International News

Oil plays yoyo

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.

There are some life insurance companies that offer a guarantee for the premiums only for certain number of years within the term.

The UMP fully supports the pension reform and its author, Eric Woerth. To prove his spokesmen have held a press conference, while the Social Affairs Committee of the Assembly had finished examining the text. Dominique Paille, who usually wears a refined language, attacked with vigor to Jean-Marc Ayrault. He accused the owner of PS members to behave in "real filibuster" which "seeks to scuttle the debate by completely unnecessary intrusion. "Those who come to break the menu with shameful look at considerations before intervening in the debate!" He said in a fit of male outrage.

The PS group had set the tone early work of the commission, promising to "constantly incidents meeting" with allusions to the case Bettencourt.The operation was supposed to prove that Eric Woerth was too "weak" to defend the reform. It has not achieved its goal, much to the relief of the UMP.

But the majority knows that it is not the end of his sentences. And many of its leaders are beginning to say that "we" had "made a mistake in the text referring to the back, instead of extending the session to push through July 31. "On", Raymond Soubie. The office of the adviser had convinced Elysee Nicolas Sarkozy to let the summer to prove his readiness for dialogue with unions, while Francois Fillon would rather go fast. The Prime Minister has not been heard. An MP close to him sigh: "In the end, unions have the summer to replenish their unity in a climate rotten history Bettencourt.Of course, what happens in Woerth was not foreseeable, but we know that in France the reform was.

One minister argued

In the Assembly, but also in the executive, some whisper Eric Woerth would do well to "shoot himself the consequences of damage it causes" to his political family. Clearly, to resign, but his departure could be in any way be attributed to Nicolas Sarkozy. "The president supports his minister doggedly, and will not do anything that might suggest that he wants to get rid of, explains it to the UMP. But nothing prevents Woerth demand a cease-fire. "

Apparently, the Minister of Labour is not in that frame of mind. Encouraged by the demonstrations of solidarity that come each day of his camp, he makes a point of honor to lead the reform of pensions. The leaders of the majority will therefore help.The delay until September consideration of amendments on the hardship, including those signed by Xavier Bertrand, part of the strategy. In case of back politically and socially turbulent, the government will need room for negotiation.

The CAC 40 will reach there to stay above the psychological threshold of 3,500 points on Thursday? The answer has been given to opening. The leading index starts from Paris on a gain of 0.94% to 3516.13 points. A mid-term it moves from 1.21% to 3525.42 points. The goal now is to maintain this threshold, which had not been reached Wednesday.

The Paris stock exchange following the pulse of Wall Street on Wednesday, finished on a second consecutive increase of almost 3%, driven by the banking sector. This morning, Asian markets were also all in green.

Other European stock markets followed the same route: the London FTSE gains 1.42% to 5086.04 points in early trade.

The German Dax, meanwhile, gained 0.54% to 6025.32 points.In Germany, the operators were a bit chilled by the announcement, before opening a trade surplus in weaker growth than expected in May. Exports accounted for, adjusted for seasonal variations, 80.8 billion euros (+9.2%), while imports rose 14.8% to 70.3 billion euros. The trade surplus stood at 10.6 billion euros against 12.8 billion in April and 13.5 billion expected. The current account surplus has, for its part, in May represented 2.2 billion euros against 11.3 billion the previous month.

Investors now await the publication Thursday in the U.S., inscriptions weekly unemployment. Before that, the ECB should communicate their rates in the euro area.

The banking sector monitored

The banks have managed to bring the key index in Paris on Wednesday.On Thursday, they stay the course and top the charts. BNP Paribas (2.87%), Societe Generale (2.77%), Credit Agricole (+0.55%) are among the 91 banks submitted to stress tests (stress tests) whose European list been notified Wednesday by regulators. Investors are also relieved that tests the strength of the European banks will not include sovereign debt discount on German and French loans that could also potentially be delisted.

