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 U.S. employment under the microscope

In addition to the announcement of the ECB, investors have ignored another bad news when they were expected to decline, weekly jobless claims rose in the United States during the week to September 3, at 414,000 against 412,000 (revised) the previous week. Also across the Atlantic, the trade deficit to have significantly declined in July to $ 44.8 billion after two consecutive months above 50 billion, with an unexpected surge in exports.In addition, U.S. inventories of crude oil fell more than expected last week, revealed the U.S. Agency for Energy Information (EIA). They fell 3.96 million barrels to over 353 million, while economists had forecast a decline of 1.9 million barrels.

Two discourses are also highly expected on Thursday and will weigh heavily on the next sitting: those of Ben Bernanke and Barack Obama. The Fed chief will speak at the Economic Club of Minnesota. Investors await details about how the Fed intends to support the economy. This intervention will follow the publication yesterday of its Beige Book, which again reported a moderate growth. Above all, the U.S. president will speak on Congress to 1 am, French time, on employment and growth.It should detail a plan for employment that would reach $ 300 billion, raised yesterday by the U.S. media.

In France, growth in employment has slowed

In France, INSEE announced that the dealer paid employment decelerated in the second quarter.Principally market sectors have created a total of 33,300 jobs over the period April to June, from 78,300 in the first three months of the year, an increase of 0.2% against 0.5% the previous quarter.

The trade deficit widened further in July, reaching 6.46 billion euros in seasonally adjusted data, weighed down by a rebound in imports, Customs officials said Thursday.

Moreover, according to the OECD, economic growth in developed countries could slow sharply, see stalling in the second half and central banks must be prepared to ease monetary policy by lowering interest rates or intervening on markets.The Organization for Economic Cooperation and Development predicts that growth in the G7 should not exceed 1.6% annualized in the third quarter and is expected to fall to 0.2% over the last three months of year. In France, activity is expected to increase only 0.9% and 0.4% annualized, against 1.8% and 1.9% previously expected.

On the currency side, the euro continues to widen its losses: the European currency fell to 1.3945 dollars, its lowest level since July 12.Oil, he, rising as a result of the prolonged interruption of production in the Gulf of Mexico due to tropical storm: a barrel of "light sweet crude" for delivery in October gained 41 cents to 89.75 dollars a barrel of Brent North Sea crude for October delivery takes 18 cents to 115.98 dollars in morning trading.

Values ​​to follow on Thursday

• Banking

Banks react well to the image of Natixis (2.64% to 2.64 euros), which completes the session ahead of CAC 40 instant payday loan.For their part, Societe Generale gained 0.67% to 19.510 euros, BNP Paribas rose 1.86% to 32.230 euros and Credit Agricole rose by 1.93% to 5.858 euros.

• Areva (-1.40% to 20.475 euros)

The French nuclear group Areva said Thursday was ready to process the spent fuel still present on the site of Fukushima and propose to the Japanese government and the company Tepco lasting solutions to manage the post accident.

• Gemalto (5.61% to 35.475 euros)

The title leads increases the SBF 120, the group is in the midst of "road show", between August 26 and September 15, analysts point out. The action bounces also important on a technical device, which accentuates the rise in the stock, analysts note charts.Since August 25, the title was up over 13%.

• EADS (-1.07% to 21.640 euros)

The group is ready to dip deep into a war chest of $ 16 billion (11.3 billion euros) to finance its expansion in the U.S. and is in preliminary discussions with several potential targets, said Wednesday its chief executive for North America.In addition, the European missile manufacturer MBDA, in part by EADS, would be forced to reduce its workforce by 400 jobs by 2015, according to La Tribune.

Airbus, a subsidiary of EADS, is also considering a third increase its production capacity in one of its scenarios for 2018 to meet demand, the success of the A320 Neo scarce slots delivery before 2020, The Tribune reported Thursday.

• TF1 (-0.53% to 10.285 euros) and EuropaCorp (-0.91% to 3.26 euros)

The two groups announced Wednesday the signing of a Framework Agreement for development to produce the series in English for television.

• Ipsos: -3.27% to 26.605 euros

The group has launched a capital increase in cash of approximately 200 million euros to finance the purchase of Synovate.

• GDF Suez: 0.10% to 20.510 euros

The group will transfer to the Italian ENI participation of 10.4% in gas fields in the North Sea to pay off debt, reported Thursday Les Echos.

• Technip: 2.12% to 67.29 euros

In consortium with National Petroleum Construction Company (NPCC), the group won a contract worth about $ 500 million for engineering, procurement and construction of the project Satah Full Field Development, a field located 200 km northwest of Abu Dhabi (UAE).

• Sanofi: -1.27% to 49.29 euros

Genzyme, the biotechnology laboratory of the U.S. bought by the French group, was unable to deliver its drug Fabrazyme in August, although it promised to doctors and patients to meet this deadline.U.S. regulators have made public Wednesday letters from Genzyme dated August 26 and 25 where the laboratory apologizes to its customers and for people with Fabry disease, a rare genetic disease, for "any confusion and disturbance "caused by the delay.

