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The French carmakers are struggling to convince the stock market despite strong results and promising new models, preferring investors since the beginning of their German competitors.

Titles PSA Peugeot Citroen and Renault have lost 1.3% and 2.7% since 1 January, while BMW has jumped 55%, 64% of Volkswagen and Daimler by 42%.

As part of its quarterly results, BMW wins 4% Thursday afternoon and brought in its wake the entire European car signs the largest increase sector, which had not occurred the week at last accounts of Renault and PSA, yet robust.

Daimler has a market capitalization of 43.5 billion euros, Volkswagen and BMW 34 billion 26 billion.Renault weighs only about ten billion in stock and PSA about five billion.

"The French builders, very dependent on volume, are penalized by the fears that now surround the market with the disappearance of the scrappage scheme", says Kristina Church, an analyst at Barclays Capital."Nobody really wants to invest in these values as the horizon of the second half of 2011 and will not be more clear."

"The Germans, however, the presence of an upscale offer a strong position earlier in the emerging markets are positive for margins, hence the preference of investors."

Barclays Capital, to "underweight" on the two French groups but to "overweight" on BMW and VW, filed Monday for preferred values of analysts, on the basis of the estimates I / B / E / S. Renault arrives in fourth place, while the third six months earlier, and PSA advanced to fifth place when he was second earlier.

The leading trio is exclusively Germanic.BMW is the preferred value, affirmative action comes from Volkswagen and Daimler comes second to third place.

ALWAYS ON DOUBTS ON THE REST OF THE YEAR

This partly explains the suspicion that PSA has signed the largest drop in the CAC 40 last Wednesday, giving up 4% on the day it released interim results good. Friday, showed that Renault is its strength, which did not prevent long hesitation before the title is moving upward to close with a gain of 1.75%.

Action PSA also a victim of profit taking after rally seen since late May, is penalized by the uncertainties surrounding the position of mid-range group.Morgan Stanley also prefers Renault, although the bank regrets that it, unlike PSA, has not yet been set a target of annual profit and has merely a forecast of cash flows.

"The common perception is that you can not make money on cars simple and small.This assumption may no longer be true that decade it ", says Morgan Stanley.

The difference in treatment between the French and Germans are also due to a time lag effect "scrappage" which has enabled the sector to weather the storm.

In Germany, where support has disappeared in September 2009, the market has been adversely affected early in the year, while in France, their gradual disappearance is felt that in recent months.

THE FRENCH EXPECTED TO TOP WORLD

Daimler and BMW shares have gained 40% and 50% in 2009, while PSA and Renault have almost doubled their course.

As for Volkswagen, Europe's number one, he has won more than 70% in stock last year.

If we compare the performance since late 2008, the contrast between the two sides of the Rhine becomes less striking: BMW has won more than 100% Volkswagen 93.5%, nearly 94% PSA and Renault over 90%. Over the period, Daimler took 56.5%.

Despite regular incursions of the French – the Latitude Renault and Peugeot 508 are the latest examples – the segment of large high-end road is the prerogative of the German trio BWM, Audi (Volkswagen) and Mercedes (Daimler). Manufacturers Hexagon will therefore still to convince investors that their strategic choices are viable and that the success of the Mégane, Duster, C3 and 3008 will be achieved sustainably in their accounts.

The Paris Motor Show in early October in Paris, they provide such an opportunity.After two shows at the American held in late 2009 and early 2010 by PSA for the presentation to analysts of its new strategic plan and the new image of the Peugeot brand, it was the turn of Renault to unveil its future strategy in February 2011 .

"Analysts are always fond of presentation that management anticipates," said Kristina Church. "They like to be told of strategy whatsoever."

Orange, the mobile arm of France Telecom, has begun discussions with shareholders Meditel second operator in Morocco, to acquire 40% stake in it, reported Saturday the weekly News.

The French-language magazine said that discussions between Orange and owners Meditel, CDG and FinanceCom, have reached an advanced stage.

He added that the entry of French capital Meditel could cost 650 million euros.

A senior officer Meditel declined any comment.No representative of CDG or FinanceCom was immediately available for comment.

"France Telecom confirms interest in the Moroccan market, but could not say more now," said a Reuters spokesman for France Telecom in Paris.

On the occasion of the presentation of its interim results on Thursday, the operator has reaffirmed willingness to conduct "a policy of selective acquisition primarily aimed at doubling the turnover of the group on three to five years in emerging markets (particularly in Africa and the Middle East).

