News – Business & Economi

The major European stock markets rose Tuesday in the red by late morning after the announcement of an unexpected decline in economic sentiment in the euro area in August.

Around 12:25, the CAC 40 index yields 0.21% to 3147.48 points after opening up. Since the beginning of the benchmark index of the Paris market lost more than 14%.

According to stakeholders, the shares continue to consolidate, in an atmosphere of caution after the shock of bearish early August.

"It is a market without enthusiasm, which is still afraid of a correction, market pure waiting, with U.S. unemployment figures Friday in focus," said Frederic Rozier, manager at Meeschaert Private.He sees a strong resistance to the CAC 40 index to 3,260 points.

Alexander the Drogoff, technical analyst at Aurel BGC, agrees that the market could resume its downtrend after a waiting period. He does not see the CAC 40 exceed 3,400 points, before a relapse to 2890 points and its lows of 2009 and 2003 around 2450.

Other major European markets, London, which was closed Monday, gaining 2.35% while Frankfurt lost 0.49% and 0.77% Milan.The pan-European Euro Stoxx 50 index was down 0.34%.

S & P: RECESSION CAN BE AVOIDED

In addition, Standard & Poor's lowered its economic growth forecasts for the eurozone to 1.7% for 2011 and 1.5% for 2012 and believes that a spin in a recession can be avoided, even if the risk s 'increase.

Bank stocks were among the first to turn around, the Stoxx sector in the euro area losing 0.64%. Societe Generale lost 1.7% and 1.1% Credit Agricole.An article in the Financial Times reports that according to the International Accounting Standards Board (IASB), the impairment recorded by some financial institutions on their Greek sovereign bonds were not large enough.

Mining stocks, however, remains strong, the index increased 3.5%, supported by the agreement between ArcelorMittal (0.28%), Peabody Energy and Macarthur Coal on the terms of the acquisition of specialist Australian coal sprayed.

In the bond market, the auction of government bonds in Italy this morning met with a relatively low demand, despite the purchase of the European Central Bank in recent weeks, creating nervousness.

For its part, the performance of the same maturity Bunds declined to 2.17%, 2.22% against the previous day.

The euro cup against the greenback at 1.4388 / 90 dollars, against 1.4513 the previous day in the afternoon.

A barrel of U.S. light crude dropped by 0.74% to 86.63 dollars and Brent from 0.21% to 111.64 dollars.

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 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%.

China's central bank said Friday it wanted to maintain a relatively stable exchange rate, but the announcement has not been enough to calm the speculation that Beijing would consider letting the yuan rise further to better contain the inflation.

In a quarterly report, the People's Bank of China (PBOC) announced that it would employ "many tools" including interest rates, exchange rates and bank reserve requirements to try to control rising prices.

It recalled that it would maintain the yuan's exchange rate relatively stable at a "reasonable and balanced level."

But the noise is spread in the markets, however, the PBOC preparing an intervention currency.Local newspapers related to the central government suggested including it would rely on a stronger yuan to try to curb imported inflation in China by the weak dollar.

It remains to ascertain whether the report of COPD was written before or after these press articles, published Friday.

"We will use reasonable tools (regulatory) price as interest rates adjust to the demand for capital and savings behavior, and manage our investment and inflation expectations," said the PBOC.

The monetary institution noted that it would not drop the guard against inflation, although many economists believe that it peaked in July.

"Price stabilization is not yet firm enough and the situation is not optimistic," said the PBOC.

Beijing is regularly subjected to international pressure, including from the United States and the International Monetary Fund to allow the yuan to appreciate faster.

The yuan was stabilizing Friday around 6.39 to the dollar on the spot markets, pausing after a sharp rise this week.

The Chinese currency has appreciated about 6.7% since the abandonment of its indexation to the dollar in June 2010 and 3% since the beginning of the year.

The growth of most major economies, advanced and emerging, should have decelerated in May in view of the CLI published Monday by the Organization for Economic Cooperation and Development.

These indicators suggest a slowdown in Canada, France, Germany, Italy, the UK, as well as Brazil, China and India, the OECD said in a statement.

Meanwhile, signs of inflection of the growth cycle emerging in the United States, Japan and Russia, she says.

As it has for three months, the organization emphasizes that the indicators in Japan are viewed with caution because of the high degree of uncertainty associated with the impact of the earthquake of March 11.

The CLI for the OECD area as a whole declined in May to 102.5 from 102.8 in April. The G7 countries fell back slightly less, to 103.0 from 103.2.

For the United States, world's largest economy, the indicator remains unchanged at 103.4 after nine months of increases.

It folds down 0.6 points to 101.1 for France and 0.4 points to 103.6 for Germany.

Among the large emerging economies, the indicator for China was down 0.4 points to 100.2 while those of Brazil and India give up 0.7 points, respectively, 97.6 and 97.4.

The government could raise the debt ceiling by decree, sell gold, favor some creditors … Treasury Secretary of the United States, Timothy Geithner.

The U.S. government could resort to constitutional and legal means to prevent the United States are found in default in case of persistent political deadlock on the issue of raising the ceiling of public debt after August 2.