• France Telecom: + 1.36% to 12.315 euros, Vivendi: 0.16% to 16.090 euros

The new tax passed by the government as part of the new austerity plan should give priority, penalize these two groups, according to Les Echos. France Telecom should be paid to these measures between 300 and 500 million. Vivendi would see him, his taxes increased from 250 to 400 million.

In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point. Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will take 12 hours of knowledge in agricultural price indices in July.United States, the employment figures for August will be published in the early afternoon followed by the index of industrial activity in the Chicago area and industrial orders in July and stocks crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European. At about 8 am in Paris, the European currency was worth 1.4428 dollars against 1.4437 dollars late Tuesday.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

In particular Bouygues strongly supports the trend.After a brief suspsendu scoring the opening, the title of group jumped 10% to 25.40 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night. In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (4.17% to 16.85 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland.Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1, 9% over this period.

In turn, Carrefour is the sentence (-4.24% to 17.85 euros), after the group announced a net loss of 249 million euros in its first half. Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-2.83% to 74.83 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half.Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (0.63% to 35.76 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (1.13% to 267.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (0.38% to 158.60 euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (0.98% to 2.779 euros) announced net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (-0.37% to 56.64 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-7.26 euros, 3.32 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip s'ajduge 0.66% to 65.40 euros and total advance of a small 0.54%, to 33.34 euros.

For its part, Bourbon wins 0.84%, to 22.68 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

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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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Stall reflecting the concern about the impact of such degradation, and that feeds the fears of a strengthening of European sovereign debt crisis. "The decision by S & P and debt problems in Europe (…) frighten investors," says one financial analyst Abdulwahab Abu Dahesh.However this Sunday morning, the index settled down, rising from 0.38% to 6096.24 points.

But, again this Sunday morning, it was the turn of Israel to panic: the Tel Aviv Stock Exchange just does not open its doors, while futures on the main index predicted a free fall 6.08% in the opening gong at 1084.97 points. The ratings remain suspended for 45 minutes and the time that "market participants have time to react logically and not under pressure," said a spokesman for the stock market, Idit Yaaron. At the same time, the country was shaken by major events Recalma for social justice.

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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.

Greenpeace officials, who estimate that 5.20 euros per tonne the cost of this energy source on the health of the Chinese, have swallowed their breakfast "organic" by browsing through a US-Finnish study play down the impact of coal on the environment. According to Professor Kaufmann of Boston University, the sulfur released by 1400 the country's thermal power blocks sunlight personal loans for people with bad credit. Between 2003 and 2007, sulfur offset the increase in the concentration of carbon dioxide.

The researcher points out that the installation of scrubbers in 2009 and 2010 in the coal coincides with a rise in temperatures.Increase already noticeable in the 1970s when the West began to fight against acid rain. The trend is not expected to diminish as the Middle Kingdom takes 70% of its energy from coal. Charles Gautier

Still, while Germany shows loud and clear preference for the French candidate, the support of both countries to Carstens appears more timid.Australia and Canada underline the very strong indeed credibility of both candidates and their "weapons" to ensure the legitimacy of the IMF. This commitment shy, Mexico seems to reap the benefits of an intense lobbying. June 7, after a meeting in Ottawa with Canadian Finance Minister Jim Flaherty and the boss of the Bank of Canada, Mark Carney, Augustin Carstens had already revealed that the country would welcome a new head of the IMF International from an emerging economy. This is now confirmed. Besides these two new support, the Mexican has the support of a dozen South American countries.

For Nicolas Sarkozy, has already achieved success

This joint statement does not seem to really change the forces.Canada is indeed at the head of a constituency (group of countries) representing only 3.61% of the votes in the institution. The only real surprise, Ottawa will generally be the position of its U.S. neighbor … who, in turn, always reserves his choice.

The latest statements by Timothy Geithner, however, argue for a broad preference for the French bid. Through a spokesman, U.S. Secretary of the Treasury has in fact hired Thursday, "strong leadership skills and experience of the Minister," making it a candidate "exceptionally competent" for the position Executive Director. If the United States confirmed this view, Christine Lagarde, who already has the support of Europe (almost one third of the votes on the Executive Board of the IMF), garnering 16.8% of extra votes.French side, the case is already bent to Nicolas Sarkozy, who is already winning his Economy Minister, before the final decision expected by June 30: "A woman at the IMF, is history! And that's us! "The president reportedly said according to remarks reported by Le Parisien.

Finally, the French enjoy today to the disunity of the emerging countries, the so-called BRICS (Brazil, Russia, India, China and South Africa). Faced with their indecision, Carstens strategy to present himself as the candidate of developing countries, seems to have a hard time fly. Especially since his whole campaign, and during his oral exam Thursday at the IMF, Christine Lagarde has repeatedly hammered his desire to ensure, if elected, more representative of emerging countries in the institution .

