Once again, U.S. investors had their eyes on the Old Continent, where an EU summit was to deliver a plan to end the debt crisis in the eurozone. With four objectives: helping Greece to boost the capacity of the EFSF, recapitalize banks and improve governance. Among the items already announced: the strengthening of the EFSF, the strike force is multiplied by four, an agreement on the recapitalization of European banks and probable assistance of emerging countries, notably China.

This battery is able to prevent contagion of the crisis, while fears now focus on Italy.The country also undertakes to submit a growth plan by 15 November in the letter that the prime minister Silvio Berlusconi to present Wednesday night in Brussels, said the agency Ansa.

Sales of new homes leave

On the macroeconomic front, orders for durable goods in the U.S. fell 0.8% in September, slightly less than what the market expected (-0.9%), according to figures released Wednesday by the Department of Commerce. Sales of new homes, have them, jumped 5.7% in September, the fastest pace in five months, but prices still down report that the housing market is still far from recovery.

As for commodities, oil prices have come down sharply on Wednesday in New York, under the blow of an unexpected rise in U payday loan.S. crude oil inventories. They rose 4.74 million barrels to 337.63 million.Economists on average had expected an increase of 1.3 million barrels. The barrel of "light sweet crude" for December delivery dropped 2.97 dollars to 90.20 dollars on the New York Mercantile Exchange, after gaining nearly six dollars on the first two sessions of the week.

Amazon severely punished

• Amazon (-12.66% to 198.40 dollars): the world leader in Internet sales announced Tuesday a net profit of $ 63 million for the third quarter, against $ 231 million (51 cents per share) a year earlier.

• Lockheed Martin (-3.19% to 76.37 dollars) saw its profit grow 25% in the third quarter to $ 700 million.The group also raised its targets for 2011.

• Ford (-4.55% to 11.87 dollars): The U.S. automaker Ford has released Wednesday a profit for the third quarter down 2% but slightly above expectations, together with a turnover up 14%. The Group posted a profit of $ 1.65 billion. Based on the number of shares and excluding exceptional items, it amounted to 46 cents a share, where analysts had forecast 45 cents.

• Boeing (4.47% to 66.57 dollars) issued on Wednesday a net profit up 31% to $ 1.1 billion for the third quarter, exceeding expectations, but it has revised down its forecast commercial deliveries for the year.

• ConocoPhillips (1.78% to 71.94 dollars) has reported a net profit of $ 2.62 billion in the third quarter, down 14% year on year.Turnover was up 33% to 62.78 billion USD.

A figure that takes into account several factors: the investment required for the construction of new production capacity to offset the loss of the atom, the increased use of renewable energy, whose development is heavily subsidized, the increase in imports electricity, the dismantling of existing … Upon arrival, a whole energy landscape is changing: "As a guide, installed capacity equal to a wind farm produces almost four times less electricity than a nuclear site "notes the expert Lionel Taccoen.

In France, six months after Fukushima is the beginning of the presidential campaign raising issues. Socialist candidate in the primary, Martine Aubry considering this scenario on the horizon of twenty or thirty years. For his part, François Hollande does not abolish the atom, but a declining share in the "mix" French energy to 50% by 2025, against 80% currently. In Green, Eva Joly simply consider wind turbines to replace all nuclear power plants. None of the three, however, has quantified at this stage he is defending the option.

Orders of magnitude

Bernard Bigot, the head of the Atomic Energy Commission (CEA), does not figure in his interview with Le Figaro.But the comparison with Germany on which he relies can consider orders of magnitude are staggering: at least 750 billion euros, if we simply triple the German bill to meet the proportion of nuclear power stations in each country personal loans for bad credit. In fact, it could be much more, since France is now three times more dependent on the atom as its neighbor. The consequences, both for public finances and for the customer's bill is incalculable …

In early September, the government, through the Industry Minister Eric Besson, has appointed a committee called Energy 2050, responsible for evaluating all possible scenarios.Its report, which is due early next year, will act more formally on the financial implications of the changing energy landscape.

