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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After breaking the 4000 point mark, the CAC 40 is struggling to find a direction Thursday. The index initially opened higher and then came back in the red, losing 0.09% to 4020.80 points.

At the London Stock Exchange, the FTSE-100 gained 0.41% to 5972.44 points and the Dax index featuring the Frankfurt Stock Exchange climbed 0.16% to 7068.29 points.

On the macroeconomic front, several indicators are planned, including price indices for production and import of industry (8.45) and indices of agricultural prices in February (12:00). After the Minister of Budget, Baroin, announced Wednesday a government deficit of 7.2% in 2010, the Minister of Economy and Finance, Christine Lagarde, sees even less than 7% on Thursday. INSEE reveal the exact figure at 8.45.

For the EU, a first estimate of inflation in March is expected at 11:00.United States, are scheduled weekly claims for unemployment benefits (1430), activity in the Chicago area in March (15.45) and in February industrial orders (16 hours).

On the currency markets, the euro continues to rise against the dollar at 1.4154 (+0.20%).

The debt crisis in the European program

Oil prices were up Thursday morning in electronic trading in Asia in the wake of the rebound on Wall Street, analysts said. In morning trading, a barrel of light sweet crude for May delivery gained 28 cents to 104.55 dollars. That of Brent North Sea crude for May delivery took 20 cents to 115.33 dollars.

The eyes of investors will also be turned on Thursday to Ireland will be published when the stress tests of banks in the late afternoon.The debt crisis is again in the spotlight, while the Portuguese rate exceeds 8% and that the Greek deficit was revised upwards.

Meanwhile, the banking sector shows the highest increases in the Cac 40: 2.09% Societe Generale loose at 46.49 euros, Credit Agricole sells 1.92% to 11.78 euros, BNP Paribas lost 1.58% at 52 , 46 euros and Natixis was down 1.06% to 4.02 euros.

In contrast, Renault, despite its setbacks in the false case of espionage, climbing from 1.64% to 39.36 euros, the largest increase in the Cac 40.Total (0.91% to 43.31 euros) and Vallourec (+0.44% at 79.85 euros) complete the podium.

LVMH: -0.04% to 111.60 euros

In addition, the Annual General Meeting of LVMH will be held at 10:30.

Poweo: -2.33% to 4.61 euros

With a loss of 146.2 million euros in 2010 against a loss of 85.3 million in 2009, operating income of Poweo was sealed by non-recurring items, as announced in February. The net loss attributable to group Poweo has for his part amounted to 133.4 million euros, against a loss of 93.5 million in 2009.

After-hours trading, Cellectis Genoway publish their annual results.

Renault: 1.64% to 39.36 euros

Nissan and Renault were heading towards the establishment of a holding company which unites the two car manufacturers under one roof, said Carlos Ghosn, president of both groups, in an interview published by the Nikkei newspaper.But a spokesman for Nissan denies this morning, stating that this article resulted from a misinterpretation of what the CEO.

L'Oreal: -0.06% to 82.99 euros

YSL Beauté (L'Oréal) will cease in advance to create and develop the flavors of the Italian luxury group Ermenegildo Zegna, according to a statement released Thursday.The license agreement, which was to expire in April 2013, ending June 30, said the world number one cosmetics.

Publicis: -0.36% to 39.86 euros

Publicis announced that Jean-Yves Naouri, tipped as a possible successor to current chairman Maurice Levy, was appointed executive chairman of Publicis Worldwide, a subsidiary of the group including its network of marketing and advertising.

Schneider Electric: -0.17% to 120.40 euros

The electrical equipment manufacturer Schneider Electric announced Thursday the acquisition of assets of DigiLink, the "leading provider of structured cabling in India", about 80 million.

Areva: Trading suspended

The Strategic Investment Fund announced in a statement Thursday it has completed the acquisition of the stake in Areva STMicroelectronics.The nuclear expert held 10.9% stake in the OEM electronics.

Maurel & Prom: -0.04% to EUR 13.61

The independent oil company Maurel & Prom will ally with the Colombian Pacific Rubiales Energy by assigning half of his rights in a series of permits.

Trigano: 1.44% to 24.25 euros

The specialist for caravans and motorhomes Trigano announced a six-monthly sales growth should, in his view, lead to market share gains and improved "sensitive" in its results for first half of the year.

Saft: -0.67% to 29.09 euros

The battery maker Saft has announced in a statement that only one of components it buys in Japan is produced in the region of the country affected by the earthquake and tsunami of 11 March.

Europe is thought to enjoy the Brussels summit to finally turn the page of the debt crisis. But the Portuguese came psychodrama shake the building patiently put up for weeks by asking for a bailout forced march.

