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European stock markets are expecting a strong signal on the governance of the euro area. German Chancellor has warned however that we should not expect the summit of spectacular announcements. President Nicolas Sarkozy meets with German Chancellor Angela Merkel Tuesday, August 16th at the Elysee Palace (both are here in Berlin July 20, 2011)

European shares opened slightly lower Tuesday, opting for caution before the Franco-German summit on the governance of the euro area. After three consecutive sessions of gains, Paris opened down 0.73%, 0.68% from London, Frankfurt 1.02%, Madrid and Milan by 0.65% to 0.28%. Monday, Paris won 0.78%, London 0.57%, 0.41% Frankfurt, Madrid 0.71% and 1.37% on the Swiss Exchange. New York has erased all its losses last week in garnering 1.90% for the Dow and 1.88% for the Nasdaq.

Global financial markets are also showing much more attentive Tuesday.Asian stock markets were the first very hesitant: Tokyo has ended up slightly from 0.23% after a session sawtooth and Sydney ended down slightly by 0.86%. Seoul, closed Monday, was an exception by closing up sharply from 4.83%.

All eyes are on the meeting between German Chancellor Angela Merkel and President Nicolas Sarkozy from 4:00 p.m. at the Elysee Palace in Paris. "The markets are expecting a very strong signal: Is there a pilot on the plane to govern the euro area? Will you finally speak with one voice in the Franco-German and stop to maintain the cacophony that lasts for months and madden investors? "asked a Paris-based analyst who requested anonymity.

But hopes could be quickly showered.Berlin has in fact warned that they should not expect miracles, especially not that the two largest economies in the euro zone agreed to set up Euro-bonds, which would be financially harmful to Germany .

"It seems that there is an acute attention paid to this appointment, and we believe that the margin for a big disappointment," warned analysts at MF Global. This meeting should ultimately focused on the governance of the euro area, following decisions taken by Heads of State and Government of the European end of July.

The Tokyo Stock Exchange finished Monday up%, taking in turn the path of recovery from the European and U.S. markets late last week.

The Nikkei gained 122.69 points to 9,086.41 and the Topix, broader took 8.93 points (1.16%) to 777.12.

GDP figures, published earlier today in Japan, reported a smaller than anticipated contraction in the economy, with a decline of 0.3% against -0.7% expected and 0.9% in quarter above.

As the Osaka Securities Exchange, the operator of the Osaka Securities Exchange, finished up 8.6% to 410,500 yen.The daily Yomiuri Shimbun reported on Saturday that the Tokyo Stock Exchange plans to become the purchaser via a takeover bid.

Toyota, Honda and Sony have outperformed the market by winning respectively 2.91%, 3.43% and 3.93%.

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%.

Financial markets, the continent of Europe to Asia, are still affected by lingering fears about the U.S. economy, and risks of contagion from the euro area. Depression continues. Dasn early trade on Wednesday, Frankfurt yielded 0.81%. European stock markets decline

European financial markets were down again Wednesday morning, before the accumulation of bad news on both sides of the Atlantic. Investors are concerned about the health of the U.S. economy and the renewed tension on the fragile economies of the area in early trade euro.Dans 9:45 (7:45 GMT), Paris and Frankfurt lost 0.81% 0.81% . While Milan fell by 1.44% and 0.22% of Madrid. The London Stock Exchange is also down sharply on Wednesday morning.By 0830 GMT, the FTSE-100 index of the core values ​​has given 53.47 points in the first exchanges, or 0.94% over the closing Tuesday at 5664.92 points.

The U.S. concern. "For now, the American compromise avoids the worst, but provides only partial answers, which will cause an end was difficult," said Francois Duhen of CM-CIC Securities in a note . Now that Congress passed the plan Tuesday to raise the U.S. debt ceiling, the concerns of investors should refer again to the strength of the U.S. recovery. In the wake of the agreement, the rating agency Moody's has matched the note of the United States of a "negative outlook", which means that the country could lose its triple A medium-term, best possible rating, which allows the country to borrow at very low rates.Investors are also very wary especially as the very important U.S. indicators will be published in the afternoon across the Atlantic, including the ADP employment figures in the private sector and the ISM index of activity in services in July. Friday, figures for U.S. growth in the first half, very disappointing, have been a chilling effect on investors that some even fear a recession in the world's largest economy in the second half.

Side the euro area, the fears persist. In the eurozone, are increasing fears of contagion.Italy and Spain are again under pressure from the markets and their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries.

Asian stock markets down

Asian financial markets have again unscrewed Wednesday, worried about the prospects for the global economy, despite the adoption of a text to the United States to avoid a default. The Tokyo Stock Exchange closed sharply down, Nikkei 225 yielding 2.11%. Instead of Seoul also fell sharply, the benchmark index dropping 2.59%. That of Sydney has lost 2.27%. Around 7:20 GMT, Hong Kong, for its part gave up 2.21%, 1.18% Bombay and Shanghai remained almost stable.

