World News, Financial News, Breaking US News

Optimism is more than up to the Paris Stock Exchange on Monday. After increasing by 0.61% at the opening in the wake of the Asian markets, up sharply, the CAC 40 is pressed into the red after the release of poor figures on economic activity in the euro area, dropping 0, 31% to 3162.59 points shortly before 14 hours.

Private activity has accelerated its decline in October in the euro area, the PMI reaching 47.2 against 49.1 in September when he was dropped below 50 points for the first time in two years, indicating a decline in activity. France is no exception to this trend, since the firm Markit PMI index fell to lowest in 29 months, to 46.8 points against 50.2 in September.Note that in France, business failures showed a sharp rise of 19.4% in May, a month after three consecutive monthly declines, said Monday the National Institute of Statistics.

The prospect of a solution to the debt crisis in the euro zone after the EU summit this weekend has not been sufficient to support the CAC 40. Meeting in Brussels, Nicolas Sarkozy and Angela Merkel Sunday near their positions on the key issue of European bailout fund and its clout in the marketplace. However, on request of Germany, the final decision will be taken until the night of Wednesday to Thursday, after another conclave of crisis. Considering the situation "very complex", Nicolas Sarkozy has sought reassurance "negotiations progress on the issue of banks on the issue of Greece, things are progressing," he said.Selun President of the Republic, "a broad agreement is emerging on strengthening the EFSF."

For its part, Angela Merkel added that the proposed model does not imply the ECB, as advocated by France. Clearly, the European bailout fund (EFSF) leverage its resources, but no new States' contribution of the euro, or use means unlimited in principle of the ECB. With leverage, the EFSF-today with $ 440 billion, and could see his strike force raised in 1000 or € 1500 billion.

In addition, the euro area is considering creating a special fund that could be echoed by emerging countries to stem the debt crisis. China has expressed particular the possibility of financial support.Still, this idea is controversial, some states are reluctant to explicitly request the help of Beijing, according to diplomatic sources cited by AFP.

Tensions within the 27 Member States

Until particularly critical of the slow pace until the European Union to manage the crisis, the International Monetary Fund, through its Executive Director Christine Lagarde, immediately praised the "very good progress" Sunday . "It was really an effective meeting, and I hope it is really in the right direction for Wednesday," she insisted.

However, the rising discontent among the ten states of the European Union not members of the euro area, Britain in the lead, complaining of the increasing willingness of states using the common currency to make decisions without consulting them."The crisis in the euro area affects all our economies, including that of Great Britain", insisted the British Prime Minister David Cameron on Sunday. Of tit for tat, Nicolas Sarkozy replied: "We are tired of hearing you criticize us and tell us what we have to do," the French president would have dropped according to the Daily Telegraph and The Guardian, quoting diplomatic sources .

Another measure expected: the Atlantic, Barack Obama will unveil this week a series of initiatives to support the economy and that will not require congressional approval, said an official of the White House.The U.S. president will announce such a measure to facilitate the refinancing of mortgages for Americans own their homes bad credit payday loans.

Activity contracted in France in October

On the macroeconomic front, Markit publishes this morning the Flash PMI in October measuring the level of activity in the private sector in several European countries. In France, the composite index fell to 46.8 from 50.2 in September, falling below 50 which separates growth and contraction. In other words, the activity in the private sector in France shrank in October for the first time since mid-2009, through reducing the risk of recession.In Germany, private sector activity in October also falls in the area of ​​decline, with a composite index stood at 48.9, while analysts expected a growth in activity across the Rhine over the month.

Orders to industry in the euro area will be published early in the afternoon.

For its part, the ECB will publish its report weekly purchases sovereign debt at 15.30.

Oil prices were up in early trade Monday morning in electronic trading in the morning, a barrel of "light sweet crude" for December delivery gained 8 cents to 87.48 dollars on the New York Mercantile Exchange. Hand currency, the euro is stable against the dollar on Monday, the single currency displayed in the balance dollars 1.389 (-0.02%).

Bank stocks on Monday surrounded by very

The list of the progressions in the CAC 40 is dominated by the Monday morning increases of bank stocks, buoyed by hopes of an early solution to the debt crisis in Europe. Thus, BNP Paribas gained 0.25% to 31.86 euros. Allows itself Societe Generale 2.87% to 19.50 euros and Credit Agricole advance of 1.26% to 4.90 euros.

