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Having finished sharply higher Monday, the U.S. markets followed their European counterparts in the red. On Tuesday, the Dow Jones coward 0.36% 10,636 points at closing. The Nasdaq and the S & P retreating respectively 0.52% to 2284 points and 0.48% to 1120 points.

Markets were waiting for signs of solid U.S. recovery now but they were not reassured. The Commerce Department announced that consumer spending of U.S. households remained unchanged in June In addition, the consumption figures in May were revised downward: they no longer show a rise of 0.1%, against 0.2% previously announced. Economists had forecast an average increase of 0.1% of consumer spending in June

Household income is also unchanged in June at 0.1%, while economists had estimated the increase at 0.1%.The savings rate has reached 6.4%, up a tenth of a point, its highest level since June 2009.

Prices are down 0.1% in June and inflation falls to 1.4% a year.

Furthermore, he promises the sales on the U.S. housing market suffered an unexpected drop in June The index of the federation of Realtors NAR is thus fell to a new record low 75.7. He had fallen from 29.9% in May after the expiration of a tax credit for first-time buyers. In one year, the show promises to sell a drop in June from 18.6%.

In addition, industrial orders fell 1.2% in June, while the market was expecting a decline of 0.5% only. In May, these orders had fallen 1.8% (revised from -1.4%), posting a second consecutive month of decline.

Dow Chemical and Procter fall

On the corporate side, Dow Chemical (-10.06% to 25.48 dollars) and Procter & Gamble (-3.50% to 59.89 dollars) derive the score down. Both companies have disappointed the markets by their results published before the market opens. The first was reported earnings below expectations in the second quarter to $ 566 million, or 50 cents per share, after posting a loss of $ 486 million (47 cents per share) the previous year. Excluding items, earnings totaled 54 cents per share against 56 cents expected by analysts. The second has announced a profit drop of 12% in the fourth quarter of its fiscal year lagged below expectations at 2.185 billion dollars. The turnover is also lower than expected, growing by 5% to 18.926 billion dollars against 19.1 billion dollars expected.

In contrast, Pfizer (5.56% to 16.34 dollars) flies. The pharmaceutical giant reported earnings up 9% year on year to 2.475 billion dollars against 2.261 billion a year earlier. Earnings per share excluding exceptional items stood at 62 cents while analysts expected 52 cents on average.

RIM (-2.54% to 55.53 dollars) on Tuesday introduced its new BlackBerry. No officer of MDR was available after the presentation of the Torch, a touch screen device and slider to evoke the "discussions" going on with the authorities in countries like the UAE and Saudi Arabia worry about the barriers to safety that arise messaging services on the BlackBerry.

Morgan Stanley (-0.72% to 27.48 U.S. dollars) has decided to split the fund FrontPoint risk investments, acquired in 2006 by U.S. TV network CNBC that the transaction would be completed within three months. This split would allow Morgan Stanley to comply with new requirements of the Dodd-Frank legislation on financial regulation, which limits the bank's own brokerage and speculative positions.

Sanofi-Aventis has sent the U.S. biotech group Genzyme (-0.23% to 70.20 dollars) a letter citing his interest in American society, said Monday a source close to the deal, adding that both companies were discussing supply.

The automotive sector also changed on Tuesday after the publication of sales of major manufacturers for the month of July.Ford (-1.75% at 12.93 dollars) despite rising sales of 5% as its competitors, disappoints. Toyota is doing well (1.07% to 72.81 dollars) after avoirqui has reported a 6.8% decline in shipments in July.

With such high stakes - such as the future financial well-being of a family - choosing the correct life insurance policy is a very serious decision and one that requires deep thought.

The regulation of the financial world is big today. In the U.S., the proposed revised financial regulations would be voted on today in the Senate after the House of Representatives has given its go-ahead in July. Some measures have been abandoned over the debate, as the proposed tax credit, but the final text is still the biggest overhaul of financial regulation since the 1930s.

