In volumes remain relatively low, the Dow Jones finished with a gain of 50.63 points, or 0.49%, to 10,320.10.The Standard & Poor's 500 rose 9.81 points (0.91%) to 1,090.10 and the Nasdaq Composite took 23.17 points (1.06%) to 2200.01.

The promises of sales in the older building rose 5.2% in July compared to the previous month according to monthly statistics from the National Association of Realtors (NAR), while the market anticipating a further decline.

Meanwhile, the number of new jobless claims fell 6,000 last week to 472,000, allowing a slight decline in four-week moving average, more significant changes in trend.

"Real estate was a major disappointment in recent times and as the number of sales agreements is not bad, it allowed the continuation of the rally yesterday," said Gary Flam, manager of Bel Air Investment Advisors .

Wall Street had gained nearly 3% Wednesday, the three major indexes posting their best performance in nearly two months.

Home Depot, the world's largest DIY and interior design, won 2.58%, one of the largest increases in the Dow.

THE takeover animate ALWAYS THE MARKET

Real estate and employment are the two main concerns of investors, so that some fear a relapse of the economy into recession.On the eve of the publication is always eagerly awaited monthly statistics of employment indicators Thursday were therefore confirmed buyers.

"Entries (unemployed) are probably the best leading indicator we have for tomorrow's figures and they suggest that these numbers will at least online, which would already be considered a good thing because the indicators have been continuously disappointing in recent times, "said Gary Flam.

Complementing this positive picture, several retail chains have reported sales above expectations in August.

This good news "puts aside a portion of fears of a 'double dip'," said John Cannally strategist LPL Financial in Boston.

"Today's figures are good but, given the high level of unemployment, it is difficult to be very optimistic for the consumer, however, tempers Michael Sheldon, chief strategist of RDM Financial.

The Morgan Stanley Retail distribution and its equivalent S & P gained 2.4% and 2.2%.

Among the big names in the industry, Gap Inc. rose 1.3% and Wal-Mart of 1.05%.

Another market driver for several days, mergers and acquisitions have also facilitated the session.Burger King has jumped 25% after the official announcement of its acquisition by private equity group of 3G Capital for about $ 3.26 billion.

As for the data storage specialist 3PAR computer, it took 2.49% after the victory of Hewlett-Packard Dell in the battle between the latter two for his redemption.

HP gained 1.2%, and Dell, which should pocketing 72 million dollars in compensation for breach of its agreement with 3PAR, took 1.98%.

After a leap in its first half sales (+20% at constant exchange rates), the luxury goods group announced in an announcement, an operating profit of 304.5 million euros, a figure higher than estimates of Analysts generally being around 270 million euros.

The operating margin for its 28.3% of sales, against 22.8% a year earlier.

For the full year, Hermes says anticipate sales growth "of around 12%" in constant currencies and operating margin increased to "at least one point.

In July, he had said it expected an annual sales increase of between 10% and 12% and a one point increase in operating margin.

The group's net profit were up by 55.2% to 194.6 million euros.

In exchange, the title Hermes, whose levels were already regarded as a deterrent by many analysts, has literally flown since the publication of its first half sales July 20, reaching a high of 150 euros on 26 August.

Despite the strength of the "model" of Hermes, is a product mix highly profitable dominated by the famous leather bags, analysts believe that the evolution of Title defies logic.

The value, which rose 40% over the last three months while the luxury goods sector took 11%, trades on the valuation levels of 36 times estimated results for 2011, well above the 17 times that the industry average.

To explain the outbreak of the title, analysts and traders refer indiscriminately revision of consensus consecutive turnover, a renewed wave of speculation about a change in the capital although the family shareholders who control 72% Periodically reaffirm their commitment to society, and redemptions of short positions on a title illiquid.

The higher wage demands from German unions, however, may counteract this trend in the first economy in Europe.

The rate of annual inflation in Germany has returned 1.0% against 1.2% in July, according to the first estimate of the Federal Statistical Office based on data from six states.

The slowdown, in line with expectations of economists polled by Reuters last week, is due primarily to lower gas prices and heating.But core inflation, which excludes volatile items like fuel, is also contained.

The evolution of the German inflation provides an additional argument to the European Central Bank to maintain its current monetary policy ultra-accommodative.

