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The CAC 40 is expected to start the session in the red

While Wall Street ended the session and declined Friday Asian stock markets see red on Monday morning, the CAC 40 should continue to decline at the opening and drop 0.3% to 3908 points according to the contracts' future. " The session will mark the beginning of earnings season in the United States, with the aluminum giant Alcoa. Investors also remain attentive to the advances of the new meeting of central bankers in the euro area held Monday in Brussels.

Van Rompuy, Barroso and Trichet, heads of three major European institutions – the Council, the Commission and the Central Bank – in fact, find themselves on Monday morning to spur the seventeen countries of the euro, still unable to s' hear about mounting a second rescue plan for Greece.Then the seventeen ministers of finance are again struggling in the afternoon of the participation of private creditors (banks, insurers and pension funds) to finance the 110 billion euros expected by Athens. In addition, concerns are doing now in Italy. Friday, the country has seen its returns soar. Rumors about a possible resignation of Finance Minister Giulio Tremonti, would have triggered the movement.

The United States are also penalized by a debt record. Barack Obama finds MPs on Monday. He said Sunday night, before a meeting with key members of Congress, he "must" that Congress reached agreement on the debt within 10 days. Otherwise, the U.S. could default on August 2. The President will also hold a press conference on Monday.

Chapter Macroeconomics always INSEE reveal the level of industrial production in May.

Global sales of Renault and record values ​​on the side, investors will follow the announcements that Renault must publish its results this morning, trading in the first half before Peugeot tomorrow. Carlos Tavares went to the site of Flins Monday. Renault has announced an increase of 1.9% of its global sales in the first half, the strength of demand abroad offsetting supply problems it encounters in Europe.The group also expressed its willingness to establish a new sales record this year by selling more than 2.6 million vehicles due to its growth internationally and despite the poor performance in Europe in the first half, he said Monday.

Moreover, the energy values ​​might react to the launch of the tender giant (about EUR 10 billion) government on the construction of an offshore wind farm with a capacity of producing 3000 megawatts. Several candidates have already expressed: the consortium Su ez GDF, Areva and Vinci, another consortium Areva and combining the Spanish giant Iberdrola, EDF EN and all, Alstom and Dong Energy. E. ON and EDP-R have also responded to the tender.

Total may write off certain tax advantages.Following the controversy triggered by the imposition of any large groups of the CAC 40, Total could give up to enjoy the tax shelter known as "worldwide profits." The CEO also announced that he would pass to the pump the recent increases in crude oil prices.

Airbus, a subsidiary of EADS, would be willing to sell out to rival Boeing. The European aircraft manufacturer could make significant price reductions to crop market share with its U.S. rival in the U.S., in connection with the tender launched by American Airlines, says the Wall Street Journal. The U.S. airline expects to order 250 aircraft.

On the other hand airlines could face a strike in early August.The union of airline pilots SNPL filed a strike notice for all French airlines from August 5 to 8, written Tribunedans his edition of Monday.

Ipsos could be thwarted in his plans to return to UK Synovate. In fact, the British investment fund would be willing to put 675 million euros for the acquisition of Synovate, the tamping pin to French Ipsos already in discussions with the company for market research, according to information from the Financial Times. The Aegis Group, which owns Synovate, however, have rejected the offer.

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The IMF releases 3.2 billion euros for Greece

The board of the International Monetary Fund (IMF) met Friday in Washington, approved, as expected, the release of a new tranche of 3.2 billion euros for Greece.

It is in addition to 8.7 billion euros released a week ago by the European Union. This round of 12 billion euros is the fifth of the rescue plan 110 billion approved last year. It should enable the country to repay much of its debt maturing July 15 (EUR 2.4 billion to good six months) and 22 July (2 billion euros good for three months).

But Greece, the public debt (354.5 billion euros at end March) shook up the United States, is not out of the rut.Athens calls for a hue and cry a second bailout, a value equivalent to the first, or 110 billion euros, for which the Europeans require the participation of the private sector. A meeting of the Eurogroup in Brussels next Monday, followed by a council of finance ministers the following day was supposed to define its contours. But it will not succeed, as the differences remain significant even within the Union. At best, a decision is expected in mid-September, confirmed the new Greek Finance Minister, Evangelos Venizelos.

