In an interview with i-TV, George Daher, head of Air France at Orly, said the management of the company "hopes to leave the conflict before tomorrow (Wednesday)," and said he was "open to dialogue with other unions "of cabin crew on strike against a reduction in the cabin. "We're always open to dialogue with other unions and hope to be out of the conflict until tomorrow. It would be good for the company and for our customer. "

Two of six unions, the CFDT and CFTC, withdrew from the conflict on Monday after receiving assurances of management on employment until the end of 2012. According to the CFDT union representative, Cyril Jouan, they will be involved in the presentation of the management of jobs and skills (GPEC) over three years, allowing them to have greater visibility on employment in the company.

Following this withdrawal, the company claims to have been able to provide "more than 90% of its program, which is above the 85% announced" on Monday payday loan lenders. "Over 120,000 passengers were transported" which is close to a normal operating day, "says management. "For the day on Tuesday 1st November 2011, Air France plans to provide over 90% of its flights," said a statement.

This objective will be achieved by the continuation of measures already taken by management since the beginning of the strike, as the use of partner companies and subsidiaries, limiting the number of passengers per aircraft on the basis of a hostess or steward 50 passengers, and the reinforcement of about 200 frames.

"Shortness of movement" in the direction

"Management is currently parades, but it can not hold the road in five days," said Gaëlle Sibril, steward of Southern Air. "That's why we filed a notice of strike for five days because we know they can be organized over two days but no more," she added. Didier Foussat union FO-SNPNC, "the strike will ramp up because all the reserves of cabin crew volunteers (PNC) are now starting."

The day before, the CAC 40 sold 1.61% below 3200 points, after about German leaders who are very cautious about a future resolution of the crisis in Europe. The German Minister of Economics Wolfgang Schäuble has indeed warned that the EU summit to be held in Brussels Sunday will not lead to a definitive solution to the debt crisis.And, while the central bankers of the euro zone had promised a response "comprehensive and lasting peace" to the crisis at the G20 finance this weekend in Paris.

Fears of a slowdown in Beijing this must be added the fear of a slowing Chinese economy, which appears in 9.1% in the third quarter, against 9.7% and 9.5 % in the first and second quarter. "Economic growth is currently facing a more complicated on both external and internal plans," said the spokesman for the National Bureau of Statistics (NBS), Sheng Laiyun commenting on the growth of China. In fact, Chinese exporters are beginning to suffer from particular sovereign debt crisis in Europe, their largest market, a difficult economic situation in the United States.The Chinese economy is also impacted by rising wages and strong yuan, has appreciated by 7% in a year against the dollar. "The number of factors of instability and uncertainty increases," says Sheng Laiyun.

On the front of currencies, the euro rose 0.28% to 1.377 dollars on Tuesday. Oil is meanwhile down in Asia after the confirmation of a slowdown in Chinese growth in the third quarter against a backdrop of skepticism about a speedy resolution of sovereign debt crisis in the euro area.The barrel of "light sweet crude" for delivery in November, up in the early electronic trading, lost 9 cents to 86 low fee cash advance.29 dollars, around 6:00.

On the macroeconomic front, Germany, the barometer of confidence in financial circles ZEW is expected in 11 hours.

In Britain publish inflation for the month of September will also punliée.

Spain should in turn issue Treasury Bills 12-18 months, and publish the figures for bad debts of its banks for the month of August.

Values ​​to follow on Tuesday:

• Danone

Group sales in the third quarter were in line with analysts' expectations, and with forecasts recently outlined by the Group CEO, Franck Riboud.Sales for the period to 4805 and spring million, an increase over one year of 10.5% as reported and 5.9% excluding currency effects and changes in structure. The group confirms its 2011 and said he was "confident" in 2012.

• Air France-KLM

The company announced Monday the resignation of its CEO Pierre-Henri Gourgeon, President Jean-Cyril Spinetta regaining his seat as CEO of the Franco-Dutch until the establishment of a real Air France-KLM holding company, postponed current 2013 instead of early 2012.

• L'Oréal

With the guardianship of Liliane Bettencourt, the transfer of power between the L'Oreal heiress and her daughter opened a new era may change the balance of governance of the group as its ties to Nestlé.

• Edenred

The group announced a growth of 11.3% of sales in the third quarter thanks to a very strong activity in Latin America, enabling it to confirm its annual targets.

• LVMH

The group reported organic growth of 15% to 16.30 billion euros in sales in the third quarter, as the first nine months of the year. He felt that his performance since the beginning of the year confirms its confidence for 2011.