The pressure is growing on Lisbon and the Europeans will now cast messages without ambiguity. "We have the ability to help Portugal if we demand," said Thursday the Swedish Prime Minister Fredrik Reinfeldt. EU summit should also help expose the full range of response from the anti-crisis unveiled earlier this month, since the funds to rescue deal for the euro through the strengthening of economic cooperation.

The resignation of Prime Minister of Portugal on Wednesday night, has changed the program.The country's economic situation is so precarious that it will probably aid amounted to 75 billion euros. "If Portugal had never seek European support this size seems appropriate," says the boss of the Eurogroup Jean-Claude Juncker. By contrast, Greece has received 110 billion euros, and Ireland 85 billion.

Threatened by a new recession, Lisbon facing the distrust of markets with borrowing rates to 10 years beyond 7% over a month. Thursday Fitch downgraded two notches its sovereign rating because of "increased risks" facing the country's financing capacity.The situation becomes untenable with the approach of the two bond issues planned for April and June, more than 9 billion euros in total.

Constitutional deadlock

"We are obviously ready to step in and help, but it must first request of Portugal," insists the Belgian Finance Minister Didier Reynders pay day loans.

That's where the rub: Jose Socrates is a headwind against the idea of ​​an international aid plan. Thursday in Lisbon, the spokesman of the government resigned hammered it "will continue to fight with all his might against the possibility of recourse to outside help." The electoral ambitions that keeps the prime minister did little to encourage reverse itself before its European partners. Especially it must be renewed this weekend at the head of the Socialist Party.

In this political agenda plus a legal headache for last minute very embarrassing for Brussels.The Portuguese Constitution would prevent a government in current affairs to engage his country on the path to a bailout. "The situation is institutionally blocked," sighs a diplomatic source.

Meanwhile, markets are losing patience. Early elections will not be held before end of May. Wait two months might give free rein to investor panic, with a key to the soaring rates, a heavier bill for the rescue, and increasing doubts about the future of the euro area. This is the scenario that the Europeans wanted to avoid the danger of reviving the plans after Greek and Irish. For the 27, we must find a loophole out of this unexpected situation. And reassurance in the meantime, the Lisbon commitments.

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.

Plastivaloire group, which manufactures plastic parts, married Dec. 15 its automotive business with its rival in trouble, Bourbon, which employs 1,500 people. The objective was to create a European champion plastic parts for automobiles, where the fund modernization of automotive equally owned by Renault, PSA and the Strategic Investment Fund (ISF) has taken an interest. Parisot group, which manufactures furniture kit, was very ill last year payday advance lenders. It has restructured its debt and managed to bring a new majority shareholder, Windhurst Industries, supported by the ISP. Geodis, the freight subsidiary of SNCF, has resumed operations in July 2010 in France and Northern Europe Giraud carrier while striking agreement with the creditors of that group.

Not a single car is out of the manufacturers plants yesterday, three days after the earthquake that struck Japan on Friday. Toyota, Honda, Nissan, Renault's partner in the Archipelago, had discontinued production of not knowing when they would resume. Mitsubishi Motors has closed its units left Aichi, Gifu and Okayama and will not open today.

Some of their production centers are located in the northeast area is devastated by the earthquake and tsunami, but all are affected, unable to procure spare parts. Toyota, with 12 factories are closed now lose $ 72 million per day. The car, running lean for stocks as low as possible, is paralyzed from a link in the chain flu.PSA Peugeot Citroën is indirectly affected: electric cars Peugeot and Citroen iOn are manufactured at Mitsubishi.

The energy shortage is real

The Sendai area, closest to the epicenter of the earthquake, is also an important industrial center for electronics, telecommunications and machine tools. Sony has frozen seven sites and one of its plants in Blu-ray is flooded. Canon, world's leading producer of cameras, has warned that he risked arrest eight of its plants. His rival Panasonic has already suspended some of its production.

The semiconductor industry is also likely to be particularly affected. According to the IHS firm iSuppli, Japan accounted for 20.9% of the global market last year.Two manufacturers, Shin-Etsu and Sunco, providing silicon wafers, have announced plant closings.

Everywhere, the reduction of production capacity is compounded by shortages of electricity, interruption of rail traffic, the collapse of roads and port closures. East Japan Railways, which serves the suburbs of Tokyo, is able to ensure that 20% of its normal traffic. The cessation of nuclear power plants will cause an energy deficit of 4,700 megawatts. "Tokyo Electric Power has introduced blackouts to regulate demand," said Arnaud Bauduin, a specialist on Japan at OFI Asset Management.Similarly, 20% of refining capacity is currently suspended. "

After stopping all production after the tsunami, the fourth largest global steel, Nippon Steel, took over the supply of all its sites, except that of Kaimishi near the area hit by the disaster. Rival JFE has meanwhile revealed yesterday that he was forced to stop supplying a site near Tokyo due to a problem of energy supply.

