Wall Street closed on a nice increase on Tuesday. Finally the green, while the day was very hard: the Nasdaq fell 6.90%. On Tuesday, at the opening, the rebound was in order. And even if it was shaken by the Fed, which held a speech rather worrying to 20 hours (Paris time), the trend is finally returned to positive. At the close, the Dow actually increased from 3.98% to 11,240 points, with a surge in the last few minutes, and recross the threshold of 11,000 points, lost yesterday.The Standard & Poor's 500 and 100 Nadsad, very volatile, too, have finally rebounded 4.75% respectively) in 1173 and 5.29% points to 2483 points.

A sustained increase in contrast to the cold reception that investors gave the Fed about tonight: the Central Bank of the United States announced Tuesday it would keep its key interest rate near zero "in least until mid-2013 "and that it was considering new stimulus package to help the economy. These ads have been justified by growth 'considerably slower' than expected and risks "have increased". And investors did not like the Fed is so accommodating, a sign that the economy is really bad.But ultimately, they are relieved that the monetary authorities are behind them.

Also very anxious before the meeting with the Fed, the European and Asian market, have they finally closed in the green after a yoyo session. In Paris the CAC 40 fell below 3,000 points for the first time since July 2009. But the trend seems to have subsided, the indices being pressed into the green in the afternoon.

Global oil demand to decrease

The Organization of Petroleum Exporting Countries Tuesday lowered its forecast for growth in global demand for crude in 2011, citing deteriorating macroeconomic outlook in most advanced economies paydayloans. In its monthly report, OPEC reduced its forecast of 150,000 barrels per day (bpd) now and plans for this year growth in global demand of 1.21 million bpd of crude.In financial markets, oil prices ended Tuesday to its lowest level since September 29, 2010, yielding about 2.5%. On the Nymex, the contract on September U.S. crude (WTI) ended on a loss of 2.01 dollars, or 2.47% to 79.30 dollars a barrel. Meanwhile, Brent advanced yielded 1.74%, or 1.81 dollar to 101.93 dollars.

Earlier this afternoon, investors are aware of a new better than expected, but still not glorifying to the future of U.S. growth. Productivity, which measures hourly output per worker, fell at an annual rate of 0.3% over the period April to June after falling 0.6% the previous quarter (revised from 1.8%). The market expected it folds down from 0.8% in the second quarter.

Face communication at high risk of the Fed tonight, "it is clear that the average productivity of U.S. companies in the second quarter is very far from the concerns of the market and will go unnoticed" analysts suggest Aurel BGC. Especially since the figure is clearly negative, the victim of an increasingly weakened growth.

The market capitalization of U.S. computer maker Apple (5.89% to 374.01 dollars) briefly exceeded that of the oil giant ExxonMobbil (2.39% to 71.87 dollars) Tuesday, becoming the company's most expensive the world, said a specialist told AFP. The market capitalization of both groups were around 340 billion dollars in the afternoon in New York, told AFP Volokhine Gregory, head of markets for the company portfolio management Meeschaert New York.That of Apple rose temporarily above that of ExxonMobil to 7:20 p.m..

While European stock markets, starting with Paris, still closed on Friday decreases, Baroin called to remain calm. The Minister of Economy, which had cut short his vacation to "take stock with his teams," according to the Elysée, stressed the need to "keep a cool head and not make a tracing paper of the excitement that can be observed on a given market. "

Invited to France Info, just after the close of the Paris Bourse, which for the first time ever signed a tenth meeting of consecutive decline, including the minister explained that "the questions posed from a double question mark: the character of the strong global economic growth and the important issue in Europe and worldwide of this problem of public debt. "

On this last point, Baroin said that "the determination of the 17 heads of state of the euro area should not doubt the investors." And remember, in reference to the plan of aid to Greece reached July 21, that "in Europe, there was an agreement by the Heads of State very important because it offered answers payday loans in one hour. These responses must be heard by the markets. "

Latency

The Minister of Economy, however, admitted that there was "a latency reduction" between the announcement of the plan, which is "a good plan," and its practical implementation. It must indeed be ratified by national parliaments. In this regard, Baroin was keen to dispel doubts about the possibility of rejection by the German parliamentarians. "The plan will be voted on July 21. There is no other way to protect our currency which is the common good of the countries in the region, "said he.But "time is not the Democratic one click of a market operator," he said.

