Anticipate a future opening up slightly from the New York Stock Exchange on Thursday. Wall Street and should build on the previous day, still driven by hopes of a coordinated European bank recapitalization.

After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia. The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.

Caution before the employment figures

Investors in Europe and the United States should however be cautious before several major macroeconomic deadlines.On Thursday, the European Central Bank (ECB) announced on Thursday to maintain its 1.50% interest rate, reference the cost of credit in the euro zone, despite the sharp deterioration in the economic and financial crisis.

Investor caution should also be strengthened by the expectation of official figures of employment for the month of September in the United States to be published Friday. Meanwhile, new jobless claims are slightly lift the United States during the last week of September, according to figures released Thursday by the Washington Department of Labor.The Ministry has identified the deposit of 401,000 applications for unemployment benefits in the country from September 25 to October 1, adjusted for seasonal variations, or 1.5% over the previous week, which is consistent with the estimate of analysts.

On the foreign exchange market, the euro reached 1.3331 dollars. A barrel of crude is trading at 102.38 dollars for Brent North Sea and 79.50 dollars for U.S. crude.The ounce of gold is trading in 1644 dollars.

Investors will have their eyes on Apple and Yahoo

As for values, investors will have their eyes on the technology sector.

• Apple should be particularly observed after the announcement of the demise of the group's founder Steve Jobs.

• Yahoo is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had tried to capture in 2008 of U.S. internet group.

• Hewlett-Packard should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman, quoted by Reuters.

• Boeing received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.

• Gilead Sciences has granted a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.

• Marriott International has released the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.

Also note Peabody Energy and ArcelorMittal will extend their bid for Macarthur Coal until October 28.

The New York Stock Exchange began the week as badly as he had finished the previous one. The debt crisis in Europe and the United States and the gloomy outlook for global growth still hovering in the markets. At the close, Wall Street lost 2.37% to 10,655.30 points, the Nasdaq 3.29% to 2335.83 loose points and the S & P 500 drops 2.85% to 1099.23 points. Friday, Wall Street had already been a difficult session.

On the macroeconomic front, the ISM manufacturing index in the United States has, however, unexpectedly increased to 51.6% in September (the consensus of analysts expected 50.5%) and construction spending rebounded in the month of August 1.4% (against 0.5% expected).These publications serve to mitigate the concerns about U.S. growth occurred even as the markets again questioned the ability of Greece to meet its budgetary commitments.

But the crisis of public finances continues to produce its harmful effects on the markets. Bad news yesterday in Europe, where Greece has announced that it would lack its budget deficit targets. The second Country Assistance Plan will be the focus of several summit meetings this week: Monday, finance ministers of the euro area were meeting in Luxembourg hours from 5:30 p.m. and Tuesday, those of the entire European Union.This will then be the turn of the Franco-German debate the future of Greece and "ways and means to accelerate economic integration in the euro area".

A new week promises to be tense on Wall Street, where investors are worried more about a possible erosion of corporate earnings, without the support of foreign demand. Past two years, export sales have averaged 30% of the turnover of listed companies in the S & P 500, allowing the results of many of them to exceed the expectations of analysts. In addition, many U.S. multinationals have benefited in recent months the relative weakness of the dollar to support exports.But the euro shows a quarterly decline of more than 7% against the greenback, depriving companies of the damper.

The U.S. ISM better than expected

Most analysts have already lowered their expectations of results. According to Thomson Reuters data, earnings for the third quarter are expected up 13.3% over the same period of 2010, against an expected increase to 17% in early July.

On the macroeconomic front, the manufacturing sector has grown stronger than expected in September in the United States, according to the purchasing managers' index released Monday. This index, calculated by the Institute of Supply Management (ISM), stood at 51.6 against 50.6 last month in August and 50.5 expected.

Construction spending rebounded against all odds in August after falling in July, according to official figures released Monday by the Commerce Department.They rose 1.4% year on year to stand at 799.15 billion dollars, while analysts expected a decline of 0.3% following a decline (revised) 1.4% the previous month.

