported its best price for the anti-depression drug Serzone, violating a law that requires drug companies to report their lowest price to Medicaid, prosecutors said. The company was selling Serzone to a larger commercial purchaser at a lower price, prosecutors said.
La bourse de Paris attendue en repli
La Bourse de Paris a ouvert en territoire négatif, suite au profit warning d'UBS qui pénalise l'ensemble du secteur bancaire.
Le profit warning d'UBS pèse sur la bourse de Paris ce matin. Le secteur bancaire pourrait donc une nouvelle fois focaliser l'attention. Le CAC 40 perd actuellement 0.85% à 5666.98 points. Vendredi, la Bourse de Paris clôturait dans le rouge après deux séances consécutives de hausse. Des statistiques mitigées et un euro au dessus des 1.42$ avaient incité à des prises de bénéfices.Le Cac 40 chutait de 0.31% à 5715.69 points.
Les statistiques du jour :
Sur le plan macroéconomique, on connaitra l’indice de confiance des directeurs d’achats manufacturier PMI de septembre pour l’Allemagne, la France, la zone euro et le Royaume-Uni. Aux Etats-Unis seront dévoilés l’indice ISM manufacturier et les prix ISM de septembre.
Les valeurs du CAC 40 à suivre : Crédit Agricole, EADS, Pernod Ricard, Renault, Schneider Electric, EDF, Vinci, Sanofi-Aventis
Dans "les Echos", René Carron, président du Crédit Agricole, indique que la banque n'a pas été directement exposée à la crise du "subprime" qui secoue les marchés depuis quelques mois. Néanmoins, il précise que les revenus liés aux activités LBO et CDO "ont été impactées".
Vendredi, le conseil d'administration d'EADS a dévoilé la liste des nominations qu'il souhaite soumettre à l'Assemblée générale extraordinaire qui se tiendra le 22 octobre prochain. On trouve entre autres sur cette liste l'Indien Lakshmi Mittal (PDG d'Arcelor Mittal), le Français Michel Pébereau (président du conseil d’administration de BNP Paribas), le Britannique Sir John Parker (président de National Grid, compagnie de transport d'électricité).
Pernod Ricard veut ramener ses parts de marché aux Etats-Unis à sa moyenne mondiale de 20%. Pour cela, le numéro deux mondial des spiritueux prévoit d’acheter une marque de tequila ou de rhum. Par ailleurs, Pernod Ricard prévoit de participer à la privatisation du groupe suédois Vin & Sprit, propriétaire de la marque de vodka Absolut notamment.
Renault Samsung Motors, filiale sud-coréenne de Renault a vu ses ventes reculer de 17,6% en septembre à 12994 unités contre 15773 en septembre 2006. Selon l’agence de presse Chine nouvelle, Schneider Electric a perdu un procès pour violation de brevet en Chine et devra payer 335 millions de yuans en dommages et intérêts, soit environ 32 millions d’euros.
EDF compte remplacer un départ à la retraite sur deux seulement d'ici à 2010. Entre 5000 et 6000 postes pourraient donc être supprimées.
Vinci a signé un accord préliminaire pour la construction d’un pont de 40 km entre le Qatar et le Bahreïn, pour un montant avoisinant les 2 milliards de dollars. Le groupe de BTP français est en partenariat avec le groupe public Qatari Diar.
Sanofi-Aventis déclare que l'Agence américaine des médicaments (FDA) a approuvé son médicament le Taxotere pour le traitement du cancer et du cou avant la radio-chimiothérapie et la chirurgie.
Autres valeurs à suivre : Atos Origin, JC Decaux, Ilog
Atos Origin serait intéressé par des acquisitions plutôt petites ou moyennes, en Inde. Ceci confirme le programme de transformation que le groupe a annoncé en début d’année, qui vise à délocaliser « 20% des activités d’intégration de systèmes » d’ici à la fin 2009. Par ailleurs, Atos Origin est en discussion avec l'italien Engineering Ingegneria Informatica, afin d’échanger ses activités italiennes contre une part minoritaire au capital de ce dernier.
JC Decaux estime l’impact sur son chiffre d’affaires de l’autorisation pour la grande distribution de diffuser sa publicité à la télévision, à 15 millions d’euros. Il indique que ce changement réglementaire, effectif le 1er janvier dernier, a été un « chamboulement » pour les afficheurs, mais que le groupe a « connu une bonne résistance en France et une forte croissance à l’étranger », et bénéficiera notamment au second semestre des activités dues à la Coupe du monde de Rugby.
Ilog a signé un accord avec Adobe pour commercialiser et distribuer le nouveau logiciel ILOG Elixir® qui permet de créer des courbes graphiques en 2-D et 3-D.
Le profit warning d'UBS pèse sur la bourse de Paris ce matin. Le secteur bancaire pourrait donc une nouvelle fois focaliser l'attention. Le CAC 40 perd actuellement 0.85% à 5666.98 points. Vendredi, la Bourse de Paris clôturait dans le rouge après deux séances consécutives de hausse. Des statistiques mitigées et un euro au dessus des 1.42$ avaient incité à des prises de bénéfices.Le Cac 40 chutait de 0.31% à 5715.69 points.
Les statistiques du jour :
Sur le plan macroéconomique, on connaitra l’indice de confiance des directeurs d’achats manufacturier PMI de septembre pour l’Allemagne, la France, la zone euro et le Royaume-Uni. Aux Etats-Unis seront dévoilés l’indice ISM manufacturier et les prix ISM de septembre.
Les valeurs du CAC 40 à suivre : Crédit Agricole, EADS, Pernod Ricard, Renault, Schneider Electric, EDF, Vinci, Sanofi-Aventis
Dans "les Echos", René Carron, président du Crédit Agricole, indique que la banque n'a pas été directement exposée à la crise du "subprime" qui secoue les marchés depuis quelques mois. Néanmoins, il précise que les revenus liés aux activités LBO et CDO "ont été impactées".
