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Pressure on Europe. Even before the G7, which met Friday night in Marseille finance ministers and central bank governors of the G7 (U.S., Japan, Canada, Germany, France, Italy, UK), Christine Lagarde urged leaders of the Old Continent to "act now and boldly."

Executive Director of the IMF did not hesitate to dramatize the situation. "The world economy is in a period fraught with danger," she said in London, alongside the British Chancellor of the Exchequer, before flying to Marseille.She reiterated her concerns vis-à-vis European banks: "Faced with the rising risks and uncertainties and the need to convince the markets, some need to strengthen their capital." We explained to the IMF and the European economies are funded for three quarters by banks and only a quarter through the markets (the opposite in the U.S.) and are highly dependent on the health of their banking system.

Old friend of Christine Lagarde, the U.S. Treasury Secretary has also multiplied the statements at the Europeans. In an article in the Financial Times, Timothy Geithner asked "an unequivocal commitment to support the European financial system and ensure that states can borrow at interest rates as they adopt sustainable reforms."Then, Friday afternoon, he returned to the charge, live from the Old Port with Bloomberg TV in the rooms was sending a market enchanting image: "It is very important for the world that the Europeans do the right thing , he said. It is in the interest of the United States that the euro will survive. "

Tensions

The G7 meeting ended, Friday night, for a press conference Baroin, who chaired the proceedings. The central bankers have published "terms of reference" that mark a commitment to "strong" and "coordinated," said Baroin, on four themes: the challenges of the global economy, the balance between fiscal consolidation and recovery, pursuing monetary policies that allow banks to supply the necessary liquidity, and the reform of financial regulation.

The responses of the G7 remains limited.The possibility of an announcement of coordinated central bank for monetary policy even more generous seems unlikely, "I do not think we will see that," Geithner acknowledged. The IMF, whose services are exposed to a new state G7 encrypted in the world economy, called for a stimulus modulated, depending on the situation of each country, welcoming the passage the Obama plan for employment (see below below).

But Germany, the only G7 country whose public finances could provide room to maneuver, had refused in advance: "Combating the crisis with a debt even more pronounced, it would be the wrong path to take," said Wolfgang Schäuble, his finance minister. But that's another German who fed the conversations, Jürgen Stark, the chief economist of the ECB, resigned.

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Finally a positive signal in the current economic environment. According to the firm AON-Hewitt, the companies expect an increase of 3% of their budgets for salary increases in 2012, against 2.8% this year. According to the 183 companies surveyed in this study, the general increases to 1.9% (against 1.7% in 2011) and the individual, mainly intended for managers, 2.7% (against 2.3% in 2011 ). These prospects for wage increases are close to pre-crisis levels of 2008, but achieving them. In 2009, budgets were part of an overall increase in growth of 3%, but reached 3.3% in 2008.

If companies somewhat loose purse strings is to best manage a triple constraint, says Ariane de Calbiac, head of compensation consulting at Aon, Hewitt."Their priorities for 2012 are at the same time to maintain the purchasing power of their employees, retain their best people while controlling costs payday advance online." The "talent retention" is indeed an urgent need for HR managers at a time when the rate of commitment of employees show great signs of weakness in a company in three.

The variable has the dimension

The current stock market turmoil, with their potential economic consequences of corporate life, are they likely to question the good intentions wage. Not at this time, meet officials of AON-Hewitt. "The forecasts are reliable at this point. The survey was conducted between late June and 19 August.At that time, companies were already aware of the economic uncertainty, "insists Ariane Calbiac.

Other trends survey wages, AON-Hewitt is the further development of variable compensation, including among the non-executives, and increase the overall value of the "package" of compensation, which includes the Perco or employee ownership.

Shortly before the start of the session in New York, the index futures Standard & Poor's 500 and Nasdaq 100 declined by 0.26% to 1169 points and 0.77% at 2122.50 points. The Dow Jones was approached for its small down from 0.13% to 11,253 points.

After aligning the day before a third consecutive session, the U.S. stock markets may experience a more mixed session on Thursday. As of Wednesday evening, the title of Apple, the Apple brand famous plunged 7% in electronic trading after the close of trading in reaction to the departure of the group's founder, Steve Jobs, Tim Cook replaced by .

So that investors may enclose the value seriously, now, from the beginning of the session. The stakes are high for Apple.On 9 August, Apple had a happy time oil giant Exxon Mobil's first-place capitalization in the world in full trading day before falling on the second step of the podium.

Unemployment menu

In terms of macroeconomic indicators, the weekly jobless claims, which will be published before the start of the U.S. session at 2:30 p.m., will also be monitored. A consensus of analysts expected a slight decline to 405,000, against 408,000 previously.

