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While the public debt crisis shakes the euro area, France announced a new set of austerity measures. Goal: save 1 billion euros in 2011 and 11 billion in 2012 and thus reduce the public deficit to 3% of GDP in 2013. The government has set itself the "new challenge" to reach a deficit of 4.5% of GDP instead of 4.6% initially referred to "secure our path against any additional hazard growth and take care not to break the engine of growth, "said Prime Minister Francois Fillon.

The government downgraded its growth forecasts: this year, French GDP to increase by 1.75% against 2% originally planned. The same progression, 1.75%, is expected in 2012 against 2.25% previously expected.

The new measures

To achieve these objectives, Prime Minister François Fillon unveiled on Wednesday a new set of austerity measures. Most were expected. But Fillon said part of some key measures announced and others that had not been discussed so far.

– A tax on high incomes: it will be 3% income tax reference (capital and labor) from 500,000 euros.

– Increase of 1.2% of payroll taxes on capital income. Until now, property income (interest, dividends, life insurance products) were subject to social security contributions up to an overall level of 12.3%. This rate will increase to 13.5% and will apply to income in 2011."These households are mainly those whose standard of living is higher," insists Matignon.

– Overtime: The government has decided to reinstate the overtime in the Schedule of nationwide reduction of "maintaining the specific tax and social benefits," said the Prime Minister. Specifically, this measure will not change for employees whose net pay is not reduced and that the tax will not be increased. For employers, they will continue to benefit from the exemptions from overtime under declared but will have their planed reduce charges on low wages.

"This is not in any way to challenge the law Tepa who works overtime an instrument for business flexibility and purchasing power of employees," said François Fillon.This provision will be included in the draft budget law for 2012 Social Security to be debated in Parliament in the fall. It shall come into force on 1 January next year and will generate 600 million euros in revenue from additional contributions.

– Changing the taxation of real estate capital gains: is the measure that will bring the most in 2012 with an estimated saving of 2.2 billion euros. It is a measure that will bring the most to the state. It affects the owners of second homes, rental properties, building land or vacant. Until now, capital gains realized on the sale of immovable property (excluding principal residence) are taxed at 19% (plus payroll taxes). But the gain was undergoing a reduction of 10% per annum from the fifth year of detention.In the end, beyond 15 years in prison capital gains realized on the sale of these goods were therefore exempt from taxes. The government decided to abolish this reduction of 10% and derogatory "to tax real estate gains actually realized, after controlling for inflation no teletrack payday loan." Specifically, a tax of 19% will therefore apply to the capital gain, derived from the inflation recorded since the date of acquisition. Small clarification: This measure takes effect from the sales made after August 24, that is to say … Today!

– A new "movement of the plane" 10% of the score of tax loopholes already reduced much of last year.Are concerned and niches favoring certain investments overseas, investment in rental housing (Scellier) or the tax credit on equipment green.

– The rising price of tobacco, alcohol and soft drinks: Tobacco prices will increase by 6% in October and again in 2012. Taxes on spirits will be increased by 90 cents per liter. Wines, rums and regional productions are not affected. With the same public health argument, a tax 'anti-obesity "on soft drinks will be introduced next year, the benefit of the social security. Mentioned several times over the past years, this project had so far been held in check by the food industry.

– The complementary health will be more severely taxed to report 1.1 billion euros in 2012.Even non-existent a year ago, the tax which perform mutual and private insurers on Contracts for additional "responsible" will double to 7%.

Contracts for Health "responsible" people do not pay deductibles (1 euro per visit, 50 cents per box of medicine …) or supplements for consultations with specialists outside managed care, and do not set their contributions according to the health of the insured. They represent over 90% market share. There is no doubt that further protest and say forced to raise their prices after this. To maintain a – small – incentive for this type of contract, the contract tax "not responsible" will she, range from 7% to 9%.

– The corporate tax will be amended to harmonize the rules with Germany.The government will propose the harmonization of the report deficits in terms of corporate taxes with the rules in force in Germany. Paris and Berlin had already announced their intention to create a "common corporation tax" in 2013.

– Increased social package of 6% to 8%. The social package is a levy paid by the employer on the amount it pays its employees under the employee savings plan (participation, sharing …). Currently 6%, this package will be raised by 2 points, rising to 8%. The social package was created in 2009 and raised by 2 points every year since. This should bring 400 million euros in savings.