Oil continues to fall and the dollar to strengthen

Oil prices have closed lower in New York lundisoir in the wake of the stock markets, despite the encouraging figures on manufacturing and sales of automobiles in the United States. On the New York Mercantile Exchange, a barrel of "light sweet crude" for delivery in November lost $ 1.59 from Friday's close, and accounted for 77.61 dollars.

On the currency markets, the dollar continued its rise against the euro, the euro falling by 1.46% to 1.3192 dollar.

Also note, the protest movement against the excesses of Wall Street gains momentum.The New York police said on Sunday that most of the more than 700 demonstrators arrested Saturday as they marched down the Brooklyn Bridge to protest against the excesses and other finance had been released. Further rallies are planned.

Yahoo! Alibaba in the crosshairs

Alibaba China Internet group would be "interested" in acquiring a large U.S. shareholder Yahoo! (2.73% to 13.53 dollars) and has been approached by private equity firms interested in mounting such an operation, said on Monday the Wall Street Journal. Yahoo! is the main shareholder in Alibaba, with 40.5% of its capital, but relations between the two companies are very tense for months.Alibaba has in the past tried to buy this participation, but the direction of Yahoo! there is still refused, partly because of the importance of the contribution for its own market capitalization. The group, which has dismissed its CEO, Carol Bartz, is valued around $ 17 billion in stock. Alibaba is not listed but the whole group is valued around $ 30 billion.

Intel (-3.35% to 20.62 dollars) will acquire Telmap, an Israeli company that designs software for mobile browsing. Details of the agreement were not disclosed, but Israeli media reported that the semiconductor giant would pay between 300 and 350 million dollars (224 euros 261 million).Telmap will become a 100% subsidiary of Intel, retaining its brand, its management and 210 employees.

For its part, Citigroup (-9.78% to 23.11 dollars) would be subject to an investigation by Japanese authorities for lack of information on financial products, according to Reuters. The Japanese Financial Services Agency seeks in particular to know if Citi did not breach disclosure requirements. It also attempts to determine whether the bank is not involved in laundering operations.

Also note, WellPoint (-4.53% to 62.32 dollars) has increased its budget share repurchases of $ 5 billion more.

The crisis in the euro area would feel it more outside the monetary union in its midst? In any case, Washington, Beijing or London that seem to come now calls the most vibrant in the action. The most brutal too, sometimes. "I see the European leaders roll up their sleeves," was exclaimed and Sunday on the BBC, the British prime minister. "The eurozone is a threat to itself, but also a threat to the UK economy and a threat to the global economy."

David Cameron is well echo the words of Barack Obama, who had created great excitement in the European ruling class last weekend.Europeans "through a financial crisis that frightens the world," declared U.S. President who is critical of the inertia of the Old Continent: "They never really occupied the challenges facing their banks," he explained.

Sarkozy-Merkel meeting

Both critics respond course to domestic policy concerns. Faced also with a very fragile economy, David Cameron and Barack Obama have a field day to continental Europe as a scapegoat. Still, they express anxiety was widely distributed across the planet. Meetings of the IMF and the G20 a week ago in Washington were the sounding world. "Europe is at a critical moment in its history.(…) If the decision comes too late, some members of the euro area will leave, "commented Saturday the People's Daily in China, setting the tone of urgency that the entire planet seems to inspire European leaders.

In the economic sphere too, the difficulties of the euro area crystallize the fears. What happened to Friday on Wall Street the big U no fax cash advance.S. bank Morgan Stanley is a striking illustration. Its action was unscrewed from 10.5% in a session on rumors of "exposure" to European banks.An "unofficial source" had to say that Morgan Stanley was exposed either to France or to its banks, the same tone that he employed was not so long on the market to talk about the subprime and other toxic assets! Also appear as irrational and epidermal such reactions, they show how much confidence moved against investment in the euro area.

It is therefore under considerable pressure that EU leaders will engage in an October "marathon". The meetings of finance ministers from the eurozone and the European Union on Monday and Tuesday should not be decisive. The meeting between Nicolas Sarkozy and Angela Merkel planned-probably 9 – will be much more. The Franco-German partnership will give "the" strategy of the euro area, for the top 17 and 18.With three main points on the menu: the treatment of Greek case, the strengthening of capacity of the European Financial Stability Fund, and the terms of consolidation of the banking sector. Part of this last chapter, however, also be written by the European Central Bank, possibly as early as its meeting on October 6. Indeed we expect the ECB to provide more oxygen to the banks as loans at least one year. Europe, she was again meeting with the rest of the world, November 3, G20 Cannes.

