The ministers of the euro seems to have learned anything from their Italian counterpart Giulio Tremonti, who came to Brussels to plead the cause of a Berlusconi government now condemned. "Markets drink the cup for a week, but Rome means the same song," laments a spokesman. Italy, in turn, "enters the vicious circle", continues a senior official.On another front to defend the euro, the EFSF has faced 104 basis points above the rate paid on its debt (3.59%) to place its 3 billion euros of bonds. The bailout fund retains its AAA, but it seems already sealed by the ball Italian. "The cordon sanitaire erected around Greece is showing signs of collapse, 'says a senior official.

Specter of a meltdown

The establishment of the famous "firewall", arrested Oct. 26 at the top of the euro, was precisely the issue of the appointment of the Eurogroup in Brussels. After the political decision, it remains to fill the coffers of the EFSF new way: European budgets are already in the grip and large foreign investors reluctant to buy its bonds in an atmosphere poisoned by the specter of a collapse in Italy.

Meanwhile, the Japanese Nikkei sets the tone. Around 7:00, he climbed 2.15% to 8790 points. The Tokyo Stock Exchange was closed yesterday because of a holiday and had not yet responded to the ads of the Franco-German. The Nikkei is notably supported by exporters who find the values ​​of the force with the weaker yen against the euro.The single currency is changing around 104.50 yen this morning, well above its record low reached in ten years on October 4, at 100.76 yen. Sony gained 5.58%, 5.64% Ricoh, Sharp and Toshiba 3.44% 5.55%. The automotive sector is doing well also: Honda Motor rising from 6.03% Hyundai 3.6% and 2.12% of Toyota.

State intervention with Chinese banks

The Stock Exchange of Hong Kong and Shanghai are also in the green. At 7:00, they earn 3 cash advances pay day loan.26% respectively to 18,287 points and 0.72% at 2361 points. Financial stocks pull the score up after a share buyback of the main state banks by sovereign wealth fund China Huijin. According to brokers, this operation is to stabilize the financial system in China.In Hong Kong, around 7:15, the actions of the banks concerned fly: Agricultural Bank of China jumped 15.09% so, Industrial & Commercial Bank of China of 7.92%, China Construction Bank gained 7.04% and of China 8.94%.

Other markets in the region are also in good spirits. The Korean Kospi gained 1.89% to 1799 points, the S & P Australian advance of 0.47% to 4220 points and the Indian Sensex climbed 0.86% to 16,699 points.

Oil stabilizes

Oil was steady Tuesday in Asia, maintaining its gains made the previous day, in a market supported by the will of France and Germany to resolve the crisis of government debt in Europe and disruptions in oil exports to Kuwait due to a strike by customs officials who demanded an increase in their wages.

The barrel of "light sweet crude" for November delivery gained 18 cents to 85.59 dollars.A barrel of Brent North Sea crude for November delivery gave a small 14 cents to 108.81 dollars.

After months of standoff, the two operators have approached. Already on Friday, Frédéric Mitterrand, the Minister of Culture and Communication, has publicly that the government did not favor the passage of the LCI DTT to DTT. A position at which the staff of TF1 was more sensitive than the Higher Audiovisual Council has continued to increase, too, signs of reluctance.

Indeed, it is the regulatory body that should have given its approval to such an operation.The CSA has raised the legal difficulties of such an operation and would not have appreciated the statements of Catherine Nayl, director of information at TF1, the possible disappearance of LCI. Today, Canal + and TF1 prefer calm the game's announcement of the acquisition channels Direct 8 Direct and Star by Canal + and that the record fine imposed by the Competition Authority as part of merger with Canal + GST ​​urged to be more generous towards ICL. It would not be good for the group to be, in addition, responsible for the eventual death of the continuous news channel.

For its part, TF1 has weighed the pros and cons of an economic transition to free when the system always loses 5 million for a budget of 43 million euros. The move to free distribution would have widened the gap in the chain up to fifteen million.Difficult to take a risk in times of crisis.