These measures will be proposed to parliament next week for debate in early September and be implemented quickly.

The case of addiction, however, should suffer from this new austerity plan."Addressing this issue in the economic and financial climate is not responsible," said the Prime Minister.

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What are your proposals for Nicolas Sarkozy and Angela Merkel?

Europe is ready to adopt guidelines on beetles or grading apples. But when it comes to economic and financial regulation, it nothing happens. The EU countries have transformed the Stability and Growth Pact in a cheats and liars. Europe needs the government's proposed economic finally the President and Chancellor.

Will you vote the "golden rule" if Congress is convened?

I will vote, even if the proceedings of Parliament are below what I expected, including the monopoly of the tax provisions. With this rule, the president is in the direction of history. But in September, the presentation of the budgets of the State and Social Security in 2012 will be the first litmus test flexcheck cash advance. We need to find 10 billion euros.I propose a new tax bracket on income, rising from 0.25% of the CRDS and a large movement of the plane on tax loopholes. It must also cut spending for operating and intervention.

Do you understand the dam from the left on the "golden rule"?

It is time to change our political practice. It is outdated and disastrous. Major reforms can not be a camp against each other. This is not because Nicolas Sarkozy has not been exemplary control deficiencies that must be opposed to the recovery of France.

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Wall Street was unable to string together a fourth consecutive session. The New York Stock Exchange finished lower on Tuesday: according to preliminary figures, the Dow Jones gives 0.68% to 11,405.25 points and the Nasdaq, dominated by technology, 1.26% to 2523.11 points. After opening down, the markets have increased their losses after the meeting, much anticipated, between German Chancellor Angela Merkel and French President Nicolas Sarkozy, Around 20 hours (French time), the Dow Jones lost 0.89% to 11,380 , 46 points after hitting a low of 11,292.63 points. The Nasdaq loose in turn 1.45% to 2518.22 points.

The ads at the end of the Franco-German summit failed to reassure the markets, concerned about the contagion of the crisis of debt in the euro area.Angela Merkel and Nicolas Sarkozy called for a "real governance of the euro area", the introduction of golden rule of balancing the budget in national constitutions and a tax on financial transactions. They, however, repeated their opposition to the creation of Eurobonds. These must be the "culmination of a process of integration and not a prerequisite," said Nicolas Sarkozy. For the French head of state, they would, in addition, "serious danger" to the most stable countries such as Germany and France.

After the meeting, European markets ended on a note hesitant. The euro was briefly argued against the greenback before going down. The European currency traded at 1.4402 dollars around 21 hours, down 0.21%, after reaching 1.4471 dollars in the wake of Franco-German proposals.Oil markets, a barrel of "light sweet crude" for September delivery closed lower. He lost $ 1.23 to 86.65 dollars. The September Brent sold his part of 0.4%, or 44 cents to 109.47 dollars.

European growth disappoints

The bad mood also follows the publication of European indicators disappointing that send negative signals about the health of the euro area. Germany, European locomotive, reported a surprise slowdown and sharp growth in the second quarter. The entire euro area saw growth of 0.2% after increasing 0.8% in the first quarter.

Two good news though: the rating agency Fitch affirmed the "AAA" rating on U.S. debt, along with a stable outlook. The Federal Reserve also reported industrial production rose higher than expected for the month of July.It advances by 0.9% thanks to the automotive sector and the heat wave that has boosted the use of air conditioners and thus power consumption.

The release of housing starts, down 1.5% in July, but confirmed the slump. The number of building permits has meanwhile Contracted 3.2%. As for import prices, they recorded an unexpected rebound, while export declined.

Values ​​to follow

On the corporate side, Home Depot (5.31% to 33.13 dollars) has issued a profit better than expected in the second quarter, while Wal-Mart (3.87% to 51.95 dollars) recorded a further decline in sales over the same period. The retail giant has nevertheless issued a profit and a turnover up more than 5%.

Agilent Technologies (-2.48% to 36.57 dollars) reported Monday after-hours trading from a profit of $ 330 million, or 92 cents a share, in the third quarter, up 62% The number of Business was up to 1.69 billion.

Berkshire Hathaway (-0.90% to 107.623 dollars) would have taken a stake in the retailer Dollar General (4.94% to 33.78 dollars).

