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The Paris market takes a few colors on Friday. In this holiday, where the activity should be reduced, the CAC 40 opened up 0.21% to 3070.33 points. Same trend in Frankfurt the DAX index rose 0.23% to 5881.49 points. In London, the FTSE-100 index key values ​​has opened down slightly from 0.07% to 5541.55 points.

Investor sentiment is supported by advanced this week in the eurozone. Management of public finances in Greece and Italy, two countries that focus on crisis fears of European debt, will change hands. In Greece, Lucas Papademos, former Vice President of the European Central Bank (ECB) has éténommé at the head of a government of national unity. In his first statement, he said that the euro is a "guarantee of monetary stability." The new Greek prime minister should take the oath at noon today.

Barely more than one agent in two has passed. Participation in professional elections in state civil service fell 51% against 70% in previous elections. This dip can be explained by the Ministry of Education (more than half of voters), where the number of voters has plummeted to 38.5%. Participation has also maintained or slightly increased.

Several unions of education have questioned the electronic voting used for the first time. Besides errors "classic" in sending the professions of faith or the constitution of electoral lists – that private voting some candidates! – Bugs, especially complex and lengthy procedures have discouraged or computer agents prevented some from voting.The FSU, crumbling a bit, but still by far in the lead for Education (40.6%, double the UNSA and three times the CFDT and FOR), the judge "malfunctions" so many they constitute a "denial of social democracy." According to the CGT, "for 10% of the workforce, the conditions were not met in order to vote." Tens of thousands of voters have not received the code allowing them to vote.

Demobilization

"The elections were conducted generally without real difficulty," scans the Minister of Public Service, citing the use of "modern" and "environmentally responsible". François Sauvadet "rejects the word" failed ". Participation is also the result of the decision of each agent to vote or not. " The officers had "one week to decide," says one colleague in Education, Luc Chatel.Favor of electronic voting and … up, the CFDT and Unsa also note that if teachers are not mobilized, principals or administrative officers of Education have been more involved, as postal workers, while they also voted on the Internet. The vote for the first time, contract – which the unions have not always paid great attention – may also explain the poor performance against.

Mechanical consequence of the demobilization of troops of Education, FSU – so far the first union of all the public service of this state, but almost exclusively among teachers – see the gap is closing with its competitors.It drops to 20.9% of the votes (19.1% including private school teachers under contract, for the first time integrated into the social dialogue bodies of the state).

The reformists up

His pursuers, rather than reformist protesters, progress: FOR 17.8% (16.2% with private school teachers), the UNSA with 16.7% (15.3%), with 12.6% CFDT (14.5%). Then come the CGT with 13.4% (12.8%), Partners with 6.5% (6.2%), CFE-CGC with 6.3% (5.8%) and the CFTC with 1, 6% (3.9%). FO heels and the FSU and even seems able to catch up. However, the CFTC could disappear from the list of allowed unions to negotiate and sign agreements for all the officials, failing sufficient score.

But these results should be taken with a grain of salt: more than 300 000 registered agents are still missing the call, about 2 million.Are integrated nor France Telecom nor the Department of Justice, who will vote Nov. 22. In the first case, it was always intended, in the second the vote was postponed at the last minute because they have been properly prepared.

They do not include either the results of the Ministries of Economy and Budget, who had not finished stripping, yesterday afternoon. What added a little more sense of improvisation and confusion. At some point – even among union leaders – questioned whether Bercy did not take pleasure in soap the plank at the Department of Civil Service, at the forefront of this election. In the week already, as the "flop" of participation seemed to indicate the climate was tense between 101 and 110 rue de Grenelle – seat of the Ministry of Public Service and that of the National Education.

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As his term ends at the head of the European Central Bank (ECB) October 31, it is not a Jean-Claude Trichet to lecture who spoke Sunday at the Grand Rendez-Vous on Europe 1 / Le Parisien-Aujourd'hui en France / i> Télé, to discuss the crisis at the moment Europe.

With his experience of eight years at the head of the institution, who was also governor of the Banque de France, has recommended that Europeans hear the messages addressed to them. His advice? First, be "extra vigilant" with regard to public finances. Rejecting the idea that the euro area and its currency are "threatened" by the crisis, it nevertheless stated that "all countries without exception must be extremely careful." "Protect yourself rather than cure," he summarized, adding that "it depends on us that we can have the least slower growth."

