Investor sentiment is supported by the information including the Italian newspaper La Stampa over the weekend that the IMF could provide assistance to Italy up to 600 billion if the debt crisis of the countries would increase. This would allow Italy to have a window of 12 to 18 months to implement budget cuts and reforms to strengthen economic growth. The information, which was denied by the United States, is again the IMF itself, which says this morning that no discussions with the Italian authorities have in that place.The worsening financial crisis in the eurozone weighed on the outlook for sovereign debt rating of all European countries, the rating agency warned Monday payday loans lenders.

The oil rises

In this context, the euro is progressing slowly against the greenback. In morning trading, the European currency is worth 1.3310 dollars. Oil is well oriented: a barrel of "light sweet crude" (WTI) for delivery in January of $ 1.63 is assessed at 98.40 dollars on the New York Mercantile Exchange and Brent crude from the sea North for the same maturity is 1.20 dollar to 107.60 dollars on the Intercontinental Exchange in London.

Side of the agenda, the economic outlook of the OECD are expected in the morning. Sales of new homes in the United States will be known in the afternoon.

"Economic growth is currently facing a more complicated on both external and internal plans," said the spokesman for the National Bureau of Statistics (NBS), Sheng Laiyun commenting on the growth of China. In fact, Chinese exporters are beginning to suffer from particular sovereign debt crisis in Europe, their largest market, a difficult economic situation in the United States.The Chinese economy is also impacted by rising wages and strong yuan, has appreciated by 7% in a year against the dollar. "The number of factors of instability and uncertainty increases," says Sheng Laiyun.

The concern weighing on Europe

In this context, the correct figures for China's industrial production have gone unnoticed. This has increased by 13.8% in September year on year, according to BNS.

In addition, concerns about the debt crisis in Europe grew yesterday and weigh Surles markets payday loan lenders. The German Minister of Economics Wolfgang Schäuble has indeed warned that the EU summit to be held in Brussels Sunday will not lead to a definitive solution to the debt crisis. And, while the central bankers of the euro zone had promised a response "comprehensive and lasting peace" to the crisis at the G20 finance this weekend in Paris.

China Eastern Airlines to Hong Kong and Tepco

On the corporate side, China Eastern Airlines (-9.82% to 2.57 Hong Kong dollars) on Monday announced an agreement to acquire 15 Airbus A330 family for a selected list price of $ 2.5 billion, for delivery between 2013 and 2015.

The action of the firm Olympus camera dropped by a further 8.87% to 1.417 yen to the Tokyo Stock Exchange, bringing to 43% since the sudden collapse of his dismissal Friday of its British CEO accused of mismanagement President Honorary Japanese company.

Note that Tepco, the operator of the nuclear accident in Fukushima, yields 1.38% in Tokyo, after asking the first tranche of public assistance of some 700 billion yen (6.7 billion euros) for finance part of the compensation of victims, according to Japanese media on Tuesday.

On the front of currencies, the euro rose 0.28% to 1.377 dollars on Tuesday. Oil is meanwhile down in Asia after the confirmation of a slowdown in Chinese growth in the third quarter against a backdrop of skepticism about a speedy resolution of sovereign debt crisis in the euro area. The barrel of "light sweet crude" for delivery in November, up in the early electronic trading, lost 9 cents to 86.29 dollars, around 6:00.

"This is the first time that we sponsor an event abroad. Traditionally Chinese companies involved in the financing of aid to natural disasters, earthquakes or floods. They argue that very few art events. But we made several acquisitions in Europe and you want to get closer, "says Jane Zhang, director of brand and strategy Fosun.

This, indeed, holds 9.5% of Club Mediterranean.It has also invested in a chain of jewelry and fashion accessories in Greece. Haier, meanwhile, set up last year, the seat of his European office in Paris. For one as for the other, cultural patronage that they are discovering can be a powerful tool to better integrate. But the payments remain a state secret.

