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The automotive market bounced back in August. For the first time in four months, new car registrations in France rose 3.2% year on year in August, according to figures from the Committee of French Automobile Manufacturers (CCFA) announced on Thursday. In total, 108,530 units were sold against 159,945 in July.

But this slight improvement has not benefited the hexagonal marks. Registrations of PSA Peugeot Citroen fell 3% to 31,867 cars sold, sealed by the brand Peugeot (-6.1%), while Citroën has increased slightly (+1%). The Renault was down 1.4% to 27,116 cars, despite the rise of the Renault brand (4.8%), due to the fall of its inexpensive Dacia vehicles (-22%). At the Paris Bourse, the new goes wrong with investors. Title Peugeot unscrewed from 3.73% to 20.53 euros by 10:50, in a market down by 1.10%.The action leaves Renault at the same time 2.88% to 27.52 euros.

Featured Nissan

Sales of French cars have fallen by 2.2% over the period while those of foreign cars grew by 10.5%. The Nissan group, whose sales volume is much lower compared to the French cars (3880 cars passed last month) shows still an increase of 32.5%.

BMW saw its registrations increase by 29.5%, while rising by 18.7% Hyundai, Mercedes 17.8% and 15.2% of Volkswagen. Fiat, however, is always the trouble with registrations down 21.5%.

Difficult recovery

To observers, this underperformance against French manufacturers is a surprise. "We were pretty confident and we did not think the market would collapse in August," said Francois Roudier, spokesman for the CCFA."But you still have to be careful because August is a very small volume in terms of months," he added. According to him, the market will "gradually reduce" to the end of the year, due to the effect of the removal of the scrapping took place in late 2010.

Since January, the car market grew by hexagonal only 0.4%. French sales of the first eight months of the year are down 4.4% while foreign groups are gaining 7.7%.

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The Asian market does not yield to panic. After closing up slightly Wednesday, several Asian stock markets are divided down Thursday, but less pronounced than Wall Street and in Europe the day before. In Tokyo, the Nikkei 225 is again in the red, falling 1.04% to 8945.12 points after finishing up 1.05% yesterday.

Of the places in China, Hong Kong the Hang Seng 1.45% yield while the composite index of Shanghai Stock Exchange rose 0.68% to 1134.65 points. In Seoul, the Kospi index is left in the green, up 0.71% to 1819.14 points after plunging by 4% in early trade.

Investors remain concerned, however, fearing another recession in the United States and a spillover of the crisis of debt in the eurozone payday loan lenders. The gold and reached new records, crossing first the maximum 1800 dollars.It was worth 1814.50 dollars in the morning before going down to 1785 dollars. Another safe haven, the yen appreciates, and is worth 76.63 dollars, against 76.83 the previous day.

Oil also set off again down in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

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At the opening of Wall Street, U.S. indices posted immediately red (around 3%). And losses have widened throughout the session. Accentuating even further their descent, the indices have hurt Barack Obama's speech, who spoke to 20 hours Paris time, the Nasdaq has lost more than 6.5% shortly after the speech. And bad mood has not dimmed until the closing bell on the contrary, the end of the session was sprotive. Finally, the Dow Jones appears falling from 5.55% to 10,809.85 points. This is the first time since October that the index feature finishes below 11,000 points, its worst day in percentage terms since December 2008, a dark period for the financial sector.

The Nasdaq, even punished, won 6.90% to 2357.69 points, while the S & P tumbles 6.66% to 1119.46 points.On Monday, European markets have dropped out late in the session, while the Asian markets, have also, finished the day on heavy folds.

When Barack Obama spoke in an attempt to reassure the markets, investors do not stop selling. Worse, they pressed the pedal and drop is even more markets. "The United States still deserve note 'AAA'," said Monday night during a speech Barack Obama, on the downgrade of U.S. debt Friday by the rating agency Standard and Poor's. The U.S. president also defended the credit of the United States but acknowledged a deficit problem. Barack Obama, however, that the economic challenge was surmountable but require political will.

