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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.

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.

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Despite sluggish growth, employment improves

It's the only bright spot in the dark landscape cyclical French: the labor market continued to regain strength. In the second quarter, 68,300 jobs were created in the nonprofit sector. This is 10,000 more than in the first quarter.

The tertiary sector contributes almost exclusively to these creations (57,200 jobs), the industry confirms his recovery: 6600 jobs were created in this sector, according to Insee. This is his second consecutive quarter of growth. "This sector lost jobs every quarter since 2001," says INSEE.

Only government minister to be able to celebrate yesterday, Xavier Bertrand (Labour, Employment, Health) welcomed that "210,600 jobs a year (have) been created." He sees "a positive signal about the vitality of the real economy." This movement is all the more surprising that growth has been sluggish in recent months.

"You have to look at the figure of 0% over the period issued yesterday: considering the annual growth and relating to the last four quarters, we see that the quarterly growth rate is invariably French 0.4%, says Frédéric Gonand, associate professor of economics at Paris Dauphine. This shows that even with 1.6% annual rate, which corresponds to its potential growth, France is creating jobs. "

According to Dares, the index of the basic monthly wage (SMB) increased by 0.6% in the second quarter, representing an increase of 2.1% over one year. This significant increase of basic wages does not mean a sharp increase in the purchasing power of households. In the second quarter, prices rose 0.5% year on year and they operate around 2%.The purchasing power has improved very little, which explains the weakness of consumption in recent months.

Disinflation energy

But-and this is another rare good news in the farm figures released yesterday, according to Insee, the consumer prices fell by 0.4% in July. A decline mainly due balances but also by the expansion of energy prices. Under these conditions, if the job market continues to grow at the same pace as earlier this year, the disposable income of households could improve a little.

"Disinflation energy currently underway should provide some support the purchasing power of households," say economists at Natixis.The main pillar of the French economy will be a little stronger in the second half, provided that the fiscal savings provided by the government do not result in a tax grab too much, the experts continue to Natixis.

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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:

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Ways to get paid more than the CAC 40 companies

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

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

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

Enclose tax loopholes

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

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

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

The CAC 40 is depressed before the European meeting

The Paris market continues to fall on Thursday, a reflection of what has been observed in Asian markets this morning and the decline in U.S. indices yesterday. Wednesday evening, the Cac 40 lost 0.15% and ended at 3871.37 points in a very dynamic market, with over 7.1 billion traded on the benchmark index of the Paris Bourse. And on Thursday, the index still declined from 0.49% to 3852.48 points.

At the time of opening, the composite PMI, which includes industry and services, has returned to version 55.4 "flash" against 60.3 in May, reaching its lowest level since October. The growth of private sector activity in France has slowed more than expected in June.

European side, European leaders find themselves on Thursday night in Brussels at a summit to try to reassure their ability to stem the endless debt crisis in Greece and prevent contagion throughout the euro area, which worries more and more abroad. Other items on the agenda: the confirmation of the appointment in November of the Italian Mario Draghi as President of the ECB to replace Jean-Claude Trichet.

The publication of the memo on the economy of France, to be released at 22 o'clock tonight, will be watching. In addition, the G20 agricultural ends today. In addition, Christine Lagarde, a candidate for the general direction of the International Monetary Fund (IMF), spends his oral exam today in Washington.The maintenance of his rival, Mexico's Agustin Carstens, was held Tuesday.

United States, a report by the Congressional Budget Office (CBO) on Wednesday warned against an explosion of net public debt, which can reach 100% of GDP by 2021 if nothing is done to correct the current trajectory. In addition, the U.S. central bank is now focusing on a GDP increase of less than 3% in the fourth quarter. New measures could be considered if the economic situation deteriorated.

On the currency markets, the euro bends slightly from 0.20% to 1.4307 dollar.

EDF denies

The CAC 40, only Pernod Ricard rises in green: 0.06% to 66.49 euros. But in the SBF 120, Lagardère stands: 2.33% to 27.40 euros.Areva takes him 0.59% to 25.50 euros.

Side drops, banks suffer: -1.66% to 39.21 for SocGen, -1.51% to 10 instant credit report.10 euros and Credit Agricole -1.18% to 42.12 euros for BNP Paribas. European banks resisted, however, a defect in Greece, according to Bernard de Longevialle, head of bank ratings at Standard & Poor's. Note that BNP Paribas bought 25% of Findomestic to the bank Intesa Sanpaolo for 629 million euros and now holds 100%.

EDF (-0.52% to 25.96 euros), which plunged 3% yesterday s "ance, had to deny rumors of leaks in nuclear plants in France. The CGT has nevertheless confirmed that called for an end of a reactor at the plant in Seine-Maritime Paluel due to extraordinary levels of radioactivity. The electrician has admitted it yesterday "an accumulation of small differences" after the publication of an article Mediapart citing incidents in series.

In addition, the dean of French nuclear reactors, the central Fessenheim, would be allowed in the coming days to continue to operate for ten years.

EADS (-0.09% to 21.83 euros). The buyers of the Airbus A400M signed a framework agreement on the development and maintenance of the fleet of the future military transport aircraft. Furthermore, after signing an order for sixteen billion dollars with Indigo, negotiate with Airbus for 200 A320 AirAsia NEO.American Airlines could also favor the European aircraft manufacturer at the expense of its rival Boeing.

