Public debt crisis, threat of recession in western countries, job losses in banking, automobile … Nothing seems to affect Airbus and Boeing, who see a looming record year. Like ATR, the world leader in regional aircraft propeller, which flies from strength to strength.With three ATR 42-600 (50 seats) operated by the company in Dubai Siberian North Star, the manufacturer of Toulouse, a subsidiary of EADS and Finmeccanica, accumulated 148 orders since the beginning of the year. Historic levels for ATR and higher than the previous record of 2007 (113 orders). ATR now assumes 80% of the market for new aircraft from 40 to 90 seats, all confused engine (jet or turboprop).

With 221 orders and commitments announced in Dubai for $ 20.5 billion, Airbus also exceeded by mid-November 2011 its goal of 1,500 gross orders. "Our NEO A 320 was again the star of the show," welcomed John Leahy, Airbus chief executive, in charge of clients. Remotorisée version of best-selling Airbus to come into service in 2015, was commissioned to 130 copies in Dubai bringing its backlog to 1420 NEO.

"Greece is entering a new era," commented George Papandreou during his press conference in Brussels. The Greek prime minister did not hide his relief in a speech to the nation on Thursday night. Greece was saved at the default. Among the measures adopted at European summits include the release of a new tranche of 100 billion euros and the deletion of 50% Greek debt, "voluntarily" from the private creditors (banks, insurers …). This debt and return to 260 billion euros, its level of 2009. The ambitious program of privatization has also been revised downwards. The objective is to privatize up to 30 billion euros by 2020 instead of 50 billion euros for 2015.

"It will not delay to send us these details," claims Vaggelis Haratsis, CEO of the company financial management Ahepef Beta. Holding a lot of Greek debt, local banks will be hit hard by the discount will be recapitalized and 30 billion to cash in shock payday loans no teletrack. This will involve probably the injection of public capital. "If the banks really are nationalized, it will be the key for several years. In the end, they pay the inability to manage the crisis by politicians, "said Vaggelis Haratsis.

In return for aid to Brussels, Greece has to accept an austerity to 2020 and ongoing monitoring of representatives of the European Union and the International Monetary Fund. Experts to settle in the country to monitor progress with reform and adjust if necessary.Only in this way we can avoid recession and reducing unemployment is at 17%. " It will also quickly overcome the social discontent, motivate the Greeks to return to work, to stop the strikes and occupations of government departments, and not to cheat on their taxes.

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.

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."

ALSO READ:

"Political mobilization against the bear market in Europe

"The ECB tries in vain to be a firefighter in the euro area

"SPECIAL – Europe, States facing bankruptcy

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 ….

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.

European markets have increased their decline late in the session, according to the temper of the U.S. markets. These show heavy losses after the publication of a series of bad statistics.

The weekly jobless claims rose in the United States during the week to June 18, at 429,000 against 420,000 (revised) the previous week, said Thursday the Labor Department. Economists on average had expected 415,000 jobless.In addition, new home sales fell 2.1% in May for the first time in three months, according to figures from the Commerce Department. On an annual basis, sales came out at 319,000 units. Analysts had expected 310,000.

Also in the United States, a report by the Congressional Budget Office (CBO) on Wednesday warned against an explosion of net public debt, which can reach 100% of GDP by 2021 if nothing is done to correct the current course. In addition, the U.S. central bank is now focusing on a GDP increase of less than 3% in the fourth quarter.New measures could be considered if the economic situation deteriorated.

In China also, the index of HSBC measuring manufacturing activity fell in June to its lowest level in eleven months.

In the euro area, the ads are not as fun. PMI purchasing managers fell in June to its lowest for twenty months to 53.6 points, confirming a slowdown in European economic activity. The growth of private sector activity in France has slowed more than expected in June.

Note that European leaders find themselves on Thursday night in Brussels at a summit to try to reassure their ability to stem the endless debt crisis in Greece and prevent contagion throughout the euro area, which worries more and more abroad.Other items on the agenda: the confirmation of the appointment in November of the Italian Mario Draghi as President of the ECB to replace Jean-Claude Trichet.

Oil unscrews

On the currency markets, the euro fell sharply against the dollar on Thursday, as the market digested the Fed announcements. The single European currency was worth 1.4254 dollars against 1.4349 late Wednesday.

