The Council of State suspended the execution of the decree of September 29 on the sale prices of natural gas, the institution announced on Monday. Gas prices are definitely a real headache for the government. Enact increases in the order of 4 or 5% per quarter is difficult to six months of a presidential election, particularly in times of crisis. So the government there decided by a ministerial decree of 29 September, to freeze the rates for individuals instant credit report. This price stability followed that decided on July 1.
"The Minister of Energy is preparing a new tariff order to be consistent with the decision of the State Council," responded late Monday afternoon, the firm Eric Besson said in a statement.For their part, competitors (Poweo, Direct Energy, Altergaz, Gaz de Paris) grouped in the association had also applied to the anode highest administrative court, in proceedings for interim relief.
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The ongoing negotiations to prevent an outright collapse of the euro area will lead, if successful, the definition of a new European balance. It will then explain to the French. What lies there, in fact, behind the formulas often repeated by Nicolas Sarkozy of "convergence Franco-German" or "greater European integration"? First of all a European circles, the first being composed of 17 members of the euro area. Second, a more integrated Europe, where intergovernmental bargaining outweighs the Community method, the latter being relegated to the role of implementation and technical body.
Before the French, Nicolas Sarkozy will decide maybe not the word federalism, because it means a loss of sovereignty that they do not approve.Polls show they are committed to the euro – are 77% want to keep the single currency, according to the latest BVA poll for BFM / Challenges / Avanquest. But other surveys indicate that about two out of three French are not ready to "more integration". The ridge is close to the head of state for several months defending the prospect of a further step towards more integration.
"Bargaining"
It should engage in this exercise in front of the French education before or after the European Council of December 8 and 9, as a great speech that will trace the contours of France in the Europe of tomorrow. "Europe must rhyme with protection, not with globalization in the eyes of the French," says William Peltier, a member of the UMP, and patron of the Letter of opinion.
Large deviation from the European Central Bank. Mario Draghi, warned on Friday that a central bank "may quickly lose credibility" and that "it would have a huge economic and social costs." It refers to market demand and France, reject, would be for the ECB buys massive state debt to halt the rise in interest rates in the euro zone and end to the crisis. A policy that the institution refuses to take on behalf of his economic principles.
"Our credibility implies the success of our monetary policy to anchor inflation expectations in the medium and long term (…) to sustain growth, job creation and financial stability. And we make this contribution in full independence, "insisted Mario Draghi.You must not wait any longer. "
Mario Draghi anticipates a decline in inflation
In his statements on Friday, the President of the ECB also said it expects a weakening "in most advanced economies." Specifically, "in the euro area, downside risks to the outlook have increased, and activity weakened moderate the pressure on prices," he added. One way, perhaps, pave the way for a new lower interest rate in December. In early November, the ECB has declined by 25 basis points (or 0.25%) to 1.25%.
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The first pieces seem certainly find their place. But the puzzle is far from complete. The Europeans have agreed on strengthening the capital of their banks, with a budget of up to 100 billion euros. Nicolas Sarkozy was also close to Angela Merkel on the future arsenal EFSF, after a frank discussion in Frankfurt. But there is so much more to do before finding a complete agreement, most detailed and validated by the whole euro area. That is why the French President and German Chancellor confirmed on Thursday night, the sounds that had run all day: a second summit of Heads of State and Government held "no later than Wednesday," after that of Sunday. In addition, Sarkozy and Merkel will meet on Saturday night in Brussels to prepare its crucial deadlines.This new adjustment schedule confirms that markets foresee that this time, European leaders are no longer allowed to make mistakes. The first tangible plans must begin to blur out that night, after a first closed session of the seventeen ministers of finance of the euro.
Recapitalization of banks
In the preamble, the bloc cleared the table of a bulky dossier. They agreed on the recapitalization of banks weakened by the crisis, two months after the IMF has sounded the alarm. The bill, estimated at between 85 and 100 billion euros, less burdensome previously announced. It should allow banks to increase to 9% of their capital ratio "hard" a recognized strength. To achieve this, banks will first use their private shareholders, and if necessary of public funds bad credit payday advance. The EFSF intervene as a last and final resort.Uncertainty remains about the date of implementation, 2012 or 2013.
On Thursday, Paris and Berlin have also tried to dispel the misunderstanding about the previous meeting on Wednesday between the President and the Chancellor. The stakes: the future modalities of action of EFSF and the famous "leverage" critical piece of the arsenal to stop the European debt crisis and prevent contagion.
