At the opening of the New York Stock Exchange, the Dow Jones advance of 0.65% to 11,635 points and the Standard & Poor's 500 and Nasdaq 100 rise of 0.76%, respectively, to 1222 points and 0.81% to 2597 points. U.S. investors, it seems, was reassured, once last night, by the tone of "minutes" of the last monetary policy committee of the Fed. This report has indeed confirmed that the U.S. central bank did not rule to use new tools of monetary easing to support growth ever more threatened. A perspective that also prompted the European markets to rebound on Wednesday morning, when he had closed the previous day on a mixed note.Also in the interests of peace, the United States, President Barack Obama said on Tuesday that the U.S. economy had a "heart attack" she was recovering at a slow pace as he prepares to unveil a new stimulus package.

Meanwhile, the volume still low despite the likely return of holidays for most investors, however, reflect a cautious market that continues. The current rebound, often excessive, thus remain fragile, the sudden relapse is, at every moment possible. And the meeting this Wednesday is evident, in this regard, not without risks.

The employment figures highly anticipated

The private sector in the United States slowed its hiring in August, creating 91,000 jobs over the month, less than expected by analysts, according to figures released Wednesday by consulting firm HR ADP.These new jobs, slightly lower than in July (109,000, revised), are lower than analysts' forecasts, which projected 100,000.

The Chicago PMI index of industrial activity for the month of August, from 3:45 p.m., will also be closely monitored. Orders to industry for the month of July (1600) and the weekly oil inventories (16:30) conclude the list of publications of macroeconomic days.

On the corporate side, the American phone AT & T (0.57% to 29.79 dollars) pledged Wednesday to repatriate to the United States currently filled 5,000 jobs in its call centers overseas, If green light to the acquisition challenged T-Mobile, the U.S. subsidiary of Deutsche Telekom.These employees will be "well paid", assured the group in a statement, recalling that he was the only major U.S. telecom operators to accept unions in its stores.

Bank of America (0.99% to 8.20 dollars) is about to further reduce its scope of activity in the mortgage, by stopping the sale of mortgage loans through independent agents, said Wednesday the Wall Street Journal , citing people familiar with the matter.

Hewlett-Packard (0.81% to 26.26 dollars) will temporarily restart production of its TouchPad Tablet, whose sales soared since the U.S. computer giant announced mid-August that he would cease to manufacture. HP announced on August 18 a sudden change in its strategy, through the cessation of production of its new tablet and its smartphones using the operating system of Palm webOS.HP also plans to separate its activities from production computers to refocus on software.

Like the Asian stock markets, although directed this morning with the exception of the financial center of Shanghai, the Cac 40 rose sharply opens on Monday. After being awarded 1.73% at the opening, following the rebound in U.S. indices Friday, the benchmark index in Paris was still moving from 1.59% to 3136.59 points in mid-session. Enough to clear the heavy losses the last two sessions.

More hesitant, other European indices begin their week on their side so volatile. Germany's DAX climbed 1.28% in mid-session after falling slightly (-0.17%) in the morning. Even the Spanish Ibex is up 1.93% after plunging by almost as much this morning.Note that the London Stock Exchange will remain closed on Monday due to holiday.

Friday, after a negative early trading, Wall Street has ended the session on gains of 1.2% for the Dow and the Nasdaq 2.5%, investors focusing on positive ads during the next meeting of the Federal Reserve in September, Ben Bernanke hinted at the conference of Jackson Hole. The anticipation of a further intervention by the Fed puts the dollar under pressure against a basket of currencies: the dollar is trading at 1.4511 dollar per euro, 1.4490 against Friday night.

And always in the context of the general economic meeting in Jackson Hole's new Executive Director of the IMF, Christine Lagarde, has urged this weekend to recapitalize banks. She said that the European institutions "need of urgent recapitalization."The former Minister of Economy and Finance believes that these measures are the "key to cut the chain of contagion." So new fears for the banking industry, already largely weakened during the summer.

