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It's the only bright spot in the dark landscape cyclical French: the labor market continued to regain strength. In the second quarter, 68,300 jobs were created in the nonprofit sector. This is 10,000 more than in the first quarter.

The tertiary sector contributes almost exclusively to these creations (57,200 jobs), the industry confirms his recovery: 6600 jobs were created in this sector, according to Insee. This is his second consecutive quarter of growth. "This sector lost jobs every quarter since 2001," says INSEE.

Only government minister to be able to celebrate yesterday, Xavier Bertrand (Labour, Employment, Health) welcomed that "210,600 jobs a year (have) been created." He sees "a positive signal about the vitality of the real economy." This movement is all the more surprising that growth has been sluggish in recent months.

"You have to look at the figure of 0% over the period issued yesterday: considering the annual growth and relating to the last four quarters, we see that the quarterly growth rate is invariably French 0.4%, says Frédéric Gonand, associate professor of economics at Paris Dauphine. This shows that even with 1.6% annual rate, which corresponds to its potential growth, France is creating jobs. "

According to Dares, the index of the basic monthly wage (SMB) increased by 0.6% in the second quarter, representing an increase of 2.1% over one year. This significant increase of basic wages does not mean a sharp increase in the purchasing power of households. In the second quarter, prices rose 0.5% year on year and they operate around 2%.The purchasing power has improved very little, which explains the weakness of consumption in recent months.

Disinflation energy

But-and this is another rare good news in the farm figures released yesterday, according to Insee, the consumer prices fell by 0.4% in July. A decline mainly due balances but also by the expansion of energy prices. Under these conditions, if the job market continues to grow at the same pace as earlier this year, the disposable income of households could improve a little.

"Disinflation energy currently underway should provide some support the purchasing power of households," say economists at Natixis.The main pillar of the French economy will be a little stronger in the second half, provided that the fiscal savings provided by the government do not result in a tax grab too much, the experts continue to Natixis.

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It's a real competition gigatisme. After the announcement by Prince al-Walid to build a tower more than a thousand feet high, the Burj Dubai skyscraper almost seem "small." Yet, this tower, which rises to 828 meters currently holds the record for the tallest tower in the world. And the number of buildings approaching that height now record, will increase in coming years.

The popularity of the towers is very strong especially in emerging countries, which will soon appear three new skyscrapers lying in a range in height from 500 to 800 meters. Symbols of modernity and economic development, they show by their names prosperity of their city or country. The Makkah Clock Royal Tower (601 m) should be opened in Saudi Arabia at the end of this year.The draft Jakarta Tower (588 m) in Indonesia, launched in 1997, should finally set up in 2012. As for the tallest tower in China, the Shanghai Tower (632m), with completion scheduled for 2014.

United States, where the tallest buildings are just above half a mile, top of a building 541mètres should dominate the sky in 2013. This is a skyscraper built on the ruins of the World Trade Center.

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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Prudence and tensions are on the agenda of this meeting Thursday at the Paris Bourse. As in Asia this morning, investors should remain focused on the weakness of the recovery in the U.S. while the CAC 40 plunges inexorably. The Beige Book from the U.S. central bank (Fed), published during the session on Wall Street has reinforced the comments made by chilling the day before Ben Bernanke: "Economic activity continued to grow in general, but a small number of regions have expressed some slowing. " This verdict has resulted in lead Wall Street to its sixth straight decline. The highest since February 2009.

The situation is especially worrying that the U.S. government can not reach agreement on a possible increase in the debt ceiling from the federal government, which must yet be approved before August 2.After S & P and Moody's, Fitch has in turn launched an alert on U.S. debt, menançant the triple A of the country.

Responsible macroeconomic news

In this context, the publication of a new set of indicators in the United States will be closely watched. The program first, the weekly jobless claims. Then follow the figures in the trade balance and inventories of wholesalers. European news will be as important to the ECB decision on interest rates.

In France, payroll employment has increased its recovery in the first quarter and the balance of agency has eased, according to Insee. The sectors mainly merchants have created a total of 58,200 jobs after 48,300 over the last three months of 2010, an increase of 0.4% against 0.3% on the previous quarter.