In order to "restore investor confidence," Baroin also ensures that "we must strengthen the governance of the euro area to make it optimal."

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New black day in European markets on Thursday … After a positive start of the session, the Paris Bourse trend changed abruptly in mid-day, gradually widening its losses throughout the afternoon. At the opening of Wall Street, the Paris index widened its losses, before diving even more sharply after 16 hours: the long-awaited intervention of Jean-Claude Trichet, president of the Central Bank (ECB) has indeed failed to relieve the stock markets. Operators have even made a fright late in the session, while the stop trading market indices for nearly an hour has raised fears of a suspension of classes due to stock market panic … Set to 15 minutes of the fence, which was ultimately a technical problem resulted in a sharp fall in the CAC 40 (-3.90%) at 3320.35 points, its lowest level two years.And other European stock markets have experienced almost the same movement of panic.

The scenario of this Thursday confirms that seen in Paris last week, namely an acceleration of losses at the time of the opening of U.S. markets close in a pout down more than 2%. "This confirms that the United States still give the" the "squares global analysis at Montsegur Finance Chaulet François. We currently have a suréaction operators who rely on the assumption of a return of the U.S. economy into recession. " A favored hypothesis for two or three weeks with the publication of figures across the Atlantic macroeconomic advanced, contradicting the idea of ​​catching up the economy in the United States, emerging from a recession that have to fall by 5% the GDP of the world's largest economy.

The technical rebound is expected

"The market has fallen into the hype on this subject and even capitulation, says François Chaulet. Added to this disproportionate sanctions on publications disappointing corporate earnings. And those who announce the results as expected are not rewarded fast cash now. They fall with the market, "For example, Veolia Environnement has seen its market capitalization divided by three since its profit warning on July 29.

The expected technical rebound this week after once in July already difficult, will not be today. "There was certainly a relief of the market for debt issues of U.S. and European full analyst.But beyond the announcement effect, investors are well aware that the solutions proposed (raising the ceiling of the debt in the U.S., and plan of aid to Greece ed) will not be so obvious that it set up. As long as there are political procrastination and that concrete measures are not implemented, the nervousness is expected to remain high, "adds he.

Opportunities to seize

Beyond this movement quite inexorable decline seen for ten days, the analyst points out, however, with a decline of 12% in five days, "we are still far from the levels of volatility in late 2008, where the movements daily up to 10%. In this context, there is no reason for the long-term investors do not come to the equity markets to take advantage of attractive valuations, "he says.A board to which some will probably oppose a speech often too optimistic on the part of financial analysts during a stock market panic.

Surrender is not waive

In terms of technique and market, capitulation means a massive sales of shares on stock markets, whatever the cost or risk of capital loss for the brokers. Often result in very large volumes of trade (4.8 billion euros at the end of Paris on Thursday) and a sharp drop in equity indices. Technically, however, this may be a sign of hope for the operators, the corresponding capitulation (in theory) to the lowest point of the market, the final step before the rebound. A theory that investors will surely be keen to see tomorrow ….

Cyprus is on the brink both economically and politically. Many speculate that the country, which joined the euro in 2008 to become the fourth of the area to apply for financial support.

The situation worsened with the explosion on July 11 last of a shipment of arms on a naval base. The tragedy left 13 dead and destroyed the main power plant on the island that produced 60% of its electricity. Since the disaster, Cyprus is facing a government crisis. Daily demonstrations demanding the resignation of President Demetris Christofias. To calm discontent, the latter requested the July 28 resignation of the government to conduct a reshuffle.

In addition, the economy ends up weaker than ever. The rating agency Moody's has revised its forecast for GDP growth of 1.5% this year and 2.5% in 2012 down after the explosion.It provides stability in 2011 and a 1% growth in 2012. In addition to the cost of rebuilding the plant and import of electricity in the interval – valued at over one billion euros – daily cuts disrupt an economy already weakened by the crisis. As a result, Standard & Poor's and Moody's both lowered the rating last week in Cyprus due to budgetary concerns of the country.

