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The CAC 40 expected sharply lower after Fed

Concerns about the health of the U.S. economy may once again to weigh on the markets in Paris. In the wake of Wall Street the day before and Asian stock markets this morning, the CAC 40 is expected to open sharply lower at least about 2%, according to forecasts, having already fallen by 1.6% in the previous session.

Markets should sanction and the decision of the U.S. Federal Reserve (Fed) on Wednesday. In fact, the Central Bank of the United States announced new measures to support the U.S. economy. It will sell well here in late June 2012 for $ 400 billion of treasury bills and short-term buy for the same amount with a longer maturity in an attempt to lower interest rates in the long term (an "Operation Twist").To support the mortgage market, it will also acquire real estate securities without increasing the size of its portfolio, according to the Committee.

However, markets did not appreciate his verdict on the economy, noting the "continuing weakness" of the labor market, with an unemployment rate of "high" of 9.1%, coupled with "significant risks "related" tensions in global financial markets. " "The opinion of the Fed on the economy is deteriorating a lot and it seems it can not do much with the Republicans (he) asked not to intervene," says Yutaka Miura, analyst at house brokerage Mizuho Securities, the Dow Jones Newswires.

Thus, the market had expected better, especially after worrying about the International Monetary Fund.The day before, the institution headed by Christine did not hesitate to raise the specter of a global recession and launched at policy makers in the world "a fervent call to action". At the same time the institution has significantly downgraded its growth forecasts for the global economy. This is expected to grow 4% in 2011 as in 2012, 0.5 points below its previous forecast of 4.5% last April.

Beijing sees its manufacturing activity deteriorated

To this must be added the emergence of concerns about the economic situation in China. Manufacturing activity in the country has deteriorated in September, reaching its lowest level in two months, according to preliminary PMI bank HSBC said on Thursday. PMI Purchasing Managers calculated by HSBC in September reached 49.4 against 49.9 in August, knowing that a figure below 50 means contraction."We are seeing a moderation in growth as in the past two months. Fears of a hard landing of the Chinese economy are unjustified, "said in a note Qu Hongbin, the chief economist for China at the bank.

In addition, investors are increasingly worried about the evolution of the crisis of public finances in Europe no fax cash advance. Greece announced Wednesday its intention to launch new austerity measures to convince the Troika and obtain payment of a new tranche of 8 billion euros in October that will allow it to avoid bankruptcy.

On the foreign exchange market, the dollar was up against the euro. It was worth 1.3544 dollars per euro, against $ 1.37 the day before in Asia.Oil falls as himself down under the effect of a rise in the dollar and pessimistic forecasts from the U.S. Federal Reserve (Fed) for the world's largest economy.In early electronic trading, a barrel of "light sweet crude" for October delivery gave up $ 1.21 to 84.71 dollars per barrel of Brent North Sea crude for October delivery lost $ 1.26 to 109, $ 10.

On the macroeconomic front, France, the index of labor costs in industry, construction and service sector in the second quarter will be released at noon.

In the U.S., the weekly claims for unemployment benefits will be unveiled at 14.30, and the composite indicator of economic activity for the month of August in 16 hours.

Earlier this afternoon, the markets also expect the statements of Robert Zoellick and Christine Lagarde, respectively president of the World Bank and IMF Executive Director, at the opening of the annual meetings in Washington

Values ​​to follow

• Banking

BNP Paribas, which has seen its share price unscrew more than 50% in three months, may request assistance to private investors understood the Financial Times. Analysts said that the institution may seek to raise up to EUR 2 billion from investors from Qatar and Abu Dhabi. However, an assumption that sweeps by the Director General of the bank Baudoin Prot.Investors also will keep an eye on Societe Generale and Credit Agricole.

• Saint-Gobain

The group has conducted Wednesday through placement of a bond issue in two tranches for a total of 1.75 billion euros with an average maturity close to six years and an average coupon of almost 4% in the refinancing of debt specialist construction materials. The transaction was heavily oversubscribed as the order book has reached the aggregate for the two tranches over seven billion from nearly 400 investors.

