Markets should react to the decision of the Japanese government, which is again intervened Monday on the foreign exchange market to weaken the yen. The Japanese currency had to break a record of force against the dollar, threatening the economic recovery of the archipelago. Result: The euro retreated against the dollar and the yen on Monday, as the greenback. Around 8 am, the euro was worth 1.4008 dollars against 1.4156 dollars on Friday at the same time. Faced with the Japanese currency, it rose to 111.02 yen against 107.31 yen yesterday.The U.S. currency climbed against the yen at 79.26 yen against 75.81 yen yesterday.

For its part, the European Financial Stability Fund (EFSF), the main tool to combat the crisis, saw its credit rating "AAA" confirmed by the three rating agencies, Standard and Poor's, Moody's and Fitch. In addition, over 90% of large banks asked to take part in the Greek debt relief have responded positively to the agreement, said the Institute of International Finance (IIF), an association of the largest banks in the world payday advance.

Europe seeks the support of the G20

Investors will also have their eyes turned towards the United States, where a meeting of the Fed is expected Wednesday, but also to Cannes, where Europe should have its anti-crisis plan at the next G20 summit.

Oil prices were up moderately Monday morning as investors agreeing respite from the soaring successor to the announcement by the Europeans of an agreement to resolve the debt crisis. The barrel of "light sweet crude" for December delivery gave himself 14 cents to 93.46 dollars in early electronic trading. Barrel of Brent North Sea crude for December delivery gained 21 cents to 110.12 dollars.

Values ​​to follow

• EDF Friday asked the Financial Markets Authority (AMF) to investigate the drop in its share price attributed to a newspaper article that the Socialist Party and the Greens are about to sign an agreement providing for election closure of nuclear power plants.

The investigation of this type of case takes on average between 12 and 18 months. But the length of the procedure does not scare GDF Suez, which the argument is simple: the law requires that the procurement costs of the company are covered by fees, and grant a small margin. Upon arrival, if the formula price was applied on October 1, gas prices for individuals would have had to climb 10%.GDF Suez's estimated shortfall by the end of the year to some 290 million euros.

For its part, the Commission for Energy Regulation (CRE), the industry policeman, issued an opinion unfavorable to the Government Order. Meanwhile, the regulator gave the Minister of Industry, a report on the Exploring the evolution rate of increase gas prices. One of the measures mentioned by the CRE is to increase – in the development of the formula – the share of the market price of gas now cheaper for the consumer and supply contracts in the long run.

This design technique should allow to reconcile the evolution of gas prices with the political imperative to avoid any increase, especially brutal.

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The signal came from Paris, where the government is out of the woods on the delicate issue of recapitalizing banks with public funds. "We have no doubt about the strength of French banks but there is turbulence in financial markets that cause the increase of capital of European banks has become a necessity," conceded Valérie Pécresse, Minister for the Budget and is speaking for the government.

If Bercy always prefers a recapitalization by the "private capital", the Minister acknowledged that France was willing to inject itself of public money to support its banks.But only "if necessary, ultimately," insists on all sides. Still, Paris is on the side of Germany, who suspected her of wanting rather to apply the European Stability Fund (EFSF), to avoid jeopardizing its AAA. Now for Berlin, there is no question that States have the means to put themselves out to the pocket have had recourse to the help system mutusalisée what the Fund. "The EFSF can lend to some countries who need loans to recapitalize their banking system, France will not appeal there," committed Valérie Pécresse. If banks do not hammer need to be recapitalized, the French government, however, stand ready, in case …

Paris is therefore close to Berlin. And position strangely similar to that outlined Wednesday by José Manuel Barroso.Calling for a "fully coordinated approach," the President of the European Commission has called on banks to beef up their capital "temporarily" but "emergency". Private funds, public money or relief of EFSF, that each country is doing: Europe is the strength of its banking system can no longer be doubted.

30% to 60% discount

For this, the European banking supervisor is the maneuver. According to the Financial Times, the European Banking Authority will impose a hard capital ratio of 9%, a considerable jump from 5% who had served as a reference during stress tests in July. All, by mid-2012. But the effort goes further. The supervisor collects the latest encryption on sovereign debt portfolios of the banks to deduct equity securities on these discounts applied by the markets.

