Sitting comfortably above the $ 76 barrel of oil has had a week to rebound. Monday on the New York Mercantile Exchange (Nymex), the light sweet crude for August delivery ended at 76.54 dollars (75.60 dollars in London). "Things have been pretty quiet on the front of the oil market. After all the volatility of last week, investors taking a breather, "and watching Adam Sieminski of Deutsche Bank.

On Tuesday, investors had boosted the morale and the prospects for a decline in crude reserves in the U.S. and the possible formation of a tropical low off the island of Hispaniola (Haiti and the Dominican Republic) . In New York, a barrel to 77.44 dollars has completed while in London he displayed up to 76.44 dollars.Then suddenly bamboo Wednesday: the U.S. Department of Energy announced that gasoline stocks, closely watched during the summer due to extensive travel by car increased by 1.1 million barrels over a week. These distillates (including diesel and heating oil) rose by 3.9 million, twice as anticipated by analysts. The turnaround is not expected on the markets: the barrel of light sweet crude dropped to 76.56 dollars while London Brent clings to 75 dollars.

On Thursday, another change of mood: the price of oil surged by 3.5% in New York while a tropical depression threatens to disrupt the operation of oil facilities in the Gulf of Mexico. The U.S. National Hurricane Center emits a tropical storm warning for the Bahamas and parts of Florida that concentrates approximately 30% of crude production in the United States.The barrel ends at 79.30 dollars in New York and Brent 77.25 dollars in London. Friday, investors marked a pause, which fall to 78.98 dollars a barrel in New York and 77.60 in London.

Chaotic week ended with a gain of 2.98% for WTI and Brent to 1.44%.

The weak dollar boosts gold

The precious metals have been worn all week by a weak dollar. The dollar fell Tuesday to 1.3029 dollars per euro, its lowest level since May 10 In terms of gold, the psychological threshold of $ 1,200 an ounce is not yet valid. While the stock market regains its vigor, the yellow metal lost some its appeal as a safe haven.On the London Bullion Market, an ounce of gold finished at 1190.50 dollars at auction Friday evening.

The money has followed suit, finishing at 18.17 dollars Friday, against 18.25 dollars the previous week.

Platinum and palladium have been a positive week. The platinum price rose Friday to 1,548.75 dollars per ounce, its highest since late June The reason: pressure on supply, particularly in South Africa, the main producer. The country should not review its production is rising while demand continues unabated. In London, an ounce of platinum finish to 1541 dollars on Friday. The deck had also received reassuring news on the state of the automotive sector. The manufacturer Audi announced in particular that, like its competitors, it would be difficult to meet demand from China.

Following the ounce of palladium finished $ 460 dollars against 456 the week before pay day loan no fax.

Renewed confidence for base metals

Fears about the economic recovery would they be erased? This suggests that the evolution of metal prices based on last week. The good response of equity markets in the wake of U.S. companies has cheered the markets. Just as the announcement of a reduction in stocks of copper on the London Metal Exchange. A key barometer of the market, the red metal posted Thursday its highest level for over two months in 7050 dollars per ton.The U.S. Freeport McMoRan, the second largest copper producer in the world, has also contributed to the general euphoria, thinking "optimistic" about prospects for demand with order books "more solidly filled some time ago" .

A voltage supply would also increase beyond the original copper. BHP Billiton recorded in the second quarter, a drop of 5% a year from its copper production, and announced an expected decline of 5 to 10% over the next 12 months of mine production of copper from Escondida (Chile), the largest in the world. However, according to the monthly report of the International Study of copper (ICSG), the demand keeps augmnter. Global consumption of refined copper jumped 5.8% year on year in April.

In the wake of copper, aluminum has increased, supported by fears of a shrinking market.World production fell in June to 3.423 million tonnes against 3.476 in May. Friday, was worth 2038 dollars per ton. Lead, tin, nickel and zinc respectively won 10%, 6.7%, 7.5% and 7.5%.

The weather pushed wheat

Like last week, the weather boosted wheat prices in Chicago. Wheat prices reached their highest level in 13 months Thursday at $ 6.10 a bushel. The sources of concern are found on the side of excessive rainfall in Canada or the ten million hectares of crops destroyed by drought in Russia (20% crop of the country).

The wheat contract expired in September stood at 5.9625 dollars against 5.8725 dollars a bushel a week earlier, an increase of 1.53%.In contrast, the corn contract for December delivery finished at 3.8450 dollars per bushel (-5.59%) while the contract of soybeans mature in November closed at 9.8150 dollars per bushel (- 0.36%).