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Meanwhile, the Paris Stock Exchange, climbing, after a session marked by red. Halfway through, the Cac 40 gained 0.81% to 3830.41 points, like the Asian stock markets while the Japanese Minister of Finance, Yoshihiko Noda, promised Tuesday that his country would continue to buy bonds European Financial Stability Fund (EFSF), to help the euro area to overcome the debt crisis of some of its members. Sign of the relief the markets, the euro recovers.Around 11:00 in Paris, the euro bought 1.4334 dollars against 1.4301 late Monday.

Markets will also pay attention tonight at the meeting of the Fed, the U.S. Federal Reserve, which provides guidance on the direction of future monetary policy depending on the state of the economy of the first power of world.

Maurel & Prom, Areva and derive the rating Nexans

Maurel & Prom (2.72% to 16.83 euros) sold in Canada Caroil Tuscany for $ 120 million and 29% in capital. The group posted the best performance from the coast on Tuesday.

Areva (0.10% to 25.56 euros).The Committee of European Group (CGE) Areva said Monday that Oursel Luke, the future chief executive of the specialist public of nuclear, was expected to set out his strategy for the company.

The French manufacturer Nexans cables (3.79% to 64.90 euros) announced Tuesday that it would strengthen its presence in China by acquiring 75% of the energy cable business of the Chinese Shandong Yanggu Cable, valued around 140 million (including debt).

Valeo (5.38% to 44.27 euros) is carried the words of its Director General Jacques Aschenbroich who welcomed the "very good first half of 2011" in an interview Monday in Paris high risk personal loans. "Valeo increased by three to four points faster than the market" on which it operates, and the order books of Valeo exceed 12 billion euros, he said.

The IPO postponed Verallia

Saint-Gobain (1.67% to 42.11 euros) on Monday announced the postponement of the IPO of its subsidiary Verallia, a failure that symbolizes the current weakness of capital markets on fund nervousness of financial markets the Greek crisis.

Carrefour (0.69% to 27.0 euros) holds a general meeting of importance on Tuesday. The slump experienced by the Carrefour share in recent days is likely to facilitate the meeting. The group could be separated from his teaching hard discount, Dia.

Alstom (1.23% to 42.49 euros) is developing a new model for high-speed train, the AGV II, which could run at a maximum speed of 380 to 400 km / h, according Les Echos."After the failure of the Eurostar, Alstom aims to expand its range of high-speed train for international tenders, while the competition has never been higher," said the daily.

The automaker Renault (0.39% to 37.14 euros) does not market new high-end vehicles before the end of 2014, announced the group's commercial director, Jerome Stoll.

While 200 planes were sold yesterday at the Paris Air Show, European governments are on the frontlines in defense of public aid granted to Airbus (EADS group: + 0.92% to 21.45 euros), challenged by Boeing and the WTO.Ministers to UK companies found that surgery was beneficial to taxpayers, at a meeting at Paris Air Show.

In addition, Eurocopter, a subsidiary of EADS, is expected to have discussions in the fall with the Ministry of Defence, who want to save money on the result of the Tiger and NH90 programs, The Tribune reported Tuesday.

The CAC 40, only Pernod Ricard (-0.36% to 66.89 euros) decline.

The union confirmed the information revealed earlier by the news website Mediapart. The factory in Aulnay-sous-Bois is not only the fifth group with 3500 employees, but increasingly it is historical, it was built in 1972. However, the site continues to reduce its number of employees.In 2004, the plant now produces the new C3 still had 6,500 employees.

Preparatory document

For its part, the group says there "is no news on Aulnay-sous-Bois." In a statement, the group said that "the factory produced the new Citroen C3, launched in October 2009 and is the best-selling vehicle in the Citroën range, with nearly 310,000 sales in 2010. The document released today by the CGT is a preparatory document dating back nearly a year on industrial competitiveness in the long term group in Europe. It is by no means a record of decisions.Anticipating these issues in the context of crisis which was that the auto industry in the summer of 2010 was and remains the duty of the Branch payday loans. "

He continued: "The competitiveness of French industrial sites is central to discussions of PSA Peugeot Citroen, which takes an active part in public debate on these issues. Internally, it is a subject that is the subject of regular exchanges with the social partners of the firm. In the last CEC May 26, all of these topics were discussed and the CGT did not question.Under these exchanges, the management committee shall convene an extraordinary central works in the coming days for an update on the subject.

Aulnay sacrifice

PSA Peugeot Citroen recalls that occurred in France almost two times more vehicles than it sells and 85% of its engines.

Moreover, other job cuts would be provided at other sites in France and Europe. The CGT said that "several hundred jobs were threatened at the site of Madrid as well.

Bruno Lemerle, representative of the CGT and the CEC Central Committee of the European group, has criticized the direction of having "lied for years." "We will demand accountability," he warned. For his part, Jean-Pierre Mercier, Steward at Aulnay, denounced a "plan outrageous, revolting." "We will sacrifice for overuse Aulnay factory in Poissy (Yvelines) and Mulhouse, and develop low cost," he said.According to the CSN by the CGT, Turkey, Morocco and the countries of Central and Eastern Europe are cited among the countries likely to host new sites.