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The Nikkei closed up 0.57% on Friday, supported by recent U.S. macroeconomic statistics found promising, although its gains have been limited by investor caution before the announcement of monthly figures of employment in the States USA.

The Nikkei index closed at 9,114.13 points and the broader TOPIX, took 0.52% to 823.70 points.

The unexpected recovery of promises in real estate sales and falling jobless claims in the United States has reassured investors about the state of the global economic recovery and leveraged buyouts of overdrafts.

The higher growth forecast of the European Central Bank has also supported the upward movement of the market.

Groups exporters have particularly benefited from this situation. Canon and Sony have taken and 1.28% respectively and 2.39%.

However, the distributor Fast Retailing has lost 1.2% after announcing a decline in August from 9.3% of sales on a comparable basis of its Uniqlo brand.

Danone issued a first-half operating result slightly better than expected and has carefully noted the objective of sales growth for the full year, considering that the crisis would continue to weigh on European consumption.

The food group, which focuses on further development of emerging markets, now provides that its comparable sales will grow at least 6% when he was previously an increase of at least 5%.

He always bet on an increase in operating free cash flow in historical data at least 10% and stability of its operating margin in 2010 compared to 2009.

"We continue to invest in countries, products and brands with strong potential: Child Nutrition in Asia, fresh dairy products in the United States, Brazil, Russia, where Danone and Unimilk merger provides us with very significant growth opportunities long term, "said Franck Riboud, CEO of Danone.

In a statement, he confirms that water and medical nutrition, the group continues "to identify potential for growth in emerging markets and through new models."

At the same time, Danone has continued its efforts to improve productivity, says its chief executive.

The action Danone, with brands ranging from yogurts Actimel waters of Evian, lost 2.23% to 45.285 euros at 9:38, while the CAC 40 0.93% but took the DJ Stoxx European " Food yielded 1.13%.

Commenting on the first half, Francis Priest, CM-CIC Securities, believes they are "good bill" but noted that Danone "remains cautious on the S2 due to a persistently difficult".

The analyst believes that the decline of the title, which takes place in small volumes, reflects disappointment with the failure to raise the target group at the ROC, which the market had anticipated.

INCREASE IN VOLUME OF THE 2ND QUARTER 8.9%

On a comparable basis, the EBIT of Danone rose 2% on a comparable basis to 1280 million euros over the period January to June, showing a margin of 15.30%.His current net income was up 10.1% to 848,000,000 euros.

Turnover amounted to 4.386 million in the second quarter (+6.9%) or 8.364 million in the half. Excluding the effects of exchange rates (+7.0%) and changes in scope of consolidation (+0.1%), it grew 6.9% on a comparable basis in the second quarter.This organic growth is divided into volumes rising by 8.9% and a decrease in value by 2.0%.

Sales rose only 1.4% to 2,420 million euros in Q2 while they increased by 15.3% to 635 million in Asia and 15.9% in the rest of the world to 1331000 .

The consensus Thomson Reuters StarMine, the operating result was expected of 1.265 million euros (+5%) and turnover of 8.261 million (+9.8%), representing an operating margin of 15.3 %.

The fresh dairy products division, which represents 55% of sales in Q2, increased its sales by 6.6% to 2.436 million euros over the period. On the entire first half, the operating margin of this sector appears to 13.94% (-94 bps).The volume effect was positive at 9.3% but the negative value effect of 2.7% due to price reductions made in several countries, Danone said.

The division "Water" (19% of sales) has seen its sales grow by 4.8% to 828 million while its margin declined 75 basis points over the first half to 13.70%.

Sales of the "Child Nutrition" (19.5% of sales) rose 8.7% to 857 million (margin down 27 bps in the first half to 19.19%).

Finally, those of the pole "medical nutrition" increased by 10.8% to 265 million (margin decline of 86 bps to 19.90% in the first half).

Free cash flow from operations increased 34.9% to EUR 858 million, or 10.3% of sales in the first half, against 636 million and 8.5% of sales from the same period of last year.

In turn, capital expenditures totaled 275 million euros, or 3.3% of turnover. This level is below the annual forecast, ranging from 4% to 5% in sales due to a timing effect, Danone said.

Net debt amounted to 3180 Danone million euros in the first half.

* Danone Graph comparing to its competitors:

here

So few banks have failed this test of strength by 91 European institutions passed that investors should focus on groups which narrowly passed the test when markets open Monday.

