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The case of the fraudulent trader at UBS will ultimately cost his position to the Director General of the Swiss bank. The institution announced in a statement Saturday that the departure of Oswald Grübel. "Today, the UBS Board of Directors has accepted the decision of Oswald Grübel, Group Chief Executive, to retire from office. The Board asked Sergio Ermotti to assume this interim position. This appointment is effective immediately, "said UBS.

The board of directors of the group was convened in plenary session Friday in Singapore. Initially, Oswald Grübel had yet to defend him. According to press Helvetic, he had to enjoy a visit to the Singapore sovereign fund GIC, which holds 6.41% of UBS, to ask the Board of Directors of the bank vote of confidence.He wanted to get his approval to remain in power until early 2013 and to complete the restructuring of the banking and wealth management at UBS.

The extent of the fraud trader in London, Kweku Adoboli, has had because of this determination. "The Board regrets the decision of Oswald Grübel. The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. " This case was discovered on September 15, caused a stir in the world of finance. Rating agencies Standard & Poor's and Moody's immediately placed under review with negative implications the debt rating long-term 'A +' the Swiss bank.

Reputation under pressure

First estimated at $ 2 billion, losses due to fraudulent transactions conducted by Kweku Adoboli were revised upwards three days later business card.They eventually reach $ 2.3 billion (1.66 billion euros). An internal investigation was opened. UBS tracking the failures of its system of risk control. The gendarmes of financial markets in Switzerland and the UK have also launched independent investigations into the circumstances of the losses suffered by the bank. "The board is deeply disappointed by the loss from unauthorized transactions and fully support the independent investigation. Furthermore, it will ensure that support measures are in place to prevent such cases could occur again in the future, "promises UBS.

It must be said that the bank is under pressure, as he tried in recent years to restore its reputation tarnished by the crisis "subprime" in 2008.The Federal Housing Finance Agency, the U.S. federal agency to oversee the mortgage market, accuses him of having sold $ 4.5 billion of toxic assets to mortgage refinancing agencies Fannie Mae and Freddie Mac, and is seeking to return $ 900 million. The Swiss bank is also under investigation in France on suspicion of using tax evasion. Anxious to maintain the confidence of its customers, it manages the fortunes, the bank sent them a letter last Saturday. "Your assets are safe with us," she assured.

For its part, Kweku Adoboli, the trader, 31, was detained, following his appearance before a London court Thursday. The boy will remain jailed at least until his next hearing on October 20, announced the judge.

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Worn since last May by the strong current created by the bursting of the "case DSK", the national daily general news continue to surge. In June, France paid the dissemination of Figaro, which keeps its place as the first national daily, has increased by 2.68% over the same month of 2010, the World 2.06% and Liberation of 0.80%, according to monthly reports filed by publishers to OJD.

The data disclosed by the monitoring body of the press in France also show that only three titles, which is in addition the business daily Les Echos, finally take their game in the first half. From January to June, the spread paid France's Liberation, headed since February by Nicolas Demorand has increased by 4.97% over the same period last year, reaching 118,416 copies.The World has gained 2.66% to 293,650 copies. The media group controlled by the trio "BNP" (Pierre Berge, Xavier Niel and Matthew Pigasse) announced Friday that he expected an operating profit in 2011. In the first half, the group Le Monde "reported an operating profit of 2.3 million euros," he said. For its part, Le Figaro, which prepares a modernization of its formula to the end of September, has remained in the lead with a paid circulation of 326,490 copies, France, an increase of 1.21%.As for the special daily Les Echos group LVMH, the increase was 1.49% (121,956 copies).

Sharp decline in "France-Soir"

In contrast, all other securities of national daily press recede in the first six of the year: -7.53% for equipment (273,157 copies), -5.12% for La Tribune (65 445 ex.) – 3.69% for Le Parisien (290 690 ex.) -3.04% for Today in France (159 291 ex.) and -2.09% for the Cross (95 669 ex.). The fall of the highest returns to France-Soir that loses -12.10% to 63,741 copies. The title was placed last Monday in backup process for four months by the Commercial Court of Paris. Controlled by Alexander Pugachev, France-Soir has achieved a turnover of 17 million euros in 2010 against 9.6 million in 2009. At the same time, operating income totaled a loss to -31 million euros (-12.9 million against in 2009).The first half of 2011, its sales totaled 6.1 million euros for an operating result of -12.8 million, according to data reported earlier this week by its shareholder.