• Aéroports de Paris

The company will present the latest figures for passenger traffic.

• Accor

The hotel group will present its turnover in the third quarter after market close.

• NextRadioTV

The group presents its revenues in the third quarter.

The whole problem is whether the profit warning could be the first of a series in the CAC 40. Companies are affected by the stock market crisis of the summer. Order books deflate. At the same time, companies have made great efforts to optimize their costs. A new lower spending takes time. For their part, financial analysts are slow to revise their forecasts.

The companies involved in these kinds of concerns are primarily industrial and cyclical stocks. Eramet had also warned that its prospects were less favorable in the second half. The work of specialist nickel and manganese drop 57% since January 1 cash advances pay day loan.

Despite a more difficult context, ArcelorMittal has maintained its forecast. But investors are very cautious since the title is down 52% since the beginning of the year.

Financial analysts continue to anticipate an increase of about 6% of profits in 2012 for CAC 40 companies. They may be forced to correct the optimistic estimate.

U.S. companies will give indications

Investors could have their questions answered with the wave of quarterly results expected in the United States. open the show on October 11.The specialist for aluminum had anticipated a sharp rise in net profit in 2011. This optimistic forecast could be questioned. Each variation of 100 dollars per tonne of aluminum has an impact of $ 200 million of annual net income. Now, three months, a tonne of aluminum has declined by more than 300 dollars.

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Thus, the committee based in London estimated that some institutions have had to record greater losses on their Greek bonds with the release of their latest results. According to British newspaper, institutions BNP Paribas and CNP Assurances are directly in line of sight, even if the IASB does not cite any group by name. The two institutions have in fact spent 21% discounts on Greek assets.But the IASB believes that the discount demanded by the market is well above that figure. As such, other institutions such as Royal Bank of Scotland were more cautious in applying the devaluation of around 50%.

But BNP Paribas against attack. A spokesman for the bank said in effect that the establishment has "provisioned exposure to Greece in full agreement with its auditors and the competent authorities in accordance with the plan adopted by the EU July 21." In late July, it is the financial institution IFF (Institute of International Finance) who estimated 21% of the discount amount of all debt instruments Greek. And at the time of publication of its results in early August, the French bank said it had provisioned 534 million euros to compensate for lost value of its Greek bonds involved in the transaction exchange decided on July 21.Other obligations in its portfolio – with a maturity beyond 2020 – are in his view not be written down to current market prices no teletrek payday advance. Logically, if one assumes that the plan will go Greek and Athens would pay its creditors as expected.

"Unfair to question BNP and CNP Assurances'

Sebastian Bartholomew, head of credit analysis of Louis Capital Markets, believes that there is an "unfair to question BNP Paribas and CNP Assurances these institutions because these institutions have followed the discount offered as part of the exchange Greek bond debt to the image of a large number of European institutions "While recognizing that" in light of current market conditions, further write-downs are to be expected. " A reassessment of asset impairments require banks to provision more.

In exchange, the spectrum of the new impairment has little impact: BNP Paribas advance of 1.2% and 0.2% CNP against an increase of 0.8% for the CAC 40. Already yesterday, the fear mongering of Christine Lagarde had not weighed on values. Executive Director of the IMF called for "urgent re-capitalization of European banks." European regulators were quick to react to reassure the markets and reaffirm that the banks do not need to move up a gear to recapitalize. Laurence Parisot, the president of MEDEF has even described the remarks of the former tenant of Bercy as "incomprehensible". More moderate, the president of the French Financial Markets Authority (AMF), Jean-Pierre Jouyet, said that "a number of European banks to be recapitalized," but "not the most important."

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The Fed chairman did not actually expressed new decisions to boost growth, starting with a new program of quantitative easing. However, he announced that the Fed would meet two days in September, instead of originally planned to study, among other things, instruments designed to bring a new economic stimulus money.Ben Bernanke promised that his institution will "do its utmost" to ensure growth and price stability.

"It is clear that the recovery after the crisis was much less robust than we had hoped," he said in a speech he was to deliver at the annual meetings of the Fed's Jackson Hole ( Wyoming). But Ben Bernanke affirms that an 'the foundation of growth "were still there in the U.S., despite the persistence of" risks "facing the economy.

Concerning the debt crisis in the eurozone, "I trust," he said, convinced that the Europeans will do what it takes to get by.