Only seven European banks have failed these tests, including five Spanish settlements, and may need to raise 3.5 billion euros of capital, significantly less than expected.

However, quality testing, to assess the resilience of banks to a new recession over the next two years, has been criticized, including some judging too easy.

The results of these tests has also been somewhat overshadowed by a plethora of data on European economies suggesting that banks may face less severe economic pressures and defects on smaller loans previously imagined.

Accordingly, investors should make their own judgments on a case by case, largely due to additional data from tests such as those for the portfolios of sovereign debt, to determine what could be the next sector weaknesses.

QUESTIONS ON THE SEVERITY OF SELECTED SCENARIOS

"With so few banks have failed, investors will question whether the economic scenarios have been sufficiently severe," said Jon Peace, an analyst at Nomura.

"It is natural for investors to consider the margin with which banks have gone," he adds, citing the large margin of success of Scandinavian and British institutions, while banks Greek, Spanish and Italian 's have come out with more difficulty.

Then he was asked banks to manage to maintain a solvency ratio of less than 6% to pass the test, Sept. 10 institutions reported a Tier 1 ratio between only 6 and 7%.

Among these facilities include Deutsche Postbank, Piraeus Bank, Allied Irish Banks, Monte dei Paschi di Siena, Banca UBI, Bankinter and eight small Spanish settlements.

If an objective test was to facilitate the financing contracts with banks recently met with difficulties in this area, schools still considered too risky could nevertheless continue to have problems, except to raise more capital.

"History is not necessarily complete, and if financing costs do not improve for some banks, then we would not be surprised to see additional resistance tests (carried out) by some central banks to future, "warns Jon Peace of Nomura.

As investors take position on the results of resistance testing Monday at the opening of markets, central bank governors and heads of Supervisors will meet in Switzerland to discuss the reform proposals on the strengthening of the capital own banks.

But after their success in tests of strength, European banks may find it difficult to argue that they can apply a stricter financial regulation.

"Banks are ready to begin implementing the new rules are necessary to strengthen the capital reserves and liquidity management of banks," also told Reuters Insider, after the publication of results of resistance testing, Vitor Constancio, Vice-President of the ECB.

Despite advances in EU Member States towards the Parliament, the reform of the European financial supervision remains blocked until at least early September, we learned from diplomatic and parliamentary.

On Tuesday, however, a new compromise between the bloc on this reform, in gestation for over a year, had hinted at an early agreement.

But further discussions held Wednesday morning between representatives of governments, the Parliament and the Commission were ultimately unsuccessful and the participants decided to cancel the meetings scheduled next week to do again until the fall.

"There will be no further talks before late August or early September and I think we can say that the talks failed, it was said parliamentary sources.

"The core issue is Article 6 which concerns the principle of direct supervision exercised at European level by the new supervisors," the source said, adding that the objective was to find a consensus with all states, including Great Britain.

A second source later confirmed the postponement of talks and held that "one or two additional steps the council (of EU ministers) in the direction of the European Parliament would be required to obtain an agreement."

In a statement to Reuters, the EU Internal Market Commissioner, Michel Barnier, said the objective was to find "a dynamic and balanced compromise.

"We are in the final straight but there is still some way to go," he said.

TECHNICAL MEETINGS

Without result, Wednesday's meeting helped to bring some positions of Parliament and Member States.

This applies to certain powers given to the European Council of systemic risk and the three new authorities in supervising the banking, insurance and markets.

These could permit, under certain conditions, products or financial practices, such as short sales.They would also be binding mediation in cases of disagreement between two supervisors.

The principle that the authorities could apply directly to a settlement without going through the national supervisor, in emergencies, is also acquired, as it does not undermine the budgetary sovereignty of States.

Moreover, these emergencies could be declared by the authorities but would instead be covered by the European Parliament alongside the Member States.

In contrast, the principle of supervision at European level for the European entities of pan-European nature, such as clearing houses, remains a problem.

A source close to the discussions, meetings at technical level should be organized in the coming days to work on these issues.

The Belgian presidency of the EU should work to include this item on the agenda of the meeting of ambassadors of Twenty-seven of the next week to lay the groundwork for negotiations in September.

The objective remains that the states and the Parliament adopt these texts in the first half of September so that authorities can start to work as planned on 1 January 2011.

Aon Corp., the world's first insurance broker, announced Monday it would buy the company for HR services to Hewitt Associates, about 4.9 billion dollars (3.9 billion euros) in cash and stock.

