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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.

Find a solution to the debt crisis before the holidays. This is the roadmap of finance ministers of the euro zone next week. The European Council President, Herman van Rompuy, do not let them choose by calling Thursday for a summit. In the meantime, they must agree on the terms of a new plan of aid to Greece, the key to stability in the euro area.

"Our agenda will be the financial stability of the euro area as a whole and the future funding of the program (help) Greek," said Herman van Rompuy in a statement released Friday night. A summit should be held this week, but the disagreements were apparently still too large to meet the ministers of the euro area.

Friday, the German government still insisted on the need to reach a solution on this point before considering a meeting at the highest level."It's not a meeting in itself will help Greece, is a new program," said Berlin spokesman of German Chancellor Angela Merkel, Steffen Seibert. A meeting will take place only if "it makes sense and is necessary," he added.

"Practicalities"

The fact that the president of the EU sets a date for the meeting means that the countries of the region are close to an agreement to overcome their differences on the plan must shelter Greece until 2014. The difficulties relate to the private sector. While States have agreed on this principle, "the element that continues to be discussed is the scope and practical arrangements," said the Belgian Minister of Finance Didier Reynders.

This question, seemingly technical, is the more political aspects.Specifically, Germany would like the creditor banks of Greece their hands to the portfolio. German Chancellor Angela Merkel does not want to antagonize the public, tired of paying for its European neighbors. The German solution has the potential to place Athens in de facto default. An option rejected by the European Central Bank (ECB), France and Madrid. "We made good progress" in discussions of the issues that upset "but there is still work to do," said a source close to the talks.

"Treat the Greek problem '

These dissensions troubled financial markets in the euro area. The crisis reached a new level this week, the contagion affecting Italy's third largest economy in the euro area. Rome, however, managed to extinguish the fire in the markets by adopting an emergency in the austerity plan of 48 billion euros.Publication of the results of stress tests of European banks on Friday could also help calm the fears of investors.

If the finance ministers do not want to disturb the relative calm, they will present next Thursday, practical solutions. "It should address the problem of Greece, as a starting point of an overall therapy," say economists at Credit Agricole. The recipe that will be applied to Greece as an example. "

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The Paris Bourse is expected to remain on the path to higher Friday morning after a nice session already saved up last night having completed 40 leCac an increase of 1.48% to 3892.21 points. The Greek situation reassured the financial world yesterday, as the Greek Parliament finally adopted the unpopular austerity plan, paving the way for the release of a next tranche of aid from the European Union and the Fund IMF. The euro has risen, moving at more than $ 1.45 this morning.

If no statistical significance is expected today, investors will monitor the U.S., where the issue of debt escalates. One report indicates that U.S. lawmakers should agree within three weeks on raising the debt ceiling, or the country will default.Timothy Geithner, the Secretary of the Treasury, would resign.

The figures in the automotive market

The Committee of French Automobile Manufacturers (CCFA) will release figures this morning the car market for the month of June and the first half.

Renault breaks the price of his Renault Twingo, faced with falling sales, will sell for the first time one of his vehicles, the little Twingo at a price lower than the Logan, the model input range of its Romanian subsidiary Dacia, according to La Tribune.

PSA is increasing in India The automaker is expected to invest 620 million euros in building its future manufacturing site in India, according to Les Echos. PSA will implement this facility in the state of Tamil Nadu, south of the country.

EDF EN signs a big contract

EDF.EDF Energies Nouvelles, a subsidiary of French group dedicated to renewable energy, has signed with the Danish Vestas Wind Systems for the use of wind turbines in Europe and the United States. The contract could provide the French operator up to 2000 megawatts over the period 2012-2014. The transaction amount was not disclosed.

LVMH.Philippe Pascal, who led for ten years, watches and jewelry division of LVMH, has been appointed adviser to Bernard Arnault, CEO of the world's number one luxury.

Areva said Thursday that the strategy developed since the creation of nuclear group by Anne Lauvergeon was a "success" and that his replacement did not involve a change of course.

EADS said Thursday the success of the acquisition, through its subsidiary Eurocopter, the Canadian aerospace supplier Vector Aerospace, 98.32% of shares were made to the offer made in late May.

TF1 announced Thursday to be in negotiations to become the sole shareholder of Metro France, the eponymous owner of the free newspaper which claims 2.4 million daily readers.