Air France-KLM lost 2.06% to 10.21 eruos.

Dassault Systemes (-2.74% to 56.15 euros, the largest decline rating) expects a double-digit increase in sales in the aerospace and defense between 2010 and 2014 thanks to the many innovations offered by these sectors, Reuters said Wednesday its chief executive Bernard Charles said in an interview.

Automobile manufacturers seek to diversify their income and increase customer loyalty.

Peugeot (-0.57% to 29.72 euros) PSA installed production capacity that should allow it to manufacture more than 30,000 hybrid vehicles per year, reports La Tribune. "At Sochaux, we expect a potential of 70 to 80 units per day," says Serge Isler, project 3008 Peugeot hybrid.In addition, PSA has manufactured in Rennes, Brittany, just over 15,000 Peugeot 508 equipped with the same technology, the paper said.

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Life Insurance: Senators returned to the charge

The Senate Finance Committee examined this morning the draft budget law easing the ISF and eliminating the tax shield. She returned to the load on the taxation of life insurance: it adopted an amendment under 20% to 25% tax rate on life insurance in case of death of the subscriber for contracts over 902 838 euros. At the Assembly meeting, members had rejected such an increase, however, given by the ratio of UMP budget Gilles Carrez. It is true that the government does not want it affects life insurance. The Senate should confirm or disprove their choice in plenary session.

The Senate Finance Committee is also back on provisions passed by the Assembly, on the grounds that increasing the tax loopholes.It has reduced the ceiling for overseas investment in social housing to its original level (36 000 euros or 13% of income, the Assembly has increased to EUR 40 000 or 15% of income). It deleted a niche created by the Assembly, which established a tax reduction of 50% for subscription in a local investment funds in overseas.

Moreover, senators of the Finance Committee decided that the ban on paying in cash purchases of metals come into force on 1 January 2012, not June 30, 2012. On another subject, she reinstated the Google tax, abolished by the Assembly.

"The French reimburse banks lending to Greece"

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Cardin would be well bought by a Chinese

Cardin seeks buyer, preferably Chinese. At age 88, the developer who owns 100% stake in his fashion house, said two weeks ago that he wanted to sell its entire brand. This weekend, in addition to the presentation of the new collection in China, Pierre Cardin has expressed its preference for a buyer's country.

"I had offers from buyers in the U.S. or England but I preferred because the Chinese are owners of my brand. That seems more polite to me, "he said, after The Tribune published on Monday. Courteous, but also strategic for the brand a strong presence in the country. Cardin, indeed, among the first French brands to move into the Middle Kingdom from the late 1970s. Today, the teacher has over a thousand shops.If the house, which is not publicly traded, is discreet about its turnover in the second world economy, she argues, however, expect a 20% annual growth in sales.

"If they can not afford, they do not buy"

The creator, star in China, announced it has already received offers of Chinese buyers, but declined to reveal their identity. According to La Tribune, which quoted the representative of the brand in China, candidates have tried to negotiate the purchase price of one billion euros in vain so far. For his part, Pierre Cardin was firm: "If they can not afford, they are not buying. They did not discuss. That's clear. "

In 2009, Cardin had sold 32 licenses in China textile and accessories companies Jiangsheng Cardanro and Trading Company, amounting to 200 million euros.

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The price of gasoline is still beating records

The weeks go by and look for drivers who can only see the rise of gasoline prices in their service stations. Last week, the price of a liter of unleaded 95 has thus reached 1.5492 euros on an average calculated by the Directorate General for Energy and Climate (DGEC) throughout the territory. The unleaded 95 and beat his own record of 1.5469 TTC, the previous week. For its part, the unleaded 98 also registered a record 1.5861 to 1.5849 against euro per liter euro the week ending April 29.

Only the diesel appears to decline. For the third consecutive week, its price fell to 1.3453 euros per liter on average, far from its high in May 2008 to 1.4541 euro.

Prices at the pump, however, vary greatly from one city to another.According to the website carbeo.com, some gas station attendants already impose price close to € 2 advanced by the boss of Total, Christophe de Margerie. This is particularly the case of two service stations in the 16th arrondissement of Paris and Lilac (enSeine-Saint-Denis), who sell a liter of unleaded 98 to the price of 1.89 euro.

Christine Lagarde is awaiting a report

Oil prices have tumbled in the markets, however, due to a fear on the strength of the U.S. economy. The price of a barrel of U.S. light crude for June deadline ended last Friday in decline on the New York Mercantile Exchange, to 97.18 dollars, down from 2.62 dollars. For the week, the WTI has lost 16.75 dollars or about 15%, its biggest weekly decline in percentage terms since the week to December 19, 2008 when prices fell by 26.8%.Expressed in dollars, fall is the highest since the ratings began on the Nymex in 1983.

The movement was identical to London where the price of Brent at the same maturity have finished Friday at 109.13 dollars a barrel (-1.51%). For the week, the price of Brent crude fell by 13.3% or 16.76 dollars a barrel, their currency depreciation in the sharpest ever recorded.

"The oil companies and distributors have pledged to pass immediately to the pump every drop of oil prices", said Minister of Economy Christine Lagarde on Monday."I asked the Directorate General for Consumer, Competition and Fraud to give me a report early next week and be extremely attentive to changing prices," she warned .

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