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The CAC 40 continues its slow descent into hell. The stock market, which recorded a third consecutive session ended with a downward decrease of 1.13% to 2965.64 points, its lowest close of the year. It should even go back in spring 2009 to find such levels.

Moreover, stock markets are all in red with the exception of London (1.06%) and Zurich (4.02%). But the DAX in Frankfurt still loose 1.04% and 2.06% Milan.

Greece again centralizes all fears since the country's authorities and inspectors of the European Union, the International Monetary Fund and the European Central Bank, have suspended talks to ten days. The two parties disagree on the reasons and extent of delays by Athens in reducing its budget deficit. This situation endangers the second rescue plan concocted by the European Union.Some analysts believe even now that the plan was stillborn. "Greece has already slipped over new deficit targets," said Bruno Cavalier, as well, an economist at Oddo Securities.

Nervousness is also high, whereas the German Constitutional Court will make its decision Wednesday on the highly anticipated aid granted by Greece to Berlin and the establishment of a European emergency fund. Germany is the main creditor of Greece in the eurozone.

"It's a stampede"

Also in the issue of debt in the euro zone, Italy is suffering from a new crisis of confidence while accumulating doubts on its ability to curb its deficit despite the adoption of an austerity plan this summer.Finally, union sources said yesterday that the Spanish Prime Minister Jose Luis Rodriguez Zapatero had recognized mid-August, the markets in crisis, that Spain was close to a "rescue" needed.

"It's the stampede, the free fall. Trust is the innermost and nobody does anything to reassure, "commented Xavier Villepion, sales of shares in Global Equities. "Investors have no reason now to invest in the equity markets," he says. "We are in a dynamic market similar to that of the fall of 2008, when prevailing psychosis triggered by the subprime crisis," said Patrick Jacq, bond strategist at BNP Paribas."Everybody goes in the same direction and fled to the German long-term bonds," he said.

"No recession in the U.S."

These problems of sovereign debt in addition to fears of a global recession while the health of U.S. economic worries. In this regard, World Bank President Robert Zoellick said on Tuesday that the United States was not threatened by a return to recession. "I do not think the United States and the world will fall into recession," he said.

Societe Generale and Credit Agricole to the lowest since 2009

Bank stocks were again the most attacked: BNP Paribas lost 5.24% to 29.66 euros, Crédit Agricole, 4.72% to 5.56 euros and Societe Generale, 6.54% to 18.92 euros.

Audika: + 1.56% to 16.30 euros

The group released a net profit up 17.2% to 4.8 million in the first half, Audika has benefited from financial instruments, whose contribution represents about 400,000 euros.

Medica: 2.54% to 12.50 euros

Medica said it had seven times its first-half profits to 20.7 million euros and raised its annual growth target of the activity of 15% to 17%.

NYSE Euronext: -1.68% to 17.80 euros

The group announced a return to continuous trading, as of Thursday, September 8, a series of indicators of the Paris Bourse, the SBF 120, which was suspended on August 8 for technical reasons.

Casino: -1.66% to 54.36 euros

The retailer Almacenes Exito Colombia, 54.8% owned by the French group, has launched a capital increase of $ 1.4 billion (one billion) unveiled in late June.

Paris airport: -0.38% to 55.29 euros

A consortium that includes ADP is one of the groups pre-qualified to take over the airports of Madrid and Barcelona, ​​said Monday the Spanish airport authority AENA.

Lagardère: 0.03% to 19.30 euros

Arnaud Lagardere said the media group is considering a share buyback or payment of a dividend with the proceeds of the sale of the international magazine division.In an interview published Tuesday by the newspaper Les Echos, he also said that the withdrawal of the group of EADS will not happen until the release of the Airbus A350, the future long-haul European aircraft manufacturers.

Air France-KLM: + 0.79% to 6.14 euros

The group wants to save 700 to 800 million euros in additional savings and will also scale back its flight schedule.

GDF Suez: -2.07% to 19.63 euros

The newspaper Les Echos, there will be no increase in gas rates for individuals on 1 October, the Regulatory Commission (CRE) does not provide a complete analysis of the tariff before the end of September.

Séché: -9.65% to 42.45 euros

The company said it was reviewing its goal of decreasing operating income (ROC) for 2011, it now expected around the level reached in 2010 after falling 2.7% in the first half.