The U.S. Treasury keeps saying that beyond that date, he has "exhausted" all the special measures taken since May to allow the country to continue to borrow without exceeding the legal limit of debt (14,294 billion).However, Treasury Secretary Timothy Geithner said the stubbornness of the Republicans not to give their assent to an increase in the maximum debt in exchange for deep cuts in public spending was doomed to failure. He said late May by reading a little-known clause of the 14th Amendment to the Constitution of the United States that "the validity of the debt of the United States [...] shall not be questioned ".

The ability to use a passage of the Constitution has surfaced these days. A user requesting a Wednesday if he would "take a presidential decree to raise the debt ceiling in accordance with paragraph 4 of the 14th Amendment," U.S. President Barack Obama said: "I think we should not even reach the constitutional question.It is the responsibility of Congress to ensure that we deal with our bills. "

While disagreements persist between Democrats and Republicans, this evasive response casts doubt on the government's intentions. Especially since the Supreme Court has already had to rule on the paragraph in question in 1935 and had then saw "no reason not to consider" it applies to "all matters relating to all obligations of the state ".

Explanation of Neil Buchanan, a law professor at George Washington University in an article published Thursday, "If Congress passed laws that create obligations for the state, these obligations must be honored," regardless of "arbitrary limits" set by itself.

The Treasury stirred risk of default with devastating consequences for the country if the impasse continues beyond the 2 August.A spokeswoman for the Treasury has reiterated Thursday told AFP that "the only way to avoid a crisis of non-payment" was to raise the debt ceiling "on time". Publicly, Mr.Geithner repeated that his ministry can not favor some creditors over others.

However, in response to a question by the Treasury on this particular point in similar circumstances, the U.S. Court of Auditors (GAO) estimated in 1985: "The Treasury is free to perform its obligations in the order that it deems most consistent with the interests of the United States. "

So, as to the government it is in the best interests of the United States to avoid a default, even partially, the State may well choose to defer payment of certain invoices and assign priority to tax revenue payments related to debt management.

Bob Eisenbeis, economist at the financial consulting firm Cumberland Advisors, said as the state has a number of other ways, such as selling gold.For him, the Treasury waving a red rag to rush an agreement so that it could take "several months".

Despite the anger in the street, the project received 155 votes out of 300. The country will be able to receive the last installment of the aid from the EU and the IMF and avoid the default.

The austerity plan for the period 2012-2015, Greece needed to secure new funding from its creditors, but strongly contested in the streets because of the sacrifices it represents for the Greek people, was adopted Wednesday by Parliament.

While police continued to make shots of tear gas in front of the parliament which houses since morning demonstrators opposed to the project, the plan finally received 154 votes and a socialist dissident voices on the right, the 298 deputies present ( of 300 seats) in parliament Wednesday, according to an official count. 138 members of the opposition of left and right voted against.

Members who voted one by one to the call of their name and district must also vote Thursday on the implementing legislation which establishes the means to achieve budget savings in the plan by 2015.

A Socialist deputy Panayotis Kouroublis, voted against the plan, but a conservative colleague on the right has defied the instructions of his party in New Démoratie and supported the plan. Five members of the center-right who defected for months the main opposition party of New Democracy voted white.

Immediately after the vote, Prime Minister, George Papandreou, said the group's exclusion of Mr Kouroublis, reducing to 154 votes out of 300 most of which now has the socialist government, faced on Thursday to a new crucial vote on law enforcement's master plan voted on Wednesday.

Mr.Kouroublis had said shortly before the vote that he "could not accept blackmail" exercised by the euro area ", which referred to the probability of bankruptcy of the country to urge Athens to adopt a plan deemed" unfair ".

His colleague Alexander Athanassiadis Socialist, who had previously stated publicly that he would vote against the project changed his mind, saying he was "convinced" by the speech of Prime Minister George Papandreou in the gallery.

He is a member of the Department of Kozani (NW), where a large unit of the public electricity company, the DEI whose planned privatization has faced strong opposition. DEI's employees on strike shall, moreover, to power outages affecting wild for a few days randomly neighborhoods of large cities.

"Framework medium-term fiscal strategy," the new plan, dictated by the EU and the IMF, provides savings by 2015 from 28.4 billion euros and mass privatization to bring 50 billion euros .

Since morning, the whole of Europe had their eye on Athens. This project was a precondition imposed by the euro area for further financial support to avoid a default of Greece, which would put at risk.

The finance ministers of the euro zone must meet July 3 to decide the payment of a fifth installment of the loan assistance of 110 billion awarded last year to Greece.

Wednesday, from morning police fired tear gas before the Greek Parliament to clear the protesters, however, fewer than in previous events, but more determined.Protesters had arrived early Wednesday to try to prevent at least symbolically vote for the project, surrounding the parliament.

From 0500 GMT, police conducted the first firing of tear gas at small gatherings trying to block the main roads around Athens.