Carrefour has signed an agreement with Pixmania, the specialist in consumer electronics, to catch up in online sales of non-food.

Bénéteau sailboats world's leading manufacturer, said that sales in the first nine months of fiscal year 2010-2011 and the level of its order book allowed him to confirm its objective of annual turnover of 920 million euros.

BioAlliance announced Friday the launch of a capital increase of EUR 16.6 million to accelerate development of its portfolio of orphan drugs in oncology, particularly Livatag.

With a business volume of 300 million euros, Travel sncf.com set a record last month. "We sold 150,000 tickets a rainy day, 200,000 on a good day," said Yves Tyrode, director general of the website, a subsidiary of SNCF, which claims more than 55 million train tickets sold last year and more than 11 million unique visitors each month. "Last year, 70% of Internet users have come at least once. We are the site of all the French! "

In fact, Voyages-SNCF. com is the leading French travel agency online. In 2010, the site has achieved 2.8 billion euros in sales volumes, driven by a 18% growth over 2009.

Year after year, Travel sncf.com widening the gap with so … the counters of the station. Last year, the site has achieved 36% of sales of train tickets. A record.For the record, this percentage was 27% in 2008, the share of branches reaching 28% at the time.

"We are pro in the distribution of tickets online and we want to be in Europe, says Barbara Dalibard. Online sales change over a double-digit growth. Customers come under the counter. "

2011, promising

The CEO of SNCF Voyages recently told a group of journalists that "currently, our sales come for more than a third of the Internet, 20% of travel agencies and the rest is done at the counters of our stores and" .

2011 promises to be a promising year for Travel sncf.com. "Even trend" in 2010, according to its CEO Yves Tyrode and "explosion" of sales from mobile phones and tablets (iPad).While these new devices sales still weigh little in the overall volume of activity in Travel sncf.com, but since January the sales they have generated has increased by 100% to 20 million euros. In May, mobiles and tablets as well have accounted for 10% of the audience of the site.

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Not more than five hours of music per month. The platform for online listening Deezer decided to put its users on a diet. At the launch of its new, faster and more social interaction through Facebook, a new policy was implemented. It marks the end of unlimited listening obtained in exchange for advertisements viewed. The internet has thus no choice beyond the five hours of music heard, you have to pay.

The goal is "to accelerate the conversion of most active users towards premium offerings," says the streaming platform in a statement. For if Deezer is used by millions of Internet users, only 5%, or 1.2 millionsd'utilisateurs are paying subscribers. The shortfall is significant and Deezer trying to correct the situation since 2010.Became a shareholder in Orange since July includes such subscription to the site in some of its plans for mobile and broadband. Its main competitor Spotify has followed the same path in alliance with SFR. Since April, the platform also knows the same kind of restrictions: listening to you free is now more than ten hours beyond the first six months of registration and it is impossible to listen to more than five times the same song.

Pressed to see close the valves of the free and unlimited internet, the majors have strongly influenced these decisions. Their fight is also not complete: Universal Music has always Deezer impose the same restriction to five songs played. But all the stakeholders do not rejoice in this decision, as Adami, a collecting society of intellectual property rights of performers."Why limit listening to five free hours a month just announced as the champion French streaming? We see the requirement for producers who once again is the wrong economic model. Imagine that limits the radio listening to a few hours per month. Record sales they would find it doped? "She asks in a statement. "The proposed model opens the door to the concentration and will affect the diversity," says Adami.

The future of such limitations may depend on decisions made in the U.S. by other Internet giants. Amazon and Google have decided to launch their music service without the majors, at risk of being prosecuted or with a limited catalog of titles. Facebook should ally themselves to Spotify normally while Apple has its side chains agreements for its music service, expected to be announced Monday night.

If, in the very heart of the crisis, the French government has relied on a policy to boost investment-oriented, because he knows that eating is a hexagonal solid growth. A study published Friday by the INSEE has once again confirmed: the actual consumption of households French volume was 13% higher than the average for 27 European countries in 2009.The differences in spending have also been significant – in a ratio ranging from one to three – the Luxembourg being the largest consumer, the Romanian bringing up the rear.

France "is part of a group of six countries (with the Netherlands, Germany, Sweden, Austria and Denmark) that have a comparable level of consumption (between 12% to 16% more than the European average, after adjusting for purchasing power parities), noted INSEE.

