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Crisis: Bernanke and Trichet worried

The CAC 40 lost nearly 3%, Wall Street sells more than 1%. The atmosphere is clearly not fixed in the beautiful capital markets on Tuesday. The bosses of U.S. and European central banks did nothing to calm them.

Two days before his last conference as president of the ECB, Jean-Claude Trichet is pessimistic for the euro area. "We believe that the euro area will be very moderate in the second half," said one who will be replaced by Mario Draghi on November 1. As for inflation, he said that the rate should remain "above 2% in the coming months. Next year, it should fall below. " These are all signs that suggest that interest rates should remain unchanged Thursday.

As for the United States, the head of the central bank, Ben Bernanke is more optimistic."Recent indicators, including those of new jobless claims show that it is likely that the sluggish growth in employment continues in the coming period," he warned. Before the Joint Economic Committee of Congress, the Fed chairman has urged politicians to "avoid taking fiscal measures may impede the ongoing economic recovery."

"We can not just replace the government"

Sluggish growth, employment at half-mast, high unemployment, the United States and Europe are the worst of an economic plan. And while a slowdown is being felt in China. Most economists expect further aid from the central banks against the inaction of governments, but Ben Bernanke and Jean-Claude Trichet reminded of a common voice that States to revive the global economy."The measures to promote healthy growth of the economy and employment are the shared responsibility of all politicians, in close cooperation with the private sector," he argued. And the President of the ECB concluded: "It is their responsibility to deal with the worst crisis in the postwar period. We can not substitute for governments under any circumstances. "

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Yet the conditions for a sustainable rebound

• The stock market environment is in many ways more fragile than in 2008

After the capitulation market in recent days, many investors are wondering whether it is time to return the purchase. Beyond a simple technical rebound, the chances of quick recovery courses are limited for the simple reason that the current stock market is in some ways more fragile than in 2008. Signs of slowdown are multiplying in the United States, Europe could enter recession in the coming months, and the deterioration in manufacturing activity in China shows that the theory of decoupling between emerging and rich countries no longer holds the ramp. Response capacity of government to stimulate consumption are practically nil, and the effect of accompanying policies of central banks has reached its limits.The current crisis comes mainly from the usual market issues related to the level of market valuation or the correction of excesses after a period of intense speculation. The epicenter of the crisis is now in the euro area, with governments overwhelmed by the level of public debt and unable to agree on the management of their common currency. The solution to these difficulties lies in the hands of "political" and not in the trading rooms and in business. This is what the operators despair!

• The core business is a real force that

The recovery will be difficult, but much of the bad news began to be integrated into the course. The precipitous decline of the indices shows that the Exchange has already taken a good step ahead of the crisis.A CAC 40 to 2800 points means, for example, that investors expect an increase, not corporate profits, but a 30% drop in profits in 2012. This pessimism is starting to become excessive, especially for industrial groups, such as Air Liquide, Schneider Electric and Michelin, a strong presence in emerging markets where business slows but does not decrease instant personal loans guaranteed. The same goes for business as L'Oreal, Essilor International and Pernod Ricard, which have strong brands and where margins are not challenged. The treatment of more defensive companies, such as France Telecom, Sanofi, or GDF Suez, also reached its limits.These values ​​offer attractive yields of between 10 to 6%.

• The plight of the shareholders of the banks could come to an end

In three months, the market value of the three largest French banks, Societe Generale, Credit Agricole and BNP Paribas, has been halved. This collapse is comparable to the fall in prices occurred after the collapse of Lehman Brothers in 2008. Investors have punished the weak provisions made in the accounts to meet the commitments of banks in the peripheral countries of the euro area and a general loss of confidence in respect of institutions in the euro area. Far from scaring the market, the rumor of a possible entry of the state in their capital in the form of preference shares is now likely to reassure investors.10 to 15 billion euros to recapitalize matter which it would lead to a "dilution" of shareholders limited. After the destruction of 50 billion capitalization in the summer, the amounts mentioned are already largely taken into account by the markets. Bank stocks will certainly remain under pressure, but the plight of their shareholders might come to an end.

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"Investors remain on the alert

"The Paris Bourse is expected to remain on guard

The Cac 40 widening losses

The day after a session sharply higher on Wall Street and in Asia, the Paris market continued its rebound sharply on Tuesday after rising 2.2% Monday. At the opening, the benchmark index of the Paris Bourse was awarded 1.22%. But at midday, the CAC 40 is pressed into the red (-0.40% to 3141.62 points) with shortness of breath and banking stocks before the release of major U.S. indicators.

