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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.

The IMF wants to avoid defaults in the U.S.

Avoid default at all costs. It's essentially the message sent Wednesday to the U.S. government by the International Monetary Fund (IMF), while Republicans and Democrats still have not found common ground to allow an increase in the ceiling of the debt of the United States .

Past the deadline of August 2, the Treasury Department, which has already reached the borrowing limit currently set at 14 300 billion, has warned that it would no longer enough to pay the bills of the state and that it would not be able to meet its loan repayments. For the IMF, the worst-case scenario could result in a lowering of the AAA rating of U.S. sovereign debt."The risk of a distant downgrade the United States and a sudden jump in interest rates on the debt of the federal government more generally could cause further turmoil in global financial markets," explains international organization in its annual report on economic conditions in the country.

"These risks may also have important global implications, given the central role of Treasuries (U.S. government bonds, Ed) in global financial markets," said Fund."Of course, the federal debt ceiling should be raised quickly to prevent a severe shock to the economy and global financial markets."

"We will reach an agreement"

Shortly after the publication of this report alarmist, President Barack Obama stepped into the breach: "The Vice President Joe Biden and I will continue negotiations with the leaders of both parties in Congress as long as necessary. We will reach an agreement that will require our government to live within its means, "he promised at a news conference, adding that the consequences of a lack of agreement would be" substantial and unpredictable " . "Nobody wants to compromise the quality of the signing of the United States. Nobody wants to see the United States into default. We must seize this moment and do it quickly, "said Bush low interest rate personal loans.

Back to the wall, the Treasury secretary, Timothy Geithner, has again urged the opposition to vote on the increase. "The U.S. is now forced to borrow about 40 cents for every dollar spent. Your proposal to let the debt cap at this level would require removing about 40% of all payments from the state. Such deep cuts would be felt by every American, and may cause the economy back into recession, "he warned.

The IMF, which is already looking beyond the vote, said that the Administration should seek "a quick consensus on a comprehensive plan for fiscal consolidation in the medium term, based on realistic macroeconomic assumptions.The main challenge for economic policy is to implement a sustainable and significant rebalancing of the budget while ensuring that the recovery remains fragile, remains on track. "

Growth 'modest' perspective

Regarding the pace of recovery in world's largest economy, the IMF has maintained its forecast of growth of 2.5% in 2011, already given June 17 as part of its global forecasts. He was counting on 3% in January and April of 2.8%. "We anticipate that growth will remain relatively small, private demand is not taking up slowly and the support of fiscal policy is removed," wrote economists from the IMF.They see "a slow decline in unemployment," a further debt relief for households "likely to weigh on private consumption in the years to come," an investment that would return "to more normal levels" and exports helped by "the recent depreciation of the dollar. "

The IMF is less optimistic than the U.S. central bank, which is between 2.7% and 2.9% economic growth yoy in the fourth quarter.

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Louis Welsh defends freedom of Air France

"Air France has to make choices according to their needs." This is the answer unequivocally given by the president of EADS hundred members who pushed Air France, earlier this month, Airbus to prefer its U.S. rival Boeing. June 12, a petition launched by the UMP Bernard Carayon called the French airline (15.7% owned by the French government) to show European patriotism, when placing the next order giant had long haul. Expected this summer, the contract of tens of billions of dollars would move more towards a hundred Boeing 787 "Dreamliner."

For Louis Welsh MPs that pressure is unnecessary. "I remind you that 95% of aircraft we are producing for export," says the director in an interview with the Journal du Dimanche.From the first days of the Paris Air Show, which closes its doors Sunday night, the European aircraft manufacturer has announced an almost unexpected rain control, supported by contracts negotiated with the giant companies in emerging countries. Wednesday and Thursday, the group recorded two commands including records, first with the Indian carrier IndiGo, on 180A350, 150 Neo, then with Air Asia, with 200 A320 Neo, is the largest order in the history of civil aviation. "These emerging markets provide the" A "and represent over two-thirds of the global market. Our 730 orders and commitments demonstrate that our products meet the expectations of these new customers, "supports Louis Welsh, referring to the plebiscite met by Neo A320 aircraft during the rally.