The euro and oil up

On the currency side, the difficulties U.S. leads the euro to rise against the greenback. The single currency is trading against 1.4628 dollars in morning trading.

Side oil prices are trending upward, failing agreement within OPEC to increase production of crude, analysts said. In morning trading, a barrel of light sweet crude for July delivery took 49 cents and $ 101.23 that of Brent North Sea crude for delivery gained 27 cents identical to 118.12 dollars.

Values ​​to follow

Club Med

The group announced on Thursday a profit of 10 million euros in the first half, against 3 million in the first half of 2010.The indicator of profitability of the villages of the French group jumped 67% to 47 million euros.

Remy Cointreau

The group reported a net profit 2011en 2010-down more than 18%, to 107.5 million euros, 109 million lower than expected by the market.

Air France-KLM

The airline announced Wednesday an increase in passenger traffic in May, albeit at a slower pace than in April, which had benefited from favorable comparison bases.

EDF

EDF could be tested by the weather this summer. RTE, the French electricity network operator, today the government's scenario for the summer. Dry weather and heat wave could cause the system to its limits.

Aeroports de Paris

ADP announced Wednesday it had entered into exclusive negotiations with the operator of airport services 3S Group to cede a majority stake in its ground handling activities.

Sopra

The shareholders gave the green light Wednesday to the proposed demerger and listing of Axway Software, the software division of group counseling and services.

Saint Gobain, Bolloré and Ruby hold their general meeting today.

The very demanding certification labels for timber such as the FSC would they about to be marginalized by European legislation is less restrictive? Some pose the question today. Ardent proponents of the regulation adopted by the EU is no shortage of arguments to suggest otherwise.

FSC (Forest Stewardship Council) was established in 1993 after the Earth Summit in Rio. It offers large forest operators to comply with a specification very strict on environmental issues, social and economic return for obtaining a quality label could make a difference on the European market. It now comprises some fifteen million ha in tropical forests, including five for the Congo Basin and almost three for the Republic of Congo alone."But today, Europe is imposing a traceability system which is only legal and therefore much less stringent than the certification systems," warns Dr. Clotilde Ngomba, the coordinator of the forest fund Basin Congo.

Launched in 2003, the European program that meets the acronym FLEGT (Forest Law Enforcement, Governance and Trade process) "aims to curb the production and trade in illegal timber," says Alain Pénelon, regional adviser for COMIFAC (Commission Central African forests). With a goal involve the largest number of forest holdings. "We had reason to push the FSC large farms," ​​says Mark Benedict, director of the firm Terea, "but it is very restrictive and very expensive and small businesses can not follow him installment payday loans. FLEGT system is intended for them. "The World Bank, the loss of value due to illegal logging accounts for more than 10 billion dollars and the loss of revenue for governments, 5 billion.

Legality encouraged

The main measure of FLEGT aims at establishing a partnership between Europe and a producer. It specifies the criteria to ensure that timber imported into Europe is of legal origin. It provides traceability, verification systems … "The implementation of a FLEGT agreement may take three or four years," said Alain Pénelon. Such a delay until October, Parliament ratified a new law prohibiting the arrival on European soil or wood products from illegal logging. "This will be the operators in Europe to ensure this," said the specialist.This regulation will apply March 3, 2013.

"I do not think there is a risk of competition between the two systems," he says. "The same mechanisms are highly complementary," insists Emmanuel Heuse support of FLEGT Democratic Republic of Congo. "These two systems must grow together," he adds. Optimists hope that the first step then bring FLEGT timber operations to proceed towards certification. Over the legality will be encouraged, more forest will be protected. It is urgent: despite improvements since 2000, tropical deforestation is very high. It is 5.4 million ha per year, equivalent to the area of ​​Costa Rica.

The Paris Bourse started rising sharply on Tuesday morning – the Cac 40ouvre up 0.80% at 3973.92 points – after finishing Monday night in a small decrease (-0.21% to 3942.53 points) carried by a slight recovery in confidence in European markets while the situation in Greece feel a little better. The single currency advance against other currencies on a hope that the Greek crisis can be resolved (one euro 1.4371 against the dollar this morning). Jean-Claude Juncker, Eurogroup President, has expressed his desire to "solve the Greek problem by the end of June." In addition, a second bailout of 65 billion euros could be established, combiners loans from the EU and the IMF.In addition, Germany plans to withdraw its proposal rééechelonner maturity of Greek bonds to facilitate the release of new aid to Athens, reported Tuesday the Wall Street Journal, which further strengthens the euro on the market exchange.

