European markets still hesitant.

Keywords: profit, Banks, employment, EUROPE, PARIS, U.S., Societe Generale.

 Investors appear to have been somewhat reassured by a few forecasts of the European Commission, and in particular on the growth of Spain and Portugal. But caution remains the watchword.

After digging their losses by mid-morning, the trend seems to be a gradual return to normal on the side of European markets by late morning.
Around 12:10 pm, the CAC 40 gained 0.25% to 3698.66 points, the Frankfurt Stock Exchange ahead of 0.03% to 6008.47 points, the London Stock Exchange ahead of 0.04% to 5413.29 points and the Milan Stock Exchange rose 0.55% to 20,726.45 points. The Lisbon Stock Exchange is even back in the green, half-sitting: 0.34% to 7121.87 points.
In contrast, the Madrid stock remains in the red, but has successfully reduced its losses: after losing nearly 3% in midmorning, the Ibex never lost only 0.46% to 9814 points. The same applies to the Athens Stock Exchange that yields about 1%.

Growth Forecast up for Portugal and Spain:
The European Commission plans Greece for a decline of 3% of Gross Domestic Product in 2010 against a decline of only 0.3% expected in November. As regards Spain and Portugal, the Commission revised its growth forecast for 2010 up : -0.4% To -0.8% Spain cons expected in February and 0.5% Portugal 0.3% cons estimated in February.
Consequence: the euro rose in early morning on Wednesday a new low against the dollar at 1.2935 dollar. Around 12:30, the single currency is worth 1.2949 dollars (-0.13%).
Overseas, the program figures are ADP employment in the private, for the month of April, the ISM index of activity in services, in April, and the weekly crude oil inventories.
On Wednesday, Asian markets, stock markets in the wake of Wall Street and Paris, move down sharply. On Tuesday, the CAC 40 dropped 3.58% to 3691 points.

Societe Generale and Lafarge: Crossed Destinies:
Societe Generale published on Wednesday a net profit of 1.06 billion euros, A figure well above expectations of analysts who predicted a profit of 658 million euros. After seeing their profits melt, due to concern about the European markets, Societe Generale again shows the largest increase in the CAC 40: 2.86% to 39.73 euros ..
In contrast, the return to profitability Lafarge has not been enough to convince investors. At the Paris Stock Exchange, shares were down 3.33% to 51.11 euros, or one of the fastest declines the CAC 40. The group published a turnover down 10% to 3.276 billion euros compared to first quarter 2009 and net income of 64 million euros against a loss of 17 million euros in first quarter 2009.
Bourbon (31.95 EUR -0.51%) published for the first quarter sales fell 1% to 236.2 million euros versus the first quarter of 2009. The specialist offshore service has also announced the signing of contracts for 13 new vessels with the Brazilian Petrobras oil.
Iliad, Parent company of Internet providers, Free and Alice, grew by 4.7% of its sales in the first quarter. Shares gain 0.34% to 74.05 euros.

CGG Veritas unscrews:
The specialist in geophysics, CGG Veritas (-6.92% to EUR 20.50), Issued on Wednesday morning a symbolic net on the first three months of the year: 1 million dollars, 760,000 euros. He was 5 million in fourth quarter 2009 and 71 million over the first three months of 2009.
Vicat publish after-hours and Air Liquide holds its general assembly in 15 hours.
Vinci (-0.81% To 39.97 euros) Tuesday maintained its 2010 targets after a first quarter affected as expected by a particularly harsh winter.
rain (-2.69% To 56.10 Euros) Tuesday expressed readiness to face a further rise in milk prices following a rise of almost 3% of its turnover to 827.6 million euros.
Teleperformance (-0.35% To 25.45 euros) announced Tuesday that it would communicate its new financial targets 26 May 2010 during a financial meeting after publishing a quarterly revenue up slightly.
GDF Suez (-2.22% 26.40 euros) has finalized the acquisition of a 50% stake in an offshore petroleum license in Egypt.