Then you have to "think about the future," stressed the President of the ECB. "Tomorrow, I think we need to change the treaty to be able to prevent a member of the euro area to roam and create problems for everyone else," he said, referring to the Greek crisis that Europe in a hard to control. He called for a reform that would make the European Council "able to impose decisions" in a country slide, with "possible sanctions".

It includes some of the "outraged"

"We must strengthen the management and governance of globalization in all fields," he also said in reacting to the movement of indignation that spreads in several major cities."There are obviously a number of lessons from the crisis that the lessons are harsh: it is not possible to leave a financial system and consequently a global economic system that is as fragile." This does not mean "demolish" the banks, he insisted, recalling that "pay three-quarters of the economy."

That he referred to as de-globalization theme is in vogue right now, as advocated by the Socialist-Arnaud Montebourg, and one can imagine Jean-Claude Trichet tense in his chair … and find that it is a call to strengthening of global economic governance.

Morale is looking good again this Thursday on the Asian markets. After being cooled by the Slovak parliament not the strengthening of the European Financial Stability Fund (EFSF), investors in the region are now reassured by the statements of European leaders to end the debt crisis. They have shown their approval for an urgent recapitalization of banks in the euro area. Analysts see it as an important change: the euro area is now considered a default of Greece as an option.

Operators also appreciate the position of the European Commission called for a strike force increased EFSF. In this regard, the Slovak government promises a new vote in Parliament no later than tomorrow, Friday. These news had boosted European and U.S. markets to new heights yesterday.

A weaker yen

Direct impact on the markets, the euro is rising again.It is 1.3801 dollar and is trading around 106.30 yen this morning sharply higher against the Japanese currency. In Japan, the Nikkei is relieved by the weakening of the currency. One hour of closing, he climbed 0.86% to 8814 points. Export values, hit recently by concerns over the global economy is picking up. TDK Corp jumped 4.17%, 2.96% Sharp and Citizen Holdings 3.05%. The automotive sector is also up to the image of Mazda Motor (4.49%) and Hyundai (2.7%).

The Stock Exchange of Hong Kong and Shanghai respectively earn 18,680 points to 1.91% and 0.50% to 2432 points. As for ads, the trade surplus of China has contracted to 14.51 billion dollars last month with a slower growth of exports.They rose in September by 17.1% year on year to reach 169.7 billion dollars, slower than imports jumped 20.9% to $ 155.2 billion dollars.

The Korean Kospi advance of 1.11% to 1829 points and the S & P Australian 0.85% to 4240 points, relieved by the authorization granted by the competition authorities Virgin Australia (1.59%) for an alliance Singapore Airlines (1.52%).

Oil markets more cautious

The oil was however down Thursday in Asia, where the market wait before the publication of figures on weekly petroleum reserves in the United States. In electronic trading, a barrel of "light sweet crude" for November delivery lost 86 cents to 84.71 dollars. Barrel of Brent North Sea crude for November delivery yielded nine cents to 111.27 dollars for the last trading day of the deadline.

European stock markets resumed a little height on Wednesday morning, after the statements of Olli Rehn. In Paris the CAC 40 2.59% advance to 2924.50 points. London ahead of 2.30% and 2.39% in Frankfurt. European Commissioner for Economic Affairs has indeed mentioned in an interview with the Financial Times, a European plan to recapitalize banks. Reassuring news while the Franco-Belgian bank Dexia, the first victim of the debt crisis must be dismantled. "We share a growing opinion that we need a concerted, coordinated in Europe," he said, "the capital of European banks should be strengthened to give them a safety margin and so reduce uncertainty "in markets.

Wall Street has offered a nice rebound late in the session after the publication of these declarations, against a background of technical rebound.Europe should follow the trend, despite the announcement of the degradation of the Italian note by Moody's. In Paris on Tuesday after completing a sharp drop of 2.61%, the CAC 40 is trying to bounce back. Asia is more mixed, however, shows Wednesday morning, the Nikkei declining more than 1% to less than half an hour of closing.