The companies concerned have also started working. Before the summer, Areva told the PricewaterhouseCoopers study on "the socio-economic power in France." The significant role that industry plays in the national economy is highlighted: 125,000 direct jobs (4% of industrial employment) and 410,000 total jobs (direct and indirect), 450 specialized companies and 12.3 billion euro of value added, or 0.71% of the contribution to GDP.A weight that will also put in the balance at the time to decide.

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The group did not indicate the amount of the order but at list price, the total value would represent an investment of $ 20 billion and approximately 11.3 billion in firm orders.Following its board of directors held Thursday in New York, the group said the acquisitions "are designed to be funded by cash flow generated by the group's operations."

In addition, the group plans to commission 73 new aircraft by 2024 and then the options are exercisable between 2026 and 2028. The first Boeing 787-9 will enter service with KLM in 2016 while the first Airbus A350-900 will integrate the Air France fleet in 2018. The airline declined to give guidance on the distribution of new orders between the two group companies business cards design. "The two companies operate the two types of devices," Air France said simply. Sign that the group is more integrated than before and that the merger between Air France-KLM starts synergies.

Outstanding issues

Points of legal and economic order are still being defined.The discussion include the drivers and maintenance. In fact, the A350-900 ordered will be powered by Rolls-Royce or any device so far the airline did not work with such engines. The most important maintenance service of Air France-KLM has to adapt to new circumstances, notably through new licensing agreements.

And even if Air France-KLM touts its choices "after a detailed assessment" including on energy and environmental performance of appliances, the critics could rocket. One hundred French deputies had indeed launched a petition in June to urge Air France-KLM, which the state owns 15.7%, to choose the Airbus A350 instead of the Boeing 787 for its next command.

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Similarly, the notes of Crédit Agricole and Societe Generale are also placed on negative watch.In the case of Crédit Agricole, the note changes from "Aa1" to "Aa2," the decision is related to exposure to Greece, while that of Societe Generale, whose rating is downgraded to "Aa2" to "Aa3," the review is to reassess the assistance that could provide the authorities in case of crisis. Note however that the long-term rating of the bank red and black was reduced by only one notch, while Moody's had raised the possibility of falling down two notches. In fact, Moody's decision was expected by the markets. The agency warned on June 15 of this possibility when she made notes of the three banks on negative watch.

The banks were quick to react.Crédit Agricole has announced the establishment, by the beginning of December, a formal support mechanism to the bank market Crédit Agricole Corporate and Investment Banking (CIB CA), according to a statement. BNP Paribas has in turn decided to adjust its balance sheet and Societe Generale had announced a plan to save money. For its part, Societe Generale said "take note" of the decision of Moody's, in a statement released Wednesday.On an optimistic note, the bank then see a confirmation that "exposure to Greece," and more broadly to all sovereign debt of peripheral countries in the euro area remains "modest and manageable" in terms of " profitability and its capital. "

Among the top rated banks in the world

Sebastian Bartholomew, head of credit analysis of Louis Capital Markets, perspective the decisions unveiled this morning by Moody's since these actions "were expected by the markets and for Societe Generale, Moody's improves even his original plans due to the inclusion of systemic support. The agency estimates that banks are able to cope with their exposure to countries in need. The weaknesses of the three French banks, said Moody's, lie in their dependence on the interbank market. "A malfunction of this market could lead to further degradation.

In addition, the analyst said that even lowered, the ratings assigned by Moody's are higher than those awarded by S & P. Moreover, French banks are among the institutions rated in the world. Only the English banks present assessments of the same level.

"A relatively good news"

Shortly after these announcements, the Governor of the Bank of France, Christian Noyer, sought reassurance. He said the position of French banks is not likely to deteriorate further. The microphone of RTL, the latter has said: "I do not think the situation continues to deteriorate and I may surprise you but I think even the degradation of the notes of two banks is relatively good news."

