Always worried about the pace of recovery in the United States, and after six trading sessions in the green, the U.S. stock markets fell on Thursday.

After an opening in the green, the gains were quickly erased by investors who took their bénéfcies. Thus, at the close, the Dow Jones down 0.30% to 10,446.85 points.

Yet on Thursday, enrollment weekly unemployment fell slightly more than expected in the United States during the week to July 24, at 457 000 468 000 cons (revised) the previous week, said Thursday the Labor Department.

But the Fed Beige Book released Wednesday evening has reported a recovery in global economy.But two of the twelve regional branches of the Fed said the pace of activity has slowed recently, Chicago and Atlanta, and two others have found a stable economic situation in Cleveland and Kansas City.

The primary appointment of the week is expected Friday with the first estimate of gross domestic product (GDP) which will attract the attention of investors.

Symantec picks

On the side of values, Visa (-4.32% to 71.93 U.S. dollars) yesterday issued a profit after the close of U.S. $ 716 million, or 96 cents per share, against 93 cents expected by analysts. The group's turnover is up 23% to $ 2 billion against $ 1.97 billion expected by analysts.

The publisher of Symantec Antivirus (-11.18% to 13.03 dollars) has announced an increase in its profit to 161 million dollars against 74 million last year.But the disappointment comes from the software storage management data that represent 36% of sales. The activity is down 5%. For the current quarter, the group revised downward its revenue were planning.

U.S. oil giant ExxonMobil (1% to 60.3 U.S. dollars) on Thursday posted a net profit nearly doubled on a year in the second quarter to 7.560 billion dollars, thanks to improved refining margins and higher prices hydrocarbons. Net income group share stood at 7.560 billion dollars against 3.950 billion a year earlier (+91%).

In contrast, Kellogg is sanctioned: -6.89% to 47.98 dollars. The U.S. food group said on Thursday doing worse than expected for the second quarter of 2010 due to the weakness of the grain market and declining sales of its Eggo brand.The Group's net profit fell 15% to 302 million dollars. Net sales declined 5% to 3.1 billion dollars.

Also severely punished: Colgate Palmolive (-6.74% to 78.12 dollars) with worldwide sales rose 2% to 3.81 billion dollars. Prices rose 0.5% globally, with a negative effect of exchange rate fluctuations, the company said in a statement. Its net profit grew 7% in the second quarter of 2010, to 603 million.

Goodyear Tire & Rubber Co. (-5.77% to 11.26 dollars) reported better than expected quarterly results Thursday in favor of growing its revenue and earnings generated by its business in North America , thus raising its stock exchange.The leading U.S. manufacturer of tires reported a second quarter net income of $ 28 million (21 million euros), or 11 cents per share, against a net loss of $ 221 million a year ago ( 92 cents per share).

For its part, the selling group in U.S. online Amazon (-0.23%% to 116.86 dollars) has launched two new models of its Kindle reading shelf.

Always on the side of values, the car rental company Avis (7.22% to 11.88 dollars) amounted Wednesday its bid for rival Dollar Thrifty, with 13.4% more than Hertz, 1.33 billion in cash and stock, hoping to cut short the agreement between Hertz and Dollar in April.

Also note, Chris Viehbacher boss Sanofi Aventis (-0.54% to 29.31 dollars) has confirmed that group continued to explore possible "small or medium-sized" acquisitions.He declined to comment on rumors about the interests of U.S. biotech group Genzyme. Earlier in the morning, sources cited by Reuters said that the laboratory intends to make a formal offer on Genzyme after the failure of his informal approach on U.S. biotech specializing in the treatment of orphan diseases.

According to Bloomberg, the board of Sanofi has authorized management to offer up to $ 70 per share, an offer that values Genzyme $ 18.7 billion.

The use of frames is better. The worst is over. According to the barometer of Apec, 52% of companies surveyed have recruited at least one frame in the second quarter. Five points higher than last year. 43% of companies say they will recruit in the third quarter, eight points higher than the third quarter of 2009. "The results this quarter are at a level close to the situation two years ago," wrote the experts from APEC. Computer science, engineering and business services accounted for this improvement. In the first two sectors, more than half of companies recruit more than a year ago.