Note that during the brown bean were down significantly from last week have reached their highest level in 33 years due to suspected distortion of courses by the British fund Armajaro. On Liffe in London, the price of cocoa for September delivery was trading at 2,302 pounds on Friday against 2452 vune week earlier.

Coffee prices have also shown a decrease to 1724 dollars per ton. Sugar prices have instead reached their highest level since March 1, to 18.66 cents a pound in New York.With the approach of Ramadan, August 10, a time when global consumption is increasing significantly, the announcement of monsoon rains 17% lower than normal in India were fears of a drop in supply. On the LIFFE, a tonne of white sugar for October delivery was worth 555 pounds 527 pounds on Friday against the previous week.

For the first time, players of Champagne, accustomed to hear only a few days before the first shots of secateurs, have chosen to define rules in the middle of summer. "We wanted to send a sign of serenity," said Ghislain de Montgolfier, the president of Champagne houses.It was harder last year. "At that time, negotiations had resulted in a stormy painful compromise, after which the harvest made possible the production of only 277 million bottles, or 30% less than 2008.

The Champagne was going through a major crisis and was with a stock of 1.2 billion bottles on the arms, well above the sector's needs. The crisis was finally serious than feared months: after falling by 5% in 2008, sales declined 9% in volume last year … and 16.6% in value.

Since then, sales leave. In the first five months of the year, they rose 20% in volume. "The market was very well presented in recent months, and the tendency of June confirms May's figures," says Le Figaro Ghislain de Montgolfier cheap credit report.Sales rose 9% in France, 25% in the European Union, and even 69% in the rest of the world.

However, compared to a year, higher volumes is still only 2.7%. The end of the year represents the bulk of the activity. For all of 2010, the Interprofessional Committee for Wine of Champagne (CIVC) said that sales will reach 315 million bottles, representing an increase of 8% compared to 2009. Some players even think that sales will recover their level two years ago.

Optimism not shared

"We're out of the hollow, recognizes Ghislain de Montgolfier. Our only problem is to anticipate the year-end sales. Everything will depend on the general level of consumption, particularly in Europe. In case of decline, we might have to suffer. "

In Champagne, everyone does not share the optimism of some."Sales volumes remain below those of 2008, and there will be loss of value, fears Dominique Pierre, CEO of Champagne Nicolas Feuillatte. There are still a lot of sales of champagne, entry-level or on promotion. We can not talk about the crisis. With the economic austerity policies in Western Europe must be realistic. "

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Until the release of stress tests on European banks on Friday, the week will be especially marked by the rise of the results announcements in Europe and the United States. On the macroeconomic front, the day will be rather quiet.Only the ECB will publish its figures on the balance of payments of the euro area to 10 hours.

On the currency markets, the euro resists and remains above the $ 1.29 mark Monday morning (0.09%).

Values follow

On Monday, pre-market, Eurotunnel must publish its first half results. Then this afternoon it was the turn of Edenred, two weeks after its IPO, Guyenne et Gascogne, HF Audika Company and to disclose their turnover in the second quarter. Soitec publish its turnover in the first quarter.

GDF Suez is preparing a cash offer of 6.4 billion pounds (7.6 billion euros) on the British electricity group International Power, confirming a report in The Mail on Sunday.In previous discussions about a reconciliation between the two groups had lasted several months before a halt in January, the newspaper said free instant credit score.

BMB Group, an investment company in Brunei, has denied information from the Sunday Times that she had planned to bid for Club Med 800 million euros. BMB Group, which manages funds for the family of the Sultan of Brunei, have the support of three of the four major shareholders of Club Med, according to British newspaper, citing unidentified sources close to the situation.

At the Salon of Farnborough (South London) that opens Monday until July 25, EADS should reassert its confidence in its chances of winning U.S. tanker contract for Boeing cons.The parent company of Airbus is ready to strengthen the United States for eight billion dollars.

ADP announced that its passenger traffic rose 2.3% in June over a year. In the first six months of the year, traffic appears down 2.1%.

National Australia Bank (NAB) on Monday agreed with its Asian subsidiary Axa and Axa Asia Pacific (AAP) to extend until Aug. 31 offer of 11.5 billion dollars on NAB PAA.

Finally, less than one week of the release of stress tests, investors will also be observing the conduct of banks that have suffered more than last week, Societe Generale has lost more than 5%, BNP Paribas dropped nearly 6% and Credit Agricole has dropped about 3.5% in a market which posted a decline of just under 2% in one week.

