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 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.

Appeared in France in 2004, the McCafe accelerate their development. With 18 million euros in turnover in 2010, the McCafe will now represent only 1% of sales for McDonald's in France. This year, 50 new cafes have opened, bringing the total to 134. The chain is pleased to have already welcomed nearly 10 million customers since January, as much as the whole of 2010.

With the launch of these sandwiches, the McCafe wants to expand its sales morning.While McDonald's realize most of their revenues with meals, sales of McCafe are indeed distributed at different times of day: 40% are performed in the afternoon, 25% in the morning and the rest in addition to the meal at McDonald's.

"Rely on the uses of land"

For this, the American chain ensures adapt to local habits, developing a range that "locks onto the customs of the country," says Annabelle Jacquier, Business Unit Director of McCafe and Salad Bars. Croissants are filled and the menu of Italian McCafe and toasted bread filled with cheese is available in Portugal.

In France, the McCafe initiated the sale of badges and sell pastries baked on site.With sandwiches, McDonald's wants to get into habits, "the pastries were already very French, but they are pleasures to be agreement from time to time, not necessarily every day. Instead, the sandwiches are part of our daily lives, "said Annabelle Jacquier.

With this new offering morning, the channel hopes to "increase the frequency of visits and bring in new customers." "The goal is to sell as many breakfasts of pastries that we sell today," said Annabelle Jacquier. The offer of Mc Cafes continue to "French" with the launch in late October, pastries Regional: kouign-Amann, fluted Bordeaux and Paris-Brest will rub and muffins and brownies already proposed.As for McDonald's restaurants, they offer sandwiches to stick next year.

ALSO READ:

"The stick is new at McDonald's

"Conservators embark on the hunt for customers in the morning

The dissenting voice of the German finance minister

But Christine Lagarde acknowledged that differences still exist between the IMF and ECB experts on the methodology to achieve the quantification of the capital requirements of banks.The final decision of the IMF should be in the final report, whose publication is expected by the end of September. The difference analysis between the IMF and the Europeans based in part on how to account for the value of government bonds of countries at risk in banks' balance sheets payday loan lenders. The former are open to the idea of ​​using their market value, while the latter prefer internal models are less sensitive to changes in short-term securities.

Meeting in Marseille on Friday and Saturday, finance ministers from the euro zone wanted reassurance on the European banking system, swearing that he will not go bankrupt. All? Not a voice was more concerned desired. That of the German finance minister, Wolfgang Schäuble, who would, according to Spiegel, already developed a plan to prevent the bankruptcy of Greece.That should not reassure the financial markets the Cac 40 lost a quarter of its value in two months going over under the 3000 points – while a crucial week promises to Greece and the euro area.

ALSO READ:

"The ECB is torn on the strategy to save the euro

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.

The pressure was at its height on Friday night Silvio Berlusconi, Italian Prime Minister. According to Reuters, the European Central Bank had asked him to commit to implement fiscal reforms quickly, a prerequisite for debt it bought the Italian Treasury. This would include an amendment to the Constitution so Italian and to introduce a "golden rule".Rome could make announcements to that effect from this weekend, in exchange for which the ECB would intervene in the markets next week to support the Treasury of Italy. These rumors had the effect to strengthen the euro against the dollar.

Sign of financial globalization accelerated the past three years, Asia is now that Western countries face their responsibilities. Major creditors of the United States and the eurozone, Japanese and Chinese have expressed their annoyance. "We hope that the United States adopt measures to ensure the safety of assets held in the U.S. by other countries," said Chinese Foreign Minister Yang Jiechi.The latter also called on the world's major economies to strengthen their "communication" and improve "global economic governance."

The Minister of Finance of Japan, Yoshihiko Noda, for his part called "to discuss" problems of market distortion currency, debt crisis and U.S. economic issue. Asia calling the West to deal with its imbalances, the G7 in reverse!