Nothing to do."The deterioration in the rating of the United States is clearly the catalyst for the drop in markets today, but is not the reason, according to Michael Sheldon, chief strategy officer at RDM Financial. Degradation is simply evidence that the U.S. has problems. "

Note that in Latin America, falls are breathtaking. Financial center of Sao Paulo (-8%) and Buenos Aires (-10.73%) plunged. In Chile, the Santiago Stock Exchange (-6.96%) did not record such a decline for 13 years. In Lima, a decline of 7.03% has even led to a suspension of trading an hour before closing.

Gold still a step higher, oil falls below $ 82

Witness the panic in the markets, gold has posted yet another record high and rose 4.25% to 1722 dollars an ounce at 20:30, before returning to 1717 dollars to 22 hours.Oil, however, has dropped by more than 6% Monday in New York, their lowest levels since November. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery finished the session at 81.31 dollars, down 5.57 dollars or 6.4% on Friday.

Paradoxically, U.S. bond rates continue to decline, those same 10 years falling by 8.5% melting at 2.339% against 2.558% Friday. Good to 30 years returned to 3.663% against 3.823%. However, after degradation much faster than expected by Standard & Poor's sovereign rating of the United States, which had never been subjected to such a penalty could have been expected to climb no faxing payday loans.Sign that investors still believe that the U.S. still refer to the bond market.

Moody's said Monday it could, too, by 2013 reduce the debt rating of the United States if the fiscal and economic outlook deteriorated sharply. But she considers it possible in the meantime a new agreement in Washington to reduce the deficit.

Menu macro loaded, with the FOMC in dish

This week, the lower macroeconomic indicator to take the pulse of a threatened U.S. growth will be expected to turn to investors.

From Tuesday, the productivity of U.S. companies in the second quarter and will be scrutinized closely. The risk is to see it getting more than expected, resulting in a logical breakdown of the job. Consumer confidence is also on the menu.But the final communique of the Monetary Policy Committee of the U.S. Federal Reserve (FOMC), from that Tuesday night will go to the most crucial.

Analysts and investors are wondering already if further monetary easing, (3 or quantitative easing "EQ3") can get out. Unless it is an aid to banks, which could begin to experience problems of interbank liquidity, which is preferred. "In all cases, the reaction of short-term market is very uncertain …" says it does at Aurel BGC.

Friday, retail sales will be the second major economic meeting a week at high risk on financial markets worldwide. "The sales figures published by the values ​​of the S & P 500 were clearly disappointing July, underline in this respect analysts Aurel BGC.But the report shows significant employment job creation in the distribution. A figure that looks very uncertain. " The trade balance in June should also be well attended.

Bank of America falls 20%

Meanwhile, the business side, the publications of interim results are less numerous and can only remember very little attention to markets, obsessed by the European and U.S. sovereign debt. Walt Disney reveals in particular accounts on Tuesday, ahead of Cisco in the matter and News Corp (Wednesday) and Nordstrom, Sara Lee, and Kohls (Thursday), and finally JC Penney (Friday).

American International Group (AIG: -9.92% to 22.61 dollars) continues Bank of America (-20.07% to 6.53 dollars), calling him more than $ 10 billion (7 billion euros) losses related to mortgages, it said in the text of the complaint.According to this document, which Reuters obtained a copy, AIG believes it was misled by the bank about securities backed by mortgages, which caused losses. The insurer wants to sue Bank of America to the Supreme Court of the State of New York in Manhattan.

Twenty products absent from the shelves of the pharmacy on the first day of the week. This is the situation that a small pharmacy owner in the fifteenth arrondissement of Paris, a few days of the summer closure of his pharmacy. An almost normal, and shared by many of his colleagues. These problems of supply disruptions, the pharmaceutical companies (LEEM) have also identified a few months. Front-line antiretroviral drugs (treatments against AIDS), insulin, or steroids. In some small pharmacies, such as supply disruptions related antidepressants and vaccines.