Still, this morning, the rating agency Fitch Ratings lowered by three notches note of Cyprus, which changes from "AA-" to "A-" due to the involvement of banks in this area countries euro in Greece and does not, according to a statement, to conduct a further deterioration.

This morning, Asian stock markets are well oriented. The rating agency Moody's has yet announced it, it could lower the rating of the long-term debt of Japan within three months, citing the massive debt the country exacerbated by the recent earthquake in north-east . Fitch made the same announcement three days ago.The Nikkei has still finished rebound of nearly 2%, amid weaker yen against the dollar and a good indicator of industrial production.

The French Minister of Economy Christine Lagarde, has pledged Monday in Brasilia to "deepen" the reform of the International Monetary Fund (IMF) to give more weight to emerging countries if elected head of the institution Financial.

The greenback that folds also pushes the oil upward, making them more attractive purchases of raw materials denominated in dollars. In morning trading, a barrel of light sweet crude for July delivery took 35 cents to 100.94 dollars.That of Brent North Sea crude for delivery gained 58 cents identical to 115.26 dollars.

Rain important indicators to monitor

In France, before the opening of trading, we followed the consumption expenditure of households on goods in April (INSEE): it decreased by 1.8% in April after falling 1.0% in March (revised ). Sales of new homes fell in France by 17.2% yoy in the first quarter, according to the Ministry of Housing, which reported Tuesday in a parallel increase of 30.4% in housing starts and 9, 0% of building permits between February and April 2011.

Then at noon, we take knowledge of business failure in December 2010, the agricultural price indices in April, while producer prices of business services in the first quarter (INSEE).In Germany, retail sales have risen dramatically in April, but at a slower pace than expected, after a march which the drop was even greater than had originally estimated.

In the euro area, we know the unemployment rate April at 11 am and the first estimate of inflation in May

United States, 15 hours, we expect prices logger (S & P / Case-Shiller) well attended in March. Then at 15:45, industrial activity in the Chicago area in May, also very important. At 16 hours, the highly anticipated index of consumer confidence (Conference Board) in May.

Laurent Perrier: net profit up 39.5%

Side values, Alstom (1.81% to 42.64 euros, the biggest increase Cac 40).The construction project by the group of a line of elevated railway in Baghdad will cost $ 1.5 billion (one billion euros) and will be financed by the French government and French banks, said Monday the Iraqi leaders.

The group of Laurent-Perrier Champagne on Tuesday reported a 39.5% increase in net income for fiscal year 2010-2011 ended in late March, thanks to higher sales volume in the second half, which helped significantly reduce its debt.

Areva (-0.51% to 29.50 euros) will follow as the night before, the stock lost 1.98% to 29.65 euros on its first day of cotation.De invertitudes many threats to the nuclear group. EDF is also on the alert after the announcement yesterday (Monday) at the end of nuclear power in Germany by eleven.

Renault (1.35% to 39.31 euros) is also on the radar screen when a new number two was appointed to replace Patrick Pelata yesterday.Carlos Tavares will cheer for employees and create attractive cars to restore momentum to a manufacturer whose weight continues to fall within the Renault-Nissan.

Total (1.33% to 39.97 euros) will launch a discount service stations to compete with low cost workstations supermarkets. In an interview with La Tribune, Jerome Pare, director of the distribution business of France's Total announced that a "large number" of 2050 sales outlets would be affected by this repositioning to the entry level.

France Telecom is in Paris today's investor day. The group plans to sell its minority holdings in Austria and Portugal.He announced his will destabilize its level in 2013 EBITDA to a level higher than 2011 and reaching a total cumulative EBITDA of around 45 billion euros over the period 2011-2013.

EADS (1.14% to 22.68 euros). UK fraud office (SFO) launched an investigation of alleged bribes, kickbacks paid to Saudi officials by a subsidiary of British defense giant EADS and aeronautics, the Financial Times reported Tuesday.

