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  Euro on Sunday – Foreign: France Stocks: Macron Makes the Brse Legs | Message | Bit Updates
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Euro on Sunday – Foreign: France Stocks: Macron Makes the Brse Legs | Message

Saturday, March 10th, 2018 | bitcoin updates

by Birgit Haas, Euro on Sunday
Emmanuel Macron works wonders. The French president has not been in office for a year, yet he has already turned his first labor market regulations and tax laws into reality and trimmed them to efficiency. The 40-year-old and his movement, En Marche, want to catch up on the failures of the past 20 years – decades in which France has lost its economic power and competitiveness. To stimulate investment, Macron has reduced the tax on capital gains – excluding real estate – from 50 to 30 percent. The corporate tax is also expected to fall from 33 percent to 25 percent, although this stirs disgust and earned him the nickname "President of the Rich".
In particular, the elimination of subsidized jobs and more flexible employment contracts hit many workers hard. Thus, about 100,000 state-subsidized jobs are eliminated. Europe's largest retailer Carrefour is cutting 2,400 jobs with the new rules. Nevertheless, unemployment is at historic lows for the first time in nearly nine years. "Macron still has a long to-do list, but he's on the right path," says Bruno Cavalier, chief economist of the German-French private bank Oddo BHF.
That Macron's liberalization attracts foreign investors, proves Amazon. The online retailer wants to create 2,000 permanent jobs in France. "Within the past year, the mood has completely turned," says expert Cavalier. "When I talk to foreign investors, most are now optimistic."

German investors hesitate
French people are very fond of investing in Germany, conversely there are many reservations. German companies still prefer to expand to China or the US. For a long time, bureaucracy in France was considered high and taxes high. Many were afraid of the power of the unions. In addition, the political risk before Macron's election in May 2017 was enormous. If the right-wing populist opponent Marine Le Pen had won, a "Frexit" would have come within reach.
The imbalance is evident in mergers. Thus, the Citroën and Peugeot dam PSA has taken over the battered German carmaker Opel. Although the luxury clothing Kering gave up its shares in the German sporting goods manufacturer Puma, but they remain in French hands, mainly in the founding family Pinault. Imerys, a specialist in minerals, has bought paper from BASF. "Germany is our third most important market after France and the USA," said CFO Olivier Pirotte on Sunday. He also sees an imbalance. "I think the French have opened up, but the Germans still have reservations," notes Pirotte.
Macron wants to change that. Currently, the French head of state is impatiently awaiting the sluggish formation of a government in Germany in order to advance a common EU strategy. Meanwhile, he seeks to restore confidence that politicians, businesses and investors alike had lost during the years of his predecessor François Hollande.
The surprisingly strong economic upswing gives it tailwind. The economy of the neighboring state grew by two percent in 2017, driven by the global economic recovery, with the last quarter in particular at 2.6 percent. The French economy is thus currently developing more dynamically than Germany.
"It is noteworthy that the results of all the reforms already have a psychological impact," says Didier Saint-Georges, chief strategist at the French fund house Carmignac. Oddo BHF believes in sustainable growth.
The growth forecast for 2018 has been raised to 2.4 percent. Now France benefits from the robust global economy. Then come the next push. "Macron's structural reforms will have a positive impact on growth in the medium to long term," says Cavalier.

CAC beats DAX
So the stock market is already "en marche". The Paris Stock Exchange's benchmark, the CAC 40, has gained more than ten percent over the past 12 months, despite the recent correction. By comparison, the DAX climbed just over five percent in the same period.
By far the most successful company on the stock exchange in this period was Ex-Puma-Mutter Kering, followed by the aircraft manufacturer Airbus. The share of the insurance group AXA is also doing well. The Parisians make their biggest gains outside of France in Switzerland and Germany.
Macron, however, is just at the beginning. He has more than four years to complete his to-do list. He wants to privatize state-owned companies, improve education, build an EU Treasury. No question: the man will have to do more miracles.
Investor Info
Profitable insured
Despite a slight decline in sales, the insurance company reported a record result of 6.2 billion euros for the past financial year, thus exceeding the figure for the previous year
Expectations. The life and health insurance business weakened slightly. But the French were able to increase profitability in their home market as well as in Germany and the USA. Compared to the competition, the stock is valued much cheaper, and a higher dividend is in sight.
Drive batteries
The special mineral company is one of the world's leading suppliers to the construction, paper, automotive and steel industries. New business should bring the developing battery production. Because Imerys has recently focused on growth through mergers and companies are not yet fully integrated, the margin is currently quite low. That should improve in 2018. Solid dividend yield. For speculative investors.

The CAC Mid 60 index is something of a counterpart to the German MDAX. This is where the medium-sized companies in France are bustling. And they have similar as in Germany, the default values ​​in recent years properly hung. A development that should continue under the business-friendly Macron. The ETF makes it easy and inexpensive to invest in the SME index.
_____________________________ Source: Frederic Legrand – COMEO / Shutterstock.com, gopixa / Shutterstock.com


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