Calls to Action

Side the euro area, the calls begin to be heard. According to the Commission President José Manuel Barroso, who has asked Member States to vote as soon as the new aid package to Greece, the Commissioner of the Economy, Olli Rehn, has increased calls for the Friday action. He acknowledged that "the current crisis is not just Europe cash advance in one hour."He said the solution may be to the world and "international coordination through the G7 and the G20 is very important," two bodies currently chaired by France. In this context, Nicolas Sarkozy has held since his vacation spot in Cape Negro a telephone conference with German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi and Spanish Prime Minister Jose Luis Zapatero. He also had talks on Friday with Barack Obama. But as in previous crises, Europe is still far from offering a united front to the markets. Spanish Finance Minister, Elena Salgado, has sharply criticized the European Central Bank, which, she said, created "confusion in the markets."Implicitly, Madrid surprised that Jean-Claude Trichet at a press conference on Thursday, has announced the resumption of purchases of debt of Ireland and Portugal, two countries with financing needs are in principle already covered by the European Solidarity Fund (EFSF), even if it is unable to avoid tension on the secondary market.

However, the ECB has done nothing yet for Spain and Italy, which are in turmoil.Another sign of division: several Anglo-Saxon sources have suggested that the decision to resume the buyback of sovereign debt was opposed by the Germans, Dutch and Luxembourg in the Council of the ECB.

"The market seems to have understood that the European Summit of 21 July has finally brought a DIY solution to alleviate the difficulties of the peripheral countries of the Union", are economists Natixis. Principal is the day the bond markets, the rate loans to ten years in Italy increased over Spain, 6.12% and 6.03% respectively.Hence the pressure on Berlusconi by the ECB, and behind its main shareholder, Germany.

ALSO READ:

»COMPUTER GRAPHICS – Who holds the State debts

"The ECB tries in vain to calm markets

"The issuance of Eurobonds, the weapon against infection?

In the format of Figaro, thirty-two pages, business people and tourists from the Middle Kingdom will discover, in Mandarin in the text, the cream that offers its readers the first French national daily in fashion, beauty, watches, food, outings …

"Paris Chic is a" best of "specifications" and you "dedicated to the art of living and Figaroscope, says Anne-Sophie von Claer, deputy director of the writing of Figaro. The idea is simple, but it could not be achieved with this ambitious and rewarding as this approach Figaro.This is a project that rewards the know-how of our journalists. "To reach its target, Paris Chic will be distributed both in China and France, in places frequented by all Chinese travelers looking to experience the capital, out and shopping. The total circulation reaches 220,000 copies: 150,000 copies in China and 70,000 in France.

More than 2 million visitors each year

In China, the title will be set up in travel agencies and business areas of airports. It will also be distributed through premium clubs banks ICBC and Bank of China. In France, Paris Chic will be visible in 600 hotels, luxury hotels and three to five-stars.

"Wherever Chinese travelers staying, said Eileen The Mute, Deputy Director International Group Figaro.Head offices and workplaces of senior officials and businessmen will also be supplied. "

The potential is considerable. According to the World Tourism Organization, more than 2 million Chinese a year visit France in 2020, against 600,000 in 2009. Currently, 60% of their budget goes to luxury shopping. Paris Chic four numbers are already programmed.

"We do not yet know what the final rate as demand from advertisers is already very strong," says Anne-Sophie von Claer. A version is provided in Korean. Others could follow, including Russian and Portuguese.

In Japan, the Nikkei, which lost 1.43% Tuesday, was up 0.46% to 9971 points at a time of closing. The banking sector rebounds: Nomura (0.78%), Bank of Yokohama (0.76%) and Mitsubishi UFJ Financial Group (0.76%) are in green.

China's GDP slightly down

In addition to a slight easing on the European markets, stock markets in Asia are carried by Chinese statistics satisfactory.GDP growth in China slowed slightly to 9.5% in the second quarter, the government said Wednesday. This figure is above the average forecast of economists who had counted on 9.4%. For the entire first half, growth was 9.6%, against 10.3% for the entire year.

China's growth remains strong driven by fixed asset investment, which rose 25 low fee pay day loans.6% in the first half, while retail sales, the main gauge of consumption, rose 16.8%. The increase in industrial production égakement increased by 14.3% in the first half of the year.