"The German inflation may be close to zero at year end," said Jennifer McKeown, economist at Capital Economics."(The) benign inflation outlook is a further reason for the ECB left interest rates unchanged for a long time."

However, inflationary pressures could be fed by higher salaries in the coming months: the union IG Metall has announced Friday that he would demand 6% increase for some 85,000 employees in the steel industry of the west during negotiations which should start in a few days.

After the period of wage moderation helped by the recession last year, a return to sustained growth (2.2% in the second quarter, 3% expected throughout this year) could encourage a proliferation of such claims.

Economists point to the moment that core inflation remains low in Germany.

"We expect the rate of core inflation will remain focused on a moderate downward trend for a considerable period," said Aline Schuiling, an analyst at ABN AMRO. "However, we see the price of food, energy and other commodities upward trend."

The first estimate of inflation across the euro area is expected next Tuesday. Economists expect the average to 1.6% yoy, against 1.7% in July.

Calculated the European harmonized standards (HICP), the German inflation appears unchanged in August from July and 0.9% over one year.In July, it had risen 0.3% from June and 1.2% over one year.

Final figures and detailed inflation in Germany will be released Sept. 9.

In a statement posted on its website, Spyker said that the negative balance as of June 30 is the consequence of the requirement under IFRS to consider the $ 326 million (257 million Euro) preference shares redeemable granted to GM in connection with the acquisition of Saab as a liability.

A spokesman for the manufacturer said that details would be made on the occasion of the publication of its interim results on August 27.

The exchange operator NYSE Euronext has indicated his side he did not intend to take action against Spyker as it would comply with the rules.

The manufacturer is required to publish such a statement within five days detailing its financial situation. The document should also provide details on the company's solvency, its level of liquidity, prospects for the short and long term measures it will take to improve its solvency.

Spyker Cars, which has never made a profit, bought Saab, a manufacturer of larger this year and is now trying to revive the brand.

Nippon Exports rose 23.5% last month compared with July 2009, show statistics released Wednesday by the Ministry of Finance.In June, the increase was 27.7%.

This increase is slightly higher than expected 21.9% on average by economists polled by Reuters.

Exports to Asia, which represents more than half of total Japanese sales abroad rose 23.8% year on year while exports to the U.S. by 25.9%.

Imports, they have increased by 15.7% yoy. Economists expected a growth of 20.6%.

The trade balance showed a surplus of 804.2 billion yen (7.55 billion euros), more than doubled compared to July 2009 against 458.8 billion expected by the market.

"Exports to all major regions, including the U.S., Europe and Asia, are supported.But in terms of outlook, the uncertainty has increased rapidly. I am particularly concerned about the negative impact of the strong yen, "Tatsushi Shikano said, senior economist at Morgan Stanley Mitsubishi UFJ Securities.

"The government should intervene on the exchange, even without the cooperation of other countries. He must show that Japan is concerned about the excessive force of the yen. But solo intervention would not be effective without further relaxation policy of the BoJ (Bank of Japan). "

The Japanese Minister of Finance, Yoshihiko Noda, once again clamped down Wednesday on the file exchange, saying it would act appropriately if necessary.

The Nikkei lost 121.55 points to 8,995.14 points and the broader TOPIX, yielded 7.06 points (-0.86%) to 817.73 points.

The markets were disappointed by the lack of decision after the telephone conversation with Japanese Prime Minister and the Governor of the BoJ Monday.

The rise of the yen against the dollar still weighs particularly on exporters, Sony Corp., Canon and Tokyo Electron, respectively, yielding 3.72%, 0.85% and 3.76% at closing.

Oil companies also suffer a fourth consecutive decline in prices of U.S. crude futures, which reached a low of six weeks, the group Inpex losing 2.75%.

Stepping back from 0.7% last week, the S & P 500 posted its second consecutive weekly decline and further losses can be blamed because of the continuing investor concerns about economic statistics.

"The market will evolve in a defensive position (this) week," warned Paul Mendelsohn, chief investment strategist at Windham Financial Services.

"There may be some concern about the future statistics given the data we saw this week that suggest the economy could deteriorate."

Even the recovery of M & As is not enough to encourage investors to return to the market, given the disappointment and concern about the recent macroeconomic publications in the United States.

Yet, according to Thomson Reuters statistics, the amount of mergers and acquisitions announced since the beginning of August reached 197.6 billion dollars (156 billion euros) and is coming close to the record of 277 billion registered in 1999 .