Faurecia (3.57% to 14.95 euros) announced Wednesday it had signed a strategic alliance with China Geely and Limin to develop, produce and deliver systems within the body and the marks of Geely.

More generally, the industry is likely to move throughout the session.After Peugeot (1.13% to 22.45 euros) is the turn of Renault (1.39% to 32.79 euros) to publish its first half trading results this Thursday. Given the success of the Dacia its competitor, Peugeot would also consider launching a low cost car in Europe.

GDF Suez (+0.08% at 24.61 euros) Wednesday reported a rebound of 10% of gas demand in Europe since early 2010, after a decline of 5% in 2009.

Carrefour (1.07% to 34.56 euros) announced Wednesday that he did not buy certain products in paper group in Indonesia Asia Pulp and Paper (APP), for environmental issues.

CGG Veritas (1.63% to 15.63 euros) announced Thursday that the overall availability of its vessels was 92% in the second quarter 2010, against 90% in the first and 89% in the second quarter of 2009.

Total (1.87% to 37.90 euros) enjoys a higher recommendation by UBS.The broker passes the purchase cons "neutral" before.

The NYSE opened Thursday near equilibrium, having finished the previous lowest in eight months, dragged down by a new indicator on the disappointing U.S. employment market: the Dow Jones lost 0.05% and NASDAQ 0.03%.

"Nobody seems eager to take advantage of market declines to buy shares, at least for now", believes Patrick O'Hare of Briefing.com financial site. "This reluctance reflects a decline in market confidence about the ability of companies to achieve their performance goals in the second half of the year."

Influenced by the European public debt crisis, the oil spill in the Gulf of Mexico and fears of slowing global economy, U.S. equity indices closed sharply lower Wednesday for the second consecutive month to reach their worst quarter since the second quarter of 2002.They returned to their lowest level in eight months … Yesterday, the Dow Jones finished down 1% to 9774 points, the S & P 500 also lost 1% and the Nasdaq 1.2%.

The banking sector might react after the removal of a proposed tax credit and the approval by the House of Representatives, the final version of the broader reform of financial regulation in the United States. President Barack Obama reiterated Wednesday during a speech in Racine (Wisconsin, North) that the bill would "prevent a crisis" such as that of 2007-2009. "This is a reform that will protect our economy from the recklessness and irresponsibility of some," he said.

On the face of macroeconomic indicators, the employment figures expected Friday should mark a return to job losses after five months of improvement.On Wednesday, already, enrollment weekly unemployment rose unexpectedly last week in the United States, according to the Labor Department. Applications for unemployment benefits rose 13,000 to $ 472,000 in the figures as at June 26, while economists on average expected a decline to 452,000 over the figure of 457,000 originally reported. This does not augur the best.

Even more than other countries engine of global growth, China has seen, precisely, growth prospects are heavily depressed by the Conference Board and the Chinese manufacturing activity slowed in June, according to two indices Chinese purchasing managers released Thursday.

Investors will closely monitor the repayment by the European banks, expected on Thursday.They will have to repay 442 billion euros Thursday to the European Central Bank, with the maturing of a loan granted exceptional giant a year ago.

Unemployment, housing sales and the ISM Menu …

In this context, the statistics of Thursday afternoon should be highly supervised, investors watching for any sign of improvement. They may be disappointed. The promise of home sales in May and the ISM manufacturing activity in June should be more than mixed.

Technology stocks, IT and telecom will be well attended.

Setbacks Chinese Google could find exits. The license renewal application filed by the U.S. giant in China will be considered by the government and the result will be published shortly, have indeed shown this Thursday, the Chinese media.The U.S. group has shown good will by announcing in Beijing that he would terminate the automatic rerouting of its Chinese site to its site of Hong Kong. The track lost 0.11% to 444.47 dollars.

The internet group Yahoo! else has announced Wednesday that its board had approved a share repurchase program of $ 3 billion over three years. During Wednesday's closing, this amount represents approximately 15% of the market capitalization of the group.After the announcement, the stock price Yahoo!, The lowest since a year has risen by 1.59% to 14.08 dollars.