Meanwhile, a meeting is being held in Switzerland and covers the establishment of new prudential standards proposed by the committee of "Basel III". The objective of these measures is to raise the level of capital requirements at banks to limit to reduce the risk of bankruptcy of these establishments, and limit the risk of traders in the market, including products derivatives.But even the regulators and central bankers seem to make concessions against their original objectives, under pressure from banking lobby. They are afraid that a new credit crisis since experts believe that these new rules would force banks to raise more than 1.000 billion in new capital. The final text must be presented at the G20 summit in Seoul in South Korea, 11 and 12 November.

Reform in Europe delayed

And in Europe, the Twenty-seven have found common ground on how to conduct stress tests that will be published July 23. However, the reform of financial supervision has been delayed over disagreements between the Parliament and the Council of Europe. It should not come into effect before September, according to the Wall Street Journal.

J-1. That Tuesday morning Eric Woerth will present his Cabinet bill on pension reform. This text provides for the postponement by 2018 the legal age of retirement at age 62 (as against 60 now) and increase by 2020 the contribution period for a full pension at 41 5 installments. It also proposes to raise over 10 years to 10.55% of gross salary pension contribution rate of employees.Meanwhile, the government plans to introduce draft consideration – unprecedented – the strain at work to enable employees who have had a difficult career to continue to retire at age 60 but also extend the system "long careers "which allows people who started working early to liquidate their retirement before age 60.

"Unjust and unacceptable"

Trade unions, traditionally opposed the reforms they consider "unfair and unacceptable" because it would further inequalities have already planned to protest during the presentation of the Council of Ministers."The proposed reform does not respond to questions of employment, particularly youth and seniors, or the reversal of gender inequalities, or to the recognition of the hardship … It refers to the uncertainty of future generations sustainability of pension secured by the division, they were justified in a statement. They also criticized the closure of financial reform that puts "more than 85% of efforts" to employees only and require "a different distribution of wealth produced, particularly through higher taxes than expected capital income and senior income.

Eric Woerth's proposal to improve the bill at the time of the examination to the National Assembly from September 7 on three aspects of the text (strain at work, and long careers polypensionnés) has yet not had the desired effect.Even the beginnings of a better consideration of the prevention of the hardship brought up by the entourage of the Minister of Labour at a meeting with labor, has left them unmoved. "We want a broader discussion, said Friday Eric Aubin, the negotiator of the CGT, after an interview Rue de Grenelle. The position of the government that it seeks to show a continued dialogue. But we ride seriously and it confirms our intention to build a strong mobilization on September 7. "

On this day, the unions have scheduled a new day of strikes and unit mobilization, hoping to do better than June 24 when 800 000 people (and by 1.9 million CGT) had beaten the streets across France to protest against the postponement of 60 years. And thus weigh more on debates in Parliament.They do not despair, no longer convinced by that number of MPs to amend by Social Affairs Committee – where the text will be examined from July 20 to 22 – the bill. The CFDT has also planned to "harass" the summer MPs in their constituency. Act II of the 2010 pension reform does so may just be beginning.

"SPECIAL – The challenges of pension reform

Fiercely negotiated three days in Toronto, the draft statement of the G20 should offend anyone. If it includes the rigorous growth strategy, it also warns against excessive austerity. Still as unpopular worldwide, the tax credit is mentioned by the G20 as a means available to states to pass through to the banks of the crisis mess. The 28 pages of draft final declaration, which obtained a copy of Figaro, operate a subtle synthesis between European and American positions.

Angela Merkel can boast of having imposed the virtues of fiscal discipline at the highest level. But to the relief of Barack Obama and Nicolas Sarkozy, she has not transformed the G20 summit of austerity."Recent events show the importance of sustainable public finances and the need for our countries to implement measures to consolidate budget spread over time, conducive to growth, and differentiated according to country and national circumstances," says the One of the phrases most discussed compromise.