Outside the CAC 40, Faurecia (4.38% to 18.36 euros) stands up.The French automotive supplier controlled by PSA Peugeot Citroen, saw a 16% increase in sales in the third quarter to 3.8 billion euros, and confirmed its annual forecast.

The values ​​next to the lowest market-oriented Paris on Monday morning located Peugeot (-1.89% to 16.62 euros), Yellow Pages (-1.57% to 3.01 euros) and Mercyalis (-1 , 83% to 26.28 euros).

The land in the spotlight

• Gecina (0, 82% to 68.84 euros)

The land identified for the first nine months of a recurring profit of 239.8 million euros, down 8.5%, according to a statement. At six months, the decline of this indicator management was limited to 7.8%. The group does not publish its net profit for the period. He cashed for 476.5 million euros in gross rents on these nine nine months, up 2.9% over the same period in 2010.Gecina confirms its forecast of a recurring profit down 7% for the entire year.

• Icade (-1.08% to 64.30 euros)

The group released Monday property sales up 11% in the first nine months of 2011, thanks in particular to the full-year effect of the acquisition of Compagnie la Lucette. Its sales reached 1,065.8 million at September 30.

• Renault (0.40% to 27.63 euros)

The automaker expects to see its sales volumes grow in the range of 2 to 8% this year, said Carlos Tavares, the deputy CEO of the automaker, in an interview published by Automotive News.

• Sanofi (1.06% to 51.51 euros)

The pharmaceutical company announced that Lemtrada, a drug to fight against multiple sclerosis, was more effective in preventing relapse than medication legacy developed by Germany's Merck.

• April Group (3.15% to 11.95 euros) and Seb (2.36% to 59.95 euros) will also publish their turnover in the third quarter. While STMicroelectronics (0.34% to 5.33 euros) will report its third quarter results.

The fall was accelerated by Dexia irregularities. A document written by the supervisory authority in 2010 reported several violations of the Franco-Belgian bank, reported Liberation.

The body responsible for regulating the banking sector would have directly challenged the previous management but also the leaders still in office. The report was quoted as saying, "number of findings concerning mechanisms for managing derivative positions are likely to contravene the regulations." Regulators cite "in 2007 and until 2008, the disclosure of Dexia Credit Local has remained evasive about the increasing risks, including the CEO and directors were aware. She ignored the violations of regulations and monitoring liquidity risk. "And the report says "the information to the public was not accurate, precise and sincere."

These omissions or falsehoods for the purchase of a portfolio of bonds and speculative securities amounting to 100 billion euros, an "illogical financing local government, the report quoted by Liberation. Regulators also suggest a failure on the part of the Dexia value of this portfolio of assets, both at the time of purchase as to resale. Worse, the leadership in place deliberately magnified the value of assets. The "overvaluation is estimated at at least 2 billion euros." Auditors such as Deloitte and Mazars have closed their eyes, the report said.

Loans to shareholders to purchase securities

The management team in place is also not spared.In a letter dated September 4, 2009, the report stresses that "the director of the institution has provided an underestimation of the volume of transactions."

Meanwhile, the Financial Timesaffirme that Dexia has paid 1.5 billion euros in its first two institutional shareholders before 2008 so that they carry out acquisitions of securities of the Franco-Belgian bank. But Dexia would, at the time, not breaking the law then in effect. The question is whether the court will examine the case Dexia.

ALSO READ:

"The dismantling of Dexia is an act

On track, continuous effort. This is essentially the OECD verdict on Ireland, engaged for three years in a drastic recovery program of its public finances. After a decade of strong growth on an annual rate of 7%, which has risen to fourth in the OECD in terms of GDP per capita, the former Celtic Tiger has suffered a banking crisis and an unprecedented three years of recession. The deficit exploded in 2010 to over 32% of GDP if we include the expensive bank recapitalization and debt exceeded 100% of the national wealth.Distrust of markets has forced the authorities to use the end of 2010 with the IMF, the EU and the ECB.

In his study, presented Friday, experts from the Muette emphasize the competitive advantages of Ireland on Portugal and Greece, the other two countries under international supervision, "export sector a more developed and more high-tech"-the Exports account for 100% of GDP against 31% in Portugal and 21% in Greece, "a workforce more skilled, more favorable conditions for businesses, a more efficient tax system based in particular on corporate taxes low and stable and well-regulated markets and more flexible, both for products that work."