• Danone

The company launched its next bond issue of € 500 million due 2016.

• BioAlliance

The group announced Wednesday the confirmation of the clinical trial schedule Livatag against the primary liver cancer, starting with the pivotal Phase III in 2012.The company also reported a residual income of 1.02 million euros in the first half.

Obama's plan convinces economists

Barack Obama is trying to reverse the trend. While fears about the health of the U.S. economy grow, U.S. President surprised with a plan to boost employment from 447 billion (322 billion), more than 100 billion more than expected . Since the beginning of the year, the U.S. economy does not create enough jobs to reduce unemployment significantly, still desperately above 9%.

Few economists have criticized the ad. Only the Swiss investor Marc Faber, known for his pessimism, has won the CNBC: "The plan announced a new failure of Keynesian stimulus package of public interventions and depraved," carried away on CNBC. "And when the time is to reduce public deficits …No, really this plan is a joke! "A lone voice: combining cuts employers' costs and expenditure target, the plan seems to be welcomed by the community of economists.

With this plan, "unemployment will be lower in 2012 than it would have been without that nothing is done," admits conservative Heidi Shierholz in the New York Times. Economists differ on the impact of quantified measures presented by Barack Obama. Optimistic, Heidi Shierolz, the Economic Policy Institute, predicts 4.3 million jobs created, including 1.6 million by the simple extension of existing measures. The Department of Economic Analysis calculates Moody's for its part that the plan should create a total of 1 Online payday loans.9 million jobs.

Growth side, Obama's plan "would allow the U.S. economy continue to grow at a minimum," said Steve Blitz, an economist at ITG, quoted by the Financial Times.Economists are almost all agree that the billions of spending will have an impact on growth. But which one? It all depends on measures that will stand the test of Congress, where Democrats and Republicans will have to find a compromise.

"If a miracle occurs …"

"If a miracle occurs and the intact plane passes this stage, U.S. growth could exceed 3% in 2012" against approximately 2% forecast by economists without a recovery plan, advance Rudy Narva, an economist at Societe Generale. But after blocking observed about the debate on the debt cap, observers remain cautious. The difficult economic situation, however, could force both sides to compromise.

"The stakes are enormous for those Americans who are unemployed for too long, and for America as a whole," says Mohamed El-Erian, head of the investment fund Pimco."Hopefully, elected officials in Washington will be up."

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Banks back into the market turmoil

The respite will not last long: after a week of relative calm, the European banking sector has again stumbled in the stock market Monday. Britain's RBS, French Societe Generale, Deutsche Bank or German for example, have dropped out of respectively 12.32%, 8.64% and 7.53%. Even the champion of Frankfurt stock exchange now weighs less than half its book value! This increased tension is supplied from Friday with a new bundle of anxiety on the macroeconomic front. Investors fear that gives that summer debt crisis in Europe and the United States against a backdrop of slowing growth, worsening. The European foot-dragging on the Greek case illustrates the difficulty of political reassurance. Terms of private sector contribution in the second rescue of Greece, to be completed at the root end of August and early September, and still raises many questions.The debates are multiplying on the accounting treatment of such assistance, and the right level required for impairment of securities Greek, while the economy sinks further into crisis.

200 billion euros in recapitalization

Asked about the idea of ​​requiring banks assessment of sovereign debt in the market, the CEO of Deutsche Bank, Josef Ackermann, said Monday that "it was forcing an open door to say that many banks Europe would not survive. " Especially since the doubts about the ability of Italy to keep its austerity plan and that of France to absorb a succession of shocks without further tighten the screws are becoming more vivid.The CDS on the two countries, these insurance policies that protect a non-payment, Monday reached a record high.