Meanwhile, the announcement in late morning, a confidence index of entrepreneurs and consumers in the euro area fell sharply in August may have contributed to this turnaround.Throughout the European Union, the confidence of business leaders and consumers has declined even more significantly, by 5 percentage points to 97.3 points, against 102.3 points in July.

The business sentiment index in the euro zone, published separately by Brussels, also fell for the sixth straight month to $ 0.07 against 0.44 points in July.

Yesterday on Wall Street indices ended the session up 2.2% for the Dow and the Nasdaq 3.3% driven by the consumption figures in the United States. Asian markets followed suit with their American counterparts. In Tokyo, the Nikkei was up 1.22% to 8959.75 points while unemployment is again on the rise for the second consecutive month in July and that retail sales fell by 0.3% from June

The correct orientation of financial markets has boosted oil prices.Asian markets, the Nymex is trading at 87.49 dollars, he finished in 87.27 dollars in New York, up $ 1.90 from Friday. Brent crude traded him to 112.17 dollars.

On the front of the foreign exchange market, the euro fell slightly against the dollar, below $ 1.45, to 1.4392 dollar.

Fears about the health of banks

The day before, call to order by Christine Lagarde bound for European banks has prompted European leaders to defend the institutions of the old continent. "European banks are much better capitalized today than they were a year ago. This was confirmed by stress tests conducted in July, "assured the Commissioner of Economic Affairs Olli Rehn.

But on Tuesday, it was the turn of the International Accounting Standards Board (IASB) to throw fuel on the fire.The IASB believes that the provisions made by banks and European insurers about their exposure to Greek debt have been dumped, reports the Financial Times. According to the newspaper, BNP Paribas and CNP Assurances are particularly concerned by this risk. BNP Paribas was down 0.45% in mid-session at 34.24 euros and CNP Assurances does not earn more than 0.20% to 12.35 euros.

When asked, BNP Paribas said that it had "pre-funded its exposure to Greece in full agreement with its auditors and the competent authorities, according to the plan drawn up by the Union on July 21" to help Greece, according to a spokesman .The bank had said on August 2 had provisioned 534 million euros to compensate for lost value of Greek bonds.

For its part, the CNP said it was "in line with the agreement of July 21," which provided the threshold of 21%, "validated by our listeners no teletrack payday loan."

Also Tuesday, the president of MEDEF, Laurence Parisot, in turn criticized the words of Christine Lagarde, saying his statement "incomprehensible. European banks are strong. And for French banks, we must bear in mind that we have banks among the strongest in the world, "said the boss of bosses of Europe 1.

The International Monetary Fund (IMF) has also generally lowered its economic growth forecasts for 2011 and 2012, leaving unchanged the forecast of Germany for the current year.

Still on macroeconomic indicators will be out today. Before trading, the markets did not take umbrage at the publication of a fall, but strong early sales of new homes in the second quarter in France.

Are also expected in mid-day figures for business failures.

Overseas, the index of consumer confidence, the housing (Case-Shiller) and the minutes of the last Fed meeting will also facilitate the session.

Arcelor-Mittal is growing in Australia

On the corporate side, Arcelor-Mittal (0.45% to 14.41 euros) is about to take control of Australia's Macarthur, world's largest producer of pulverized coal, in association with the American Peabody Energy . The tender offer made by the European steel amounts to 5.16 billion dollars.Macarthur's management finally yielded to the new offer revised upwards by the Arcelor-Peobody tandem: it is 16 Australian dollars (11.8 euros) per share, against A $ 15.50 earlier.

The semi-annual publications are now many, especially among heavyweights rating. Note that the Y real, Havas, Bouygues, Colas, Vinci, Bollore, NRJ Group and Devoteam detail their half-year after the market closes.

In addition, Ipsen (8.62% to 24.05 euros) announced revenues up 5.3% in the first half.He also announced an upward adjustment of its sales forecast for 2011 in favor of a less pronounced decline than expected sales in general practice.

Hermès International climbed 1.86% to 263.35 euros before preparing to publiecation on Wednesday, excellent interim results, widely anticipated by the market after the increase last month by the group's growth forecasts sales and profitability. From January to June, sales of luxury brand famous for its bags and silk scarves were up 22% to EUR 1.3 billion, more than expected by analysts, according to data released in July .

