Thursday, shortly after the dissemination of this false information to 3:57 p.m., the French rate on loans to ten years amounted to 3.46%, bringing the pay gap with German bonds of similar duration to a record 166 points percentage not seen since the creation of the euro.

Everyone to understand that France will soon be degraded

This Friday, at the opening transaction, rates eased around 3.36%, but markets have learned their lesson. In exchange, everyone understood that in case of deterioration in the rating of France, synonymous with loss of the "triple A", the rates of government bonds with ten years showed 3.46%, or 3 , 5%.

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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On the agenda, the capital of these institutions. While the debt crisis spreads, Europe wonders if its banks could absorb the shock of a default of Greece. Especially since the hypothesis of a failure of Athens is no longer taboo.This is why the French government is proposing to inject 10 to 15 billion euros of public money to strengthen bank capital.

Several forms of intervention would be considered, since the loan to the simple issue of preference shares (private equity voting rights) with options to purchase, understands the JDD. The initiative comes as the Bercy banks are suffering on the stock market. This week, bank stocks have suffered losses of more than 10%. Since July 1, the Societe Generale shares tumbled 61%, 58% of Crédit Agricole and BNP Paribas 53%. Aggravate the climate of distrust surrounding the French banks, groups such as Siemens or Meetic, decided to limit their exposure to these institutions. As the major U.S. money market funds.

Project buried by BNP Paribas

According to the JDD, Societe Generale would have accepted the plan, subject to conditions.CEO Frederic Oudéa, would have liked all the French banks are concerned to avoid pointing the weaknesses of the one or the other in particular. But Baudoin Prot, CEO of BNP Paribas, had initially refused this rescue group, burying the coup the project. It must be said that he repeats everything is that BNP Paribas does not need a capital increase. Last week, it was stepped into the breach to deny information from the Financial Times that the group was looking for a new shareholder in Qatar.

For its part, the Elysee denies the existence of a backup plan. "This is absolutely not being prepared," insisted the entourage of the Head of State to the JDD. "Banks have increased their capital by 50 billion euros since 2008.We encourage them to do, but not with public money. "Also interviewed by the Sunday newspaper, Christian Noyer, Governor of the Bank of France said that there was" no plan ". He said French banks have "a substantial capital base, comparable to those of other European banks, and are profitable." Investors would also not fooled. "I see no sign of a run and the very idea seems preposterous."

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This good performance is due to the pricing bottom of the sign. That the budget would shrink consumer this year, Leclerc done since a few months more to offer the Nutella jars, bottles of Coca President and cheese at the best price. The group has "invested nearly 25% of the margin," explained Michel-Edouard Leclerc mid-July, commenting on the figures of the first half.

The strategy paid because Leclerc is gaining ground: its market share was 17.4% in early August, up to a point in a year.These are mainly customers who now prefer to Carrefour to shop at Leclerc. Carrefour has lost almost one million customers a year, says the firm Kantar. Consumers have felt that the company has passed the rate increases negotiated with suppliers in the spring. This summer, the group also backed down, becoming aggressive pricing.

400 terminals withdrawal in 2015

Newer phenomenon also explains the slowing of Carrefour and Leclerc force: the drives low rates payday advance. "A significant part of the decline in Carrefour," which has only a few points of withdrawal of courses ordered online, "is already benefiting from E. Leclerc and Auchan, note Kantar. With Auchandrive and Chronodrive, Auchan is the pioneer of these terminals, located next to the supermarket or along a busy road.Noting that the French want to spend less time to shop and do not want to pay more, as with delivery services or Houra Telemarket, Leclerc decided in 2007 to max out the Yankee brand. In late June, 101 E. Leclercdrives were already spread over the territory. They will number 150 at the end of the year and 400 in 2015. In this horizon, Leclerc expects to achieve with this method of distribution sales of 1.5 billion euros, almost five times more than the 350 million expected this year. "One third of our growth comes from the drive. This format is already 1.4% of our turnover, more than double a year ago, "according to Michel-Edouard Leclerc.

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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.

Click the preview to enlarge the graphic.

Investors also benefit from a further weakening of the yen against the dollar and the euro the dollar was trading at 76.7 yen (0.10%) and currency EUROPEAN, 111.49 yen (0.36 %). However, some export values ​​do not. This is the case of Toyota who drops 1.91% to 2715 yen, Honda lost 1.22% to 2415 yen.However, Sony climbed 2.82% to 1637 yen.

The oil prices down slightly

Chinese markets are evolving in a piecemeal: the Hong Kong Hang Seng rose 1.51% to 19,879.50 points while the CSI 300 Shanghai loose 1.30% to 2863.39 points. According to Reuters, China has reportedly asked its banks to include their deposits in reserves required by the Central Bank.As a result, Chinese banks are severely impacted the stock market: China Merchants Bank 3.13% to loose 11.74 yuan, China Citi Bank lost 3.45% to 4.47 yuan and Industrial & Commercial Bank of China sells 1.44 % to 4.1 yuan.