Under these conditions, the crusade of the new Executive Director of the IMF, Christine Lagarde, against the underfunding of the European banking sector is gaining credibility. According to the Financial Times, its equipment valued at 200 billion euros on equity gap for the entire industry. The chairman of BNP Paribas, Michel Pebereau, said Monday: "The stress tests in Europe (…) suggest that it is not so obvious that today the European banking system as a whole may need to be recapitalized.Some banks, no doubt. "Boss BPCE, and past president of the French Banking Federation (FBF), François Perol, said he did not think" that (statement of Christine Lagarde) was referring to French banks. "

On the other side of the Atlantic, the signals are no more reassuring. The disappointing U.S. employment published Friday that result in maintaining a high unemployment rate to 9.1%, have cast a chill on the market. The same day, Washington expressed its willingness to prosecute seventeen banks for selling its agencies refinancing, without the correct information, asset-backed mortgages, subprime. The legal battle casts a new threat to the sector.

Low morale in Asian stock markets

Good humor gives way to doubts about the Asian stock markets. This Friday, the main financial centers in the region are displayed in red, the footsteps of Wall Street yesterday. The U.S. stock market ended the session on a sharp decline, investors who do not wish to comment before publication of the monthly employment by the Department of Labour. Moreover, indicators were mixed deleted the enthusiasm that had allowed the NYSE to chain four sessions of consecutive increase. While manufacturing is still growing and the weekly jobless claims fell, construction spending and productivity fell. In addition, the White House has lowered its growth forecasts.

In Tokyo, the Nikkei has started on the day down 0.89% and has cut its losses during the day.At closing, he gave up 1.21% to 8950.74 points, plunging below 9,000 points reached Thursday. The Topix, wider, has sold 1.09% to 769.78 points. In addition to disturbing signs in the U.S., traders took the opportunity to take profits after six consecutive sessions of gains. Side values, the technology sector, which had supported the coast yesterday, is now under attack. Sony lost 4.30%, 5.12% TDK, Sharp 1.57%. Toyota and Honda respectively lost 1.74% and 2.35% after poor sales figures in the United States.

Note also in Japan the establishment of the new government. The new prime minister, Yoshihiko Noda, awarded the finance portfolio to a member relative novice, Jun Azumi, 49, and former host of the public broadcaster NHK low fee payday advance. Yoshio Hachiro, a former member of the Social Democratic Party, was appointed Minister of Commerce.Motohisa Furukawa, a former adviser to the Ministry of Finance, will be economy minister.

In Hong Kong, the Hang Seng lost 1.32%. The Internet sector is also battered the image of Lenovo (-1.53%) and Alibaba.com (-2.37%). In Shanghai, the Shanghai Composite was down 1.28%. In Hong Kong,

In Korea, the Kospi drops 0.82%. The S & P Australian loose 1.42%, weighed down by mining. BHP, trucks from the coast, losing 1.83% while Rio Tinto was down 1.26%. Only the Indian Sensex remains in the green, up 0.63%.

Oil mixed

Oil prices were mixed on their part Friday morning in electronic trading in Asia, where the market wait before issuing the monthly report on employment in the United States, and while approaching the U.S. coast the violent disturbance, Katia.In the Gulf of Mexico, which supplies a quarter of the production of black gold in the United States, BP, ExxonMobil and Royal Dutch Shell began evacuating their staff from oil platforms. In morning trading, a barrel of "light sweet crude" for delivery in October lost 2 cents to 88.91 dollars per barrel of Brent North Sea crude for October delivery gained 19 cents to 114.48 dollars.

The Paris Bourse expected a slight increase

European stock exchanges succeed they continue their rebound started the day before? Investors should prove once again nervous at the end of a week marked by extreme market volatility, which saw the CAC 40 push the psychological threshold of 3000 points during trading Thursday before returning to the colors.

Friday morning, the Paris index is expected a slight increase of 0.4%. Thursday, ACC closed up 2.59% to 3089.66 points, after falling in mid-session. The day before, the Paris index plunged more than 5%. The same volatility dominates in Frankfurt the Dax closed up 3.28% and in London where the FTSE-100 index gained 3.11%.