Dell (1.94% to 15.80 dollars) has a higher than expected for deuxtrième quarter. It reached $ 890 million, up 63%. Saks (-4.63% to 8.77 dollars) has warned that he would discuss the fall "with a bit more caution" in light of general concerns about the economic recovery. The group, however, reported a loss of $ 8.4 million in the second quarter, against 32.2 million last year. Its quarterly revenue was also up 13% year on year.

It all starts in late July in the French newspaper Le Monde. In a lively pen, "Philae" tells, in twelve parts, how a role play between two traders who are bored leads to rumors of a plot against Angela Merkel and the euro, all on the eve of elections French law of May 2012 ….

In this series of summer, we follow the wanderings of a young journalist from the Wall Street Journal sent to Frankfurt, headquarters of the European Central Bank and the financial hub of Germany. The names of the characters in the story are well known: Bruno Le Maire, portrays in Germanophile finance minister, Mario Draghi, Governor of the BCE, to the old speculator George Soros. On the agenda of the masters of the economy, threats to Societe Generale, next target of a takeover bid, and the Italian bank UniCredit.Their exposure to Greek debt fueling concerns.

Although it is amazed by the accuracy of the descriptions and the likelihood of situations, the informed reader understands that this is a fiction. In August 2011, Bruno Le Maire is not finance minister, but of Agriculture, and Italy's Mario Draghi has not made the head of the ECB, which is still headed by Jean-Claude Trichet.

On a rumor of a fall fiction real

It seems, however, whether this summer series that has inspired the fictional journalists Mail on Sunday, the Sunday edition of the Daily Mail for a story published Sunday catastrophic. In this paper, Simon Watkins and Dan Atkins have Societe Generale "at the brink of bankruptcy after terrible losses from its exposure to the Greek debt" and UniCredit "could collapse so similar" to the French bank.

The journalists added that "David Cameron has interrupted his vacation last night [Saturday, ed] to discuss the situation with Nicolas Sarkozy", a fact that has not been confirmed but exists also in the series of daily French.

Listed on online sites such as CNN mentioned on many forums, Twitter by many users, copied on blogs, the article from Monday, August 8 heat the rumor machine. Many elements accrediting effect the veracity of the article in the Mail on Sunday: Societe Generale is very exposed to the Greek crisis. August 3, his boss Frédéric Oudéa announced quarterly earnings down after a depreciation of 395 million euros for the shares of Greek states.

Wednesday morning the rumor that the company would be general in a situation so serious that the French government should intervene to save her is growing the market. The surprise announcement of a meeting at the Elysee Palace on the financial situation in the morning is a bombshell, and credibility to the words of the Mail on Sunday. The lack of communication officers of the Societe Generale does not help.

Meanwhile, as the stock market collapsed and with it the other financial stocks. At the heart of a black session, rumors succeed: France could lose its triple AAA, the government must save the banking system …

Only the evening that the management of Societe Generale denounces rumors and application to the financial markets opened an investigation into the launch of these sounds.But the damage is done: the bank saw its stock melted from 14.7% in one trading session.

A series of unexplained errors

Several questions remain: how an article in the Sunday edition of a tabloid, usually specializing in photographic study of cellulite British starlets, he could be taken seriously and set fire to the stock market ? How is it also possible that the two journalists of the text may have been confused, which to be inspired by what has been a fiction?

The text of Philae is, indeed, confusing realism. Hidden under the pseudonym, a journalist from the Tribune, Brussels correspondent of the daily economic, and whose employment by the evening paper did cringe at the writing of the World.A French bank would also indignant at the tone of the newspaper that gave off the soap truth, so much so that the newspaper added from 1 August 1 line warning: "Le Monde reminds its readers that situations, facts and figures reported in this fiction is imaginary and should not be taken as an expression of reality. "

There are no quotes in the article by Watkins and Atkins, which are directly drawn from the World Series, but the charges against SocGen and UniCredit, and the words of the intervention of Nicolas Sarkozy to be found in both documents. The Daily Mail has deleted Article guilty of its online site and apologized, acknowledging that the paper was based on "false information". Thursday noon, the Cac 40 fell below the symbolic threshold of 3,000 points, while Societe Generale fell by 7.26%.