At the Tokyo Stock Exchange, which fell 6.18% yesterday, all the industrial stocks were battered. Nissan lost 9.5%, Honda 6.5% and Tokyo Electric Power (TEPCO) plunged 23.5%.

Credit Suisse figure to 122 billion euros or 129 damage, about "40% of the damage caused by the earthquake in Kobe in 1995, stressing that the region has fewer offices, fewer plants and fewer highways .

Supplementary budget

The Japanese economy, driven by its exports, was already weakened by soaring oil prices and a rebound in Europe and still hesitant in the United States. It will be difficult to recover. Nomura expects that GDP (gross domestic product) in the country, which contracted by 1.3% in the fourth quarter of 2010, may not return until the third or fourth quarter of this year. The archipelago, say the analysts of the firm, must also take into account a possible drop in domestic consumption.

Despite this, the rating agency Moody's, which stresses the importance of saving Japanese, does not provide an immediate fiscal crisis. It is betting instead on government spending that will be needed for reconstruction and can help accelerate recovery of the Japanese economy.This does not prevent the opposition already ask the government a supplementary budget for fiscal year ending March 31.

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Click on the thumbnail to enlarge the graphic.

The French are increasingly "médiavores, and traditional media continue to offer a great resistance to the inexorable rise of digital media. According to the annual study "Media in Life" performed by Médiamétrie, on the habits of media consumption, the number of daily contacts on average during the week with different media is increasing. In 2008, the average French person was 38.6 contacts per day with media. Today there are 41. It is the consumption of the Internet by young people who boosts attendance of the media. Now, 56% of French people aged 13 and older use the Web as against 44% in 2008."But so far, do not overlook the increased use of new media more traditional television, radio, print or film," said Jamila Yahia Messaoud, director of media center behavior and ad hoc Médiamétrie. If the mainstream media see their practice to stabilize, is that their scope for growth is low: 99% of the population are already in contact with them.

Consumer qualitative

The study also confirms that more Médiamétrie you get older, we develop a more assiduous traditional media. This year, the institute was interested especially in case of "emancipated youth" under 30 years who recently left the family home. Very large consumers of media, these young total daily average of 11.5 contacts with television, radio with 9.5 and 9.1 with the Internet.These specialists use of multiple media. At the same time, "youth at home 'under 25 years show respectively 9.9 contacts with the small screen, 6.1 and 6.6 with the radio with the Internet. "In young emancipated, consumption is more qualitative since come back more in a single day," Jamila analysis Yahia Messaoud. "Interestingly, she notes, these two populations engaged in the same proportions Internet, since it brings together seven out of 10 during the day." These are adolescents between 13 and 17 years, always at home, who are most addicted to digital. They have 19 contacts per day with the Internet, a video game or a mobile cons 21 contacts with the traditional television, radio or press.

For telephone use, the study shows that the more we grow, the less one uses his mobile.Those under 25 are in contact daily with 9.1 times their mobile when emancipated youth are only 6.2 times. These tend to use the landline which is free as part of triple play. Same phenomenon for the game, when young people leave home, they play less: only 15% of them practice the game against 30% for the youngest. "However, the study said, the practice of music and video is the same" whether you are young or a little less.

U.S. stock markets failed to bounce back Tuesday. In the wake of a meeting for nothing, they have evolved in the red all day before closing in negative territory. The Standard & Poor's 500 and Nasdaq 100 down 0.32%, respectively, to 1328 points and 2804 points to 0.46%. For its part, the Dow Jones fell back from 0.34% to 12,227 points.

This reflects the gloom battery indicators mixed, published during the session:

– In January, import prices surged due to a further rise in energy costs. They rose 1.5%, almost almost twice the consensus forecast (0.8%).

– The index of homebuilder sentiment has emerged unchanged in February at 16, as in January and in line with analysts' expectations.And for the fourth consecutive month, according to data released Tuesday by the National Association of Home Builders (NAHB) and Wells Fargo Bank.

– In addition, Empire State index measuring industrial activity in New York came out slightly below expectations, despite a faster rise in February. He climbed to 15.4 against 11.9 in January, its highest level since June, but 1inférieur the 15.5 expected by analysts.

– U.S. business inventories rose slightly more than expected in December, while sales rose 1.1%, announced Tuesday the Commerce Department.

– Meanwhile, retail sales began the year with great enthusiasm after the sharp increase in fourth quarter 2010. The 0.3% increase recorded between January and February is the lowest in seven months, and well below the 0.5% expected by analysts.

– The United States has also attracted less net capital flows to long-term in December: 65.9 billion, after 85.1 billion in November.

On the foreign exchange market, the euro was still up against the dollar on Tuesday, buoyed by the German figures reassuring despite persistent pressure from concerns about the fiscal health of fragile area euro.À the close, the euro was worth 1.3483 dollars, after falling in the day from Monday to 1.3428 dollars, the lowest since three weeks.