The general strike started Tuesday 48H also disrupted for second day air transport, ports also immobilizing the ferries to the islands. Banks and pharmacies are closed, the public sector paralyzed.

In addition to the persistent pressure from the EU, including President Herman Van Rompuy said Tuesday that the hours "ahead are decisive" for Greece, Greek MPs also received a warning from the new executive director of the International Monetary Fund Christine Lagarde, who started his appointment as a call for "national reconciliation" policy in Greece.

Nominations for the post of IMF managing director may be filed on Monday and ending June 10, said Friday that the International Monetary Fund expects to appoint its leader by June 30.

The Dean of the Board of the IMF, Shakour Shaalan, said the nomination process had been largely validated by the 24 council members who ensured that the choice would be "an open, merit-based, and transparent. "

The number two of the institution, John Lipsky, provides the transition to head the IMF after the resignation of Managing Director Dominique Strauss-Kahn, who was accused of attempted rape by a U.S. court.

The aim is that the successor of DSK become accepted, Shaalan added.

European leaders are working hard to agree on a candidate and a candidate of the French Finance Minister Christine Lagarde seems to break loose.

Some emerging countries have estimated that the custom to assign the post of IMF Managing Director to a European was no longer appropriate and that others should also have their chance.

Faced with setbacks in recent months of hearing, TF1 decided to reorganize its management program and give it to Jean-François Lancelier which thus takes some of the functions previously occupied by Laurent Storch.

Already responsible for the antennas of the group, Jean-François Lancelier deal more programs and those of TF1 and TMC NT1, two channels of digital terrestrial television (DTT), said a Reuters spokesman, confirming information reported by several newspapers.

Laurent Storch, who led until then programs the only channel TF1, remains highly placed in the organization and will be responsible for the development of French fiction (TF1 Production), film (TF1 Films Production) and broadcasting rights, has she added.

The first group of private television in France recently been marked by the premature termination of "Square Viiip.Controversial, the reality TV show was stopped in late March after two weeks because of poor performance against meaningful hearing.

The chain has suffered a new setback last week as far outdistanced by the utility in connection with the retransmission of the marriage of Prince William and Catherine Middletown in London, a "big event" that usually does the success of the first chain.

CONCERN FOR THE ADVERTISING REVENUE

According to the latest figures released by Médiamétrie, the TF1's audience share fell to 23.5% during the week of April 25 to May 1, against 24.5% on average in 2010.

At the general meeting of the group in mid-April, Nonce Paolini had hearing difficulties in perspective, considering that the group was "quite fit despite a particular episode.

However, he indicated that TF1 "working hard" to change his newspaper from 20:00 suffering from competition from entertainment offered at the same time by competing chains including "Plus belle la vie" on France 3 and more recently " Scenes from "on M6.

Difficulties hearing the chain there is some concern among analysts who question the group's ability to raise its advertising rates.

On 14 April the group issued a statement in the evening to announce an increase of about 2% of its gross rates in the second half of April when the title came tumbling down over 4% at the Bourse of Paris after news reports indicating a downward revision.

Since the beginning of the action TF1 dropped 3.2% while its main rival M6 was down 1.8% at the same time.

The television group will publish next Thursday its sales for the first quarter.

More than fear, the purchasing power among Internet has become de L'Expansion, an obsession. Review comments. "Our politicians live in a bubble away from the people …"

The purchasing power decreases from year to year. For you, it is a certainty, even though statistics say otherwise: higher monthly income and resources are not proportional to the increase in the price of life everyday. First observation, as explained gaynoel on the rising cost of living compared to income received each month "for life itself to increased 3%, the EDF of 3 to 5% on gas 5% as often as possible, the assurances of 3 to 8%, and only 1.5% SMIC how not to be afraid of the constant fall of purchasing power? "."The retirement of the basic plan will rise by 2.1%, while any increases beyond 5%," adds ketty2.

In parallel with the decrease in your purchasing power, you are likely to reflect an anger against the "politicians" who, as explained Martheline, "do not realize anything" and, as your ball rolls adds , "do not even know how much is a loaf of bread." As noted Kerouet, it seems that politicians today are powerless: "Left, right, FN, none has satisfactorily solved, and policies of any side they are proving every day their incompetence." "Our politicians live in a bubble … from the people," adds lyly88. Finally, many of you will show highly disappointed by the unfulfilled promises of Nicolas Sarkozy. "Where is the 'candidate' that made us great promises on the purchasing power of the average French man, retired …?" marie23 questions.

Briefly, as summarized unbernard0151 a bit disillusioned, "there are only two solutions: to reduce its consumption or type in savings." Or … We can also compare prices of different products and become, writes Fannia, "the queen of the system D". Or cheating, "it is the first time in my life that I cheat as much in transit (…), I am in zone 6 and what I saved on rent by living far from Paris, it should lose by buying a card zone 6 (140 euros per person), "said bourtoulot.

You're much, if anything, to show you tired and outraged, "the French are not zero or sheep to mow." The most virulent of you are going to propose a revolution like the Egyptian and Tunisian events: "One solution, to imitate the Arab countries," said domi59.