In terms of macroeconomic indicators, two figures for the euro area will be published on Wednesday: the retail trade for August and the second estimate of GDP in the second quarter.In the U.S., the ISM index of activity in services is expected in September to 16 hours and the weekly crude oil inventories at 16:30.

Oil markets, fell sharply Tuesday after the courses are starting to rebound on Wednesday morning in Asian electronic trading: the Brent North Sea crude for November delivery gained 1.67 dollars to 101.46 dollars. A barrel of "light sweet crude" for delivery in November was appreciating his side of 1.91 dollars to 77.58 dollars.

The banking sector up

Following statements by Olli Rehn, the banking sector will be particularly followed on Wednesday. In particular, Dexia remains a key concern when it was dismantled has been approved. The Franco-Belgian bank has confirmed the creation of a "bad bank" combining its risk assets.The European Banking Authority (EBA) also discuss the situation of the bank on Wednesday.

Investors engaged in an intense hunt for bargains in the banking sector free instant credit score. BNP Paribas advance of 6.20%, 5.38% of Societe Generale and Credit Agricole of 6.34%, despite the deterioration of recommendation from Goldman Sachs on the sector.

In addition, Goldman Sachs on Tuesday lowered its price targets of several French banks: it is reduced from 68 to 58 euros to BNP Paribas for 9.70 euros to 6.90 euros and Credit Agricole 3.60 to 2 , 80 Natixis. Societe Generale is seen removed from the list of réfence European bank, which reduces its recommendation on the title of "buy" from "neutral."The price target is reduced from 45 to 32 euros.

The energy sector will also be monitored: the CGT federation of energy called because the employees of the gas and electricity in a strike on October 11 as part of a national day of mobilization under five French unions .

Axa (2.39% to 9.20 euros) indicated that the depressed stock market could affect its objectives in 2015 but ensures that its balance sheet remains strong at the end of September.The insurer says remain "fully engaged" in achieving its objectives and it reiterates its policy of dividend distribution

In addition, U.S. funds TPG and KKR and the Caisse de depot et placement du Quebec have submitted preliminary offers for the acquisition of Axa Privaty Equity (AXA PE), the division of equity sold by Axa, according to La Tribune.

The reinsurer Scor (0.93% to 15.78 euros) also confirmed the financial goals of its strategic plan by 2013, especially a return on equity of 10% above the risk-free rate and credit rating Level "AA".Scor still expects a gross premium volume amounted to over EUR 10 billion in 2013, an annual growth rate of 14% between 2010 and 2013 as against 9% previously.

Gecina (-3.05% to 61.05 euros) announced thanking its general manager, Christophe Clamageran, because of differences over priorities in the implementation of the strategy of the real estate group. Bernard Michel, Chairman, is CEO of the company.

Wendel (4.48% to 45.05 euros) said Tuesday it has completed the acquisition of Mecatherm, the global leader in equipment for the bakery industry valued at around 170 million euros as part of the operation.

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Despite zero growth in the second quarter, the French economy continues to create jobs, but at a slower pace. Payroll employment grew by 0.2% in the second quarter, according to INSEE and employment center, and 0.3%, according to ACOSS. This low growth follows the sharp rise in the previous quarter (0.3% employment center, and even 0.5% or INSEE ACOSS).

Depending on whether one considers the figures released by the three institutions, which use slightly different methods of calculation but that publish their data at the same time Thursday morning, it was 33,000 to 55,000 jobs were created during the second quarter . The French economy finds a job creation rate closer to that of 2010.

Fewer jobs created in the tertiary sector, the most promising

The tertiary sector is once again benefiting the most from this dynamic.By itself, it carries the bulk of net job creations. Payroll employment rose to 0.3% (0.4% according to ACOSS), although note that INSEE has created half the jobs in the previous quarter (69,200 to 32,100 jobs against first quarter) fast cash advance loan.

Employment in industry also continues to stabilize. After ten years of bleeding, loss of this sector had continued to widen in the first quarter. Again, the industry recorded a near-stability of its workforce, with 300 stations destroyed in the second quarter as employment center, a flat evolution, also observed by ACOSS. Perhaps a sign that the adjustment of long-term employment in the sector is nearing its end.

