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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).

LE FIGARO. – How do you solve the structural problem of Fnac, the erosion of its major markets?

Alexandre Bompard. – With the offensive Wednesday unveiled, we want to build a new Fnac looking to the future and whose identity will be based on three strong pillars. The first is the extension of our current product offering. Today, our offer is concentrated around the cultural and digital entertainment. With this plan, we will extend it to other types of activities: those aimed at children and families first, and in the future than in the discovery of the escape or the home and interactive design. The second line requires a paradigm shift for a brand that was built around its product: it aims to put customers at the center of our business and our business, emphasizing the relationship at any time with them.Of these, we will finally pay special attention to customer expectations family: it is the third pillar.

How will decline precisely this strategic plan?

To pass this plan, we will implement a number of levers. With the new consumption patterns, our stores will no longer be organized by product, but by world usage. For music, for example, you will find the same space CD, MP3 players, but also hats, concert tickets … well, we will create a world dedicated to children under 12 years with not only a comprehensive range of books to products edutainment and advanced technology, but also animations and dedicated services. More generally, however, the development of personalized services is a priority.We will innovate in this area soon, especially with takeover bids and the subscription of technical products.

This plan does not sign then the end of your physical network?

On the contrary! To be closer to customers in two French Fnac does not close to home, we take two major initiatives. By 2015, thirty stores will be open as well, on the outskirts of large cities in particular. Furthermore, after signing a partnership with Lagardère Services establish ourselves in stations and airports (the sign will replace the Virgin next week, Ed), we will launch a new store format: fifty Fnac proximity, about 300 square meters, should be released in four years, first in clean and free.These small signs, offering all the universe Fnac, will complement the department stores and will allow us to install in smaller cities. Of course, this is also associated with an increased fnac.com, because customers prefer the greater integration of the two sales channels. With our power in store as on the Internet, we will deploy a multi-channel strategy so successful and will offer such customers to withdraw all their in-store purchases made online or ordering of kiosks in stores.

You mention the date of 2015. Can you elaborate on the timing of this plan?

Speed ​​of execution of this plan is a key to its success. The first initiatives will therefore emerge in the next few months. Openings and reorganization of our stores are involved, they mainly in 2012 and 2013.The mobilization of our people, aware of the need for change, will also be one of the key elements of enforcement. I hope that the implementation of this plan is a lever to renew the social dialogue.

What budget has been earmarked to ensure the success of this plan?

I do not want to give numbers. The planned investments are suitable for our ambitions as we can. It is both a plan of conquest and a realistic plan. Therefore, we will continue to identify what we need to do it alone and that we can do through partnerships, both strategic in nature, as with Lagardère Services, or Screenrush SFR, or commercial, as with Apple, which a dedicated space in stores.

When do you expect to see the first results of this new strategy?

The first effects will be felt in the second half of 2012.Our aim is then to find a sustainable and profitable growth in France and abroad.

The sale by PPR of Fnac it not only jeopardizes the implementation of this plan?

My mission is to ensure the economic development of the Fnac. Since 1994, the PPR Group has played a leading role in particular for the implementation of the Fnac outside France and its growth on the Internet. As it does for all its businesses, the PPR group will manage the Fnac as if it had intended to remain within the group. Proof: This strategic plan is not a buildup of short-term, but a plan of conquest.

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Like their colleagues in Asia, investors showed little enthusiasm in Paris on Friday. Mid-meeting, the CAC 40 lost 0.35% to 3737.93 points. Same movement in the rest of Europe: the DAX index of the Frankfurt Stock Exchange was down 0.38% at mid-points to 7187.40 and the FTSE-100 index lost values ​​of the main symbols 0, 05% to 5844.12 points.

The attention of the market still focuses on the evolution of the European agenda to discuss aid to Greece and parliamentary discussions slipping in the U.S., about raising the debt ceiling. After Treasury Secretary Timothy Geithner and Fed chairman, Ben Bernanke, the U.S. President, Barack Obama has assured last night that "the time for decisions has come."Barack Obama will hold a press conference to take stock of the subject at 17 hours, Paris time.

