Nicolas Sarkozy and Angela Merkel arrived in the morning Thursday in Brussels after a marathon negotiation began in Berlin late Thursday afternoon and was to end in the Belgian capital in the evening. Wednesday evening between Angela Merkel and Nicolas Sarkozy, an agreement was set with the EU Presidency of Herman Von Rumpoy was then allowed to leak the outline in the morning, causing a positive market.

"Stock markets have been reassured by the existence of an agreement between Berlin, Paris and the ECB," says a close friend of Nicolas Sarkozy. The working meeting between Sarkozy and Merkel – "seven hours without interruption," according to the entourage of the head of state – was not enough to win the unconditional adherence of the fifteen other members of the euro area. "Many arrived without having in mind the highly technical aspects of this case. It took a lot to explain.Everyone wanted to be sure you understand the mechanisms involved, "said a relative of the head of state. Despite negotiating a lot longer than expected, counselors diplomatic head of state felt to hold the right end on Thursday night. "This agreement is a strong political message, for two reasons: it reaffirms the determination of the euro area does not drop Greece, and overhaul the European Stabilisation Fund, giving an additional area of ​​intervention" , we summarized in the entourage of the Head of State, on the sidelines of the meeting.

Over economic governance

Forced to stay away from microphones and cameras so as not to upset her "friend Angela," Nicolas Sarkozy has continued to play the conciliator between the requirements of the European Central Bank and those of Berlin, a role of "critical" that greeted elsewhere Yesterday a French banker."Angela is always careful not to get caught up too far," says Nicolas Sarkozy often. "It is more tactician, it is more a strategist," said one of his advisers. Strategist, the head of state to be tried since the beginning of the second Greek crisis, reaffirming the need for a strong political gesture in favor of a higher degree of integration of European economic policies. "This is the landing point from the beginning," says a consultant. If Angela Merkel wants to put Europe at the German time, imposing fiscal discipline, Nicolas Sarkozy intends to Chancellor at the time French, into accepting more economic governance. Seen from Paris, the summit held Thursday crossed then a further step towards integration and convergence of European economies."For several months, France blew up the clause of the Lisbon Treaty, which prohibited the bailout of a failed state. This allowed us to intervene in Greece, Portugal, Ireland. She obtained the creation of a European background stabilization, and modification of the Stability Pact, adding a preventive and a macro component. Without this component, Ireland could not have been brought to heel. Finally, we pushed for the creation of a pact for the euro convergence and competitiveness, "says a close adviser to the president to measure progress. "All this was unimaginable a year ago," he says.

As we approach the presidential election, the idea of ​​establishing a single employment contract instead of the current CDD and CDI returns to service. The National Association of Directors of Human Resources (ANDRH), the Assizes were held in Paris on Friday, wanted to "deliver the proposal to the public debate," now calling legislators and social partners to tackle them.

"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

The alleged sexual assault case that led to the arrest of Dominique Strauss-Kahn is also a blow to the institution he heads the International Monetary Fund (IMF). "It will inevitably tarnish the image of the institution, which, however, by the voice of its director general had managed during and through the crisis, to find a proper place in the regulation of globalization and stand at the heart of international monetary system, "said Hassim Mounis, professor at Sciences Politiques in Paris.

"Dominique Strauss-Kahn is a Managing Director of IMF that will be remembered most," says the economist. "It will mark the spirits because he has temporarily disrupted the guidance of the IMF's role by requiring the state to support the economy, which is in total contradiction with the previous liberal policy of the institution," said it.DSK is known to have handled the economic crisis and financial crisis by bringing a Keynesian response … measured, however: in the emblematic case of Greece, the IMF forced the government to drastically reduce public spending and operate a process of privatization.

Greece precisely, it ensures that the events that challenge the IMF does not change the government program to revive the economy. "The government is pursuing reforms resquises by the Fund," said George Petalotis Sunday, his spokesman. DSK would have had to go in Berlin on Sunday and meet Angela Merkel to discuss a possible new aid to Greece, who won the spring of 2010, with 110 billion euros, 30 billion from the IMF.This meeting was to take place on the eve of the convening of a Eurogroup these Monday night and Tuesday in Brussels, with the main discussions at the agenda of the financial problems that resurface Greece for several days and that plague markets . A spokesman of the Eurogroup, however, that the IMF will be shown no matter what happens.

The IMF meanwhile assured that it remains "fully functional and operational low fee payday advance." The Washington-based institution to ensure and maintain its role in the issue of European sovereign debt. "It seems impossible that the case could impact the DSK button timing and responsablités IMF, the stakes are too great," says an economist based in Paris.There was a pre-DSK IMF, there may be an after-DSK.