Nexans (1.29% to 66.57 euros) provides the first half organic growth in sales of 7% to 9% and operating profit representing between 4.5% and 5% of its turnover, announced Tuesday the French manufacturer of cables.

Vinci (1.37% to 44.10 euros), ADP (+0.41% to 66.50 eruos), Veolia (0.99% to EUR 20.92).The process of opening the capital of major regional airports is frozen amid differences between local and state, wrote Tuesday in La Tribune. Vinci confirmed early May watch some airports, while ADP and Veolia might also be interested.

Carrefour (+0.74% at 30.51 euros), Casino (0.01% to 73.45 euros). Casino said it had asked the ICC for arbitration and requires that the Brazilian group Diniz fulfill its obligations pursuant to their shareholders in the company that controls the Wilkes Brazilian retailer CBD.According to sources familiar with the matter, the president of the Brazilian group distribution Pao de Acucar Abilio Diniz approached rival Carrefour to evoke the hypothesis of a merger with the local activities of French

Sanofi (0.96% to 54.61 euros) on Tuesday released desrésultats a phase III study showing that lixisénatide, treatment of diabetes has reached, as an adjunct to basal insulin, the primary endpoint .

Schneider Electric (1.22% to 112.15 euros) announced Monday the acquisition of 74% of Luminous, a specialist Indian UPS and critical power, as part of its strategy for small and medium-sized acquisitions.

Despite a "peace message" sent by LVMH (1.22% to 112.15 euros), the debates became heated during the general meeting of Hermes, which was held yesterday.

Fimalac (4.05% to 29.03 euros), parent company of Fitch, saw its operating income grow by 23.9% in the first half ended March 31, while its sales sales was up 21.1% (an organic growth of 12.3%).

Mersenne (ex-Carbone Lorraine: 0.43% to 39.50 euros) acquired the remaining shares of Chinese Mingrong Electrical Protection (MEP) which it already owned 51% since 2008.

CD & R, Axa PE and CDC Quebec are paying 2.1 billion euros to afford Spie, according to our information.

The games are not made. While the International Monetary Fund is seeking a new general manager following the resignation of Dominique Strauss-Kahn, emerging countries are mobilizing for a leader from their ranks.

While for now, no Chinese is not on the list of potential candidates for the resumption of the post, the Middle Kingdom believes the new boss of the institution should be Chinese. "The time has come to put an end to Western domination on the IMF," said Shan Renping commentator, in an article published by the Chinese newspaper Global Times. He adds that "one of the main responsibilities of the IMF is to oversee the trade and provide funds to countries in need, capabilities that can provide a growing China."He cited the name of Zhu Min, the former deputy governor of the People's Bank of China, then became Special Advisor to the Director of the IMF, as a potential buyer of the post.

For its part, the Mexican Minister of Budget, Ernesto Cordero, supported the candidacy of Governor of the Bank of Mexico, Agustin Carstens. "This is the best candidate for the IMF," said the minister at the Mexican press.

Statements which echoes the words of the Brazilian Finance Minister Guido Mantega said Wednesday that the succession of DSK to head the IMF should not be "decided in a hurry" or reserved for a European.

For Lipsky, Christine Lagarde is one of the candidates "well qualified"

Since the establishment of the institution the item is traditionally given to a European Bank since management is entrusted to an American.Thus, if an emerging leader is elected this would be a first for the institution.

While the position raises all desires to the four corners of the globe, American John Lipsky, who has served as Acting, said yesterday that the Board of Trustees will meet Friday to discuss it. He believes that Christine Lagarde is one of the candidates "well qualified" to lead the institution. A view widely shared in France and Europe, where statements of support have multiplied yesterday.

However, John Lipsky has left the door open to candidates from emerging countries, stating that "there is a consensus among our members that the process of appointing the CEO should be open, transparent and must be on the basis of merit. Open means open.Open does not open only to some. "The campaign has only just begun.

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Shortly before the opening of Wall Street index futures Standard & Poor's 500 and Nasdaq 100 retreated 0.51% respectively to 1302 and 0.67% points to 2293 points, suggesting an early session in the red. The Dow Jones was due in part to its decline from 0.41% to 12,149 points.