"Applications will be redirected by the operators to specialists of the AMF or the supervisory authority," says Madeleine Guidoni, mediator of the AMF.The policeman of the Exchange hopes to meet customer expectations disappointed that their banks do not have better information about the content of such Fund.

Life buoy

"The financial institution has taken to bad habits for marketing of financial products", regrets the AMF Ombudsman Paperless payday loans. With this new service, the regulator should thus be able to better track business practices of banks and better focus the control activities.

After the merger of the bank authorities and insurance giving birth to the supervisory authority, the creation of this service, as required by the economy minister, Christine Lagarde, is like a lifeline to investors, including confidence in financial markets has been severely affected by the numerous cases of fraud or scam.

Called Bank Savings Insurance News Service, is available in a website – www.abs-infoservice.fr – a telephone helpline – 0811901801 – and a postal address – 61 Rue Taitbout, 75009 Paris. The domestic number is available Monday through Friday from 8:00 to 6:00 p.m..

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Still, as revealed by the website of Le Nouvel Observateur, the association Hubert Beuve-Mery (HBM), without representing the current personnel of World, would it, in favor of the offer Perdriel-Orange Prisa.

In this context, the absence of a clear majority on Friday afternoon for the one or the other offer, the arbitration will be Monday in the supervisory board of the World.Because Monday's effect on the 20 votes to be voted on Monday SupervisoryCouncil World (including eleven called internal, referring to the personal and the HBM and 9 persons from external), 9 votes External likely to weigh very heavy much heavier than those of the staff of the World by shifting votes in favor of a project that would not have the support staff themselves …

Since then, times have changed. The government has announced plans for pension reform last week. A text that unions have unanimously considered "unfair." Guests this Thursday on RTL, the secretary general of the CFDT, Francois Chérèque, regretted "being faced with a country that is willing to change, but change in the wrong direction." Therefore, he hopes an "exceptional mobilization" for this inter-action day.

"The hope was to surpass the one million demonstrators.I think that this figure will be exceeded is obvious, "said François Chérèque, saying that" perhaps two million people "will demonstrate this Thursday. And this, especially since "more than 200 gatherings" are already planned across France. And calls for strikes in the business (as in Saint-Gobain, Michelin, Total, Airbus, BNP Paribas, L'Oreal, France Telecom, La Poste …) have followed since the beginning of the week.

At the Post, some 19.86% of staff were on strike Thursday morning, said the Directorate in a statement against 12.80% last May 27. For its part, the direction of the station has recorded 39.8% of strikers among the railway workers in mid-morning, against 23.2% during the last day of action interprofessional.

The teachers were 31.9% to strike Thursday in schools and 10.3% in secondary schools (including 18.7% in colleges), according to figures from the Ministry of Education published in mid-morning. The schools were little affected, the degree requires organization. On the day of 23 March, the mobilization in the primary had reached 29.8% of strikers, the ministry said.

Another sector to have mobilized public broadcasting had a strong participation in the strike on Thursday. Several television and radio have been deleted throughout the morning. The directions of France Televisions and Radio France, however, had not reported figures to the mid-day. Finally, the publication of several regional newspapers has been disrupted. To major national newspapers will not seem morrow Fridays.

For the secretary general of the CGT, Bernard Thibault, the one million demonstrators should be passed this afternoon. "If that's not enough, we have the sequence of ideas, this is not the end of a cycle, only the announcement of a bill," he warned in a interview with the newspaper 20 Minutes. "I've seen governments fall as safe as this one, particularly on the subject of pensions, has finally found the union leader.

If Nicolas Sarkozy pledged on Tuesday to be "tuned" during discussions with the unions this summer, and it spoke of "possible developments" of the reform bill late last week, some key points text does not change as raising the legal age to 62 years in 2018. And, whatever the mobilization this Thursday."The mobilization will certainly strong, we expect, we do not fear," warned the Labour Minister, Eric Woerth.

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According to sources close to the case interviewed by the newspaper, the transaction amounted to 3.2 billion euros. In 2009, sales of Cognis representing 2.6 billion euros and EBITDA was $ 364 million. On its website, the company states employ approximately 5,600 people and be present in thirty countries.

Originally, Cognis was a subsidiary of Henkel, resold in 2004 to 2.5 billion euros. In 2006, the efforts of its new owners to sell it failed. In recent years, the company split from two of its five subsidiaries.BASF has already bought in 2009 the Swiss Ciba for 3.8 billion euros to strengthen in the mill.