The conservation plan will represent 2.2% in 2012

Despite the recession, Ireland continued to attract significant foreign direct investment and the country, supported by the engine of exports and improving cost competitiveness, has returned this year with growth, while Portugal and Greece will experience another year of recession pay day loan lenders.

On the fiscal side, Dublin's goal is to bring the deficit below 3% of GDP in 2015. Before the intervention of the Troika, the authorities had imposed a cure equivalent to 9% of GDP. The economic plan of 2012 is still 2.2%.

If these efforts "are starting to bear fruit" requires further consolidation, the report of the organization of the Muette, in the perspective of a "global growth lower than expected."The OECD recommends including "broaden the tax base" and "focus more on consolidating spending cuts" -60% recovery, "by improving the efficiency of the public sector, reform of social protection and lower infrastructure projects. " Another priority should be the fight against unemployment from 4.6% in 2007 to 14.2% in the second quarter of 2011.

Among other tracks, it is necessary to improve employment services, training programs adapted to market needs, encourage job search, extend some cuts in employers' contributions … Finally, Dublin to pursue the restructuring of the banking sector and further improve competitiveness to promote exports.

ALSO READ:

"For Moody's, Ireland is also risky

"SPECIAL – Crisis: the fear of debt

Future of Standard & Poor's 500 and Nasdaq 100 reported a slightly higher opening of U.S. stock markets. The New York Stock Exchange finished down Friday evening after lowering the rating agency Fitch notes from Spain and Italy.

The volumes are likely to be particularly low on Wall Street today because of Columbus Day (which commemorates the discovery of America by Christopher Columbus), holiday in the United States although the U.S. stock markets are open. Only the bond markets will be closed today

The willingness of the Franco-German recapitalize banks and out of the spiral of debt crisis and Europe, however, should boost the morale of investors.Nicolas Sarkozy and Angela Merkel, meeting in Berlin on Sunday pledged to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit in Cannes, 3 and 4 November. Proposals must be made but no details were supplied. "You will see the end of an entire fully functional," promised the Chancellor. The fate of Greece is suspended from his verdict of the Troika, reminded the two leaders. About the difficulties the European banking sector, the two leaders said they were "determined to do whatever it takes to ensure the recapitalization of our banks." The French president also assured that the agreement between the two countries on how and where the process was considered "complete", denying the reports of differences over the use of EFSF to provide the necessary funds.Again, the "details" will be specified later, they promised, even suggesting an EU summit scheduled for October 17 and 18 and a Eurogroup.

Note also in Europe, the Board of Directors of Dexia has validated the night from Sunday to Monday the takeover of its Belgian subsidiary by the Belgian government for a $ 4 billion. The Franco-Belgian bank, the first victim of the debt crisis in the euro area, is found then dismantled and nationalized the Belgian branch guaranteed high risk personal loans.

Opening of the ball results

United States, the season of quarterly results of large companies to begin this week. As usual the aluminum giant Alcoa will kick off these publications. Follow in particular, PepsiCo Wednesday, Thursday, JPMorgan Chase and internet group Google and finally, Friday, Mattel.Analysts bet on an average increase of 13% earnings per share for the third quarter. "The forecast for the quarter just ended are very conservative so there are chances that companies do at least as well as the consensus", say experts Cantor Fitzgerald.

On the macroeconomic front there is no major indicator on the agenda of U.S. investors on Monday. In the coming days, they expect including the minutes of the last meeting of the Federal Reserve (Tuesday) and retail sales (Friday). Specialists Aurel BGC, household spending should be slightly more dynamic in September. The slowdown in inflation for the effect should have increased the purchasing power of households.The latest U.S. statistics have also been rather better than expected, which has banished the specter of a return to recession in the United States and contributed to the rebound on Wall Street last week.

New clean cuts at Goldman Sachs

The side of values, according to the Sunday Telegraph, the investment bank Goldman Sachs could make additional cuts.

For its part, the global distribution of Wal-Mart announced that 12 brands of the brand were closed in Chongqing in China for 15 days, following a fraudulent labeling.

At the same rumors about Yahoo! continue. After the assumption of a takeover by Microsoft or by the Chinese partner of Motor internet, according to Reuters Jerry Yang, co-founder of the company could partner with a private equity investment to buy the company.

