News – Business & Economi

The weekly jobless claims rose against all odds in the United States during the week to September 10, at 428,000 against 417,000 the previous week, said Thursday the Labor Department.

Economists on average had expected 410,000 jobless.

Registration of the week to September 3 were revised up from an initial estimate of 414,000.

The moving average of four weeks stood at 419,500 against 415,500 (revised) the previous week.

The number of people receiving regular benefits rose to 3.726 million during the week to September 3 (last week for which figures are available) against 3,738,000 the previous week.

European shares ended Thursday in a disorganized, caught between the temptation to take profits after three sessions of consecutive increase and the positive impact of a U.S. ISM index better than expected, which eased fears of an entry in recession.

However, investors prefer to remain cautious on the eve of the release of U.S. employment figures for the month of August, a critical indicator, including the decision of the Federal Reserve to support the economy.

The CAC 40 index closed up 0.28% to 3265.83 points after fluctuating in both directions.Between 19 and 31 August, the benchmark index in Paris gained almost 8%.

Other major European markets, London was up 0.45% and Milan took 0.69%, while Frankfurt lost 0.94%. The pan-European Euro Stoxx 50 index ended up on its side up 0.16%.

"At first reading, the figure of the ISM has reassured the markets. However, some components are still of concern. In all, the deterioration of the U.S. economy is not as strong as feared by consensus a very bearish," said Arnaud Cayla, managing director at Barclays Wealth Managers France."However, the activity remains fragile," he adds.

"The market now could still bet on further steps at the next monetary policy meeting of the Federal Reserve, a feeling reinforced by the expansion confirmed inflationary pressures," he says.

Defensive stocks supported the rating.Repsol has made 2.44% to 20.560 euros, Deutsche Telekom 2.19% to 8.999 euros and Sanofi 1.5% 51.420 euros.

European banks have ended on a note with an irregular European sector index up by 0.99%.

In Paris, Crédit Agricole (-2.08% to 6.679 euros) suffered the second largest drop in the CAC 40.

The euro lost ground, trading at 1.42989 / 90 dollars, against 1.4374 the previous day about the end of the day.

Illustration of investor caution, the yield on German government bonds to 10 years is down to about 2.14% against 2.22% over the closing Wednesday.

The U.S. economy in the second quarter growth initially announced lower, weighed down by business inventories and exports despite the upward revision to consumer spending.

The second estimate published Friday by the Commerce Department, the gross domestic product (GDP) of the United States rose by 1.0% over the period April to June, against 1.3% in preliminary data.

Analysts had expected a growth rate revised to 1.1%.

"This is entirely consistent with what we expected and the slowdown was observed during the first half of the year.We expect some downward revision, which reflects the headwinds that the recovery is facing, "Judge Paul Ballew, Nationwide Insurance.

This figure revised down is mainly due to lower inventory accumulation by firms estimated initially. Companies saw their stocks increased $ 40.6 billion, against 49.6 billion according to preliminary figures, subtracting 0.23 percentage point growth rate.

GDP was also impacted by lower exports announced, with an increase of 3.1% against 6.0% in the first estimate.Imports rose 1.9% (revised from 1.3%), which has almost wiped out the contribution of foreign trade to growth, previously amounted to 0.58 percentage point.

"Net exports and stocks seem to be the big piece of this downward revision.Overall it's still consistent with a recovery very soft so these figures do not generate optimism. "

The bad news, however, have been offset by consumer spending, which reflected an increase of 0.4% (revised from 0.1%).

Final sales rose 1.2% against 1.1% in the first estimate and consensus of 1.0%, while business spending were revised up to 9.9% as against 6 3%.

The PCE price index rose 3.2% over the quarter (revised from 3.1%) after 3.9% in the first quarter. Economists surveyed had forecast 3.1% between April and JuneAs for the price index of basic ("core"), which excludes volatile items and is followed closely by the Federal Reserve, it reflects a slight lull on the inflation front with an increase of 2 , 1% (revised from 2.2%).

The German Constitutional Court will decide in early September on the constitutionality of the contribution of Germany plans to help Europe to Greece, Ireland and Portugal, a decision that could limit the flexibility of Berlin in the management the debt crisis that has shaken the euro area.

The Court in Karlsruhe said in a statement it will make September 7 at 8:00 GMT its decision after examining three complaints filed in July by six Eurosceptics.

The plaintiffs, five German university and a member of the conservative party CSU, believe that the plans of aid granted to Greece, Ireland and Portugal with the support of Berlin violate the German Basic Law and the European treaties, in especially a provision that a State may not be bailing out by others ("no bail out clause").

Five of the complainants had already, in the 1990s, tried unsuccessfully to the German Constitutional Court to prevent the introduction of the single European currency.

The German government insists that the participation of Berlin to the rescue of the most indebted countries in the euro area was done legally.

"I am confident that the decision of the Constitutional Court will confirm that we have violated neither the Constitution nor the European treaties," he reiterated Saturday the German Finance Minister Wolfgang Schäuble.