Hunt on the lands of Boeing

Overall, therefore, the European group put on emerging countries to take advantage of an aerospace market returned to a "dynamic," says Louis Welsh. If political disagreements today Stems certain contracts, the group can always rely on its broad technological superiority to convince companies of those countries developing their flights to Europe and the United States. And ambitions of the European aircraft manufacturer does not stop there, the group wishes to continue to hunt on the lands of his rival always, Boeing.Referring to the age or obsolescence, of much of the fleet of U.S. airlines, the leader discount surf the success garnered at Le Bourget and "large needs to renew its fleet" (U.S. companies ) to increase its influence across the Atlantic.

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The Paris Bourse remains in positive territory

Follow the mixed trend on Wall Street and Asian markets optimism? The Paris Bourse has made his choice on Tuesday. The CAC 40 begins trade up 0.63% to 3830.79 points. Same atmosphere elsewhere: the DAX index of the Frankfurt Stock Exchange opened up 1.13% at 7165.14 points while the FTSE-100 index of London Stock Exchange gained 0.55% to 5805.08 points .

Yesterday, U.S. markets, which started in the green, finally ended on a stable tone, troubled by a further deterioration of three notches of the rating agency in Greece by S & P. Conversely, the Asian stock rose in unison this morning, buoyed by the announcement of the Bank of Japan maintained its key interest rate near zero to support the growth of the archipelago.

Markets, however note the acceleration of inflation in China to 5.5% yoy in May, more than expected by analysts.This rate, the highest in almost three years, should still push the country's authorities to tighten the monetary and thus assist in the deceleration of economic activity in China. The monetary tightening measures taken by Beijing to curb inflation have led to a decline in new lending by Chinese banks in May and a monetary growth slowed to a low of 30 months.

Still on macroeconomic, the current account deficit in France widened somewhat in April, to 4.8 billion euros, against 4.1 in March, due to the increase in the balance of trade in goods, according to figures released Tuesday by the Banque de France (BDF). The day promises to be as charged across the Atlantic. Program: sales details, the price index for production and business inventories.

As for currencies, the euro continues to rise against the greenback at 1.4437 dollar.For its part, oil declines, affected by the downgrade of the long-term debt of Greece and the publication of inflation figures in China. In morning trading, a barrel of light sweet crude for July delivery lost 24 cents 97.06 dollars while that of Brent North Sea crude for delivery same retreated 17 cents to 118.93 dollars.

Values ​​to follow

The banking sector

Banks are sensitive to the Greek news, do not react negatively to the further deterioration of the country's debt that one step closer to the fault. BNP Paribas (1.75% to 52.31 euros), Societe Generale (+1.65% at 39.65 euros), Natixis (+1.64% to 3.52 euros), Axa (1.46 % to 14.95 euros) and Credit Agricole (1.25% to 10.13 euros) rise.

Axway Software: 26.28% to 23.50 euros Sopra: -2.88% to EUR 63

This Tuesday will be the first day of trading of the company, the shareholders of Sopra has given the green light last Wednesday to the proposed demerger and listing of the software division of group counseling and services.

Capgemini: 2.27% to 38.27 euros (largest increase in the ACC)

The group announced on Tuesday that in "exclusive negotiations" to acquire the operator Prosody.

Neopost: 1.37% to 59.05 euros

The group said growth in its expected sales of between 3 and 5% excluding currency effects in 2011, instead of the range of 2 to 4% previously expected. The manufacturer of franking machines for mail said it has completed the acquisition of GBC-Fordigraph.

Suez Environment: -0.53% to 14.02 euros (largest decline of ACC)

The group, through its subsidiary Degremont, has won a contract for the extension of the treatment plant and wastewater recycling in Qatar Doha West, for a total of 35 million euros, "he said Tuesday in a statement.

L'Oreal: 1.16% to 85.45 euros

Liliane Bettencourt should be placed under curatorship enhanced seen his health, according to doctors appointed by a judge of guardianships that have not examined directly, however, announced Tuesday a source familiar with the matter, confirming information site lemonde.fr .

The chances of Christine Lagarde at the IMF confirms

Christine Lagarde is likely to succeed Dominique Strauss-Kahn to head the International Monetary Fund (IMF). In any case, the scenario that emerges, as the Japanese business daily Nikkei, citing sources close to the international finance on Wall Street. The newspaper said the French Minister of Economy, the only officially declared candidate with the Mexican Agustin Carstens, get the support of the United States and Japan, the first two countries of the organization by number of votes. Also according to the Japanese daily, this support would be provided by Washington and Tokyo from June 10, the official date of filing of nominations.