Meditel, opposite the Moroccan market to the former monopoly Morocco Telecom, Vivendi is a shareholder, and INWIë owned conglomerate ONA, lost last year's two shareholders weight: Spain's Telefonica and Portugal Telecom Portugal .

Their holdings, 32.2% each, were sold to private groups and Moroccan FinanceCom CDG, a public investment holding, to just under 900 million euros.

At the time, and CDG FinanceCom had not excluded the possibility of bringing a new round of shareholder if it would increase the value of Meditel.They also considered an introduction Meditel the Casablanca Stock Exchange.

Emirates Telecommunications (Etisalat), unsuccessful candidate for the resumption of the shares of Telefonica and Portugal Telecom, has expressed interest in the Moroccan market.

Schneider Electric has raised its margin target for 2010 after the publication of a double-digit growth in sales in the second quarter thanks to the performance of emerging countries which still support the group in the second half.

In this context, the company says it should achieve in the second half of the year an increase in organic revenue "broadly comparable to that of the first half.

Schneider Electric is now an EBITA margin of around 15.5% before restructuring costs and impact of consolidation of Areva Distribution.

So far, the group anticipated an improvement in EBITA margin of approximately 14% before restructuring costs and impact of integration Areva Distribution, against 12.9% in 2009 and 16% in 2008.

Schneider, the world leader in low voltage electrical equipment and number two for medium voltage, has reported an EBITA before restructuring and integration charges of Areva Distribution of 1.301 million euros in the first half, up 44%.

Its margin is increased 3.6 points to 15.2%.

The net result has been doubled to 735 million euros.

Turnover increased by 10.5% in the first semester of € 8.571 million (6.4% organic), including 4.661 million in the second quarter, organic growth of 10.2%.

Jean-Pascal Tricoire, chief executive of the group, said he has received "the diversification of (its) end markets, industrial markets and data centers were the first to rebound."

He added in a statement that "the new dynamic economies continue their solid with double digit growth.

Schneider Action closed Thursday at 86.4 euros, giving a market capitalization of around 23 billion euros. Since the beginning of the year, the stock has gained about 5.7% after being awarded more than 54% throughout 2009.

Sequana reported a net profit of 6 million euros in the first half and confirms its target of operating performance in 2010 than that of last year.

The group diversified paper, which has returned to profitability in 2009, said in a statement that the third quarter continue its policy of raising prices, already implemented during the first six months of the year.

This price increase will allow the group to offset rising raw material costs.

"The policy of increasing operating margins and debt reduction will be continued in the second half," says Sequana.

In the first six months of the year, the stationer has reached a turnover up 3.8% to 2.14 billion euros.

Its net debt stood at 670 million euros at end-June 2010, down from 732 million a year earlier.

"The policy of increasing operating margins and debt reduction will be continued on the second half," advised Sequana.

The action Sequana closed Tuesday at 11.50 euros. It is up 44% since the beginning of the year.

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.

The Dutch chemical group Akzo Nobel announced that it will continue to monitor its costs despite having already reached its 2011 margin target and announced quarterly results exceeded expectations.

Around 7:15 GMT, Akzo Nobel has risen by 3.33% to 45.765 euros, while the index grouping the European chemical values yielded 0.34%.

The first painting company in the world said it had reached its goal in the second quarter EBITDA margin for 2011, set at 14%.

Its earnings before interest, taxes, depreciation and amortization (EBITDA), excluding items, rose to 614 million euros, thanks to rising demand and cost reduction.

The nine analysts polled by Reuters had expected a net profit of 576 million euros. During the same period the previous year, the group had reported an EBITDA of 506 million euros.

"The developed markets remain difficult. The pressures on prices of basic materials and shortages are expected to continue in the third quarter.We will keep a watchful eye on the market environment and the costs will continue to be managed aggressively, "said Chief Executive Hans Weijers, in a statement.

The chief financial officer Keith Nichols said it expected an increase in material prices between 4% and 5% this year but it believes that the situation should start to improve from the end of the third quarter, which should not threaten margins.

Akzo Nobel said it would inform investors of his future ambitions September 28 in London.

In the second quarter, its revenue increased 13% to 3.9 billion euros, exceeding analysts' expectations which projected sales of between 3.58 and 3.8 billion euros.

U.S. rivals PPG and Sherwin-Williams also beat the consensus in the second quarter but they were cautious for the remainder of the year.