"The mountain of pharmacies in these areas have alerted us, says we in the trade association of the drug industry, because in general, breaks off and still found the result of bad weather, or social movements. " This was not necessarily the case in recent months."For some specific drugs, including antiretrovirals, there is a significant difference between the amounts made available to the distribution channel for businesses, and far below the number of units dispensed by pharmacies in town," confirms the organization.

In this case, then those products which go missing? According to Leem, some drugs would be captured by "short liners," the new intermediate appeared recently (4-5 years), whose intervention "aims to capture the margins, and do not have to Unlike the traditional players, a culture of health professionals ", warns Leem.And the controversy grew about the possible disruptive effect that these new players would result in the drug market.

Introduction of quotas

These new entrants are currently only 2.5% of the market for thirty entities in competition with wholesale distributors, who are the traditional intermediaries between laboratories and the approximately 23,000 French owners of pharmacies. "This is especially true for drugs produced and distributed in small quantities, such as antiretroviral (ARV) where their intervention significantly affects the fluidity of the market, says Emmanuel Déchin, general secretary of the Chambre Syndicale in the pharmaceutical distribution (CSRP) , which comprises seven members, representing 97% of the French market."We know that none of these ARV box which is sold is intended for the French market.".

In addition, since the early 2000s in France, every distribution is given by pharmaceutical companies, quotas based on national market share. "We understand the concern of an economic actor such as a laboratory to better control the flow of production, Emmanuel Déchin tempers. But it also induces more rigid and can penalize us and expose us to break. " Today, about 600 drugs on the 5300 allowed the French market are subject to these quotas. And strong demand in France for some products, lead to regular stock-outs on nearly 270 specialties, according to the Union of pharmacists (USPO).

Also, some advance to explain that the pharmaceutical giants, or even distributors, do not hesitate to reserve a portion of their stocks of the more "lucrative". Indeed, patented products still sell for an average of three to five times more expensive in the U.S. than in France. And even within the European Union, large disparities persist. On average, the products can be sold 20% more expensive in Germany than in France, while in Spain, prices are generally lower than 10%. "I do not honestly believe that a laboratory, despite its economic imperatives, can do this type of arbitrage to the detriment of the health of patients' tempers Déchin Emmanuel.

The health minister is prepared to legislate

For his part, and face these charges, the Health Minister Xavier Bertrand was firm: "These systems are known to parallel importation, but I do not want that.What is planned for France should be consumed in France, "he said on Europe 1 radio on Tuesday. He was prepared to legislate if laboratories and wholesalers did not meet their obligations, "or you meet your quota, or I will oblige with a new text, he said. It's a shame to come here but I will not hesitate one second to do so. "

Therefore, to overcome these difficulties, some small pharmacists have no choice but to defeat the usual, explains that another pharmacist in a small pharmacy (800,000 euros of annual turnover): "either we manage with co-major pharmacies that are generally better off than us, or we go directly to the laboratory control. But this can only be temporary, because of course we pay more than the wholesaler! ".For two or three years, the pharmacist admitted being increasingly confronted with such situations, including antiretrovirals and cancer. Clearly, treatments that can not wait. Troubleshooting

Faced with this shortage, Leem and the French Agency for Safety of Health Products (AFSSAPS) have set up emergency solutions (stocks troubleshooting, short circuit …) and special issues to avoid the maximum out-of treatment for patients. A temporary workaround, which can not do without an in-depth study of the new challenges of the French system of drug distribution. What the Department of Competition and Fraud (DGCCRF) seems to be addressing.

In turn, dispatchers did not call for the abolition of quotas, nor to that of intra-EU trade, but felt that the resolution of this issue "very complex" pass through "pragmatism and a sense of responsibility on the part of all actors in the chain, given the economic pressure to which they are subjected. "

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Despite strong criticism from politicians, the public and shareholders, the board of directors of the British group BSkyB has renewed their confidence in James Murdoch, who remains in control of the company. "As you might expect, there was a long discussion on the board (Thursday), concerning in particular the role of the president and the board unanimously reaffirmed its support for James," said Jeremy Darroch, the chief BSkyB, the BBC.