Who might succeed him at the IMF?

Since Bretton Woods in 1944, which devoted a share of the world between Europe and America, the custom was established to appoint a European to head the IMF and an American to head the Bank World. But in recent years, global economic governance has, too, internationalized: emerging countries like China and Brazil now have a bigger role, like the G7 became the G8 and G20.

Dominique Strauss-Kahn, who became the tenth Executive Director of the IMF on 1 November 2007, has himself advocated the continuation of the reform of the institution, and wanted a person from a country emerging for the successor to head the IMF . But the events that shook the Fund could also shake up the program.If DSK had to leave the branch, a new early election should take place. The voices, weighted by the amount of quotas, have been reallocated on March 3 after a major reform of the representation of the 187 IMF member countries. The reform has enabled the transfer of 6% of the votes of over-represented countries to benefit from emerging countries.

"DSK is a former economics professor and renowned former Minister of Economy and Finance. He has a real economic role at the operational level to the IMF. In France, too, has played its role, "insists Mounis Hassim, comparing his skills to those of Raymond Barre. Under Jospin, DSK, then Minister of Economy (1997-1999), had participated in the launch of the euro.

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Although the third French construction group is heavily in debt (14 billion euros of net debt), Peter Berger hopes to increase the operating margin of 2% to 4% within four years, according tothe Echosce Thursday. The former director of Vinci Construction Grands Projets, aged 42, will assume the role of CEO on July 1, according to Les Echos on Thursday. Jean-François Roverato, president of Eiffage, will keep his duties until September 10, 2012, the year he reaches the age limit for this function.

For Peter Berger, the group's prospects are good. "At the end of March, our backlog is at record levels, and without the project Britain Pays de Loire, which will be included in July." For the new director general, larger sites, whose contract LGV Bretagne Pays de Loire exceeds 1 billion euros per year, less than 10% of sales."They are only the visible part of the iceberg front of 40,000 medium and small projects that we conduct every year. In the longer term, I believe in the structurally carrying the construction sector, even if only for demographic reasons. Between 2006 and 2011, the French population grew by 1.7 million people, representing nearly 40 billion more for the building market, "said Peter Berger.

Refinance Debt

For Pierre Berger, debt Eiffage no problem. "The goal is to reduce our debt from 300 to 400 million for each of the years 2011 and 2012. We do not anticipate any problem in 2013 to refinance the debt of 2 flexcheck cash advance.7 billion Eiffarie (consortium of Eiffage and Macquarie, whose group is a subsidiary APRR).Upon redemption APRR (Autoroutes Paris Rhin Rhone) in 2006, the debt highways accounted for 11 times its EBITDA, and currently, this ratio fell to 8 and should be reduced to 6 in 2013, when we completed its refinancing.

Optimization of large projects

The new CEO of Eiffage has also identified three areas for improvement to achieve a margin of 4% registered within four years, against an operating margin of 1.5% to 2% currently. "We must improve our productivity in public works and energy, including better integrating recent acquisitions, as and Crystal. Finally, we must optimize our steering of very large sites. From 2006 to 2010, Eiffage has conducted four abreast Stade de Lille, the Highway 65, the Perpignan-Figueras Hospital and South Paris region. Some have experienced cost overruns.On these very large operations, we must work as a team, establishing multidisciplinary project teams, close to the ground. "

"The group regularly conducts world premieres," said Peter Berger in his interview with Les Echos. He concluded: "Eiffage is the construction of high fashion, and we must capitalize on this strength with high value added projects."

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A week of respite. That is what has been unable to agree representatives Democrats and Republicans in Congress Friday night to Saturday. Released by the spokesman of the House of Representatives John Boehner, the agreement between the two sides held in suspense the United States for several days, the deadline expires Friday night. Failing to find consensus on the establishment of the federal budget for the year, officials threatened to paralyze this Saturday utilities "not essential", putting 800,000 officers on forced labor

The debt ceiling: the next topic of discussion

The agreement reached last night, however, is only temporary, avoiding this disaster scenario time a week. Congress must still agree on a final agreement and vote in next week's final act on the budget for fiscal 2011 which expired on September 30.According to comments reported by the Republicans, the agreement provides the budget cuts of 37.8 billion dollars spread over the rest of the year.

Cuts historically high, and considered "painful" by Democratic President Barack Obama speaking just minutes after the announcement of the agreement, but "necessary" to allow the U.S. to live within their means. A major point of contention was the amount of budget cuts, Democrats want to limit them to 33 billion dollars not to compromise too much the U.S. recovery by drastic cuts, while Republicans wanted to bring $ 61 billion .