The Microsoft IT group (+ 0.56% to 23.14 dollars) announced Wednesday it would gradually stop marketing its phone launched in April, the Kin, especially for the youth market of amateur social networks. " Microsoft has decided to focus on the launch (OS) Windows 7 and Phone will not deliver the Kin in Europe this fall as planned, "the group said in a statement

The small business Internet distribution Woot, offers its followers not more than one model per day at deflated prices, said Wednesday that she was redeemed by the giant Amazon, without specifying financial terms of the transaction."The name of a dog! Woot has signed an agreement with Amazon – yes, then the Amazon – to become an independent subsidiary of the giant e-commerce, "said the little Texas company on his blog. The title gained 0.14% to 109.40 dollars.

Finally, Boeing could react because the World Trade Organization asks Brussels to halt "without delay" to the subsidies paid to Airbus. Boeing sees this decision as "a great legal victory, the European union will be Apel.les action leaves 0.51% to 62.46 dollars.

A year after its introduction, the majority and the government seem divided on VAT at 5.5% in restaurants. To reduce the government deficit, Budget Minister Francois Baroin, this plane would "very, very large niche for tax, estimated at 3 billion euros Bercy. Its minister, Christine Lagarde, has cropped Tuesday morning: the reduced rate of VAT "is legitimate on the merits.

But the revolt against the old promise of Jacques Chirac, applied from 1 July 2009 thanks to the activism of Nicolas Sarkozy, also scolded the Assembly. Without naming the VAT on food, the general rapporteur for the Budget, Gilles Carrez (UMP), has questioned "a number of consumer items that are 5.5% and that should not be at 5.5 %. He advocates instead an intermediate rate to 12%.

Since the introduction of the measure for the restoration, the context is not the same.The government, which has hitherto led a recovery policy, had to change tack in recent months under pressure from the markets. It is now to reduce the deficit. Especially in the planing tax loopholes.

Nevertheless, the statements and Gilles Carrez Baroin were poorly received by restaurants. "It's absolutely outrageous to say that the 5.5% VAT tax is a niche!" Reacts Philippe Villalon, president of the National Federation of the restoration (FNRF). "We buy our products and we sell 5,5% to 5.5%. As is the case for all areas of the mouth.Moreover, if we repeat the policies they want to end VAT at 5.5%, we should not translate that we lower our prices, nor that we hired, as the state would break its part of contract. "

During the implementation of the measure, the restorers had promised to lower prices, to invest and hire. These commitments, which would take over in case of cancellation of VAT at 5.5%, would have been more or less respected. The Court of Auditors estimated last October that the measure would involve only 6,000 new jobs. The profession claims to the contrary today promised 21,700 against 20,000 a year.

Decisive day for the mobilization against the pension reform. The objective of unions is clear: to gather more demonstrators than previous events, which led to another since the beginning of the year. On 27 May, between 395,000 and one million people (according to the police and unions respectively) took to the streets.

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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The world leader in chemistry, German BASF, is expected to sign Tuesday the acquisition of fellow Cognis according to the Financial Times Deutschland. Owned by Permira and Goldman Sachs, Cognis manufactures additives for cosmetics and detergents.

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.

Ten weeks after the arrival on the shelves of stores of its nearest competitor, Nespresso is on the offensive … judiciary. Nestle, the world leader in food and owner of Nespresso, sued Friday in front of the Tribunal de Grande Instance of Paris the U.S. Sara Lee, which sells in France for use in coffee pods Nespresso machines under the brand Gold ( coffee house).

According to our records, Casino is also covered by this assignment, as distributor caps Gold. However, neither Carrefour or Leclerc or Auchan, which also sell, have received blue paper. Nestle has obviously wanted to spare its main customers in France.