Wednesday night, orders for durable goods in the United States had rebounded in July, prompting stock markets to rise, on both sides of the Atlantic. "But the indicator of business spending showed the U.S. economy remains fragile," do, however, keep stock analysts from Barclays.In a context marked by the end of the indicators is misguided, or worse in reality than it seems, investors are on their defense.

Meanwhile Jackson Hole

Especially since tomorrow is Friday that Ben Bernanke will speak from Jackson Hole this Friday at 16:00. We will then know whether a possible third last monetary easing, on which markets have been speculation this week, will be decided. Alternatively, investors can look forward to continued low interest rates likely. The second estimate of U.S. GDP for the second quarter will also be unveiled.

The growth rate of the world's largest economy in the spring, which had greatly disappointed a month ago, could then be revised down 0.2 percentage point to 1.1%.

Eurobonds are too expensive. It is seeking to demonstrate that the calculations of the German Ministry of Finance, taken by the weekly Der Spiegel on Sunday. This mechanism, which is to pool the debts of 17 countries in the euro area, regardless of their health, the first year would cost 2.5 billion euros of interest in addition to the budget of the German finance minister. This cost would be twice as high the second year to a total of 20 to 25 billion at the end of ten years.

On this basis, German Chancellor Angela Merkel has once again firmly rejected the introduction of this system, although many market professionals believe that this is the solution to the crisis of European sovereign debt. "The Eurobonds are quite the wrong response to the crisis of the moment.They would lead us to a union of debt and not a union of stability, "she says in an interview with ZDF.

His comments echo those made by the Minister of Economy Philip Rösler the newspaper Bild am Sonntag: "The Euro-bonds are a bad signal sent to national economies failed. Cover the risks of other countries with Eurobonds would immediately drive up interest rates in Germany. This would have dramatic effects on growth in our country, "said he.

Strengthening governance

Despite all these outputs, the German government did not draw a line under this system. The finance minister, Wolfgang Schäuble, has again said that the countries of the euro area could issue Eurobonds if échafaudent prior fiscal policy and fiscal policy.But this move towards integration is not fast enough, he said. "Most Member States are not quite ready to accept the necessary limitations on national sovereignty. But believe me, it's a problem we can solve, "said the Minister in an interview with Welt am Sonntag.

Wishing to lead by example, Wolfgang Schäuble has said for his part personally prepared to transfer sovereignty to Brussels. "As a person, I would be ready. The idea of ​​a European finance minister I have no problem.But as finance minister I say that it is our duty to solve problems here and now, and that as soon as possible based on existing contracts. "

Wolfgang Schäuble will meet his French counterpart Francois Baroin Tuesday to discuss the harmonization of corporate tax and the introduction of a tax on financial transactions. France is the country with Germany most strongly opposed to the Eurobonds.

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Like Wall Street Tuesday night, which has rebounded strongly, and Asian markets Wednesday morning, that show – more moderate – from green, the Paris remains well in positive territory. At the opening at 9 am the Cac 40 rising 1.27% to still 3216.59 points. In London, the FTSE s lead of more than 1.7% in early trade, while the Dax in Frankfurt climbed 2.09% to 5040.68 points.

Investors are relieved by the outcome of the Fed, which ensured that it would extend its monetary policy ultra-accommodating while maintaining zero interest rates until at least mid-2012 and exploring other measures to support economy U.S.. The Fed confirmed that the U.S. economy is in trouble, especially since the deterioration in the debt rating of American long-term.

But the French side, poor statistical stopping the rebound came as the Paris Bourse was trying to afford.French industrial production has displayed sharp decline in June, -1.6% compared to May after a significant increase of 1.9% the previous month, said Wednesday the National Institute of Statistics (INSEE) . In the only manufacturing industry, which excludes mining and construction, production was also significantly decreased in volume compared to May (-1.9%), according to INSEE. She was up sharply in the previous month (+1.4%).

Now that the mood calmed down on the front of the U.S. economy, more eyes turn to Europe, a somewhat forgotten during the American episode, but continues to skate on the issue of debt. But the urgency is "crucial to restore market confidence," stressed the President of the European Council, Herman Van Rompuy.But disagreements between countries are delaying the implementation of the rescue plan agreed in June

U.S. oil stocks on the radar screen

From a macroeconomic point of view, in France, the current account deficit narrowed in June to 3.4 billion euros against 5 Payday advance.5 billion in May, mainly due to a significant decline in the deficit of trade in goods, said Wednesday the Bank of France. The deficit of trade in goods reached 5.8 billion euros (7.5 billion after May) while the surplus in services trade has shown an increase ($ 1.5 billion from $ 0.8 billion) .