Taboo

For many scholars, starting with the rating agencies as criticized in recent days, the private sector's contribution to the recovery plan would resemble a Greek default, since creditors will not get their refunds in time and hour.A nightmare scenario that Europeans seek to avoid at all costs. Without having yet found the parade.

And meanwhile, some still waving the event of a release of the euro area. An expert in Brussels who had requested a report before he leaves office, a judge at the end of the decade "there may well still have 17 members, but the question is whether this will be the same that 'today. "

The subject is taboo, but if Greece were to be found in default, many experts believe that the only way to redress the country's economy would be a devaluation, and thus an exit from the euro. This had been done in Argentina in 2002, winning its currency, the peso, the U.S. dollar.

Asian stock markets rise in the wake of Wall Street

The stock markets in the Asia-Pacific moving up Friday morning, boosted by bank and energy stocks, encouraged by the gains recorded by Wall Street yesterday, who took advantage of the good private employment figures published yesterday. In Tokyo, the Nikkei advance of 0.63% to 10,134.70 points, settling comfortably in excess of 10,000 points reached on Wednesday. The broader Topix index takes him 0.45% to 874.43 points.The current account surplus in Japan fell 51.7% in May over one year to 590.7 billion yen (5.14 billion euros), due to the consequences of the earthquake of March 11 on the scale commercial, announced Friday the Ministry of Finance.

The Japanese automaker Toyota (1.76%) is investing 125 million euros to produce a hybrid version of its Yaris small car at its plant in Valenciennes (Nord) in 2012, announced Didier Leroy, CEO of Toyota Motor Europe, an interview with The Tribune on Friday."Toyota will have spent 125 million euros to build its new (small) III Yaris at Valenciennes (Nord): 100 million for the heat release, 25 million extra for the hybrid variant, a world first," said Didier Leroy daily economy.

Car manufacturers take advantage of stock market rebound on Friday, including Suzuki, which is 1.90%, and Mitsubishi Motors which accounts for 1.94%.

Other major markets also appear in the green, much more clearly in Hong Kong where the Hang Seng climbed 1.07% to 22,771.50 points, while in Shanghai, the CSI from 0.41% to advance 3114.36 points. Investors thus confirm that they had integrated into courses for several weeks the new rate increase occurred Wednesday face high inflation and above the ceilings set by the Central Bank of China.Side values, we retain banking stocks: ICBC is 1.04% and Bank of Communications, 1.08%.

Oil pulls the Australian values

In Australia, the S & P / ASX gains 0.98% at 4650.60 points, driven by the values ​​associated with raw materials such as CNOOC, which is 2.09% or 1.80% Santos grants itself. Oil prices were directionless Friday in electronic trading in Asia, but Thursday, oil prices ended sharply higher in New York, driven by statistics suggesting an improvement in the labor market and a further decrease in inventories crude to the United States.

In morning trading, a barrel of "light sweet crude" for delivery in August took six cents to 98.73 dollars. That of Brent North Sea crude for delivery lost 41 cents to equal 118.18 dollars.

Ways to get paid more than the CAC 40 companies

More companies are large and they carry less of the corporate tax. A fact known and already singled out by the board of tax and the Treasury, but on which a report of the National Assembly published on Wednesday by MP Gilles Carrez sheds new light.

Comparing the amounts paid under the corporate tax (IS) for all companies in France, the general rapporteur of the budget to the National Assembly was able to quantify the difference in tax burden between small businesses and the largest. "The real tax burden borne by small firms is 20 points higher than for large groups," says Gilles Carrez on Wednesday in Les Echos. A "drop that occurs across large groups internationalized," said the rapporteur.

The corporate tax paid by large groups of the CAC 40 is in fact much lower than that paid by SMEs. For four of them, it was even zero between 2007 and 2009, the report quoted by Les Echos. 10 billion euros in total was paid by the CAC 40 companies between 2007 and 2009 for the SI, including tax credits. Is, 86 million per group per year, representing only 0.4% on average of their turnover in France. The four companies which the state is a shareholder (France Telecom, EDF, GDF Suez and Renault) will make an exception, with a gross rate IS 40%.