For their part, oil prices tumbled on Thursday as well, dropping more than $ 8 in London and close to $ 6 in New York, after the decision of the International Atomic Energy Agency (IEA) to tap 60 million barrels in its strategic stocks to supply the market. In New York, a barrel of "light sweet crude" (WTI) to let go due in August 5.02 to $ 90.39 dollars, after touching 89.69 dollars, its lowest level since Feb. 21.A barrel of Brent North Sea crude for August delivery fell 7.61 dollars in London to 106.60 dollars, after getting off a few minutes earlier to 105.72 dollars, its lowest level since May 6

EDF denies

Side values, only EADS, parent company of Airbus, is in the green at the end: the title earns 0.78% to 22.02 euros. The low-cost Malaysian airline AirAsia has placed a firm order for 200 Airbus A320 Neo, a record in civil aviation in number of units sold bad credit personal loan lenders. Thanks to the mega-contract, the total firm orders for Airbus is about $ 58 billion for 621 aircraft. The buyers of the Airbus A400M signed a framework agreement on the development and maintenance of the fleet of the future military transport aircraft. Furthermore, after signing an order for sixteen billion dollars with Indigo.American Airlines could also favor the European aircraft manufacturer at the expense of its rival Boeing.

Banks suffer: BNP Paribas lost 3.86%, 3.55% Societe Generale, Credit Agricole and Natixis 3.75% 3.45% while trades a private sector participation to a new plan of aid to Greece . European banks resisted, however, a defect in Greece, according to Bernard de Longevialle, head of bank ratings at Standard & Poor's. Note that BNP Paribas bought 25% of Findomestic to the bank Intesa Sanpaolo for 629 million euros and now holds 100%.

EDF (-1.92% to 25.59 euros), which plunged 3% yesterday at the meeting, had to deny rumors of leaks in nuclear plants in France. The CGT has nevertheless confirmed that called for an end of a reactor at the plant in Seine-Maritime Paluel due to extraordinary levels of radioactivity.The electrician has admitted it yesterday "an accumulation of small differences" after the publication of an article Mediapart citing incidents in series.

In addition, the dean of French nuclear reactors, the central Fessenheim, would be allowed in the coming days to continue to operate for ten years.

EDF is also increased to 96.71% of share capital and voting rights of EDF Energies Nouvelles after the public offer launched on its subsidiary, announced Thursday the AMF in a statement.

Air France-KLM lost 3.36% to 10.08 euros.

Dassault Systemes (-2.25% to 56.43 euros) a table of double-digit increase in sales in the aerospace and defense between 2010 and 2014 thanks to the many innovations offered by these sectors, said Wednesday Reuters its chief executive Bernard Charles said in an interview.

Automobile manufacturers seek to diversify their income and increase customer loyalty.

Peugeot (-1.77% to 29.36 euros) PSA installed production capacity that should allow it to manufacture more than 30,000 hybrid vehicles per year, reports La Tribune. "At Sochaux, we expect a potential of 70 to 80 units per day," says Serge Isler, project 3008 Peugeot hybrid.In addition, PSA has manufactured in Rennes, Brittany, just over 15,000 Peugeot 508 equipped with the same technology, the paper said.

The vaccine against typhoid Sanofi (-1% to 52.29 euros) was granted the status of "prequalification" of the World Health Organization (WHO), prior to its use by UNICEF and other agencies International, a first for a vaccine of this type, the group announced Thursday.

PPR (-1.45% to 115.80 euros) holds 87.4% of the U.S. manufacturer of sports clothing Volcom at the end of its tender offer (OPA) is friendly and able to reach 90% capital by playing an option, according to a statement released Thursday by the French group.

"COMPETITION – Estimate the Cac 40 in late June

.

"The Franco-French squabbles must end in a good mood and on a voluntary basis, and if it was not the case, it would be always in good spirits but on the basis of instructions. The competition is too fierce, the stakes are too urgent. We must decide and decide now to make choices, "he said. The State may operate the levers being both client and principal shareholder of almost all defense companies: Saffron (30.2%), Thales (27%) and EADS (15%).The government press Safran and Thales to reach agreement on an asset swap. The first showing of the second avionics which, in turn, would become No. 2 worldwide in optronics. Similarly, for drones (pilotless aircraft), the State promotes cooperation. "France needs of global players. It is indisputable for Airbus civil aircraft, Eurocopter helicopters, engines, Safran and Thales in radar, but in defense of Europe pays core rivalry between the Rafale and the Eurofighter. Do not repeat this in the unmanned aircraft. Avoid the Europeans are divided, "said Gerard Longuet on his side. Decided to implement the Franco-British signed in late 2010, the defense minister is expected to announce shortly the creation of a Franco-British combination of branches in Armaments (DGA) on both sides of the Channel.