This is especially the United States the figures are viewed. Weekly crude inventories will be closely monitored while the oil has again depreciated sharply: Oil prices ended Tuesday to its lowest level since September 29, 2010, yielding about 2.5% in New York under the $ 80.At 20 hours, will be published the figures of budget execution in July.

GDF Suez profits down 23%

Values ​​on the forehead, the only value of the Paris stock to remain in Sanofi ke deckhouse is: -0.06% to 47.23 euros.

Note that GDF Suez (3.40% to 20.70 euros) issued a net profit down 23% to 2.74 billion euros in the first half of 2011. Mestrallet, interviewed by Le Figaro on Wednesday that his group believes in the process of deleveraging, which has signed a strategic partnership with China, is well equipped to benefit from growth in emerging markets.

Bourbon (5.90% to 23.34 euros) Wednesday reported a sharp increase in sales in the first half thanks to the continued improvement in the utilization of its fleet of bottom of market recovery.

Scor (3.16% to 15.81 euros) announced in a statement that it has completed the acquisition of the mortality of Transamerica Re, a division of AEGON, and it took effect from Wednesday. The amount of the transaction announced April 26 totaled 912.5 million dollars, said Scor.

Atari (17.69% to 1.73 euro) said Tuesday it has completed the sale of development studio at Cryptic Studios games Chinese Perfect World, listed in the U.S., for gross proceeds of approximately 35 million euros.

All weekend, they multiplied the meetings and news: the political leaders of industrialized countries have mobilized to show that they had taken stock of efforts to engage to address concerns about the state of their finances. This will reassure the markets, worried after the announcement Friday after the close of a deterioration in the rating of the sovereign debt of the United States by Standard & Poor's, but also disturbed by the difficulties faced by countries in the region euro to implement the solutions to the crisis in Greece. With always in sight the risk of contagion of debt to other countries.

In the wake of the Asian stock markets, down sharply this morning, the benchmark index in Paris has started his week on a further decline, however, moderate (-0.74%) before recovering quickly in green.Half an hour after opening, the CAC 40 rose 0.58% to 3297.71 points. Sign that the markets have understood, at least in part, statements of intent to both sides of the Atlantic, the austerity measures aimed at fiscal consolidation in industrial countries.

Yesterday, Angela Merkel and Nicolas Sarkozy reiterated their determination to ensure that the bailout of Greece on 21 July be adopted before the end of September. They also praised the efforts of Spain and especially those of Italy, two weak links in the euro area at present. Indeed, Rome has advanced by one year (from 2014 to 2013) the goal of return to balance its accounts. In addition, the European Central Bank (ECB) said it would implement "active" its buyback program obligations.This measure, taken and announced last week by Jean-Claude Trichet, president of the institution, had absolutely convinced investors. On the contrary …

Relaxation rates in Spain and Italy

This does not seem to be the case this morning. The ECB did not specify to which countries would focus the bond buyback program, but rates in ten years Spanish and Italian relaxed strongly on Monday in the bond market, passing under 6%. Relaxation is expected to continue, while the French Minister of Economy and Finance has confirmed Baroin on Europe 1 that the ECB was ready to buy the Spanish and European debt, if investors withdrew.

Elsewhere in Europe, the trend is much better than the stock market crash feared by investors. In Frankfurt, the DAX opened down 1% to 6170.69 points.A little more for London, the FTSE 100 opened down 1.15%, before recovering slightly (-0.77%) to 6204.12 points. In Madrid, the Ibex 35 index wins more than 2.6% to 9.30 at 8843 points. Finally, Milan sign the best growth (+3%) to 16,500 points.

Next on the list?

However, uncertainty should remain in force on the European markets at the beginning of the week. The decision of Standard & Poor's in the United States continues to claim haunt the minds of the markets, despite a weekend to "digest" the news.Now that the world's largest economy, long considered one of the most reliable borrowers, is not as well marked, which could consider itself safe from degradation? In France, this concern should be limited, however, the chief economist for Europe, Standard & Poor's Jean-Michel Six, who said Saturday that the agency maintained the "AAA" of France, in a stable outlook no fax pay day loan.

Before testing the first effects on the markets of this political mobilization, the announcement of the ECB on repurchase of bonds has already led to support the euro against the dollar. At 7 o'clock this morning, the euro was worth 1.4321 dollars, against 1.4281 dollars on Friday night, after the dollar rose to 1.4370 on Sunday night.But above all concerns macroeconomic benefit to gold, which recorded a new record Monday on the market in Hong Kong, dying for the first time the maximum 1700 dollars an ounce, and benefiting fully from his safe haven status.