The German Finance Minister Wolfgang Schäuble ensures that the two capitals are in fact "in total agreement." But he hastens to add that there is still no agreement at European level. French side, it was confirmed by noting that if there is a discrepancy, it is rather with Spain and especially Italy.In Brussels, witnesses of the appointment of Frankfurt continues to describe "a cold atmosphere" between Nicolas Sarkozy and Angela Merkel, barely warmed by the announcement of the birth of the president's daughter.
To further complicate the picture, the Greek press spoke of a setback yesterday on what promised to be the easiest section of the summit: the release and payment of EUR 8 billion international loan in Athens. The European Union grows. But the IMF question the ability of Greece to address its long-term debt without the involvement of Europeans more convincing.
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The green light from Germany, expected today, will be symbolic and decisive. The expansion of the powers of the European Financial Stability (EFSF), with 440 billion euros, as decided on July 21, is one of the keys to the debt crisis in Europe. But it requires the agreement of seventeen members of the euro area.
After France, Belgium, Spain, Greece, Ireland, Italy, Luxembourg, Portugal and Slovenia, the Finnish Parliament yesterday approved the building.But Finland has still not clear what the additional security that it intended to apply to Greece in return for future loans could be guaranteed in the country.
In fact, while the European Commissioner for Economic and Monetary Affairs, Olli Rehn, said two weeks ago that all States in the euro area have ratified the project at the end of the month, the cacophony in the field is law.
Slovakia has postponed its vote on October 25. His prime minister supports the expansion of missions of the Fund, but are still strong disagreements within the governing coalition. Member of the euro area since 2009, was the only country to refuse to participate in the first loan to Greece last year. And the head of Parliament is prepared to "torpedo" the project."My goal is to ensure that Slovakia will lose billions of euros ( business card…) The European Union does not need our money," he said.
The specter of bankruptcy
Because Greece is still afraid. Czech President Vaclav Klaus, interviewed by American television outside of the last UN General Assembly, said without hesitation that perfectly imagined that "a country so in the euro area." He added: "I'm afraid that European leaders are still spending lavishly to Greece."
An opinion widely shared by Austria, which must meet its Parliament on September 30, and whose foreign minister recently said that one could legitimately "consider bankruptcy of Greece."Like all small countries that have not voted – Cyprus, Estonia, Malta – he ensures that he wants to rely on the results of discussions between Athens and the Troika (ECB, Commission, IMF). But the finance minister said although this ultimate solution is "better than a rescue too expensive."
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Monday's rebound continues Tuesday in the Paris Bourse. The CAC 40 has started on a flying then accelerated pace. Mid-session, he climbed 3.55% to 2960 points. Elsewhere in Europe, the Frankfurt Stock Exchange is 3.36%, London and Milan 2.22% 2.79% while the pan-European Euro Stoxx 50 index 3.09% wins.
Since the beginning of the week, investors won over by a wave of optimism about the outcome of the debt crisis in the eurozone. The spokesperson of European Commissioner for Economic Affairs Olli Rehn Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble said that Europeans had "no intention of bailing out" the EFSF.
The Spanish Minister of Economy Elena Salgado also said Tuesday that an increase of two thousand billion euros in the capacity of the European Support Fund "was not on the table." Political leaders are clearly divided on the concrete responses to the debt crisis, while discussions on the payment of a new international loan to Greece, vital to enable it to avoid bankruptcy dragged on. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.
More good news, the constraint on bank lending is beginning to loosen.The private sector credit grew by 2.6% year on year in August in the euro zone, against 2.4% in July. Loans to households grew by 3% in August, while consumer loans to individuals have declined only 1.6% against 2% last month according to figures released Tuesday by the European Central Bank (ECB) . Moreover, housing starts for new homes in France, climbing 8.1% year on year for the period from June to August. However, they mark a slowdown from earlier this year: the pace of growth in the first quarter was still 35.5%. The number of building permits for new homes has increased its share by 9.8% year on year for the same period.
The euro was weakening on Tuesday to below $ 1.35. At midday, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1 paydayloans.3363 dollars, its lowest level since mid-January, prior to recover. As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions.
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The banking sector is driven by rumors of recapitalization.BNP Paribas advance of 9.25%, largest increase in the CAC 40 7.46% Credit Agricole and Societe Generale 8.55%.
Total (2.97% to 32.25 euros) reduced the number of banks in which it deposits funds for fear of a credit crunch in the euro zone, but remains confident in the French settlements, said its chief financial officer the agency Dow Jones and The Wall Street Journal.
The CEO of Renault (4.20% to 25.30 euros), Carlos Ghosn, said on Monday to Reuters that he saw no sign of slowdown in global demand despite the debt crisis in Europe and economic uncertainties in the United States.He expects an increase in car sales in the United States in 2012.