In the wake of the Asian stock markets, down sharply Tuesday morning despite a slight improvement at the end, the financial center of Paris does not know how to behave on Tuesday … Faced with fears of economic recovery and the financial situation of countries, the Paris index is in fact the yo-yo since the opening, from a technical rebound in early trading, a new panic attacks (-3 , 08%), 1:30 after the opening. The Paris index is even pressed for less than a minute to below 3000 points, a threshold that had not crossed since July 13, 2009. This excitement is not surprising, the magnitude of the losses yesterday on Wall Street (close to 600 points for the Dow, or 5.5% decrease) who confirmed the complete absence of calm in the markets.

The Cac 40 started his session on a net increase of more than 2%, to 3188.27 points …before declining (-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 to 3.01% at 5745 points. In Madrid, the Ibex 35 also passes into the red in 10 hours (-1.67% to 8318.30 points). Only the London remained in the red since the opening (-2.75% to 4929.54 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 reveals 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. 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. At noon will also be released by INSEE oil prices and imported materials for July. For its part the Organization of Petroleum Exporting Countries (OPEC) will release its monthly report.

The barrel still under pressure

A report should be carefully watched, the price of oil is very strong pressure for 15 days, reflecting 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 (77.78 dollars in mid-day in Asia, 7 pm, Paris time), while Brent crude was down the floor of 100 dollars to 101.04 dollars back then.

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 as the traders confidence evaporates, "according to Jonathan at Capital Spreads Sudaria.

The side of values ​​to follow:

Financial stocks limited case (BNP Paribas was down 1.08% to 38.88 euros, Societe Generale down 1.27% to 24.80 euros and Credit Agricole lost 0.28% to 6.73 euros). In turn Natixis (1.28% to 2.93 euros) and Axa (0.82% to 11.08 euros) came to stay in the green.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.

GDF Suez (-1.82% to 19.46 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 (-16.23% to 6.09 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 (0.60% to 5 euros) has been little state, 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.

While looming two weekends among the busiest in passenger of the year, Air France warned of now-already-and its passengers that they may have to be patient. If the airline has reached an agreement with the seven unions of Stewart and hostesses, thus avoiding a first strike scheduled for July 29 and August 1, and with the pilots, who have lifted their strike notice of August 5 to 8, it still faces other threats to social movements.

Another notice of pilots

A threat is … drivers, this time those who are carried by three minority unions – the SPAF, the Alter and R'Ways – and who have filed a strike notice for the July 29 to August 1. As the crew before them, the drivers are protesting against the offensive "anti-low cost" Air France plans to launch in its databases province.The new operation is expected to result, according to the drivers, an increase in the number of hours worked and trips a day.

For now, this movement somewhat worried the company, which does not anticipate any disruption in traffic this particular weekend.

Mechanics harden the tone

Meanwhile, the management of Air France must also manage another conflict, less publicized than those of pilots and aircrew, but that could be acted upon: some 4000 engineers responsible for maintenance of 260 units of the company practice of walkouts, for seven weeks no faxing payday loans. If the company minimizes the facts explaining that the work stoppages of one or more hours that are 50 to 100 people, the impact on traffic is nonetheless real.

According to Le Parisien, Aujourd'hui en France, long flights and medium-haul flights from Paris-Charles de Gaulle accuse each day delays of 15 to 20 minutes. Management also recognizes that it is obliged to postpone the launch of a two-plane in the evening to morning. Orly airport and Toulouse are also affected.

And before the stalled negotiations on wage demands, the engineers are threatening to get tough tonight at 22 hours. "Delays are possible and we do not exclude some cancellations," said Air France AFP. Alert bulletins on traffic conditions are published to the attention of travelers on the website of the company.

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After the immediate relief, the scrutiny. The decisions of the EU summit in distilled As the day of Thursday, had caused a real euphoria in the markets. The important thing was then to resist the further analysis which would not fail to deliver the observers. Result: the markets have continued to welcome a plan that went far beyond their expectations, even though Citigroup, Goldman Sachs and Barclays, we regretted not getting an expansion in the size of EFSF (European financial stability).

Real financial thermometer, the CDS (credit default swap) of Greece – or the premium paid by investors seeking to insure against the default risk of Athens – had symbolized the tension alone: ​​this instrument has lost 500 points these hours to reach 1500 bps.As recently as Monday, July 18, he had earned in 2568 basis points. In this case, the ISDA – the professional body responsible for deciding whether to initiate hedges and therefore pay those who hold them – decided on Friday that the European level do not justify.

