Yesterday the market was still tune in slow motion. The trade volume has exceeded painfully € 2 billion on the great values ​​of the Paris stock exchange. On this day of "Black Friday" in U.S. markets opened for a half session. This day, like every day after Thanksgiving, sounds the start of the race for Christmas Atlantique.Chasse addition to good affairesAprès six consecutive sessions of sharp declines, few operators present at the Paris Stock Exchange engaged in an intense bargain hunting in financials and cyclicals cash advance.Operators complain German blockages on the tasks of the European Central Bank (ECB). France advocates a more determined it to help countries in trouble. Germany refuses. Sign of the tensions still very strong on sovereign debt, the performance of the Italian debt in two years reached a new peak since the creation of the euro, exceeding 8% in session on the secondary market.

Values ​​to follow

Axa (1.67% to 8.85 euros)

Groupama considered too low prices offered at this stage for its subsidiary Gan Assurances and may delay the sale beyond the end of 2011, reports vendrediLes Echos.

The purpose of the meeting, namely save 12,000 points, was not required. The wait has indeed been the watchword of the early week, prior to the G20 on Thursday and Friday in Cannes, where details should be made on the details of the agreement found in anti-crisis pain last week by the European leaders.The meeting of 20 major economies is also expected to learn more about the country or not willing to provide assistance to the euro area, particularly those that abounded to strengthen the European Financial Stability Fund (EFSF).

From this point of view, the information coming from China will be scrutinized carefully, as the rumor last week gave ready to help the euro area up to 100 billion. Confirmation of this outstretched hand should be seen by investors as an additional guarantee of the remoteness of the risk of contagion of the Greek crisis in the entire euro area cash advance today. Saturday, the credit rating "AAA" of EFSF was confirmed by the three rating agencies, Standard and Poor's, Moody's and Fitch.

Despite the caution expected, the decline is somewhat less pronounced than in other financial centers.If macroeconomic issues set the tone in the markets in recent weeks, the place New York has received quarterly publications of good quality. According to Bloomberg, three-quarters of the S & P 500 so far released their half year exceeded expectations. On average they exceeded analysts' forecasts of 5.8%. What support the stock market rally seen across the Atlantic: September 30, the U.S. benchmark index has awarded nearly 11%.

The dollar advance against the yen, oil decline

The decision of the Japanese government, who spoke Monday on the foreign exchange market to weaken the yen, playing on the foreign exchange market. To 21 hours in Paris, the U.S. dollar rose against the Japanese currency to 78.16 yen against 75.81 yen on Friday night. For its part the European currency rose to 108.98 yen against 107.31 yen Friday.

The challenge? Nothing less than domination of world markets for smartphones and tablets. In this war, patents have become high-tech weapons. "We are committed to defending what is ours," said Tim Cook, Apple's boss, to justify its legal offensive. An argument that still does not convince experts in the field. "This kind of confrontation usually results from financial transactions or licensing agreements," says Marina Cousté, a partner in ReedSmith.

Faced with this new situation, companies are reviewing their strategy. Patent portfolios are now bought at exorbitant prices. Last August, Google has spent 12.5 billion dollars to get their hands on Motorola.A transaction whose main interest is based on the 17,000 patents owned by the mobile manufacturer. Other operation iconic, the acquisition of Nortel's 6000 patent by a group of business settings such as Apple, Microsoft and RIM to $ 4.5 billion. $ 750,000 is the average patent! "Be careful, warns Marina Cousté, the risk of bubble the value of patents should not be dismissed."

Real rents

Patent holders are sitting on a pile of gold. They seek to enhance their capital. This is the case of Kodak, in great difficulty in cameras, which seeks to monetize its patents. There plans to sell a thousand. On Monday, the U.S. announced a licensing agreement with Imax, on 50 patents for the large screen.

Finally, the sale is a licensed real cash for some companies.In France, Technicolor (formerly Thomson) is a national champion figure of the genre. "The business license is an asset firm with a rich portfolio of patents on the technologies of sound and image," argues Technicolor. In total, the license agreements reported 447 million in French in 2010, 12.5% ​​of its turnover. Philips and Sony, the holders of licenses in the field of DVD players, are contrary to dry up this source of income. The Blu-ray could have been an additional resource. But the dematerialization of content paves the way for other families of patents.

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Announced tonight the death of the charismatic leader will Apple does the same concerns in the markets? It is no surprise to Apple's shareholders. The charismatic leader had prepared his departure, giving the reins of his company to Tim Cook. But his death marks indeed the end of an era for the firm at the apple.

In exchange, if Apple has lost 1.31% to 279.25 euros on the Frankfurt Stock Exchange, the stock has limited the damage in New York, falling 0.23% to 377.37 dollars after gaining 1% in first exchanges.

