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.

For its part, EDF is less verbose but the electrician had lights in late September some 595,000 residential customers in the gas.In 2010, sales of natural gas to EDF to its end customers in the Hexagon were approximately 21.4 terawatt hours (TWh), representing a market share of 4%, all segments.

On the one hand, a gas operator that grows in power, on the other, an electrician who took off in the gas: in theory, liberalization of energy markets in France shows its dynamism, this except that this development benefits first and foremost the two companies formerly a monopoly – one in the gas, the other in power. However, on their original business, each ultradominatrice remains, as evidenced by the overwhelming majority of consumers who remain loyal to regulated tariffs.

Click on the thumbnail to enlarge the graphic.

"The situation is not very surprising, both groups have a great reputation with consumers, said Xavier Caitucoli, CEO of the alternative supplier Direct Energy. To fight against them, we start with ball feet. "This does not preclude ambitions: after taking control of the other independent Poweo – which will be operational in early 2012 – Direct Energy will build a portfolio of one million customers – residential and business – in the gas and electricity payday advance lender. It is thus the only real challenger of the two giants.

How to reverse this trend which EDF and GDF Suez are the big winners from liberalization? "A better understanding of the system is indispensable.Our barometer shows that only two out of three French know they can change their energy supplier, says Xavier Caitucoli is the same number that ignores the opportunity to return to regulated tariffs after having left them. "

One Bill Power

This lack of information goes a step further. According to studies of the Ombudsman and the National Energy Regulator, over a third of consumers believe that EDF and GDF Suez form a single company. Under these conditions, one can legitimately ask how many electricity customers GDF Suez know they have left EDF and vice versa for gas customers of EDF.

This confusion can be exploited during a move: the customer who has just moved called GDF Suez, for example asking for the commissioning of the gas and the adviser asks him if he wants a single gas and electricity bills.If he says yes, the consumer is unaware that he has an offer to purchase electricity at market prices on behalf of an alternative operator.

Although it has many tools available to the consumer, the National Energy Ombudsman is not legally competent on issues of contract formation. Anyway, this is not what will hinder virtually unchallenged domination of the two incumbents.

On the commercial, the brand has benefited from the generosity of telecom operators no fax cash loans.While the iPhone 4S is priced starting at 629 EUR without subscription, SFR proposed to 129 euros with a subscription. The offer was so successful that he is out for the operator. In the U.S., the iPhone 4S is available from $ 199, with a subscription Wi-Fi in three operators.

It is also difficult not to link the commercial success the emotion aroused ten days ago by the death of Steve Jobs, the founder of Apple. Testimonials from fans vowing to take their phone to replace it with an iPhone 4S in honor of its inventor had multiplied. They probably kept his word. He had never sold as many copies of an electronic device in such a short time.

ALSO READ:

"Apple iPhone 4S: the test of Figaro

"The newspaper publishers are a common front against Apple

"The frenzy of the fans of Apple

A successful international expansion

Casino has succeeded mainly in some countries. The group of Latin America's main platform for international expansion, although the group has some nice success in Asia (Thailand and Vietnam). First, it is Brazil, where Casino owns jointly with its parent company Rallye, 48.1% of CBD Grupo Pao de Açúcar. The success of Casino in the country had also been salivating Carrefour and its shareholders. They had tried to orchestrate a merger that was not the taste of Casino.

A successful real estate subsidiary

Casino can also count on its real estate subsidiary Mercialys. It is worth 2.56 billion euros for a wealth of 2.54 billion euros. In fact Carrefour has assets, much larger, estimated at 15 billion euros. But its real estate subsidiary project fell into the water.

Little excitement in the shareholding

At Casino, ownership has been stable since the merger in 1992 Rallye and Casino. Jean-Charles Naouri has locked the capital since its holdings Rally and Kerrous hold 51.09 and 6.49% of shares. Brother Albert is a quiet and faithful shareholder with 1.7% of the capital. At Carrefour, the float was very important before Bernard Arnault and Colony Capital will invite themselves to capital. They jointly hold nearly 14% of the shares 100% free credit score.

