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The market decline occurred in August and September did go up in smoke the equivalent of 216 billion euros over the market value of CAC 40 companies since January 1. During the one day of 22 September, falling 5.25% of the benchmark index of the Paris Stock Exchange has removed 40 billion euros, as much as the market capitalization of the size groups of EDF and L'Oreal!

Today, all forty major French companies weighed on the stock exchange the equivalent of 794 billion euros no fax cash advances. This figure may seem high to the uninitiated, but it is actually little more than the book value of assets of companies entering the CAC 40.The fall in prices has reached such proportions that the largest industrial groups in the rating on the stock exchange deal at the price of factories, stocks of goods or land on which are built warehouses or stores.

During the weekend, Moody's and the three banks involved have declined to make any comment.

The Perfect Storm market, this change of note, even anticipated, will be a blow to those banks seeking to reassure investors about their ability to refinance. The climate is harmful: the action of Societe Generale, the most attacked by the markets, has lost 56% since January 1, BNP Paribas, Credit Agricole and 37%, 43%. The European banking index at the same time dropped by 35%.

Troika in Athens

The tension is escalated Friday when the very orthodox chief economist at the European Central Bank (ECB), the German Jürgen Stark, resigned to show his disagreement with the assistance provided by the Mint of the fragile the euro area, including Italy and Spain, as a redemption of their bonds on the market.To make matters worse, banks are reluctant to lend to each other. Deposits from day to day banking in the euro area with the European Central Bank (ECB) are at record levels.

This week, representatives of the troika (EU, IMF and ECB), to oversee the accounts of Greece, it will return. They had left unexpectedly in early September, saying that Athens had not fulfilled its promises in terms of privatization and economic reforms. The Greek government has given additional pledges Sunday and EU Commissioner Olli Rehn said he was confident in the prospect of an agreement by the end of the month. Time is short indeed: Greece is in dire need of approval from the troika to receive a new tranche of EUR 8 billion taken from the first aid plan in 2010. A refusal would mean the default.Banks that have lent money, would suffer, while heavy losses.

In this context, the debate rages about whether European banks, which hold their balance sheets in packages of loans to countries in fragile states in the euro area are adequately capitalized.

August 27, Christine Lagarde, the executive director of the IMF, had felt it was "urgent" that the European financial institutions reinforce with new capital. Saturday, it reduced his remarks, adding that the figure of 200 billion euro recapitalization needs of European banks was only a preliminary estimate "under discussion" …

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Caution on the Cac 40. In the wake of the Asian stock markets and the day after a sharp drop on Wall Street, investors should not take any risks. According to market operators, the Cac 40 and may open down.

Markets are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. An hour and a half ago, the U.S. government has released its second estimate of GDP for the second quarter. The consensus growth overseas could fall by 0.2 point to 1.1% from the first estimate. On Thursday, weekly jobless claims declined.Causing a sharp decline in U.S. stock markets.

On the corporate side, the ball results Essilor continues with the program on Friday morning.

Essilor International reported first half sales of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday payday loans lenders.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

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.

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

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

A first in the euro area

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

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

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

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

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The 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.

Pending the arrival of his eagerly awaited first smartphone with the Windows operating system Phone at the end of the year, and production "mass" in 2012, we have to wait markets and customers. That Stephen Elop, president of Nokia strived to do during the CommunicAsia exhibition in Singapore. "Our main strategy in the field of smartphones is to focus on the Windows phone," he said, for its next billion mobile.

For Nokia, it is urgent. Last month, the group issued a warning on its sales and results, giving even to make predictions, as the period is difficult.Its sales continue to decline, it would hold more than 13.1% of the smartphone market in the first quarter against 25% a year earlier.

But maintaining a strong presence of the Symbian operating system in its range and choice of Microsoft at the expense of Android leave many doubts cast. While the number of applications available on a smartphone is a paramount requirement, the Finn is not in the race. It strives for the time to catch up in smartphones, highlighting the N9 in Singapore, expected to outdo the iPhone and Android to its competitors. To do so, Nokia boasts jumble "three home pages," his "handy user interface," "better voice quality," connectivity … The N9 (under platform Meego) is also equipped with a NFC connection, which enables contactless payments.With this feature, shows that Nokia is still able to board the train for a new technology, not to watch the competition from without it.

With the launch of three new models (N8, E7, C7 and C6-01 will be sold in July) Nokia has pushed the highlight of its commitment to Symbian OS. These terminals will be equipped with the new update system Symbian Anna. Novelty of this new version, it will be downloadable for those who have already bought one of these phones. And over the next twelve months, Nokia will market up to ten new smartphones based on Symbian. From there to imagine that the Finnish and protects against possible setbacks of its U.S. partner, there is only one step.It also reaffirms its loyalty and its customers, accustomed to its operating system, and that it might lose by abandoning it completely. Hence the idea to favor a smooth transition.

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Farmers do not easily repay the aid they have been illegally paid between 1998 and 2002. "Do not pay!" They were still directed Beulin Xavier this Sunday, the president of the FNSEA, micro Europe 1. "We want to continue the discussion on the subject. The current situation also requires some restraint, "he said, referring to the dual crisis that farmers currently, due firstly to the exceptional drought they suffered, and secondly to the fall in sales of fruit and vegetables following the discovery of a bacteria killer in Germany. "So far, 2011 is probably the toughest year to live for agriculture since 1949," Xavier held Beulin.

