All World

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.

Markets relapse, the CAC 40 lost 3% to 2940 points

The Greek crisis can not stop producing its adverse effects on the markets. Monday, the Paris Bourse had another session black. The CAC 40 has raised the red flag at the opening. He then widened its losses for most of the session. At the finish, he loses 3% to 2940 points.

Even gloomy atmosphere on other European financial centers. In Frankfurt, the Dax lost 2.83% and the FTSE in London has sold 2.03%. The ill wind has also blown on Wall Street. Sitting in the Dow Jones fell by 1.93% and the Nasdaq 2.06%.

Last week, European markets had experienced a brief respite, hoping significant progress on the issue of Greek debt. But the meeting of European finance ministers on Friday and Saturday in Poland ended in failure.They have postponed any decision on the October installment of a new tranche of 8 billion euros to Greece, which desperately needs the money.

Banks on the front line

The markets welcomed the news calmly. "Despite the need for action, European leaders continue to show slow and have not yet ratified the measures promised July 21," observe the experts Saxo Bank guaranteed high risk personal loans. But for the strategists of Aurel BGC, the markets will continue to brood, "as investors will not feel that a lasting solution was found for Greece."

Trying once again to reassure the French Minister of Economy Baroin said that the issue of a default of Greece, feared by some observers was "not a working hypothesis" in the zone euro.Investor caution was also reinforced by the expectation of two important deadlines in the afternoon. A teleconference between the Greek Finance Minister Evangelos Venizelos and the Troika, "between the European Commission, the ECB and the IMF. In the U.S., investors sifting through the intervention of President Barack Obama, who introduced new measures to reduce the deficit amounting to 3 trillion dollars. Bank stocks were again at the forefront. BNP Paribas lost 5.48% and 6.70% Societe Generale.

Hesitant, Wall Street closed on a small rise

The U.S. stock markets in the green close an arduous one session on Tuesday. After starting down, the Dow ended with a gain of 0.40% to 11,105.85 points while the Nasdaq climbed 1.49% to 2532.15 points and the S & P 500 by 0.91% in 1172 , 87 points.

Investors had eyes turned to Europe, where each new about the problems of sovereign debt is analyzed carefully. Like yesterday, the news that Rome had asked Beijing to make significant repurchases of its sovereign debt, has indeed done so. While Italy has been completely denied the reports, the fact that China could get involved gives some confidence to operators.

Similarly, another new fueling hope the five emerging BRIC (Brazil, Russia, India, China, South Africa) should discuss next week the opportunity to assist the EU in turmoil the debt crisis. They could increase their holdings of bonds denominated in euros.

Finally, the announcement of a conference call Wednesday between Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor feeds market recovery. Some investors have been dreaming of sensational announcements.

The United States involved

U.S. operators, such as Europe and Asia, remain very concerned about Greece. They fear it will not be able to meet these budget commitments, which threaten to bankrupt the country and aggravate the crisis in Europe.An output of the euro in Greece is also now considered by many economists.

This morning Jean-Pierre Jouyet, chairman of the Financial Markets Authority (AMF), said on iTV that Greece may have to undergo further restructuring of its debt than expected. German side, Angela Merkel is trying to catch up about his Economy Minister Philipp Rösler, who spoke Monday the event of a default of Athens.In a radio interview BBB, the Chancellor found it necessary to "avoid any uncontrolled process in the euro area."

The United States also stressed that they became involved in resolving the crisis in the eurozone, as the Treasury secretary, Timothy Geithner will participate Friday in the meeting of Ministers of Economy and Finance Union European Poland.

The U.S. deficit rises again

On the foreign exchange market, the euro was down slightly Tuesday against the dollar and the yen on Monday after falling $ 1.35 for the first time since February and the lowest for 10 years against the yen, and the voltage was strong, the markets fear more a possible failure of Greece.At the opening in New York, the European currency was worth 1.3673 dollars against 1.3624 dollars.

As for oil prices, they ended up sharply Tuesday, the market betting on a sharp drop in crude inventories in the United States, despite pessimistic forecasts of consumption of the International Atomic Energy Agency (IEA). On the New York Mercantile Exchange, a barrel of "light sweet crude" for October delivery ended at 90.21 dollars, up 2.02 dollars compared to the previous day.