Governance, clear and precise

At Casino, Jean-Charles Naouri decides.At Carrefour, the change of presidents have succeeded without success. Since the departure of Daniel Bernard, nor José-Luis Duran or Lars Olofsson have managed to revive the company. On the contrary, records against Carrefour-performance, particularly in France.

To a satisfactory third quarter Casino

Wednesday, October 12 evening, Casino will publish its revenue for the third quarter. While billings should not proceed at a pace as rapid as in the first half (+18.8%) but growth is expected to remain satisfactory. Unlike Carrefour, Casino relies on strong performances in France.

The stock options

These findings illustrate the past, but investors should now focus on the analysis of the perspectives of both groups. From this point of view, the stock options is tricky.In fact, Carrefour has fallen very low and it is difficult to imagine a new fall of the action. Carrefour has suffered a lot of hedge fund strategy of buying and selling Carrefour Casino uncovered. Most of the fall of Carrefour is behind us. The recovery will take time but it should be occurring at one time or another. Casino has a real advantage for the shareholder, the group pays a regular dividend and generous. Those who want to enjoy a very high efficiency can also turn to rally, the parent company of Casino.

ALSO READ:

"Casino reaffirms its presence in Brazil

"Carrefour forced to change strategy

"Carrefour will not achieve its objectives this year

He emphasized the plight of small business owners whose interest rate credit cards rose from 8% to 28% after the 2008 crisis."And since this depended on credit to manage their businesses, many of them have actually been closed," he said. "At the same time, the decision not to inject capital into banks but in reality to relieve them of their bad assets and allow them to get out of the hole left banks with super-profits and allows them to pay super bonus, "he added.

Surprising support

The confession of George Soros calls and detonates. If the wealthy American investor has always denounced the current financial system, guilty in his eyes, among other things, be detrimental to the economies of developing countries, its position is unique.

Indeed, George Soros has amassed an enormous fortune based on speculation through its investment fund Soros Fund Management.It is especially known for its raid against the British pound in September 1992, allowing him to pocket more than a billion dollars in one trading session. At first glance, his career does not echo the fight against greed advocated by the protesters.

Billionaire investor but also important philanthropist, George Soros is a man of paradoxes. Seventh richest American in Forbes in 2011, with a fortune estimated at $ 22 billion, founder and adviser of the investment fund Quantum Fund domiciled in the tax haven of the Netherlands Antilles, it supports and finances together for a long time the development of societies democratic and open especially in Eastern Europe, notably through the Soros Foundation or the Open Society Institute he created.

An investor free of dogma

At the same time investor Carlyle Group, one time advised by George H.Bush, but support for Barack Obama in 2008, George Soros is an investor wants free of dogma or ideological affiliation.

After obtaining the support of George Soros, the demonstrators were hoping this week that major U.S. unions, supporters certainly less unusual but equally crucial for the future of their movement.

The movement of those that we now call "the unworthy Wall Street" and is gaining momentum in the country can count on the support of several celebrities from the beginning of its mobilization.Thus, from Susan Sarandon to rapper Lupe Fiasco through Yoko Ono not to mention the director and unconditional destroyer of American capitalist system, Michael Moore, there are dozens of personalities, mostly from the art world, displaying their support for this movement of social revolt in the heart of the world capitalist system.

ALSO READ:

"SPECIAL – Depression, fear of debt

Anticipating the new, the Danes have rushed into their supermarkets this week to refuel."We had to stock tons of butter and margarine to be able to serve our customers," says Soeren Joergensen, a group leader dairy Arla Distribution. "The week was rather chaotic, with lots of empty shelves. People filled their freezers, "says Christian Jensen also responsible for a independent supermarket in Copenhagen.