In the spotlight since the outcry over the wiretapping scandal in the UK and the abandonment of the News Corp. offer. the entire bouquet of satellite channels paid, son of Rupert Murdoch resisted so pretty well. It must be said that under his leadership, BSkyB can not stop producing exceptional results.During the fiscal year ended June, BSkyB managed to attract 426,000 new customers to over 10 million users. What increase its annual turnover by 16%, to 6.6 billion pounds, or 7 and a half billion euros. Operating profit, up 23%, even more than the symbolic billion pounds (1.14 billion euros). In short, BSkyB is a real cash cow for its parent News Corp., Which holds 39.1% stake. And that is why Rupert Murdoch would put both hands on the entire group. An ambition he had to drop against the scandal caused by tapping the News of the World. The penalty was immediate the London Stock Exchange: title BSkyB plunged nearly 15% in July.

Very angry shareholders

Faced with obviously very angry shareholders, BSkyB multiplies the gifts.The group will hand out a total of one billion pounds through a share buyback program of 750 million pounds and a dividend increase of 20% to 23.28 pence per share. James Murdoch, who is also chairman of News International and Executive Vice President of News Corp., Has certainly won a race, but it is nevertheless not completely out of the woods. The natural heir of the empire, Murdoch could be again required to explain himself to MPs in the summer. British MPs seek, in fact, to understand why James Murdoch supported them, during his hearing, there are about ten days, he was not aware of the extent of fraudulent tapping, as of News International's former colleagues say otherwise.

Besides, sources from the board of BSkyB, quoted by the BBC, the support of the Board of satellite package does not go on forever, if new evidence calling into question the credibility of James Murdoch, chairman of the British broadcasting company since 2007, its role could be reviewed.

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Time is running out. While the U.S. may be in default of payment if no agreement is reached on the debt by August 2, Barack Obama issued an ultimatum. Before starting a meeting in 75 minutes Sunday night with parliamentarians, the U.S. president and said "must" that Congress reached agreement on the debt within 10 days.

After discussions between key leaders of Congress – Democrats at the head of the Senate and the Republican majority in the House of Representatives – Barack Obama said he will hold a press conference Monday at 17 noon, Paris. The negotiations between elected to continue thereafter.MPs also plan to meet every day until they reach an agreement, says Bloomberg.

Despite the optimism displayed by the U.S. Treasury Secretary Timothy Geithner, who believes that "the U.S. will not default," the discussions on key topics such as tax increases or program of government spending have little progressed. Republicans and Democrats continue to disagree on the remedies to lower debt. "It is appalling that the president and his party continues to insist on the need to raise taxes in a crisis when they refuse to reduce spending," said the spokesman of the Republican minority in the Senate at the end of meeting Sunday night.For her part, Nancy Pelosi, representative of the minority Democrats in the House of Representatives, is confident that "a consensual agreement is reached (…) it could, she says," include more cuts in public spending but on a longer period. " But she says being uncomfortable with the idea of ​​"saving billions of public health."

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A true campaign speeches. Cambodia before the French together in a vast lounge of the Sofitel Hotel in Phnom Penh, the prime minister Saturday launched a violent charge against the left, without ever naming it: "Those who believe that the idea that one could 'de-globalization' history and the comfort of a domestic policy alone, without external stress, maintain a dangerous illusion, "he said, while some voices in the PS and the Greens in particular to call for ecological and social conversion of the production system. "Globalization is a fact, not a hypothesis," has dealt François Fillon, taking the opportunity to refine their profile politician "lucid" which tells the "truth" to the French.

"You who live in the Asian continent, you know what is meant by globalization and the (…) changes it brought with it," he said to an audience that the UMP would attract and retain the perspective the presidential election of 2012 (hence the creation Wednesday of a Secretary of State for French nationals abroad, at the ministerial reshuffle).