However, the situation remains difficult in construction where the recruitment of three companies in four are stable or declining.

Good news for graduates: improving the recruitment forecasts for the first time since the crisis began in 2008. According to APEC, 38% of companies want to hire youth in the third quarter. Four points higher than a year ago. A quarter of managers hired since the beginning of the year are young graduates. For cons, the elderly have always struggled to attract employers. Managers with more than twenty years of experience represent only 9% of new hires.

The crisis has reduced the mobility of executives in 2009

The Paris Bourse tries on Monday to continue its momentum from Friday and thus began the session in the green. The CAC 40 gained 0.43% at the opening at 3362.72 points. At the end of last week, the CAC 40 finished on a small increase of 0.25% after a volatile trading. All investors anxiously awaiting the monthly figures for U.S. employment, which were more troubling than expected 125,000 jobs lost in June but 83,000 in private creations against 33,000 in May, and unemployment fell to 9.5%. The U.S. markets have fallen back slightly after the announcement, but their European counterparts have remained on the upside.

The CAC 40 lost 5%, however the last five days and will therefore try to regain lost ground this week. Investors can not follow Wall Street Monday as the U.S. stock market is closed after the national holiday.On the side indicators in France, the PMI services will be published. For the euro zone composite PMI index, and the sales details will also be announced.

Elsewhere in Europe, also dominates the green. The London Stock Exchange opened up 0.45% to 4859.98 points, while the German Dax climbed 0.34% to 5853.75 points.

The banking supervision

Dexia (0.61% to 2.81 euros) received the assumptions of Stress tests requested by the European Union on the eve of the weekend and is currently being examined, according to chief executive of French bank Belgian-Pierre Mariani.

BNP Paribas (0.70% to 44.51 euros) has sold its subsidiary of consumer credit BNP Paribas Personal Finance Belgium funds Apax Partners SA and Altamir Amboise.The sale is part of BNP Paribas commitments towards the European Commission following the acquisition of Fortis in Belgium in 2009 free credit score.

Zodiac Aerospace (+0.48% at 37.67 euros) has agreed to buy German Sell. It is the third acquisition transaction in two months for the group led by Olivier Zarrouati.

Carrefour (1.23% to 32.53 euros) will close unprofitable stores sixteen in Belgium at the end of the month as part of the restructuring of its assets in the country, while strengthening its partnership with Mestdagh. The group expects these closures savings of about 25 million euros per year.

Air France KLM (0.64% at 9.66 euros) will face a new competitor on the field connections to Africa. The Airline Oxygen Africa should get the green light for launch in the coming weeks.

France Telecom (0.28% to 14.24 euros) must submit to the press, about 11 o'clock this morning, its strategic plan for the next five years. He wants to have more than 300 million customers worldwide by 2015 against about 200 million today, "said Stéphane Richard, CEO of telecoms group, in an interview published in Le Parisien on Monday.

Total (0.01% to 36.19 euros) does not study the acquisition of BP, but would be willing to consider the acquisition of certain assets if they were on sale, said Friday the CEO Christophe de Margerie.

PSA Peugeot Citroen (0.84% to 21.05 euros) announced it acquired for an amount of 244,925,000 euros, part of the bond issued in 2001 and maturing in September 2011.The takeover was launched June 21, 2010 simultaneously launching the bond issue of 500 million euros due five years.

The expectation of employees is very high, but the room for maneuver because it does not turn a ship as France Telecom as a racing boat. Stéphane Richard will therefore have to show all his talent to convince and mobilize, after months of crisis, France Telecom on its new project.

After requesting a "right of inventory" since taking office in March, the new strong man of the group presented on Tuesday his union business plan for France Telecom.

The economic, strategic and commercial details will be this Wednesday from 10:00 am to 16 30 to Saint-Denis (Seine-Saint-Denis) with a thousand top managers of the group, and journalists on Monday.