Determined to make growth "priority" of the G20, the United States got to place the term "recovery" prominently in the declaration, a challenge, says a trader. "We need to let it work through our plans to consolidate fiscal stimulus recovery," said the G20 as well. "Adjustments in simultaneous biggest countries could undermine the recovery," it added.

Disagreement over the top on bank charges

Canada has not really managed to impose a stability pact worldwide."Advanced economies have pledged to take measures to consolidate budgetary decline by at least half the deficit by 2013, and stabilize or reduce the debt / GDP ratio by 2016, said the G20. Nothing that does very afraid of the euro area, or even France, which has promised to reduce its deficit to 3% in 2013. The White House, meanwhile, did not wait for the G20 to commit to reducing the U.S. budget deficit by half in 2013 to return to deficits of 3% in 2015.

If the disagreement at the summit endorsed the tax credit, due to strong opposition from Canada to Australia, but also emerging countries (China, India, Russia), the G20 mention the tax as an option for countries seeking to save public money in any future banking crisis.Defended by the Fund, this fee would be modulated according to risk profile of financial institutions.

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Continental Airlines and United Airlines are about to happen in the ring finger. According to CNBC, a merger agreement between the two U.S. airlines could be signed next Monday.

According to the Thursday edition of The Wall Street Journal, "the Board of Directors of Continental met Wednesday and has scheduled another meeting on Friday (the day, Ed)" with United, citing sources familiar with the matter.

Two years after failing in their negotiations – the two groups did not agree because of unions and integration costs – United and Continental, whose bosses have always wanted to participate in the movement of Contraction sector, would now be on the same wavelength.

These last two weeks, the talks resumed but opinions differed on how the modality of trade action.

U.S. leadership to

This union intervendrait and only one week after the breakdown of negotiations between U.S. Airways and United Airlines. If the proposed merger between Continental and United Airlines led the new group would become the U.S. leader in the sector, ahead of Delta Airlines, with a market capitalization of over $ 6 billion.

It remains to be seen whether the authority will accept American competition this marriage Guaranteed unsecured personal loan. For who says merger often said job cuts and higher fares.What politically wrong.

A refusal has been lived to its reasons for U.S. Airways and United Airlines, almost 10 years ago, when they had proposed a reconciliation.

A need for synergies

While the sector has experienced in 2009 "the worst year's ever known industry, concentration is a single best way to achieve synergies and economies of scale.

The North American companies have suffered a loss of 3.1 billion dollars last year, according to the International Air Transport Association (IATA).

For 2010, although the estimates have been reported by IATA, the performance accrue largely to companies in emerging countries (Asia and South America), while companies in North America and Europe still would suffer heavy losses, the about 1.8 billion dollars for the former and 2.2 billion for the latter.

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"FOCUS – The companies make up between unanticipated shocks and winds concentration

Ten months (June 2009, Ed) that the government was waiting for good news on the employment front! The number of registered unemployed at the employment center in group A (unemployed who have not worked at all during the month) has in fact declined by 0.2% in March, representing a decrease of 6,600 people on a months. In total, 2.7 million people were registered in late March in the reference category, an increase of 9.8% over one year.

But the thinning stops there because the number of jobseekers registered in the four other categories increases. And sometimes significantly: +2% in group BC (24,700 unemployed persons who worked more or less than 78 hours in the month), 2.4% in category D (6200 unemployed in training, education or health) to +3 8% in group E (11,400 unemployed in assisted contracts). Worse, over one year variations ranging from 18.3% (Class BC) to + 36.4% (Class E).

"The increase in categories C, D and E reflects both the recovery of Acting as an employment policy more active, more job seekers in training and subsidized contracts," Marie-grade Claire Carrere-Gee, President of the Advisory Council for Employment which welcomed the "significant slowdown for several months" the number of unemployed.