The debt ceiling: the next topic of discussion

For his part, Rep. John Boehner believes that the compromise reached in the snatch will "reduce costs and keep our government in working order." Still, the U.S. budget problems are not over. Far from it. If the agreement reached by both parties to avoid a political crisis difficult to 18 months of presidential and legislative elections and a halt to the recovery of the U.S. economy, of bitter debate looming once again for the next weeks.

First on the budget for 2012, but especially on the possible increase in the debt ceiling and on the measures used to reduce it.A debate arises today, Treasury Secretary Timothy Geithner has warned that the legal debt ceiling (14,290 billion), would be met from May 16 next, and that extraordinary measures would not reduce the maturity until 8 July. On April 1 this year, the federal government debt had already passed the 14.251 billion dollars. And the budget deficit probably will cross the bar of 1400 billion, despite cuts passed in the night. Already engaging the coming hostilities, John Boehner said this morning that the measures proposed in the coming weeks by Republicans would reduce the deficit of $ 500 million over 10 years.

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The first and last time that Ford had done was in 1998. So for the second time in March, the American manufacturer steals the number one spot in auto sales in the U.S. by General Motors. Last month, Ford has indeed increased by 19.2% of sales against just 9.6% for GM. While the first surprising analysts who had forecast an increase of 14.5%, the second missed the consensus (+10.8%).

In total last month, Ford has passed 212,777 vehicles against 206,621 for GM. According to the website specializing in automotive Edmunds.com, "Ford increased its incentives while other manufacturers have lowered in March, particularly GM."

Ford also benefited from higher crude oil that followed the unrest in the Middle East and particularly in Libya. The manufacturer has in effect a compact car offers a lot more solid than its competitor.A major advantage for customers who "helps a lot when oil prices soar," says Edmunds.com.

The automotive market is doing well

The third of the Big Three, Chrysler, retains its position as number three in the U.S. market. Last month, the group saw its sales jump 31% to 121,730 vehicles sold, its best sales since May 2008.

But more than the fight for number one spot, GM prefers to emphasize the good performance of the entire sector. At an analysts' conference, Don Johnson, one of the leaders of manufacturer sales in the U.S. in March, was optimistic for the U.S. car market for the months ahead."There are good signs of improvement thanks to the good unemployment figures on Friday and record corporate profits," he said.

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After some hesitation, the euro was again driven up, dollar at 1.4220 on Monday early evening, against $ 1.41 on Friday evening, after concerted action by the G7 to ease the course the Japanese currency. The yen remained, he, always a downward trend, losing 0.7% against the dollar after dropping 2% Friday and 0.6% against the European currency.

Parallel to the stock market recovery, the rebound of the euro reveals a new investor appetite for risky assets, while the Japanese nuclear disaster appears to be cooling."But beware: this movement may be tempered by the evolution of the military situation in Libya," warns Michael Hewson, CMC Markets, the interest of financial markets having moved on for a week -end of the central suburbs of Tripoli in Fukushima …

"Confidence in the euro area is gradually returning," said Kathy Lien, currency trader for GFT Forex in New York, quoted by Bloomberg. "Despite the threats to certain liabilities of the euro area, foreign investors can not ignore this region of the globe."

Monetary stance

The orientation of European monetary policy more sensitive to inflation threat than it is in the United States or in Britain, uses the euro for three weeks low fee payday loans.The European Central Bank said in early March, she was ready to go back next month its key interest rate to avoid "second-round effects" of inflation, that is to say a contagion Imported oil prices to other prices and wages. Having feared a major impact of the disaster on Japan the euro area, and abandoned its proposal, the European Central Bank would be generally prepared to raise its interest rates at its next meeting. On Monday, the announcement by the U.S. Treasury at the beginning of the resale of mortgages – 10 billion dollars a month – has to bend the euro against the dollar.

But the European currency has resumed soon, because despite the resale of assets, the Fed seems determined to maintain a highly accommodative monetary policy during the coming months to support the recovery very slow labor market.Despite an inflation target well above the Bank of England is also very divided on whether to tighten its monetary policy. As for the Bank of Japan, it stands ready to inject as much liquidity as necessary to avoid the financial collapse of the Archipelago.

Finally! After a year of zero order, the 747-8 Intercontinental Boeing B carries a great breakthrough. In addition to China, the most promising market in the world. Air China has announced the purchase of five jumbo jets worth an estimated U.S. list price at $ 1.54 billion. Boeing has made "substantial concessions on price," said Air China becomes the third customer for the Intercontinental after Lufthansa and Korean Air.