Pending on the details of the background of aid to Greece In Greece, aid modalities are not yet fastened. Negotiations were slowed by the requirements of Finland and the new challenges of Athens, whose stock rebounded strongly on Monday, however, and accounted for up to 9% increase on mid-term, on the bottom of the side of mergers expected Greek banks, in the early afternoon.

In addition, investors seemed to adhere to about Laurence Parisot.And referring to the financial crisis, the president of the employers' association (MEDEF) estimates for its part, that "if Europe were attacked, not because it is weak but because it is strong, and if it is envied, because it is enviable, "In an interview with Le Figaro, the boss of the bosses denounced a U.S. plot against the euro area.

Irene reduced cost

Other news of the weekend: the passage of Hurricane Irene passed through New York without drama. He also was demoted to a tropical depression. U.S. markets should open smoothly and Monday. Hurricane Irene would have between 500 million and one billion dollars in damage in the Caribbean and the United States, according to catastrophe modeling firm EQECAT.A figure below the most pessimistic forecasts considered before the hurricane.

The price of Brent was down, refineries and oil terminals on the East Coast of the United States seem not to have suffered major damage, easing fears of a supply disruption. In addition, Libya resumes oil exports within a month, according to the spokesman of the Arabian Gulf Oil Company (Agoco), controlled by the rebels low rates payday advance. Crude oil production will resume in mid-September on two deposits in the country. A barrel of "light sweet crude" for delivery in October takes the field, to 85.46 dollars per barrel of Brent North Sea crude for October delivery stabilizes at 110.8 dollars.

Still on macroeconomic markets keep eyes turned to the other side of the Atlantic.They will learn on Monday of income and household consumption in the United States in July (1430) and promises of home sales for the same month (16.00).

The bank bounce despite the warning Lagarde

As for values, on the eve of the biannual publication of trucks from the coast (Bo uygues, Carrefour, L'Oreal, Vinci …) in mid-session, one drop was to lament among the 40 largest-cap the Paris, that of Danone (-0.34% to 45.58 euros). In addition, about Christine Lagarde did not prevent banking stocks to rebound. A technical rebound is sustainable, while the sector was the most attacked in recent weeks. Societe Generale (2.02% to 21.76%) followed by Natixis (2.08% to 2.74 euros) and Credit Agricole (0.90% to 6.47 euros) and Axa (1.27% to 10.36 euros).Finally, BNP Paribas up the rear with a more moderate increase of 1.10% to 33.93 euros.

In addition, Ingenico (1.43% to 27.26 euros) announced that it had repurchased TNET, an Italian company specializing in payment terminals, for an amount that was not disclosed. According to Ingenico, TNET manages an installed base of 45,000 terminals in Italy.

APRR observe the re-opening until September 9 of the OPR launched by Eiffage (0.95% to 30.97 euros) and Macquarie.The toll road was also noted Friday that the evolution of traffic early in the second half was mixed for light vehicles, but remained well oriented for heavy vehicles.

In addition, ING has lowered its board to maintain, against purchase, the title Arkema (0.91% to 50.38 euros) and reduced its price target on the value to 55 euros (as against 85 euros).

Canal + (0.67% to 4.37 euros) could push his plans for the IPO. While the ACC has lost nearly 20% of its value during the summer, analysts are skeptical of an imminent public offerings of media group, reports Les Echos. The listing of the 20% held by Lagardère has already been de-programmed, it could eventually sell its stake in Vivendi, the majority shareholder.

For its part Orange (France Telecom: + 1.06%, to 12.88 euros) would be in conflict with the American Cogent.The U.S. operator has, according to La Tribune, filed a complaint against his French counterpart to the competition authority for "abuse of dominant position." Orange is accused of preventing users from accessing the site MegaUpload. The conflict dates back to January so that Orange had decided to grant the account drop traffic from Cogent.

