This downward revision is the result of a contraction in activity. On the contrary, the good performance of various businesses, including the Brazilian telecom operator GVT and subsidiary of Activision Blizzard video games, should provide an additional net profit of 200 million euros.

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.

While U.S. sites already rustle costume ideas "Steve Jobs" to celebrate Halloween at the end of the month, fans use the black sweater to make a new homage to their icon. Over a thousand people were thus included in the "Black Turtleneck Friday."Organized on Facebook, the event encouraged to wear during the day Friday, 14 October 1 black turtleneck sweater in the style of Steve Jobs.

St Croix sweaters out of stock

A registered acclaimed by Steve Jobs did not hesitate to use the windfall: St Croix Collections site TMZ said that sales of his black turtleneck sweaters have "increased by almost 100%" the day after death the co-founder of Apple. According to the leader of Knitcraft, parent company of St. Croix, quoted by the Washington Post, Steve Jobs bought two dozen of these sweaters every year. Today, a victim of its success, the article, which is worth 175 dollars, even out of stock depending on the brand, which states that it accepts commands. The site of St Croix has pushed its home page for the occasion: a tribute to the co-founder of Apple, the brand announced that it pays 20 dollars to the fight against cancer for each sweater purchased.And states that it is even considering erecting a memorial to the former head of the Apple brand.

Steve Jobs was, however, another favorite brand, remained more discreet: Issey Miyake. This is indeed the creator of Japan that the CEO was asked to create a uniform for employees of Apple. In an official biography to be published at the end of the month, Steve Jobs tells that the idea came to him by visiting the Sony factory in Japan. Seduced by this unique garment that bound them employees of the firm, made to the American one hundred black shirts at Issey Miyake. But conflicts with the unanimous rejection of his entourage when he arrives in the United States. Do not worry, Steve Jobs will then adopt for himself the uniform, simple but effective way to make a characteristic gait.Just reward: it is now the single items are presented on the front stalls.

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But as of August 24 the menu was plentiful, there are steps to the draft budget law in 2012. The most symbolic is the contribution on high incomes.

Another highlight, this time for more households, the text provides for a new plane to 10% on tax loopholes, applicable to income taxes payable in 2013 on the income of 2012. Niches related to employment, such as for an employee at home, will be spared. In fact, the devices are planed the twenty-two last year.Among them, the more niches are used overseas and the tax credit for energy-saving work in the slot.

Real estate very touched

These countries believe that the future EU budget from 2014 to 2020 is too high in the current context of widespread rigor. And they plan to argue that "the proposal from the European Commission is too high.Spending increases for the next multiannual framework is clearly excessive in relation to what is required for stabilization of the European budget, "according to a draft joint declaration seen by AFP and should be released on Monday.

The signatories of this project are in fact all net contributors to the budget of the European Union. Or they believe that "European expenditure can not be exempted from substantial national efforts." In fact in the coming years, the European Commission plans to add an envelope outside the budget of around 58.3 billion euros to fund several critical issues like development aid or the nuclear reactor project ITER. In total and by counting the items, the budget proposal in Brussels on 2014-2020 and is on 1083.3 billion, an increase of 5%.

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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.

Investors already know that he must 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 Berlin. "Do not expect anything dramatic" at the end of the meeting Monday said a spokesman for Angela Merkel, that "people expect once again a spectacular blow."It should only be to continue discussions on the governance of the euro area, following decisions taken by Heads of State and Government of the European end of July.

Operators still expect progress on this issue. "If nothing is announced, it will mean that there is a deep rift between Paris and Berlin markets can get excited again," warned Yves Marc, sales of shares in Global Equities.

Meanwhile, Asian markets have already set the tone with very mixed sessions, despite the good momentum on Wall Street, which closed yesterday on a sharp rise. Oil down with a barrel of "light sweet crude" that is losing 45 cents to 87.43 dollars and that of Brent which cedet 42 cents to 109.49 dollars.Sign of nervousness room, gold was up, quoting around 1767 dollars per ounce at the opening in Hong Kong dollars in 1744 against the previous day closing in New York.

Busy schedule

In addition to the meeting, investors will be occupied by the many indicators that will be published on both sides of the Atlantic. Germany will open the show with the first estimate of GDP for the second quarter. The GDP of the entire euro area over the same period will also be unveiled at the same time as the trade balance in June

In the U.S., markets will learn in the afternoon of housing starts, prices for import and export and especially of industrial production.This indicator is closely watched as markets worried about more and more sluggish growth of the world's largest economy.