Investors were reassured by the announcement of a meeting between Nicolas Sarkozy and German Chancellor Angela Merkel on August 16 to issue joint proposals on the governance of the euro area.In addition, U.S. markets were supported by two good indicators of the jobless and real estate. Wall Street has ended sharply higher: the Dow Jones has gained 4% and the Nasdaq 4.69%.

Another announcement that should bring some calm markets: such as Belgium, Spain and Italy, France announced Thursday the ban on short selling in the securities of eleven banks and insurance companies to counter the extreme volatility of the stock market values. Among the relevant securities, BNP Paribas, which issued a statement Thursday night to reaffirm the strength of its capital, Societe Generale and Credit Agricole online payday loans.

No growth in the second quarter

On the macroeconomic front, INSEE reported this morning from zero growth in the second quarter in France (0.0%), against an increase of 0.9% in the first quarter.Inflation also slowed: the consumer prices fell by 0.4% in July, resulting in an increase of 1.9% over the year (against 2.1% from June 2010 to June 2011 ).

Oil is, meanwhile, resumed its decline in trade in Asia, having recovered Thursday in the United States. In morning trading, a barrel of "light sweet crude" lost 47 cents to 85.25 dollars and that of Brent North Sea fell by 57 cents to 107.45 dollars.

Other values ​​to follow, Europacorp, the production company of Luc Besson, Thursday reaffirmed its goal of a return to balance for the current year, despite a sharp decline in sales the first quarter.

Derichebourg Thursday confirmed its target of improving its annual net income, after recording a sharp increase in sales over the first nine months of the year.

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The CAC 40 expected sharply higher

Relief. Is the word that should prevail today on all global exchanges, after U.S. lawmakers passed this night finally put to agree on raising the debt ceiling. At 8:15, future contracts on the CAC 40 advanced sharply from 1.39% to 3724.50 points.

Last week, the inability of the United States to solve the problem of public finances had weighed on investor sentiment. In Paris the CAC 40 was indeed touched its lowest level in session year (3,630.75 points), while Wall Street finished its worst week in a year, despite the intervention of Obama Friday in an attempt to reassure debt.

After the relief 10 days ago on Greek sovereign debt, the calm would return to the Paris financial center.After weeks of negotiations, elected Democrats and Republicans have indeed finally found common ground on the amount of new ceiling, avoiding the world's largest economy is in default of payment in the coming days. According to preliminary information provided by the White House, the debt ceiling would be raised to 2.1 trillion dollars, which breathe new life in the United States on the forehead of the debt until 2013, after the presidential elections. This agreement in principle will also enable the countries to continue to borrow on the markets beyond the August 2 deadline set by the Treasury.

The reaction of rating agencies expected

On the other hand, no excessive optimism are to be expected in the financial markets today, at least until the U.S. Congress has not ratified the agreement. The first submission is expected to vote that day.Furthermore, few details have yet filtered on measures taken to reduce the deficit in the U.S., which does not exclude the possibility of deterioration in the rating of the sovereign debt of the United States.

For now, the first tranche of spending cuts of $ 1 trillion is expected. Then a bipartisan special committee of Congress will then be responsible for finding the end of November additional expenditure cuts amounting to 1.5 trillion dollars. A total of 2.5 trillion dollars in budget cuts, all over 10 years. From this point of view, the reaction of rating agencies in this agreement called the "medium term" should be widely followed by the markets.

On the currency front, the dollar has benefited only modestly from the announcement of the night, illustrating the temporary nature of such an agreement.Around 6:00, the euro slipped against the dollar at 1.4385 dollars against 1.4395 on Friday, but climbed against the yen at 111.67 yen against 110.41 Friday. For its part, the dollar set off again up significantly against the yen at 77.63 yen after briefly reached 78 yen, 76.73 yen against Friday night.

In terms of oil prices were up Monday morning in electronic trading in Asia, where the market relieved by this agreement in extremis. In morning trading, a barrel of "light sweet crude" for September delivery gained 1.53 dollars to 97.23 dollars. That of Brent North Sea crude for September delivery was appreciating $ 1.25 dollar to 117.99.