The offer represents Aon Hewitt $ 50 per share, a premium of 41% over its closing price Friday.

The transaction will allow Aon to gain a foothold in the area of human resources and benefits outsourcing and compete and Mercer, a subsidiary of Marsh and McLennan rival.

Aon plans to merge Hewitt with his own business consulting and outsourcing and expects an annual turnover of 4.3 billion dollars for the new entity to be called Aon Hewitt.

Russ Fradin, CEO of Hewitt, Hewitt will lead Aon.

Aon expects the transaction will have a positive impact on its performance in 2011 and 2012 and expects about $ 355 million of cost reductions in 2013, mainly administrative.

It is the second major operation in a year in the area of the board after the merger between Towers Perrin and Watson Wyatt for $ 3.5 billion, which gave birth to the number one global human resources consulting.

Aon intends to fund the acquisition with a bridge loan of 1.5 billion dollars and a bank loan of one billion dollars.

The action of Hewitt jumped more than 30% before the official opening of trading after closing Friday at 35.40 dollars at the NYSE. Aon closed at 38.34 dollars.

The International Monetary Fund (IMF) raised its forecast for global growth in 2010, citing the strength of the economies in Asia and rising private demand in the U.S., while warning against the risks inherent in the crisis sovereign debt of the euro area.

The downside risks have increased significantly, mainly because of turmoil in financial markets again since the beginning of the crisis of sovereign debt, but it is unlikely that we are seeing a recession "W", says IMF .

It carries its global growth forecast to 4.6%, while it predicted 4.2% in April, but left unchanged at 4.3% for 2011.

"In our baseline forecast, there is nothing like a recession in 'W'," said Olivier Blanchard, chief economist of the IMF during the presentation of the document.

"In this context, the new forecast is based on the implementation of measures to rebuild confidence and stability, particularly in the euro area."

Olivier Blanchard said that the statement of results of resistance testing was a step towards greater transparency while stressing the need for a return of public spending to sustainable levels.

Austerity PESERA IN GREAT BRITAIN

Under one scenario considered by the IMF, based on the assumption that the consequences of the crisis of European sovereign debt as violent as those of the collapse of Lehman Brothers, the global GDP growth would be reduced 1.5 percentage point in 2011.

The continuing fragility of the U.S. labor markets and housing problems of the euro area and the slowdown in manufacturing activity in Asia have raised many questions among investors who wonder about the possibility of a sudden slowdown in growth for the remainder of the year.

The IMF lowered its growth forecast Thursday for 2011 in Great Britain, Canada, in the euro area, emerging economies and Japan.

According to IMF forecasts, GDP growth in the euro zone will be limited to 1% this year, according to what it expected in April, but it should stand at 1.3% in 2011, 0.2 percentage point less than what was previously announced.

The U.S. economy should she enroll at 3.3% in 2010, against an estimate of 3.1% three months ago, and 2.9% in 2011, against 2.6%.

The most brutal review announced Thursday is to the liabilities of the UK whose new government has begun a course of austerity that may affect growth.

The IMF expects UK growth of 1.2% in 2010, 0.1 percentage point lower than April and 2.1% in 2011, down 0.4 percentage points.

Bank of China, one of China's four largest banks, announced its intention to undertake a capital increase, the amount could reach 60 billion yuan (7.0 billion euros).

The bank offers to shareholders to obtain up to 1.1 Right to subscribe for 10 shares held.

"All the products of this rights issue (…) should enhance the bank's balance sheet and improve the ratio of financial solvency of the bank," she says in a statement.

This announcement does not specify whether the parent Public Bank, Central Huijin, subscribe to this offer.

In Hong Kong, under the BoC was trading at 3.97 Hong Kong dollars Wednesday, and he treated at 3.4 yuan in Shanghai on Friday before the suspension of trading.

MASSIVE CAPITAL RAISING

The bank, which raised 4.7 billion euros last month by issuing convertible bonds in Shanghai, is looking like its main rival China to strengthen its balance sheet and to comply with the stringent requirements of regulators in terms of ratios solvency.

Agricultural Bank of China (AGBANK), China's third largest bank, has launched its next capital increase of almost 16 billion euros via an IPO in Shanghai and Hong Kong.

According to local press, Chinese authorities have given their approval to raise capital totaling 287 billion yuan (33.6 billion euros) for the four largest banks.

In recent months, Industrial and Commercial Bank of China and China Construction Bank have also announced increases in capital.

Bank of Communications, the fifth-largest bank, raised its next 2.0 billion euros in Shanghai.