Open the Forbidden City

As many as 350,000 Chinese visited the Louvre last year. The country is now the fifth largest foreign tourists to the museum, behind the United States, Brazil, Italy and Russia. So Wan Jie, head of Artron, specializing in printing, which was not 50 years, is very interested in the Young Patrons Circle of the Louvre.All they need to pay 2,000 euros per year if they are under 40 years beyond 5000 to be included, says Christophe Monin, head of development and sponsorship of the museum overnight pay day loans.

"The demand from wealthy individual to the corporate philanthropy is very strong in Asia, but their goal is to first do something for their country," says Nathalie Sauvanet, BNP Paribas. In its own way, Chen Dongsheng, president of Taikang Life Insurance, is a pioneer in China. He is a founding member of the China Social Entrepreneur Foundation and one of the best friends of the owner of Fosun, Guo Guangchang. He believes that "companies need to focus on modern culture."

It is also believed that Wang Yamin, deputy director of the Museum of the Forbidden City in Beijing. It does not hide it, the Louvre gives him ideas. The palace is full of treasures that can not hardly watch the public.They are crammed into the reserves of the City. If he succeeded in attracting Chinese businesses, it could more easily escape by appealing to the state. The tourists would stay longer when on the site. "The Forbidden City needs to develop cooperation with private companies," he pleads.

Christophe Monin, for whom "patronage is essential today," just waiting to help. But in the meantime, the Louvre would like to create a Chinese version of its multimedia guide … he hopes to be financed by entrepreneurs from the Middle Kingdom.

The increase in compensation benefits, it at all tobacco shops alike. Paradoxical, because "the sale of tobacco as aids have allowed your average income increase by 57% between 2002 and 2010," as recalled by Valerie Pécresse to tobacconists, who held their annual conference in Paris Friday."In total, more than 1 billion euros that came with your support and profession, which has also benefited, for many of you, the effects of the reduction in VAT in catering."

"At least 10 cents more per pack"

In early 2003, a sharp rise in prices had collapsed sales and forced the closure of nearly 5,000 retailers. There remains 28,000. But since 2004, the price increase regular, moderate (6% per year since 2009) did not in fact impact on the number of cigarettes sold in tobacconists, to the dismay of supporters of tobacco control and Department of Health. As a result, sales of tobacco outlets rose year after year at the rate of inflation of cigarettes for their benefit as for that of tobacco, and especially of the state, who pocketed 80% of price of a pack, which brings in each year over 10 billion euros credit score.

While the additional gift to tobacconists would have no direct impact on government accounts. In all likelihood, the increase will be offset in compensation not to lower fees charged by Bercy, which closely monitors its accounts, but rather by a decrease in compensation of the tobacco industry, as was the case in the previous contract for the future.

To the extent that tobacco companies have no intention of making less money, they will offset the decline in their pay on each packet by an increase in their prices. "To erase an annual decline of 0.1% of our earnings should be increased by at least 10 cents the price of a package," says one manufacturer. "It's a vicious cycle that will strengthen the cause of the difficulties of cross-border tobacco shops," adds another.

Tobacco companies can increase their prices at the beginning of each quarter.Their next rate adjustment will occur not necessarily next January, to the extent that prices will rise by 6% already on Monday, October 17 or 10, as decided by the government. The pack of Marlboro will then 5.90 to 6.20 euros.

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The FIGARO. – Germany and its industry turning its back on nuclear power. Do you regret that choice?

Bernard BIGOT. – The German decision is final. The choice of Siemens, it makes sense: even a very large international company has no choice but to follow the policy direction of his home country. Yes, of course, we regret this shift: the nuclear returned to 20% in the German energy mix and it will therefore increase the use of fossil fuels to make up the loss. The need for electrical interconnections will also grow to increase import capacity, which will weigh even more on costs.

The cost of this decision has recently been estimated at 250 billion euros for Germany.What would happen if France were to make the same choice?