France Telecom insists that it is a collective project "coconstruit" with managers, employees, social partners, which have many meetings and other working groups in recent months.But the fact remains that everyone expects to see "leg" of the new boss, his strategy for France Telecom and its vision of the role of the operator, particularly in the content.

Highly anticipated the level of recruitment and the amount of investment, two key points, Stéphane Richard was evasive. He could announce additional recruitment Monday over 3500 planned for this year. "But the question of investment will remain raised until they fail to break the grip of dividend imposed the state shareholder. France Telecom has paid $ 3.5 billion dividend, "Sebastian responded Crozier. "The unions are a bit disappointed because we expected the dream of enthusiasm.But the good thing is that it makes every effort to revive the son of social dialogue, "he says.

"The people at the center"

"This project is out if only because it places people at the center because it reflects poorly on the ski-being in the company, the need to regain autonomy in work, "said Dominique Glemas, delegate SOUTH. "Budget allocations will be reallocated to the working conditions, simplification of information system. We are truly in a break with the era of Didier Lombard, very centralized. The priority now is to customers and employees, "said Lawrence Rich, CFDT delegate.

Beyond the social question, the new group project should also include an industrial component, including investments in the network, particularly in the fiber network allowing access to Internet broadband."Stephane Richard told us that the network should resume its former glory," said Lawrence Rich. A major project which has the advantage of restoring momentum to the technical teams throughout. "But the leeway to invest are reduced. From a financial point of view, money is not there. It would invest 10 billion over several years, yet we hear of two billion euros. From a regulatory standpoint, the group is forced and does not build the network to its competitors, "observes Patrick Ackermann, delegate SOUTH.

Internationally, the group does not seem likely to engage in large mergers and acquisitions. But he will pursue an active policy of development in emerging countries, primarily in Africa.

New casualty of the crisis: the key feature of the station. Arrived at the head of the national railway company in March 2008 Guillaume Pepy had quickly announced his intention of transforming the rail group. But the crisis forced the officer to review his copy.

The original plan announced by the boss "Destination 2012", targeted a turnover of 36 bn euros in this horizon, an increase of 50% compared to 2007, and a recurring operating profit doubled between 2007 and 2012, 2 billion euros. But now the target may be difficult to achieve, especially operating profit, which reached 150 million euros in 2009. The officer was therefore resolved to rethink its strategy, reports Les Echos.

The group plans to develop a new strategic plan by 2015. The SNCF would nevertheless not completely turn his project in 2008.The goal to transform the railway into a group of transport and mobility services remains a major international priority. This ambition should see a significant milestone this year, says the business daily, due to income from railway agent, for the first time, less than half the total group.

Elysee and the RFF involved

And the state shareholder following these developments closely. The Elysee has stepped in and plans to hold a meeting on the subject as early as July, it said. In particular, discussions with the government and the RFF (Reseau Ferre de France, which owns the network) should help establish new directions for the business lines. The partners will also agree on the reform of railway planning activity nearby.

Another difficulty officer: reassure railway. In this regard, Guillaume Pepy envisages a tour of France regions, reports Les Echos.

The Sony Ericsson Yendo

The sixteen capitals of the euro will, on Monday at the Eurogroup, the finishing touches to 'ease' of 750 billion euros, which must guarantee the eventual bailout of states at the edge of bankruptcy, according to sources placed at heart of the discussion. Germany finally helped a lot by going beyond the limits imposed it seemed, an EU official confirmed Friday: "Everything will be operational within a few weeks."

The actual launch of the European Facility for Financial Stability (FESF) could bolster the euro and calm the markets, hitherto little comfort from the start of construction decided in an emergency on May 10 last. The issues of risk sharing and security ultimately raised by the Merkel government, have long hindered the development. But it was Berlin came the answer.The debate could end Monday with the appointment of the Chairman of the facility, on the occasion of the Eurogroup in Luxembourg.

The FESF, intergovernmental organization and incorporated in Luxembourg, will have a board with decision unanimously. This leaves a veto in Berlin and other capital of the euro. In theory, the decision to help a country asphyxiated as well as the amount of the guarantee and / or loan will be made once and for all, as desired by France.