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It is a small revolution for the station and its customers: under a decree published this summer in a discreet and identified by Challenges.fr, the railway company could now set its prices much more freely. Gone are the peak and normal periods, the timing was officially recorded in advance and who presided over the setting of tariffs.

"The decree allows to adjust the price cap to the station for the gradual opening to competition of the railway market," says the text. Clearly, to boost the attractiveness and profitability of the public entity within the opening to competition of the European network, SNCF should be able to offer its customers a range of rates much larger, developed based on supply and demand.

Rate increases on the crowded trains

The gain to consumers is mixed.On some busy routes, these new capabilities would enable the public body to go beyond the current full price of the second class in rush hour cheap payday advance. Holidaymakers taking TGV lines busy for example will be expected to pay more. However, for trains shunned by customers, the SNCF would be allowed to go below rates currently charged to attract new passengers.

Such liberalization was requested by the SNCF to the government at the end of last year, in return for the introduction of a tax to finance inter-deficient lines. Neither station nor the government have so far expressed on the subject.Signatory to the decree, the Minister of Transport, Thierry Mariani, was at the time held that freedom of the SNCF tariff should remain regulated, "in that competition does not really exist."

According to Challenges, consumer groups such as FNAUT will be formally consulted before the application of the decree, "probably in the fall."

What will the television of the future? This is the battle that was played in early August between the Ministry of Industry and the Communications. The Ministry of Eric Besson argued for the adoption of a new standard for DTT broadcasting (the DVBT-2). That of Frédéric Mitterrand preferred delay. Élysée and Matignon has arbitrated in favor of Eric Besson. Result, 9 August, the French government notified Brussels that it reserved the right to establish a new standard for DTT broadcasting, as revealed by the Tribune. The government does not specify the date of service, but it will be theoretically possible on 1 December 2011 with the termination of analog TV. The issue is quite simple. With technological advances in transportation and compression of images, it should be possible to make a lot of space on the radio frequencies (up to 70%).

With current technology, there is room for six new HD channels. Three lines are planned for the bonus of Canal +, TF1 and M6, and three others could be attributed to competitors. With the new standard DVBT-2, it will be possible to disseminate, not six but ten. The problem is that it was not until late 2013 or early 2014 for manufacturers LG, Sony, Samsung … sell TVs with standard DVBT-2. The French who are equipped with new TVs from 2005 to 2011 to receive the TNT are not ready to change to accommodate new channels payday loan no faxing.

Reasoned opinion on September 20

This equation is complicated by the question of the future media landscape and the allocation of bonus channels. But Michel Boyon, the president of CSA, must make a report on the subject to François Fillon, late August or early September. Michel Boyon has several solutions.

The first is to allow the launch of three bonus channels (Canal 20, Paris Première and LCI) in the current standard from 1 December 2012. The second is to allow the launch of these channels but with the new standard. Consequently, many channels exist but would be seen by any viewer, because there will be no television adapted. The third is to freeze the PAF with 19 free channels until 2014, when the arrival of new TVs and a full stop advertising on France Televisions. This would suit TF1 and M6, which argued for a break. But Canal Plus, who wants to launch its free channel Canal 20 in late 2011, could attack the decision to the State Council. It is Brussels that could mediate the dilemma. On 20 September the Commission will issue a reasoned opinion, or it's likely that it opposes these bonus channels.

The deposit Aldous Major South discovered early August in the North Sea is higher than expected. It could be one of the ten largest ever found in the waters of the Scandinavian country said on Tuesday the Norwegian oil company Statoil. August 8, the group had evaluated the capabilities of this new pool of 200 to 400 million barrels of oil equivalent (boe). Today, the giant of black gold confirms Aldous Major South "communicates" with the deposit Avaldsnes. Together they form a reservoir could contain between 500 million and 1.2 billion barrels of extractable oil equivalent. "Norway has not made a similar discovery of oil since the mid-1980s," says Tim Dodson, a senior official with Statoil.Further drilling will now be held to determine whether Aldous / Avaldsnes also communicates with the reservoir Aldous Major North.