Enclose tax loopholes

Gilles Carrez explains this differential taxation depending on the size of the company by the existence of tax loopholes that benefit large groups mostly internationalized.This is the deductibility of financial expenses from taxable income or the deferral limit deficits. These groups' benefit, legally, the opportunities available to them: the maximum charge in France expenses related to foreign operations, "expatriate" certain products under activities carried out in France, "said Gilles Carrez.

To avoid a stagnation of revenues SI "to a lower level than pre-crisis", the rapporteur suggests a framework for these tax loopholes enjoyed by the full CAC 40 companies. "Why not cap the financial expenses deductible, as are the Germans? It would be a kind of IS minimum. We could also return certain products, "he recommends.

According to Les Echos, the Elysium is the least prepared, as part of Budget 2012, a time limit on the deferral limit deficits.The regime of worldwide profits, which benefits mainly to Total and Vivendi could also be questioned. A debate that could beat its full part in the presidential election.

Crisis in the euro area: what risk for your actions?

Equity markets continue to remain under pressure as they consider the problem of public finances in the euro area will not be solved for the long term. The public finance crisis is dangerous for shareholders? Expert answers.

Alain Bokobza, Societe Generale, "Yes, but the leaders of the euro area are working to limit damage to the holders of the assets of the peripheral countries. We do not expect heart of contagion to countries in the euro area if credible policies to restore the overall balance in the long term public are in place. Spain seems to us on track, which should help the Spanish index. "

Patrick Moonen, ING Investment managers: "A default risk uncontrolled in Greece would be very detrimental to shareholders.The stock market has not taken a negative outcome for Greece or further deterioration of public finances of the other peripheral countries. We see no quick fix and the level of uncertainty is very high, but time is a key that would recapitalize the banking sector and other peripheral countries to stand out from Greece in a positive way. This is necessary to limit the contagion. In short, we expect that governments can save time by delaying tactics. "

Pierre Sabatier, PrimeView "Yes, and it has only just begun. Historically, we find that growth slows sharply when the public debt ratio exceeds 90% of GDP.This will happen in many countries in the coming years (due to the continued deleveraging private is far from finished), leading to sluggish growth in most industrialized countries. This environment will eventually be negative for earnings growth, which is a function of GDP growth and inflation, and consequently to the equity markets. "

Wilfrid Pham, Natixis AM: "The crisis of public finances can be potentially dangerous for the banks if not handled properly by the institutions in charge of this problem problématique.Le liquidity crisis and confidence between financial institutions could be topical.Also, global economic growth could be negatively affectée.Les equity markets have a habit of reacting rather negatively to these events. "

Ginguene Olivier, Pictet Asset Management "course, but this risk seems already built into prices depressed the shares. This is especially for holders of debt (bonds) that this risk seems more and more dangerous now. Preferred shares of large non-financial corporations, less sensitive to local conditions (higher taxes, deficit reduction, regulations, slow growth …) and more exposed to international markets. "

Philippe Mimran, UFG-LFP: "Arguably, the public finance crisis is dangerous for shareholders. It stands at the end of fiscal restraint and thus slow growth. In addition, short term, the impact of market volatility.Finally, the financial sector is particularly undermined by the risks of insolvency of the States. "

Alexandre HEZEZ, Convictions AM: "It is illusory to think that the fiscal crisis will not affect businesses. The rationalization of fiscal policy is paradoxically a very good sign for long-term growth, so for equities. Consumption depends on expected future income rather than current income. This means that any measure that will give confidence in the sustainability of the health system and pension system will be good for confidence, so good for drinking so therefore the companies for shareholders … "

Francois Chevallier, Leonardo Bank: "Yes, but the damage is probably done for the shares in favor of safe havens such as gold, stone, the Swiss franc no faxing pay day loans.The drift of public finances and State debts would be the main explanation for the extraordinarily high level of risk premiums and historically low earnings multiples. "