An "administrative nightmare"

While retailers are rubbing their hands, business is gray mine. The Confederation of Danish Industries (DI) is even talk of an "administrative nightmare" no faxing payday loan. The products are imported or Danish manufacturing, it will indeed ask for statements to producers on the amount of saturated fat in the product but also used in its preparation.Similarly, updating of computer systems has required many hours of overtime for producers and retailers. "All this has a cost that will be passed on to consumers," warns Gitte Hestehave, spokesman for the DI. "I doubt this will have a positive impact on health, it is simply an additional tax," she adds.

For its part, the European Commission said "monitor" the introduction of this tax "to be sure she does not create barriers to trade" within the European Union. Indeed, when the fat content of an imported product is not sufficiently indicated, Denmark reserves the right to impose a flat fee plus importer. This could push them to move away from products from other Member States where the reference to amounts of saturated fat is not required.

ALSO READ:

"" A natural fruit juice is as sweet as a soda "

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.

Investors seem reassured by the Fed to continue to support that ensures the growth of the United States by a new policy of monetary easing.These remarks, made during the last minutes of the meeting of the Monetary Policy Committee, reinforce those of the Federal Reserve chairman, Ben Bernanke, who on Friday called the elect to make fiscal stimulus measures to complement the action of the bank Central. They were also supported by the publication of encouraging indicators.

Busy schedule in the U.S.

On Thursday, investors will keep an eye on the macroeconomic agenda of the day will still be charged in the United States. On the menu: the Monster Employment Index and weekly jobless claims before the highly anticipated monthly employment report on Friday. Productivity in the second quarter and is expected construction spending and ISM manufacturing.

In France, the unemployment rate as defined in International Labour Office (ILO) decreased slightly by 0.1 points in the second quarter to 9.1% on average in metropolitan (9.6% including the departments of overseas), according to data seasonally adjusted (SA) Interim released Thursday by the INSEE

As for the oil markets, a barrel of "light sweet crude" for delivery in October gained 21 cents to 89.02 dollars in morning trading and a barrel of Brent North Sea crude for October delivery climbed 29 cents to 115 , $ 14. On the currency markets, the euro fell slightly to 1.4358 dollar.

Values ​​to follow

Banking

Greek debt is out of control and the measures taken by the government can not restore the finances, the report of an independent parliamentary commission on Wednesday.

Illiad

The internet service provider reported in the first half of 231,000 new subscribers under its brand Free (excluding Alice), a market share of 36% and saw its EBITDA margin to improve by a , 4 point to 40%, or 416.4 million euros on sales of 1.04 billion (+2.6%).

France Telecom

The U.S. administration has initiated legal proceedings Wednesday to block the sale of Deutsche Telekom's U.S. subsidiary T-Mobile to the giant AT & T for reasons of respect for competition.

Pernod Ricard

The French producer of wines and spirits, announced Thursday a 10% increase in net profit for the year 2010-2011, exceeding for the first time the billion euros.

Eurazeo

The investment company said Thursday in a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill

GDF Suez

The group said it had completed the acquisition of gas storage sites in Germany.

Eiffage

The new CEO of the group does not preclude the sale or closure of loss-making subsidiaries to consolidate the early resumption of the performance of the construction group observed in the first half.

Saint-Gobain

The group announced it would invest $ 100 million (69.41 million euros) in the United States to create a factory specializing in the manufacture of ceramic balls ("proppants") used in wells oil and gas.

Latécoère confirms its objectives

Lagardère

The group was forced to significantly revise down its forecast for operating profit for 2011 because of the difficulties encountered by the sports center in the first half.

Maurel et Prom

The group took the first half of the increase in its oil production and high prices in oil prices to clear the results up sharply.

Guyenne et Gascogne

The group reported a loss in the first half, the franchisee of Carrefour have been penalized by its subsidiary Sogara whose accounts were affected by several non-recurring items.