The banks are the Achilles heel of the Cypriots. Bank of Cyprus, the largest financial institution on the island, called earlier this week the government in Nicosia to take prompt action to prevent the country does need a financial rescue plan. "Unless we act, we risk the ability of the state to refinance and the consequences will be immediate and serious," the bank said in a statement.

The deficit is widening

Especially since the official debt of Cyprus – which accounts for about 61% of GDP – may actually be higher according to some experts. End of 2010, the agency Stock Watch estimates that the debt was around Cyprus 105% of GDP, if we include the debt of social security funds. Enough to feed all the speculation? The spokesman of the Commissioner of Financial Services, Chantal Hughes said Tuesday he was "no question of an assistance plan" because the country is "determined to do what is necessary in terms of fiscal consolidation" . However, the deficit in the first half widened sharply, reaching 3.5% of GDP against 1.9% a year earlier.

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Half of the historic buildings owned by private individuals. Listed or registered, these buildings are part of the national heritage and the 1913 law on historic monuments, heritage built into the Code, provides the financial support of private actors to help their conservation.

Owners who wish to make a historic monument restoration work can get state funds through the Regional Directorates of Cultural Affairs (DRAC) and regional and general councils. The granting of funds by the first condition for most of the time the agreement of local authorities.

Restoring an identical

The first step is to validate the work projects by the DRAC. An architect of the buildings in France will check that it is a restoration project at the same rather than maintenance and repair ordinary.The architect must also approve the selection of the contractor responsible for carrying out the work. It must have certification awarded by Qualibat every five years.

Permission to work obtained it takes on average within six months – the owner can take the steps to apply for funding from the regional conservation of historical monuments, decentralized service of the Ministry of Culture responsible for allocating the funds allocated each year by the state. The need to restore or the urgency of intervention, will be crucial in the decision. The DRAC Ile-de-France added that the progress of the project is also examined.Hence the importance of presenting a solid case together with plans, photos, specifications, implementation schedule work …

The association La Demeure Historique, one of the two organizations accredited by the state, began to identify in a report the amount of financing obtained by the private owners of historic buildings through co-financing public (state and region). The latest figures available are for 2008 and set the total amount of funding allocated by the DRAC to 20.5 million euros, 15 million for listed buildings and 5.5 million for the monument included in the supplementary inventory.An amount up slightly from 2007 but well behind the 30 million allocated in 2000.

Isabelle de Charnace, following the request for public subsidies for La Demeure Historique association, said the 1913 law provides for the payment of a grant of up to 40% of the total work to a listed building and 15 % for a monument inscribed payday loan. "In practice, it is far from reaching these numbers consistently, but it is important to get not even one euro of subsidy," said she. The downstream of the DRAC has a twofold consequence. The first is tax because it qualifies for the tax deduction of 100% of the work. Without subsidies, the owner has the right to deduct only half.The second is that it generally serves as a passport to get help from the regions and departments.

Regions and departments

Figures published in the report of La Demeure Historique reveal a variety of situations from one region to another. In 2008, 11 of the 21 regions surveyed (the data on Corsica and overseas territories are not included), have paid any subsidy. In 2010, the number rose to 14. According to the association, this disengagement is due to the fact that the regions consider that they must give priority to financing the public patrimony. They also prefer to intervene to save the monuments unclassified through the Heritage Foundation.According to the latest figures only 55 operations have been financed by the regional councils in 2008, against 197 in 2005.

The total amount of aid allocated, however, is virtually unchanged: 3.310 million euros in 2005 and 3.206 million euros in 2008. The award criteria are also very different from one region to another, some requiring the opening scene to the public, participation in events, or the mere possibility of admiring the monument from the public way. In 2008, the regions with the most generous private monuments were Auvergne (2 million for 28 projects), Britain (547,000 euros for 19 projects) and Haute-Normandie (340 000 euros for a project).

As for general tips, 28 of the 87 who responded to questionnaires (out of 91 respondents) did not grant any subsidy to private monuments.Four departments have even enacted regulations removing the ability to finance operations of tells. They are still more generous than the regions participating in the total funding of 475 operations for 6.734 million euros. An amount in free fall over the year 2003, when county councils were given more than ten million.