The title after the stand 4S iPhone

Steve Jobs as a CEO was not like the others.Associated with the image of the company he co-founded, he was also in stock. Apple has become the first in the world market capitalization, elbow to elbow with Exxon Mobil pay day loans.

As Steve Jobs made Apple, Steve Jobs's health was reflected in the title. Suffering from cancer since 2004, the group leader had to leave several times, until he left there just over a month, on August 25. Each announcement related to his health problems, the markets feared for the future of the group and the title suffered large fluctuations.

Two days ago, the title fell by 5% during the session along with the presentation of the 4S iPhone. The latest version of Apple's flagship phone, slightly different from the previous one, was disappointed the markets, hoping to iPhone 5.But the title was returned to the balance at the end of the session and finished on a moderate loss of 0.56% to 372.50 dollars. Sign that investors want to believe in the capacity of Tim Cook to keep the group at the top.

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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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.

For security, the three New York airports – JFK, La Guardia and Newark – will be closed to aircraft arriving Saturday at noon (18 hours Paris time). The flights from these airports, however, may take off until further notice. This is an extraordinary disruption to an area that typically concentrates the air flow one of the densest in the world: each year, as many as 100 million passengers pass through this metropolis.This weekend, nearly 8,000 flights should be canceled.

Like most of his counterparts, Air France announced Friday the cancellation of all flights to New York JFK on Saturday and Sunday, while disturbances are waiting on those provided to and from other cities the coast, like Washington, Philadelphia or Boston. The resumption of service, from Monday, could also be laborious and cause further disruption, have also warned the airlines.

Transport suspended

Measure more tangible for the people, public transport will be suspended in the Big Apple this Saturday from noon until probably Monday rush hour. The subway, buses and railways do not circulate. Motorists have also been asked to leave their cars at home until the alert is lifted.If winds exceed this weekend 96 km / hour, the authorities of the State of New York have also warned they would close the main roads towards the city, and some bridges.

Given the restriction of transportation and possible damage caused by the passing of Irene, the inhabitants were ordered to stockpile water and food in preparation for the weekend. "Water is our product that sells best," noted the retailer Wal-Mart on Friday. Many are those who are armed with power generators in case of power failure.

To address these potential damages, the cost could rise to nearly $ 12 billion according to consulting firm Kinetic Analysis, U.S. authorities are preparing to deploy in new ways.900 National Guardsmen and 2,500 workers in the electricity sector include ready to intervene in case of power failure. All these measures aim to avoid at all costs repeating a scenario to Katrina, the hurricane that was painfully struck New Orleans in 2005.

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Both men called on States to the euro area to accelerate the implementation of the comprehensive plan to rescue Greece definitely reassure the markets.The urgency is evident: "It will take months before the European Stability Fund is able to buy government bonds on the secondary market, as decided by the European Council last month," said the office Study Capital Economics. In the meantime, fragile states are likely to face difficulties refinancing growing. In this regard, the Commission President José Manuel Barroso, said Wednesday that he would write to all Heads of State in the area to "squeeze" to "implement without delay" these measures, the being adopted by their parliaments.

European leaders also need to fill a second front, the economic downturn which threatens to investors that the States of the euro area are not able to meet their deficit reduction program.It is the task that has been working Silvio Berlusconi, in a speech to Parliament just after the market close.

Fiscal consolidation

For half an hour, the Italian Prime Minister strongly defended the fiscal consolidation that his government plans to boost growth and drive the deficit to balance by 2014. If it has not announced any new target figure – or even offered to return to equilibrium faster – it has committed to implement an "immediate action plan" coordinated with the social partners and opposition, and expressed his determination to confront the crisis "with consistency and firmness, without following the nervousness of the markets."The "economic and financial fundamentals are strong in Italy," he said to them.

In terms of concrete measures, it confirmed the release of 7.4 billion euros in three years for the Mezzogiorno. He did not mention, however, measures to reduce overstaffing of government, the duplication of structures and salaries and excessive fringe benefits enjoyed by politicians and community leaders.

His intervention is therefore likely to disappoint the markets violently attacking Italy from the beginning of the week. Wednesday afternoon, the rate at ten years was $ 393 Italian basis points (3.93%) over the German Bund. A level equivalent to that of Greece there are sixteen months.

The Bank of Italy follows with vigilance the developments.Its governor, Mario Draghi, who will succeed in November to Jean-Claude Trichet at the head of the ECB was consulted twice in five days by the head of state. Silvio Berlusconi's speech was accompanied by Italian all-out offensive to try to reassure Europe and international investors. Giulio Tremonti met Wednesday for two hours in Luxembourg President of the Eurogroup Jean-Claude Juncker, who called for further "quiet" thinking about the debt crisis. For its part, the director Vittorio Grilli Treasury undertook a tour of Asia (Singapore, China and Hong Kong) to persuade sovereign wealth funds and the business community the opportunity to invest in Italian government securities.