The French shipowner CMA-CGM said that 2011 should be "a good year" for the group, claiming to have already funded the bulk of its investments for 2011 and 2012.The company said to have $ 1.7 billion (1.17 billion euros) in cash at the end of June, July and have paid $ 550 million bond line, while press reports evoked ago few weeks of possible cash flow problems.

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Vinci will build the stadium of Olympique Lyonnais

It has taken a major step Tuesday Olympique Lyonnais (OL). In a statement, the French professional club career has indeed appointed on Tuesday the company concessions in charge of design and construction of its future new stadium, the cornerstone of future complex OL Land. And it finally Vinci return the task to emerge from the Stadium of Light ground on the site Décines Charpieu.

After the Stade de France, Nice and Bordeaux, so this is the third contract raised by the construction group and concessions as part of the grand plan to renovate the French stage, for the organization of Euro 2016 Football in France. Note that Vinci has also built and operates since January 2011, the stage of Le Mans (MMArena), which is not part of the eleven stages selected to host matches of Euro 2016.

Private partnership / private

Regarding the financing of the stadium itself, with a capacity of 58,200 seats, the two companies will work as part of a private / private. As for the OL Land project as a whole, the community (Grand Lyon, Department, State …) will support the access to the stadium for 170 million euros. According to information provided earlier this afternoon by the group led by Jean-Michel Aulas on the financing of the only sports venue, Vinci is committed to "contribute to the funding by becoming a shareholder, to a maximum participation 49% of the company owner of the project, the Land of Montout. " Duty, the group estimates that 381 million euros the amount of the contract this morning."A cost which will complement other investments driven by external partners, including hotels, leisure centers and office buildings," says management. In total, OL Groupe estimated 450 million investments to the OL Land project, that is to say the stadium and related structures.

To collect a portion of the funds, the group will also sell the name of the future stadium to a private company. The identity of the partner to be selected, and the amount of its financial participation in this contract "naming" should be announced by the end of the year cash advance now. What to expect the Stadium of Light will soon be renamed before being completed.According to Jean-Michel Aulas, the enclosure will be built on the bottom "entirely private", even if 20 million should still be made by the State, as part of the renovation plan.

Deliveries for the second quarter 2014

A four-year first whistle of Euro 2016, the stadium project goes so Lyon (finally) to the next level. The memorandum of understanding announced Tuesday paves the way for the concrete realization of the project, after years of red tape. At the end of a phase "Project" about six months and subject to the signature of the design-build contract by that date, the phase of contruction will be launched.

Already in May, the release of the situation had been operated by the choice of Lyon as host city of the European competition.The city was named first with eight, then ten stadia to host matches of Euro 2016. Then, when the future sports arena has been the subject of a statement in May of general interest (DIG), Greater Lyon has been run from 14 June to 18 July, public hearings required to amend the plan to local urban planning for the construction of the stadium. The city now hopes to receive the issuance of building permits by the end of the year, for a start of construction in early 2012. Barring unforeseen delays in construction or, as has been the site know of the great stage of Lille, the Stadium of Light should be delivered in the second quarter 2014.

In exchange, the news was applauded by investors, in a context of macroeconomic concerns hold their attention. At 15 hours, the title of the Lyon Group advanced 0.93% to 5.41 euros in a market down 0.5%.

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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 French reimburse banks lending to Greece"

The player has to use default in the articles of figaro business cards design.fr. maj3

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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Google put on mobile payments

It is a revolution as important as the emergence of the credit card there are more than thirty years! Within a few months, the mobile phone will be used to pay for purchases, store loyalty points, get discounts … It is a certainty, while Google announced yesterday the launch of its electronic wallet from that Google Wallet been to San Francisco and New York.

Mobile payments, we talk a long time. Japan had taken a step ahead. European operators will all work. The French have even launched last year in Nice with success, and Eric Besson, Minister of Industry, has promised that 9 other cities would quickly adopt it. But the announcement of Google reshuffles the cards and give a real boost. For three reasons.

First, its strike force.It is a global leader enters the market with other global giants MasterCard and Citibank, bank side, Ingenico payment terminals and telecom operator like Sprint. He wants to generalize his service in 20 U.S. cities by the end of the year. And already negotiate with major European operators to launch in Europe next year. Second, to pay with his mobile, it is that traders are also equipped with readers. Now Google will subsidize the market by financing the equipment traders.