Pay gold more expensive than platinum? Before 2008, impossible for investors to believe this hypothesis. At that time, an ounce of platinum, the metal so rare and more precious than gold, skirting peaks close to 2200 dollars, while the gold turned laboriously around the bar in 1100 dollars. That gold can fill such a gap appeared unlikely. Yet three years later, this is real. Since the beginning of September, gold has repeatedly passed the plate at the meeting.

What happened in three years for such a reversal of steam takes place? The answer lies in the United States. In September 2008, Lehman Brothers went bankrupt and causes his fall in the economy and global finance. Or "platinum, like palladium, is a precious metal that is used to build cars.The automotive sector, linked to economic conditions, decreased high during the crisis. The platinum price has consistently dropped sharply during this period, "said Steve Allard XTB.

The evolution of the gold price since February 2010 (top) and platinum in February 2006 (below). Source: XTB France

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.

The Department of Defense is mobilizing to help reduce public spending. Authorized since 2004 to sign agreements of public-private partnership (PPP), the military have a growing use, like other state services.

The Air Force is leading. It announced yesterday the award of the contract to upgrade its computer networks and communications in a pool of companies led by Alcatel-Lucent. This contract runs on sixteen for a value of 350 million euros, the amount of royalties to be paid by the Air Force over the period. The state expects "tens of millions of euros in savings" through the pooling of engineering resources used on other projects as well as the speed of network deployment."Without the PPP, we would never have as quickly renovate and take advantage of new technologies," says Marc Leclere, director of central purchasing in the Directorate General for Armaments (DGA).

Financial arrangements entrusted to the Caisse des Depots

PPP is the second signed by the DGA and the first for the Air Force. The yard is huge. This is to equip a hundred bases, to wire several hundred buildings and installing 36,000 "access points" (for computer, telephone or system) to build high speed, with the latest fiber optic generation, the future "Internet protocol network service" of the Air Force (Air-RDIP). The construction should start in the coming days with commissioning of the first "positions" equipped end of 2012. The deployment should be completed in 2014. Alcatel-Lucent's partner INEO, an infrastructure specialist defense techniques.

As for the financial package, it is entrusted to the Caisse des depots associated with the Luxembourg investment funds SEIEF. The pool of partners committed to cede 10% of contracts outsourced to SMEs and to provide reclassifications to hundreds of military and civilian personnel involved. Alcatel-Lucent will assume management and maintenance of networks of Air Force with the requirement, half-life of RDIP-Air, an "update" so that it benefits from technological developments.

All of the information flow internal air bases including allowing the Air Force to conduct its missions – such as surveillance of airspace – will therefore be outsourced. The information will be protected and secured through five levels of privacy from the most basic to the "secret NATO" and "confidential defense".Alcatel-Lucent is also committed to service quality (availability and reliability) together with a penalty system if necessary. The operation could RDIP-Air School with the Navy and the Army in time, although for now the two armies have computer networks and communications referred to as "suitable."

Three sectors where the state says its operations in private

1. The defense pointed

The Army had the ball rolling in 2008 benefiting from the first PPP contract signed by the DGA. Specifically, with the company DCI has taken over the management of flight hours and the helicopter fleet of the School of Dax which trains pilots of the French armies.

The contract worth 400 million euros spread over twenty-two years. It must allow a saving of 600 million euros.But the PPP's most famous landmark is undoubtedly the contract of 3 free 3-in-1 credit report.5 billion euros, signed in early June, with Bouygues to build the "Pentagon in French" (pictured) at Balard. In 2014, 10,000 military and civilian staffs of the three armies and the DGA have to regroup. The PPP is not always the rule to outsource activities and services where military competence is not necessary. After the lawn or airport maintenance (based Cognac), the Ministry of Defence had retained in 2006 the American GE Fleet Services to manage its fleet, more than 20,000 commercial vehicles. With, in sight, a savings of 25% on an annual budget of 90 million.