Nevertheless, all Europeans do not spend their money the same way … If a German is spending more than its European neighbors to furnish his home, a Spaniard and an Italian consume more hotels and restaurants, and an Englishman in clothing and shoes.

Cultural reasons

For cultural reasons, the French consume more to eat and drink at home than their neighbors.On average, they buy "three times more fish a German and a half times more meat." By contrast, consumption of products from cereals and soft drinks are higher in Germany than in France. Allen consumption of alcoholic beverages is also above the European average.

But that does not mean that the French drink more! This may "reflect the different levels of scope in products purchased," said INSEE. Compared to their neighbors, they also consume more for housing, transportation, recreation, health and education, but less on clothing and restaurants.

The actual household consumption expenditure includes supported by government, including education, health, or housing.These costs "vary in a ratio of one to three and a half years between Bulgaria and Denmark." Level in Germany is close to the European average, while that of France is greater than 25%. The study finds that finally, despite a tightening, the price levels differ between countries of the European Union, "although these countries belong to the same economic union." In France, in 2009, prices are 14% higher than the European average. Logically, the prices are higher in countries where the standard of living is too.

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Up to 12 billion euros in the envelope for help in Portugal will be used to increase the level of strength of banks. Tuesday night, the Portuguese Socialist government resigned and the delegations of the European Union (EU) and International Monetary Fund (IMF) are in fact reached an agreement Surun bailout program for three years.

The amount of external financial assistance who does not seem to be completely fixed. According to the Prime Minister, it rises to 78 billion euros, but a senior source in the euro area said that "officially, the range is between 75 and 90 billion euros.Much depends on the final needs of Portuguese banks. "

Jose Socrates said his side that the terms of the agreement, "which defends Portugal", will give the country more time than promised by the government to meet its budget deficit targets. "It's a three-year program, which defines the objectives of a more gradual reduction of the deficit: 5.9% of GDP this year, 4.5% in 2012 and 3% in 2013," he said. Portugal had previously committed to reduce its deficit to 4.6% this year to 3% in 2012 and 2% in 2013.The imbalance of Portuguese public accounts in 2010 amounted to 9.1% of GDP, well beyond the target of 7.3% from the government.

Threatened breach of funding because of prohibitively high interest rates charged by the markets, worried about the solvency of the country, Portugal, who must repay five billion euros of debt in mid-June, had requested assistance EU and IMF on April 7, after Greece and Ireland last year.

In exchange for this aid, the EU and the IMF require an "adjustment program" consisting of austerity measures "ambitious" and structural reforms involving the major parties beyond the next parliamentary elections of June 5

Divergent opinions

The opinions of analysts on the plan unveiled Tuesday night diverge."The rapid deterioration in borrowing conditions in Portugal (which saw interest rates soar in recent months, note) placed the country in an untenable situation", says Jesus Castillo, an economist at Natixis. The plan "will give the country more time to restate its finances and pursue a policy of structural reforms to improve its competitiveness deteriorated."

The plan submitted by José Socrates, for its part considers Gilles Moec, economist at Deutsche Bank, "made no reference to concrete structural reforms to enhance growth potential." However, he continues, "Portugal's budgetary problems are only symptoms of the difficulties of the country, by their source."

Others worry about the aid itself. "The size of the loan appears excessive in relation to the needs of Portugal," said Ciaran O'Hagan, strategist at Societe Generale CIB rate.The maturities of the debt amounted to 10 billion euros per year and the cost of the deficit itself will be less than this amount. In total, Lisbon auait therefore need much less than 20 billion euros a year, he calculates. "We fear that the aid will reduce the incentives to reduce spending and increase taxes," concludes the analyst.

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Employment in the United States has seen a leap in March. Jobs created were $ 216,000 over the month, after 192,000 in February and 68,000 in January. Economists were divided, but the Labor Department figure exceeds the consensus, which expected a slight decline in job creation, to 190,000. The U.S. economy is "showing signs of real strength," responded the president Barack Obama.

"These are the best figures recorded since May 2010 when the massive recruitment for the census of the population had inflated statistics, notes Jean-Marc Lucas, an economist at BNP Paribas.Despite disappointing figures in January, average monthly job creation reached 159,000 since the beginning of the year, which portends a slight decrease in the number of unemployed. "

The smallest job losses in public administration (14,000 in March after 46 000 in February) have enabled the U.S. economy to show a figure better than the previous month. Job creation alone business, in fact, were slightly less active this month (230,000 against 240,000) low fee payday loans.

