International News

• "Fear is back"

President Nicolas Sarkozy said Thursday in Toulon that "fear has returned," that "for France to lose control of his destiny" in the crisis of the euro area. The Head of State spoke of "this fear that destroys trust" and "that paralyzes consumers, which prevents the investor to invest, the contractor undertaking the boss to hire the banker to lend" , ensuring that "the only way of averting this fear is to tell the truth."

• A cycle of debt

Nicolas Sarkozy announced a "new cycle", that of "deleveraging, which will bring the balance of the economy to work and production that developed countries have tended to sacrifice too."

Sudden weakness of the single currency. The meeting between Nicolas Sarkozy, German Chancellor Angela Merkel and the new Italian Prime Mario Monti yesterday in Strasbourg has not convinced the markets. Shortly after their meeting, the euro fell against the dollar: it fell from 1.338 before the dollar to 1.332 dollar tripartite summit after the conference. And the single currency falling off again this morning it is trading at 1.3309 against the dollar, its lowest level since Oct. 6.

Same movement in the markets. European shares erased their gains shortly after the summit and the moral is not looking good this morning in Asia. In addition, the cost of borrowing countries in the euro area rose: Italian rate to 10 years treated with 7.1%, a level considered unsustainable in the long term for highly indebted countries.

China, U.S., Brazil, Japan … For two days in Cannes, the speech was unanimous: "Saving the euro to save us from ourselves." On the way to do this, however, and on the money to gamble, there are still far from the cup and the lip.

Twisted smile politely explaining the Japanese representative "wait for clarification techniques on European political situation," sharp statement of the President of Brazil, Dilma Rousseff, which "does not intend to contribute directly to the European financial stability while European refrain "… As summarized brutally German Chancellor Angela Merkel," there is hardly anyone in the G20 to invest in the European financial stability "-the EFSF, which is used to avoid spread of the debt crisis to other countries, after Greece.

After a G20 parasitized by this crisis of European sovereign debt, the French presidency has nevertheless saved the point. The twenty richest countries have agreed to "boost growth, create jobs and ensure financial stability." An important phrase in the context of global economic slowdown the temptation of protectionism and isolationism is very strong. But unlike the summits in London and Pittsburg, in 2008 and 2009, no figures dramatically to install confidence and restart the machine. Fiscal imbalances of the major developed countries prevent it.

"A successful but more work"

Paris has nonetheless achieved significant progress in convincing every country to take action at his level to stimulate its economy.

In the third five-day strike of cabin crew of Air France, the company hopes to provide 85% of the flights scheduled that day, she warned this morning, while a strike notice was filed until Wednesday, November 2 included. Sunday night, Air France said it had secured 88% of its flights of the day, and sent 120,000 passengers.

Remember, the movement is to protest against the proposed reduction in the number of cabin crew in some aircraft, as well as against a reform of the evaluation of these same individuals. The conflict has generated over the weekend a battle of numbers between unions and management. According to the latter, there would be 30% of strikers. The UNSA has instead assessed the proportion of strikers to 65% Sunday, after 50% Saturday payday loan.

"Management is currently parades, but it can not hold the road in five days," said Gaëlle Sibril, steward of Southern Air. "That's why we filed a notice of strike for five days because we know they can be organized over two days but no more," she added. Didier Foussat union FO-SNPNC, "the strike will ramp up because all the volunteers PNC reserves are currently using." For him, "we arrive at a peak" from Monday. "From experience, the third day, ie Monday, which will be very complicated," Judge Philippe Sports Meanwhile, the UNSA.

Player Figaro BFM

Almost non-existent on the high end, Renault plans to return in the race with his partner allemandMercedes, one of the kings of that class. So far, we knew that French was working with his ally on a Nissan platform technique to manufacture both its future high-end, but the Megane compact, and vehicles of similar size in Japanese. But this platform – which targeted 1.5 million cars a year, will be extended to Daimler, the maker of Mercedes. "There will be a common platform between the three: Renault-Nissan and Daimler," said Thursday Carlos Ghosn, the CEO of Renault-Nissan, during a dinner with journalists.

Result, "you move from one platform from 100,000 to 200,000 cars a year" for the high-end Renault, "a platform of 2 million cars.It is no longer the same challenges: cost, quality and performance are not the same, "says the owner of the manufacturer. On this platform, Renault will build the replacement of Space and the Koleos 4 × 4, but also a "range" is replacing both the Laguna and Vel Satis. Laguna does not know the fourth generation: the new vehicle still under wraps, will be greater. These cars are mainly produced in the factory in Douai, France, but also outside Europe, possibly in Korea. They emerge from late 2014 and 2016.