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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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• Why raising the ceiling of the U.S. debt is it so urgent?

The race against Barack Obama committed by a deadline, a week today. Established by Congress to 14.294 billion dollars, the upper limit of U.S. debt has been reached in mid-May and, according to its own calculations, the Treasury will no longer meet its obligations vis-à-vis its creditors on Aug. 2. It will no longer pay its bills or not the officials. And two days later, on August 4, it must be replaced for 87 billion of bonds maturing.

• What would happen in the absence of agreement?

The United States currently receive the highest rating (triple A) to the three major rating agencies, allowing them to borrow at market interest rates particularly advantageous. They would automatically degraded.Standard & Poor's and Moody's warned them in July: the risk of default will result in a sanction. The interest charged by investors to lend to the United States would go up instantly. The Democrats do not hesitate to the argument.

China, the first holder of U.S. Treasuries with 1.16 trillion dollars in May, also has a strong appeal for Washington to protect its interests. "We hope the U.S. government will take concrete measures to build confidence in international financial markets," said Chinese foreign exchange administration.

Deterioration of the debt of the United States when Europe is in turmoil, subject to the constant pressure of these rating agencies, would inevitably have consequences on chain U.S. and international financial institutions, which must be able to pledge AAA-rated assets to get themselves ready. The credibility of the country abroad would be tainted, as well as the presidency of Barack Obama. All this would jeopardize U.S. economic activity – and, by implication, the world. Already, the earthquake in Japan penalizes industry, unemployment remains high and the Conference Board provides a "slow growth". A default could dramatically worsen things.

• What is blocking the negotiations?

Barack Obama sought Monday to change the tone of the negotiations on reducing the budget deficit. "I am ready to face criticism from Democrats for an agreement that allows to raise the debt ceiling," said Monday the president of the United States, before resuming discussions with congressional leaders have fallen into the impasse. "We will reach agreement before August 2," promised the president at a press conference.

Placing himself as an arbiter between the two factions partisan, Barack Obama said: "The Republicans are going to have to compromise, as the Democrats." He hoped that the negotiations continue "all day", "until a solution is found."

Their challenge is twofold. The first is to adopt a compromise that reduces the medium to long-term U.S. budget deficits.But the compromise also depends on the adoption by August 2 of a law that raises the ceiling for the debt of the United States. Otherwise, the U.S. Treasury would no longer issue the bonds needed to honor the debts of Uncle Sam was general such a defect of the United States would have catastrophic consequences for the entire global economy.

Avoiding tax increases

During the weekend negotiations have stalled or even declined. Democrats accuse Republicans of blocking any agreement by refusing the principle of tax increases. For their part, Republicans reject the approach proposed by Barack Obama on an ambitious four trillion dollars in savings over ten years.They are rather a compromise of around 2 trillion, thinking to keep their campaign promise to block any tax increase.

To complicate matters, the elected Democrats have their doubts about the path traced by the White House. Barack Obama asks them, in fact, painful concessions in the form of savings in programs popular pension and health care. Yet the Democrats do not want to pay the price in the November 2012 legislative concessions that make a great historical compromise personal serving the cause of Barack Obama but not his party.In addition, the recent rise in unemployment leads them to reconsider their promise to reduce government spending made a few weeks ago as part of negotiations led by the then vice president, Joe Biden.

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In Tokyo, the stock market took a break after seven straight session chained. Around 7 am on Thursday, the Nikkei loose 0.14% to 10,066.20 points, still maintaining the threshold of 10,000 points achieved by closing yesterday. Orders for capital goods in the private sector in Japan, excluding energy and shipbuilding, rose 3% in May compared with April, a sign that the investment return to the tsunami of March 11.Spending on equipment rose sharply for manufacturers of electronic equipment for telecommunications (28.4%) and precision instruments (31.5%), rising also, to a lesser extent, the manufacturers of automotive and suppliers (2.9%).

Note values ​​aside, there are rumors that the next release in 2012, the Sony PS4 (0.68% to 2208 yen), six years after the release of the PlayStation 3.