And member of the Board of Governors of the European Central Bank believes that "French banks keep high marks and are the same as the big European banks (…) There is no very bad news." French banks "do not need money to meet their commitments" and nationalization of the banks "would not make sense," said the Governor of the Banque de France.

In addition, Sebastian Bartholomew, head of credit analysis of Louis Capital Markets, said that French banks

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The group offers non-binding expected by early October. If the evaluation of Redcats by the buyers does not seem in doubt, difficulties in finding funding from banks could encourage them to drop their offer of a few hundred million. A possibility that PPR, well known for selling its subsidiaries, refuses to accept in advance. "I'm not going to sell off assets with a view short-term approach, says François-Henri Pinault.I have no debt, no big acquisition to do. "

In addition, PPR does not seem to need to sell Redcats to finance acquisitions of medium size. François-Henri Pinault has acknowledged that the group was discussing with the families of the Italian owners of ready-to-wear Brioni, officially on sale for many months. "Unfortunately, we are not alone," smiled the CEO, by refusing to specify whether it has filed a binding offer to sellers. Brioni, who directed last year a turnover of 117 million euros, is also of interest to other luxury groups and investment funds. The owners have so far taken their time. François-Henri Pinault, who wants to strengthen the pole on the PPR luxury segment of the jewelry available, however has refused to confirm his interest in Italian Pomellato.

This will be increased by one major plan: one billion euros in savings and additional revenue this year and 11 billion next year. An effort necessitated by the weakening of activity.The government now expects GDP growth of 1.75% in 2011 as in 2012, against 2% and 2.25% previously announced.

"We are careful to take steps that do not break the growth – from mainly by reductions in or cancellations of special tax treatment ineffective," argued Fillon. While expressing focused on building "social justice", promising to seek "more large companies and SMEs and more affluent households than modest."On closer inspection, it is the holders of wealth that will be most put to the range of measures, including tax on incomes above 500,000 euros, higher taxes on savings and real estate gains, movement of the plane 10% tax loopholes, increasing tobacco prices, lower exemptions from payroll taxes on overtime …

François Fillon has compiled a list of these decisions at a press conference at Matignon, before working at JT TF1. It was really his day! A day that Nicolas Sarkozy has sought not to ruin, leaving his Prime Minister to take the show on the subject that is dear to him: the public finances.Wednesday morning at the Elysee, where stood the Council of Ministers of return, Sarkozy has revealed no information about the extent and content of the savings plan, helping to leave the premiere of his first ads Minister, and thanked them for staying mobilized during the summer and especially during the height of the bear market free credit report and score.

But however long the president returned to the causes of the crisis, which he presented to the government team as the result of displacement of the center of gravity of the economies of developed countries to emerging countries. "It is not a crisis of the euro, he said. It is a debt crisis. "A crisis that requires extra effort. At eight months of the presidential election, Sarkozy seems unwilling to let the idea settle the plan "anti-deficit" would actually be an austerity plan that does not say his name."We're not in an austerity policy. Rigor is when you drop the pensions of retirees, which reduces the salaries of civil servants and that we proceed with a general increase in taxes, "he argued. "It's not rigor. Make no mistake! ", He added to the government.

Some participants saw this as a caution vis-à-vis those on the right, let themselves go these days to use the word taboo. In the first line, the secretary general of the UMP, Jean-Francois Cope, who, in Les Echos on Tuesday, had assumed this term without qualms. "Do not waste time with words," had also added the deputy mayor of Meaux.

Nicolas Sarkozy, who used to repeat that "it is useless to kill the sick healed," remains sealed to the word "rigor".He wants, in the words of a minister, "provide for the future, find the ridge that would allow France to reduce its deficits without blocking the growth." He also wants to convince public opinion that France must include in its Constitution the "golden rule" to return to balance public accounts. "This rule is neither right nor left," François Fillon reiterated Wednesday.