On the macroeconomic front, the prices of imported products in the United States had started to decline in August, according to figures released by the Washington Department of Labor. The price index for the ministry declined 0.4% from the previous month, after rising 0.3% in July. This is its second decline in three months.It is lower than in June, where import prices have declined for the first time in a year (0.7%).

The fiscal deficit of the United States it is increased again in August after four consecutive months of decline, according to figures released Tuesday in Washington by the Treasury Department. The negative balance of public finances of the federal state stood at 134.152 billion dollars for the eleventh month of the fiscal year 2010-2011, 48% more than in August 2010, the ministry said.

Samsung attack Apple

The side of values, Hewlett-Packard (0.53% to 22.70 dollars) announced on Tuesday that 41.62% of the shareholders of Autonomy UK (1.63% to 39.85 dollars) had supported its bid.The U.S. group also announced it was extending its offer until Oct. 3.

The giant South Korean Samsung Electronics Electronicsa complaint in France against its U.S. rival Apple (1.23% to 384.62 dollars) for a litigation involving three patents relating to UMTS technology. "The complaint focuses on three technology patents, and not the design of the shelves," as was the case during a recent trial in Germany, said a spokesman for Samsung.

Rating agencies could worsen them. Moody's (3.29% to 30.46 dollars) has indeed said yesterday that it planned to degrade the note by the McGraw-Hill (3.01% to 41.471 dollars) has announced its intention to focus on rival rating agency Standard and Poor's division after educational activities.Fitch has already passed the act.

For his part Nordson Corp. (5.39% to 42.59 dollars) yesterday announced after the close had authorized a share repurchase program of $ 100 million.

Note also the U.S. internet group AOL (-2.47% to 14.39 dollars) has appointed a new editor for TechCrunch, the site of information on technologies he had bought in September 2010, after 10 days controversy over the fate of the former owner, Michael Arrington. The new editor is Erick Schonfeld, Associate Editor edited by Michael Arrington. AOL announced that Michael Arrington, founder of the site, decided to leave TechCrunch and AOL to devote to investment funds that it recently launched.

Moody's ready to break down the French banks

Three months after threatening to degrade the notes of BNP Paribas, Societe Generale and Credit Agricole, put under surveillance, the U.S. rating agency Moody's could increase to act shortly shortly. According to sources familiar with the matter, the decision was "imminent." "It comes at the end of three months to impose surveillance," says a source. The rating agency that had accompanied its implementation in June under the supervision of a negative outlook was indeed clear the way for a deterioration in credit ratings. One step for BNP Paribas and Credit Agricole and Societe Generale for two.And because of their exposure to Greece amounted to 4 billion euros to BNP Paribas, Société Générale 1.6 billion and 320 million to Crédit Agricole (June 2011 figures).

With the crisis of government debt in the euro area, to which Europeans are struggling to meet, investors are increasingly worried about the strength of the European banking system. The situation has become such an outflow of Greece in the euro area is openly discussed by senior politicians in Germany and the Netherlands. In exchange, banking stocks suffered a pounding in order. Since the beginning of the year, BNP Paribas, Credit Agricole and Societe Generale have lost between a "large" third and 60% of their value.On the first day of September, the losses of the three titles are respectively 17.45%, 22.33% and 27.69%.

Analysts relativize

Especially, a controversy arose in late August on the valuation of debt securities by certain Greek French banks. The IASB, the body responsible for setting international accounting standards, criticized some financial institutions are not named, have valued their claims on the Greek state in ways internal development rather than by using market prices. Which would have allowed banks to spend less severe impairment in their accounts. Even if they have applied a discount of 21% on government debt they have in their accounts, the three banks still have about six billion euros of Greek sovereign debt.

Some analysts relativize however, the scope of the surveillance on June 15 the three French banks by Moody's by saying that the other two rating agencies, Standard & Poor's (S & P) and Fitch attributed to them have lower grades. Crédit Agricole SA is now rated "Aa1" by Moody's, and BNP Paribas and Societe Generale are rated "Aa2". S & P assigned the notes 'AA' with a negative outlook to BNP and "A +" with stable outlook to Crédit Agricole and Societe Generale. Fitch is on his side to "AA-" with stable outlook to BNP Paribas and Credit Agricole, and "A +" with stable outlook for Societe Generale.

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.