Meanwhile, Renault plans to launch "a vehicle developed with Daimler," on a platform of German, said Carlos Ghosn."I do not think it would be very realistic to say that Renault, which has the ambition to develop a more expanded upper range, will not consider one way or another with some potential collaborations Mercedes for at least one model so ", he had already slipped to Frankfurt Motor Show in September savings account payday advance. Renault-Nissan and Daimler already designing future joint small Twingo and Smart (set in 2014) and a commercial vehicle for Mercedes. The construction of a compact Infiniti, Nissan's premium brand, based on an architecture provided by the group to the star, is also seriously considered.

Amortization of costs

With Mercedes, Renault hopes to succeed where he failed himself. The launch of a vehicle requires high-end development costs very high, particularly disappointing that the volume of Renault failed to dampen.After stopping production in 2009 of the Vel Satis, the diamond was sold last year that 53,000 Laguna, Koleos 39,000 and 17,000 area.

While the three champions of the category-BMW, ​​Audi and Mercedes-emit spectacular margins, the high-end Renault "is the weakest part of our operation, which is not normal," says Carlos Ghosn, who believes that in this area, the French "can hardly do less."

Carlos Ghosn, the partnership between Renault-Nissan and Daimler-each holds 3.1% of the other-is an "opportunity" not to let go upmarket. Daimler, "very smart", is contributing "to the maximum" French in the development of Smart, as the engineers' know we will do better than them. " Conversely, "do not say is that we can do it all on the high end. You must use the skills of Mercedes, "he says.

Wall Street has been won by the pessimism Monday. The Dow Jones ended down sharply from 2.13% to 11.397 points, after rising 4.9% last week. Nasdaq in turn yields 1.98% to 2614.92 points and the S & P 500, wider, lost 1.94% to 1200.86 points.

The New York indexes, which were due up, opened in the red, sealed by the doubts that have entered the European markets at mid-session. The German Minister of Economics Wolfgang Schäuble has indeed warned that the EU summit to be held in Brussels Sunday will not lead to a definitive solution to the debt crisis.

This weekend, the European central bankers have expressed their determination to end the debt crisis at the G20 Finance in Paris. The Europeans have promised to respond "comprehensive and lasting peace" to the debt crisis."Advanced countries will adopt, taking into account their respective national circumstances, policies to strengthen the confidence and support growth and implement measures clear, credible and targeted to rebalance public finances" stressed the finance ministers in their statement. Specifically, they promise to make a decision at the European Summit of October 23, described as "decisive" on Saturday by Minister of Economy Baroin. Attempted to reassure the ECB President Jean-Claude Trichet said the euro was "not threatened", but called on all Europeans to be "extra vigilant" with regard to public finances.

In the same tone, Christine Lagarde, has also shown confidence in the capabilities International Monetary Fund (IMF) to come and play firefighters, as appropriate, to countries in difficulty.In Europe a microphone, the director of the institution determined that its resources were "appropriate" and "in line", sweeping the wish of several European countries to strengthen its capacity in anticipation of a bankruptcy of Athens.

Barack Obama and his savings plan

Across the Atlantic, investors also await details of the savings plan of Barack Obama. Last Friday, the country's budget deficit reached 8.7% of GDP in 2010-2011, 0.3 points less than in the previous year, according to the Treasury. Knowing that in absolute terms, the fiscal gap widened slightly to 0.4% from fiscal 2010 to rise above 1.299 trillion dollars, making it the second largest deficit the country's history.

In terms of indicators, the United States, industrial activity in the region of New York came out down $ 8 no fax pay day loan.48 in October.A contraction is stronger than expected. Industrial production has in turn increased by 0.2%, as expected.

On the currency side, the euro lost ground against the dollar on Monday after briefly climbed above $ 1.39 for the first time in a month. To 22 hours (French time), the European currency is worth 1.3744 dollars against 1.3881 dollars on Friday night.

For their part, oil prices are down. In New York, a barrel of light crude lost 42 cents to 86.38 dollars.

Values ​​of the day

A salvo of results announcements in the banking and technology is expected this week.

On Monday, banking stocks are tested: JPMorgan Chase 2.67% to 31.04 loose dollars, Bank of America 2.42% to 6.04 dollars. Wells Fargo fall of 8.44% to 24.42 dollars after reporting a decrease of 4% of its turnover. Morgan Stanley 0.26% to nibble 15.26 dollars.

Citigroup lost 1.65% to 27.93 dollars despite the publication of a net profit up 74% in the third quarter, above expectations.