In Europe, the indices also penetrate: The CAC 40 yields 2.30%, the Dax in Frankfurt loose 3% and the FTSE 100 in London 2.13%. Yesterday Wall Street had already ended down sharply in anticipation of disappointing announcements from Ben Bernanke.This morning too, the seats were won by Asian nervousness.

GDP revised down

Before the appointment of Jackson Hole, investors were aware of the second estimate of gross domestic product (GDP) for the second quarter. During this period, U.S. GDP grew by 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July. Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast no teletrack payday loans.

As for currencies, the euro lost some ground against the dollar after the speech of Ben Bernanke. Around 16:30, the European currency was worth 1.4359 dollars against 1.4441 to 15 hours.As for the oil markets, I Brent North Sea for October delivery was trading at 110.25 dollars on the Intercontinental Exchange (ICE) in London, down 37 cents, while in electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity lost 35 cents to 84.95 dollars.

Values ​​of the day

On the corporate side, Madison Square Garden (-3.37% to 21.98 dollars), Frontline (-4.17% to 6.21 dollars) and Royal Bank of Canada (-4.53% to 48.95 dollars ) must be published.

Tiffany (5.61% to 66.65 dollars) reported Friday a profit of 69 cents per share in the second quarter, while the consensus gave 70 cents. Sales came out at 872.7 million (consensus: 786 million). The jeweler raised its guidance range for the BPA 2011, it now expects between 3.65 and 3.75 dollars.(Consensus: 3.56 dollars per share).

HollyFrontier (0.95% to 66.63 dollars) has reported a dividend increase of 17% to 8.75 cents. MTS Systems (-1.09% to 34.55 dollars) also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio (-2.50% to 8.20 dollars) which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year offset, and sales more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts (3.46% to 8.11 dollars) has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier.Sales jumped 11% to $ 97.9 million.

Boeing (-0.72% to 60.66 dollars): 787 Dreamliner, its new aircraft, for which more than 800 orders have already been registered, received Friday certification authorities in the U.S. civil aviation. The first deliveries of the aircraft, the Japanese company promised to All Nippon Airways, lagging about three years, due mainly to disruptions in the supply chain components.

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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In addition to a base effect related to a strong rebound in sales in 2009 and 2010, this figure reflects the impact of the behavior of investors in the new home market. In 2009 and 2010, they accounted for almost two thirds of acquirers. But the reform of the Scellier, effective in 2011, and rising interest rates since the fall of 2010, helping to discourage this type of buyers.Between the first half of 2011 and first half 2010, sales to investors and have collapsed by 32%.

Meanwhile, the new interest-free loan, the "PTZ +", is still struggling to convince individuals to invest in the new. Over 70% of loans granted by the state were to purchase an old property, say the developers. Finally, sales "in the accession", down 1% in the first half of 2011, therefore not enough to offset falling sales to investors.

Especially as the prices of new homes continue to rise, contributing to a creditworthy buyers months. Despite lower demand and increased supply, prices jump by 9.7% year over year. The increase was more pronounced as ever in the Ile-de-France, due to the scarcity of land (12.5% ​​yoy, against 6.4 in the rest of France).One reason for this paradox lies in the spread of new buildings low consumption, more expensive but higher quality analysis of IPF payday loans guaranteed no fax.

Safe haven

This change in the new home market still contrasts sharply with the market of the former. While the lawyers emphasized in July attenuation of the increase in sales in the first quarter, after a very dynamic year 2010. Ile-de-France in particular, the number of homes sold decreased by 4% in the first quarter of 2011 compared to the same period of 2010. A decrease due to the scarcity of goods for sale in Paris, as well as a relative lull after the peak sales in late 2010. But on the whole of France, sales volumes progressed further by 23% in March 2011 over a year.

Despite rising real estate rates, which crowd out some buyers, prices remain steady increase otherwise.In one year, the apartments are in price by 10.5% and 7.8% of the houses, according to latest figures published by notaries in France. But these increases mask contrasting trends. If the prices of apartments in Paris are more than 20%, 21 counties recorded lower prices in one year, find notaries.

Overall, however, the real estate market should remain strong this year. "The fundamentals of the French market are safe," said Olivier Eluère, an economist at Credit Agricole. The granting of credit is not excessive, the presence of property dealers in the market not significant, while the supply of housing remains structurally inadequate in some areas. The real estate market should furthermore continue to benefit from a safe-haven status in an uncertain economy.Devices such as government or Scellier + PTZ can also support the request. Lower prices should not be generalized profile before long.

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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