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The Greek case should again focus attention of the operators. Friday in Paris, Nicolas Sarkozy meets Greek Prime Minister George Papandreou to 17 hours to take stock of the crisis in the country. "After meeting with Mr. Papandreou, have the opportunity to say exactly what is our strategy regarding the support that we need a European country like Greece," said the head of the French government yesterday during a trip to Morocco.

The meeting came a day after the German parliament ahead of the rescue plan of the euro. Despite this vote, caution remains the watchword.German Chancellor Angela Merkel said wait for the results of the audit conducted by the troika of the country's creditors to determine whether or not to renegotiate the terms of the second international aid plan decided on July 21 in Brussels by the euro area . Troika has also resumed in Athens yesterday.

Busy schedule

In terms of macroeconomic announcements, the end of third quarter results in a responsible news for investors. In France, prices are expected in the production and consumption in August. Retail sales in Germany in August and the index of consumer prices in September are waiting for you. In the eurozone, the unemployment rate last month will be announced free business cards.

In the U.S., the ball will start with the incomes and spending. It will continue with the Chicago PMI and consumer sentiment index.

Mixed statistics were also published in China and Japan this morning.

As for currencies, the euro is still lagging behind against the dollar. The single currency is worth 1.3553 dollars in trade mantinaux. Side oil, a barrel of "light sweet crude" for delivery in November gained 53 cents to 82.67 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery took 28 cents to 104.23 dollars.

Values ​​to follow

• Axa

The Strategic Investment Fund said Thursday he would not consider an acquisition of Axa Private Equity, the private equity subsidiary of the French insurer has to sell. The Financial Times and the Tribune believe that the offers for Axa Privaty Equity, private equity branch of Axa, must be filed by early next week.

• France Telecom

Orange should have exclusivity on the sale of new phone Sharp Aquos smartphone Android Phone SH80F compatible 3D. It should be available from October 6 at Orange from 199 euros with a subscription, according to specialized sites.

• Soitec

In a statement Friday, the group confirms that the sequential growth of wafer sales in the first half of 2011-2012 compared to the second half of last year will be in line with its forecast of 20% at constant exchange rates.

The first global economy has fueled fears of a global slowdown by announcing Friday it had no jobs created in August, while analysts expected 70 000 net hires. "The U.S. employment figures for August suggest that the labor market seems to be moint death," said Victor Shum this morning, an analyst at Purvin and Gertz in Singapore.

Following this announcement, Wall Street closed on a sharp drop of more than 2%.U.S. markets will do on Monday with European stock any procedure they will remain closed for Labor Day (Labor Day observed every first Monday of September). "Wall Street remains closed doors, it seems unlikely that operators take the slightest risk," said Chris Weston, an analyst at IG Markets.

Asian stock markets have instead given with a negative pulse of the market in red. Operators in the region have learned that HSBC index of purchasing managers in the Chinese sector services slowed to an unprecedented low in August. Seasonally adjusted and calculated by the Institute Markit, it fell to 50.6 after 53.5 in July.

No other indicator may move the index is also expected on Monday.One highlight of the week will be the release of the Beige Book Fed on Wednesday night, which will be the summary of economic conditions in regions in the United States.

No recession expected in Europe

The side of the euro area, European Commission President Jose Manuel Barroso, has tried to reassure investors. Traveling in Australia, he said that the European economy would experience in the coming months a "moderate growth" without going into recession. "We do not anticipate a recession in Europe. The latest forecasts from the European Commission show that the growth will be at the meeting, although this growth will be moderate, it is true, "he said in Sydney.

The comments of the Head of the EU executive echoed the lowering of forecasts rating agency Standard & Poor's for the European economy last week.The decision to resurface concerns about the health of the area and the problems of sovereign debt. "We do it all, the fight against fiscal problems underlying the strengthening of the governance of the eurozone, the introduction of stricter financial regulation to improve our overall readiness" said José Manuel Barroso.

In morning trading, the euro rising slightly against the dollar at 1.4160 dollar. However, it is dropped in morning trading to a low of three weeks, at 1.4138 dollars against 1.4198 at Friday close in New York.