No reaction from Tokyo at the moment on these assumptions, the finance minister Noda Yoshikiko having limited to clarify that the new IMF chief should be chosen through an open, transparent and based on merit.

Priority to emerging

These signals confirm a nomination well under way for Christine Lagarde. But out of interest, no premature triumphalism. The French minister continues his world tour to defend his candidacy and try to answer the demands of emerging countries in search of better representation.

These are also priority figure in his travels. After being in Brazil May 30, she will visit India on Tuesday, then in China. In total, four or five days of campaigning in Asia "" listen to the voice of these countries on the IMF and possibly take into account their recommendations into its program, "according to his entourage. Finally on June 10, the Minister will travel to Lisbon to meet his African counterparts.

In its international campaign, Christine Lagarde also can probably count on strong support from Germany.Monday's visit of Angela Merkel in Washington to discuss with Barack Obama instead of the IMF is emerging from this point of view of good omen. It could allow the German chancellor to convince Washington, if not already done so, whether to support the European candidate.

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Debt: the bad blood between Obama and Congress

Since mid-May, the United States exploded the ceiling set by Congress of American debt, around 15,000 billion dollars currently. This ceiling has been found in January. It would suffice to go back again to exit the United States from embarrassment: the country can theoretically borrow on the markets when the threshold is exceeded. Which is to say that the U.S. is in a situation of default.

But the maneuvers have pushed until August 2, the bankruptcy of the federal state. The White House and Congress have so until that date to agree. The first press the other to raise the ceiling, but he refuses to press the button until the government has not detailed a program foresaw and specific reductions in public spending. The United States shackle in effect three years of deficit exceeding 10%.It should reach around 1.6 trillion dollars this year.

If the financial world does not doubt the ability of great leaders of the first world power to agree, for the good of the global economy, the timetable is narrowing. And rating agencies do not fail to recall. Thus, after Standard & Poor's in April, Moody's puts a sudden extra pressure on Thursday by threatening to put the debt rating of long-term United States, currently at AAA, on negative watch, implying an actual deterioration in the coming months.

No to raising the ceiling

Yesterday, Wednesday, Barack Obama received dozens of Republican representatives in the White House. These, a majority in their meeting, refused to give the green light to an increase in the federal debt ceiling because of cuts in spending."We need to tackle this debt," said out of the meeting the head of the budget committee in the House, Paul Ryan, author of a draft budget with drastic cuts in funding for the welfare state and criticized by Democratic allies of Barack Obama.

Tuesday night, the House rejected by 318 votes against 97 an increase of 2,400 billion of debt ceiling, a move described as "irresponsible" Democratic side.

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Wall Street disappointed by two indicators

U.S. stock markets are changing very slightly lower on Thursday. The Dow Jones lost 0.23% to 12,365.67 points, the S & P 500 was down 0.07% to 1319.57 points and the Nasdaq was unchanged at 2760.97 points.

The New York Stock Exchange finished up Wednesday, rebounding from a series of three consecutive declines.

On the foreign exchange market, the euro rebounded against the dollar on Thursday, helped by speculation about a coming increase in Chinese investment in the European sovereign debt.In early afternoon in Paris, the European single currency was worth 1.4196 dollars against 1.4083 dollars late Wednesday.

On the macroeconomic front, the U.S. GDP grew 1.8% in the first quarter, according to the second official estimate of the growth of winter, which confirms the original figure while analysts thought it would be revised upwards (consensus expected 2% growth).

New jobless claims in the United States are divided on the rise during the third week of May, 424,000 according to figures released Thursday by the Department of Labor (cons 414,000 the previous week), while analysts expected a decline, to 400,000.

Freescale Semiconductor revises downward its ambitions

The side of values, the scoring title Freescale Semiconductor will begin Thursday.The group says it still hopes to sell 6.5 million additional shares by June 1, in addition to the 43.5 million already invested. Freescale has set a price of $ 18 per share when it had advanced a range from 22 to 24 dollars in early May.

Microsoft: 1.49% to 24.55 dollars

The investment fund Greenlight Capital, a shareholder of Microsoft, wants to remove the CEO of computer giant, saying that Steve Ballmer is a man of the past.

Computer Science: -10.50% to 39.46 dollars

For his part Computer Sciences announced yesterday evening after the close of Wall Street have registered for the fourth quarter of fiscal year 2010/2011 earnings per share of $ 1.09 against $ 1.16 and $ 1.66 expected year past. Turnover was 4.2 billion, stable over one year.Over the full year, EPS fell 10.4% while turnover remained stable at 16 billion dollars.