Macroeconomic side, investors should look carefully at the unemployment figures for the month of JuneOverseas are also expected to 4:00 p.m. construction spending for the month of June, the ISM manufacturing index for July.

As for values ​​to follow

Last week, the many semi-annual publications were rather disappointing, adding to the nervousness of investors. The pace slows publications this week, though are expected in the next three days the details of the interim bank values ​​(Tuesday BNP Paribas, Societe Generale on Wednesday and Thursday Axa and Natixis).

Eiffage reported a slight slowdown in growth in the second quarter despite a sharp rebound from its construction activities, the division of public works who registered a decrease over the period.

Outremer Telecom.A draft tender offer simplified to the telecom operator was introduced by OMT Invest, a structure controlled by Axa Private Equity, according to a notice to the Financial Markets Authority (AMF) and released Friday.

EDF Energies Nouvelles (EDF ENR) has entered into exclusive negotiations with Capital Perceva to cede control of Supra, the fund feeds the project to file a simplified takeover bid at the end of the process.

General Health issued a sharp drop in operating profit in the first half due to exceptional items, but its revenue rose due to higher acute care stays.

Recylex published Friday sales for the second quarter increased significantly, from 32% to 125.34 million euros, supported by an increase of 48% of its business in recycling lead thanks to rising 16 % of lead prices and increased sales volumes.

Air Liquide. The gas giant reported Monday a 11% increase in net profit in the first half, to 750 million euros.It maintained its forecast a "steady increase" in net profit for the year.

Note that Gameloft will publish its interim results after market close, while Le Noble Age unveil at the same time state sales for the same period. The British bank HSBC, which is listed in Paris, finally published its results for the first six months of the year.

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Wall Street offers a respite

Wall Street fell sharply Wednesday recovering almost its closing levels of the end of June, clings to the balance at the opening on Thursday. The Dow Jones gleans indeed 0.03% to 12,307 points, while the Standard & Poor's 500 and Nasdaq 100 are respectively 0.06% to 1306 points and 2767 points to 0.07%.

The bad news accumulated including the announcement of a slowing U.S. economy by the Fed on Wednesday night. In its Beige Book, the Fed noted that "economic activity continued to grow, but the pace has diminished." The two black dots for the United States continues to use, with "moderate increases in employment" and a labor market "remained calm," and real estate, where "activity remains weak," according Fed.

The weak economic recovery is not the only concern.The other fear comes from the U.S. sovereign debt and the apparent lack of progress in Congress six days before the deadline after which the U.S. may default in payment. The White House has acknowledged Wednesday night thinking about how to run the U.S. federal government if Congress does not get along by 2 August on raising the debt ceiling, exposing the country to default.

The euro against the dollar stable

Macroeconomic side, new jobless claims in the U.S. fell after mid-July to their lowest since early April, according to figures released Thursday by the Labor Department. At 398,000 in seasonally adjusted data for the week of July 17 to 23, the first time in three and a half months that the estimate of unemployment claims dropped below the 400,000 mark.It is still awaiting figures on the promises of sales in the U.S. that will be particularly monitored 16 hours today.

On the foreign exchange market, the euro lost more ground against the dollar. It is trading around 15.30 U.S. $ 1.4265, down 0.72%. Oil prices, they were in small drop at the opening in New York, in a market trying to regain a foothold in the very quagmire of American debt crisis. Around 3:10 p.m., the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 97.00 dollars, down 40 cents from the previous day.

Sprint Nextel fall, Symantec is appreciated

The side of values, Symantec (3.99% to 19.15 dollars) reported for the first quarter of 2011/2012 a profit of $ 172 million, or 22 cents per share. Turnover was up 15% to 1.65% to 1.65 billion.For the current quarter, the company expects a growth in turnover from 12% to 13% minimum to 1 655 to 1 675 billion.

The chemicals group DuPont (1.76% to 53.20 dollars) shows a marked increase. The company announced on Thursday a net income up 5% in the second quarter, better than expected and raised its annual forecast results for 2011. Net income rose to $ 1.21 billion in the second quarter, against 1.15 billion last year, according to a statement from the group. DuPont also raised its annual earnings forecast "because of positive expectations for global growth."