Values ​​to follow

On the corporate side, the news is much thinner. Bank stocks will again be followed after strong gains yesterday. They should respond to the Sarkozy-Merkel meeting.

GDF Suez is added to the list of preferred values ​​of UBS. Veolia Environment should react in the wake of this recommendation.

The president has once again called for the regulation of commodity markets, more and more permeable to capital markets via derivatives. "Volatility thrives on opacity of the market," he said, citing for example the lack of information about stocks or the identity of contractors on the derivatives markets.Ke Tang, a Chinese scholar who studied under the microscope the correlation of changes in several commodities, shares the French President. Investors who bet on indices comprised of a basket of raw materials have contributed to this financialization. Bart Chilton, the head of the CFTC, Constable American commodity markets, echoed the same direction. He recalled excessive volatility of certain markets: a recent drop in silver prices by 13% in twelve minutes, a 7% drop in the price of gas in fourteen seconds!

A range of measures

The priorities of the French presidency of the G20 do not, however, unanimously.David Penikett, president of the London market power ICE Futures, and Martin Abbott, chairman of the London Metal Exchange, Nicolas Sarkozy is wrong when he puts so much emphasis on speculation, without denying its existence. Fatih Birol, the influential chief economist of the International Energy Agency (IEA) also warned against the obsession with volatility high quality business cards. "I prefer a volatile oil prices at 70-80 dollars a course more stable at $ 120. The biggest problem is the price level. "For him as for many players, prices primarily reflect the changes in supply and demand."Five countries' condition the oil market, Birol likes to say:" China, China, China, India and the Middle East. "

Whatever the debates, the Commission is preparing an arsenal of measures by the end of the year, said Michel Barnier, Commissioner for the Internal Market. Among them, imposing a limit on the positions taken by traders, as it exists in theory the United States since 1936 where an investor can own more than 10% of a market. In this regard, the French president recalled the episode where a "financial actors" (the British fund Armajaro in July 2010) has purchased "substantially all contracts cocoa available on the market" and could "buy up 15% global stocks.Across the G20, Nicolas Sarkozy raised the plan to create a new information system on agricultural markets or, as regards the financial markets, a requirement for a minimum amount for each transaction. With the desire to bring consensus by the Cannes summit scheduled for November.

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How old is going to go?

So far, for a pension without additional haircut, two possibilities: either wait 65 years or liquidate his retirement earlier than age 60 and have all his quarters in the basic (163 for persons born in 1951, 164 for those born in 1952, 165 classes for 1953 and following). Negotiators Agirc-Arrco have decided to offer "any reform, no reform that" the basic plan: These two terminals will be gradually raised to reach 62 years and 67 years from the 1956 cohort. The first step comes from the 1st July, with the passage of 60 years and 4 months for those born after 1 July 1951. Under certain conditions (long careers, difficult mother of three children born before 1956, workers with disabilities), early departures are possible.And it is possible to liquidate his retirement Agirc Arrco-five years before the legal age applied to the basal diet (55 and 57 years today in the future), but at the cost of a high amputation of the pension.

The current arrangement providing for the costs of pensions before age 65 for supplementary pension schemes based on AFFMB (Association for the fund management and financing of Arrco Agirc). He was reappointed until 2018. Good news for sure because in the past, the MEDEF has sometimes threatened not to extend this system, which would cut pensions significantly. From a practical standpoint, pensions Agirc-Arrco will now be paid monthly rather than quarterly basis beginning in 2014. As for performance, ie the ratio between contributions paid and pensions received, it will continue to decline in Arrco in 2011 and 2012. It will drop even faster to Agirc to be aligned with Arrco.So far, for 100 euros assessed during the career, the annual pension amounts to 6.59 euros and 6.70 euros Arrco to Agirc. But then, from 2013 to 2015, this performance has stabilized.

The new rule concerning the parents of three children is unique: a 10% bonus for all supplementary pensions, as in the basic schemes. The benefit would be capped at 1,000 euros per year and as many Arrco Agirc. This bonus replaces the 5% proposed by Agirc which were added, for managers, 8% for the parents of three children, 12% for four children, 16% for those who have five, 20 and 24% for six % above. These new rules should benefit a vast majority of contributors and disadvantage some very high-income executives and / or parents of at least four children.The reform will apply to the rights and pensions obtained after 1 January 2012, pensions paid after that date, the old rule applies until the end of the year. The surcharge for each child Arrco still dependent in retirement (5% uncapped) for his part had almost disappeared. She was finally extended to Agirc.

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