This escalation of a new type is far from overThe growth of these countries should reach 2Even if it is darker in the markets these days the anomaly should be notedMy job is they tell the well in good rhythmNew flexibility in the Caisse d'Epargne groupThe first of them is the shortage of waterThe sanction was immediate the action lost 5000 tonnes per year in addition to the 265A way of marrying tradition and modernityIt therefore decides to cool the buildingSomething misfortune is good. While stock undergo their more turmoil for ages, societies which manage logically suffered setbacks to the diapason, amplifying the phenomenon that melted their benchmarks. To the point that Nyse Euronext and Deutsche Börse had falls to 75 in one year, which had reduced their respective levels of capitalization to the very modest amounts of 5.6 and 7.6 times their 2009 despite the drop in expected results. What restore appetite fans disappointed by the attempts of reconciliation aborted marriage between Paris and Frankfurt two years ago. The consolidations that were at the time of the stock market splendour of 2006 and 2007 were corollaries of 20 or 30 PER. Current levels thus give a comfortable margin of manoeuvre to the matchmakers of any kind. To the point that the fact that Deutsche Börse leaders admit to study the possibility of a union is pumped up first place Nyse Euronext from 31 in a session. If the German stock exchange had to settle for an increase of 11, it is because it already had a higher PER. In addition, its capitalization is twice larger than that of the transatlantic stock exchange. But, before Frankfurt reached to the steps of the altar, will require, in addition to the erasing of the suspicion of hegemony, the issues of a dominant position in the derivatives.
The phone is crying
Prevent does not always cure. Accustomed to not see the financial disaster that was announced, the rating agencies are very uncomfortable to anticipate industrial shipwrecks. To the point that they seem to take a perverse pleasure to degrade the note of groups who have less a problem of debt as a problem of markets. In distressing Motorola of a BB to join Alcatel-Lucent among telecom equipment suppliers shown the finger, Standard & Poor's took especially date for the future. The inventor of the mobile phone has in effect of a positive cash of 3.4 billion which makes it temporarily safe. But the collapse of its market share in mobile phones or to be well positioned, coupled to a decline in prices, the market itself and to the slowdown in sales of network operators, gives a glimpse of Awakenings.
Prolonged apnea
The same causes do not always produce the same effects. When the brutal fall of demand leads Dow Chemical to remove factories and jobs, Wall Street applauded. But when she forced 3 m and Rhodia to revise their goals downward, the stock market sanction is without appeal. In the latter, yet, the recent reduction of the wing had preceded the alert results. The difference of Dow Chemical, which can strengthen the $ 800 million of expected synergies from the acquisition of Rohm & Haas by 700 million of savings, Rhodia offers less visibility. The Group has not released free cash in nine months, so that its investments do not cover the replacement of the existing tool. Now affected branches generate 65 of its gross operating profit. And if carbon credit specialist is not yet overcome, it is primarily because it can wait until 2013 before repaying its debt. Prolonged apnea however strikes the shareholders, who saw the title losing 83 since the beginning of the year and evaporate market value in one year EUR 1.9 billion.