Thirdly, Google goes far beyond the mere payment: the Google Wallet is a real vacuum services: it helps make couponing, store loyalty points and activate automatically. "It's awesome in terms of promise and customer value creation.Mobile payment alone is not profitable, what counts is the whole ecosystem of services around, "said Stéphane Dubreuil, director of the firm Sia Council fast cash advance loan.

Specifically, Google knows, thanks to Google Search, a search engine, you went 20 times on the Internet sites of course. He knows with Google Maps that you walk near a golf shop. He can with Google Wallet send you a promotion that will make you enter the store. Then you will pay and store your loyalty points. "There is a side Big Brother, which can be a hazard if struck public opinion, but the attractiveness and ease of product should forget that aspect," said Virginia Laz, associate director at Bryan Garnier.

The delay of Apple

This is the first time a giant web between and walk-in retail."Google returns to the brick and mortar and will potentially be able to receive a commission on all transactions in the physical world. It's huge! , "Says Stéphane Dubreuil.

The arrival of Google, if it gives a boost to mobile payments, is also dangerously compete others. From yesterday, eBay and its payment subsidiary PayPal, which represents 20% of traffic off the credit card payments over the Internet, filed suit against Google, accusing it of stealing trade secrets, especially in recruiting one of its leaders.

Apple, far behind mobile payments, is obligated to respond. Even if the future iPhone 5 allows to make payment, their model risk is still very closed to show its limitations.

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.

Rights football: showdown between the LFP and Canal +

This Friday at 11 am, the Professional Football League (LFP) will kick off the award of broadcasting rights of football championship of France from 2012 to 2016. The stakes are high, because these fees represent 668 million euros per year for professional clubs. This year is the outstanding total. On the one hand, the LFP to maximize its revenue, on the other Canal +, L1 traditional broadcaster, wants to reduce his bill, a current amount of 460 million euros. In 1999 and 2004, the LCS had raised the stakes by pitting Canal + and TPS. GST but was bought by Canal +. In 2008, the LCS had found a new ally with Orange which spent 208 million per year for the big game on Saturday evening and mobile rights. But Stephane Richard, the new CEO of France Telecom, has thrown in the towel. Canal + remains only candidate.

Between the LFP and Canal +, a real dialogue of the deaf.From the outset, the encrypted string against this plague tender premature and believes that she wants only to maintain its current offer with the big game Sunday night and three magazines. For his part, Frederic Thiriez, president of the LFP, claims that the outcome of the tender should be equal or superior to 668 million today. The economic equation is complicated: how to achieve this amount if Canal + does not put more than 460 million? The hole is potentially 200 million.

Prize Structure

"Not at all," Jean-Pierre Louvel tempers, chairman of the Union of Professional Football Clubs UCPF. "With the explosion of smartphones, the mobile may be worth lot more than the current 60 million paid for by Orange. Secondly, the LFP can make its product more attractive by improving its exposure with a game Friday night and a special day during the winter break, "he says online payday loan lenders.In fact, the LFP and the law firm Clifford Chance should put together a bid with many prizes: a match on Friday evening, a Saturday afternoon games on Saturday evening, a Sunday at 2:00 p.m. , games on late Sunday afternoon and the big poster on Sunday evening. Added to this lot and the three mobile magazines.

Canal + contends that the splitting of lots reduced the value of the whole and that the chain can not explain the matches from Friday evening to Sunday evening on the air. Above all, the group believes that the key is not lots but structuring the necessary reform of financing of French football. This can mean a reduction from 20 to 18 clubs of L1 and a lower financing League 2 which receives 19% of the amount of football rights, or 120 million euros per year.Clearly, to reduce the bill of football, Canal + offers to save on money paid to the L2 and concentrate on the manna of human L1 18 clubs instead of 20. Categorically rejected suggestions by Jean-Pierre Louvel the UCPF. "The L2 is used to form the top players and eliminate two clubs L1 would have serious consequences on the regional economy." But the big clubs, Lyon, Marseille, Lille, Bordeaux, Paris … might be tempted by a championship tighter.

The tender may thus be complicated. The LFP has put a reserve price on all lots, it might be unsuccessful. Negotiation of mutual agreement between the LFP and Canal + could then be opened. And if all lots not find a buyer, the LFP has the possibility to expose some matches on its TNT channel future pay, CFoot.This channel will be widely distributed on satellite and cable ADSL and fans can subscribe to monthly or deed.