Elsewhere in Asia, the trend is also sluggish, as small movements recorded the day before in the region. And Australia, the S & P / ASX gleans 0.05% to 4607.40 points. The Anglo-Australian mining giant BHP Billiton (-0.13% to 44n39 Australian dollars) has suspended its operations Thursday to sea and rail transport to the site of its large iron ore mine in Western Australia, after " major incident "that took the life of an employee, he said.BHP said the accident happened early Thursday morning on its facility in Port Hedland which is exported the ore on the west coast of Australia.

In South Korea, the KRX managed to climb more sharply in the green, growing by 0.48% to 4640.52 points. Samsung Electronics Group (-1.89% to 881,000 won) said Thursday that he was counting on an operating profit for the second quarter 2011, down 26% to 3,700 billion won (2.4 billion euros ), against 5,010 billion won a year earlier.At the same time, its sales should be up 2.9% to 39,000 billion won, against 37,890 billion won a year earlier.

China has raised interest rates by 0.25 percentage points

Moreover, the battle between the U.S. computer maker Apple and Samsung has further escalated, the first requiring U.S. authorities blocked the import of smartphones and tablets of the second. The two companies accused each other since April to copy and to violate patents, increasing the number of complaints to both United States and South Korea, but also in Japan or Germany.

In India, the BSE advance of 0.580% to 18,820.10 points. In Singapore, the Straits Times is 0.49% to 3130 points. Finally in China, Hong Kong Hang Seng gained 0.66% to 22,666.10 points and the CSI 300 of Shangahi, 0.57% to 3131.58 points.Markets include the new and much higher rates that took place in China yesterday, Wednesday, the third since the beginning of the year. Rising consumer prices rose, with 5.5% in May, its highest level since July 2008.The yuan, it continues to appreciate.

The small increase in oil

Oil prices were on the upside in electronic trading Thursday in Asia, due to signs of an increase in consumption in the United States, world's largest consumer of oil. A barrel of "light sweet crude" for delivery in August takes 66 cents to 97.31 dollars.That of Brent North Sea crude for delivery gained 57 cents to equal 114.19 dollars.

On Wednesday, oil prices have retreated a bit in New York, however, offering some resistance to a series of negative indicators for the application, between rate hikes in China and fears of contagion from the debt crisis in Europe.

The Paris Bourse is stabilized Friday morning after a nice session of increase recorded last night leCac 40 opens to the balance (-0.01% to 3981.96 points, still close to 4000 points a threshold that has not been touched for a month. 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 International Monetary Fund. The euro has risen, moving at more than $ 1.45 this morning.

To be continued this morning Markit manufacturing PMI this afternoon and consumer confidence from the University of Michigan in June (2nd estimate), construction spending in May and the ISM index of activity in industry in June.

Investors also 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) has released figures this morning the car market for the month of June and first half: the new car registrations in France fell 12.6% in June, in gross, with 210,236 units sold, Renault (-0.88% to 40.52 eruos) showing a plunge of 29.3%, said Friday the Committee of French Automobile Manufacturers (CCFA).

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 (-0.63% to 30.67 euros) 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 (-0.13% to 39.64 euros), 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 (-0.36% to 123.65 euros).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 (0.08% to 25.73 euros) 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 (-0.35% to 23 euros) Thursday announced the successful 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 (0.48% to 12.60 euros) Thursday announced 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 (-0.35% to 28.22 euros) has signed an agreement with Pixmania, the specialist in consumer electronics, to catch up in online sales of non-food.

Bénéteau (0.37% to 14.90 euros), leading manufacturer of sail, said that sales for the first nine months of 2010-2011 and the level of its order book permitted him to confirmed its target of annual turnover of 920 million euros.

BioAlliance (-4.92% to 5.80 euros) Friday announced the launch of a capital increase of EUR 16.6 million to accelerate development of its portfolio of orphan drugs in oncology, particularly Livatag .

CGG Veritas (-3.13% to 24.60 euros): Goldman Sachs cut its price target to 29 euros against 31 euros previously and released the value of its company preferred.

Teleperformance (0.96%) would be an ideal target for a fund specializing in buyout leverage (LBO), analysts said while the global call center is not in debt and that its Capital is not controlled.

Valeo (2.47% to 48.24 euros) from the list of preferred values ​​of Morgan Stanley. The intermediate course is 67 euros.