Latécoère

The group, whose net income rebounded sharply during the first half, confirmed its targets for operating profit in 2011 and 2012.

Theolia

The group reported Wednesday a recovery in its interim results, the French wind power has reduced its interest expense over the period, particularly through the conversion action of nearly two million of bonds.

After market, Neopost will publish its revenue for the second quarter and Stallergenes results for the first half.

Volumes are again very important, all displaying European stock markets by mid-day trading levels higher than their usual daily average. The CAC 40 is changing and in volumes representing 167% of its already daily average the last three months, with nearly 4.7 billion traded. On the Frankfurt Stock Exchange, they exceed 180% of their usual average, and 130% in London.

After returning to 3200 points at the opening (3188.27 points), the Cac 40 was eventually changed to 11 hours of trend (-3.35% to 3020.46 points at 10:45).Shared a tendency in Europe: Frankfurt, after opening down, quickly moved into the green before sinking 3.12% to 5738.47 points. In Madrid, the Ibex 35 yields 1.38% to 8342.8 points. Only the London remained in the red since the opening, and loses in mid-session 1.80% in 4977, 68 points.

Pic of volatility

This new session, that of all the dangers after Black Monday in the markets, not immune to the extreme nervousness of investors. With a drop of 18% of the index in Paris in eleven sessions, the CAC 40 lost again yesterday his record consecutive bearish sessions.In addition, the volatility (the highest for two and a half years as the VIX (16.7%), shows that investors are not convinced by measures taken in Europe and the United States for fiscal consolidation and boost growth.

Even the 2 billion euros pledged by the European Central Bank (ECB) on Monday to buy back bonds in Italy and Spain, have yielded only very temporarily a little breath on the markets. According to a consensus of managers interviewed by Reuters, the institution should indeed buy at least 100 billion of sovereign debt in Spain and Italy to strengthen the euro area and reduce the pressure on the markets.However, the relaxation on the 10-year rates of the two countries is continuing this morning, those of Spain from below 5%, while those in Italy were approaching that threshold.

Moreover, the lack of effect on the markets of the intervention of U.S. President Barack Obama shows that political speech has no impact on investors, beyond the break-off. This has not prevented the U.S. Treasury Secretary Timothy Geithner, to find that governments and central banks, have "largely on the margin" to address the crisis.European side, the statements are also increasing, Jean-Claude Trichet, ECB president, on Tuesday called on governments to "do their job" and put in place as soon as possible bailout of Greece, adopted on 21 July.

Policy responses are not sufficient to calm the

Is it possible? Hard to say, as investor psychology seems to look for a disability policy to find new tools to address the current crisis. For two weeks, no action relieves durablementles markets and break the vicious circle in which is immersed the Paris index.From this point of view, no new ones are expected at the meeting on the macroeconomic front.

The eyes are still turned to the United States, where the Monetary Policy Committee of the U.S. Federal Reserve (Fed) will hold a highly anticipated meeting this afternoon to decide on measures against the risk of a further slowdown in growth paydayloans. The conclusions of this meeting, however, should not be made public until 20:15, Paris time, and will therefore not affect the European markets.

Investors console themselves with the publication at 14.30 on U.S. productivity figures for the second quarter, which could give a little more on the state of the world's largest economy.In this dark period, is good news also came on the morning of the Budget Ministry, which reported just before a stock market stabilization French public deficit at the end of June, to 61.3 billion euros.

Moreover, according to figures released this afternoon by INSEE, the price of oil in dollars recovered in July (+2.3%) after declining by 1% in June The price of imported industrial raw materials has, too, bounced: 1.9% in July, against 0.2% a month earlier. Same trend for raw food (+1.0% after -0.8%).

For its part, the Organization of Petroleum Exporting Countries (OPEC) also lowered its demand forecasts for 2011. In its monthly report published on Tuesday, the organization expects a demand for crude to 88.14 million barrels per day (bpd), against 88.18 million bpd set before.