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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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Greece seriously concerned about new markets. First because of its new economic forecast alarming: the finance minister, Evangelos Venizelos, admitted yesterday that the austerity plan would cause a recession than expected, with a decline in GDP is now estimated at 4.5% " at least "in 2011 against 3.8% prior.

But mainly because the second plan with 158.6 billion euros, concocted by the Heads of State on July 21 and has yet to be ratified by all members of the euro area, has been seriously shaken by Finland.

Helsinki this week announced it has signed a bilateral agreement with Athens where, in exchange for his participation in the bailout, Greece to collateral ("Collateral") to Finland. This sum, which some analysts valued at 1 billion euros would be invested by Finland in risk-free assets.Interest earned will, in the end, to cover the amount loaned in the rescue plan. In other words, the Finnish government has made pledges to ensure against any risk of default of Greece.

Two-tier system

Technical in appearance, this agreement could have an impact politically devastating. Although this is a bilateral agreement, "Member States of the zone will validate this discussion between Finland and Greece," said a spokesman for the Commission, Amadeu Altafaj, ensuring that " Negotiations are already underway. "

But in Brussels, it does not hide his concern. If it is definitely validated the agreement between Finland and Greece could open a Pandora's box by allowing other countries to step into the breach. Austria, Slovakia and Slovenia are already tempted to do the same."We believe this agreement will exacerbate the problems of Greece and did not fall," warned yesterday the Dutch Prime Minister Mark Rutte. He said the solution is equivalent in effect to "resume direct" the money lent. However, the Dutch Prime Minister said that if the Finns get this guarantee, it should apply to all countries in the euro area quick cash.

Therein lies the problem. By creating a two-tier system, the agreement undermines the solidarity displayed by the leaders of the euro area on July 21. "The participation of Finland has been canceled," said one EU source, deploring an arrangement going "against the spirit of the agreement" for Seventeen.

Difficult, however, to reverse, the source added.Helsinki is indeed required to deal with the nationalist party of the True Finns since their breakthrough in the last legislative elections and their reluctance to come to the rescue baskets drilled in the euro area.

Markets are not fooled

Under the pressure of Finland, the Heads of State of Seventeen had included a short clause in their agreement of July 21, stating that "where appropriate, a security agreement will be established to cover the risk arising, for Member States of the euro area, the guarantees they have provided to EFSF. " The rhetoric is vague and leaves open to interpretation. Yesterday in Brussels, experts from the ministries of finance in the euro area came together to floor on the issue.

For the Commission, this development is not a surprise, and he emphasizes the urgency of ratifying the agreement of July 21.José Manuel Barroso had written to heads of state of the euro area from August 3 to ask them to speed up the timetable, and thus "avoid introducing excessive stress in terms of conditions or additional collateral." We understand better the rush now.

Athens wanted reassurance yesterday, indicating he had entered into negotiations with a pledge of Helsinki. But financial markets are not fooled: "If all countries in the euro area, each requiring a Trust Agreement, this will restrict all the help that will actually be available for Greece," say economists at Barclays Capital. This would imply de facto establishment of an additional third envelope.

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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%.

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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Despite a sales increase of 3% to 7.9 billion euros in the first half and stable at 4.4 billion euros in the second quarter, Lafarge reported income down sharply from 34% to 260 million euros in the first half. The group warned that inflation and exchange rate effects will weigh on annual results. "The sector is still affected by high inflation and the absence of global recovery in developed countries," said Bruno Lafont, CEO of Lafarge, said in a statement.Half-year net income was, indeed, benefited last year, a gain of 160 million euros after selling its 17.28% interest in the Portuguese group Cimpor.

Weighed down by a huge debt of 14 billion euros, the rating agency Standard & Poor's has pushed the note of cement to the level of speculative transmitter – Lafarge claims to be "on track" to meet its debt reduction target of at least two billion euros in 2011. Two weeks ago, the group sold its gypsum in Europe and America in the Belgian Etex to € 1 billion (enterprise value) and they could sell in North America and Asia.In the second quarter, the group achieved 50 million savings in structural costs, $ 100 million since the beginning of the year, in line with the objective of a reduction of at least 200 million in 2011 .