For their part, oil prices were down in electronic trading in Asia, depressed by the poor figures on employment in the United States.A barrel of "light sweet crude" for delivery in October lost 59 cents to 85 pay day advance.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.

The bank attack

The President of the French Banking Federation (FBF), François Perol, recognizes the existence of tensions on the refinancing of French banks for their operations in dollars, already noted in a recent analysis by the rating agency Moody's Investors Service. In an interview with Les Echos dated Monday, he notes that if "the euro liquidity is not a problem," "the dollar refinancing is more tense."

Societe Generale lost 5.26% to 21.05 euros (largest decrease in the ACC).The bank is also penalized by the U.S. federal agency oversight of mortgage that has filed a complaint Friday against 17 major international financial institutions which include the French bank, for a total loss of $ 41 billion in bonds linked to subprime.

In its wake, BNP Paribas lost 4.98% to 31.75 euros, Crédit Agricole 3.67% to 5.95 euros and 3.09% at Axa 10.20 euros. Natixis lost 3.87% to 2.60 euros. The aerospace equipment Safran (-2.78% to 26.25 euros) will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext. The changes take effect Sept. 19.

Saft takes off

EDF: -2.70% to 20.38 euros

The Italian Minister of Industry, Paolo Romani, said Sunday he would meet Monday Proglio about the power company Edison.

ArcelorMittal: -2.87% to 13.72 euros

Peabody Energy and ArcelorMittal announced Monday it had extended until September 27, the period during which the short bid for $ 5 billion (3.53 billion euros) on the Australian Macarthur Coal.

Zodiac: -1.67% to 54.20 euros

The group said it had completed the acquisition of the American Heath Tecna and have reached an agreement with its banks to raise 300 million euros the amount of an existing credit line.

Schneider Electric: -4.80% to 41.89 euros

The French government intervened with the company to freeze a plan for the removal of one.000 temporary positions, the daily Liberation in its Monday edition, but the group has firmly denied to AFP such a plan.

Saft: 9.81% to 23.96 euros (largest increase in the SBF 120)

The American automotive supplier Johnson Controls will pay $ 145 million (102 million euros) to the French specialist in batteries as part of an amicable agreement ending their joint venture in the automotive industry, announced Friday the two groups in a joint statement.

Alstom: -4.07% to 29.55 euros

The group signed a 66 million euros with Iraq to build a power plant in the province of Nineveh in the north, said the Iraqi Minister of Electricity.

France Telecom: -1.87% to 12.33 euros

TPSA its Polish subsidiary has announced to contest the fine of 128 million euros that inflicted the European Commission.

After market, environment and Dried Assystem unveil their first-half results.

The reversal was also performed in London, the FTSE-100 lost 0.56% to 5364 points while the Frankfurt Dax 1.57% to let go of 5693.76 points.

On Thursday, investors are wait-until a series of indicators 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 the euro area, the final manufacturing PMI contracted in August for the first time since September 2009 due to a fall in output and new orders. The index calculated by Markit PMI final spring to 49.0 in August, against an initial estimate of 49.7 and after 50.4 in July. The German manufacturing sector slowed in August, including at its lowest in almost two years, to 50.9 after 52.0 in July.In France, the PMI industry has returned to 49.1 against 50.5 in July, an even sharper decline than that reflected by the flash estimate of 49.3 issued two weeks ago.

Also 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 INSEE.

Yesterday, the Cac 40 ended on a strong growth of 3.07% allowing it to pick up 3250 points. And signals from Wall Street, which also ended the month of August on an increase of 0.46% are good.Also this morning, Asian markets generally appear in the green, backed by the index of manufacturing activity in China has reached 50.9 in August, against 50.7 in July.

Investors seemed 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.

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. The bank responded by piecemeal: Societe Generale gained 1.37% to 23.75 euros, Natixis 0.39% to 2.80 euros, BNP Paribas 0.21% to 35.94 euros. Crédit Agricole down however from 0.94% to 6.75 euros. Axa loses 0.45% to 11.13 euros.