Loans conditioned

In practice, using the FESF will be conditioned to multi-year plans for fiscal consolidation. They require, as for Greece, a regular monitoring of progress, terms of appointment, or even a questioning of the programmed disbursements. Germany promises to be challenging at every turn.

The European facility can guarantee or provide up to 440 billion euros of bonds or loans, equivalent to 4% of GDP in the euro area. The IMF and the European Commission will provide the additional 60 billion euros for the Commission and up to 250 billion euros for the IMF.

Its creators plan to combine two modes of action: either a common security for borrowings granted by the State in difficulty or of loans granted to the State FESF in trouble after borrowing common in international markets.

Triple A

In both cases, the sixteen are issued by the prestigious AAA rating agencies and the interest rate is more favorable. The first method is the simplest and fastest. The second, which resembles a European issue, reinforces the coloration Community commitment."This looks like a Euro-issue, even if it remains politically difficult to use the term," says the European official, in an allusion to the reluctance of Berlin.

In addition, the guarantee given by each signatory is not integral, unlike a conventional transmission. It is limited to 120% of the initial commitment of each capital. These 20 points are margin solidarity efforts made by the Merkel government. They also mean that Germany would not pay off the entire bill, even in the unlikely scenario where all partners would collapse one after the other.

Meeting in Brussels, the Heads of States of the euro area have finally approved the activation of the financial assistance plan 110 billion euros to Greece three years. Moreover, on a French initiative, they announced the establishment of "a Community mechanism to intervene" to help their country would face financial difficulties and this, in order to preserve financial stability in Europe. More specifically, it would be a fund to help countries threatened to defend the euro.

According to government sources, the European Commission could contribute in the form of loans to the tune of 70 billion euros. The European Central Bank (ECB) will also participate. "All institutions are determined to act," said Nicolas Sarkozy simply at the press conference that followed the discussions."We will not let destabilize the euro zone for behind, there is the growth of European jobs," he said.

The Heads of State and Government decided to convene a meeting Sunday of finance ministers across the European Union to finalize the operation and financing of this novel device, which forevermore assembly developed for Greece . "On Monday, the mechanism will be operational," said Nicolas Sarkozy, sending a signal to markets still very upset.

"We will do whatever it takes to defend the euro," piped up the European Commission President Jose Manuel Barroso.

Pressure on ECB

The other track would be mentioned that the ECB buys bonds issued by states of the euro area, to provide them in exchange for cash.According to the same diplomatic sources, the European Commission would now pressure on the ECB to make sense in a concrete proposal to support the euro area. In their draft agreement, the leaders of the Eurogroup, however, have said they support "full action of the ECB to ensure the stability of the euro area.

Monday, lcette last announced it would accept the Greek debt as collateral for its loans, regardless of their credit ratings. Extending this unprecedented step for all countries in the euro area "would be a strong signal to markets" would have said the president of the European Commission Jose Manuel Barroso. But on Thursday, the ECB said it had not considered.

At the meeting this Friday, the president of the European Central Bank, Jean-Claude Trichet, have estimated that the eurozone faced a "systemic crisis".

Tighten fiscal discipline

The euro zone leaders agree at least on the need to tighten fiscal discipline. A commitment to ensure that "Greece is not only to reduce its deficits, but that we work so that all the Stability and Growth speedy again respected," said German Chancellor Angela Merkel in Brussels. "The leaders will do whatever it takes to meet budgetary targets," says the text of the draft agreement. A penalty system "more efficient" will be established.The European Council President, Herman Van Rompuy, reported that an agreement between heads of state had been reached for "a strengthening of economic surveillance and policy coordination."

Finally the sixteen Heads of State and Government reiterated their determination to "move quickly on the regulation and supervision of financial markets. They also insist on the creation of "a European rating agency.

Barack Obama supports the EU

Moreover, since the White House is that Barack Obama supported the European heads of state on Friday. "I made it clear that the United States supports these efforts and will continue to cooperate with EU authorities and the IMF during this critical period," he said, after talks with Angela Merkel.