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After China, Russia and India, Renault-Nissan continues its conquest of the BRICs with Brazil, a market that the Alliance considers particularly promising. Japanese Nissan, 43.4% owned by Renault, will announce next Tuesday the construction of its first plant in the country. It would produce about 200,000 cars a year according to Nissan. This would be after a source quoted by Reuters car to make affordable electric cars. The manufacturer will invest $ 1.5 billion (1.1 billion euros). A figure not confirmed by Nissan, but the sum generally allocated to the creation of a new plant. The site could be located in the State of Rio de Janeiro. So far, Nissan produces its cars in the Renault plant in Curitiba, in Parana state.

Meanwhile, Renault will expand the capacity of its plant to better meet market demand.The investment could be around 200 million euros, according to estimates from an internal source to the manufacturer. The Curitiba plant produced 190,000 cars last year, about 30,000 Nissan vehicles.

Carlos Ghosn, CEO of Renault-Nissan, said in June, during the presentation of the new strategic plan of the Japanese, that Nissan would announce an investment in Brazil by the end of the year. He also promised two weeks ago, at the Frankfurt Motor Show, the major announcements about upcoming BRIC (Brazil, Russia, India, China).

Renault-Nissan, whose global market share stood at 10.3% in 2010, wants to catch up in Brazil, where the Alliance was granted last year that 5.9% of the market ( 4.8% for Renault and 1.1% for Nissan). The French manufacturer this year is 5.5% of market share and 7.4% in 2013, with 250,000 vehicles sold (against 160,000 in 2010).He estimates that Brazil, last year's third market, could become the second to the horizon behind France.

While the market is currently dominated by Fiat, Volkswagen and General Motors, which share almost two-thirds of sales, the French rival Renault, PSA Peugeot Citroen, also seeking to hold its own in the game PSA , had already announced in 2010 an investment of 530 million euros in Brazil, including the development of models tailored to the local market and increased capacity. The plant in Porto Real, in the State of Rio de Janeiro, should be capable of producing 220,000 cars from next year, against 150,000 now.

Higher taxes on imports

Renault-Nissan also want to be able to benefit fully from the growth of the Brazilian market, last year became the fourth in the world, with 3.3 million vehicles and an increase of 10.6%. In recent months, growth has slowed significantly, however, even if the first 8 months of the year, it still reached 7.5% over the same period in 2010. The country could fall back to fifth or sixth place this year, according to the local builders association.

Increasing their industrial presence in local, French manufacturers are also able to escape the measures recently implemented by the Brazilian government to tax heavily on imported cars and thereby encourage investment in the country.

Renault-Nissan was headed for emerging markets, giving priority to date every time to one of two manufacturers. In Russia, the Alliance is currently negotiating the takeover of Russian Avtovaz before the end of the year, Renault could hold 35%. In India, Renault will produce four new models by end 2012 in the Nissan plant in Chennai. Remains China, where the Japanese are strongly represented, but Renault is still absent. An absence that seems more than ever out of place when Nissan is growing in Brazil.

The stock market bounce this week has been facilitated by the concerted action of major central banks. The markets now await a response to the crisis of the euro and they still fear a return to recession is not yet integrated into the course.

• Central banks have put out the fire. Policy is to act.

To rebound, stock markets were expecting a strong gesture. A kind of kick in the bottom of the pool after the distressing spectacle of the leaders of member countries of the euro unable to agree on rescue Greece. The first impetus was given by central banks that have decided to tackle the funding problems of European banks. By providing all the liquidity they need dollars, they have the most urgent and avoided a new banking crisis. But the most difficult tasks lie ahead.For central banks are independent organizations, they therefore have the flexibility of movement that do not have the seventeen Member States of the euro. Now it is in the field of European governance, the ability of states to reduce their debt and the solidity of the European financial stability that is expected the euro area. Subjects whose implementation is far from certain and have not finished putting markets under pressure.