The day before, the U.S. stock market had entered into an indecisive session slightly higher. The results of the first quarter of JPMorgan, though strong, were certainly enthused the stock markets, by and of the Atlantic. But they also left Wall Street more lukewarm. The title JPMorgan also yielded 0.83% at closing."The outstanding consumer loans, down from 8.50% in the quarter were disappointing in this publication," suggested Christian Parisot at Aurel BGC.

Obama's speech and the Beige Book Fed's call for caution

Prudence markets, fueled by retail sales figures mixed, could also be explained by the expectation on Wednesday, after closing a speech of Barack Obama since the George Washington University, the preferred solutions for fight against debt and deficit. The U.S. president has proposed including more taxing wealthy households.Objective: to reduce the U.S. deficit of 4000 billion over 12 years.

The Beige Book Fed unveiled, also on Wednesday evening, has not reassured the markets: according to this highly anticipated release, "the Japanese disaster of 11 March will have a greater impact than expected on the U.S. economy , "because of disruptions in sales and production (especially on the East Coast and central United States)," says Franklin Pichard, Director Barclays Exchange payday loans guaranteed no fax.

If the activity has continued to improve in the United States, this improvement has been uneven from one region to another. Soaring commodity prices began to threaten corporate margins and consumer spending.According to the Fed, the housing market remains depressed, even if the labor market, however, is stronger than in February.

Producer prices and jobless claims

Side indicators, foreclosures in the United States are divided on the rise in March, said this Thursday, the specialist firm RealtyTrac, which are expected to grow further in the coming months. In total, 73,174 homes were seized by creditors in March, up 13% from February, according to figures from RealtyTrac.

On the agenda of the day, the producer prices for March will be announced at 14:30, at the same time that the registered unemployed.This Thursday and Friday, also held the ministerial meeting of the G20 in Washington.

Google and Hasbro unveil quarterly leursrésultats

On the corporate side, after Alcoa and JPMorgan, it is this Thursday, Googleet Hasbro unveil their accounts in the first quarter.

Zipcar, a U.S. car rental self-service, also announced Wednesday it fixed at $ 18 the price of the 9.7 million shares it plans to market Thursday, which would an IPO at some $ 164 million. This price action, revealed in a document released Wednesday by market authorities, beyond the range of 14 to 16 dollars advanced last week.

Household size, a key carbon balance of French households. According to the first survey of 2000 people by the Observatory of Carbon on the initiative of consulting firm Green Inside, smaller polluters are large families where CO2 emissions are "pooled." In these cases, we share its heating, washing his or her refrigerator. Conversely, "the home of a person are truly explode the level of CO2 emissions." Logically, retirees and younger people, who more often live alone and are among the worst performers of this panorama polluters.

Of course, other factors, less critical, are also considered. For example, more high income households consume more leisure, including transportation. Their carbon footprint is even more deteriorated.

The ideal city

Confirmation by another study: transport remains the position that weighs most heavily in the carbon footprint of French households (54%), far ahead of housing (30%) and food (22%). The use of personal vehicles dominates (79%) while the use of public transport and air travel, which vary depending on households and individuals, representing 1% and 19% carbon balance.

The Centre concludes that "the ideal city" could be between 100,000 and 200,000. Let cities large enough to provide a network of public transport alternative to the car, but smaller than the mega fond of air travel.Thirty French cities fall into this category, including Nancy, Caen, Orleans, Metz, Nimes, Grenoble, Saint-Etienne and Reims.

Intergenerational solidarity

From these findings, how can we reduce the carbon footprint of households? "To be effective, it seems appropriate to act primarily on transportation and housing," says the Observatory. Regarding transport, the study notes that "the potential of hybrid and electric vehicles is undeniable, even if it is still very moderate." 1% of respondents have already acquired and 22% intend to medium term."A figure that expresses perhaps more relevant to the type of vehicles that a genuine desire to acquire a medium-term," said the observatory.

Especially, for the authors of the survey should act on household size, "imagine the springs that could increase the sharing" of resources and goods. Foster roommates? Retirement homes? The lines of inquiry are being launched with an objective that the Centre recognizes "ambitious", "we began to see as the problem of intergenerational solidarity," a subject which go beyond those environmental concerns.

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