In fact, the Swiss Casino attacks because it sells, in addition to pods Gold, its own brand caps, also compatible with Nespresso machines.Available for less than one month, they were designed by CSC, a company founded by a former boss of Nespresso, which claims to have found a way around the patents by the Swiss group. The best advertising we could do that Nestle would drag us to court, "repeated John Paul Gaillard, head of CSC. The latter will have to wait to see if it will receive such a boost from his former employer.

1700 patents

Nestlé experts (engineers, mechanics, lawyers), which took ten weeks to complete their technical analysis of the capsules, however, have not yet completed its review of those Casino."This assignment is a clever shot pool with three bands, according to a avocat.Casino will prepare his defense for Gold, while avoiding having to contradict itself in any future case."

Nestle has taken the risk of him a (bad) publicity to defend its brand and its margins."We welcome fair competition, the company said, but we will take all appropriate measures to defend our intellectual property rights."

With the Nespresso coffee machines tailored to accept (in theory) that caps his coffee house and sold exclusively in a distribution network owned, Nestle has a nugget that was made last year a number of business by 1.94 billion euros (up 22%) and whose profitability, kept secret, is close to levels recorded in the luxury industry.

The 1700 patent cover both Nespresso pods, machines, and the mechanism that provides the link between the two. The assignment of Sara Lee would focus on these last two points, not the pods themselves. While those of Nespresso, aluminum, are completely sealed, those of Gold, plastic, are already holes.The panel discussion promises to be tricky. Pending the outcome of the proceedings, which could take 12-18 months (unless an agreement was reached earlier), provides Nespresso not have noticed the slowdown in its rate of growth since the arrival of new competitors. Sara Lee and sell between 1.1 and 1.5 million capsules of coffee … ten to twenty times less than Nescafe.

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The countdown is triggered. If he wants to present its pension reform around the Council of Ministers on July 14, as expected, the government must balance its bill before the end of next week. Otherwise, the consultation of specific bodies (boards of funds Safely, Higher Council of Public …) required before the Council of Ministers, can not occur within time constraints. But there is no question of falling behind, not to shift the following schedule: study Social Affairs Committee of the Assembly during the week of July 19 – Can not overflow, the Palais Bourbon will work in August ! – And then in plenary on 7 September.

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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The Paris Bourse, which sailed around the equilibrium in the morning suddenly stalled in mid-session, disappointed by U.S. employment figures and worried by the fall of the euro.

At the finish the CAC 40 plunged 2.86% to end the session very much below the threshold of 3,500 points to 3,455.61 points exactly. On the whole week in Paris index shows a decline of 1.7% bringing its losses since the beginning of the year to more than 12%.

Reflecting investor nervousness, activity was sustained, with almost 5 billion euros traded on the great values of the Paris stock exchange. Other stock markets in unison dévissaient London lost 1.63% and 1.91% Frankfurt, Milan and Madrid 3.79% 3.80%.The Euro Stoxx 50 index dropped 3.20%.

Investors skeptical of increasing the strength of economic recovery plans for fear that strict hindering growth, obviously await any excuse to sell. They took advantage Friday of a disappointment on the job market in the United States to pass the act.

The euro under $ 1.20

In the U.S., unemployment fell in May to 9.7%, but the net new jobs (431,000) were significantly worse than expected. The NYSE has also reacted badly to this statistic, always closely watched by the markets. Wall Street was changing rapidly decline with the approach of the close of European stock exchanges. The Dow Jones lost 2.16% and the Nasdaq 1.80%.

In Europe, a new front in the crisis began in Hungary.The local currency, the forint, the Budapest Stock Exchange, and covers the failure of Hungarian debt (CDS, credit default swap) tumbled after the alarmist statements about the economic situation on the part of politicians, from the majority place.

Those fears pushed investors to the traditional safe havens like the dollar or Swiss franc. And for the first time since March 2006, the euro fell below $ 1.20. In Paris, financial stocks were once again the front line. Societe Generale lost 7.5%, BNP Paribas and Crédit Agricole over 5%.