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The decline was accentuated in London after the announcement of a very slight increase in retail sales in Britain. The Office for National Statistics said that they had increased by 0.2% in July compared to June, while analysts surveyed anticipating an increase of 0.3% from one month to another.This indicator provides further evidence that consumers carve their spending, a development that does not bode well for growth.

In addition, Morgan Stanley lowered its growth forecasts for the global economy for the years 2011 and 2012, the revision is stronger for developed countries.In a note published Thursday, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead 4.5%.

The New York Fed monitors banks in Europe

It is the banking sector is most severely attacked since the Wall Street Journal announced that the New York Fed would step up its investigation of the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe will be transmitted to the U.S. economy through them.

In addition, Morgan Stanley lowered its growth forecasts for the global economy for the years 2011 and 2012, the revision is stronger for developed countries.In a note published Thursday, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead 4.5%.

In Paris, Societe Generale (-5.62% to 23.25 euros) is the second largest drop in the CAC. The bank is followed by Credit Agricole (-4.30% to 6.42 euros), BNP Paribas (-3.54% to 35.39 euros), AXA (-3.48% to 10.96 euros) and Natixis (-1.17% to 3.04 euros). The Federal Reserve Bank of New York is stepping up its investigation of the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe will be transmitted to the U.S. economy through them, reported Thursday the Wall Street Journal

Busy schedule

Already this morning, investors had no indication to follow from Wall Street that sent signals unconvincing with a fence without direction yesterday.Asian markets themselves, showing up mostly in dark red on Thursday. "There was nothing really concrete to put in their mouths for reassurance," says Yves Marc, sales of shares in Global Equities.

The trend could change with the publication of several indicators of weight across the Atlantic. The ball starts in the U.S. earlier this afternoon at 14:30, with weekly jobless claims. Meanwhile, the Labor Department will release the index of consumer prices.To be published 16 hours the index of leading indicators, sales of existing homes and the index of the Philadelphia Fed.

Renault Murail, manager at Barclays Stock Exchange, the market is "worried because we table this afternoon on poor figures in the U.S. that would go in the sense of breathlessness even more evident economic recovery."

The France keep its AAA by S & P

On Thursday, Standard & Poor's is said to be "confident" in the ability of France to maintain its optimum rating "AAA". "The note of France is AAA stable, it is the case since 1975," said the president of the rating agency for the French-speaking Europe Carole Sirou, interviewed on RTL."We are confident on that note," she said, just days after his agency has deprived the U.S. of the maximum score, which makes it possible to refinance with it on the market.

As for currencies, the euro is falling against the greenback in morning trading. It is worth 1.4399 dollars. Investors always react to signals of an economic slowdown in Europe and the proposals deemed disappointing the Franco-German duo on the governance of the euro area.

Investors in the oil market claim to be concerned. In morning trading, a barrel of "light sweet crude" for September delivery lost 33 cents to 87.25 dollars while that of Brent North Sea crude for September delivery yielded 30 cents to 110.30 dollars.

Values ​​to follow

Lafarge: -3.80% to 27.89 euros

The cement may react to the publication of the results of its Swiss rival Holcim.The latter saw its sales fall by 11% to 5.48 billion francs in the second quarter of 2011. Net income group share was down 13% to 347 million. The group remains very cautious in its outlook and believes that there is no sign of recovery in the United States.

Carrefour: -3.10% to 19.36 euros

Carrefour's CEO, Lars Olofsson, said the French retailer was not negotiating the sale of its Brazilian subsidiary to Wal-Mart. "It's not what I have in mind," he said during a tour of forty-eight hours in Sao Paulo, according to Les Echos.

As for recommendations, Goldman Sachs is no longer for purchase at Vallourec (-5.88% to 60.14 euros) UBSpasse to "neutral" against the "purchase" of Veolia (-5.28% 10, 84 euros), Nomura cut its price target on EDF (-4.06% to 20.67 euros) to 33 euros against 47.50 euros.