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Staff morale was recorded in late spring a dramatic improvement, the financial crisis of this summer related to sovereign debt of the United States and the countries of the euro area has dramatically changed the situation. And the beginning of September, white-collar grind black.

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 No teletrack 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.

Partially back on the device exemption from overtime? This is one of strong measures to which the Prime Minister would consider as part of austerity measures he is about to announce Wednesday. In any case, it would have given Monday to Jean-Claude Mailly, general secretary of FOR, it has had a long line as part of budget preparation for 2012. "Francois Fillon told me that his services reflected on an application of exemptions from whistle to the level of overtime done," says the secretary general of TF. In other words, the relief granted to businesses would be decreasing with the number of overtime worked.

Such a reform would be a way to go very smoothly on a system condemned by unions but emblematic of the early five-year term of Nicolas Sarkozy.It would also bring hundreds of millions of euros in state coffers – the contribution holiday costs more than three billion a year to Social Security – without too much strain on the purchasing power of employees. It is ultimately the only confidence that François Fillon was permitted. "It was not for him to test a range of measures," says one of his advisers. Most of the time, the Prime Minister has therefore merely listen to what his interlocutors have to say.

"Protecting Growth"

Jacques Voisin was the first to meet Sunday with the prime minister. The chairman of the CFTC asked François Fillon that the measures he is about to take are "consistent with the growth and equitable" and they have no "impact on employment and social minima ".Jean-Claude Mailly for its "push" two major points in his eyes: "the preservation of public services and the protection of collective action," such as tax benefits to the issuance of food stamps or the implementation of complementary health.

In his meeting, François Chérèque for his part stressed "the need to implement measures of social support to employees and businesses to avoid blockage of the economy." The leader of the CFDT has once again required the creation of an additional tax bracket for the highest income or the conditioning of exemptions from VAT and social security to the requirements on employment and wages.The Prime Minister, who undertook to study these proposals, agreed that it was "important to protect growth, small businesses and employment, and support the most disadvantaged," reports the CFDT, which "oppose any questioning of social benefits for savings."

After discussing the budgets of social security and local authorities, François Fillon has finally confirmed Laurence Parisot, the president of MEDEF, it would be "very attentive to SMEs and business conditions."

Pessimism still dominates the Paris Stock Exchange on Monday. After a complicated weekend, marked by a loss of almost 5% for the CAC 40, investors do not find easily morale, as evidenced by the opening of a down, 12%% to 3684.79 pooints. The London Stock Exchange also opened down 0.76% to 5799.51 points and the DAX index of the Frankfurt Stock Exchange was down 0.79% to 7162.82 points.

The Asian market has not sent a clear signal this morning. Only U.S. markets manage to stay the course despite the many warnings about agency debt. In this regard, President Barack Obama issued an ultimatum to Congress on increasing the debt ceiling while Republicans are sticking to their positions.In Europe, the problems of sovereign debt will also be central to discussions of heads of state on Thursday at a special summit meant to calm markets.

Meanwhile, next currency, the euro fell slightly against the greenback at 1.4074 dollar. Gold, meanwhile, took advantage of the nervousness of investors to assert its status as a safe haven: an ounce on Monday has risen to 1598.60 dollars, linking 11 consecutive sessions of gains. The most since July 1980.

In terms of indicators, the day will be particularly quiet with only the index of the real estate market in the United States waited for the afternoon. The rest of the week will be richer with, among others, the German ZEW index (Tuesday), the U.S. existing home sales (Wednesday), the weekly jobless across the Atlantic (Thursday) and the confidence index Business in France (Friday).

Oil markets, oil prices were without direction in morning trading Monday. A barrel of "light sweet crude" for August delivery lost 9 cents to 97.15 dollars while that of Brent North Sea crude for September delivery took 22 cents to 117.48 dollars.

Bank stocks led the largest declines

By sector, the entire banking sector unscrewed, after publication of the study undigested JPMorgan Cazenove, which assessed the need for additional capital of European institutions on the basis of more stringent capital adequacy ratio payday advance. According to JPMorgan, BNP Paribas (-2.99% to 43.92 euros), Societe Generale (-3.44% to 33.50 euros) and Credit Agricole (-2.83% to 8.24 euros) should raise 20 billion euros, one quarter of the amount to raise in Europe.This study follows the results of stress tests of the European Union that French banks have yet passed. In turn, AXA (-3.30% to 13.17 euros) and Natixis (-3.06% to 3.03 euros) drop sharply.