A first in the euro area

Conversely, the rating agency Fitch has confirmed that it would place Greece in "selective default". This penalty – provided from the time the private creditors were asked to contribute to the rescue of Greece – a first in the euro area. The default is "selective", only a portion of the loans in Greece are concerned. There will be temporary. Fitch says it will award the following further notes that Greece will consider reducing the weight of its debt.

Behind these technical quibbles lies a considerable challenge.Whether the 50 billion of impairment suffered by the financial sector to come to the aid of Greece are yes or no if a "unique and exceptional" as European leaders have hammered. These statements have not prevented Fitch stressed that the Greek case did constitute a "precedent", when Ireland and Portugal are far from out of the woods. "This means that Ireland and Portugal have eighteen months to put up their house in order, they will suffer further degradation of their rating," warns Gary Jenkins, head of research at Evolution.

Apart from Ireland and Portugal, the first priority was to stop the contagion to Spain and Italy. On this point, the efforts have paid off. The rates at which these two countries borrow on the markets have significantly relaxed this week.

This renewed confidence has yet to confirm."We see four risks in the plan," detailing the Societe Generale analysts. Get ahead of the national parliaments, first. Limit the duration and impact of selective default, then. Confirm a response rate of 90% of creditors to the plan – in this respect, the French banks said they would meet there. And, last but not least challenge: that Greece found a dynamic itself.

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The lack of consensus in Washington on ways to prevent a default by the U.S. Treasury in early August was still crying Friday. "We are clearly running out of time we have left. So I asked members of Congress to give me, within 24 to 36 hours, an indication of the plan that will raise the debt ceiling, "said Barack Obama. The American president has reiterated its willingness to accept adjustments in social programs, that number of elected its own camp, however, refused. But he asks the same time to give the Republicans on tax increases, or at least, on the elimination of tax loopholes, "The Republican voters are willing to (in) to accept," he said, citing recent surveys.

"We're not Greece or Portugal. We do not need to do something drastic, "said Barack Obama.The situation of the United States is indeed very different from the peripheral countries of Europe are grappling with the crisis of sovereign debt. Nevertheless: the absence of a congressional vote before August 2, the U.S. Treasury can no longer borrow as it has already reached the limit of its debt. It would be forced to stop paying some of its creditors.

"Golden Rule" Republican

Shortly before the intervention of Barack Obama, John Boehner, chairman of the House of Representatives, promised the adoption by his fellow Republicans of a "robust plan" to raise the debt ceiling to 2.4 trillion dollars. This text does not include any tax increases, cap on federal spending and also provides for the adoption of a constitutional amendment such as "golden rule" to prevent budget deficits. In other words, it is unlikely to generate a consensus in the Senate.Barack Obama has confirmed that he opposed it.

In the Senate, bipartisan negotiations, subtle and inventive, continue. The leaders of both parties hope to combine a reduction of expenditures in the order of at least 1 000 billion over ten years, raising the ceiling to be de facto delegated by Congress to the President.

The aim is to enable elected not to vote explicitly for raising the ceiling or to the tax increase. Increasing the cap would take place in three stages and maximum total amount would be 2 500 billion, just enough to allow the Treasury to pay all his debts until after the 2012 elections.

According to the proposed scheme, only two-thirds majority in both houses can block increases ceiling decided by Barack Obama. It does not say that this effort to succeed.Or that the elected House of Representatives accept the principle or detail. The installation is complicated as it may be associated with a new method of reduction in social health (Medicare) and retirement (Social Security). A bipartisan commission would draw up by the end of a list of savings to be realized.

Christophe de Margerie confirmed and signed. In mid-April, the boss of Total has caused an uproar by saying that the super two euros per liter was something inevitable.This time the statements are more subtle but no less firm: on the margins of economic meetings in Aix-en-Provence, the head of the French company said that "the price (of oil) rather than being on the rise, so do not expect long-term prices (fuel) down. "

The issue is very clear to Christophe de Margerie, "If it does not reflect the increase in oil prices, the box runs." Under these conditions, while going on holiday will intensify in the coming days, the price the pump are about to take four to five cents extra.

The decision of the International Atomic Energy Agency (IEA) on 23 June, to tap into strategic reserves to lower prices will have had a very limited impact."The effect was instantaneous – crude has fallen from 115 to 107 dollars, almost four cents less at the pump – but the fundamentals of the market quickly regained the upper hand," said Jean-Louis Schilansky, President of the French Union of Petroleum Industries (Ufip).