The barrel still under pressure

The report is closely watched, the price of oil is very strong pressure for 15 days under the effect of the downward revision of demand forecasts. A decline which continued Tuesday, but less than the opening. In electronic trading in Asia, the "light sweet crude" for dropped below 80 dollars (78.92 dollars in mid-day) while the barrel of Brent crude down $ 100 for the floor, then back to 101.04 dollars.

As for the exchange, finally, the single European currency regained color against the greenback until the Fed meeting tonight, the euro climbed to 1.4234 dollars at 8 o'clock, against 1.4179 late Monday. Note that the face of these uncertainties, gold enjoys full status as a safe haven, record after record signing.The ounce finished on a further rise Tuesday in Hong Kong dollars to 1753.50, after hitting a new record for the session at 1772.09 dollars.

Side analysts, speeches remain cautious, noting that "the large volumes show that we are not in a sluggish market, typical of the holiday, but in a situation of significant liquidations of positions, as and when traders' confidence evaporates, "according to Jonathan Sudaria Capital Spreads.

The side of values ​​to follow:

Financials bounce (BNP Paribas takes 1.09% to 39.74 euros, Societe Generale advance of 1.17% to 25.42 euros and Credit Agricole gleans 0.53% to 6.79 euros). Natixis (2.90% to 2.97 euros) goes back more vigorously the slope, while Axa was hand plunged from 1.23% to 10.85 euros.Faced with the sharp fall in equity markets, the Financial Markets Authority (AMF) did not consider it unnecessary at this stage to ban short selling in these securities, said Monday a spokesman for the regulator stock.

Alcatel-Lucent (2.344 to 5.44%) shows the largest increase in the ACC after losing 31.5% over the past two weeks.

GDF Suez (-1.51% to 19.52 euros). the group has reached an agreement with the Chinese sovereign wealth fund CIC. Beijing will take a pole in its exploration and production investments and participate in the French group in Asia Pacific, told Reuters on Monday sources familiar with the matter.

Archos (-6.19% to 6.82 euros). The specialist tablets unveiled Monday a net profit after market semi-annual 1.7 million euros against a loss a year earlier.The group also confirmed its objective of a gross margin above 20% for the full year.

Euro Disney (-0.20% to 4.96 euros) reported, shortly before the opening of the Exchange, an increase of 7% of its quarterly revenue (T3), to 344 million euros and announced an increase in spending per visitor.

Important point of this agreement in principle: the amount of the increase will allow the U.S. to respect the new ceiling and be able to borrow until 2013, after the presidential elections.What Barack Obama was anxious to avoid having to reopen the thorny issue next year, during an election campaign.

A first submission to a vote expected in the day

However, the plan still has some gray areas. Few details have yet filtered on additional measures to reduce the U.S. deficit. According to a U.S. official, the agreement provides for an initial cost reduction of 1.000 billion. A special commission bipartisan Congress will then be responsible for finding (before Thanksgiving or the end of November) of additional spending cuts of 1.5 trillion dollars. In addition, the plan would not include any tax increases in any form, which may go wrong on the left of the Democratic Party.In the event no agreement on budget cuts intervene further, a binding mechanism would be in place, automatically imposing a number of cuts, including the defense and the Medicare health program for the elderly.

A senior White House nevertheless said that Social Security and Medicare, the health program for the elderly, would not be affected by these cuts automatically. This is also particularly at this point that the negotiations had stalled in recent days.

If the announcement of the agreement has given the air in the financial markets, particularly the Asian markets, still needs to be valid by the Congress voting this agreement in principle. Again, the timing is still tight. To avoid any permanent non-payment, the agreement must be approved before midnight Tuesday (Wednesday 16 hours in Paris).The common ground found by the two parties should be submitted to a vote of both houses of Congress on Monday.

ALSO READ:

"The impact of an incalculable loss" AAA "American