If the bank building is now consensus among European politicians is that a taboo is jumping, that of non-payment of Greece. Of course, nothing is official act. But when Barroso calls for "decisive action on Greece" to qd'assurer the viability of the Greek economy is emerging between the lines a massive debt waiver. Greek Prime Minister George Papandreou does not hide the power struggle in which he was hired: "We negotiate every day to reduce this debt." Of "responsible for the euro area" quoted by Reuters are considering the possibility of a cross on 30% to 50% of Greek debt.The President of the Eurogroup, Jean-Claude Juncker, has even mentioned a discount of more than 60% earlier in the week before his entourage back-pedal.

For now, banks consider in their accounts that they must give up 21% of their claims of Athens, in accordance with the agreement of July 21. It is to be able to take the shock of restructuring more violent they are asked to display ratios above reproach.

If they invest in government bonds German and French, the safest, they must accept historically low interest rates: So just bring back the securities in the future. If they have slipped into some Greek bonds portfolios, they will see a loss if Athens fails. This will reduce the financial gains to be redistributed to policyholders.For now, a bit special accounts of the insurers allowed them to keep a cool head to the crisis of sovereign debt, and diving obli gations of Italian and Spanish. Until they sell their obligations, they do not, in fact, see for losses, regardless of their values. And they continue to reap the coupon (interest) of such securities.

"All insurers have no bonds devices: we, for example, we have none in our funds in euros, says Jean-Pierre Decourcelle, an actuary with Plan. Similarly, insurance companies are forced to find capital losses on shares if they fell heavily over a long period. If the markets return to the height of the end of the year, they will not have provisions to be made on the job. "Finally, insurers are sighted managers.Many have set aside a portion of profits in past years, and are ready to dip in to keep the remuneration available to investors.

Contracts in shares have plunged since the summer

Nevertheless, professionals predict a further decline in yields in the future. "The glorious years experienced by the life insurance rates of return regularly beating inflation ends. The challenge ahead for insurers is how to "at least maintain" the purchasing power of savings and to accompany the rise in interest rates will happen sooner or later the bond markets low interest personal loan.At that time, supports the euro should be able to follow this up, for the funds in euros of contracts of life insurance is an attractive investment, "said Hervé Shield CEO ACMN Life.

The crisis is most distressing for the subscribers who have chosen to diversify their life insurance on equity mutual funds whose value has plunged since the summer. They can take their troubles patiently … or bad for the capital and cut their intention to leave their families. If this capital is now less than the amount paid on the original contract, guaranteed "floor", usually scheduled by the insurer, can play.

Guaranteed "floor" is not automatic

If the policyholder dies while the contract is lost, it compensates for losses … that beneficiaries receive at least the capital invested in the contract by the deceased.Alas, all policyholders are not. It is often not up to a maximum age (75, 80), for a maximum amount (100,000 euros, 300,000 euros …), and sometimes for a specific time (the first ten years after subscription for example). Finally, if it is sometimes offered to the subscriber – the premium to pay for them is included in management fees – we must, in other contracts, have chosen to subscribe … and agree to pay the cost. "To invest in stocks without risks, some purchasers opt for formula funds, together with a capital guarantee at maturity. But beware, for death before that date, the guarantee capital funds committed to this formula, does not play.Paid-up capital to beneficiaries depend on the value of the fund at that time, "warns Armelle Thomas, marketing manager at Natixis Assurances.

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With its 4 million members and its 210 shops, France Loisirs seek to win customers from 50,000 to 70,000 in the first year. It would start with four cheap, discount deals, including allowing unlimited calls to three favorite numbers, an option that is disappearing from traditional packages.

Warranty Information

More original, France Loisirs Mobile should offer the rental of the phone for a few euros a month.An innovative package developed by Zero: instead of buying a mobile phone and to be committed in consideration 24 months, the idea is to rent it for a few euros a month. What interest? First, the rental of mobile allows access to telephones that would be too expensive, sold "naked", without subsidies. Second, in case of failure, the phones are guaranteed defective and replaced.A formula in which the small operator firmly believes that while the offers low-cost non-binding and without subsidy multiply on the market.