The group still expects an increased demand for cement and provides a market growth between 2% and 5% in 2011 compared to 2010.

Back in the red for the Paris Bourse. At closing, the Cac 40 drops 0.77% to 3812.97 points. Investors are concerned about the United States. The elected representatives of the U.S. Congress again tried Sunday to reach an agreement on raising the debt ceiling, but without success. While the Speaker of the House John Boehner had slammed the door to negotiations with the White House on Friday night, they have continued behind the scenes throughout the weekend between the Democratic allies of President Barack Obama, the Senate majority and their opponents Republicans, who control the House of Representatives. But John Boehner told his troops on Sunday night that no breakthrough had yet been obtained.

The situation becomes very tense nine days of the deadline mentioned by the Treasury before a U.S. default.This morning, this concern has led to a relapse of the Asian markets. For their part, the U.S. markets, which had already ended Friday without direction, changing declined Monday. According to the IMF, the United States may suffer a "severe shock" if the debt ceiling of the federal state was not found in time.

Greece is also in the news: Moody's today lowered the country's sovereign rating of "Caa1" from "It" with a development, saying the country was still facing major challenges medium-term credit.

Oil down

On the currency side, the euro declined slightly against the greenback at 1.4347 dollar dollar in late afternoon. Oil is also down.To 17.30 U.S. a barrel fell by 0.542% to 99.35 dollars, while the gold, he goes back to 0.84% ​​and is trading at 1615 dollars an ounce.

The banking sector in heavy losses

Dexia lost 8.09% to 1.95 euros, Crédit Agricole 5.44% to 8.92 euros, BNP Paribas 4.47% to 46.63 euros and Societe Generale 4.70% to 36.28 euros. Bank stocks suffer after degradation of the note of Greece by Moody's.

Axa (-4.26% to 13.72 euros), while welcoming the agreement reached by EU leaders on Greece, the insurers of the French Federation of Insurance Companies (FFSA) said they consider favorably participation in the project initiative of private investors, as part of the options.

Values ​​to follow

Areva: 0.10% to 25.37 euros, EDF: -0.28% to 27.09 euros

The new president of Areva, Luc Oursel, who succeeded Anne Lauvergeon end of June, will make his first official Monday by hosting one of its plants in the CEO of EDF, Henri Proglio, showing the warming of relations between the two groups. EDF and Areva have signed an agreement at that time technically and commercially, prior to a more ambitious partnership to be signed in September.

JCDecaux: -3 pay day loans.87% to 20.24 euros

JCDecaux was down sharply, after seeing the recommendation on its way down to "hold" against "buy" before, by Citigroup.

Alstom: -0.16% to 39.42 euros

RATP has ordered 66 additional subway trains for more than 300 million euros, of which 200 million will fall into the hands of Alstom Transport, Alstom said in a statement.

Score: -0.59% to 18.44 euros

The reinsurer Scor reveals a growth of 22% at constant exchange rates, the treaty renewals in non-life and specialties of the 320 million of premiums up for renewal in mid-year.

Saint-Gobain: -1.26% to 41.94 euros

The group will buy the British network Build Center and French Brossette in Wolseley, which is the world leader in the distribution of equipment, plumbing and heating.He will spend 145 million pounds (165 million) to Build Center and 186 million euros for Brossette. "These two acquisitions (…) represent a contribution of over one billion euros in sales," says Pierre-André de Chalendar, CEO of Saint-Gobain, said in a statement.

Unibail-Rodamco: -3.44% to 143.88 euros; Klépierre: 0.88% to 27.41 euros

HSBC has initiated coverage of Unibail-Rodamco to "overweight" with a target price of 175 euros and raised its recommendation on Klépierre to "underweight" to "neutral."

LVMH: 1.01% to 130.55 euros

Consob is considering a complaint from an investment fund over the price offered to pay the French to buy the balance of Bulgari, confirmed Sunday a spokesman for the Italian stock market.

Total: -0.48% to 39.26 euros

The oil amounts to ten billion dollars (seven billion euros) of investment needed to develop the oil field north of Moho Bilondo off the coast of the Republic of Congo, said its CEO, Christophe de Margerie.