Two projects of drones

In this context, "Dassault Aviation and EADS have to talk a little more," said Gerard Longuet. Two projects are vying to give the kickoff to the creation of a European industry for so-called drones Male (medium altitude long endurance) by the year 2016-2018: the Telemos, which is the result of an agreement exclusive cooperation between BAE Systems prime contractor for the project, and French Dassault Aviation, systems manager, and the Talarion EADS.

ALSO READ:

"Le Bourget, user manual

"The battle began in order Bourget

"This is not a new idea, warned the director in the morning at the microphone of a Europe, for the first time against that as we engage practitioners to advance in this field." One idea already welcomed by Labour Minister Xavier Bertrand, who ruled on Friday that it i-TV should be studied free credit score online. No wonder this: the reform program was already the candidate Nicolas Sarkozy in the 2007 presidential election.

The idea may indeed seem attractive.Two reports published in 2004 while two (one from the Economic Analysis Council on the protection of employment, both of Pierre Cahuc and Francis Kramarz Social Security Professional), as well as the Attali report, the had also called their wish, including with the aim to overcome the strong duality of the labor market. By giving employees rights progressive, the single employment contract is "to fight against the excessive use of fixed-term contracts and temporary," justifies the ANDRH.

A revolution

Source: INSEE

LE FIGARO. – What is the OECD today? Is it the think-tank of globalization?

Angel Gurria. – No this is not a think-tank! It is an intergovernmental organization dedicated to the promotion and implementation of better policies for a better life. We observe, measure, comparing the data, draws conclusions, which are transformed into policy proposals. It covers all the topics of economic, social, environmental.Only exceptions: military defense.

In fifty years, what do you see as the greatest successes of the OECD?

We just updating the code of conduct for multinational enterprises, written fifty years ago and upgraded several times! Among the findings of the OECD, I quote: the principle of "polluter pays" principle, the objectives of the Millennium Development Goals, the issue of scarcity of natural resources.There are also investigations on education Pisa (Programme for International Student Assessment, Ed) which are a bombshell in the world's lowest-scoring, or the anti-corruption convention, which gave rise to new legislation in Russia, Israel, Chile and the United Kingdom! Finally, thanks to the OECD, bank secrecy for tax evasion is dead …

The great weakness of the OECD is it not the absence of sanctions?

The power does not lie in the ability to punish but to convince. No international organization can not really impose sanctions on Member States, apart from the European Union fast cash advance loan. But the EU is a special case: the Member States agreed to dispose of part of their sovereignty, which is not the case at the OECD.Nevertheless, our country reports, our rankings and our method of Pisa "name and shame" (literally "name and shame", Ed) on taxation are feared by the Member States.

Does it matter that the G20 countries are not all OECD member?

No! We work with Brazil, China, Russia, India, South Africa or Indonesia daily on all subjects. They are asking for reports. They participate in our work. Of course, it would be better if they were full members because they participated in our decisions, but we are not looking to become a universal organization. Efficiency does not depend on the number. The important thing is to have the views of major emerging issues of global concern.

What would prevent China from being an OECD member?

Nothing! She can start accession negotiations tomorrow, if she wishes.The OECD was invited as a privileged partner in 2007, with a membership perspective. At the approach to it, decide if it wants to become a member or not. For us it would be an honor and a privilege. Then, in the end process, it will be for Member States of the OECD to decide if China meets the political criteria and techniques …

Should we restructure, reschedule debt Greek?

The decision to go to a debt rescheduling Greek does not seem bad. This gives time to digest Greece for its adjustment measures. For contracts, grant a repayment is the lesser evil, which does not reduce the principal amount of the debt. When this was discussed at Ecofin, last week, lenders have responded well: the yields of the Greek debt eased. The markets were reassured.