Peugeot: -1.92% to 20.92 euros, Renault: -1.99% to 27.77 euros, Michelin: -1.77% to 50.09 euros

The new car registrations were up 3.2% in August.But sales of SAP were down 3% and 1 direct payday lenders.4% of Renault.

Sanofi: -0.47% to 50.42 euros

The group reached an agreement with Pfizer to produce generic versions of Lipitor cholesterol before the star of the American group from falling into the public domain, writes Les Echos newspaper on Wednesday.

Total: 0.12% to 34.03 euros

The National Transitional Council (CNT) Libya has promised to give to France 35% of crude oil from Libya in exchange for recognition of its legitimacy Paris, Liberation reported Thursday.

Iliad: 2.85% to 85.93 euros (largest increase in the SBF 120)

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: 0.26% to 13.33 euros

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: -1.54% to 61.54 euros

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: -2.38% to 38.71 euros

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: -0.41% to 21.86 euros

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

Eiffage: -7.08% to 31.50 euros

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: -0.94% to 34.70 euros

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: -8.67% to 21.74 euros

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: 1.73% to 14.73 euros

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: -3% to 86.09%

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: stable to 10.77 euros

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

Theolia: 10.48% to 1.16 euros

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.

Leading economic powers of the continent, Germany continues to print a rapid pace in the consolidation of public accounts. The Federal Ministry of Finance has fixed Monday downward its forecast deficit for fiscal 2011, reducing it to 1.5% of GDP, against 2.5% so far.

With seven consecutive months of increases, tax revenues fueled by favorable economic conditions help to clear the accounts. Despite the crisis of the euro and the slowdown brutal (0.1%) of growth in the second quarter, Germany displays unique performance in Europe. It is even "a balanced budget in 2014," according to the monthly report of the Ministry of Finance.

As good news never comes alone, the Bundesbank has maintained its growth forecast for the year, around 3%, despite the uncertainties on the global economy.Uncertainties also swept by the Finance Minister, Wolfgang Schäuble, who sees "no signs of recession on the horizon" and "no cause for concern," despite the decline in exports and domestic consumption, traditional 'heel Achilles of the economy across the Rhine. With these results, which provide water to his mill, Germany does not want to break the pattern that ensures its development. With even greater risk of stuck behind its partners in the crisis and strengthen the idea of ​​a Euro at two speeds. The Eurobonds are still seen in Berlin as a bad idea. Such obligations could put a strain on public accounts and stopping growth. Estimates vary, but the most pessimistic estimate that the pooling of risk could cost 25 billion per year budget.Half the projected deficit for this year.

Meet Baroin

In its traditional large back-up interview on public television, Chancellor Merkel called Eurobonds "wrong answer to the crisis." And showed its determination in the battle with speculators, "The markets want to force us to do things that we do not want to. Policies can not and should not run behind the markets. "The only Conservative leader weight to leave the door open to this option is Wolfgang Schäuble. However, it is satisfied that it is necessary first to establish a common budgetary and fiscal policy. He will discuss this and a tax on financial transactions at the meeting scheduled for Tuesday morning in Paris with his French counterpart, Francois Baroin.The two men were responsible for making joint Franco-German proposals on these two subjects in the fall.

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Between April and June, exports fell sharply by 4.9% and is the main factor in the decline. During this period, deliveries of goods have been hampered by the destruction of factories and infrastructure in the devastated areas of north-east of the archipelago. Breaks in the supply chain were found in the key sectors of the automobile and electronics exports pillars.Industrial activity has also been slowed by the nuclear accident in Fukushima that led to the arrest of a significant portion of the reactor pool and therefore a fall in electricity production.

The downward trend was further accentuated by a decline of 1.9% of private real estate investment and a 0.1% decline in consumption. The trauma of the disaster, which killed more than 20,000 dead or missing, has indeed led the Japanese citizens to exercise restraint for several weeks, slowing private consumption, which is usually an engine of growth. This slowdown was partly offset by the increase of 3% of public investment.

"We will rebuild Japan"

To observers, this leaves the second quarter, however, consider a rapid improvement in the Japanese economy."If the economy is improving as it takes shape in some respects, it is possible that growth back at the period from July to September", commented Takeshi Minami, an economist at the Institute Norinchukin whose opinion joined the Minister of Finance, Yoshihiko Noda.