For beyond this study, a European project to create a tax on banks to help Greece is under consideration, according to Die Welt. It concerns all European banks, whether or not active in the Greek market.

France Telecom: -0.29% to 13.73 euros

The operator plans to launch a bid for the fourth mobile operator in the Democratic Republic of Congo, Congo-China Telecom (CTC).The terms of any agreement, still being negotiated, would provide for the redemption of 51% of CTC held by the Chinese manufacturer ZTE telecom equipment, and 49% owned by the Congolese state.

ArcelorMittal: -0.33% to 22.58 euros

The group could respond to the study of the British consulting firm Meps specializes in the steel industry that China would underestimate production. Beijing would have produced 672 million tons of steel, half of the world, against 627 million tonnes officially announced. Meps suspects including small local mills continue to run ads despite the closure due to pollution problems and productivity.

Publicis: -1.22% to 36.82 Euris

The group has obtained a syndicated multi-currency $ 1.2 billion.

As for publications, Edenred deliver its sales in the first half after market. Guyenne et Gascogne announce its second quarter earnings as Audika.

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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This is the seventh increase in less than a year. If the Swedish central bank Tuesday raised its key rate by 0.25 percentage points to 2%, is above all to contain inflation risks, which reached 3% in May, even though the limit is 2 %. "The core inflation (excluding prices of raw materials and other volatiles), upward trend in recent months, rose 1.7%, said Victoire Dumaine-Martin of Natixis. Unlike the Bank of England or the ECB, the Riksbank has a wide scope for growth remains dynamic. "

In fact, with a GDP increase of 5.7% in 2010 from 7.5% last quarter in the year-the highest score statistically memory, after a severe recession of 5.3% in 2009, the country who wants to stay out of the euro area, acts as a "northern tiger" which prances in the forefront of European performance.Unlike the German locomotive, which relies mainly on foreign trade, it is primarily the dynamics of domestic consumption, private and public, which boosted the Swedish economy in 2010.

Benefiting from sound public finances, Sweden did not need to austerity plan, unlike most European countries. Stockholm has achieved a balanced budget in 2010. Public debt fell from 54.3% in 2001 to 39.8% in 2010. "Exports have helped the country out of recession but in the end of 2010 the contribution of foreign trade has been zero, the explicit expert Natixis.This is related to the process of restocking businesses and strong domestic demand that boosted imports. "The tax cuts implemented by the center-right government and the improvement on the employment front from mid-2010 with an unemployment rate of 7.9%, which should continue to fall around 5% by 2014, supported consumption.Raising interest rates is also intended to counter the housing boom: prices have risen steadily to regain their pre-crisis level and the rate of household debt has jumped 103% of income Gross available in 2000 to 170% today.

Appetite for emerging

If since the beginning of the year, growth slowed 0.8% in the first three months of the previous quarter, and should continue in the coming months, mainly because of a decline in other European The forecast for this year is very envious, well above 4%. A situation aided by the appetite of emerging economies for "Made in Sweden" and productive investment to restore productivity.

While the competition is fiercer than ever on the mobile phone market, after the battle of VAT and before the arrival of Free Mobile, Bouygues Telecom has decided to strike a blow. The group on Monday launched B & You (pronounced in English "and you bi"), a new brand in its own right, only distributed on the Internet, but in return offers two packages very aggressive.

B & You offers calls, SMS, MMS and unlimited Wi-Fi 24 hours 24 to 24.90 euros a month. A second formula, to 36.90 euros a month, adds more internet access 3G + (up to 500 megabytes).

Packages actually aggressive, which puts B & You among the cheapest in the market. Note however that these prices are for offers "naked", that is to say without subsidized mobile phone operator.Clearly, the customer will keep their old phone or pay for its new mobile "full price", or about 600 euros for a iPhone4 example. This is the cost of the mobile operator itself. The offer is therefore suitable for consumers who do not want to change mobile. Another advantage for the customer is not forced to embark on a period and is free to change operators at will.

The offer is cheaper for the customer because it is more economical for the operator: exit the costly call centers, stores, everything is online only. In case of failure? The client manages to find the answer through the forums, or returns its mobile mail through a relay package.Left to make do with an old mobile in the meantime.

