And BNP Paribas down 23 is worth 51 billion

During the crisis Affairs continue. However the debacle caused by the "sub-prime" has profoundly altered the hierarchy of the stock market capitalization. And it is not simply used standard to the pride of large listed companies. It also dictates the terms in which the weakest can to care for themselves and develop stronger. Capitalization to determine levels which are enhancements of own funds of each and dilution suffered by their shareholders and the value of the currency that others may issue to buy the most fragile. If the banking sector has been at the origin of the storm, all the actors are not housed in the same sign. Among Europeans, two large banks differ substantially. HSBC, which capitalization has decreased by 17 in one year, is still EUR 115 billion. And BNP Paribas, down 23, is worth 51 billion. The French thus trailing the Spanish champion Santander, in fall of 42, the value returned to 53 billion. The Bank headed by Baudouin Prot is especially now double the Société Générale and Crédit Agricole, fallen all two to 25 billion, despite over $ 5 billion each capital increase. Are they worth now as much as Italian Unicredit but half more than Deutsche Bank ( 67), a German finance symbol failed.

Sheikhs and beggars

"Beggars can't be elsewise", literally the beggars have no choice. The second British Bank, Barclays, could not ignore this old English saying when she tended once again its sébile to sovereign wealth funds. And its CEO John Varley has quickly saw that his dear sheikhs of Abu Dhabi and the Qatar were not the type to make the blank cheques. Not happy to be able capture term nearly a third of the capital, these investors gold and sew also negotiated nearly immediate connection to their capital pump, without forgetting the "fees". It must be said that the action has lost more than a quarter of its value since the fundraising of last summer in which the Qatar had participated. New titles of capital therefore report them of 14 per year. There is no cost that 10 to the Bank thanks to tax deductibility, but if one considers warrants it is more expensive than the Government's plan of Gordon Brown. The management keeps in exchange for remuneration and credit control. But it deprives existing shareholders of their preferential subscription rights (except for institutional handpicked) without really inform them on their future dividends. At the next meeting, John Varley may need to handle the revolt of the beggars.

The Swan of the ACC

Naughty small ducks sometimes turn into swans. After long disappointed investors with moderate performance and the setbacks concerning its stars, Sanofi Aventis drugs distinguishes itself by raising its forecast for earnings per share at a time where the revision down seems to be the standard. Of course, all did not become pink from one day to the next day in the number four world of pharmacy. If his first fifteen pharmaceutical sales grew by 4.8 over nine months, two of his blockbusters, Lovenox and Plavix, less progress than expected for the third quarter in a row. The good performance of the Lantus could therefore be sufficient to settle the markets. But Sanofi Aventis takes advantage of its efforts to reduce selling and general expenses. Now building on growth, this year, earnings per share of 9 versus 8 there are some months and 7 earlier this year, the French champion style. It also displays one of the best strengths of the CAC 40 with a decline of "only" 18 a year, against 40 for the lighthouse of the Paris stock exchange index. But to continue to reassure its shareholders, the group will have to improve its pipeline of new molecules while he comes to abandon some tracks and that competition from generics on mature stars will be more and more.