This is great news for the Norwegian continental shelf. As a result of declining reserves and the absence of findings sufficient to replace the volumes extracted, the Scandinavian country's oil production has been declining since the peak in 2001 cash advance to savings account. It is now significantly lower than 2 million barrels per day (bpd), against 3 million a decade ago.

But the oil industry is the backbone of the Norwegian economy. The oil is a state monopoly, managed on a sustainable development perspective.

Boost production

In 2006, according to the Norwegian Ministry of Petroleum and Energy, the oil sector accounted for 26% of the value added of the country.The same year, Norway ranked fifth in the world ranking of Petroleum Exporting Countries and the tenth in that of oil-producing countries. This discovery is very good news for Norway, but also for farmers who had to manage the decrease in production.

The deposit Aldous Major South is owned 40% by Statoil, which shares ownership with the state-owned Norwegian Petoro (30%), another Norwegian Det norske oljeselskap (20%), and Swedish Lundin (10% ). The information was applauded by investors: Det norske oljeselskap action jumped from 21% to the opening of the Oslo Stock Exchange and that of Statoil 1.9%, while Lundin clinching 6.5 % in Stockholm.

A cold shower! Well than expected by economists, the announcement of a French no growth in the second quarter 2011 is a very bad surprise. The surge of 0.9% of GDP in the first quarter is no longer a distant memory, the stagnation of activity between March and June changed all that in full preparation of the budget in 2012. Because the government now sees its growth forecasts for 2011 and 2012 seriously undermined.

The cold snap of the second quarter mainly due to a decline of 0.7% of household consumption. "This is the highest in fifteen years and the third largest drop in consumption in fifty years," notes Laurence Boone, chief economist for Europe Bofa Merrill Lynch. The end of the scrapping weighed heavily on automobile purchases.But the damage is deeper: "Households have reduced their spending in all positions in industrial goods," notes Catherine Stephan, at BNP Paribas.

Now, with an asset growth of 1.4% since early 2011, observers doubt the capacity of France to meet its objectives over the next two years. Jennifer McKeown at Capital Economics, expects no more than 1.5% in 2011, far from the 2% of the government. BNP Paribas, it is hardly more optimistic, showing 1.7%. "To achieve a growth of 1.8% throughout the year, it takes a minium that GDP grew by 0.5% in the third and fourth quarters," said Philippe Waechter, Natixis AM. This is exactly what INSEE predicted in June, before the market crisis.But "given the surveys suggesting a slowdown in July, balances that are a priori not unique and shock the financial markets, an increase of 0.5% in the third quarter was the highest of the range, "he says.

Tax loopholes

Under these conditions, the forecast of 2.25% of GDP growth for 2012, on which the budget was to be built next year, is totally obsolete. "This year we will be online," however, assured Baroin RTL on Friday, saying that "this second quarter, disappointing that the first course, which was far ahead was anticipated."For the Minister of Economy, therefore, "it does not change the matrix on which we are working on the budget."

This position should change Aug. 24, at the meeting at the Elysee, presided over by Nicolas Sarkozy, to wedge the new budgetary decisions. At that time, many expect a downward revision of growth forecasts that will involve … an upward revision of cost savings! "We will no matter what the objective of reducing the public deficit to 5.7% of GDP in 2011 and 4.6% in 2012 to reach the 3% in 2013," insists there be tireless in the entourage the budget minister, Valérie Pécresse. The equation is simple. "A lower growth of 0.25 points in 2011 will not prevent Bercy to meet its objectives for the year. However, at current rates, the deficit is moving more towards 4% of GDP in 2013, "calculates Laurence Boone."To return to the 3% target should be achieving 20 billion in additional savings over two years."