• Focus on growth, defensive stocks do not pay more.

The crash of August brought down one of the last great stock market myth: the resilience of defensive stocks in times of crisis. The numbers speak for themselves: Veolia Environnement and Suez, specializing in utilities, a sector traditionally very defensive, yielded 42 and 20% over the last three months.EDF and GDF Suez lost their next 18 and 12%. France Telecom, Vivendi and Vinci also fell sharply. During the summer, these values ​​have not only shown no ability to resist, but they often fell as much as "cyclical" as Lafarge, ArcelorMittal, Saint-Gobain or Peugeot. The only values ​​that really are resilient growth companies in these emerging countries have low debt and strong brands. LVMH is the case, Essilor International, SEB, Air Liquide, Bic or Hermes International. The clear market preference for growth stocks at the expense of defense is not surprising in times of crisis. It is precisely because investors fear a slowdown in the richer countries, that growth is so sought after by scholars.The famous guru of Wall Street, the American Peter Lynch, who long prospered the famous Magellan fund, has shown: in the long run, only the values ​​of growth are able to enrich shareholders. His motto: there is no fortune by multiplying the stock market moves, but the success by joining the best companies at the time.

• Economists fear a growing recession in the United States.

The euro crisis is not the only concern of the operators. According to a survey by the Wall Street Journal on a panel of 53 economists, they believe that there is one chance in three that the United States fell into recession in the next twelve months. This sharp deterioration in business expectations is a bad omen.American economists believe the Fed will be reactive at its meeting on 20 September, but they doubt the effectiveness of measures taken to revive the business. The survey, closely watched by traders on Wall Street, the trend weakens. Especially when we know that this feeling is shared by consumers, which contributes 70% to U.S. GDP.

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The main emerging countries could come to the bedside of the euro area. So says a source on Tuesday the Brazilian government, according to the Brics acronym for Brazil, Russia, India, China and South Africa – could increase their holdings of bonds denominated in euros.

These discussions are not yet at a "preliminary stage", says this source, who adds that this approach would not involve "the majority" of the reserves of these countries. The Brazilian newspaper Valor Economico understands that these purchases could be limited to the debt of Europe's most solid.

"To help the EU out of this situation"

A final decision could be taken at the meeting on September 22 finance ministers and central bankers of Brics in Washington bad credit unsecured personal loans.The Brazilian Finance Minister Guido Mantega, has already confirmed that the Brics discuss the debt crisis in the euro area, without giving details. "We will talk about what it takes to help the EU out of this situation," he said simply.

Meanwhile, Italy, whose rates have soared during bond, has denied media reports that she would have asked China to invest in debt. But markets want to believe this solution. THE EUROPEAN stock markets have closed well over sharp increases. And Wall Street is also displayed in the green end of the session.

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It's great oral reentry. Denis Hennequin, the controls of Accor since the ouster of Gilles Pelisson in January, will unveil early next week its strategy to revitalize the hotel group. It will present its first new priorities for employees at headquarters Monday and Tuesday to investors and financial analysts.

His method and revenues to improve the performance of Accor are particularly expected that the share price has lost more than 30% since the beginning of the year, in a very difficult indeed. "We should have a clearer view on marketing initiatives, brand repositioning and expansion plans, hoping Exane analysts in a note published this week.Their impact will probably do not feel immediately, but a better brand strategy could lead to a better average income in both years, as if Holiday Inn has reopened. "

Accor should provide a detailed annual forecast for the year. In a context of great tension on the purchasing power, investors also hope that the group will provide guidance on trends for next year.

But the most anticipated the evolution of the brand portfolio, a question that Denis Hennequin, who spent his career at McDonald's, has always considered a priority. Reportedly, the CEO of Accor is expected to announce its intention to make Ibis spearhead the group's development in economy hotels. Ibis brand is already the highest contributor to the results of Accor.Denis Hennequin wants to further exploit its strengths in the imposing new on land now occupied by All Seasons and Etap Hotel. Ibis would be broken down into three "versions": Ibis, corresponding to the current Ibis, standard hotels, all in the same vein Ibis Styles, corresponding to the current All Seasons hotels, which would then be renamed; Ibis Budget, instead the current Etap Hotel. New logos would be launched with a pillow and different colors according to the formulas (red, green or blue). lnterrogée yesterday, the management of Accor declined to comment.