$ 200 a barrel

In this case, is the increase in demand on prices. While the IEA has estimated that the outbreak in the spring classes began to slow global consumption, but the 90 million barrels per day (bpd) is no longer so distant. Moreover, if growth continues, the cap could be gone by the end of the year, according to the scenarios of the Agency.

Meanwhile, it is unclear how far prices will rise at the pump. At the end of last week, the Brent crude in London closed above $ 118."The courses tend gradually to 120 dollars," said Jean-Louis Schilansky which states that within a few days fuel prices should find their levels of early June. An average of 1.50 euro for unleaded 95 and 1.33 euro for a liter of diesel. As for the bar that fateful two euros per liter, it corresponds to the experts at a price of 200 dollars a barrel. "We still have some respite," said Jean-Louis Schilansky.

In this issue so sensitive fuel prices – especially in summer – the government continues to be very careful. A few days ago, they had encouraged retailers to pass quickly down the barrel instantly.This time, they should encourage stakeholders – oil and supermarkets – to smooth the rise in crude.

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The U.S. stock markets are yo-yo. After closing sharply higher Friday, Wall Street declined sharply on Friday. The Dow Jones lost 0.76% to 12,622.54 points, the Nasdaq yield 0.84% ​​to 2848.44 points and the S & P 500 0.99% to 1339.84 loose points. Thursday, Wall Street has ended sharply higher, reassured by the employment figures in the private sector.

These declines are explained by the release this Friday afternoon, disappointing numbers in employment in June that contradict the good results of the ADP survey released Thursday.The hires are in fact remained at a standstill for the second consecutive month, with only 18,000 jobs created, while the unemployment rate continued its rise, to 9.2%, according to figures released by the Department of Travail.Le report Official "is seen as a crucial gauge for assessing the short-term capacity of the world's largest economy to withstand" the signs of slowdown in the country's economic recovery, analysts explained the broker FXCM.

On the macroeconomic front, investors will also monitor the numbers of consumer credit in May (21 hours).

For his part, President Barack Obama acknowledged yesterday that the disagreement persisted with the Republicans on the budget and debt.He has given a new appointment on Sunday to elect to provide an update on the progress of talks will take place by then.

First results expected Monday half

Attention should also be strengthened by the forthcoming opening of the ball half-year results. As usual the aluminum giant Alcoa (-1.33% to 16.27 dollars) will open the show these ads on July 11 or next Monday. Generally considered a barometer of the health of the U.S. economy, the aluminum companies would announce analysts said a sharp rise in earnings in the second quarter.The rise of aluminum prices and increased demand, especially from aircraft manufacturers, accounted for much of this improvement.

On the foreign exchange market, the euro lost ground against the dollar on Friday, traders moved cautiously before the release of the official report on employment and unemployment in the United States, major indicator to assess the strength of resumption of the world's largest economy.In early afternoon in Paris the European single currency was worth 1.4323 dollars against 1.4356 dollars Thursday

The side of values, given the green light Thursday by the shareholders of the transatlantic exchange operator NYSE Euronext (-0.40% to 35.26 dollars) a merger with Deutsche Börse marks a victory for its chief executive Duncan Niederauer, who strongly defended the project since mid-February.

Always on the side of values, the U.S. pharmaceutical company Pfizer (0.10% to 20.25 dollars) is considering "strategic alternatives" including the potential sale of its animal health business and infant feeding.The animal health division of Pfizer in 2010 achieved a turnover of 3.6 billion and nutrition Pfizer $ 1.9 billion.

Moreover, after the close of Wall Street, CEO of Exco Resources (7.46% to $ 0.72) Douglas Miller has revised its bid on the company to 18.5 million in cash and a part in actions against 20.5 million in cash earlier.

For its part the News Corp. (-2.84% to 17.42 dollars) will close the British tabloid Sunday News of the World, in the heart of a wiretapping scandal.

Also note, the Taiwanese SemiLEDS (-8.06% to 5.70 dollars), listed on Wall Street has announced a loss of 5.1 million dollars, or 16 cents per share against 6 cents expected. Turnover was down to 5.6 million against 9.9 million last year and 6.3 million expected.