The truth does not necessarily from the mouth of the first to speak out

The truth does not necessarily from the mouth of the first to speak out. Alcoa results are always reviewed with interest to the first publications. Their content should not wait for critical information about the general trend of the market. This one won't to determine without doubt that at the end of the revelation by the financial sector and the amount of toxic assets that contain or not accounts. The poor performance of the world's leading producer of aluminum can however that cool enthusiasm freshly revived investor for suppliers of the automotive and construction. ArcelorMittal, whose market value has increased by 23 in one month, yesterday made the experience, as the German ThyssenKrupp, both indented on their reference indices. As Lakshmi Mittal has been bad luck. If the speed and scope of its restructuring plan have pleased investors, they were not sufficient to Moody's, concerned of a possible deterioration of the market well above the 10 fall in the activity this year. The Agency decided to put the debt of the steelmaker supervised $ 26 billion. Thus completing erase the return of confidence that had accompanied the success of a 1.1 billion convertible bond issue.

Sun bed

Oscar Wilde was right to estimate that the only charm of the past is precisely that it is the past. But for markets, the only question today is whether if it foreshadows the future. One thing is already certain: as the results of the American Alcoa warning sent by Sharp Japanese investors show that the first quarter of 2009 has nothing to envy in the fourth quarter of 2008. The world leader in aluminum continues to be rolled by the fall in prices, even dropped from 26 in three months. If the first "blue chip" to unveil its quarterly Outlook is therefore nothing to swallow, the situation seems even worse on the empire of the rising sun. Sharp has still increased 30 loss forecasts which were yet as of two months ago! There is little, while the trade surplus still dropped by half in February, why the situation would not the rest extend from nippon pack, Sony, NEC, Toshiba and Hitachi, who anticipated already 12 billion euro of losses to them four. The future remains a question mark, but the plans of thousands of job losses that accompany these ads suggest that this will be a black point.

The fourth third

Since Marius, we know that the four rule applies to all a sophisticated cocktail. That was concocted year last Pernod Ricard for the acquisition of the Absolut vodka included strangely as three, this operation of 5.6 billion euros funding by a large measure of debt, of solid risk-taking and internal growth of operating results boosted by demand for the new emerging Chinese, Indian and Russian classes aspiring to alcohols more luxurious. At the time where the latter was 8 per cent per year on average, the need for a fourth third party was not felt. A global economy in dry regime with reduced this perspective within a range from 3 to 5, the King of pastis preferred to pack all by a capital increase in order to avoid that filled glass of 13 billion euros of loans goes in three years. It pushes as two years, in 2014, the wall of debt, that it will address then in a better position, and limit, with the surrender of the bourbon Turkey Wild, the solicitation of his shareholders to EUR 1 billion, 10 of its market capitalization before the announcement, when Saint-Gobain and Lafarge claimed 14 and 21 respectively. The decision of Albert brother, its second shareholder, to fully subscribe to the issue, shows that wafer such even narrowed to about 40 over the initial investment is worth to be watered.