In addition, many macroeconomic indicators expected in the day could hold the attention of investors. Foreign trade in the euro area has returned to balance in May in raw data, exports (seasonally adjusted) increased faster than imports, Eurostat said Friday. In April, the deficit was $ 4.8 billion. It was 4.9 billion in May 2010.

The news is also very busy across the Atlantic with the program price index for consumption, the Empire State index of the activity of the New York Fed, industrial production and the first estimate of the index consumer confidence in July.

Note, next currency, the euro has stabilized against the dollar at 1.4140 dollars against 1.4141 dollars last night.The euro rose slightly, however, against the Japanese currency to 112.03 yen against 111.89 yen yesterday. On the commodities market in the current context of heightened uncertainty about the public debt in Europe and the United States, gold is looking for: the metal-King reached a new record yesterday to 1594.45 dollars. It flows back slightly this morning.

A very technical session for

The news should be sparse on the side of the values ​​on Friday, but the session is facilitated by the expiration today of a battery of forward contracts.

Investors remain concentrated in Paris after the close for 18 hours to read the results of resistance testing in the European banking sector.Among the 91 banks assessed in connection with these third annual stress tests, are the French BNP Paribas (-1.10% to 45.54 euros), Societe Generale (-0.66% to 35.28 euros), Crédit Agricole (-1.33% to 8.63 euros), Natixis (-1.55% to 3.18 euros).

Dexia (0.05% to 1.83 euros) filed a complaint Wednesday in U.S. courts against the Deutsche Bank to recover losses related to a billion dollars of U.S. securities backed by mortgages ("subprime").

The automotive sector is also seen on Friday, after the presentation of the number of registrations in Europe in June, which shows a decrease of 8.1% over one year. Over the first half, the market decline is limited to 2.1% with 7.12 million passenger vehicles registered. Renault (1.01% to 37.03 euros), sales fell 20.9% in June and 10.8% for six months.Rival PSA Peugeot Citroen (1.02% to 30.19 euros) saw its sales fall 11.9% in June

In addition, the Wall Street Journal reports that the Indian Bajaj Auto has suspended a project to develop a cheap small car for Renault and Nissan on the grounds that such a model would not be commercially viable.

PPR (1.16% to 126.60 euros) and LVMH (-0.16% to 124.50 euros) not taking advantage of good prospects for German Hugo Boss. The group raised its forecast for 2011 after better than expected second quarter.

Total (-0.50% to 38.40 euros) and Technip (0.91% to 71.90 euros) are little affected by the sharp drop in oil prices in New York. This morning, oil markets are evolving in a piecemeal: a relaxation is observed on the future of Brent North Sea (-0.22% to 116.09 dollars per barrel).In contrast, light crude gained sweed 0.24% to 95.92 dollars a barrel.

The Alibaba China could become a major player in the field of operating systems for mobile phones just as Android, IOS, or WP7. In fact, according to the Wall Street Journal, the Chinese e-commerce specialist, prepares to launch its own operating system (OS). But this new system has a particularity: it is based on the cloud, literally the "cloud computing". In other words, this new system will store the user data on remote servers. Such OS therefore requires a connection to broadband Internet in all circumstances.

This project should be launched in the third quarter of this year, said the American daily. Initially, the system should be accessible only to the Chinese market but "nothing says it will not be used elsewhere after," said a source familiar with the journal.

This launch marks another milestone for Alibaba, more used to make software and especially shopping sites online no fax cash loans. Like him, more and more companies are trying to afford the lion's share in the growth market of smartphones. Another Chinese, Baidu, Google's competitor frontal China would launch its own OS for the Chinese market, based on the technology of Google Android. If these Chinese projects are completed, Apple, with its own system IOS, Microsoft Windows 7 Phone and Google, which has the Android operating system, could see their global market dominance eroded.

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