Eiffarie owned by Eiffage and Australia's Macquarie have after the operation 95% of APRR. The subsidiary also plans to launch a buyout offer, that is to say that APRR would no longer be quoted on the Stock Exchange (right when the majority shareholder holds more than 95%).A project must receive the blessing of the AMF to be realized.

If this is implemented, and upon its conclusion, it remains on the securities market, these shares would then be a squeeze, which will be performed at the same price of 54.16 euros per share: 84 cents per share are restated as it is the amount of the dividend qu'Eiffarie decided to pay shareholders of APRR June 30 next.

The transaction is expected to close by the June 24 APRR listed on compartment A of Euronext, flies too, from 7.65% to 54.75 euros.

Eiffage and Macquarie have finally heard

The two shareholders of Eiffarie seemed irreconcilable. On this issue, in fact, Eiffage wanted to make a capital increase of 400 million euros in APRR, here just one year.One way to avoid a deterioration of its financial rating would increase the costs of refinancing cash advance till payday. Macquarie's refusal earlier this year.

Use markets? The CEO of Eiffage, in turn, rejects the idea. The stock market conditions are too uncertain. Another option would be to buy back its shares in Eiffarie. But Macquarie had not responded.

Investors enthusiastic

"The acquisition of the balance of APRR is positive news for Eiffage.The group can calmly deal to refinance Eiffarie 2013, "commented analyst Aurel BCG, for whom this would be" accretive by approximately 3% based on Eiffage tax integration we estimate that approximately 70 million euros.

Indeed, Eiffage will benefit from the tax integration: from 1 January 2011, interest paid on debt to acquire Eiffarie * – 3.77 billion – will be deducted from the tax base APRR, say the strategists Natixis Securities. In addition, the tax losses generated by the interest paid on this debt between 2006 and 2010 will be tax deductible APRR, they said. For them, the economy reached 314 million euros. APRR, in fact, will not pay tax according to their estimates.

* Eiffarie, had been chosen by the state in late 2005 during the privatization of Autoroutes Paris Rhin Rhone (APRR).

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The final version of the bill will be known in a week.But a first draft will be unveiled Tuesday, Wednesday or later (it could have been Tuesday but the government wants to avoid being accused of incitement, while FP calls a strike on the issue of pensions that day … ). Meanwhile, the government will collect the reactions of unions. And perhaps he let go a little ground …

A quarter per year

There remain a few days to make the final arbitration. It is Nicolas Sarkozy himself who will decide, probably during the weekend, surrounded by the prime minister, Francois Fillon, Minister of Labour, Eric Woerth and Budget and Public Accounts, Baroin, and rare employees, including the social adviser at the Elysee Raymond Soubie. For now, nothing is decided. Not even the most expected: the decline of legal age. 62, 63 years? Only the pace of recovery seems likely: one quarter per year.Some – MEDEF in mind – still grow for a semester, but as Woerth Soubie consider this rate too fast to be acceptable.

Must we also announce today a further lengthening of the contribution period for a full pension? Everything depends on the horizon set. Aim Is there balance in 2020, 2025, 2030? The government will in any case to demonstrate that all of its reform can indeed balance financial accounts. This is the only way to justify the early use of a resource that is not sustainable – the Pension Reserve Fund – which now seems inevitable no faxing pay day loans. The seesaw in the medium term, a portion of unemployment contributions to pension funds, also participate in financial closure.

Pan "public" also remains to be determined.If this government has argued in favor of aligning the rate of pension pay of civil servants (7.85%) with that of private sector employees (10.55%), the head of state does not forget he was elected on the subject of purchasing power. If it was baneberry, the measure would be very gradual. She could not even apply to future employees, if this does not pose a constitutional problem of having two officers of equal status, the same post with the same gross pay but not clean … The same doubt remains maintenance of the famous method of calculating the pensions of officers for the last six months of salary. However the possibility of retiring after 15 years of service for mothers of 3 children, should not exist.

Restricted bonuses

The ages at which some officers may retire (50 years for police officers, 55 firefighters …) should be addressed alongside the legal age. And the improvements will be very limited (for example military, only time spent in theaters of operations will result in dangerous quarters "available", while yet an assessment year is given "free" every five years after 15 year career). In return, employees are entitled to the same measures of compensation for hardship than other employees.

These measures will in any case not be decided separately.The social and political acceptability of reform can be gauged as a whole.

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