Legal experts consider unlikely that the court in Karlsruhe decided to block German participation in the loans to countries in debt, but expect that judges impose conditions for granting new aid to states in the euro area.

The Court may require that such contributions to the Berlin European mechanism for financial stability – which will manage the bailout fund in 2013 – in the future are subject to a vote of the German parliament.

With the International Monetary Fund (IMF), the EU approved since last year of financial aid to Greece, Ireland and Portugal totaling 273 billion euros. Another plan decided to Athens last month provides some 109 billion euros in state aid.

Part of the German public opinion has recently offended by these bailouts, accusing its beneficiaries to have too long been living beyond their means.The current case in Karlsruhe gave German Chancellor Angela Merkel an argument over his hard line in managing the debt crisis in the euro area.

Germany has found it unnecessary to reinforce the existing European Financial Stability Fund and opposed the creation of Euro-bonds, while several European countries and financial markets increasing calls to create these bonds common to all the euro area.

The Tokyo Stock Exchange ended down 1.04% Monday, reaching a closing low of five months, fears of a possible relapse of the global economy overshadowing speculation about a new intervention by Japanese authorities against the yen strong.

The Nikkei lost 91.11 points to 8628.13 points from its lowest level in five months to hit 8656 points on August 9.The Topix, broader, sold 8.85 points (1.18%) to 742.84 points.

"The next goal would be down 8600 points, but we do not see big movements in recent days, investors remain cautious," Judge Nagayuki Yamagishi, strategist at Morgan Stanley Mitsubishi UFJ Securities.

The entire session, the market has been closely monitoring the currency markets to try to detect signs of an intervention of Japanese authorities.

Japanese Finance Minister Yoshihiko Noda said he continued to monitor the movements of foreign exchange and he was ready to take firm action on the markets.

But some investors believe that even in case of intervention, the effects on equity markets, including export values ​​would be short-lived.

"If the government acts unilaterally on the foreign exchange market, the Nikkei goes back about 100 points, but the efforts of Japan alone will not change the fundamentals," Judge Mitsushige Akino, fund manager for Ichiyoshi Investment Management.

Values ​​highly dependent on exports, such as Toyota Motor and Honda Motor ended down respectively 2.46% and 2.54%.

Wall Street was seized Wednesday by concerns related to the exposure of French banks to the most indebted countries in Europe and possible contagion in the U.S. banking sector.

Like the European markets, the U.S. indices fell sharply on losses to finish higher than 4%.

The Dow has plunged 4.62% or 519.83 points at 10,719.94 points, while the S & P 500 lost 4.42% or 51.77 points to 1120.76 points.

The Nasdaq meanwhile sold 4.09% (101.47 points) to 2381.05 points.

Wall Street has been greatly disturbed by the rumors of the day on the French banking sector in general and in particular, Societe Generale, which was heavily penalized in the CAC 40.

Despite the denials made by Societe Generale, the stock closed down 14.74%.

"People who did not sell fast enough during the last financial crisis stand ready for the next time to sell quickly before asking question. And they think that the next time, it is now," said Ed Crotty, chief investment officer at Davidson Investment Advisors.

Financial stocks have been severely punished.The KBW index of U.S. banks sector was unscrewed from 8.21%.

Including Bank of America lost 6.77% to 10.92 dollars.

Markets in Asia tumbled Monday, despite the proliferation of policy statements and central bankers from the lowering of the sovereign rating of the United States by Standard & Poor's.

In Tokyo, the Nikkei index ended down 2.18% and the broader Topix index lost 2.26%. Finance Minister Yoshihiko Noda said that market confidence in the dollar and Treasuries had not decreased, suggesting that Tokyo did not intend to dispose of its huge investments in U.S. debt.

In Seoul, the Kospi index fell 3.82%, after falling more than 7% in session.The Korean authorities, in a statement, ensured that the G20 countries were ready to act to ensure stability and liquidity of financial markets.

At the end of these places, the Hang Seng Index gave up 3.8% at the Hong Kong Stock Exchange and the composite index of Shanghai Stock Exchange fell by 3.56%. Volumes were 20% below their levels in Hong Kong Friday.Cyclical stocks were among the most attacked.

At the same time, the Moscow stock exchange opened in turn and started the session at its lowest in a year, down 3.3%.

In Europe, the index contracts lost about 2%, as well as the "future" on Wall Street indices.

In this context, the gold all-time records above $ 1,700 an ounce and was trading around 1,713 dollars an ounce or so.

Under pressure, the dollar fell in a time and 0.7500 Swiss franc was trading around 1.4365 per euro.

The oil market, crude prices pplus lost $ 3 a barrel to 83.35 dollars for U.S. crude and 106 dollars for Brent.

"There are obviously some places to hide, and these places are doing very well.Gold took the opportunity because no central bank sells only ", says Greg Gibbs, an analyst at RBS in Sydney.