Redemption of Infront, Number 2 worldwide sports rights

The maneuvers began in the closed world of corporate marketing of sports rights. The European investment fund Bridgepoint acquired Infront, the world number two industry for about 600 million euros. Infront company formed ten years ago by Robert Louis-Dreyfus and Klaus Jacobs on the ruins of the Kirch empire, was put on sale by the heirs of the two captains of industry.

The market for sports rights is held by three giants. IMG, the world, which weighs about 1.5 billion euros of turnover, is owned by Forstmann Little and the fund would be about to be sold. The world number two with Infront is 600 million euros in turnover with, the key, an estimated gross operating margin from 10% to 15%. It beats out number three, Sportfive, bought in 2006 by the Lagardère Group for 865 million euros.Sportfive is clearly slowing, and in 2010, its activity dropped by 23% to 396 million euros.

"Infront's activity is divided into four more or less equivalent. Football with the rights of the German, Italian League (Lega Calcio) and the rights of big clubs like AC Milan, Schalke 04 and Werder Bremen. Then there are winter sports, such as [events of] the International Ski Federation, or [of] the International Federation of ice hockey. And summer sports such as volleyball, handball and basketball in China. Finally, Infront carries the audiovisual production of major events in human as well as World Cup football and the championship of France Ligue 1, "said Robert Xavier, a partner at Bridgepoint in Paris no checking account payday advance.

For an investment fund, Infront has some nice features.About 80% of its turnover is earned from January 1 and the rate of renewal of contracts with rights holders to 90%. In addition, the fund has this job because it has the past five years the Spanish company Dorna, which manages the Grand Prix motorcycle.

Disintermediation

The global market for sports rights is estimated at $ 121 billion in 2011 and that of media rights and sponsorship is $ 56 billion. If the market is still growing at a rate of 4 to 5% a year, it faces a disintermediation. "The leading licensors such as UEFA, FIFA, the International Olympic Committee have the means to directly sell their rights," says Robert Xavier.

However, Bridgepoint estimates that there are significant growth drivers for Infront. Geographically first.Very presence in Europe and Asia, Infront has yet to conquer Great Britain and South America, a continent with very dynamic football World Cup 2014 and Olympics 2016 in Brazil.

The progressive development of human-related internet sports is another area of ​​growth. Finally, Bridgepoint does not hide that he may run when the throw-in sports rights held by Sportfive far as the African Cup of Nations.

Xavier Bertrand: "There is no question of fatalism"

LE FIGARO – The decline in unemployment in the early years seems to have forgotten. Are you discouraged by the new bad number?

Xavier Bertrand – Unfortunately, it is in the same line as the previous two months. Not surprisingly, with growth at 0%, not to mention that July is traditionally bad (9 increases in the last 11 years). But this does not detract from my belief that unemployment will go back down. Social plans are declining. Redundancies do not go back. The acting, which is always a precursor, is good. Job creation is strong even though they are largely absorbed by the increase in the labor force. And new measures we have taken in recent months, including learning, will begin to bear fruit. Nadine Morano, we hope to be many more such apprentices in September.There is no question of fatalism.

Where are we on assisted contracts?

On assisted contracts, CAE 222 435 (non-profit sector) were signed in late July, there are still 200,000 to be filled by the end of the year next CIE (businesses) there are still 34,000 of the 62,000 expected this year. Many assisted contracts co-funded by the departments will also be released in the second half. I also expect a significant commitment of councils and they play the game totally! Gard, where I was Friday, has proposed assisted contracts to 2.1% of recipients of RSA, it increased to 10%, which is our national goal, it would make 1500 people out of unemployment! Or it would cost the department 411 euros per month, against 467 for the current RSA.

Employment center director must change and adopt a more decentralized operation no later than the end of the year.Should speed things up?

We can not wait until the end of the year. Each agency will have a "drawing rights" on training, will be delegated more funding, allowing it to be much more responsive. The administrative part will be lighter with fewer indicators to inform. I remember the beginning of September the social partners and all those involved for me they confirm their agreement for the implementation of this new roadmap.

You loaded earlier in the year the sub-prefects to ensure the "connection" between job seekers and business leaders who, in the same area, have difficulty recruiting. This gives does it work?

Where there is a total momentum, the results are undeniable, even if it is too early to give figures.This coordination also involves the activation of the "local public service employment" in a pool which includes employment center, local missions, houses of employment, communities, business leaders … It's not necessarily spectacular, but it's effective. I meet again all the sub-prefects of France in September to set up action plans in each employment area, and next week I will hold a video conference with regional directors of employment center and the regional prefects quick cash.