Vendredi, le conseil d'administration d'EADS a dévoilé la liste des nominations qu'il souhaite soumettre à l'Assemblée générale extraordinaire qui se tiendra le 22 octobre prochain. On trouve entre autres sur cette liste l'Indien Lakshmi Mittal (PDG d'Arcelor Mittal), le Français Michel Pébereau (président du conseil d’administration de BNP Paribas), le Britannique Sir John Parker (président de National Grid, compagnie de transport d'électricité).
Pernod Ricard veut ramener ses parts de marché aux Etats-Unis à sa moyenne mondiale de 20%. Pour cela, le numéro deux mondial des spiritueux prévoit d’acheter une marque de tequila ou de rhum. Par ailleurs, Pernod Ricard prévoit de participer à la privatisation du groupe suédois Vin & Sprit, propriétaire de la marque de vodka Absolut notamment.
Renault Samsung Motors, filiale sud-coréenne de Renault a vu ses ventes reculer de 17,6% en septembre à 12994 unités contre 15773 en septembre 2006. Selon l’agence de presse Chine nouvelle, Schneider Electric a perdu un procès pour violation de brevet en Chine et devra payer 335 millions de yuans en dommages et intérêts, soit environ 32 millions d’euros.
EDF compte remplacer un départ à la retraite sur deux seulement d'ici à 2010. Entre 5000 et 6000 postes pourraient donc être supprimées.
Vinci a signé un accord préliminaire pour la construction d’un pont de 40 km entre le Qatar et le Bahreïn, pour un montant avoisinant les 2 milliards de dollars. Le groupe de BTP français est en partenariat avec le groupe public Qatari Diar.
Sanofi-Aventis déclare que l'Agence américaine des médicaments (FDA) a approuvé son médicament le Taxotere pour le traitement du cancer et du cou avant la radio-chimiothérapie et la chirurgie.
Autres valeurs à suivre : Atos Origin, JC Decaux, Ilog
Atos Origin serait intéressé par des acquisitions plutôt petites ou moyennes, en Inde. Ceci confirme le programme de transformation que le groupe a annoncé en début d’année, qui vise à délocaliser « 20% des activités d’intégration de systèmes » d’ici à la fin 2009. Par ailleurs, Atos Origin est en discussion avec l'italien Engineering Ingegneria Informatica, afin d’échanger ses activités italiennes contre une part minoritaire au capital de ce dernier.
JC Decaux estime l’impact sur son chiffre d’affaires de l’autorisation pour la grande distribution de diffuser sa publicité à la télévision, à 15 millions d’euros. Il indique que ce changement réglementaire, effectif le 1er janvier dernier, a été un « chamboulement » pour les afficheurs, mais que le groupe a « connu une bonne résistance en France et une forte croissance à l’étranger », et bénéficiera notamment au second semestre des activités dues à la Coupe du monde de Rugby.
Ilog a signé un accord avec Adobe pour commercialiser et distribuer le nouveau logiciel ILOG Elixir® qui permet de créer des courbes graphiques en 2-D et 3-D.
Piazza Affari limita le perdite nel finale
La Borsa chiude con una netta flessione, anche se più contenuta rispetto a quanto si andava prefigurando: il Mibtel archivia la giornata con una flessione dello 0,8% a quota 30.814 dopo aver toccato un minimo a 30.668.L'andamento di piazza Affari segue quello delle altre piazze europee e nel finale ha beneficiato della tenuta di Wall Street nonostante i dati macroeconomici negativi (la fiducia inferiore alle attese e il nuovo calo del mercato immobiliare) che hanno fatto toccare al cambio euro/dollaro un nuovo record.Consistenti i volumi dell'attività, pari a 5,3 miliardi; il titolo più trattato della seduta è Fiat, con oltre 1,1 miliardi di controvalore, seguito da Unicredit e Eni. Proprio il settore bancario e quello petrolifero sono stati fra i più colpiti dalle vendite; in controtendenza fra le blue chip Alitalia, Pirelli, Fastweb, Finmeccanica, Generali.Fiat ha perso lo 0,58% e non è stato il peggiore fra i titoli industriali - che hanno fatto registrare flessioni significative per titoli come Parmalat (-1,8%), Italcementi (-2,51%), i "lussuosi" Luxottica (-2,15%) e Bulgari (-1,18%) - ma neanche il migliore, visto che il tecnologico Stm si è limitato a limare lo 0,12%, Pirelli sale in controtendenza dell'1,65% e Finmeccanica dello 0,56%.Netta flessione per la "ciclica" Impregilo (-2,84%) e per tutti i titoli del comparto bancario, a partire da Unicredit (-0,99%) e Capitalia (-1,01%) nel giorno della firma formale della fusione, ma anche il Banco Popolare (-0,89%) che inizialmente era positivo e soprattutto Italease (-5,02%) nel giorno della presentazione agli analisti del piano industriale. Andamento opposto, fra gli assicurativi, per Generali, in rialzo dello 0,74%, e Alleanza (+0,63%). I titoli petroliferi risultano offerti a livello internazionale: ne fanno le spese, sul listino di piazza Affari, Eni (-1,41%), Saipem (-2,03%), Tenaris (-1,63%). Alitalia, in prima battuta in netto rialzo dopo le ipotesi su un interessamento di Aeroflot, ha poi ridimensionato l'entusiasmo con la smentita russa e ha chiuso in rialzo dello 0,98%; bene, fra i telefonici, Fastweb, che sale dell'1,3% mentre Telecom lima lo 0,23%.
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