Matthew Grouès, Lazard Frères Gestion, "Support for peripheral countries will probably continue for some time. A fault is a very unlikely scenario. The governments of developed countries must reduce their deficits and have begun to do so. As for the impact for shareholders, depending on the method: for the moment of corporate taxation has been little hard compared to other tax and spending cuts. "

Jean-Louis Mourier, Aurel-BGC: "Not directly in the short term.It is however an overall risk that affects more clearly the banks but is likely to lead to a tightening of global financial close to what was observed following the bankruptcy of Lehman Brothers (freezes interbank markets and bond, blocking the distribution of bank loans, negative wealth effects …) "

Nuno Teixeira, Schroders France: "Governments Greek, Portuguese and Spanish, in spite of social protest, have recently confirmed their determination to control the situation of public finances. The first two were given the means to fulfill the conditions required by the EU and the IMF to substantial assistance to enable them to meet their liquidity needs more immediate.While the problems are not resolved in the medium term, but we are heading towards voluntary efforts refinancing from the European banks, which are expected to find a more permanent solution to debt problems. "

Catherine Garrigues, Allianz GI Investments Europe: "There is no major risk to shareholders who invested in international companies non-financial, unless they have strong activity in Greece, Spain or Portugal. Companies in these countries are experiencing rising spreads and is therefore difficult to find financing at reasonable rates. "

Antoine de Salins, Groupama Asset Management: "The answer is yes in any case for investment in developed countries: the crisis feeds market volatility who do not like uncertainty, especially those that attach to the assets deemed safe … ..It also weighs so heavy on the valuation of banks changing just like those of the debts of the peripheral countries. "

Bertrand Lamielle, B * capital: "The subject deserves full attention granted to him but is now analyzed in terms risk only. But a stock market perspective, the financial sector is capable of a strong rebound when the market considers that the solutions offer the senses. "

Frédéric Jamet, State Street: "The fiscal crisis will affect primarily government bonds (in case of default or restructuring), then only the shareholders, primarily in the financial sector and other sectors.This impact is already in stock prices. "

Mauro Ratto, Pioneer Investments: "The shareholders of the CAC 40 will be affected, because banks represent a significant share of the market capitalization totale.Ceux holding U.S. securities will not. U.S. companies are not dependent on this region, and generate profits in other areas. "

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Greece offers a respite to 12 billion euros

Europe is gaining time, but did not extinguish the fire in Greece. Following a conference call Saturday, finance ministers of the euro area have given the green light to release "by July 15" 8.7 billion euros in loans that should add 3.3 billion paid out by the International Monetary Fund (IMF). This decision was expected after the adoption this week by the Greek Parliament of the austerity program imposed by his European creditors. "It (the decision) strengthens the international credibility of Greece", immediately congratulated the Greek finance minister, Evangelos Venizelos.

As the new Executive Director of the IMF, Christine Lagarde, to take office Tuesday, the organization welcomed the developments."We welcome the commitment of the Eurogroup to a funding strategy that ensures that the Greek economic program is fully insured," said the spokesman for the IMF, Caroline Atkinson. No details however were given about a possible date on which the Board could meet to release the funds.

Berlin puts pressure

If these 12 billion euros to Greece should avoid going bankrupt in the short term, it is not enough to save the country permanently and fully reassure the financial markets. For this, the country has called for a second bailout International 110 billion euros. Finance ministers of the euro zone have promised yesterday decisions "in the coming weeks." For its part, the German finance minister, Wolfgang Schäuble, more prudent, spoke of an agreement by the fall only.Berlin looks indeed to be certain that Greece implement austerity measures quickly that the country has promised cash advances pay day loan. "After the release of the fifth installment of the countries of the euro area and the IMF, the next step must be addressed decisively: the measures passed in Athens should be implemented quickly. Privatization, for example, must be launched without delay, "responded the German Minister of Finance. Response of Athens: the austerity plan of 28.4 billion euros will be implemented before mid-September.