His rivals in the Benelux, DSM and Solvay, must publish their quarterly Thursday and Aug. 3, respectively.

Crude prices have come down on Wednesday after the announcement of an unexpected rise in crude inventories in the U.S. and very cautious statements of the President of the U.S. Federal Reserve on the economic situation.

On the New York Mercantile Exchange, crude for delivery in September ended a decline of $ 1.02, or 1.31%, to 76.56 dollars a barrel.

U.S. crude reserves rose 400,000 barrels last week, when economists expected a drop instead of 1.4 million barrels.

In addition, the chairman of the Fed Ben Bernanke said Wednesday that the Fed was ready to take additional measures as necessary to sustain growth given the high level of uncertainty.

Accor announced Tuesday an increase of 5.1% of its turnover in the hotel industry in the first half on a comparable basis, driven by the high and mid-range.

The fourth group behind global hotel InterContinental, Marriott and Hilton and Starwood publish its first financial data since the demerger of its business of prepaid services, Edenred, July 2.

The total turnover of the group were up by 6.1%, representing a growth of 4.7% on a comparable basis, to 2.849 million euros.

On the only hotel business, which include brands Ibis, Sofitel and Motel 6 in the U.S., net sales increased 7.5% as reported at 2.723 million.

In the second quarter alone, the organic growth of the hotel was up 8.2% at constant scope and exchange rates.

"In most countries, especially in Europe, the recovery began in the first quarter accelerated in the second quarter, thanks to a favorable base effect," said Accor in a statement.

The group claims to have earned a higher "backed" by its occupancy rate in the upper and mid-range and higher average prices of its main markets, France, Germany and the United Kingdom.

Hotel groups noted an improvement in demand, the slow economic recovery that encourage consumers to resume their journeys.

Marriott International issued last week an increase in profit in the second quarter, benefiting from increased prices of its rooms in North America.

Accor announced the sale in early July Newrest 60% of its business catering on trains of the Compagnie des Wagons-Lits (CWL).

Edenred Monday announced an increase of 4.7% of its turnover in the second quarter, growth of Latin American operations have helped offset a more difficult economic environment in Europe.

The shares closed up 0.8% to 23.1850 euros, giving a market capitalization of 5.28 billion. It fell 39% since the beginning of the year.

ZenithOptimedia noted for his third consecutive growth forecast for global advertising market this year after surprisingly strong spending by advertisers in the U.S. and Europe in the first half.

The agency purchases of space, a subsidiary of Publicis, now expects growth of 3.5% in 2010 against 2.2% previously, considering that all regions should show some growth, even Europe West.

For France, ZenithOptimedia has raised its forecast to 1.7% in 2010 against 1.1% previously, largely thanks to television which has greatly benefited from the opening to competition of Paris and gambling Online.

"The bulk of the upward revision is in North America and Western Europe (…), But these regions grow more slowly than most emerging countries, "ZenithOptimedia said in a statement, adding that emerging countries should support the growth of the global advertising market in the coming years.

The agency expects growth of 2.4% in 2011 and 2.9% in 2012 in industrialized countries, compared to respective rates of 9.1% and 9.8% expected in emerging markets, with support from Asia-Pacific and Latin America.

For the global market, ZenithOptimedia has raised its growth forecast from 4.1% to 4.5% this year and confirmed its expectations of a 5.3% rise in 2012, after a fall of 10.3% in 2009.

ZenithOptimedia now expects a solid growth of 2.2% in Western Europe this year, despite concerns about the debt of countries in the euro area, against 0.4% previously.It anticipates a gradual increase in advertising spending in 2011 and 2012, according to the request after the entry into force of austerity plans.

HEXAGON A CONTRARIO IN 2011

In France, where business confidence is wavering, the agency expects a slowdown in market growth in 2011 and 2012, unlike the global trend.

The strongest contrast in the forecast from ZenithOptimedia North America, where the agency now expects growth of 1.3% instead of down 1.5%, benefiting from a strong recovery in demand and consumer confidence.

Television has gone through the crisis relatively well advertising, consumers tend to spend more time at home with the development of new technologies such as HDD recorders. Even more dominant in emerging markets, the television should represent 40.8% of the global advertising market in 2012 against 39.2% in 2009.

Internet advertising spending, third medium after television and press, expected to reach 17.1% in 2012 against 12.7% in 2009 to promote the growth of mobile internet and social networks.