2. Transportation and Maintenance

Bikers of the gendarmerie and the police accompanying the convoy will soon be a thing of the past exceptional.The state decided to entrust to private companies the management of transportation of wind turbines, ships and other bulky goods. Effective November 1, this measure is indicative of the willingness of departments to focus on their core missions. This is the philosophy of the modernization of the state launched since 2007. The functions called "media" such as purchasing, information technology, are among the first to be restructured. "We look first at the pool," says one at Bercy. A purchasing department of the State, which oversees the current purchases of government departments, has been created. The state also uses outsourcing. No more garages in the ministries: the management of their 72,000 vehicles will be performed by private companies at the end of the year. Caretaking, cleaning, heavy lifting, the reception is already provided by the private staff at Bercy.This is also true at the Musée du quai Branly. The Ministry of Foreign Affairs, he, a single private provider for the maintenance of its buildings in Paris. The government can also go further, by giving public-private partnership in the management and construction of prisons.

3. Public enterprises

Public companies, subject to increasing competition, should ensure the public service closer to the citizens without increasing their operating costs. It is the object, including the action plan for rural areas launched last year. The plan includes for example the Post Office launches 17,000 "contact points", mainly in shops run by individuals. In this way, 90% of French people will have access to a courier service within 5 kilometers.For their part, the old disused railway stations could be reused to pool several services in one place: social security office, ticket sales SNCF, EDF payment services. The state is full of ideas. Left to ogle the side of the private sector. The opening to competition of regional express trains (pictured) could well tip the railway in the private sector. It is expected that a "social framework harmonized" be defined so that they retain their current benefits. The Elysee confirmed in an engagement letter to the President of the SNCF. And Nathalie Kosciusko-Morizet, the responsible minister of the SNCF, was asked last June that the negotiations between social partners are committed as soon as possible. These issues should be addressed in the coming weeks as part of Focus on the rail.

The era of good times is over. China, which for years received lessons in economic policy by the United States, primarily relating to foreign exchange, takes revenge. While S & P has to sacrifice the triple A of the United States, Beijing, the largest holder of U.S. bonds in the world – by far, with 1,160 billion of U.S. Treasuries in the drawers according to figures from Washington published last May – now estimated to have "every right to require U.S. to address their structural problems of debt."

The Chinese government estimates that S & P has only confirmed a "horrible truth". One that was highlighted by the rating agency Dagong China, which has degraded the U.S. triple-A immediately after the agreement to raise the debt ceiling.She said "the days of Uncle Sam, crippled with debt, could easily squander endless amounts of borrowing from abroad seem numbered. (…) In order to treat his addiction to debt, the U.S. must restore the principle of common sense that we must live within its means. " For Dagong, the note of the United States increased from A + to A with, again, a negative outlook. According to the official Xinhua news agency, the adoption by Congress of a text to avoid a default of the United States failed to defuse "the bomb of debt." This failure to control U.S. borrowing could affect the "well-being of hundreds of millions of families in the United States and abroad," she lamented a few days ago.

In other countries, tempers

In France, Baroin, Minister of Economy, trying to reassure.First European official to respond to the thunder of the deterioration in the sovereign rating of the debt of the United States, he ensured that France "has full confidence in the strength of the U.S. economy and its fundamentals, and in the U.S. government's determination to implement the plan that was approved by Congress this week. "

Japan, the second creditor of the United States, said that its policy of buying U.S. bonds remained unchanged despite lowering their score. "Our confidence in U.S. Treasuries and their attractiveness as an investment will not change because of this action," said a Japanese government official told Dow Jones Newswires.Japan, which is trying by all means to curb a flight of its currency against the greenback, has no interest in selling its dollar assets for now since it would only strengthen the yen.

In South Korea, senior officials of the Ministry of Finance held an emergency meeting Saturday to analyze the consequences of the downgrade. But the government has warned against overreaction. "We need not be too worried about our economy and financial markets," said Deputy Finance Minister Yim Jong-yong. An Australian Prime Minister Julia Gillard has also called for calm markets. "At the same time, the other two major agencies, Moody's and Fitch continue to note the U.S. economy AAA. So I think people need to consider all the facts, "she said.In the Philippines, a spokesman for the Presidency said that the downgrade by S & P was "to some extent a wakeup call for the U.S. begin to seriously address their economic problems. We have confidence in their ability to do so. "

ALSO READ:

"The agency Dagong lowers the rating of the United States

"The agency Fitch confirmed the triple-A U.S.

"Debt: the United States have failed according to China

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.

ALSO READ:

"Stress tests insufficient to reassure markets

"10% of European insurers fail resistance testing

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.