It is quite normal that the competent institutions are seeking to quantify the opportunity cost from the current nuclear power generation for everyone to measure the financial consequences of the choice that was made out of nuclear power in 2022. We must examine the assumptions, but the figure quoted seems a reasonable order of magnitude. As for France, whose nuclear is more than three times larger than the German fleet, I believe that at this stage, no figure can reasonably be argued, because alternative resources are not the same . The impact may be even heavier than the simple application of a rule of three.How much is an open question.

Is it possible however that the French nuclear production back?

Our country has decided to preserve its energy independence as much as possible, and nuclear power contributes significantly. In 2003, energy imports have cost 23 billion euros to France, or 10% of its export income, all economic sectors. In 2010, this figure rose to 48 billion, or 25% pay day loans. This year, we should surpass the 60 billion. Suffice to say that without nuclear energy costs explode in unprecedented proportions. This does not mean that we should give renewable energy: in the next five years, CEA proposes to double its budget and staffing in this area, respectively, to the tune of 300 million euros and 1,800 people.The government wants the CEA adopts renewables the same approach as for the nuclear namely stimulate research and encourage the emergence of powerful industrial sectors.

In addition to France and six months after the catastrophe of Fukushima, the world nuclear power is still flickering it?

Such an accident in a large industrial country known for its industrial skills was seen as a legitimate shock wave in the world. Today is the time for questions: what are the reasons for this catastrophe on the one hand, how to protect the other. Meanwhile, a barrel permanently installed above the $ 105, the differential change unfavorable to consumer countries and the strengthening of climatic requirements lead to the need to maintain nuclear.All countries are conducting security audits: complementary investments in facilities that should result in increase their robustness.

The first reports on the stress tests suggest they think that plants are safe?

Two points can be distinguished. First, the facility design: it shows a good resistance in most countries, which involve changes at the margin. However, the chain of exploitation, which covers both human organization that the reaction of the authorities, should be carefully checked to ensure that safety is ensured at all times. In Japan, it was deficient, and valuable time was lost: 100 m³ of water per hour, that is to say a quarter of a fire truck, would probably permit the early hours of to avoid radioactive releases into the air.

Moreover, the prospect of a default of Greece begins to be taken seriously by the markets. Including information from a German newspaper Der Spiegel, which said that Berlin was preparing for the possibility of bankruptcy of Athens, information denied by the Greek Minister of Finance.In this context, Greece has promised two billion euros in additional savings, without, for now, calm the markets.

Oil was also down sharply

Other Asian stock markets follow the downward trend of the Nikkei. The S & P / ASX 200 in Sydney lost 3.31% to 4055.90 points. The BSE Sensex of Bombay loose 1.62% to 16,593, 30 points and the FTSE Singapore Straits Times down 1.29% at 1450, 10 points. Note that the Stock Exchange in Seoul, Shanghai and Taipei are closed on Monday.

The oil also appears in sharp decline. In electronic trading in the morning, a barrel of "light sweet crude" for October delivery lost 1.23 dollars to 86.01 dollars per barrel of Brent North Sea crude for October delivery at $ 1.02 111 $ 75.

On the foreign exchange market, the euro fell to its lowest level in a decade against the yen.In Asian trade, the euro fell to 104.90 yen, the lowest since July 2001. It is then rise slightly and was worth 105.32 yen at about 3 am, but was down to its listing in New York Friday to 23 hours (105.91 yen). The euro was also down sharply vis-à-vis the dollar at 1.3594 dollars around 3 hours, against 1.3649 dollars on Friday to 23 hours.

The Paris markets were closed yesterday on a third round of consecutive decline, to the lowest of the year and still under 3000 points. This time, operators mimic their movement on the Asian markets who have chosen to embark on a bargain hunting.