However, Sprint Nextel (-15.70% to 4.35 dollars) falls after posting a quarterly loss Thursday than expected from April to June, the third largest U.S. mobile phone registered with more departures than arrivals of customers.Its loss widened to $ 847 million, 28 cents a share, against 760 million, 25 cents per share, a year earlier.

Exxon (-1.82% to 81.79 dollars). The tanker has reported a quarterly profit below expectations, in the refining business was worse than expected.

Colgate Palmolive (-0.25% to 85.28 dollars) announced quarterly results slightly above analysts' expectations, the good performance of international sales offsetting poor sales performance in North America. The manufacturer of toothpaste and care products posted a profit of $ 622 million over the period, or $ 1.26 per share for a turnover of 4.19 billion. Financial analysts anticipated $ 1.25 per share and 4.18 billion.

Visa (0.66% to 88.33 dollars) reported Wednesday a quarterly profit up 40%, while announcing the establishment of a new tariff structure for American traders. The first global network card payments reported earnings per share, excluding special items, of $ 1.26 while analysts had expected $ 1.23.

The investment fund Blackstone (0.06% to 17.38 dollars) is in talks with the American Medical Informatics Emdeon for a possible bid. The Wall Street Journal, the purchase price could reach $ 3 billion, including debt, if an offer materializes. The company Emdeon, which must publish its results on August 8, specializes in services and financial management software for physician offices.The Nashville company expects a turnover of 1.1 to 1.13 billion in 2011.

The Ford Motor Company (0.81% to 12.47 dollars) on Thursday announced plans to invest one billion dollars in a second plant in India to take advantage of the rapid expansion of the internal market and achieve its growth objectives.

Aflac (5.32% to 46.50 dollars) on Wednesday released after the close of Wall Street, earnings per share in the second quarter from 0.6 dollar against 1.23 dollar last year. The company maintained its forecast of growth of operating profit per share of 8% in 2011 and 2% to 5% in 2012.

Ameriprise Financial (3.78% to 53.52 dollars) announced earnings per share up 22% for the second quarter to $ 1.25.The amount of assets under management rose 17% to $ 670 million.

Cliffs Natural Resources (-4.95% to 88.96 dollars) has issued an earnings per share for the second quarter rose 52% to 2.92 dollars, thanks to acquisitions and higher prices for iron ore .

Murphy Oil (-6.23% to 62.75 dollars) made a profit of 1.6 dollar per share in the second quarter, up 13% thanks to higher crude oil and improved refining margins and retail margins.

Slump on the stock exchanges in Asia

Investors are serious threats to U.S. debt. After Moody's, Standard & Poor's is who placed the AAA rating of U.S. debt on negative watch, a move that paves the way for a potential degradation of this note in three months. The debates in Congress about raising the ceiling of the debt of the United States because struggling to move forward. If an agreement is not reached on this issue, the United States would be in default on 2 August. Treasury Secretary Timothy Geithner and Fed chairman, Ben Bernanke, multiply the exhortations to heed the warning of the rating agencies and to establish "a credible policy of fiscal stabilization and deficit reduction" . U.S. President assured that "the time for decisions has come."Barack Obama held this afternoon a press conference.

These concerns, coupled with the persistent confusion in Europe after the breakdown of the note of the Greek debt, pushing investors to turn to gold. The yellow metal hit a new all-time high last night at 1583 dollars an ounce.

Crude prices evolve without trend: a decline of 0.22% observed on futures contracts for Brent North Sea, but the future of the light sweet crude advance of 0.08%.

The Nikkei keep your head above water

Despite this background of mistrust, the Nikkei in Tokyo managed to stay close to balance just before the closing, (0.03%) to 9939.36 points.

In China, foreign direct investment in the first half display, up 18.4% year on year to 60.89 billion dollars.But the Shanghai Stock Exchange, investors hold above the overall context of market and the strengthening of restrictions on the purchase of apartments in several Chinese cities. Therefore, the CSI gives 0.11% to 3112.44 points.