After this first contract with France Loisirs, Zero package, which aims to become the "first mobile white label" could sign with other partners, including a television and an insurance group who dream each to have their brand of mobile phone.

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Thus, at the height of the financial bubble, the specialist in financing local authorities have attributed to 25 billion euros of toxic loans to its customers, the newspaper said. "According to the estimate made by the bank, the additional cost of these loans was estimated at 3.9 billion euros at the end of 2009" advance the paper before adding "which means that communities should pay a penalty of this order. "

There would be no distinction between the municipalities affected by the specter of the subprime crisis in the French style.Thus, "communities of both right and left, the large urban communities and small towns" are concerned. The newspaper cites the example of Antibes "who had borrowed 60 million would pay 21 million in addition to that amount." Other departments are also affected: "The department of the Loire regulations, provide a slate of 22 million in excess of 96 million of loans and toxic Hospital Dijon should carry 31 million of interest on a loan-toxic 111 million, "wrote Libération.

Dexia is the only bank to have provided loans to local governments devunus toxic. The Caisses d'Epargne, Crédit Agricole and Societe Generale have also been on the market.

Already earlier this month, Le Parisien, Aujourd'hui en France revealed that hundreds of municipalities had been trapped by debt indexed to the Swiss franc.Attracted by interest rates below the market and claimed to be safe investments by banks, many local authorities have in fact left tempted by products called "structured" using variable rates indexed on currencies such as the Swiss franc. Now with the recent outbreak of the franc, the interest rates on these investments have soared, up to 20%, and early redemption penalties are sky high.

These issues should be discussed today at the National Assembly. Claude Bartolone, PS deputy and president of the General Council of Seine Saint Denis, presiding over a commission of inquiry "on risky financial products underwritten by local players." The latter particularly concerned after discovering that his department is surrendétté has declared war on the banks.

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"Hundreds of cities on the verge of bankruptcy

The fears of a contagion of debt throughout the euro area after exacerbated to "A/A-1" against "A + / A-1 +" in the night of Monday to Tuesday by Standard & Poor's. The rating agency also maintained a negative outlook on the evolution of the Italian economy and fears of political uncertainty. For the record, the Berlusconi government faces a debt of 1.9 trillion euros, or 120% of its annual GDP.An austerity plan has been adopted by Rome last week, providing 59.8 billion euros in savings with the objective of bringing the budget to balance in 2013. But for now, markets are not convinced.

As for adding fuel to the fire, the prospect of ending the crisis drags on in Greece. The conference call scheduled for Monday between between the Greek Finance Minister Evangelos Venizelos and the three leaders of the troika of the creditors of Greece, which gave birth to a mouse. The meeting, which aimed to reassure the ability of Greece to meet its commitments on reducing deficits, and has resulted in "no official announcement." And, after being delayed, as was held in the evening, while deny was originally scheduled for early afternoon.These evasions have nothing to reassure the markets, waiting for the release of the next tranche of Athens international loan of 8 billion euros by the end of critical October to break the impasse.

Barack Obama raises his voice

Instead, a new conference of the same type to take place on Tuesday, said the European Commission in a statement. To this must be added the possibility of an outflow of the euro of Athens as the Greek daily Kathimerini, the Greek government would consider holding a referendum on the continuation of the European currency. To summarize the current concern, Pedro Passos Coelho, Portugal's prime minister, warned in our columns that "if Greece dark, the whole European Union is at risk."

At the European gloom, in addition to lingering fears across the Atlantic, where Barack Obama announced a plan to further reduce the deficit of 3000 billion on Monday, financed half by tax increases for the rich, did not produce any relief. While demonstrating in front of shocked Wall Street against the "greed" of banks, including the U.S. president called the easiest to "pay their share," choosing not to extend beyond the end of 2012 the tax breaks granted to more off by the administration of his predecessor, Republican George W. Bush (800 billion dollars and would be recovered over ten years). "We can not afford these tax rates low for the rich.We can not help us while we are suffering large deficits, "he said.