So far, the government planned to cut 3 billion in tax loopholes. He will have to change gear. Philippe Marini, rapporteur of the budget in the Senate, calls for 6 to 10 billion in additional savings. If the final figure is not stalled, the method is refined: there will be a general plane of the tax loopholes, coupled with the removal of some of them, for the sake of "tax justice" according to Bercy. Niches affecting corporate tax for large companies are in the sights and the tax on real estate gains could be reviewed upwards. No question, however, to one year of presidential, touching the 5.5% VAT in catering. A niche that cost 3 billion each year and the economic effects, however, uncertain.

Friday night, two days after intervening in Parliament without presenting concrete and after two weeks of falling markets, Silvio Berlusconi announced a drastic revision of budget targets. He was accompanied by his Minister of Economy, Giulio Tremonti: both showed a facade of unity after publicly bickered on the eve of the ECB's role in the crisis, which had a bad effect.

The new roadmap is binding. Parliament will be asked to register immediately the "golden rule" which prohibits any deficit in the Constitution. The balance of public accounts will advance to 2013 instead of 2014, deadline too far in the eyes of the markets. This means emerge from 7-8000000000 new resources in the form of budget cuts and reductions in structural costs.In this context, the Minister of Administration, Renato Brunetta, estimates that the deficit target to 1.5% of GDP next year and 0.2% at end 2013 is achievable. The government is also considering a new Labour Code introduced more flexibility in wage bargaining, tax reform, growth-oriented and cuts in government spending. It remains to translate these intentions into decrees by the Cabinet, so that Parliament can approve the final quarter of 2011.

Historically high rates

The pressure has paid off. Brussels and the ECB have joined forces this weekend to make the government realize that the time for procrastination was over. Rates have exceeded 400 basis points with the German Bunds, a historically high level. Italy has urged the ECB to acquire Italian government securities on the secondary market.Frankfurt on Sunday night welcomed the efforts of the country. The German Government considers that it is first in Italy to prove the seriousness of his reforms.

A crucial week therefore expects the peninsula. The social partners will be informed of the contents of the measures of fiscal austerity plan Wednesday. On Thursday, the budget committees and Constitutional Affairs will shorten their vacation to hear Giulio Tremonti.

The majority union of airline pilots, the SNPL, announced Thursday night that he raised his notice for the strike that was scheduled for August 5 to 8. This announcement follows the government's decision to follow the recommendations of the mediator.

In its report issued on Thursday, the mediator Raphaël Hadas-Lebel makes proposals for the reform of the pension fund of the crew – and the conflict is necessary because the reserves are diminishing – is done in a more progressive, giving more visibility long term and encourages staff to extend their business no fax payday loans.

In the wake of the submission of this report, Xavier Bertrand and Thierry Mariani sent a letter Thursday to the unions.Proposals Raphael Hadas-Lebel "seem integrate the concerns of various parties" and "achieve a balanced reform bill," wrote the Ministers of Labour and Transport, who are committed to apply on January 1.

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Nicolas Sarkozy and Angela Merkel arrived in the morning Thursday in Brussels after a marathon negotiation began in Berlin late Thursday afternoon and was to end in the Belgian capital in the evening. Wednesday evening between Angela Merkel and Nicolas Sarkozy, an agreement was set with the EU Presidency of Herman Von Rumpoy was then allowed to leak the outline in the morning, causing a positive market.

"Stock markets have been reassured by the existence of an agreement between Berlin, Paris and the ECB," says a close friend of Nicolas Sarkozy. The working meeting between Sarkozy and Merkel – "seven hours without interruption," according to the entourage of the head of state – was not enough to win the unconditional adherence of the fifteen other members of the euro area. "Many arrived without having in mind the highly technical aspects of this case. It took a lot to explain.Everyone wanted to be sure you understand the mechanisms involved, "said a relative of the head of state. Despite negotiating a lot longer than expected, counselors diplomatic head of state felt to hold the right end on Thursday night. "This agreement is a strong political message, for two reasons: it reaffirms the determination of the euro area does not drop Greece, and overhaul the European Stabilisation Fund, giving an additional area of ​​intervention" , we summarized in the entourage of the Head of State, on the sidelines of the meeting.