Finally, the interim, a leading indicator of employment, is down sharply, however. After two years of steady increase, temporary employment drops to 0.5% over the quarter.A change in both positive and negative, in part due to a higher reactivity of the interim depressed economic conditions, and another part in more sustainable employment creation by firms.

New twist in the controversy over the health of European banks which opposes the IMF to European officials. The new CEO of the Fund, Christine Lagarde Wednesday held the first meeting of its Board of Directors of European banks. On this occasion, the Fund's economists presented their calculations indicate a probable equity gap of around 200 billion euros for all European institutions, the Financial Times. While European banks inscribed on their balance sheet obligations of States in the euro area market value, their tangible equity would fall from 10% to 12%, said the newspaper.

The newspaper stresses, however, that the amount shown in the "Report on the global financial stability", the traditional semi-annual report due on 21 September, is not final.These figures are obviously equivalent to those that led Christine Lagarde Saturday to encourage Europeans to recapitalize banks on the continent.

Analysis strongly opposed by European leaders. "The vision of the IMF is biased," said the Spanish Finance Minister, Elena Salgado, the FT, explaining that the Fund was wrong not to take into account potential losses without regard to assets Bunds, which saw During their ride. Wednesday, the Minister of Economy, Baroin, has in turn ensured that the French banking sector did not raise "no worries".Statements in line with those of the governor of the Banque de France Christian Noyer and the president of MEDEF Laurence Parisot, who had followed the lead of European leaders as the Commissioner for Economic Affairs, Olli Rehn.

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Duly noted. The world of PC has failed to develop at the same time dedicated to business activities and those aimed at individuals. Léo Apotheker has decided to separate from its computers, tablets and smartphones, "knocked out Apple "in the words of one U.S. analyst.

The stock has also lost more than 20% at the opening of Wall Street on Friday.A heavy penalty for a major strategic shift and two ads that markets generally enjoy little HP is preparing to spend 10 billion dollars for the purchase of Autonomy, the UK's leading software, and provided that the split of its business PC would cost one billion dollars in restructuring costs.

Just like what IBM has done six years ago, HP has chosen to focus on the activities dedicated to businesses (services, servers, data storage, network), while maintaining the imaging and printing. This focus on the professional world seems "logical" in light of the past of its CEO. Léo Apotheker has spent over twenty years with the German software company SAP, which he directed for eight years. These are businesses that generate margins sharply higher than in hardware sales.In 2010, business services have made 57 billion dollars in sales with in the key, 8.7 billion of operating income. Opposite, the PC division, tablet and phone posted a turnover of 40 billion turnover, but only 2 billion loss payday loan lenders.

By refocusing on activities "business," Leo Apotheker also takes the bet that he will develop the activities of data storage and servers. HP boss set including data analysis and cloud computing (computer services remotely) to raise. Competitors will be renamed the IBM, Oracle, Cisco and not Apple.

Consecration of the failure

The future of the PC division, mobile and tablet (PSG) remains uncertain. All scenarios are possible.A split, with a possible initial public offering that would make an independent business, but competition to apply. Redemption, we know the ambitions of China's Lenovo, which has already bought the PC division of IBM and wants to become world number one. Finally, pure and simple abandonment is also not excluded. This scenario is the worst, while HP has spent $ 25 billion a decade ago to buy Compaq and 1.8 billion last year for Palm. The group also invested in the revitalization of its software WebOS, and in the manufacture of tablets and smartphones with touchpad that just marketing. "In this area, not a sprint, it's a marathon," said Leo Apotheker, in an interview with Le Figaro, in late June. It seems that the runner will be out of breath from the first kilometer.

Fight against the problems of sovereign debt should not kill growth. This is the message sent Tuesday by Christine Lagarde, director of the International Monetary Fund, the world's governments. While massive austerity plans have been passed or are under preparation in several countries, particularly in Europe, it warns against the creation of a "sudden brake budget" that would result in " block the global recovery. "

In this article published by the Financial Times, Christine Lagarde is primarily intended "advanced economies", on the same alarmist tone than its predecessor, Dominique Strauss-Kahn last year. For these governments, while fiscal adjustment "to solve the puzzle is to go neither too fast nor too slow."She said "what is needed is to focus on both fiscal consolidation over the medium-term and short-term support for growth and employment no fax payday loan. This may seem contradictory, but the two are mutually reinforcing, "she writes. "The spending cuts will not suffice, revenue should also increase, and the first choice should focus on measures that affect less demand," said she.