Fillon promised to fight against the risk of decline

The prime minister also criticized the "lack of responsibility" for "those who advocate, under a mask of generosity, the return to funding expensive." "Between the spring of election promises and fall of the exercise of power, the reality is responsible for breaking down dead leaves of inconsistent programs," he added, lyrical.

While calling for more than "partisanship," the Prime Minister continued his charge against the advocates of protectionism. "Those who want to get France out of the euro, if unfortunately they came to business, they would endanger our economy, our social model, in the name of a false idea of ​​national sovereignty", he attacked. Against these "lax or populist proposals" which "we pose the risk of decline," Fillon promised he would fight "all (his) forces."

While the UMP is constantly mock the PS program considered "dated," Fillon drove the nail in praising the reforms carried out in four years: a guarantee "of international adjustment," he praised " we have continued to act to reinvigorate our economy, to capitalize on innovation to secure our social model, to contain our costs, "he added."None of these reforms has not been easy, he said. But I am convinced that their legitimacy will prevail, because the French feel that the new world will be uncompromising for nations that choose the easy (…) With the approach of elections, disputes conducive to systematic and utopias of all kinds, we will maintain our line of truth and realism ambitious. "

(From our special correspondent in Cambodia)

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Chinese Premier Wen Jiabao expressed his "confidence" in the future of the euro area and promised to continue investing in the region at the beginning of a new tour on the old continent. In the midst of the Greek debt, Wen Jiabao gave a breath of fresh air to the euro by saying that Beijing had "continued to buy treasury bills from several European countries and had not reduced its reserves in euros." In Budapest and London to Berlin today and tomorrow o ù he will attend an economic forum with Chancellor Angela Merkel, the prime minister wants to present China as a long-term partner of the European Union.

Significant support before a crucial week for Greece.In fact, while the Greek Parliament will vote on Thursday, the new austerity plan required by the EU in exchange for the release of the next tranche of 12 billion euros, the Greek deputy prime minister warned that recalcitrant MPs could block some reforms sought by donors. Theodore Pangalos believes that overall the plan should be passed but the new tax reforms and privatization of national companies should be difficult to adopt, he warned. Yet the majority of the Papandreou government is reduced, the ruling PASOK deputies out of 155 and 300 Greek opposition repeats it rejects the call for a united front.

At the same time, France came up with a new plan to allow the private sector to help Greece, reveals Le Figaro.In the night from Friday to Saturday, the French Treasury and financial institutions have agreed on a scenario that will allow private creditors to subscribe to new Greek government bonds on a voluntary basis.

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The U.S. stock markets, should re-open down on Monday. Future of Standard & Poor's 500 and Nasdaq 100 respectively retreating from 0.27% to 1260 points and 0.65% at 2181.25 points. Wall Street ended the session on a mixed note Friday. The Dow Jones gained 0.36% to 12004.36 points while the Nasdaq 100 lost 0.32% to 2192.96 points and the S & P 500 rose 0.89% to 1278.87 points.

Despite a new rescue plan for Greece launched last night by finance ministers in Europe, U.S. markets should still be concerned as their counterparts in Europe and especially Paris.

After the reassuring words of Heads of State French and German unit, which posted a welcome Friday, the firm tone adopted by the ministers at the weekend said that the issue will be very long to resolve.The central bankers in the eurozone have defined the conditions of payment of a further tranche of loans in July, but the finance ministers of the euro area indicate that the release of the loan must be accompanied by the vote of a new plan of austerity and privatization by the Greek Parliament. Banks and other private creditors and participate in this new plan. However the contours of that plan remains to be defined.

In the wake of renewed tensions, the euro falls against the dollar. 11:00 in Paris to the European single currency was worth 1.4232 dollars against 1.4301 dollars on Friday night. In addition, oil continues to fall sharply, quoting under $ 92 in New York.