In the 2010 annual report of the group, Denis Hennequin felt the need to strengthen the brands so that they emit more personality. "They will be more aggressive in their communication, in their boldest and most innovative design in their service offerings," he writes.He continued: "Our priority is to strengthen their DNA. Ibis is a good example. It is not only the first contributor to the results of Accor, but also a nugget: in a market dominated by the economic basis of price, it has more soul and warmth that all clients recognize him. This is all the difference. "In late January, Ibis opened its 900th hotel in the world, in Tangier in Morocco.

"The Big Mac of Accor"

Launched in 1974 in Bordeaux, the chain now operates in fifty countries. It has opened 44 schools last year and provides 10,000 new rooms per year by 2015.In addition to providing accommodation at an affordable price, it offers the opportunity to purchase snacks and drinks 24 hours 24, a breakfast from 4:00 am to noon and to use an Internet space.

In late February, presenting the results of the exercise, Denis Hennequin was ruled IBIS takes to become a world reference. "Ibis is a bit of the Big Mac Accor, a jewel in a market economy. This is a brand that works everywhere, "he was delighted, much more critical of other brands. After the Big Mac index, he said he would see an "Index Ibis" to the extent of the global economy hotels. Walking is engaged …

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Despite the announcement of a sluggish growth for the euro area, the Paris Bourse on course. After being shoved in the afternoon, following the announcement of lower growth expectations than expected for the euro area, the CAC 40 has finally completed the session in the green, slightly below 3100 points.

After increasing by 0.63% in mid day, the CAC 40 dropped 0.9% in the afternoon, in response to the correction of growth forecasts for the euro area European Central Bank (ECB) . But late in the session, the index gradually returned in the green, gleaning 0.41% to 3085.83 points. On other European financial centers, the London Stock Exchange finished the session up, the FTSE-100 index took 0.41% to 3085.83 points. The Frankfurt Stock Exchange is on his side remained more hesitant, the Dax closed at balance, 5408.46 points (0.05%).

Not surprisingly, the ECB rate remained at current levels, at 1.5%. But the European Central Bank has revised downwards its growth forecast Thursday for the euro area, and taking note of the recent negative developments in the economy and the mood in financial markets. The ECB now sees growth of 1.6% in 2011 for the euro area. However in June it had the opposite raised its forecast to 1.9%. For 2012 it expects growth of 1.3% against 1.7% previously. Inflation expectations remain unchanged at 2.6% this year and 1.7% next year.

The U.S. employment under the microscope

United States, several indicators of the health of the economy fell. Among them, the weekly jobless claims, which rose during the week to September 3, at 414,000 against 412,000 (revised) the previous week.The trade deficit for its part, declined significantly in July to $ 44.8 billion after two consecutive months above 50 billion, with an unexpected surge in exports. In addition, U.S. inventories of crude oil fell more than expected last week, revealed the U.S. Agency for Energy Information (EIA). They fell 3.96 million barrels to over 353 million, while economists had forecast a decline of 1.9 million barrels.

Two discourses are also highly expected on Thursday, those of Ben Bernanke and Barack Obama. The Fed chief will speak at around 19 am, French time, the Economic Club of Minnesota. Investors await details about how the Fed intends to support the economy.This intervention will follow the publication yesterday of its Beige Book, which again reported a moderate growth. For his part, Bush will speak on Congress to 1 am, French time, on employment and growth. It should detail a plan for employment that would reach $ 300 billion, raised yesterday by the U.S. media.

In France, growth in employment has slowed

In France, INSEE announced that the dealer paid employment decelerated in the second quarter.Principally market sectors have created a total of 33,300 jobs over the period April to June, from 78,300 in the first three months of the year, an increase of 0.2% against 0.5% the previous quarter.

The trade deficit widened further in July, reaching 6.46 billion euros in seasonally adjusted data, weighed down by a rebound in imports, Customs officials said Thursday.