Valeo: 0.05% to 47.32 euros

The group announced Friday that its U.S. subsidiary Valeo Inc., based in Troy, Michigan, had received a request for information from the U.S. court as part of an antitrust investigation.

Fimalac: 0.07% to 27.84 euros

The group announced a sales increase of 11.9% on a comparable basis to 515.8 million euros in the first nine months of fiscal year 2010-2011.Its subsidiary, the rating agency Fitch Ratings has led to an increase of 11.7% of its turnover over the same period to 401.5 million euros.

After market, Seb and Klépierre publish their half year results, April Group will announce its earnings for the second quarter, Faiveley the first quarter. Mercialys and STMicroelectronics will publish their results for the second quarter.

The New York Stock Exchange opened slightly higher Thursday, supported by a better than expected in the United States and hopes of resolving debt crises, despite disappointing figures on U.S. employment: the Dow Jones gained 0 , 16% and the Nasdaq 0.15%. The Dow Jones Industrial Average is 19.75 points to 12,591.66 points and the Nasdaq, dominated by technology, 4.30 points to 2818.53 points.

On Wednesday, the New York Stock Exchange completed a small drop in session hesitant, catching her breath waiting for concrete solutions to the debt crises in the U.S. and euro area.

President Barack Obama received Wednesday several leaders of Congress and the White House has once again expressed confidence in a political solution to the crisis of debt before August 2, to avoid a default."I expect us to find a solution," the president said in an interview with local TV KMBC Kansas City, renewing his call for compromises from both sides, whether its Democratic allies or his Republican opponents.

As on other major exchanges worldwide, operators will also have their eyes riveted to Brussels where 13 hours started at the extraordinary summit of the leaders of the euro area. The latter will try to find a solution on a new plan of aid to Greece to avoid contagion of debt to other countries deemed weak in the euro area. According to draft conclusions of the EU summit, the conditions of loans to Greece would be reduced. The idea of ​​bank tax was abandoned.

Busy schedule

On the foreign exchange market, the euro rebounded sharply against the dollar Thursday, buoyed by the draft agreement at the summit of the euro area in Brussels. Around 1330 GMT (1530 Paris), the single European currency was worth 1.4322 dollars against 1.4212 dollars around 2100 GMT Wednesday, after getting off to 1.4139 to 10:30 GMT. The euro climbed also clearly against the Japanese currency at 112.63 yen against 111.94 yen yesterday.

Oil prices were moving up slightly at the opening in New York, the market welcomed with relief the first details of the draft agreement between leaders of the euro area to meet the debt crisis cash advance today.Around 1:15 p.m. GMT on the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 98.84 dollars, up 44 cents from the previous day.

On the macroeconomic front in the U.S., the day will begin with the weekly jobless claims. They proved disappointing: the number of new unemployment benefit recipients back to 418,000 people during the week of July 10 to 16, the figures Aoccdrnig Department of Labor. Analysts had forecast 410,000 new registrations.

Values ​​to follow

The side of values, the publications will continue today before the opening of Wall Street including Travelers, Pepsico, Morgan Stanley, United Continental and AT & T.

Investors will pay particular attention to Intel as Thursday.The world of microprocessors released after the market close, quarterly results better than expected. Net income progresséde 2% to 3 billion, a record turnover, up 22% to 13.1 billion. The title loses 1.78% to 22.58 dollars.

For its part, American Express Financial Group exceeded market expectations by announcing Wednesday an increase in earnings in the second quarter from 31% to $ 1.3 billion, thanks to higher costs to its customers on the cards crédit.Le of revenue has in turn increased 12% to $ 7.6 billion, above the 7.35 billion expected by analysts. The title earns 1.42% to 52.83 dollars.

For its part, the distribution group online eBay issued a net profit of 283.4 million dollars for the second quarter, down 31% due to the acquisition of marketing services GSI Commerce. The action wins 2.68% to 34.06 dollars.

Always on the side of values, Google (0.83% to 600.28 dollars). would grow in telephony. The Internet giant has begun discussions to buy the specialist in mobile phone technology InterDigital says the Wall Street Journal. The newspaper said the interest of the Internet giant for InterDigital comes in the wake of its failure on the redemption of certificates of the Canadian telecom equipment supplier Nortel. InterDigital, with a market capitalization of $ 2.8 billion, he is studying a possible sale.