As for technology stocks, Apple lost 0.48% to 419.99 dollars. The company announced the Apple selling 4 million copies of its iPhone 4S. The Canadian Research in Motion, maker of the Blackberry, falling 6.55% to 22.40 dollars.

Kinder Morgan (4.83% to 28.19 dollars): The U.S. company to transport energy products announced Sunday it would buy its rival El Paso (24.81 to 24.45 dollars) to $ 21 billion , about 38 billion with debt, and thus form the largest pipeline network in the United States.Based in Houston, Texas (south), the new company will have an enterprise value of $ 94 billion, Kinder Morgan said in a statement.

Statoil (1.73% to 24.64 dollars): The Norwegian oil company announced Monday the acquisition of the American Brigham Exploration Company (21.05% to 36.75 dollars) to $ 4.7 billion ( 3.4 billion euros), which will allow it to grow stronger in non-conventional hydrocarbons in the United States. This acquisition gives Statoil access to deposits of oil shale Bakken and Three Forks in the Williston Basin in the states of North Dakota and Montana.

British Petroleum (0.73% to 40.17 dollars) Columbiaa The oil company said Monday that he would receive a payment of $ 4 billion in cash from the U.S. Anadarko as co-payments related to the disaster of the Gulf of Mexico.

The diagnosis of "Dr. Disaster" is clear: "Most advanced economies are on their way to a new recession." Nouriel Roubini said at a conference organized by Bloomberg, the latest economic statistics published overseas suggest that the United States, Britain and the major countries in the euro area have even one foot into it.

U.S. consumer confidence is indeed stable in September at a level close to its lowest point reached two years ago at the height of the crisis. American households are also more likely to say that it is difficult to find a job. At the same time, European governments are struggling to resolve the debt crisis.

Thus the eyes of the president and co-founder of the fund Roubini Global Economics, "the question is not whether or not there will an economic contraction, but rather what will be the extent of recession and if we know a new international financial crisis. " The influential Economist states that "the answer to these questions depends on what happens in the euro area and whether European leaders will be able to act together." At the same time, the preacher of the crisis of 2008 states that "politicians have no more cartridges."

And pessimism legendary Nouriel Roubini told him that the consequences of the debt crisis in Europe could be "worse" than the bankruptcy of investment bank Lehman Brothers in 2008.

Dr. Jekyll and Mr. Hyde of finance

Gloomy predictions that echo the advice provided by Nouriel Roubini to its own customers. In a letter theoretically confidential, the owner of consulting firm Roubini Global Economic Financial has in fact recently recommended its clients to sell their assets to European sovereign debt. According to him, and they realize their "hit of the year." Nouriel Roubini has hammered "take the money and run away easy payday loans."

And if the man turns and respected professor of economics at the head trader of an investment fund, was able to foresee the crisis "subprime" as 2006, it has not always been right. When the stock market index S & P 500 fell to its lowest level in twelve years in March 2009, Nouriel Roubini believed then that he would continue to fall.But the American flag then flew by 65% ​​in the year 2009! Thus remains to be hoped that this time the predictions of Dr. Jekyll and Mr. Hyde of finance will not be realized.

Economists forecast break their

One by one, the big banks revise downward their growth forecasts. These days, economists Exane BNP Paribas announced that they did not exclude a more "negative growth" at the end of the year in France. Societe Generale CIB provides a near-zero growth in activity in the third (+0.1%) and fourth quarter (+0.2%). For its part Bank of America Merrill Lynch table does more for France than on a 1.5% growth in 2011.

Involved, the crisis in the eurozone, according to economists Groupama: "Since the beginning of the summer, the expectations of businesses and consumers are deteriorating sharply, especially in Germany, most likely because of the crisis of governance European ". Clearly, the panic in financial markets and the ongoing crisis on the front of the public debt plunge consumers and businesses in the wait.

But at present, "it is very difficult to judge the extent and duration of the downturn," said Pierre-Olivier Beffy, chief economist of Exane BNP Paribas.

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Diversify its funding sources to reduce dependence on banks: this is the objective of local government, at a time when bank credit is becoming scarcer. Tuesday, associations of elected officials have announced the creation of "a funding agency of local investment," the model of what is happening in Northern Europe. This vehicle will issue bonds on financial markets. It then lends to local authorities, medium and long term. To access these loans, municipalities, counties and regions in question will make a capital contribution to the agency. In a way, it is to launch "Eurobonds" across local authorities – even if the project was launched in 2009, before the debates which agitate Europe on the financing of its sovereign debt.