A meeting of the Fed on rates

On the macroeconomic front, France, received orders worth in the industry in July will be released at noon Faxless payday loans.

In Germany, the ZEW barometer of confidence the financial community is expected at 11:00.

United States, the housing starts in August will be announced at 14:30. And above all, a meeting of the Monetary Policy Committee of the Fed starts on Tuesday for two days. The U.S. central bank is expected to launch a program to exert downward pressure on interest rates over time. The announcement could calm the markets, especially as the Fed pledged to keep rates low until mid-2013 as a minimum.

On the foreign exchange market, the euro fell against the dollar Tuesday as investors fearing an extension of the debt crisis in the eurozone. In the morning, the euro bought 1.3613 dollars against 1.3692 dollars the night before.

As for oil prices were mixed Tuesday morning in a market still concerned about the debt crisis in Europe after the fall of the note of Italy by Standard and Poor's. In early electronic trading, a barrel of "light sweet crude" for October delivery gave up five cents to 85.65 dollars per barrel of Brent North Sea crude for October delivery gained 48 cents to 109.62 dollars."The downgrade by Standard and Poor's has some worried the markets," said Nick Trevethan, commodities analyst at ANZ Research in Singapore.

Values ​​to follow

• Banking

Societe Generale, BNP Paribas and Credit Agricole were again under pressure. Standard & Poor's announced that it lowered a notch credit ratings long and short of unsolicited Italy, while maintaining a negative outlook.

• PPR

The Group confirmed the abandonment of the auction held to sell Redcats, a subsidiary of distance, a failure that demonstrates the negative impact the financial crisis on mergers and acquisitions transactions.

• Carrefour

The retailer plans to open within a year a luxury supermarket Place de la Madeleine in Paris (8th arrondissement) of 3500 square meters, La Tribune said Tuesday.The group distribution was confirmed to AFP on the eve "the existence of a project in the district of Madeleine," without specifying the content, however.

• Total

The oil company is seeking buyers for assets it holds on the British part of the North Sea without being involved in the operations, says Bloomberg. The value of these assets could reach 575 million euros. Total plans to invest in contrast to other sites in the North Sea.

• Zodiac Aerospace

The group released an annual turnover in growth and reiterated its goal of profitability for the year, thanks to the resumption of the aviation industry.

• ADP

The company announced that traffic was up 1.4% in August compared to the same month last year, 6.1%.

• Manitou

The group announced Monday to be ahead of at least six months of its turnaround plan after publishing financial results up sharply in the first half of 2011.

Thursday night, the European Central Bank (ECB), the U.S. Federal Reserve, the Bank of England, Swiss National Bank and the Bank of Japan reopened their facilities dollar loans to European institutions to three months, at their request . The decision was hailed by leading international institutions including the IMF, through its President Christine Lagarde: "This is a clear indication on their part, from the two largest members of the euro area from a point of Economically, the future of Greece is truly in the euro area.This appears to be strongly rooted in them both, "she said Thursday night by referring to the Franco-German tandem. The same applies to the ECB: "We are all very closely 'united in one purpose,'" said last night Jean-Claude Trichet, president of the ECB.

A meeting of finance ministers in Poland

Still, brokers are concerned that this improvement was not part of the time. "The coordinated central bank takes the market today," noted Toshiyuki Kanayama, broker at Monex, quoted by Dow Jones Newswires. But this does not solve the problem of the euro area should have a temporary effect. "And as if to echo, the Austrian Minister of Finance, Maria Fekter, has not ruled on Friday that bankruptcy Greece is a better alternative to a bailout too expensive."We should consider this alternative," she started.

Suddenly, all eyes have turned to Wroclaw in Poland, where there is a meeting of EU finance ministers on Greece. It should last two days and overcome the remaining obstacles to the implementation of the second plane to Athens to help avoid bankruptcy the country, totaling nearly 160 billion euros, decided July 21. Note that Timothy Geithneir, the U.S. Treasury Secretary, will attend the round table.Two press conferences are scheduled this Friday at 24:00 and 17:30.