The new brand, which is both very highly participatory and community, offers subscribers a Web site, a forum, a blog, a space on Facebook and Twitter, where they can submit their problems, provide advice , vote for or against future offers, etc..

"This is the mobile phone 2.0," said Caroline Lehericey, Director of B & You. "Our goal is the generation Internet, users tend to be young, on the lookout for low prices, very comfortable with technology and reluctant to need help."

Create the break in the patterns of market

This new brand, which is managed by the communication agency DDB, functions as a start-up independently. It has of course the network of Bouygues Telecom.The operator Bouygues Telecom, meanwhile, retains its identity, with its network of stores, its service, its consumer hot lines, etc..

It is a flagship project for the group, working for months on this project top secret, under the code name "U2". Inventor of the package in 1996, the first unlimited offers all operators with Neo and the fixed-mobile convergence with ideo, Bouygues Telecom hopes to re-create the "break" in the habits of the market.

Conservative, the company does not communicate sales targets. She claims to have created a brand responding to an emerging need that may develop in the future. And if B & You start with two mobile offers, nothing does it markets tomorrow as the Internet box.

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A further step for the tax on financial transactions tax known as "Tobin". The European Commission will propose its creation as part of its next Buget for the period 2014-2020. She hopes to raise up to 50 billion euros per year, according to European sources cited by Reuters.

Another major proposal for the new budget: funding for the Common Agricultural Policy (CAP) would be frozen at their current level of 370 billion euros, the sources said.Taking into account inflation and the general evolution of European finance, this means that the share of the CAP in the budget of the European Union (EU) will naturally decrease.

Taken up by several Member States since the crisis, including Nicolas Sarkozy, the idea of ​​tax on financial transactions developed by the Nobel Prize in economics James Tobin is considered a credible solution to help poor countries fight against global climatique.Son rate should be moderate, at 0.05%.

Associations, however, immediately responded to the proposal from the European Commission. More and AIDS Coalition and accusing the EU executive to "divert [the tax on financial transactions] to his own benefit."The tax "is supposed to serve the South, where the financial crisis has already resulted in the deaths of hundreds of thousands of people, and still threatens the lives of millions more, including many AIDS patients," said Bruno Spire , President and director of AIDS Coalition PLUS, in a statement. "And now Europe is proposing that the money goes any poor countries, but in his own pocket? It is a scandal. "

The austerity budget of Italy to be approved Thursday also include a 0 overnight pay day loans.15% tax on financial transactions.

"The EU as a first step"

Ten days ago, the Commission President José Manuel Barroso had already discussed the proposed tax on financial transactions in a letter to EU leaders. "The Commission completes its impact and present a formal legislative proposal after the summer," wrote José Manuel Barroso.

"Our analysis shows that there is a strong case to decide whether a tax in the financial sector in the EU as a first step," he said, assuring that the Commission will "in parallel, continue to work for a global agreement on a tax on financial transactions. "

Supported by the Franco-German Cup, the tax "Tobin" has been a joint proposal of the French Socialist Party and the German SPD in their respective parliaments.The resolution was adopted in mid-June by the French deputies but less successful in the Bundestag, where she was referred to committee.

According to the French deputies, the EU legislative proposal should include "a tax on all financial transactions of 0.05%", including all stock exchange transactions and non-stock, securities, bonds and derivatives, as well as all transactions in the foreign exchange market to the tax base and revenue allocation to each of the national budget. "

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While the crucial talks between government and private creditors of Greece continued the last few hours across Europe, they rose sharply in Paris. Reportedly, the French Treasury and financial institutions have agreed on the night of Friday to Saturday on a proposal that they hope to win their European partners now. Important first step, a highly anticipated meeting of the IIR (International Institute of Finance), which groups 400 banks worldwide, will be held on Monday in Rome.

It will be remembered, European governments have launched negotiations Wednesday with the holders of Greek debt. They are seeking a contribution of banks, insurers and other pension funds to the tune of 30 billion euros, backed by a new extension of Europe and the IMF to Greece.So far, the proposal on the table was simple: the voluntary, private creditors agreed to reinvest in due proportion the debts repaid by Athens over the next three years in new loans Greek to 5 years. It is the "rollover". However, private capital, especially German, had requested that these new loans are guaranteed in one way or another by Europe. But Angela Merkel, German Chancellor, refused this demand, which is to transfer the responsibility of the public an additional part of the burden.