The sharp drop in oil

Instead, the side of the oil, oil prices continued to tumble on Monday. Result of numerous concerns about a possible global recession, prices show a sharp decline. In morning trading in Asia, a barrel of "light sweet crude" lost 2.59 dollars to 84.29 dollars, while that of Brent North Sea crude for September delivery fell by 2.48 dollars to 106.89 dollars.

Finally, the political mobilization should remain in force throughout the day, and guide the trend in European markets as U.S.. For the side of the macroeconomic data, the news will remain low in the first day of the week.Unlike last week, no statistics across the Atlantic will not give further details Monday about the health of the U.S. economy or the risk of a possible recession in the country. In France alone were expected business surveys of the Banque de France, unveiled on Monday its growth forecast for the third quarter. For the period, the institution expects an increase of 0.2% of French GDP, the same pace as in the previous quarter.

As for values ​​to follow, business publications are scarce this week.

Battered last week after interim results affected by exposure in Greece, banking stocks offered a nice rally this morning and take the lead increases the Cac 40.BNP Paribas (5.47% to 42.83 euros), followed closely by Credit Agricole (+ 5.01% to 7.51 euros) and Societe Generale (4.83% to 28.76 euros). For its part, Axa wins 3.81%, to 11.99 euros. The entire financial sector benefits from the relief this morning, the insurer CNP Assurances taking his side 3.91%, to 12.37 euros. Outside the CAC 40, ahead of Dexia 5.26% to 1.7 euro.

The manufacturer Archos tablet that will detail its annual accounts after market, has already won 4.77% to 8.35 euros.

Carmat (12.80% to 105.47 euros). The total artificial heart specialist said on Sunday evening the success of its capital increase launched from July 13 to 29. The former subsidiary of EADS has raised 29.3 million euros, which will fund the first clinical trials on humans.

GDF Suez (2.74% to 20.97 euros).The group of energy and services has sealed, according to Les Echos, a strategic Partenaris with the Chinese sovereign wealth fund CIC, which would lead to an acquisition of a 30% interest in the exploration and production arm of French.

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After Bouygues Telecom and SFR, it is the turn of France Telecom to engage in the battle of the low-cost mobile phone with a new brand, Sosh. The announcement, made in conjunction with the presentation of interim results of the group, aims to address "the intensity of competition" and prepare "the arrival of the mobile Free," according to the admission of the CEO France Telecom, Stéphane Richard.

Sosh will mark "all digital", only sold on the Internet. If have to wait until September for details and more particularly the rates, Stéphane Richard said it would be a "soft offer, without commitment," which will decline "two kinds of attractive packages in price ", available with and without mobile terminal.Sosh, whose name is "a nod to the term" social network ", wants to build on social networks and user communities, said Stéphane Richard. It offers a low-cost but not low value. "

With this brand, France Telecom follows the lead of its competitors. SFR was the first to lead the way in June 2010 with its "economic advantage". The operator proposed a package on average 10 to 20% cheaper if the customer subscribing or purchasing retaining also his mobile. A year later, at the launch packages "Square", SFR explained that 15% of subscriptions were dry, that is to say without a telephone.

In early July, Bouygues Telecom has taken a step forward in the world of low-cost brand by launching the first low cost of a large operator.The two packages of "B & You" (our editions of July 5) are attractive, for example, 24.9 euros per month for calls, SMS, MMS and unlimited Wi-Fi 24/24, but that a terminal it is associated.

Reduce subsidies

The recent popularity of telecommunications operators for low-cost offers several origins and first of all the expected arrival of Free, renowned for its ability to break the established codes. Whereas in 2012, its competitors are afraid to see him land in October 2011, with rates very low, just like what he has done over the Internet, with the first offers to 29.99 euros. There is also growing competition from virtual operators (MVNO).Finally, the increase in the price of the terminals has also forced the operators to review their business model.

Until now, to lure new customers or retain old, operators put forward the phones heavily subsidized. But the development of smartphones has changed the situation, with the arrival on the market for phones with more than 600 euros 149 euros … sold by subscription.

If operators and manufacturers refuse to disclose the sale price of "professional" and therefore the exact amount of the grant, it is the secret that the cost of acquiring new customers is a clear tendency to increase.The development offers low-cost in telephony, which are essentially free subscription offers mobile, could however not be sufficient to reverse the trend.