In other words, the social treatment of unemployment is running at full output during the crisis. Difficult, therefore, welcome a decline in unemployment in France (including overseas departments) where 4,130,000 people "required to make positive job search" was recorded at the end of March employment center. 0.5% more than a month ago and 12.5% a year ago.

As usual, most 50 year olds still have suffered in March, with growth still disturbing number of entries: +1.1% in group A and +1.5% in ABC."Without strong political will, these jobseekers were statistically unlikely to rush out of trouble, consider Marie-Claire Carrere-Gee. Passed the fifties, it is very difficult to find work, moreover in an economy that barely found his breath. "And, even more than" half of the unemployed over 50 years are unemployed Long-term, "she insists. Conversely, young shoot for the fifth consecutive month hold their own while benefiting from a decline of between 0.5 (Class ABC) and 1% (A) enrolled.

Lower radiation

Another black spot: the share of jobseekers in employment center for over a year continues to increase (+0.7 percentage points in one month and up 5.1 in one year) to represent 35.3% of registered voters. As for seniority, it reached 415 days on average, an increase of 29 days in a year.In fact, only the registered unemployed for less than a year benefit from the upturn in March with a decline of 0.7% of their enrollment and reduced to 4.1% increase over one year.

As grounds for release of employment center, march to a significant reduction in the number of radiation administration (-7.9% in one month) and a stagnation of terminations for default updating entries (0.8%). The collection of jobs is up 2.9%, including the jobs of more than 6 months were up 7.4% in a month.

The Paris Bourse opens up on Tuesday after two sessions that have propelled by the 4000 points as a result of the case Goldman Sachs. The CAC 40 rose at the opening of 0.16%, to 3987 points.

Monday evening, the CAC 40. Friday night, the benchmark index of the Paris fell 1.94%.

Wall Street has ended without direction while the SEC has fueled the uncertainty by preventing it would be interested in other U.S. banks, including Deutsche Bank, UBS, Merrill Lynch, etc.. on securitization transactions.

Asian stock markets resumed Tuesday morning colors. A rather technical progress.

Zew index to follow

In Germany, the statistics institute Destatis unveiled producer prices up 0.7% in March on a month, resulting in lower annual rate of 1.5% -2.9% cons in February.Economists polled by Reuters had forecast an average increase of 0.4% a month to month and down 1.8% over one year.

The most watched barometer Zew financial community will be published 11 hours. In the eurozone, the European Central Bank will publish the balance of payments 10 hours.

In the U.S., no major economic figure is expected Tuesday.

EADS, only for an offer

Air France-KLM (0.62%, to 12.15 euros) announced Monday that the decision of French and European authorities to open corridors into European airspace allowed him to "gradually take over its operating schedule . The group felt that the paralysis it costs 35 million euros in losses per day. For its part, Club Med believes the impact on its activity to 5 million euros per day.Titles back on Tuesday to 1.73%, to 13.25 euros.

Furthermore, EADS (+0.21% to 14.44 euros) should submit a solo bid for the tanker contract from U.S. Air Force after he failed to associate with L-3 Communications Holdings or any other provider, said on Monday close to the matter. But rival Boeing seems more than ever favorite for the contract to $ 35 billion for only the first installment.

Lagard?re cons attack

In an interview with Le Figaro, Arnaud Lagardere said it excluded to abandon the status of sponsorship and Lagard?re will take "adequate time" to sell 7.5% stake that the group still holds in EADS No teletrack payday loans.Lagardere shares lost in the first exchanges 0.66%, to 31.47 euros.

The mutual bank BPCE sent an absolute bar to Deminor in the standoff that pitted him against the shareholder advisory firm on the whole record Natixis, the investment banking subsidiary public offerings in 2006 and washed by the financial crisis. Moreover, Natixis (2.42% to 4.03 euros) confirms its proposed sale to Axa's private equity activities.

BNP Paribas (0.56%, to 55.66 euros) announced it signed an agreement with Banca Popolare di Milano in the Italian bank to buy back its activities in the custodian bank for 55 million euros.