FIGURES OF THE GROWTH OF 2nd QUARTER HIGH EXPECTED

Major operations this August include the hostile bid of $ 39 billion BHP Billiton Canada Potash, the world fertilizer, or the acquisition by Intel of anti-virus software specialist McAfee to 7.7 billion.

"The main objective of a merger is to reduce costs which means they will still cut more jobs," said Joe Saluzzi, however, co-manager of financial operations at Themis Trading.

The level of anemic trading volumes recorded recently on Wall Street is also another obstacle and highlights the degree of apprehension of investors.But this situation will not improve without a major driving force.

Since, according to Thomson Reuters data, 97% of values constituting the S & P 500 have released their quarterly results, attention is even greater as regards macroeconomic statistics.

In this context, the ads on Tuesday and Wednesday related to the evolution of sales in the housing market and those of durable goods for the month of July should be particularly monitored, awaiting the second estimate released Friday U.S. growth in the second quarter.

For this last statistic, economists polled by Reuters expect a 1.4% gross domestic product (GDP) U.S. real annualized in the second quarter, down from growth of 2.4% announced a month early in the first estimation.

However, the changing market mergers and acquisitions is such that investors should still keep an eye on current operations and future.

"The big question for (this) week is who will be next on the front of the stage of mergers and acquisitions. This will be the great history and information that everyone wants to know," says Jud Pyle, chief investment strategist at PEAK 6 Investments.

The fund headed by Warren Buffett, however, reported an operating profit up 73% driven by the acquisition of the rail operator Burlington Northern Santa Fe

Net income fell to $ 1.97 billion, or $ 1195 dollars per A share, against 3.3 billion dollars by 2123, a year earlier.

Operating profit excluding investments is meanwhile stood at 3.07 billion dollars, 1866 dollars per share, against $ 1.78 billion, 1147 dollars per title.

Analysts had expected EPS of U.S. $ 1,360 according to Thomson Reuters I / B / E / S.

There is no urgency or need for Sanofi to conduct this transaction at any price, even if it is relevant, especially as other targets could meet the objectives of the sixth largest pharmaceutical company worldwide, analysts say.

For now, Chris Viehbacher convinced his board of directors, which include L'Oreal and Total, which are its largest shareholders, interest redemption of Genzyme to catch up in biotechnology, an area where it accounts for the loss of several of its patents drugs Lovenox and Plavix in head.

This former GlaxoSmithKline, which is as familiar as the finance world of pharmacy and the United States, was authorized to bid on U.S. Biotech.

The aid is declining dollar vis-à-vis the euro might prompt a reevaluation in the range of 75-79 dollars a proposal for 69 euros it has already made.

Faced also with the rise of generics, the other major laboratories might be interested to Genzyme, which in addition to rare genetic diseases, is a leader in innovative treatments for kidney disease and osteoarthritis, cancer, transplants or further surgery.

But it is not certain that these groups are likely to believe that the financial risk taking is justified.

INDUSTRIAL RISK

Among the concerns are the risks of copying which also weigh on certain portfolio Genzyme and especially the production disruptions last year, two major biotech drug, Cerezyme and Fabrazyne, due to problems contamination of its plants.

"There are good chances that Sanofi can conclude this transaction makes sense for both parties," said Marc Booty, an analyst at Pictet Asset Management.

But, said Ben Yeoh, at Atlantic Equities, "if Chris Viehbacher fails to convince management to Genzyme, he will prefer to throw in the towel rather than engaging in a hostile approach may cost him too."

Eric Le Berrigaud, at Raymond James notes on its side that Chris Viehbacher philosophy as expressed in the acquisitions of BiPar, Chattem or Shantah is based on "partnership with the desire to retain the management and work with him .

It is also the view of Delphine Le Louet, Lombard Odier Darier Hentsch & Cie, who observes that "Viehbacher Chris has an excellent history of stock trading without bidding.

"Why should it change?" She asks, noting that "the true value of Genzyme, which last year knows one catastrophe is around $ 50 more than $ 70.

Industrial problems make it "relatively risky" purchase of Genzyme, notes Claude Allary, a consultant at Bionest.He agreed that in this context, the French chose to retire rather than fight to clinch a company with which the synergies are not obvious.