Closing slightly lower on Wall Street also reassures the markets. The New York Stock Exchange, which remained very cautious, however, has not panicked by the announcement of a good non-manufacturing ISM index.All good news about the health of the U.S. economy are highly valued in a context of fear of a recession in America. As such, investors are waiting to know the details of the Fed's Beige Book, which will be announced tonight. Tomorrow, Thursday, will also be a crucial day in Congress with the speech of President Barack Obama on employment. The CNN already believes that it will propose to spend $ 300 billion to new posts. These new expenditures should be fully offset by budget cuts.

Germany at the center of attention

Side the euro area, all eyes turned to the German Constitutional Court which shall decide on Wednesday on the legality of the financial contribution of Berlin plans to help Europe.The observers could never imagine, however, that the Court considers illegal contributions already provided by Berlin, which would cause a cataclysm in the euro area. Chancellor Angela Merkel plans to comment on the decision of the Court in a speech to the Bundestag in the morning.

The European Commission has also expressed his relief after Tuesday night's decision by the Italian Government's plan to strengthen budgetary discipline, while financial markets doubted the real will of Rome to reduce its deficit. For its part, the Spanish Prime Minister Jose Luis Rodriguez Zapatero, acknowledged Tuesday the difficult economic situation, highlighting the problem of Greece, and "tensions" in the markets, but said that Spain 's will not need help.

The single currency was this morning up 0.34% to 1.4055 dollar.It is particularly supported by the decision of the Swiss National Bank (SNB) to set a floor price of 1.20 francs per euro. Oil side, in the early electronic trading, a barrel of "light sweet crude" for delivery in October gained 51 cents to 86.53 dollars per barrel of Brent North Sea crude for October delivery 39 cents to 113.28 dollars .

Values ​​to follow on Wednesday

• Banking

Countries in the euro area have no plans for financial support to banks beyond and above what was planned for the financial sector rescue packages in Greece, Ireland and Portugal, have sources said Tuesday the euro area. For its part, Greece wants to extend the powers of its central bank to strengthen bank supervision, hoping to put the sector in the shelter of a worsening debt crisis, according to a bill presented Tuesday.

• Air France-KLM

The company reported passenger traffic up 7.6% in August, a load factor of 85.7% on the month and stability of cargo traffic (-0.2%) with capacity up 2.8%.

• Pernod Ricard

The group said they did not consider major strategic acquisitions before next summer at least.

• Scor

The reinsurer expects to achieve a volume of gross written premiums, equivalent to sales of 10 billion euros in 2013, against 6.7 billion in 2010, according to a statement posted Wednesday on the occasion of a day devoted investors.

• Sodexo

The group, a global leader in catering, has announced the acquisition of Puras do Brasil, Brazil's number two industry, in a statement.With this self-financed operation, Sodexo will become number one in Brazil, a rapidly growing market where Puras do Brasil realizes a turnover of half a billion euros.

• Valeo

The group announced its intention to repurchase up to 670,000 of its shares to a maximum of 22.5 million euros in connection with operations authorized by the General Assembly in June These shares will be allocated for the implementation of any plan of options to purchase shares in the allocation of shares in respect of participation or implementation of any company savings plan.

• Biomérieux

The group released a consolidated net profit up 3.7% to 75 million euros in the first half and said forecast for 2011 organic growth in sales of around 5%, against a previous target of +5% or + 6%, in a context of weak European economy and the U.S..

• Boiron

The specialist in homeopathy said the uncertainties in the economic environment for caution in its annual outlook after a deuixème trimesre marked by a 3.3% decline in sales. This decline in activity, combined with an increase in personnel costs and a continued investment in advertising, led to a fall of 92.5% of operating profit in the first half of the year.

• Transgene

The specialist therapeutic vaccines has announced a net loss dug to 17.7 million in the first half, against -14.5 million a year earlier, but said he expected a second part of a year rich in results and starting clinical trials.

As for recommendations:

The UBS analysts raised their recommendation on the title Accor to "neutral" against the "sell" previously.Analysts at Morgan Stanley in turn have lowered their recommendation on the title PPR to "neutral weight" against "overweight" previously, said market sources Wednesday.

"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."

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.

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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