The values in the wind motor

Buoyed by a sharp increase in goals from Daimler, whose shares are more than 7% at the Stock Exchange Frankfurt, values are part of the automotive sector increased sharply.Renault and climbs from 2.51% to 34.93 euros, Peugeot of 2.04%, to 22.22 euros. Valeo is 1.98%, to 25.72 euros and Michelin 1.52%, to 53.48 euros.

Soitec and Guyenne published

Soitec reported an increase in demand and an improvement in its operating profit in the second semester 2009-2010. It seeks a balance from operations for the current year. Titles rise of 2.92%, to 11.44 euros, the largest increase of the SBF 120.

Guyenne et Gascogne (-3.34% to EUR 71,51) has published an increase of 4.7% of its revenue for the quarter, reporting a tentative recovery in Spain and a rebound of his activity in France in March.

Safran issued on Tuesday a stable activity in the first quarter, as expected. The shares were down 1.75%, to 18.65 euros. The largest decrease in the SBF 120.

FRANCE

Saffron: AC 1T (0700)

Radiall ca1T2010

Accor Q1 results (after market)

Lafuma AC 2T (after market)

USA

Coca-Cola Q1 results (before market)

Johnson & Johnson Q1 results (before market)

Goldman Sachs Q1 results (1400)

Yahoo!: Q1 results (after market)

GB

Tesco: annual results

SABMiller: progress report of 4T

SWEDEN

TeliaSonera: results 1T

SKF: results 1T

FINLAND

(*) Kone: results 1T (1130)

SWITZERLAND

Novartis Q1 results (0700)

It is an alliance that giant Credit Agricole is poised to build in the business of brokering, with China's Citic. Corroborating sources, the two groups, whose discussions began a year ago, will announce in the next few days their entry into exclusive negotiations.

Before yesterday, the Bloomberg spoke of the creation of a joint venture in Asia. The project is actually much broader. Cr?dit Agricole and Citic were preparing to share all of their brokerage activities, with the ambition to offer a comprehensive worldwide.For the Bank Green, this means that it will bring in the trash marriage the two flagships, CA Cheuvreux in Europe but also CLSA Asia inherited his nugget of the former Credit Lyonnais and the ex-Indosuez, which strike force in Asia is comprised of over 1 300 employees.

"An entry by the front door"

The negotiations will refine the assembly operation. It seems, however, have articulated a pattern in stages. Globally, the respective contributions show an economic weight of about 70% for Credit Agricole, 30% for its Chinese partner. In Asia alone, the ratio is 50-50.

In China, finally, market still very restrictive with regard to foreign players, the Green Bank would of course be a minority, but Citic would offer "an entry by the front door," said a source familiar with the matter.Both groups have the ambition to create a unique platform for implementation to the world. A strategy that sticks to the explosion of capital flows to and from the Asian region, particularly China. She also accompany the rise, very fast, of IPOs on the Asian markets for new local giants, but also of foreign cash advance. Western companies are increasingly likely to be tempted by either a dual listing-West Asia, either through public offerings in part of their activities in emerging markets.

In 2007, Citic had wanted to attempt the adventure of large-scale partnership in market activities. But the Chinese had backed the wrong horse by selecting Bear Stearns, number five on Wall Street, which was the first major victim of the financial crisis in March 2008.The company was swallowed by a weekend, for a pittance and under pressure from the Fed, JPMorgan.

By marrying his "brokerage" than CITIC, Cr?dit Agricole replicates the strategy already implemented in the field of asset management and derivatives: Green Bank has established two joint ventures with Societe Generale, Amund and Newedge . In both cases, there is access to the critical size. The problem applies to the brokerage, a business in which the challenge is to offset the costs of research teams and infrastructures, galloping amid technological revolution on the market.