On the macroeconomic front, the week promises to be charged. Members of the Monetary Policy Committee of the Fed will meet this week.The release will be issued Wednesday evening and Fed Chairman Ben Bernanke will give a press conference after the meeting. Aurel BGC experts anticipate little change in the FOMC statement. They argue that the Fed chairman should emphasize the temporary nature of the slowdown and reject any idea of ​​a new program of quantitative easing. Other highlights of the week, investors will monitor the number of housing sales in the old tomorrow and in the nine Thursday. Then Friday, they will learn the durable goods orders. The latter will benefit from a rebound in transportation orders, thanks to Boeing.

All eyes will be turned to the Paris Air Show, which opens Monday.

Boeing launches new version of its popular 747 jetliner, highly anticipated.In an interview with Le Figaro, Jim Albaugh, CEO of Boeing Commercial Aviation believes "it takes 30% of the world to survive over time." This morning, the airline Qatar Airways has placed an order with Boeing for six long-haul 777-300 ER for $ 1.7 billion (list price).

NYSE Euronext said Monday in a statement the actual launch on July 11 of the first platform for bond trading companies in Europe, the project has given the green light of the Financial Markets Authority (AMF).

The side of values, General Electric has reached an agreement in principle of the two largest unions of the company for new contracts."The four-year contract will enable advances on wages, pensions and job security. "

For his part, PetSmart will turn its quarterly dividend to 0.14 dollar per share against dollar before 0125. The board also authorized a share buyback program of $ 450 million.

It unanimously that members have voted to delete one of the cornerstone of the quinquennium of Nicolas Sarkozy. On the night of Friday to Saturday at a little over two hours of the morning, the parliamentarians adopted rule repealing the tax shield, established in 2007 to limit to 50% income taxation. All of the supplementary budget will in turn be a formal vote on Tuesday afternoon.

Strongly contested by the opposition and discussed in the majority, sending checks every year to the wealthiest taxpayers had come to interfere with government. In 2010, a total of 678 million euros that the state has returned to the beneficiaries of this measure, a figure slightly higher than in 2009 (EUR 586 million). Especially, like last year, is only a small fraction of some 592,000 taxpayers subject to the ISF who earned the largest amounts recovered.If the amount of average check totaled 40,908 euros, the richest 7% received 60% of the amount paid, or 381,000 euros on average.

To the dismay of Socialist deputies, the government's plan, however, does not remove the tax shield that from 2012 on taxes paid on income in 2011. According to the deputy PS Jerome Cahuzac, the measure should thus continue to cost the public finances 550 million Euros in 2012 and 200 million in 2013.

Relief ISF

The elimination of this symbolic mandate Nicolas Sarkozy also fits into the context of a broader reform of the taxation of wealth, the members approved each measure in recent days. To parliamentarians, the Minister of Budget, Baroin, endeavored to describe the philosophy of combining text as "social justice" (the end of the tax shield) and "tax justice" (relief ISF) short term personal loan."The government is a simple reform, fair and balanced" has said repeatedly this week Baroin.

On Friday, the parliamentarians approved a reform of the solidarity tax on wealth (ISF), which raises € 800,000 to 1.3 million euros threshold of assets at which a taxpayer is taxable to the ISF. Approximately 300,000 people should therefore be exempt from this tax next year. The current rate also eased: below three million, the tax rate increased from 0.55% to 0.25% when it is lowered to 0.5% instead of 1.8 % above. Overall, 250,000 taxpayers should therefore pay less. This reform will result in a revenue decline of 1.8 billion euros.

A shortfall that is projected by the government, be offset by the elimination of the tax shield, the higher taxes on gifts and estates, and the new tax on second homes of strangers, sitting on their rental value. In total, the projected deficit for 2011 however, increases of 596 million euros, 460 million due to payments associated with the Taiwan frigates affair. Remain a little over 130 million bridge to return to the original projected deficit. Baroin promised by the end of the year new savings measures to achieve this.

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