The Hong Kong Stock Exchange climbed 0.95% to 21,868 points while in Shanghai, the markets are gaining 1.20% to 2787 points.In Hong Kong, financial stocks pull the score up, the image of China Construction Bank (2.35%), Industrial & Commercial Bank of China (2%) and Agricultural Bank of China (+4.19% ).

Moreover, time is on the rise. In Korea, the Kospi up 0.75%, the Australian S & P climbed 0.38% and the Indian Sensex advance of 0.71%.

Lower oil prices

Oil prices were down Tuesday in electronic trading in Asia, the market worried about a drop in demand, while U.S. stocks rose and a contagion of European debt, analysts say .

In morning trading, a barrel of "light sweet crude" for August delivery lost 41 cents to 97.02 dollars. That of Brent North Sea crude for delivery yielded the same 43 cents to 117.32 dollars.

Three weeks after an EU summit explicitly set the deadline "at the beginning of July," the seventeen Ministers of Finance should discuss again in the afternoon of the participation of private creditors (banks, insurers and pension funds) to finance the 110 billion euros expected by Athens. The previous discussion, nine days ago, had led to nothing. The last few days have revealed new differences between Paris and Berlin, among others.Any decision on Greece looks more difficult to take.

For their part, Herman Van Rompuy and José Manuel Barroso confirmed the place this morning at 8 am for an appointment ritual. But it is this time extended to leaders of the euro: Jean-Claude Trichet, head of the ECB, Jean-Claude Juncker, Eurogroup President, and Olli Rehn, Commissioner for Economic Affairs. Thus the whole of Europe "money" that attempts to harmonize a position before the seventeen countries do recover in the job from 15 hours.

A spokesman for President Van Rompuy diplomatically pointed out that it is "not a crisis meeting."But there are clearly urgent: according to a scenario experienced since the near collapse of Greece in May 2010, the indecision of the seventeen countries is more expensive with each passing day, whether the amount of aid to mobilize or discredit that strikes the euro markets cash advance no faxing.

The warnings are accelerating. The first signs of a contagion of debt to Italy emerged Friday with a surge in rates on a mammoth debt of 1500 billion euros. Markets fear the shelving of the finance minister, Giulio Tremonti, the guarantor of fiscal restraint against Silvio Berlusconi. Another source of vulnerability: Belgium.The collapse of negotiations last Thursday the government refers Belgium to the warning issued by Standard & Poor's on further debt.

Point lock

For its part, Moody's said Wednesday that the euro area is not the end of its weak links. While all eyes were on Greece, the agency downgraded the debt of Portugal, placing it in category "speculative" (junk). Ireland, third countries of the euro have had a rescue plan, concerned at its next rate hike by the ECB pledged Thursday.

Point to the folder blocking Greek, the role assigned to private creditors in the second bailout in turn becomes inextricable. French and Germans, former creditors of Athens, advocate for competing projects. But so far all the formulas in the study returned to a default on one or more rating agencies.In this case the ECB threatened to stop accepting the obligations of Athens as collateral, which would bankrupt Greek banks on the spot. And could trigger a shock wave of hand.

ALSO READ:

"SPECIAL – The debt of Greece, a challenge for Europe

"Why Greece still need help

"New concerns about the debt in Europe

– Accenture: Damien Lasou, global head of aerospace and defense business

"The maps of the global civil aviation will not be reshuffled before 2030 paperless payday loans."

Faced with the duopoly of Boeing and Airbus, builders from China (Comac), Russia (Sukhoi), Brazil (Embraer), not to mention Canada's Bombardier, are on different scales tickle the two global giants, including the huge market for short or medium haul 150 to 250 seats. Investing heavily, these manufacturers already have an advanced engineering, technology, capital, a roadmap structured and ambitious.

But can they really change the face of global civil aviation? In the short term, the answer is no. At minimum, twenty years will be needed. Faced with the historical experience of the manufacturers, it is going to have to innovate them, face significant challenges but also invest in the long term.
Damien Lasou.