For his part, Prime Minister Naoto Kan, who survived in June in a vote of no confidence by promising to resign by the end of August, took advantage of the sixty-sixth anniversary of the surrender of Japan to discuss improved conditions. "Our country has emerged from the ruins of war through the efforts of every citizen and overcame many difficulties to date. With these experiences, we will rebuild with determination and force the devastated areas and Japan. "

These remarks have convinced the Asian markets on Monday morning.At the Tokyo Stock Exchange, the Nikkei has closed the day on a sharp increase from 1.37% to 9086.41 points.

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The government plans to officially 2% growth this year. According to Insee, the carry-over of 2011 (that is to say that France would increase if the activity was stagnant until the end of the year) is 1.4%. From 1.4% to 2% going to have to know the activity a dramatic rebound in the second half, which is far from certain.Balances were mediocre and above all a financial crisis that could fill a strong business investment bodes poorly for consumption and industrial production in the third quarter.

All in a context of slower public investment, fiscal discipline requires. At Bercy, yet it refuses for now to revise down forecasts payday loans guaranteed no fax. But he will have to solve it or risk losing credibility.

Huge consequences

The consequences of the stagnation of GDP in the second quarter are huge: the estimated government deficit to 5.7% of GDP at end 2011 and end 2012 4.6% are threatened. The government has pledged to do everything to achieve this intangible. He has no choice: the slightest deviation will be severely punished by financial markets.

In order to reduce the deficit in 2012 the state was counting on three billion euros in savings in tax loopholes. This figure is outdated. The aim should be 5 billion, at least, to save on niches, according to the general rapporteur of the budget Gilles Carrez. The MP also recommends additional 3 billion of cuts in public spending. Rigor looks for this winter.

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"French growth stopped in its tracks

The first group activity is outsourcing, which shows an increase in its turnover by 0.6% to 906 million euros.The operating margin turned positive in all service lines of the group, except for high-tech transactional services (HTTS), where it fell slightly by 0.5% over the first half of 2010. This decrease is attributable to significant investment group in the countries of Asia and Europe, including the Netherlands, the United Kingdom and Spain.

An advance on the schedule for the integration of SIS

Former Atos Origin has officially completed in early July the acquisition of the holding company consolidating all IT activities of Siemens, Siemens IT Solutions and Services (SIS), which gave birth to a new entity, now called Atos. In exchange, the German group was to take up to 15% in the new entity. The merger helped to improve the financial position of the group."The growth in operating margin was performed in the context of preparations for the integration of SIS," said Thierry Breton, adding that the group is now well positioned to increase its competitiveness, and is ahead of schedule to deploy program realization of merger synergies cashadvance.

Growth in the UK due to public commissions

In terms of performance by geographical area, the UK market of the company that turns out to be the most dynamic yet. Group revenue increased by 3% in the United Kingdom, supported in particular by the return of public commissions that have operated in the area of ​​facilities management (6.6%) and HTTS (+7%) after a freeze period of new contracts during the economic crisis, said Michel Alain Proch, chief financial officer of Atos.

Moreover, in Europe, the activity of the company specialized in IT services has suffered persistent problems in the markets, which led to a very high selectivity of the contracts. This is the case of Benelux, where the turnover of Atos was down 4.1% and France, where the decline in the activity of specialist services is 2.9% in the first six months of the year. These are two historic regions for the group, accounting for one third of its business. As for the new entities Chinese, Turkish and Russian, the results should impact the sales of Atos about 50 million, they will be integrated with results from the fourth quarter, it said. The transfer of these entities occurred on July 1, when the acquisition of SIS by Atos.

The group now expects an operating margin of 6.2% for all of 2011, for an annual turnover of around 6.8 billion euros. Atos also confirmed a target cash flow up 20% to 170 million euros.

These encouraging results have been applauded by the Paris Stock Exchange on Wednesday. The title of the SSII took 5.01% to 39.16 euros to 10 hours.

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