Moreover, according to the OECD, economic growth in developed countries could slow sharply, see stalling in the second half and central banks must be prepared to ease monetary policy by lowering interest rates or intervening on markets.The Organization for Economic Cooperation and Development predicts that growth in the G7 should not exceed 1.6% annualized in the third quarter and is expected to fall to 0.2% over the last three months of year. In France, activity is expected to increase only 0.9% and 0.4% annualized, against 1.8% and 1.9% previously expected.

On the currency side, the euro continues to widen its losses: the European currency fell to 1.3945 dollars, its lowest level since July 12.Oil, he, rising as a result of the prolonged interruption of production in the Gulf of Mexico due to tropical storm: a barrel of "light sweet crude" for delivery in October gained 41 cents to 89.75 dollars a barrel of Brent North Sea crude for October delivery takes 18 cents to 115.98 dollars in morning trading.

Values ​​to follow on Thursday

• Banking

Stress tests imposed on European banks have made "transparency and clarity" on the strength of their balance sheets, said Wednesday night a Treasury official in the United States.

Banks react well. Among the largest increases in Société Générale took CAC 3.72% (at 20.01 euros), BNP Paribas 4.49% (at 33.06 euros) Crédit Agricole 3.06% (at 5.92 euros).Natixis took the head of the CAC 40 (4.77% to 2.65 euros).

• Areva (-0.20% to 20.74 euros)

The French nuclear group Areva said Thursday was ready to process the spent fuel still present on the site of Fukushima and propose to the Japanese government and the company Tepco lasting solutions to manage the post accident.

• Gemalto (5.46% to 35.43 euros)

The title leads increases the SBF 120, the group is in the midst of "road show", between August 26 and September 15, analysts point out. The action bounces also important on a technical device, which accentuates the rise in the stock, analysts note charts.Since August 25, the title was up over 13%.

• EADS (-0.85% to 21.69 euros)

The group is ready to dip deep into a war chest of $ 16 billion (11.3 billion euros) to finance its expansion in the U.S. and is in preliminary discussions with several potential targets, said Wednesday its chief executive for North America.In addition, the European missile manufacturer MBDA, in part by EADS, would be forced to reduce its workforce by 400 jobs by 2015, according to La Tribune.

Airbus, a subsidiary of EADS, is also considering a third increase its production capacity in one of its scenarios for 2018 to meet demand, the success of the A320 Neo scarce slots delivery before 2020, The Tribune reported Thursday.

• TF1 (0.34% to 10.38 euros) and EuropaCorp (-0.91% to 3.90 euros)

The two groups announced Wednesday the signing of a Framework Agreement for development to produce the series in English for television.

• Ipsos: -2.20% to 26.90 euros

The group has launched a capital increase in cash of approximately 200 million euros to finance the purchase of Synovate.

• GDF Suez: + 0.32% to 20.55 euros

The group will transfer to the Italian ENI participation of 10.4% in gas fields in the North Sea to pay off debt, reported Thursday Les Echos.

• Technip: + 1.73% to 67.03 euros

In consortium with National Petroleum Construction Company (NPCC), the group won a contract worth about $ 500 million for engineering, procurement and construction of the project Satah Full Field Development, a field located 200 km northwest of Abu Dhabi (UAE).

• Sanofi: -0.54% to 49.65 euros

Genzyme, the biotechnology laboratory of the U.S. bought by the French group, was unable to deliver its drug Fabrazyme in August, although it promised to doctors and patients to meet this deadline.U.S. regulators have made public Wednesday letters from Genzyme dated August 26 and 25 where the laboratory apologizes to its customers and for people with Fabry disease, a rare genetic disease, for "any confusion and disturbance "caused by the delay.

• France Telecom: + 0.37% to 12.19 euros, Vivendi: -1.06% to 15.89 euros

The new tax passed by the government as part of the new austerity plan should give priority, penalize these two groups, according to Les Echos. France Telecom should be paid to these measures between 300 and 500 million. Vivendi would see him, his taxes increased from 250 to 400 million.

Next recommendation goes to Credit Suisse under-performance against neutral Ipsen (0.28% to 23.02 euros). Societe Generale goes with the purchase of Biomerieux (2.09% to 71.40 euros).