Liberty Global: 0.77% to 44.59 dollars

Also after the close of U.S. markets, Liberty Global has received an indicative offer from Foxtel to buy back its subsidiary Austar United Communications owned 54.2% at a price of 1.52 Australian dollars per share, valuing the share of Liberty Global to nearly one billion Australian dollars.

NetApp: 4.81% to 54.22 dollars

NetApp reported for the fourth quarter earnings per share of $ 0.59 against $ 0.53 expected and $ 0.5 last year, while turnover reached 1.4 billion dollars against 1.2 billion last year.For the quarter, NetApp expects earnings per share of 0.52 to $ 0.57 and revenues of about $ 1.5 billion.

Google: -0.68% to 516.13 dollars

Also of note, Google is expected to unveil today a contactless payment solution developed by MasterCard and Citigroup. The owners of Android phones will eventually make their phones instead of their credit card at the checkout.

When the funds will slow growth

The Figaro.fr – Can there be too many funds in the economy?

Jean-Louis Arcand – According to our work, there is a turning point from which the size of the financial sector is beginning to have a negative effect on the economy. More precisely, when the total amount of loans granted by banks to their clients, individuals like firms, exceeds 110% of gross domestic product (GDP, that is to say, the wealth produced by a country). We observed that states with the most prominent financial sectors have suffered more than others during the last crisis.

Why finance has grown as she?

During the past three decades, the U.S. financial sector has grown six times faster than the economy.If banks have grown so much is because they knew, taking risks to maximize their profits, in case of generalized bankruptcy they would be saved. Clearly, they have tended to over-lend to their clients because they underestimated the cost of a possible bankruptcy.

Should we establish by law an unsurpassable level of 110% finance?

It is useless to determine a bar impassable. This does not work, as evidenced by the European rule of a maximum debt equivalent to 60% of GDP make quick cash. It was enough that the powerful countries, France and Germany are close to this threshold so that they overcome them in the mid 2000s. Oting the same time any credibility to this political rule.

How then to control the growth of the financial sector?

Some argue that we must rein in salaries to encourage bankers to take fewer risks.This solution would not change populist: firms always find a way to reward talent. We believe it would be better that the regulator forces banks to keep their coffers sufficient financial reserves to cope with a situation of widespread bankruptcy. By increasing the so-called capital adequacy of institutions, they are forced at the same time to take fewer risks.

The current reform of the banking system, known as Basel III is along these lines …

The proposed controllers do not go far enough. The ratio of equity currently under discussion is 7%. In our view, reserves should be higher by several points to this goal. But the banks already reluctant to adopt this new threshold, saying it will reduce their profitability. This argument is not proven.

Wall Street moves slowly

U.S. stock markets opened very slightly up on Tuesday. The Dow Jones gained 0.22% to 12,507.01 points, the S & P 500 is 0.40% to 1340.65 points and the Nasdaq rose 0.34% to 2835.44 points. On Monday, the NYSE has done in a piecemeal, beginning with one week ahead caution particularly busy, with many corporate earnings and a crucial meeting of the American central bank (Fed).

Investors should still be cautious on Tuesday. The week promises to be loaded into effect as macroeconomic and microeconomic levels.United States, some 180 companies in the Standard & Poor's 500 and eight of the Dow Jones must publish their first quarter results, including those from Amazon today, Coca-Cola and Office Depot.

Beginning of the Fed meeting tonight

The U.S. central bank meets from this afternoon and on this occasion could provide guidance on its strategy for ending the crisis so that its measures to support the economy come to an end late June. The U.S. central bank should maintain its interest rates between 0% and 0.25%, a threshold at which they have been held since December 2008 to reinvigorate the economy. On the other hand, the buyback program to $ 600 billion of debt the Treasury launched in November would go to its closure in June, in accordance with the wishes of the majority within the Fed.Markets also expect to see for the first time in the history of this institution almost centenary, the Fed chairman to answer questions from reporters after a meeting of the Monetary Policy Committee.

Housing prices in the United States continued to decline for the eighth consecutive month in February, 0.2% from January, according to the monthly Standard and Poor's / Case-Shiller index released Tuesday.

On the foreign exchange market, the euro rose slightly from 0.21% to 1.4610 dollar.