Finally, the operation comes at a strategic refocusing of the Cr?dit Agricole group. The Green Bank in 2008 has imposed a severe weight loss at its investment banking subsidiary, which came early and suddenly in crisis.Now, CA IPC (Credit Agricole's Corporate and Investment Banking) is focused on three areas: structured finance, capital markets and brokerage. The planned offensive alliance with CITIC confirms this last job.

On Thursday, the title of the maker of Palm smartphones, the industry pioneer with his Palm Pilot, climbed nearly 4% to 15h40 to the NYSE. The title had already made up 20% Wednesday to end at 4.62 dollars.

American society is the subject of much speculation about a possible takeover due to the difficulties he encounters. Although the company has poached Jon Rubinstein, Apple, and there was the launch of two flagship models, sales remain subdued.

The Chinese company Lenovo, maker of computers, could be interested in Palm, but for now this is a rumor. Indeed, the boss of Lenovo, Yang Yuanqing said will make acquisitions in the mobile Internet but did not mention Palm.

In mid March, Palm has released new quarterly losses with sales projections by the calamitous end of MayNews that had booed the course, the share had fallen by almost 30%.

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"We have a banking sector in very difficult position since September 2008. On the airwaves of public radio RTE, the Irish Minister for Finance Brian Lenihan announced a massive bailout about to upset the Irish financial sector. His government is preparing to take effect in banking reform to rid the system of 81 billion euros of toxic assets from the Financial Times. The information was officially confirmed in the afternoon.

16 billion euros at a discount of 47%

To carry out this project, the government created the National Asset Management Agency (NAMA), a bank created to buy their rotten assets, mostly mortgages risky accumulated before the bursting of the credit crisis.Initially, the NAMA buys 16 billion euros in loans at a discount of 47%, a figure well above the 30% proposed last fall. Hence the need for strengthening the state capital of Irish banks.

The Finance Minister Brian Lenihan has already announced that the Irish government would recapitalize the Bank Anglo Irish Bank, has already nationalized last year, amounting to 8.3 billion euros.

Wave of nationalization

The government also planned to assist Allied Irish Banks and Bank of Ireland to recapitalize after making each of the two banks, 3.5 billion euros. It should become the majority shareholder in AIB with 70% of capital and to remain a minority shareholder Bofi, with 40% of capital.At the Dublin Stock Exchange, Allied Irish Banks has lost 10.07% to 1.25 euros and Bank of Ireland has yielded 9.40% to 1.25 euros.

Finally, the government will also recapitalize two mutual credit institutions, the Irish Nationwide and EBS, which will lead to their complete nationalization, "said Lenihan.

According to analysts, banks would need 15 to 20 billion euros while strengthening their own funds. The Irish Central Bank has assessed the needs of AIB and Bofi respectively to 7.4 billion euros and 2.7 billion euros. Irish banks could raise some of the money itself, by making asset sales. In return, the rules will have to be modified. The banks should strengthen their Core Tier 1 ratio to bring it to 8%."We must put our banks in a situation where they will be able to finance themselves with confidence on the international markets," said Brian Lenihan.

Investors are concerned because the wave of nationalization or increased state participation in banks suggests that such a plan. That recapitalization by the government should increase its stake in the bank (AIB) to more than 70% against 16% currently. The competitor in its Bank of Ireland (Bofi) should rise to 40% against 25% today. The state had already acquired shares having salvaged their coffers 3.5 billion euros.

Ireland under surveillance

Global markets keep an eye on the reforms undertaken in Ireland. The country is indeed one of the most affected by the crisis.In 2009, economic activity has suffered a fall of 7.1% and the country is still not out of the recession. The government keeps its hopes for recovery in the second half of this year.

According to analysts, if this ambitious plan than the original amounts provided by the government, this could affect the country's sovereign debt. Just as Greece, Portugal or Spain, Ireland through debt problems which have already led to a program of fiscal restraint in December. At 11.7% of GDP, the budget deficit is currently the largest after that of Greece which was 12.7%.

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