Hence the impasse. The problem for private financiers, is to pay a state that nothing says it will be out of trouble in five years, the plan has expired. Of course, under pressure from governments, banks and insurers could be convinced.But specifically, if the process is not perceived as voluntary, rating agencies may raise the flag of the "default" and the plan falls overboard because the ECB can no longer accept sovereign debt and stigmatized in the refinancing of Greek banks cash advance no fax.The French proposal is a parade, making the "rollover" both more attractive and relevant to them and to Athens, by lengthening maturities.

New loans to 30 years

In addition to the original proposal, a working group led by BNP Paribas, in fact, imagined an alternative, opening the opportunity to reinvest only 70% of amounts received in connection with the Greek borrowing fell 50% are allocated to Greek new loans issued this time in 30 years as to 20%, they are placed on what the financial call a "zero coupon", ie a fund invested in securities of high quality self-reinforcing through then cumulation of interests: the piggy bank somehow secures new borrowing Greek, as would have government guarantees.According to the discussions, these borrowings could be long carry an interest rate equivalent to that of Greece pays vis-à-vis its "rescuers" public, with the addition of a variable interest rate likely to be linked to an economic indicator Greek, such as GDP.

In any case, this alternative would yield less per creditor only 50% returned to the Treasury Greek but is likely to attract more people. And above all, by providing funding for 30 years, she pushes the horizon in part refunds for Athens. The French solution began circulating in the corridors of the European Council on Friday. "We received an initial favorable response," says a close case.

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Saturday, Ali will start at 19:10 Baddou the start of his show The Big Mag, scheduled on Saturday in the clear on Canal +, until August 27. Four years after arriving on the pay channel, the journalist is thus for the first time give his own TV show. "The Great Mag is 52 minutes, mainly of reports around the world, and who give themselves the ambition to tell the world in which we live. There are also meetings with personalities that have marked the year just ended, "said Ali Baddou. For the first issue, The Great Mag return among other Ali Agca, the man who tried to kill Pope John Paul II in 1981, and the phenomenon of the gilded youth of Shanghai imitating the codes of the heroes of the film Fast and Furious. Before proposing a meeting with Nicolas Anelka."For the first time he speaks for this great moment in South Africa in the locker room with Raymond Domenech," said the journalist to seeing you on June 25 to determine the version of football.

Beyond this project, the journalist will use the summer to prepare for his return at the helm of the special edition, on which it will replace Bruce Toussaint, recruited to lead the morning of Europe 1. Renamed New Edition, "the show will change deep enough, details columnist Grand Journal de Michel Denisot. We will keep the anchor in the news, but telling it through those who live it. The show will host a lot of guests and witnesses who will say, on various subjects and varied, how they perceive the news. " Is for this revised version, a format more focused on the testimony and culture. The cast of writers, however, should not change."Ariel Wizman, Daphne Burki, Anne-Elisabeth Lemoine, Nicolas Domenach be faithful to the position low interest rate personal loans."

Hearing no targets

So we said leaving for France 2, the host denies "rumors" and talks about his choice to accept the slice of mid-day on Canal + in 2008 after refusing the morning of the chain, already replacing Bruce Toussaint. "I already went out three years of morning radio, so I did not even discuss the project. There, it's very different, it's a great challenge, especially a presidential year where there is all to do. " Last year, the issue of Bruce Toussaint realized an average 4.4% audience share, or about 590,000 faithful daily. A difficult challenge? "Right now, we talk primarily of the content," says Ali Baddou, denies having received, at the moment, the objectives of hearing from Canal +.

In addition to these two programs by signing the rise of the chain, the journalist will continue to be the joker of Michel Denisot the presentation of the Grand Journal, although it will cease its daily columns on the flagship show of Canal +. He imagines in designated successor? "It really is not there. I replace it, it looks as I do … It's normal, it has nothing to do with the future. " Meanwhile, the man who started his career as a journalist at France Culture (he hosted the morning of the station from 2006 to 2009 and the weekly Le Rendezvous policies) gives clear priority to its television operations. "I pause my radio activities next year," said Ali Baddou at First Attempts to raise the weekly meeting that he still animated at France Culture.