Just before the opening of Asian markets, finance ministers and central bankers from the G7 pledged to take "all necessary measures" to support financial stability and growth, expressing determination to act whenever necessary. The European Central Bank has announced its next "actively implement" the bond buyback program to try to stem the debt crisis in the eurozone.ECB has not specified which countries will be affected by these acquisitions but suggests it could be from Spain and Italy.

Markets now expect the monetary policy meeting of the Federal Reserve on Tuesday that they hope new efforts to revive the U.S. economy mechanical.

"Investors are wondering whether the Fed will open the door to more accommodative measures, such as quantitative easing. If this is not the case, investors express their disappointment by continuing to sell," Toshio Sumitani provides analyst at Tokai Tokyo.

Until the EFSF takes over, the European Central Bank resumed its purchases of government bonds of countries in the Eurozone in trouble in the markets. It will also help the banks, said Thursday its president Jean-Claude Trichet. The European Central Bank resumed its operations in the bond market, said its president Thursday, August 4, French Jean-Claude Trichet. Jean-Claude Trichet, President of the ECB decided to keep its key rate at 1.25%.

The European Central Bank (ECB) decided to take firm action to try to extinguish the fires of the debt crisis in the euro zone, notably by taking over its operations in the bond market, announced Thursday, August 4 President Jean-Claude Trichet .The Governing Council of the ECB decided "overwhelmingly" to make new purchases, he said at a press conference in Frankfurt (west), head of the institution. Paris market sources have confirmed to AFP that the ECB intervened on Thursday afternoon. Previously, Mr. Trichet had said he had "never said" that the program had been "interrupted".

The ECB did not, however, used for more than four months. The extent of intervention will not be known until Monday at the earliest, the ECB communicates only once a week about it. It is even possible that the intervention of this Thursday is not yet included in the figures for Monday, because of delays in compensation. Mr.Trichet added, however, he wanted the European Financial Stability Fund (EFSF), set up to lend to troubled states of the euro zone, the relay fast as was decided at a summit in Brussels on 21 July. "What we expect is that this fund is to be effective so that we can not intervene," he said.

The ECB will also help banks by providing them with additional liquidity. An exceptional operation six months on loan to banks will be launched on August 9 with a maturity at March 11, 2012, in response to "renewed tensions in certain markets in the euro area," said Mr Trichet. The ECB had already conducted such operations in response to the global crisis, but these operations had ceased in late 2009.The benefit of unlimited credit to banks, fixed rate for periods up to three months, is itself extended by a quarter, until January 2012, said Trichet. "We think it's appropriate under current conditions, to restore the proper functioning of all markets," said the president of the ECB, which also decided to keep its key rate to 1.5%.

It reached 2.5% in July against 2.7% in June and May. The ECB should not raise rates until the fall. The logo of the euro to the European Central Bank in Frankfurt.

Inflation down slightly in July in the euro area to 2.5%, according to a first estimate Friday of the EU statistics office, Eurostat. She was by 2.7% in June as the month of May Inflation appears to end slightly below expectations of analysts polled by Dow Jones Newswires, which projected to stabilize at 2.7%.

It remains for the eighth consecutive year above the threshold of 2% target over the medium term by the European Central Bank (ECB). In early July, the Mint has once again raised its key interest rate to 1.50% against 1.25% previously.Considering the economic recovery in the euro zone on track and worrisome inflation, the ECB had made its first increase in nearly three years in April.

The ECB president, Jean-Claude Trichet, suggested that a break would be made in the rate hike. Economists expect an increase before the next fall.

The excellent quarterly results announced by Google on Thursday night carried the Nasdaq on Friday and allowed him to achieve the highest increase in three major indexes on Wall Street.

However, the persistent paralysis on raising the ceiling of U.S. debt weighed on the markets, and may cool further investors next week.

The increases came Friday to bring a breath of fresh air to American values, but do not prevent the indices finished the week on weekly declines.

The Dow Jones closed up 0.34% or 42.61 points at 12,479.73 and the S & P 500 ended with a gain of 0.56% or 7.27 points at 1316.14 .

Driven by Google, the Nasdaq was awarded 0.98% (27.13 points) to 2789.80.

These increases over the day do not erase the losses of the week. Since Monday, the Dow has sold 1.4%, the S & P 500 2% and the Nasdaq 2.4%.

The publication Thursday of figures after the close of the second quarter Google had immediately pushed up the title in after-hours trading.

The trend continued Friday: Google's value has appreciated by 12.98% to 597.62 dollars, reaching a session high of 600.25 dollars on.

The better than expected results of stress tests conducted on 90 European banks have also helped support the U.S. markets.Only eight schools have failed these assessments, so that was expected to fifteen.

Values ​​related to energy and new technologies have led the session, clinching their sector indices respectively 2.34% and 1.55%.

Citigroup said Friday in progress and the results exceeded expectations, but finished down 1.64% to 38.38 dollars after having evolved into positive territory in early trading.