On the other Asian financial centers, investors are generally in good spirits Monday morning: the Taiwan TAIEX advances 1.79% at 7578.01 points, the Kospi in Seoul gained 2.96% to 1831.55 points, the S & P / ASX 200 was up sharply from 1.82% to 4276.50 points, the BSE Sensex up 30 wins 2.64% to 16,268 points and the FTSE Straits Times rises from 1.33% to 2784.85 points.

Oil prices were slightly lower Monday morning during electronic trading in Asia, due to the drop-off in demand after the closure of airports on the east coast of the United States, when Hurricane Irene, have analysts said.In morning trading, a barrel of "light sweet crude" for delivery in October gave 13 cents to 85.24 dollars per barrel of Brent North Sea crude for October delivery let go 28 cents to 111.08 dollars.

As in Frankfurt and London, Paris had already opened in the red, losing 1.15% to 3216.77 points after a session hesitant. The decline was accentuated in London after the announcement of a very slight increase in retail sales in Britain. The Office for National Statistics said that they had increased by 0.2% in July compared to June, while analysts surveyed anticipating an increase of 0.3% from one month to another.This indicator provides further evidence that consumers carve their spending, a development that does not bode well for growth.

In addition, Morgan Stanley lowered its growth forecasts for the global economy for the years 2011 and 2012, the revision is stronger for developed countries. In a note published Thursday, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead 4.5%.

The New York Fed monitors banks in Europe

It is the banking sector that was most severely attacked since the Wall Street Journal announced that the New York Fed would step up its investigation of the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe from being passed to the U.S. economy through them.

In Paris, Societe Generale (-12.34% to 21.60 euros), attacked again, signs the largest decrease in the CAC. The bank is followed by Credit Agricole (-7.29% to 6.228 euros), BNP Paribas (-6.76% to 34.21 euros), AXA (-7.09% to 10.555 euros) and Natixis (-6, 04% to 2.896 euros).

Disappointing indicators in the U.S.

Already this morning, investors had no indication to follow from Wall Street that sent signals unconvincing with a fence without direction yesterday. Asian markets themselves, showing up mostly in dark red on Thursday."There was nothing really concrete to put in their mouths for reassurance," says Yves Marc, sales of shares in Global Equities.

This afternoon, a series of disappointing macroeconomic indicators published in the United States have also added to investor concerns:

The Labor Department reported a higher-than-expected jobless claims last week. They reach 408,000 registrations, against 399,000 the previous week. Economists on average had expected 400,000. The consumer prices have in turn increased more than expected in July (0.5%), driven by the rebound in gasoline prices.

The index of the Philadelphia Fed, the "Philly Fed" is, moreover, emerged in a very sharp decline in August, well below expectations (-30.7) and marking its lowest level since March 2009.The index of U.S. leading indicator also rose more than expected in July to a record high, due to growth in money supply and a decline in jobless claims, the Conference Board said Thursday.

Finally, existing home resales fell contrary to expectations: they were down 3.5% in July, while analysts expected a 3.8% increase, according to figures from the NAR.

The France keep its AAA by S & P

However, on Thursday, Standard & Poor's said she was "confident" in the ability of France to maintain its optimum rating "AAA". "The note of France is AAA stable, it is the case since 1975," said the president of the rating agency for the French-speaking Europe Carole Sirou, interviewed on RTL."We are confident on that note," she said, just days after his agency has deprived the U.S. of the maximum score, which makes it possible to refinance with it on the market.

As for currencies, the euro accelerated its decline against the greenback in morning trading. It is worth 1.4281 dollars, against 1.4428 late Wednesday. Investors always react to signals of an economic slowdown in Europe and the proposals deemed disappointing the Franco-German duo on the governance of the euro area.

Oil markets, prices opened down sharply in New York, the new access affected in a bad mood.To 15 hours (French time), a barrel of "light sweet crude" for September delivery was trading at 85.02 dollars, down 2.56 dollars compared to the previous day.

Values ​​to follow

Lafarge: -7.15% to 27.01 euros

The cement may react to the publication of the results of its Swiss rival Holcim. The latter saw its sales fall by 11% to 5.48 billion francs in the second quarter of 2011. Net income group share was down 13% to 347 million. The group remains very cautious in its outlook and believes that there is no sign of recovery in the United States.

Carrefour: -5.96% to 18.79 euros

Carrefour's CEO, Lars Olofsson, said the French retailer was not negotiating the sale of its Brazilian subsidiary to Wal-Mart."It's not what I have in mind," he said during a tour of forty-eight hours in Sao Paulo, according to Les Echos.

As for recommendations, Goldman Sachs is no longer for purchase at Vallourec, which is the second largest decline of ACC (-9.77% to 57.66 euros). UBS changes to "neutral" against the "purchase" of Veolia (-8.73% to 10.45 euros), Nomura cut its price target on EDF (-7.61% to 19.91 euros) to 33 euros against 47.50 euros.