"Investors want to invest in the debt of French local authorities, which is very safe.But they have few means to do so, since only large communities issue bonds. We offer a suitable vehicle, "said Olivier Landel, Chief Executive of the Association of urban communities in France. Communities will therefore be the primary beneficiaries.

In addition, the agency should issue bonds at a good price. Elected officials hope that, despite the absence of government guarantee, the agency will be rated triple A by virtue of the quality of local debt (the latter must have an operating budget in balance) and mechanisms of solidarity between its members. Above all, the agency lend to municipalities, departments and regions, at a rate just higher than its own cost of funds – but different depending on the risk profile of each community. Because unlike banks, it is not intended nor need to secure substantial profits."The structure is light, with just 70 people to run," insists Jacques Pélissard, President (UMP) of the Association of Mayors of France.

Shortage of bank credit

"We hope to pass the legislation before the end of the year for the agency operates end of 2012. We are confident because the government views with favor the initiative, "said Jacques Pélissard. The first year, the agency should raise 800 million to one billion euros, sixty communities. Ultimately, elected officials are hoping that a quarter of 20 billion of annual funding needs of the communities will be ensured through it.

"The evolution of credit conditions shows that the agency is essential," says Michel Destot, Mayor (PS) in Grenoble and president of the Association of Mayors of major cities in France. In fact, the problems get worse.Haute-Savoie, St. Gervais-les-Bains had to give up an investment due to lack of adequate bank credit. A survey of the AMF, the local sector banks have responded that in 30% of the total volume requested by the communities. Some German banks come to the rescue, but this is not enough. The problem is more acute than that of toxic loans, which represent only 7 billion on a debt of 160 billion community. The government plans to use the Deposit to remedy the lack of funds.

The Paris Bourse continued its technical rebound, after a session that saw the CAC 40 jumped more than 3.5% beyond 3000 points. The benchmark index of the Paris Stock Exchange began the day on a stable note, down from 0.08% to 3070.58 points. But at mid-session, the CAC in advance of 1% which allows the index in Paris to spend the 3100 points. On other European exchanges, the movement is the same. London lost 0.08% at the opening before turning positive again (0.90%), while Frankfurt climbed 1.22%. As in Asia this morning, traders expect the set of indicators of days before taking a position. Unlike previous days, the agenda will be very busy in the U.S. and Europe.

In the euro area, the eyes will be on the ECB. Earlier this afternoon, President Jean-Claude Trichet, will make an announcement on rates. Unsurprisingly, they should remain at current levels, at 1.5%.But markets are waiting above him to book his views on the problems of sovereign debt. For now, it's time for calm on that front. Yesterday, the German Constitutional Court was reassurance by confirming plans for aid in the euro area. In France, the deputies approved the second bailout of Greece arrested on July 21. They are the first to start this procedure. The Italian Senate last night gave a green light to the first austerity plan of over 52 billion euros from the Berlusconi government, while Spain adopted its fiscal rule of thumb, as desired by Paris and Berlin.

The U.S. employment under the microscope

United States, several indicators of the health of the economy will fall during the session. Among them, the trade balance, weekly jobless claims and oil stocks.The consumer credit will be available after market in Europe.

Two discourses are also highly expected on Thursday, those of Ben Bernanke and Barack Obama. The Fed chief will speak at around 19 am, French time, the Economic Club of Minnesota. Investors await details about how the Fed intends to support the economy. This intervention will follow the publication yesterday of its Beige Book, which again reported a moderate growth. For his part, Bush will speak on Congress to 1 am, French time, on employment and growth. It should detail a plan for employment that would reach $ 300 billion, raised yesterday by the U.S. media.

In France, growth in employment has slowed

In France, INSEE announced that the dealer paid employment decelerated in the second quarter.Principally market sectors have created a total of 33,300 jobs over the period April to June, from 78,300 in the first three months of the year, an increase of 0.2% against 0.5% the previous quarter.

The trade deficit widened further in July, reaching 6.46 billion euros in seasonally adjusted data, weighed down by a rebound in imports, Customs officials said Thursday.

Moreover, according to the OECD, economic growth in developed countries could slow sharply, see stalling in the second half and central banks must be prepared to ease monetary policy by lowering interest rates or intervening on markets.The Organization for Economic Cooperation and Development predicts that growth in the G7 should not exceed 1.6% annualized in the third quarter and is expected to fall to 0.2% over the last three months of year. In France, activity is expected to increase only 0.9% and 0.4% annualized, against 1.8% and 1.9% previously expected.