Over economic governance

Forced to stay away from microphones and cameras so as not to upset her "friend Angela," Nicolas Sarkozy has continued to play the conciliator between the requirements of the European Central Bank and those of Berlin, a role of "critical" that greeted elsewhere Yesterday a French banker."Angela is always careful not to get caught up too far," says Nicolas Sarkozy often. "It is more tactician, it is more a strategist," said one of his advisers. Strategist, the head of state to be tried since the beginning of the second Greek crisis, reaffirming the need for a strong political gesture in favor of a higher degree of integration of European economic policies. "This is the landing point from the beginning," says a consultant. If Angela Merkel wants to put Europe at the German time, imposing fiscal discipline, Nicolas Sarkozy intends to Chancellor at the time French, into accepting more economic governance. Seen from Paris, the summit held Thursday crossed then a further step towards integration and convergence of European economies."For several months, France blew up the clause of the Lisbon Treaty, which prohibited the bailout of a failed state. This allowed us to intervene in Greece, Portugal, Ireland. She obtained the creation of a European background stabilization, and modification of the Stability Pact, adding a preventive and a macro component. Without this component, Ireland could not have been brought to heel. Finally, we pushed for the creation of a pact for the euro convergence and competitiveness, "says a close adviser to the president to measure progress. "All this was unimaginable a year ago," he says.

It is not far from the "loss of face." The misfortunes of the new high speed train from Beijing to Shanghai are doing good laugh from all over China, while the press is unleashed and the authorities are trying to limit the damage. It must be said that it was promoted as a symbol of the Chinese railway resounding success, ready to go to conquer the world. But the beginnings are disastrous.

Last week, the train fell down several times. Internet forums and newspapers are full of stories telling outraged passengers have found in open country, stranded in trains closed and sweating profusely in the searing heat of summer. The Ministry of Railways had promised Friday that these problems would be "resolved" expeditiously. His spokesman, Wang Yongping, presented "excuses".And recognized that the line had seen "dozens of power outages" and a host of other "problems". The summer storms are largely responsible.

This iconic TGV line was opened with great fanfare on June 30, very proudly with "a year ahead" and, just as symbolically, the day before the 90th anniversary of the Communist Party. It was presented as the flagship of the newly high-tech controlled by China, and one of his arms out to conquer the world. Premier Wen Jiabao, said the line "operational" in Beijing before boarding for the first trip to the South. This train will link the two major Chinese cities 1300 km apart in less than five hours. The construction of the line has cost 23 billion euros.In March, the audit office of the state showed that 187 million yuan (20 million) had been diverted from the site by individuals or companies.

Massive rail projects

Chinese railway projects are enormous. In 2009, it was announced that 42 high-speed lines were planned for 2012, for an investment of 210 billion euros. China has the network of its kind in the world's largest, with more than 8000 km of track, and she wants to extend it to 25,000 kilometers by 2015 and 50,000 km in 2020. This year, like last year, Beijing is expected to invest 70 billion euros. Since the end of 2009, the "fastest train in the world" flows 350 km / h between Guangzhou and Wuhan. And last December, China announced proudly beating the world speed record with an oar unchanged at 486.1 km / h.But many voices cast doubt on the economic viability of some lines, less strategic than between Beijing and Shanghai. In February, the authorities decided to reduce the speed of TGV Chinese, for purposes of economy and to improve their safety. And the dramatic dismissal for corruption of the Minister of Railways Liu Zhijun, also in February, has revived speculation about a slowdown in rail projects.

Meanwhile, it is the airlines are rubbing their hands. They were sentenced say – almost – on the route from Beijing to Shanghai. The price of a one-way train range from 410 yuan (44 euros) and 1,750 yuan (190 euros), according to three classes, against about 1,300 yuan (140 euros) for a plane ticket in economy class.The airlines had already begun to lower their prices, with discounts up to 65% in response to the competition ground. They should slow down the movement …

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