A new device, providing better compensation and enhanced monitoring to retrenched, will be in effect on September 1. But it is the purpose of fixed term and temporary employment that increase.Is it necessary to invent devices for these cases?

We will be attentive to the suggestions of the social partners, the Prime Minister receives these days.

The budget for the job will he planed, given the savings measures announced Wednesday by François Fillon?

Tradeoffs are made by the president and the prime minister: he will be fully preserved in 2011 as in 2012.

Is it time to reduce the Employer contribution rebates on overtime, which amounts to increasing labor costs?

For the employer, the trigger, it is not the exemptions is the fact of having more work. And I remember that employee side, the logic of buying power is fully preserved, the changes will not remove one euro cent for employees in overtime.

The tax on very high incomes will be 3%, from 500,000 euros. The government will leave there to tighten the criteria, as part of the majority want?

Parliament will have to discuss, this is normal. Simply ask the question shows that the principle of this tax, which I defended from the beginning, is now widely accepted. The demand for justice is understood by all. For the same reason, I support the approximation of taxes on labor and heritage announcements Wednesday also go in this direction.

The complementary health are likely to raise their rates after being taxed more than one billion additional …

Nothing have to. A number of them are private companies that show significant benefits and therefore have room to maneuver.It is indeed a tax on insurance contracts, not the insured, in contrast to an increase in user fees such that we did not want.

The anti-deficit plan provides ten times the revenue increases that additional savings. Can we make more efforts in that direction?

We remove the tax loopholes. There is no general increase in taxes, as advocated by the Socialists and the way they do it is a real brand in the local communities they lead. This would be a policy that would break the prospects for growth. But it's true, France is a country with a high level of public spending and taxes. Pension reform, the non-replacement of an official two … reduce public spending.I am confident it will go much further in the coming years, do not hesitate to come back some expenses by asking systematically question: what people really value for money? The efficacy and justice must be the two criteria of the expense.

Box: Internet may not be unlimited

Surf the Internet at home while monitoring its consumption. The 64% of French people connected to broadband Internet via a box, are not used. Yet they should consider this option. According to an information site Owni, operators in considering the effect of limiting access to the fixed Internet to deal with a network saturation.

The thinking has already begun by the operators, with the French telecoms and consumer groups. The idea of ​​a limitation of the offers is suggested in a paper dated July 21, which summarizes the ways to implement for better consumer information. Attached to this document is an example of a table summarizing the supposed best offers.It shows, by type of household equipment ADLS (zone bundled, unbundled or very high speed), the boxes in which the operator must notify the "IP flow up to the offer," "the ceiling of consumption" and the consequences of exceeding the ceiling and a limit of downloads per session.

As the mobile

Operators could then be applied to the fixed Internet connection limits already in force on smartphones, which also apply to the sector to be regularly singled out by consumer associations. On equipped mobile Internet, the connection itself is seen as limitless is slowed or blocked depending on the offers, beyond 500 megabytes (MB) or 2 gigabytes (GB).The operator then offers to large consumers to buy a new block of bytes.

The reason given for the application of these methods is also fixes the same as for mobile phones: network saturation. In the July 21 document, a paragraph that mentions the need to ensure "continuity of service for all users, not financially penalize heavy users" alludes.

French operators and want to learn from the Internet Service Providers UK and U.S. have already implemented this system. United States, Time Warner, Comcast, Verizon and AT & T offer a connection often capped at 250 GB per month, customers finding themselves obliged to monitor their connection counter to avoid unpleasant surprises.

"Unacceptable"

If operators say consumer groups adhere to their thinking, the most virulent of these, UFC Que Choisir, insane. Edouard Barreiro, in charge of digital within the association, cited by Owni said already that "this decision is unacceptable." According to him, "limit on the fixed Internet has no economic justification, he says. Fixed costs do not vary with consumption of users, or very little. Operators are seeking to extort money from both sides: first, content providers like Google and consumers. Traders feel all powerful. " Arcep, the telecoms regulator, was also described this change as "bizarre".

In turn, a spokesman for Orange, Jean-Marie Culpin, stick to his guns. "There are some packages on which we could put the thresholds," says he Owni.But he admits that this strategy is for "people who download movies all day" but is instead "an unacceptable impact if more customers." Proof is that reflection is not yet stopped.