On the currency side, the euro fell again in the late morning at 1.4079 dollar.Oil, he, rising as a result of the prolonged interruption of production in the Gulf of Mexico due to tropical storm: a barrel of "light sweet crude" for delivery in October gained 41 cents to 89 online payday loan lenders.75 dollars a barrel of Brent North Sea crude for October delivery takes 18 cents to 115.98 dollars in morning trading.

Values ​​to follow on Thursday

• Banking

Stress tests imposed on European banks have made "transparency and clarity" on the strength of their balance sheets, said Wednesday night a Treasury official in the United States.

Banks react well. Among the largest increases are CAC, Societe Generale (2.01% to 19.77 euros), BNP Paribas (1.94% to 32.25 euros), Credit Agricole (0.97 to 5%, 80 euros), Axa (0.80% to 10.10 euros) and Natixis (0.55% to 2.55 euros).

• Areva (-0.20% to 20.74 euros)

French nuclear group Areva said Thursday was ready to process the spent fuel still present on the site of Fukushima and propose to the Japanese government and the company Tepco lasting solutions to manage the post accident.

• EADS (-0.85% to 21.69 euros)

The group is ready to dip deep into a war chest of $ 16 billion (11.3 billion euros) to finance its expansion in the U.S. and is in preliminary discussions with several potential targets, said Wednesday its chief executive for North America.In addition, the European missile manufacturer MBDA, in part by EADS, would be forced to reduce its workforce by 400 jobs by 2015, according to La Tribune.

Airbus, a subsidiary of EADS, is also considering a third increase its production capacity in one of its scenarios for 2018 to meet demand, the success of the A320 Neo scarce slots delivery before 2020, The Tribune reported Thursday.

• TF1 (0.87% to 10.43 euros) and EuropaCorp (stable at 3.29 euros)

The two groups announced Wednesday the signing of a Framework Agreement for development to produce the series in English for television.

• Ipsos: -1.36% to 27.13 euros

The group has launched a capital increase in cash of approximately 200 million euros to finance the purchase of Synovate.

• GDF Suez: -0.22% to 20.44 euros

The group will transfer to the Italian ENI participation of 10.4% in gas fields in the North Sea to pay off debt, reported Thursday Les Echos.

• Technip: 2.06% to 67.25 euros

In consortium with National Petroleum Construction Company (NPCC), the group won a contract worth about $ 500 million for engineering, procurement and construction of the project Satah Full Field Development, a field located 200 km northwest of Abu Dhabi (UAE).

• Sanofi: 0.54% to 50.19 euros

Genzyme, the biotechnology laboratory of the U.S. bought by the French group, was unable to deliver its drug Fabrazyme in August, although it promised to doctors and patients to meet this deadline. U.S. regulators have made public Wednesday letters from Genzyme dated August 26 and 25 where the laboratory apologizes to its customers and for people with Fabry disease, a rare genetic disease, for "any confusion and disturbance "caused by the delay.

• France Telecom: 0.37% to 12.19 euros, Vivendi: -1.06% to 15.89 euros

The new tax passed by the government as part of the new austerity plan should give priority, penalize these two groups, according to Les Echos. France Telecom should be paid to these measures between 300 and 500 million.Vivendi would see him, his taxes increased from 250 to 400 million.

Next recommendation goes to Credit Suisse under-performance against neutral Ipsen (-0.41% to 22.85 euros). Societe Generale goes with the purchase of Biomerieux (2.09% to 71.40 euros).

Good harvest for Publicis Consultants. After a long consultation process in the first half, a subsidiary of Publicis Groupe, chaired by Fabrice Fries is entrusted with the overall communications budget of Motor Vehicles (Interior Ministry).

The agency was opposed to Euro RSCG C & O, TBWA, Lowe and BDDP Stratéus & Fils, the sign outgoing. This is one of the largest budgets of public communication: the agreement reached nearly 15 million euros (excluding purchase of space) over four years. Publicis Consultants, whose campaigns will begin in November, was selected, according to its president, for "the creativity of the proposed mechanisms, its emphasis on the Web and its ability to mobilize all the expertise – public relations, lobbying, social networks payday loans with no fax… – on a complex subject. "

The signature "Road safety, all responsible" is retained.Author of iconic campaigns such as posters yellow vest with Karl Lagerfeld and the film Unbearable crowned with a gold lion on the top of pub Festival in Cannes, Stratéus Lowe began his collaboration with the Road Safety in 2001 and returned the contract 2004 and 2007. This change of agency comes after the controversy over speed cameras and the appointment of a new Road Safety Officer, Prefect Jean-Luc Nevache.