This acquisition will enable the Chinese company to increase from 6.6% the capacity of its fleet comprises 381 aircraft in late June 2010. In terms of large aircraft, Air China, which already operated B 747 classics from the 1980s, chose the balance between the two offers on the market. She had in fact already ordered five A380 super jumbos.For Boeing, the resumption of large aircraft orders is good news and crown-month campaign commercial. In contrast, Airbus has just been served the cancellation of ten A 380 by one of its biggest customers, the lessor ILFC U.S..

The fact remains that the day of 8 March 2011 was auspicious for both manufacturers rivals. Boeing recorded $ 12.6 billion worth of orders (at MSRP). Also in China, Hong Kong Airlines has signed a memorandum of understanding with Boeing for six Boeing 777 freighter version and 32 B 787 Dreamliner. And ILFC also signed a contract for 33 medium-range B 737. The leader in aircraft leasing and acquisitions justified its cancellation of its ten A 380 by the need to rebalance their portfolios in order, dominated by large appliances.ILFC also has also announced the purchase for some 8.86 billion dollars, 100 A 320 and A 321, 60 NEO will feature the new engine from Pratt & Whitney.

Finally, Turkish Airlines has signed a firm order for ten medium-haul A321 and three A330-200F freighter aircraft for an estimated $ 1.6 billion.

The markets decide on Thursday to follow the trend on Wall Street yesterday or the Asian markets this morning. Disturbed yesterday by a further rise in oil prices, the Paris Bourse finds the path of rising: the CAC 40 gained 1.17% to 4081.62 points in mid-session.

The DAX index of the Frankfurt Stock Exchange following the same path with an increase of 0.81% to 7239.50 points. Just as the London Stock Exchange takes 1.03% to 5976.02 points.

However, investors should be wary. Despite a moderate decline Thursday morning oil prices remain under pressure. Oil prices have given up $ 3 on Thursday in the morning after the Arab League said it was investigating the peace plan proposed by Venezuelan President Hugo Chavez to end the crisis in Libya.In mid-session, a barrel of Brent North Sea traded in London at 115.72 dollars, down 63 cents from the close of the day, while in New York, a barrel of Light sweet crude (WTI) let go 62 cents to 101.61 dollars.

In Europe, attention will focus on the ECB meeting, which will decide on interest rates from 13.45. A hardening of tone is expected this Thursday, but not to the point of a rate hike is imminent.Inflation reached 2.4% in February in the eurozone, a figure higher than the target of 2% of the European Central Bank, growth was also up, despite the debt crisis, to 1.6% in 2011, according to Brussels.

As for currencies, the euro off again down slightly against the dollar on Thursday, traders moved cautiously before the monetary policy decision of the European Central Bank (ECB), which could adopt a more aggressive stance to counter the Inflation in the eurozone.About 11:00 am in Paris, the euro bought 1.3853 dollars against 1.3867 dollars late Wednesday, after reaching 1.3891 dollars Wednesday, its highest level since early November.

The French services sector in good shape

In this context, markets will try to focus on the series of macroeconomic statistics published on Thursday

– In France, the unemployment rate fell slightly in the fourth quarter of 2010 to 9.2% of the workforce in France and 9.6% including overseas departments, a decrease of 0.1 point compared to previous quarter, Insee said Thursday. The growth in activity and employment in the services sector continued to accelerate in February. The sector index rose to 59.7 PMI against 57.8 in January.Although down from the flash estimate of 60.8 issued Feb. 21, he enrolled at the highest since August 2010.

– In the euro area, the service sector has experienced in February its fastest growth since August 2007 despite an increase in inflationary pressures. PMI purchasing managers stood at 56.8 in February against 55.9 the previous month. Moreover, economic growth in the euro area has remained almost stable at 0.3% in the fourth quarter, bringing the total for 2010 to 1.7%, confirmed Thursday the EU statistics office Eurostat in a second estimate.Finally, retail sales in the area rose by 0.4% in January compared to the previous month after falling 0.4% in December

The day will also be busy with the U.S. productivity in the fourth quarter and weekly jobless claims (1430) and the ISM Services February (16 hours). Attention should also dominate the market before the publication of the traditional monthly report on U.S. employment on Friday.

Values to follow

Alcatel-Lucent (8.48% to 3.90 euros) is supported by the recovery of target price of Barclays. In addition, traders cited rumors of interest from a Chinese group: "We hear vague rumors of a takeover bid by a Chinese group," says one of them.The sign as the largest increase of the SBF 120 in early trade.

Renault: + 0.80% to 43.09 euros

The manufacturer does not manipulation in the case of alleged espionage whose company reported but awaits the return of investigations into the existence of bank accounts abroad to decide.