Caution on Asian stock markets Friday. And for good reason, investors are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. The markets had a first look Thursday with the increase in weekly jobless claims in the United States. They are very careful before publication at 14:30 (French time) the second estimate of GDP for the second quarter could be revised down by 0.2 point to 1.1%.

Meanwhile, the Asian financial centers are clearly hesitant and have not adopted the same direction. Thus, while the Nikkei in Tokyo Stock Exchange gleans some points (0.13%) to 8783.99 points, retreating Chinese stock markets: the Hang Seng in Hong Kong was down 0.21% to 19,710.10 points and the Shanghai CSI 300 lost 0.89% to 2877.99 points.

Japanese Prime Minister resigns

Also in Japan, criticized for his hesitation and awkwardness to the disaster caused by the earthquake and tsunami of March 11, Prime Minister of Japan, Naoto Kan, has resigned as chairman of the Democratic Party of Japan, according to media Japanese instant payday loan lenders. And therefore of his duties as head of government.

On the macroeconomic front, the consumer prices in Japan rose 0.1% in July after a revised 0.2% decline in June.Analysts on average expected a further decline of 0.1%.

On the other Asian financial centers, the trend is mixed if the Taiwan TAIEX gains 0.40% at 7440.37 points, the Kospi in Seoul was up 0.47% to 1772.80 points, the BSE Sensex 30 advance 0 , 12% to 16,165.70 points, the S & P / ASX 200 was down 0.28% to 4200.90 points and the FTSE Straits Times lost 0.71% to 2746.10 points.

Oil not very active

Oil prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

The CAC 40 is risky there twice this month. He was immediately returned. The threshold of 3000 points, as seen on the Paris market was down on Thursday 11 and Friday, August 19. On Monday morning, the Paris index recurred, opening down 0.85% to 2989.60 points. But again, it started to rise immediately after slipping below 3000, and closed on Monday evening at 3051.36 points (1.14%), having flown over 3100 points During the session this afternoon.

The level of 3000 points may well not be a technical threshold (it does not automatically trigger a sell order or purchase), it still plays a role of "support" on which the market arises before rebounding .Daniel Gravier, Head of Sales Trading at XTB France, believes that "this psychological level is transcribed in the courts and thus returns to a technical threshold."

The cross downward psychological sounded an alarm in markets which do not have a habit of getting carried away by their feelings. Professional traders define their purpose of orders passages through complex mathematical calculations, generated by high-powered software that constantly scan the share price indices, securities, commodities and all that is listed in order to predict the best time to invest or sell. And to build the software, the banks are recruiting the cream of engineers. But in this world of numbers, there is also a psychological dimension.So, see the CAC 40 fell below 3,000 points spurred the market to recover.

"This is a symbolic level, for its part says Harry Sebag, an analyst at Saxo Bank. In times of great nervousness, while visibility is poor, investors cling to benchmarks in the short term instant credit report. It's an excuse to reposition itself for purchase. This morning, we felt that the markets began to rebound because the shares had suffered a significant discount. " And hope for regime change in Libya was a good news for oil companies operating in the country, making a breath of excitement to the Paris Bourse.

"Safeguards" but also to accelerate the panic

"These thresholds are safeguards on which the market rebounds," says Harry Sebag. But the psychological effects of contracts may jégalement ouer a role accelerator panic attacks.The violent stalls indices observed recently on global stock markets have shown. In Paris the CAC 40 fell by 32.4% since July 1, affected by short-term concerns (the debt crisis in the euro zone, bad macroeconomic indicators in the U.S. and deteriorating debt rating for American Standard & Poor's), but not only. "In late July, the market downturn downward was rational, said Jean-Louis Mourier, an analyst at Aurel BCG. However, the extent of movement and the high volatility experienced by markets in recent days show an overreaction. "

The index in Paris he could sink even lower? The scenario is possible if the disappointing macroeconomic indicators continue to grow and corporate earnings in the third quarter does not reassure investors, said Harry Sebag.Saxo Bank analyst would watch while the threshold indicated by the software, around 2850 points or even 2500 points. "But I hope we will not get to that," he adds.