EADS confirmed Friday its objectives, driven by the commercial success of its subsidiary Airbus which he now expected more than 1,000 gross orders this year.

The European Group on Aerospace and Defense, Airbus' parent company, reiterated a target for 2011 growth in turnover and operating profit (EBIT) before special items compared to the stable level of 1.3 billion euros 2010, again on the basis of one euro to 1.35 dollar.

In the second quarter, EADS generated adjusted EBIT of 371 million euros in the second quarter, net profit of 121 million and a turnover of 12.082 million.

Analysts on average expected for the second quarter an adjusted EBIT of 317 million euros, a net profit of 160 million and a turnover of 11.598 million, according to the Thomson Reuters consensus I / B / E / S.

Airbus reached an adjusted EBIT of 87 million euros and a turnover of 8.299 million, respectively, against 144 million and 7.986 million expected.

Officially, if the debt ceiling is not raised, the U.S. will fail, causing a global financial disaster. But in practice, the U.S. economy could continue to operate, at least in the short term. Explanations. View of the Capitol, seat of Congress.

And if the end of the world was ultimately not for next week? The White House has continued to repeat: if an agreement is not quickly find the Congress to raise the debt ceiling, then the U.S. will be in default on August 2. But that date could be arbitrary. After all, it would not be the first time that the disaster would be delayed.It was originally scheduled for March 31 and then to July 8 and finally to August 2 …

Some analysts also believe the government has enough to deal with some 23 billion dollars in social assistance for elderly and disabled due on August 3 and what redeem the $ 90 billion of treasury bonds reached expire on 4."In all projections, it appears they have a large cash reserve to cover their commitments," said Lou Crandall Reuters, economist at Wrightson ICAP.

Barclays Capital, for its part that the Treasury may find itself short of cash on August 10 only days scheduled payment of $ 8.5 billion in Social Security, which oversees welfare programs.

Wrightson and Jefferies' offices for their estimate that the U.S. really start to risk default on August 15, when the government will pay 41 billion, including $ 30 billion of debt interest.

John Carney CNBC a hypothesis still more bold. He said the United States can continue to operate for another 18 months if the ceiling is not raised on August 2.His reasoning is this: the U.S. government has a bank account at the Fed, which varies depending on the deposits and withdrawals. Friday, the reserve of cash included $ 77 billion. Withdrawals represent all government spending such as salaries of civil servants, NASA, the interest on the debt while deposits are powered by various tax revenues, profits made by the Fed itself, but also largely by public bond issues. But the debt cap applies only to this last source of financing, by prohibiting the government to issue more than good.

For John Carney, nothing prevents the U.S. government to continue to write checks to its employees and its creditors, even to be discovered, "as are millions of Americans."As a bank with his wealthy clients, the Fed will not refuse it discovered the American state and still honor his checks. Failure to do so "would defeat its dual mandate of full employment and price stability." To credit the beneficiary's account, "the Fed can either print money or sell some of these assets (especially holds 1.6 trillion worth of Treasury bills)," says Felix Salmon of Reuters. In any case, the overdraft would not be technically considered public debt and therefore not subject to the statutory ceiling. Best of all, "having an overdraft facility would only strengthen, not threaten, the triple A of the United States," said Salmon. Conclusion: "The Fed can not run out of money, said John Carney.It can only run out of money if Geithner and Obama decide to stop to draw checks to meet their obligations. "

One could certainly argue that even if it appears that the U.S. can continue to operate without raising the ceiling, no one monitors the reaction of international markets and rating agencies. If Congress fails to reach an agreement and that the Treasury is not empowered to borrow on the markets, it is likely that the United States lose their triple A, which strongly destabilize not only the U.S. economy but also global. Except now it seems that the U.S. will lose it anyway, even if a plan is adopted before August 2. According to the Washington financial blog's blog, as well as the proposal by Democrat Harry Reid than the Republican John Boehner are perceived as insufficient to address the problem of U.S. debt.

What is certain is that the use of an open can not solve the short to medium term the debt problem. However, this might help avoid a financial earthquake on August 3 in case the Congress failed once again to find a compromise to raise the ceiling.

The government will soon close 4500 accommodation places for the benefit of emergency housing. A bad strategy as associations, however, who approve its policy of "housing first". A homeless man is housed in a center of the Samu Social de Lille.

The resignation of Emmanuelli served as trigger. Wednesday, the former secretary of state slammed the door of the Samu Social de Paris, which he founded in 1993. "The social emergency, no one believes it is more manageable," he said. In May, the government announced a 3.3% decline the funding of accommodation, to 1.204 billion euros. The association also denounced a drop of the resources allocated to marauding, the day care and the number 115. In late June, the Samu Social even had to close its only center of Paris.Directly affected by the various criticisms, the Secretary of State for Housing, Benoist Appeared, held the same evening to respond on the board of France 2.