Ireland, Portugal, Italy and Spain could knock on the door

These two months of rest should also help to advance on a second rescue plan 110 billion euros. Finance ministers of the euro area have not spoken on this subject last night.They expect to clarify the private sector, banks and other creditors, imposed by Berlin to a new plan to help decide. "The details and extent of the involvement of private and official sources of additional funding will be determined in the coming weeks," they said.

Time is running out: Ireland and Portugal may need a new international aid. As for Spain and Italy, both countries are under pressure from rating agencies. "The failure of European political leaders to resolve the crisis quickly and decisively hits the rest of the euro area," says Ben May, economist at Capital Economics. The United States pressed more in Europe to solve its debt problems to avoid a global impact."If Greece fell deeper into recession following the new austerity measures, it could reduce the willingness of governments to implement additional fiscal measures," says Ben May.

All rate changes on 1 July 2011

Here are the planned changes on 1 July 2011.

• Retirement

The law on pension reform, enacted November 10, 2010 after a long parliamentary battle will come into effect on Friday. The legal age will gradually increase from 60 to 62, with four more months per year. The first people affected are those born after 1 July 1951.The age of the full rate – that is to say that from which an employee receives a full pension even though he has not contributed enough quarter (165 quarters forward) – is raised gradually from 65 to 67 between 2016 to 2023.

By persons possessing a degree of permanent disability of at least 20% and, after notice of a multidisciplinary committee, those possessing a degree of permanent disability between 10 and 20% are still able to go to 60 years.

• SMIC

The minimum wage was last adjusted on 1 January will not be automatically upgraded in July. The rise in prices which reached 2% since last revaluation of the minimum wage – could lead to an increase in August the minimum wage indexed to inflation.Prime Minister François Fillon has also been clarified that no additional boost would be granted.

• Unemployment benefits

Unemployment benefits will be revalued by 1.5% from 1 July, decided Thursday Unédic or at a rate lower price developments and the minimum wage increase of 1.6% occurred at the beginning of years. "The debate was very long to the Board of UNEDIC" consisting of representatives of employers and employee organizations, which manage all unemployment insurance, said the president of UNEDIC, Gaby Bonnand at a press conference.

• Transport

– SNCF: the prices of train tickets will increase by an average of 2.5%. This increase will, as every year, uneven tickets. It will range from 10 cents to 2.70 euros by destination.The price discount cards remains unchanged.

– RATP Navigo Pass packages will increase by 2.7%, except for Zone 5. Zone 6 is removed and merged with the 5, which will mechanically decrease by 11% the price paid by its users, reduced from 123 cash advance no fax.60 to 109.90 euros for a monthly fee. In detail: the monthly zone 1 and 2 increased from 60.40 euros to 62 euros (+2.6%). That of zones 1 to 3 passes to 80.30 euros (+2.7%), and that of zones 1 to 4 to 98.10 euros (+2.7%). The single ticket remains unchanged at 1.70 euro.

The bus fare increases to 1.90 euro (+5.5%), while the book of 10 tickets will increase to 12.5 euros (+4.2%).

• Energy

– Electricity: Household bill increases of 2.9%.The industries and large companies take 4.4 to 4.9% according to the rate at which they are submitted.

– Gas: gas rates for individuals do not change, but those businesses increased by 3.2%.

• E

La Poste has announced that the price of postage for mailings of letters under 20 grams would rise by two cents, from 0.58 to 0.60 cents.

• Mobile Phone

The price of mobile communications passed from another European country down. It will now cost 42 cents per minute against 47 before. Subscribers operators in metropolitan departments and overseas subscribers Dom operators in mainland France also benefit from lower rates.

• Environment

A thousand everyday products will be subject to an experimental display decided at the Grenelle Environment Forum.Packaging will be accompanied by a statement indicating their carbon footprint and their impact on biodiversity, water, etc..

• Bank

A summary of bank charges (basket of services, payment systems, operational occurrences, agios) will now be on the monthly bank statements, which also display the ceiling of the overdraft.

• Pets

The electronic chip designed to identify the pet becomes mandatory for all animals that will travel outside French territory.

(With agencies)

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