Consumers, especially the French are, by the admission of Stéphane Richard, very attached to offers of renewal.

European banks may need to raise 80 billion euros, to reassure the markets. A report by JPMorgan Cazenove, led by analyst Kian Abouhossein, estimates that if the level of reserve requirements is strictly adhered to 7%, nearly two banks will raise new money. French banks Societe Generale, BNP Paribas and Credit Agricole would need twenty billion.After the publication of this note, banking stocks are displayed among the largest declines in the Cac 40: while the benchmark index of the Paris Stock Exchange was down 1.13% to 10.30, Credit Agricole wipes a drop of 1.77%, BNP Paribas was down 2.05% and Societe Generale lost 3.08%.

But French banks are not the only ones to be shamed by JPMorgan Cazenove, which encrypts needs capital to 25 billion euros for UK institutions and 14 billion euros for German lenders, including Deutsche Bank . The Italian UniCredit, Credit Suisse and Santander are also cited in the report.

This study revealed the results of stress tests published last Friday by the EBA.These tests, built on capital requirements as 5%, entered into a need to refinance 2.5 billion euros for eight of the 90 banks assessed, including any French. But investors believe these tests inadequate, particularly criticizing for not sufficiently taken into account the default risk in Greece. JPMorgan Cazenove said the criticism in his study, indicating that these stress tests have "limited value".

The evolution of banking stocks on European stock markets will be very observed on Monday morning to find Investors Arbitration between the reassuring results of stress tests and numerical study of JPMorgan. In March, ratings agency Standard & Poor's had conducted its own tests of resistance.His conclusion: European banks would need 250 billion euros of additional capital.

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Objective: London Olympics 2012! The challenge is ambitious Laure Manaudou but probably not impossible. "She recovered in the skin of a champion," said Gilles Portelli, CEO of Havas Sports & Entertainment. Absent from the basins since September 18, 2009, the swimming is preparing to make his comeback this Thursday in Athens to the United States. She has eight months to return to competitive, qualified for the Olympics taking place in mid-March. His former mentor, Philippe Lucas, believes it. "It's a good thing for French sport. It changed, it is a mother. She has thought through many things. Swimming was missing.

The importance of achieving good performance will depend in fact a new interest of major sponsors (Lancel, EDF, Arena, among others) who have stopped working when she announced her retirement. These contracts Lancel, EDF Arena and allowed him to reach about three million euros per year between 2007 and 2009. Reportedly, the contract of sponsorship with the chairman of PPR, through his holding company Artemis, who reported one million euros per year, is suspended and not broken. Discussions are therefore underway between the two parties to try to bring back Laure Manaudou and Francois Pinault.But suddenly, its value would decline significantly Advertising (LPG contract with him would bring 200 million euros per year). Necessarily all brands can not match the prices of luxury brands. " Most experts interviewed do not believe that the financial aspect is the main motivation behind this "comeback". "She would have stopped swimming in this case," explains Gilles Portella.

After accumulating the gold medals like pearls and posted disappointing results, shaken by romantic escapades, Laure Manaudou is trying to write a new story of his sporting career. "She now has a stable life, a companion who is immersed in the world of swimming (Frederick Bousquet) and one child (a little old Manon a little over a year). The risk of "relapse" is lower, "said François Guyot. But not nonexistent.

BBC slashing its workforce. The Sunday Times, the group British public broadcasting might delete jobs by 3000 to five years, as part of a plan to reduce costs. This plan applies this fall, would provide a lower budget of around 20%.

The purpose of such savings is to deal with new budget information inherited from the British austerity plan: last October, the government has indeed frozen Cameron 2017 license fee received by the BBC, and forced the group to Broadcast new charges. It will include finance its broadcast services outside Great Britain, the BBC "World Service", formerly under the Ministry of Foreign Affairs, or the installation of broadband lines in rural areas.In total, the amount of the bill amounted to 340 million pounds (385 million) for the BBC, 16% of its budget.

"Pure Speculation"

While 8,000 jobs were cut in the group since 2005, the BBC had already announced in January the elimination of 650 positions in the "world service", with the closure of some offices abroad. This time, the British group would separate about 20% of its 17,000 employees. A spokesman for the BBC, however, denied the claims of the Sunday Times on Sunday, calling it "pure speculation" the figure put forward by the newspaper.

According to the Sunday Times, the group should also make public this week a reduction in costs generated by management.For example, members of its board of directors were paid 2.7 million pounds last year (3 million), against 4.8 million the year before, said Sunday Times. A reminder that ordinary employees are not the only ones to bear the painful consequences of rigor.

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