ALSO READ:

"Free plays the card of" low cost "in Alice ADSL

"Unsubscribe ADSL and mobile: not so simple

Gold flies to 1900 dollars per ounce

As a new wave of panic in the markets, gold continues its flight. The precious metal reached Friday morning a new record in Asia, to 1,837.50 dollars per ounce. Yesterday, it reached 1826.10 dollars in session after crossing the threshold to higher novelty of 1815 dollars.

Investors, who had turned away the metal shelter last week, returned to him massively in favor of strengthening fears of a slowdown in the global economy. The markets, already worried by the growth in the euro area in the second trilmestre were put ashore by a round of disappointing economic indicators published in the U.S. yesterday.The jobless claims rose last week, inflation accelerated, home resales have relapsed in July, the index measuring manufacturing activity in the Philadelphia area for the month of August was collapsed.

Analysts at Morgan Stanley have heightened these concerns by scaling back its global growth forecast for 2011 and considering that the United States and the euro area "were dangerously close to recession."

This context reinforces the gold safe haven par excellence.In its wake, the yen and Swiss franc, other safe havens, also climbed while U.S. bond yields fell to 10 years to their lowest level ever, acclaimed by investors panicked.

"Gold has not finished with its strong ascent"

"There is a market perception that the economic environment becomes dangerous, and a growing sense that politicians fail to meet the challenges of the crisis, the United States and Europe," observed Ross Norman, analyst at broker specializing Sharps Pixley."Gold is not only a safe haven asset in crisis but is also a clear barometer of market confidence, and leap today lets see the prospect of a possible second economic crisis after the 2008 potentially more damaging, "he added.

If the pessimism persists, metal king could therefore quickly reach 1900 dollars per ounce. "Gold has not finished with its strong rise," warns Simon Denham, Head of Capital Spreads.

ALSO READ:

"SPECIAL OR – The race for records

"SPECIAL – Depression, fear of debt

New Storm on the Paris Stock Exchange

New slump in the Paris Bourse. At the close on Wednesday, the CAC 40 index showed a loss of 5.45% to 3002.99 points and manages to maintain a narrow margin the psychological threshold of 3000 points. In a volume of trade of 6 billion euros, the volatility was again very strong.

Like him, other European indices loosen: the FTSE-100 index in London lost 3.05% to 5007.16 points at closing. The Dax in Frankfurt tumbles 5.13% to 5613.42 points after falling 6% during the session. The index featured the Milan Stock Exchange, the FTSE Eb, closed Wednesday on a drop of 6.65% at 14,676 points, its lowest level since April 2009. The Madrid Stock Exchange closed on a fall of 5.49%.

The banking sector collapses

All markets are penalized by the banking sector, while Greece is planning to expand its exchange program to include obligations of the securities in the longer term, which penalizes first private creditors. In Paris, Societe Generale gives 14.47 (after a 20.83% drop in session) to 22.18 euros, Crédit Agricole 11.81% to 6.07 euros, BNP Paribas 9.47% to 35.61 euros and Natixis 9.11% to 2.68 euros.

Banks have suffered rumors of degradation of the note of France, while Moody's, Fitch and Standard & Poors reiterated that the AAA rating of the Hexagon was accompanied by a stable outlook online cash advance. Even Bercy denies "formally" the rumors of degradation.But the surprise meeting convened by Nicolas Sarkozy interrupted his holiday to deal with several ministers the theme of economic and financial crisis has rekindled investor concerns.

Also in Europe, the divisions between countries are delaying the implementation of the rescue plan agreed in June In addition, fears of renewed extension of the debt crisis in Italy explains the new fall. The market is concerned about the ability of Italian banks to refinance.

Industrial production declined in France

As on Wall Street, markets been unable to continue the strong rebound in the day that followed the speech by U.S. Federal Reserve.The latter, however, assured that it would extend its monetary policy ultra-accommodating while maintaining zero interest rates until at least mid-2013 and exploring other measures to support the U.S. economy, which will probably end detailed August, at the final communiqué of the U.S. central bank. But the Fed confirmed that the U.S. economy is in trouble, especially since the deterioration in the debt rating of American long-term.

For the economist Nicolas Bouzou, the previous day had already not reassuring:

The player is used by default in the articles of figaro.fr. Maj7