Total: + 1.63% to 44.07 euros

The petroleum announced Wednesday it will pay $ 4 billion (2.9 billion euros) to take a 12% stake in Russian gas producer Novatek.

In addition, the group will soon stop operating Mabrouk field, whose production capacity is between 40,000 and 50,000 barrels per day. The group announced Thursday that the exploration budget for 2011 was increased to 2.1 billion dollars against 1.8 billion and he thought that this envelope would increase.In addition, 12 major projects should be launched in 2011-2012.

Alstom: + 1.24% to 41.96 euros

The group announced Wednesday the signing of an agreement for its participation in the development of a technology center in SKOLKOVO Russia.

Unibail Rodamco: -0.21% to 145 euros

Europe's leading retail real estate announced Wednesday it had acquired from Eurohypo AG a stake of 7.25% in SFL (SFL) for 106.5 million euros.

France Telecom: -0.47% to 15.80 euros Iliad: + 5.03% to 84.80 euros

Free and Orange signed a roaming agreement 2G to 3G expanded. The announcement had been evoked by the daily newspaper Les Echos on Thursday.

Air France-KLM: + 1.07% to 11.83 euros

The company plans to reorganize in order to make acquisitions, "said La Tribune.

GDF Suez revises goals upward

GDF Suez: + 0.96% to 28.48 euros

The band recorded in 2010 net income group share of EUR 4.616 billion (+3.1%), especially through its activities in France, and has revised upwards its targets for 2011 due to taking control of Britain's International Power.

Carrefour: + 1.89% to 34.24 euros

The French distribution giant has recorded exceptional costs in 2010 of 1.13 billion euros, which have weighed on operating profit.The group, which announced Thursday a net operating profit up 9%, according to its own forecasts made in January, said an anticipated earnings growth in 2011.

Manitou: -3.63% to 23.90 euros

The group was cautious about the recovery in margins in 2011 after having returned to growth in its turnover last year thanks to a rebound in orders.

Club Med: + 2.10% to € 17.26

The group announced Thursday a turnover in the first quarter of fiscal shifted 2010/2011 (1 November-31 January) up 14.6% to 337 million euros and bookings for the summer "growing two numbers. "

Always on the side of publications, after market, we will follow the annual results of Areva and results for the fourth quarter of Bio Alliance.

From our Washington correspondent

The Pentagon chose Boeing and EADS not to deliver 179 aircraft-refueling tankers. The European group had, however, in 2008, won the giant contract estimated at $ 35 billion. But Boeing was able to invalidate the win. In a politically charged climate, Boeing had argued errors committed by experts from the U.S. Air Force in the evaluation of their offer."Disappointed and puzzled," according to the terms of Executive Chairman of the European manufacturer, EADS has ten days to enter to turn the U.S. Court of Auditors, which would be a hundred days to decide.

EADS offered to assemble a plant in Alabama, specially built for this purpose, a military version derived from the Airbus A 330.

Boeing wants his side to replace its old KC-135, in operation since 1950, for derivatives of the Boeing aircraft B-767 products in its factories near Seattle. The selection of Boeing will cause a stir in Congress, especially among Republicans from Alabama. Conversely, deputies and senators, anxious to defend Boeing and employment in the United States are met.The contract is more sensitive than the needs of the Air Force is pressing and unlikely to be affected by cuts in appropriations that hit other weapons programs, including those who live Boeing.

Operating Costs

The formula used by the Pentagon to compare the operating costs of both units played a crucial role in the decision. Indeed, the tanker offered by EADS is larger than the unit proposed by Boeing. To compare the two options, experts from the Defense Department have established a mathematical formula that adjusts costs to reflect this difference free instant credit score.

The model incorporates various scenarios of conflicts and situations of refueling more or less far from U.S. bases. It also takes into account the likely increases in fuel during the operating period is 40 years.However, Boeing had long argued that the formula favored EADS. It does not reflect the actual costs of operating the Boeing tanker supposed to be lower.

The manufacturer also claims that EADS is a company illegally subsidized by European states. Moreover, Boeing submitted to the Congress that the U.S. should not rely on a foreign company for a contract as important to national security.

The Pentagon had clearly rejected these objections. On the one hand because the dispute between Boeing and Airbus to the World Trade Organization (WTO) is not resolved, Boeing accused of being eligible for public subsidies. He also believed that competition between the two manufacturers was the ideal way to get the best tanker at the best price.Only against Boeing since Northrop Grumman has renounced his alliance with EADS on this project, the EU has even seen the Pentagon grant it the status of "prime contractor", reserved for the largest U.S. companies weapon. Still, a second phase is planned. The work carried out by EADS is not lost and he could catch up on this occasion

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