Frédéric Oudéa. – We have suffered a series of attacks on markets. First in the form of rumors denied by the rating agencies-the loss of the rating "AAA" of the French state, which was scheduled for Wednesday night or this morning. Speculation was then caught the banking sector, naturally exposed to the economy of his country, and sovereign debt in the euro area. Finally sounds completely fantastic, I struggle with the utmost force, attacked the General Society.

You have not suffered significant trading losses in recent days …

We have not suffered any loss and our special perfomances to date are satisfactory.The Company generally relies on three businesses: retail banking in France [which has a good dynamic], retail banking abroad, mainly in non-euro area countries that do not suffer from the problem of finance public, and finally the investment banking and investment for eighteen months gives off very positive and constant. We have a high solvency ratio of 9.3% and have demonstrated our ability to continue generating capital.

Greek Prime Minister spoke of an extension of the Greek rescue plan for maturities greater than 2020. What are the consequences for your institution.

This is only speculation. We would in any case not covered by such an extension: we do not have Greek securities with maturities are greater than 2020.Our exposure to Greece was fully funded in the second quarter, according to the methodology recommended by the Institute of International Finance.

Do you understand the fears of investors in the euro area?

I do not at all extreme scenarios markets. I do not think that the euro is at risk: governments are very attached to the single currency and lucid on the efforts to achieve to meet their commitments to fiscal consolidation.

To what extent the nervousness on the interbank market affects you does?

We have no fear on our lending: we achieved 93% of our long-term funding program year.Short-term side, we have 105 billion euros of underlying assets with central banks and keep full access to the interbank market.

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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.

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Christophe de Margerie. – What do you want Total to answer those who have already tried? However, I am ready to discuss the importance of our results and what they serve. In the first half, we invested 11.3 billion euros. We prepare the future, not just to look for oil and gas but also by positioning ourselves on new energy sources such as photovoltaic. In the second quarter, our results in dollars rose by 7% yoy and 19% in the first half.This is a more moderate increase than in oil and gas knowing that it mainly benefits the producing countries, our average tax rate was increased to nearly 60%.

It blames the gasoline pumps, starting with Total, a secret on prices …

There are no more transparent than the fuel market in France: the prices are posted daily on the Internet and on motorways. But the best protection for consumers is competition. The distribution market in France is hypercompetitive, with margins among the lowest in Europe, less than 1 cent per liter. This has led almost all the major oil companies to withdraw from the French market, but at least not total! For me, the fewer stations in France is a concern because it affects access to energy for all the French.Let us not forget that if our brand image of a monopoly, it is never that 20 to 25% of the market based on fuel. Far from the supermarkets, which account for more than 60%.

In France, Total is testing gas stations cheap, will you extend this experience?

The first results are satisfactory. We intend to extend the experience. Many issues remain unresolved, including the name and position in relation to our current network. One thing is certain, if we convert the try, we'll do it our way, with low prices, certainly, but also a real quality of service. Before any changes, a necessary preliminary: the dialogue with social partners.

You explore and exploit deeper and deeper, further. Is not it risky?

We do not manage a pension.Our goal is to identify and develop the reserves today that will meet the demands of tomorrow payday advance. For this, we must actually take calculated risks but the real risk of being hindered in accessing new reserves. So yes, we are going to countries 'difficult' in the political, technical or environmental: Burma, Nigeria, Libya or Canada and its oil sands … Production costs have soared. A barrel today is much more investment than ever, it is of a barrel of "high technology". Macondo after (the explosion of the BP platform in 2010 in the Gulf of Mexico, Ed), our security requirements are more than ever the priority but it will take part in rising costs, as well as requirements energy efficiency and reducing emissions of greenhouse gas emissions.I remind you that Total is committed to halving its volume of gas flared between 2005 and 2014.

What is your strategy to access these new reserves?

We are strengthening our strategy begun almost two years. We have made acquisitions of high quality. While we were rather conservative on sales, we prove that we know sell and sell well. We have sold our interests in the Spanish company Cepsa, to nearly $ 4 billion in an offshore block in Angola, most recently in the Norwegian gas pipeline network.We breathe our asset portfolio and disclaim cash flow for future growth on younger workers, focused on our growth areas in high technology – the ultra-deep offshore, liquefied natural gas (LNG) or gas as unconventional shale gas – while ensuring a good geographical balance. These eighteen months we have seen thus strengthen our position in Russia, Australia, Canada or in East Africa.

With shale gas, Total is it becoming a group more gas?

Our strategy includes both oil and gas. Today, gas is essential, it is cleaner than coal and oil to produce electricity. Gas now accounts for 45% of the total production, oil 55%. Shale gas has upset the market in the United States.In Europe, we start – when you can – just exploring, although many of exploration permits for the shale gas is already taken. However, we are already permits in Denmark, Poland, with Exxon, and Argentina.