For a friendly approach to succeed, Chris Viehbacher, who has launched no less than 33 partnerships or acquisitions since his arrival at the head of Sanofi in December 2008, Genzyme must be persuaded to form the core of its center for biotechnology.

STRATEGIC CHOICES

The debt level of Sanofi (6.2 billion euros at June 30, 2010) allows it to raise its offer to $ 83 Genzyme, "but is it deserved?" Asked Delphine Le Louet.

For her, the answer depends on the strategic choice "between 'boosters' pharma division or diversify into other businesses such as ophthalmology and / or cosmetology.

The Berrigaud Eric believes that "in case of failure on Genzyme, Sanofi is unlikely to change its strategy of mergers and acquisitions, particularly in terms of size, except to explain that there is an urgency to make a transaction immediately .

Christopher Kummer, director of the IMAA Zurich Institute of mergers and acquisitions, said that Sanofi could just as easily achieve its desire to enrich its product pipeline by buying smaller companies, thereby avoiding battles "with such as professional activists (Carl) Icahn ".

Several businesses are within the framework set by Chris Viehbacher, who has repeatedly said that it was aimed agreements worth up to $ 20 billion.

Among the targets mentioned in recent weeks by analysts include Allergan, eye specialist and manufacturer of the famous anti-wrinkle Botox, and the biotechnology company Biogen.

Other actors such as Bausch & Lomb, the U.S. specialist eye health are also appointed.

If the end of September no formal information is communicated on Genzyme, would mean that Sanofi has thrown in the towel and looks away, said an expert.

On the occasion of the publication of interim results, Sanofi, July 29, Chris Viehbacher took pains to emphasize that the group's goals for 2013 were independent of potential acquisitions or partnerships.

Calculated based on responses from some 2,000 companies, the final index Markit activity in the services sector rose to 55.8 against 55.5 in June, after it was announced in flash estimate to 56.0 22 July.

Germany, the leading power of the euro area, has once again led the charge, but growth there has not been stronger than initially estimated and, more worryingly, the July survey shows increasing divergence between countries that share the euro.

Activity in services in Italy and was contracted after seven months of expansion, while in Spain it has stalled.

The Italian index fell to 49.6 against 51.5, below 50, which marks the border between expansion and contraction. In Spain, it has decelerated to 51.3 51.8 cons, its lowest level since April.

"The gap between the performance of Germany and France and those of Italy and Spain," said Mark in a statement.

Silvio Peruzzo, economist at RBS, this disparity is cause for concern."The countries of the periphery will suffer more and the markets could question their ability to cope," said he.

In Germany, the PMI services was 56.6 against 54.8 in June, its highest level for nearly three years, but well below the 57.3 announced in the first estimate.

In France the index rose to 61.1, not far from the peak reached 44 months in May, but growth of new business declined and expectations are crumbling.

In the United Kingdom's main trading partner of the euro area, growth in the services was the lowest for 13 months with a decline in the index to 53.1.

And even if the services throughout the euro area have been growing for the eleventh consecutive month, companies had to lower their prices to win customers.

The prices charged component rose to 47.9 against 47.4 in June, but still below the threshold of 50 for the 21st consecutive month.

"Companies still consider their pricing power is limited and must cut back on the price to beat the competition," said Howard Archer at Global Insight IHS."The purchase price inflation was the lowest since three months but the margins of service providers have still been under pressure."

THIRD MONTH OF INCREASE OF EMPLOYMENT

The composite PMI, which combines the services and industry and often serves as a leading indicator for the growth of gross domestic product, has meanwhile increased to 56.7 against 56.0 in June, unchanged compared to the flash estimate.

"The economic recovery in the euro area is confirmed at the beginning of second half," said Chris Williamson, economist at Markit."The latest PMI data suggest a quarterly growth rate of GDP of around 0.7%, the highest rate in three years."

Turned positive in May, the employment component of the composite index continued its climb to 51.4 against 50.6 in June, its highest level since April 2008.

The euro zone recorded a modest growth of 0.2% in the first quarter after increasing 0.1% of GDP over the last three months of 2009.

The latest Reuters poll gives an acceleration to 0.6% in the second quarter but growth slows then again until mid-2011.

For 2011, the consensus gives +1.3%, compared to forecasts growth of 2.0% in the United Kingdom and 2.8% in the United States.