American concerns grew at the same time as the market stress. Wednesday, Charles Plosser, a leader of the U.S. central bank (Fed) has assured that "the economic recovery of the U.S. could be delayed by a further turmoil in financial markets. Recent events in Greece are one of the factors likely to influence the evolution of the U.S. economy. "

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The concern is strongest on Wall Street. While the Greek parliament adopted the austerity measures required to pay using the EU and the IMF, the American financial markets plunge. The Dow Jones fall at the close of 3.21% to 10,520.32 points, the Nasdaq lost 3.44% to 2319.64 points and the S & P 500 3.24% cowardly to 1128 points.During the session, the markets have even panicked: the Dow Jones has suffered a historic collapse of 9% and the Nasdaq is up 8.85%! But according to CNBC, a single error in a large trading company was behind the short dip seen between 14 hours and 15 hours …

Strengthening investor panic, the spokesman for the White House said the reforms, as austerity plan imposed in Greece were "important" but they "take time".

"The situation in Europe has a low potential impact on the U.S. recovery. But this remains an important market for import and export for many countries and the euro is the second currency of international transactions, "says Fred Dickson, chief investment strategist at Davidson Cos.."We all know that we also have budget problems and deficit," warns Jay Suskind of Duncan-Williams, implying that the United States themselves might be affected.

Again, fears of contagion go before the national indicators. However, good news came on the employment front. Entries weekly unemployment declined in the United States during the first week in May, against 444,000 451,000 the previous week, according to the Department of Labor. Economists had expected jobless claims averaged 440,000.

In addition, productivity gains of U.S. companies have been higher than expected first quarter. Productivity increased 3.6% over the fourth quarter, while analysts expected an increase of 2.5%.

The euro plunged again

The euro sank under $ 1.26 for the first time since March 2009. The European currency, which was still worth $ 1.33 last Friday, has broken the symbolic threshold into this new 20:45.

Investors were disappointed by the decision of the ECB to keep interest rates unchanged, while some wanted the European monetary authority takes steps to stem a possible contagion of the Greek debt to other countries the euro area paydayloans.

And the fences in the bright red of the European markets do not help matters.

Oil tumbles

Oil prices fell for the third straight session Thursday in New York.On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for June delivery ended at 77.11 dollars, down from 2.86 dollars the previous day. Over the past three sessions, he accumulated a dip 9.08 dollars, or 10.5%.

"This is entirely due to macroeconomic concerns," said Ellis Eckland held, independent analyst. "The debt crisis in Europe would clearly be negative for economic recovery in the world, especially in Europe."

Freddie Mac and distributors troubled markets

On the side of values, Freddie Mac has asked yesterday in federal funding additional $ 10.6 billion the U.S. Treasury. At the end of 2008, the Treasury has pledged to cover an unlimited losses for Freddie and Fannie until 2012. This new application brings to more than $ 61.3 billion total spent on federal aid to rescue Freddie Mac.In trading, the shares drop 6.24% to $ 1.34.

Retailers Costco Wholesale Corp. and Gap reported sales difficult last month, up just 0.5% for the first and were down 3% for the second comparable basis. Consequence: their respective securities fell by 3.86% to 58.03 dollars and 7.17% to 22.91 dollars.

In their wake, Target was down 1.86% after publishing sales down 5.9% in April against 2.3% expected by the markets.

The telecom equipment maker, JDS Uniphase (-20.15% 10.94 dollars) has announced a loss of 11.9 million (101.7 million against last year). The sales were above expectations at 332.3 million dollars.The company said stronger growth in its order book for 2 years in the first quarter

The security software vendor Symantec (+1.72% to 16.53 dollars) announced a profit of 184 million dollars and the video game publisher, THQ, significantly reduced its losses to 10.4 million against a deficit of nearly $ 100 million last year.

The CBS group (-4.49% at 14.88 dollars) recorded a loss of posting $ 26.2 million for a turnover of 3.16 billion.

Jean-Louis Dumas in June 2001. Photo credits: AFP