And Hong Kong, the Hang Seng Index was down 0.26% at 21,883 points, to 7.30.

The Chinese joint venture with Auchan, Art Sun Retail, which raised $ 1.14 billion as part of his introduction to the Hong Kong Stock Exchange, has postponed the start of its listing, expected this Friday, July 27. The postponement is due to an error in the presentation material from the introduction on its earnings per share. New documents will be issued Monday.

In Bombay, the Indian Sensex was down 0.18% to 18,585, 40 points.

The Australian market, unconvinced by the acquisition of BHP Billiton

In Australia, the ASX 200 was down 0.48% to 4469.10 points.The Australian market was led by the announcement of an acquisition by mining giant BHP Billiton. Putting his hand on the American Petrohawk Energy for 12.1 billion dollars (8.6 billion euros), it opens the doors of U.S. shale gas. Following the announcement last night, the action of BHP Billiton has sold 1.7% to the Australian Stock Exchange, to 42.84 Australian dollars (45.83 U.S. dollars) after reaching a low in two weeks early session.

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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.

EDF and Areva on the alert

Less than four months after the catastrophede Fukushima, Germany decided to phase out nuclear power within ten years. A few days ago already, Switzerland announced the non-replacement of its nuclear plants, which meant the arrest of Atomic Energy in 2034. But this Monday is a heavy sounding the end of a business. Of its 17 reactors, eight have been stopped since the nuclear accident in Japan and will not be reactivated, and most will no longer be in service by the end of the year. As for operators of these reactors is anger. German groups RWE, EnBW and E. ON, and the publicly owned Swedish Vattenfall, challenge this decision, particularly because of the continued consideration of a tax on nuclear fuel, while it was intended to remove it.The two main actors, RWE and E. ON – which operated 13 reactors – dropped by 2.07% to 19.60 euros and 40.18 euros at 2.06% shortly after the opening of the Frankfurt Stock Exchange. For Bernhard Jeggle LBBW analyst, their profits will plunge by 6 to 11% per annum for the next few years.

Thus, Germany must find ways to cover 22% of its electricity needs are currently covered by its atomic plants. Already, from Fukushima and stopping, a total of eight power stations, Germany has had to draw electricity from abroad. Thus, since mid-March, electricity imports from France have doubled. In this context, EDF is positioning itself quite well.Certainly, last December, the electrician had to leave Germany by selling its 45% equity stake in EnBW, but at its last meeting, a few days ago, Henri Proglio insite on strategy internationalization of the group, with a significant increase in installed capacity of 200 GW (gigawatts) in 2020 – against 132 GW Gross in 2011.

A decision "purely political"

Except that the French group, which intends to become the first French electric utility in the world by 2020, intend to achieve by building in easy payday loans… nuclear. However, the German decision is a strong message against nuclear energy. And if France does not seem to lead to a shutdown of Atomic Energy – the G8 in Deauville, France has sought to weaken the safety tests in Europe – the pressure on the government could still rise.Echoing the lack of visibility facing the sector, EDF shares were down 0.67% in early trade on the Paris Stock Exchange on Monday morning. At GDF Suez, the title lost 0.49% at 25.30 euros in a market uptick (+0.15%) and displays with EDF, one of the largest decreases the Cac 40.

Finally Areva, the beginning of the session was extremely volatile for the first day of trading in its shares. President Anne Lauvergeon, whose term expires at the end of June and that the issue of succession is not always avoided, says the German decision is "totally political" and did not rule out a reversal of situation by the deadline. Meanwhile, Areva has suspended its quantified for the year 2012, ie a turnover of 12 billion euros and an operating margin in double digits, after the nuclear disaster in Japan.But "the group could benefit from stress testing of units in operation worldwide, investments to improve security that plant operators will be obliged to fund," according to analysts at Natixis, and that new contracts related to the closure of units across the Rhine, or even new orders for third-generation reactors.

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