The title of the French automotive supplier Aries (18.64% to 7 euros), specialized in the production of aluminum parts, flew Tuesday in the Paris Bourse, with a net income higher than expected in the first half (6.7 million euros, up 31.3%).
Thales (2.08% to 24.58 euros) for its part plans to sell part of its services activities, according to Les Echos on Tuesday. The division, which last year made 81 million euros in sales, employs approximately 500 people. Logica names and GFI Informatique circulating among potential buyers.
Dexia (6.09% to 1.48 euros) is facing a complaint from the town of Rosny-sur-Seine (Yvelines), which has borrowed toxic.The mayor filed a complaint for "organized fraud" and "deception" with a civil court of first instance of Versailles against Dexia Credit Local.
Ipsen (3.56% 22.57 euros) was acquired from the Norwegian pharmaceutical company Photocure marketing rights of Hexvix, its flagship product for the diagnosis of bladder cancer.
The retailer Casino (2.29% to 57.13 euros) saw its price target reduced from 81 to 74 euros by HSBC. Land areas (4.54% to 50.73 euros) for his part saw the recommendation on its title upgraded to "buy" against "hold" earlier by ING.
Neopost (4.05% to 57.23 euros) will release its results for the first half after market.
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Capital has become expensive, the Parisians are more likely to succumb to the charm of the suburbs. Consequently, the prices of old apartments (June 30) have soared over 15% year on year in the inner suburbs, with peaks of 20.5% in Courbevoie, + 20.3% in Montreuil, + 19% Boulogne-Billancourt, + 18.4% in Maisons-Alfort … Increases that will not last forever, however, predict notaries, holding that the creditworthiness of buyers is not without limits. In outer suburbs, the increase was over one year wiser (+ 7.2% for older apartments, 6.4% for houses), sufficient in all cases to clear the hole in 2009. But in the second trimester 2011, the market for old apartments fell by 0.7% in Seine-et-Marne, 0.8% in the Essonne, 1.3% in the Val-d'Oise .. . One department in four, Yvelines, remained in the green (+ 1.7%).The beginnings of a turnaround?
"Selling price of old houses in the second quarter of 2011 (Part 1) (pdf)
"Selling price of old houses in the second quarter of 2011 (Part 2) (pdf)
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.
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 Asian market continues on the way up. Thursday again, investors are driven by the mood of U.S. markets which closed yesterday on a fourth straight session in the green. The European market has also sent positive signals. Investors are reassured by the Fed does not exclude to use new tools of monetary easing to support growth, as well as encouraging indicators.
The Nikkei above the 3900 points
In Tokyo, the Nikkei, which started the day on an increase of 0.63%, jumped 1.18% to 9060.80 points at closing. It thus goes beyond the psychological barrier of 9000 points for the first time in two weeks. The technology sector is facing in the image of Casio (3.91% to 504 yen) and Kyocera (2.28% to 7160 yen). Sony (1.98% to 1698 yen) and Toshiba (0.90% to 334 yen) also support the rating.
In Hong Kong, the Hang Seng up 1.10% to 20,760.80 points, also pulled up by the technology sector. Foxconn wins 3.10%, 3.64% Lenovo, Alibaba.com 5.33% and 2.30% Tencent Holdings. The Shanghai Stock Exchange a little more concerned about risk tightning money while the government has reaffirmed it a priority to price stabilization. The Shanghai Composite lost 0.61% to 2829.41 points.
The Australian S & P gained 0 payday loans direct lenders.63%, the Korean Kospi is 2.10% and 1.59% of India Sensex.
China: good news macroéoconomiques
Also Thursday, the good news fell in Asia. The index of manufacturing activity in China reached the final 50.9 in August, against 50.7 in July. The first estimate of the index of purchasing managers HSB had reported a slight slowdown, with a flash PMI at 49.8 in August from 49.3 in July.PMI purchasing managers suggests that "manufacturing activity is stabilized despite the tightening of monetary conditions in the country and soft demand abroad," said Ker Chung Yang, an analyst at Phillip Futures in Singapore .
In Japan, new vehicle sales, excluding mini-models, were down 25.5% in August compared to the same month last year, to 216,510 copies.
In Australia, retail sales figures were stronger than expected last month, up 0.5%.
Oil up
Oil prices were also up Thursday morning in electronic trading in Asia. In morning trading, a barrel of "light sweet crude" for delivery in October gained 21 cents to 89.02 dollars per barrel of Brent North Sea crude for October delivery 29 cents to 115.14 dollars.