European Commission demands since January 2009 the repayment of French subsidies paid to producers of fruits and vegetables between 1998 and 2002.Received a complaint from a French farmer who felt aggrieved, the European Commission finally ruled that these subsidies distort competition in the market. It is therefore around 600 million euros that France is committed to be reimbursed by the farmers. The Minister of Agriculture, Bruno Le Maire, confirmed this week that the first claims had been issued to operators.

A plan of assistance deemed insufficient by the operators

Farmers are even less inclined to pay as they deem insufficient aid plan deployed by the state to help them during this difficult time payday loan. While compensation from the national guarantee fund for agricultural disasters (FNGCA), with 200 million euros, should not be paid until mid-September, operators were waiting on the part of the state allocation direct subsidies.But the move by the Charente Thursday, the head of state has rightly refused to "fall into the bad habit of giving allowances that would be declared illegal in a few months." Nicolas Sarkozy has decided to offset a one-year repayment of loans to farmers in 2009 as part of an exceptional level of support, $ 1.6 billion.

"The billion euros of measures [announced by Nicolas Sarkozy], I still trying," said Xavier this Sunday Beulin Today is a little over 500 million euros. " A sum that compares to the heavy expenditure that farmers will face this year. Between the difficulty to find fodder to feed the animals because of drought, rising grain prices and lower meat prices, which could amount to "much more than a billion euros, said Chairman of the FNSEA.

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The Center for Strategic Analysis (CAS) will publish tomorrow Tuesday an interesting note on employment and unemployment among youth. "After much reduced between 1995 and 2008, youth unemployment has not been more sensitive to the crisis in France than in the average OECD country," says the CAS.

The number of under 25 unemployed has increased by 4.3 points in France in 2008-2009 to 23.2%, against an increase of nearly 6 points in the OECD countries.Nevertheless, France still exceeds the three-point average of industrialized countries and is located "halfway between countries that have rates two to three times lower, as the Netherlands (7.8%) and Germany (8.3%) and those where they are approaching double the average, like Spain (43.1%) or the Baltics. "

If the best trained are best protected, the higher qualification of youth did not prevent their conditions of entry into active life to deteriorate. One third of 15-24 year olds have jobs of limited duration, against 11% of all employees. "There is no single answer to youth unemployment, otherwise we would have found it," insists Vincent Chriqui, head of the CAS.

No "youth minimum wage"

Former Plan Commissioner made four proposals in line with government policy no teletrek payday advance.He suggests "developing a wide range of alternative tools to schooling 'for 200,000 young" dropouts "listed by year: alternate pathway" second chance ", strengthened support … To further reduce the number of young people without qualifications, CAS argues that "the development of learning is more beneficial than in the past for training of secondary education." It should even be "a shared priority" prefects, regional councils, presidents or partners.

To reduce labor costs in the commercial sector – as France has not introduced, unlike other countries, a "youth minimum wage" – the CAS proposes to expand the number of assisted contracts in the private and make "a management tool and counter-cyclical support to young people most in need."The advisory body to the Prime Minister finally suggests to "enhance the experience of young people in the nonprofit sector by transforming a share of subsidized jobs in the public sector apprenticeships.

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They look at china dogs, waiting to see who will shoot first. Impacted by the recent surge in cotton prices, most major brands of apparel and ready-to-wear still refuse to raise their rates. At H & M for example, the waltz of the labels is not on the agenda. Despite a profit decline, to 291 million euros over the period from December to February (-30% from last year), its CEO, Carl-Johan Persson said that by "a deliberate maintain prices. "

And even if some of its stores saw their sales pitch down, as the new complex on the Champs-Elysees in Paris."While it should be 200,000 to 250,000 euros in turnover per day, it is only about 100 000 euros, or less than the store on the Boulevard Haussmann," said BFM Radio last month, light- where the limits "of a model of disposable fashion, low prices," which "seems to have a lame duck."

At the national level, INSEE made the same observation. According to the institute, purchases of textiles and leather have fallen 2.2% in March versus the same period last year. Moreover, even if the month of February received a slight improvement, with sales up 4.1%, it did not make "a very bad month of January," dissects Charles Tillard-Head in charge of statistical studies at the French Institute of Mode (IFM).

A hypercompetitive market

For specialists, this will keep prices at the same level due to the widespread decline in purchasing power.In a context of "incompressible increases of food prices and gasoline at the pump," the clothing market "could not support an increase of 5 to 15%" following the surge in cotton prices, said Jean- François Limantour, President of the Cercle Euro-Mediterranean leaders in textiles and clothing no teletrack payday loans. Same analysis for Charles Tillard-head, who feels that large retailers still prefer to "cut back on their margins." "There is a sense of expectancy, there analysis. The first to perform an increasing losing out in this hypercompetitive industry. Or in other words, would see its market share erode.

However, uncertainty remains about the ability of big retailers to maintain such a course."The professionals are in a phase where they do not really know how to pass on higher cotton prices," says Emmanuelle Butaud, secretary general of the Union of Textile Industries (ITU). In fact, its price, which peaked at 2.14 dollars per pound on April 7, increased on a year of almost 160%. Since then it has certainly packed (see box below). But as pointed Emmanuelle Butaud, the sector did not benefit because "it runs in cycles of one year to 18 months."

Cotton appears down

Since early April, the fiber has "consolidated" at around $ 1.54 a pound at the New York Stock Exchange, according Djillalid Hacid, an analyst with X-Trade Brokers. According to Jean-François Limantour, the decline should even "grow" in the coming months, referring to the latest figures from the U.S. Department of Agriculture (USDA).In 2010-2011, the institution expected to increase global production by 10.6% to 127.5 million bales, due to better weather than last year and the increased area of ​​plantations.

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