The unemployment rate drops to 8.8%

Among the fastest growing sectors are business services (78,000, but 29,000 in contracts for temporary services) and health (37,000). The industry continues to hire (17 000), as well as the mining sector (14 000).

The unemployment rate, calculated on a different basis, for its part, declined to 8.8% against 8.9% in February.The share of long-term unemployed (more than 27 weeks without a job) has continued to increase, to 45.5% in March, against 43.9% in February. "This stability reflects the persistent deflationary pressures from the labor market," Inna Mufteeva analysis, an economist at Natixis. The Fed should not change its policy of monetary expansion.

Job creation in recent months have not yet allowed to catch up the destruction suffered during the crisis. (Source: Société Générale CIB)

The French will not endure forever rising fuel prices, without changing their consumption habits. According to an Ifop poll published Sunday in the South West, 47% of respondents intend to reduce their consumption now if gasoline prices continue to climb.

Consequence of the soaring price of oil, those fuel have reached record highs last week. A liter of unleaded 95 has sold 1.50 euros on average in the hexagon, and a liter of diesel 1.54 euros, said earlier this week the Directorate General for Energy and Climate (DGEC ). Some stations even offered Paris a liter of unleaded fuel to 1.8 euro.

If consumers incorporate more and more since 2005, the idea of ​​an inexorable rise in fuel prices, 1.5 euro per liter of diesel remains for many a symbolic threshold beyond which they consume as much. Only 15% of respondents put this threshold at a level greater than 1.5 euro per liter, said the survey. Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip), makes the same observation. He recalled that in 2008 when fuel prices had also risen sharply, the consomamation was down 3% once this threshold is crossed guaranteed fast personal loans.

Not lower taxes

The decision to reduce its consumption or not, however, depends partly on the level of life. 40% of workers have thus been limited.In contrast, managers and professionals are more likely (14%) than average (11%) said they will not alter their habits, whatever the price of a liter. For many, the level of fuel consumption is also strongly constrained by the lifestyle.

Faced with soaring prices, the government this week but ruled out any cut in gasoline taxes could reduce the transport budget of the French. "You can take steps this guy at a time when we must take into public finances," ruled the Economy Minister Christine Lagarde. It was therefore confined to advise the French to buy the morning and follow rules of conduct to reduce, even at the margin, the price at the pump.

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In six years, the French market for televisions has been multiplied by two. Last year, 8.5 million sets were sold. "This is by far the most active market of consumer electronics," said Philippe Citroën Simavelec president of the union of manufacturers published Tuesday that its record 2010. And it's not over. Sales are expected to rise to 8.95 million televisions this year. "After this peak, sales are expected to decrease to stabilize at around eight million. This means that three households bought a TV in the year, "added Philippe Citroën, for which growth factors will persist for several more years.

The increasing size of screens and the fact that they are more dishes are two of the main vectors of purchase. "We're in the infancy of this phenomenon.The screens 50 inches and over will increase in importance in the market, "said Laurent Roussel, president of Panasonic France. Many consumers have swapped their old CRT against a flat screen the same size. They could quickly change to a bigger, even if the equipment rate of households French flat screen now stands at 75%. Meanwhile, the multi-equipment is becoming widespread. It is no longer a TV per family, but by piece.

In addition, the transition to DTT is not complete. Remains of old posts and change owners DTT decoders could also renew their equipment.

Connected and 3D

Sales should also be stimulated by the arrival of new technology offerings that are 3D and the TV connected. "Obstacles to the development of the latter should quickly disappear, says Philippe Citroën.But it is difficult to converge the open world of computing with the highly standardized television. "By 2013, 75% of TVs sold should be connected. For now, they represent less than 10% market share.

Larger screens (40 inches and larger) should be almost all in 3D, and connected. However, no explosion of TV market promises no relief in 2011, while an offer is already shaping without glasses, much less expensive, but with image quality a little worse. "It will be several years before this technology is really developed," according to Philippe Citroen. The connection of the TVs will also provide access to more content in 3D.

Falling prices are also encouraging the renewal of equipment.It is also reflected by a downward trend in sales market, which fell 1% in 2010 to EUR 4.2 billion and should continue to decline, despite the increase or stabilization of volumes sales.

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