But instead of appease stakeholders, it has rekindled the flames by announcing the elimination by the end of the year 4500 hotel accommodation places, replaced by housing. "We have families with children, single women, for whom the care places are not appropriate, because the accommodation yes," he said.

Benoist Appeared in fact follows a strategy launched in autumn 2009, the "housing first". Its principle focus on access to ordinary housing, avoiding as much as possible the transition from shelters.For the National Federation of Home and Rehabilitation (Fnars), it also amounts to saying that housing stability is a condition "prior to the required insertion", not the culmination of a long journey in accommodation, as previously envisaged.

No debate on the merits

This policy would "not necessarily fully shared by Xavier Emmanuelli," said Secretary of State for Housing. His philosophy, at least, is not affected by most organizations, aware of the economic and social costs of accommodation. "The principle of 'Housing First' is not controversial.Now everyone agrees to say yes, with support from hotel 17 euros per night per person more than 1500 euros per month for a mother and two children-hotel accommodation cost more expensive than housing, which is absurd, says Juliette Baronet, head of research expert on housing consulting firm Fors-Social Research.

But replace accommodation places for housing can not be decreed. "Today, we did not, especially in areas where the rental market is very tight as the Ile-de-France and Paris.This policy can be set up on the long term, "said Juliette Baronet.

Benoist Appeared attaches yet to replace 4500 accommodation places by the end of the year, betting mainly on "intermediation rent", to which the state will spend 30 million euros this year: association serve as a third between landlords and tenants, and the state covers the difference between the rent paid by his last and the market price. In 2010, around 5000 homes were affected, and only 1500 are now available, according to the Fondation Abbé Pierre.

Rationalisation costs

"In this context [of lack of affordable housing], it is outrageous to cut the appropriations for hotel nights," complains the executive director, Christopher Robert, interviewed by Les Echos. For several other associations, the government seeks mainly to save money.Representatives of the State "seem deflected in a logic of cost efficiency, providing temporary housing solutions and support small," the worried Fnars in April.

The shortage of accommodation places, however, leads to absurdities, and additional expenses. Assistance Publique-Hôpitaux de Paris (AP-HP) has revealed that 111 families without homes were sheltering emergency between mid-May and early July. "In the long run, their living conditions are even worse than they were at the hotel and the cost to society even more important," observes Juliette Baronet, the bureau Fors-Social Research.

The government portrays him on his positions.The budget allocated to only emergency housing, shelters and rehabilitation has increased from "670 million euros in 2007 to 933 million euros in 2011, and should be at a similar level in 2012, an increase of 39% over the five year period, "reported the firm Valérie Pécresse, the budget minister. But the needs have also exploded. More than 680,000 people still do not have a home personnel, including 133,000 homeless.

Foster's on Tuesday rejected a cash offer of SABMiller in the amount of 9.5 billion Australian dollars (7.0 billion), considering the premium low.

The group based in Australia said it had received an offer of 4.90 Australian dollars per share. Monday, the title was closed at 4.53 Australian dollars.

SABMiller said Monday will continue its offensive, considering its attractive offer for shareholders of the target.

The brewing industry is facing rising commodity prices and a slowing growth in mature markets that pushes its players to seek new growth drivers.

The offer raises the price of its shares by nearly 13% at the opening of the Sydney Stock Exchange.It closed at 5.14 Australian dollars, an increase of 13.47%.

"It is certainly a first phase. SABMiller is a large group at international level and has significant margin over its competitors," said Jason Beddowle CEO of Argo Investments.

Foster was the target of several takeover bids since the announcement last year of its proposed sale of its wine production, which forced her to spend nearly $ 3 billion Australian dollars in expenses during the years.

In addition to its flagship brand, Foster's has the Victoria Bitter, Carlton Draught and the Cascade.

European car registrations rose 7.1% in May over one year, announced Friday the Association of European Automobile Manufacturers (ACEA).

Over the period from January to May, sales were down but 0.8% over the same period in 2010.

Germany, Italy and France recorded increases, but the Spanish market fell by 23.3% and the UK, sales were down 1.7%.

The number one European car Volkswagen shows an increase of 15.8% of sales in May, while the number two European, French PSA Peugeot Citroën sees his increase of 4.4%.

Renault, which has had supply problems, saw a decline of 8%.

This is what "Brussels said Friday. The process would be voluntary on the part of creditors.

The euro area "analyzes the feasibility of rescheduling" of the Greek debt on a voluntary basis by creditors, said Friday a spokesman for the European Commission.

"We discussed these days an initiative of the Vienna style", where the creditor banks of Romania undertook in 2009 to maintain their maturing loans to that country, then faced a serious crisis, Amadeu Altafaj said Friday, the spokesman for the Economic Affairs Commissioner Olli Rehn.

"In this context, we also examined the feasibility of a voluntary debt rescheduling or reshaping" of the debt, he said.

But he insisted that it got on "course provided extremely important that this does not create a credit event," namely "a debt restructuring" that could create panic in the markets.