Barack Obama campaigning for his plan for employment

On the other side of the Atlantic, U.S. President Barack Obama said Thursday night that his plan for the use of 447 billion dollars could generate "up to 2 points of growth" and lower "a point unemployment ", by creating 1.9 million jobs, in a speech in Washington. And while the United States are experiencing an unemployment rate of 9.1%.

On the foreign exchange market, the euro kept most of the gains made the previous day. The European currency was worth 1.3848 dollars and 106.31 yen Friday morning, down slightly compared to 1.3882 dollars from the previous evening.Similarly, the oil price displayed in a small increase in morning trading, a barrel of "light sweet crude" earned 5 cents to 89.45 dollars per barrel of Brent North Sea 14 cents to 112.44 dollars. "This liquidity will likely prevent the recession to hit the euro area, supporting crude oil prices," said Victoire Shum, an analyst at Purvin and Gertz in Singapore.

On the macroeconomic front, foreign trade and balance of payments in the euro area for the month of July will be published on Friday.

In France, business start-ups in France rebounded in August after two months of decline.A total of 41,697 companies were created last month, according to Insee, a figure up 7.5% from July, which was the worst month for a year and a half.

In Germany, German Chancellor Angela Merkel said today that German GDP growth would be "closer to 3% than 2.5%" this year.This statement comes as concerns about the impact of cooling of the global economy on the German economy, heavily dependent on exports, are more vivid.

United States, the net capital flows and the index of consumer confidence from the University of Michigan will be published early in the afternoon.

Values ​​to follow

Banking

Again, banks, led by Societe Generale (4.96% to 19.19 euros), Credit Agricole (3.30% to 5.70 euros) and BNP Paribas (3.92% at 31, 69 euros), will be scrutinized by investors, following the decision by central banks to help European institutions.

Air France-KLM (0.84% ​​to 6.11 euros) and EADS (+0.02% at 22.22 euros)

The manufacturer will control 50 devices equally between European manufacturers Airbus and Boeing, for a total of $ 11.3 billion (8.1 billion euros) to ensure the renewal of its fleet, say Les Echos to be published Friday.

Hermes (-6.08% to 252 euros)

Resumption of trading on Friday for the title of the luxury group, which was suspended the day pending the decision of the Court of Appeal in Paris on speculation about the fate of its capital due to a possible takeover bid by LVMH.

Areva (3.17% to 21.66 euros)

The group has suspended two months for the production of two French factories processing of uranium due to the decline in demand for nuclear power plants in Japan after the disaster in Fukushima, officials said Thursday from the French nuclear group.

EDF (2.25% to 21.09 euros)

Group and Electrical Delmi A2A and its majority shareholder, who jointly control Edison, announced the extension of their shareholder agreement until October 31 at number two in the Italian electricity.

In any case, what emerges from the latest wave of the Baro-Eco Viavoice for HEC, Le Figaro and France Inter, in August, the total fertility fell by 30 percentage points from May "Unheard of. And, – 55, the index fell to its lowest level since its inception in 2004, "insists François Miquet-Marty, president of Viavoice.

All indicators are in red and some even collapsing altogether. Thus, three out of four frames (+ 25 points) expect a deterioration in living standards in France in general in a year, against one in two in May.And nearly eight in ten (39 + points) forecast an increase in unemployment in the coming months (the survey was conducted before the publication of poor figures from July). "The extent of the deterioration of macroeconomic indicators is particularly worrying," believes François Miquet-Marty payday loans.

Fear of a recession

In this context, it is not surprising that they are pessimistic about the evolution of the economic situation. Seven in ten think that France "will again be in recession" over the coming months."The risks of recession concern especially as states now have more ways to revive the economy," said President Viavoice.

The personal perspectives of white-collar darker too, even though the labor market frameworks remained well oriented in July, according to latest statistics from the Apec, with offers up 67% over 12 months. According to the barometer Viavoice near a two-part (+ 16 points) think their personal financial situation "will deteriorate." More than eight in ten believe that the opportunities to advance their careers will be "weak". "Vote the budget framework of Franco-German proposals against the crisis, G20 in the fall: the appointment of school appear to be crucial to restore the confidence of executives," said François Miquet-Marty.

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