Restoring market confidence

The former French finance minister also notes that "the current market turmoil has shaken confidence in the economy in the world and prompted many to conclude that all the political possibilities had been exhausted."

But "this impression is false and could lead to paralysis," she warns.And remember that "markets can be of two opinions: they disapprove of a high public debt – and may welcome a strong fiscal consolidation – they like even less a low or negative growth."

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International equity markets, Asia and Europe have already received the news by frank morning hikes. The main interest, Wall Street opens therefore no surprise to any one as beautiful flight. Picking colors after yielding over 4% last week, which will remain the worst of the year, the Dow began the week up 1.10% at 12,277 points. Standard & Poor's 500 and Nasdaq 100 rose in turn respectively from 0.86% to 1303 points and 2785 points to 1.05%.

It is in extremis, on the night of Sunday, which is reached an agreement on raising the ceiling of U.S. debt, after a speech critical of President Barack Obama.Two days before the deadline set by the U.S. Treasury, the stakes were high: without this increase, at least 2.1 trillion dollars, the United States, on the edge of default, could sow the wind panic on financial markets.

Barack Obama has managed to generate compelling reconciliation of Democrats and Republicans on this agreement, investors now hope to see a bill passed in the coming days. A condition that Congress gives the green light, no later than Tuesday night.

No one knows for how to react, however, the rating agencies. Despite the compromise finally reached on the debt, the loss by the United States, their AAA rating is not excluded and would have severe repercussions on the economy and markets.

Meanwhile, oil prices rose sharply, driven by the announcement of the agreement.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 98.18 dollars, up 2.48 dollars compared to the previous day.

Industrial activity and construction spending

At the macroeconomic agenda of the first Monday of August, the ISM manufacturing index for July will be announced (expected at 54.4 according to a consensus of analysts), together with expenses building for the month of June (+0.1% expected).

This week, analysts said Aurel BGC, "investors will focus on indicators confirming whether a rebound in growth. In view of the latest indicators movement is far from certain. Surveys of business advocate for a regional downturn in the ISM manufacturing index for July, which will be released today.Auto sales (Tuesday) and retail sales side of Wall Street in July will also be eagerly awaited. Finally, this weekend, the employment figures will be released by the BLS. They will be very affected by the lay-off of 20,000 staff in the State of Minnesota. "

73% of companies did better than expected

The European steelmaker ArcelorMittal and U.S. mining company Peabody Energy (0.73% to 57.89 dollars) on Monday made a hostile bid on the Australian Macarthur about 4.7 billion Australian (about 3, 6 billion euros), after the failure of talks to reach an amicable agreement.The board of Australian mining group declined Monday to support the joint bid from ArcelorMittal and Peabody to 15.50 dollars per share.

The title of the American manufacturer Ford (2.54% to 12.52 dollars) could take 25% as the group reduced its debt, is launching new models and trying to expand in China and India where he remained late over its competitors, said Monday the magazine Barron's.

Shares of online retail Amazon.com (1.75% to 226.41 dollars), which is just below its record high, could earn 10% to 25% if the investment result rapid growth of its retail operations, cloud-computing and Kindle reading light, said Monday the magazine Barron's.

The railway company of the UAE, Etihad Rail, said Monday it has ordered seven locomotives Electro-Motive Diesel, a subsidiary of U.S. manufacturer of construction equipment Caterpillar (2.36% to 101.13 dollars).

On the corporate side, after Merck (+0.03% to 34.10 dollars) and Chevron (1.57% to 105.67 dollars), which published its quarterly results Friday, the ball of publications in the U.S. coming to an end. Nearly 65% ​​of companies have indeed published their findings in the U.S. and 73% reported earnings above expectations.

Among the publications planned the first week of August, include those closely watched CBS, Cephalon, and Pfizer (Tuesday). Will be followed by Comcast, Time Warner and Mastercard (Wednesday). Then, Kraft Foods (Thursday), Procter & Gamble and Viacom (Friday).