Oil prices were little higher on Tuesday at the market opening in New York, a barrel of benchmark winning 7 cents to 112.35 dollars, still supported by a weak dollar and tensions in the Middle East and North Africa .

Boeing: 0.21% to 75.06 dollars

The side of values, the investigators of the National Transportation Safety Board (NTSB) said in a statement it had found cracks in the fuselage of the Boeing 737-300 Southwest Airlines involved in an incident in early April, and problems on the rivets .

Oracle: -0.12% to 34.79 dollars

The IT group and Oracle software has announced the departure of its CFO Jeff Epstein, whose duties will be assumed by its co-president Safra Catz, who was both his direct supervisor and his predecessor.

Yahoo!: -0.23% to 17.07 dollars

Yahoo! announced Monday the acquisition of very young IntoNow company, which launched on January 31 an application for iPhone to connect to family television programs we are watching.Financial terms of the transaction were not disclosed, but the news website TechCrunch specialized evaluation between 20 and 30 million dollars.

General Electric: 1.07% to 20.10 dollars

The U.S. Department of Defense has terminated a contract from General Electric and Rolls-Royce for a replacement engine for fighter jets F-35.

Also note, the White House lashed out Monday night that U.S. oil companies will announce this week their profits when gasoline at the pump is at its highest in three years.Exxon Mobil advance of 0.19% to 86.38 dollars, Chevron gained 0.13% to 107.56 dollars and ConocoPhillips takes 0.17% to 80.62 dollars.

Goldman Sachs 0.21% to 152.52 dollars, Morgan Stanley: 0.47% to 25.90 dollars

A group of creditors of Lehman Brothers Holdings, led by Goldman Sachs and Morgan Stanley, introduced in turn before the bankruptcy court in Manhattan plan to restructure the bank, the third since the collapse of the facility in September 2008. It provides a recovery rate of over 40% for the creditors of the derivatives business at Lehman, which include the designers of this new plan, and a rate of only 16% for bondholders. The plan is very different from that filed in December by a group of bondholders, led by Paulson & Co. under which creditors would recover only derivatives that 25.7% and 24.5% of bondholders.Lehman has also filed its own restructuring plan, presented as a compromise. It provides a recovery rate of 34% for the creditors of derivatives and 21.4% for bondholders.

Bullish trading day in Asia

The Tokyo Stock Exchange is moving towards a fence on the rise this Wednesday, as U.S. markets the day before around 6:45 am, the Nikkei 225 index 1.89% to 9619.52 wins points in the wake of a session of heavy decline due to the threat of S & P on U.S. debt. However, a macroeconomic perspective, the news is grim: Japan's trade surplus plunged 78.9% in March over one year to 196.5 billion yen (1.7 billion euros ), weighed by the consequences of the earthquake and tsunami of 11 March.

In March, exports fell by 2.2% over the same month last year, their first decline in 16 months, to 5.866 trillion yen (51 billion euros). Car sales abroad dropped by more than a quarter of a year to the next.Video recorders, which also suffer from a lack of supply from suppliers who have suffered damage in the north-east, were also significantly less passed (almost a quarter less), while such as audio electronics (-31%).

Imports have increased their share from 11.9% to 5.6695 trillion yen (49.3 billion), continuing to be driven by rising oil prices in connection with the events in Africa Africa and the Middle East.

Elsewhere in Asia, the trend is green: the Stock Exchange of Hong Kong was up 0.92% Wednesday mid-session, the benchmark Hang Seng 216.35 points to 23,736.97 taking points at the break. The CSI index of Shanghai, he, more timidly advance of 0.13% to 3299.97 points, led by coal mining companies and steelmakers, dealers said.In India, the BSE Sensex is at 19,266.97 points 0.76% while in Singapore the Straits Times rises from 0.46% to 3139.67 points. Pacific side, the S & P / ASX Sydney allows itself 1.08% to 4845 points.

Fixed oil

Oil prices were mixed Wednesday in electronic trading in Asia, the market concerned about high prices could weigh on demand, and tensions in the Arab world. In morning trading, a barrel of light sweet crude for June delivery took 13 cents to 108.41 dollars. That of Brent North Sea crude for June delivery fell 13 cents to 121.20 dollars.

On Tuesday, oil prices rebounded in New York after their heavy losses the previous day, supported by a sharp weakening of the dollar, making commodities more attractive.