Retail sales fell in Spain in May, their second consecutive month of decline, a trend that could jeopardize the growth of the economy in the second quarter.

This decrease of 1.9% compared to May 2009 when adjusted for seasonal variations made after the fall of 2.4% in April, said the National Institute of Statistics (INE).

This further decline is partly due to segments of the consumer electronics and power.

Retail sales in Spain had increased in March for the first time since November 2007.

The renewed weakness in consumption could undermine the government forecasts a growth in gross domestic product (GDP) in each quarter this year after recovering from recession in the first three months.

"The retail sales figure is wrong and shows that people are worried about the future. The demand is low because people increase their savings," said Mariano Alierta M & G Valores.

"There are many uncertainties and we can expect continued weakness in retail sales until the job prospects are improving."

Leaders of major industrial nations and major emerging countries meet Sunday in Toronto with a challenge to coordinate their policies to make sustainable global economic recovery, they speak in jumbled order.

The G20 will also take stock of their efforts to regulate banks and markets, a stated priority in their previous meetings to ensure that the financial crisis of late 2007, which degenerated into an unprecedented global depression since 1929 not recur.

This is the fourth summit meeting of the group since the end of 2008 in Washington at the height of the crisis.

Composed of the United States, its major European allies, Japan and also China, Brazil, India and Russia, the G20, which accounts for 80% of world trade, has meanwhile become the main forum international discussion on economic and financial issues.

If the recession, which was fought by hundreds of billions of dollars of public money, now belongs to the past, the challenge now is to consolidate growth globally still considered fragile.

In this context, the United States, joined by other countries such as India, have expressed concern in public policies to reduce their deficit announced by several European countries precipitated by the financial storm that nearly won Greece, one of most indebted nations.

SAME PURPOSE

The approach of the G20, which was preceded by a G8 summit in rural Ontario, has nevertheless been marked by a desire for peace between the two sides of the Atlantic.

"We are aiming the same direction, that of a long-term sustainable growth that puts people at work," said U.S. President Barack Obama.

According to a draft statement obtained by Reuters, the G20 countries are close to agreement on a reduction by half of their deficits, which were inflated by the crisis, over a period of three years. But they also leave the choice to each act, at least initially, at their own pace to take account of its economic situation.

The draft communique circulating recognizes the existence of more or less advanced stages of recovery depending on the country and the delicate balance needed between supporting growth and consolidation of public finances.

"There is the risk that a fiscal adjustment synchronized several major economies negatively impact recovery.There is also the risk that the absence of a consolidation needed to affect your confidence and hinders growth, "reads the text.

The main source of global growth today is the economy of China and other major emerging countries, which share the same concern about the debt problems of old industrialized countries.

In G20, the latter's debt is expected to average 107.7% of this year gross domestic product, against 80.2% in 2007 to the beginning of the crisis, while the forecast for the emerging countries of the group are 37%.

VIOLENCE IN TORONTO

Also according to the draft communique, the G20 should welcome the inflection in a more flexible management of its currency, the yuan, by China, which some hope that it will lead to currency appreciation.

They should also commit to strengthen the soundness of their banks tightening their standards of capitalization.

Germany, France and Britain are determined to push their project for the taxation of financial institutions, which are also U.S. support but is opposed by Canada and several developing countries.

The G20 is ready to leave each country free to impose such a fee to recover the substantial resources committed by states to save their banks from the crisis.

G20 leaders who gathered in Toronto Saturday night for dinner, have four working sessions on the menu this Sunday, including a luncheon before the summit ended around 16:30 (2030 GMT).

The center of economic capital of Canada has been the scene of clashes Saturday between police and anarchist militants dressed in black at the end of anti-G20, which brought together several thousand people generally peaceful. The police reported at least 130 arrests.

Action BP lost nearly 7% Wednesday to the London Stock Exchange after falling to its lowest level in 14 years, investors feared that the British oil giant is forced to raise more funds to finance the cost of oil spill that pollutes the Gulf of Mexico.

BP said it had already spent $ 2.35 billion (1.92 billion euros) to contain the spill.

Meanwhile, five-year CDS BP, financial instruments used by investors to hedge against default risk on the group's debt rose 19 basis points to 555 points, according to Markit data.

Some traders also explain the fall in BP by bad weather looming over the Gulf of Mexico that could complicate the fight against oil spills.

At 9.45 am GMT, BP lost 6.55% to 303 pence in London Stock Exchange.