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In recent months, the three largest rating agencies (S & P, Moody's and Fitch) have confirmed the stability of the note of France. This means that the risk of default of the French state remains very low despite low growth and public finances deteriorated.Fitch, France is "supported by its diversified and healthy economy, its social institutions, civil and effective policies and financial flexibility that reflect its status as a major benchmark sovereign issuer in the euro area."

Political risk to come

Still, for Nicolas Forest, responsible rates at Dexia Asset Management, "France is the country most vulnerable AAA."If you look indeed in the details of the note issued by S & P on Friday the United States, the agency points out that France is the country with the projections of debt the highest in 2015, compared to other countries with the "AAA" like Canada, Germany and the UK cash advance.

In addition to economics, the lesson to be drawn U.S.: S & P said its decision primarily by the lack of political consensus across the Atlantic, while Republicans and Democrats have learned the hair until the last minute on the issue of management public finances to come, before delivering a minimum agreement. To ensure the continuation of "AAA" countries must be disciplined buddgétaire but also of political unity. However, it is not unlike that France is approaching a presidential election in May 2012.And, as the deadline approaches, the flexibility of the country will be closer in rigor.

The club of countries rated AAA by all three rating agencies (S & P, Fitch Ratings and Moody's) are, in addition to France, Germany, Netherlands, Finland, Austria and Luxembourg in the euro area, Norway, Sweden, Denmark , Switzerland and the United Kingdom in the rest of Europe, Canada and Singapore around the world.

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In their discussions, the three heads of state should include mention the announcement by Olli Rehn, Commissioner for Economic and Monetary Affairs this morning of a new stage in the debate on European bonds (Eurobonds). The news was welcomed on the European financial centers.After an open down sharply by 2.5%, the Cac 40 finally balanced one hour before closing. Good news for the European Commissioner who décalré on Friday during a press conference that the markets did not react as expected to the Agreement of July 21 on the new aid plan for the euro area. "The political will to defend the euro should not be underestimated," he further added, explaining that experts were working to give substance to this agreement, and that neither Italy nor Spain would need a program of emergency loans.

In an attempt to calm the fire on a sustainable European stock markets, worried a contagion Greek holiday period of European leaders, Olli Rehn has also indicated he would meet with the new Minister of Finance of Cyprus, to encourage it to accelerate structural reforms and revive growth.He will also meet the market situation with the Governor of the Central Bank Marvyn English King and the Chancellor of the Exchequer George Osborne.

A report on European bonds issued after the summer

Anyway, the official European, the European Commission will present "after the summer" a report on the opportunity to develop Eurobonds, calling on the center stage the debate that stirs and divides European officials for two years. This idea is not new in itself, proposes to issue debt securities to common European states. These securities are guaranteed by all Member States of the euro area, to allow countries unable to borrow on the markets on acceptable terms, can still be financed.In short: it would be to issue debt on behalf of the European Union, as can the U.S. Treasury to communitarise the debts of countries in the euro area. The creation of this type of debt across the euro area would therefore raise the fears of investors about the creditworthiness of a particular state.

In addition to its economic dimension, the project also presupposes political choices. It is indeed based on the principle of mutual assistance in euro, which hit the sensitivity of some countries, notably Germany, which does not hide its hostility to the project. Main complaint: the countries financially "healthy" could only suffer through the European emissions, their solidarity with the countries most in need. In short, Germany does not want to take the weight of debts of some of the euro area.Note however that according to the draft presented by the Luxembourg Jean-Claude Juncker and the Italian Giulio Tremonles, advocates of the project, Eurobonds would not intended to replace the national debt.

Halt in mid-July

After being ignored for six months the project had been emerged from the closet in early July. But 15 days later, a new setback: Jens Weidmann, the head of the German central bank (Bundesbank) has criticized the project, saying that "there was nothing better to destroy a rapid and sustained strong making fiscal policy a common responsibility for the debts of States.This is exactly what some politicians and economists to offer Eurobonds to solve the problems of Greece. "

Whatever the conclusions of the report of the European Commission in September, the debate on the desirability of strengthening the political commitment at European level promises to be more agitated.

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