Marriott will split into two listed companies

Marriott International, 1.15%, to 41.47 dollars

The hotel group said Monday after trading its intention to split into two publicly traded company, with one side of the other hotels and timeshare operations.The new entity specializing in timeshare brands will use the Marriott and Ritz-Carlton, while Marriott International will focus on the activities of hotel accommodation, including franchisees. In 2010, the timeshare industry has posted a turnover of 1.5 billion made on 71 sites with over 400,000 multi-owner and approximately 10,000 employees. After paying a special dividend, the Marriott family should hold 21% stake in each of the two companies split. The group also reported a quarterly profit increase, the economic recovery accompanied by an increase in business travel.Net income for the fourth quarter was $ 173 million or 46 cents per share, against 106 million or 28 cents per share, a year earlier.

Fedex: 2.13%, to 95.99 dollars

The group messageriea lowered its targets for the current quarter The group now expects earnings per share and 90 cents entre70, fork down 25 cents.The group says that performance-cons by harsh climatic conditions and rising fuel prices explain this.

Chevron: -0.66%, to 96.31 dollars

The oil company was fined a total sum of $ 9.5 billion for pollution caused by Texaco (bought by Chevron) in the Ecuadorian Amazon, "said plaintiffs' counsel in revising upward the amount .

NYSE Euronext: -3.35% to 38.13 dollars

Also note, while boards of directors of the exchange group NYSE Euronext and Deutsche Börse in talks for a merger, may announce an agreement soon on Tuesday, the press reported a possible offer by the Chicago Mercantile cons Exchange (CME), the world trade in raw materials.

Genzyme: + 3.53%, to 74.30 dollars

The series Sanofi Aventis / Genzyme continues.A merger agreement between the French laboratory and the American biotechnology should be signed shortly. Sanofi, however, should extend its offer a third time on Genzyme and continue along its negotiation. The expiry of the offer is midnight New York time on Tuesday or Wednesday 6:00 pm Paris time. In Paris, the title of Sanofi-Aventis rose slightly from 0.13% to 49.99 euros

The CAC 40 is not likely to be upstaged at the redistribution of roles that the exchange operator NYSE Euronext will make effective March 21 on its index in Paris. Instead, the rules which prevail in its composition shall be extended to all indices. Selection will be made as to the CAC 40, depending on the liquidity of the securities, that is to say, the treated volume compared to the floating capital.

The SBF 250, which brought together the top 250 values of peak disappears. The indices will be overseen by a new "All-ACC Tradable," in which all values will be listed at least 20% of free float changes hands each year.

For heavy odds, the CAC 40 and CAC Next 20 (ACC antechamber 40) but are kept together under a new index, the CAC Large 60. The SBF 120 is retained.It now includes the Large CAC 60 and a new index, dedicated to mid-cap, the CAC Mid 60. As the CAC Mid 100, it disappears.

For smaller companies, the CAC Small 90 gave way to the CAC Small, and CAC Mid & Small 190 to CAC Mid & Small, the idea is not to limit the number of values that may compose these indices.

"These changes will bring more visibility, particularly to small and mid-cap and facilitate access to investors who can more easily and launch new financial derivatives or structured," says Marc Lefevre, director of NYSE Euronext Listing France.

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Soon a European International Monetary Fund? Germany would work to draft new European institution which is much like a regional version of the firefighter world public finances, according to the German daily Sueddeutsche Zeitung. Berlin would like to propose to its partners in the euro area to create a "European Fund for stability, growth and investment," according to a paper cited by the newspaper.

Berlin has denied that this project reflects the government's position. This document was "not subject to ministry officials, nor endorsed by them, and the ideas it contains do not reflect in any way the position of the Ministry of Finance or the federal government," insisted the door Ministry spokesman.Still, the German Minister of Economy, Rainer Bruederle said Thursday in a statement that "the fallback mechanism will exist in the direction of a European Monetary Fund. (…) There must be question of independence, individual responsibility, transparency and foremost the possibility of sanctions for poor performers of the euro. "

Informal meeting

On Thursday, Finance Minister Christine Lagarde will meet informally in the early afternoon near Strasbourg with his German counterpart Woflgang Schäuble, who is on vacation. "The EU should not only look at the budgets, but also monitor how economies grow," said Christine Lagarde at the Sueddeutsche Zeitung, and reiterated its preference for a European economic government."We're at a stage (of European negotiations, Ed), where each country sets its vision on the table," says one at Bercy, "and there's currently nothing specific."

According to the draft released by the Sueddeutsche Zeitung, the struggling states could use the funds to refinance their debt in case of emergency. "No limit" amount. Counterparties would be severe: the beleaguered government should provide guarantees in exchange as reserves in gold or shares in public companies. This institution would take its place alongside the European Central Bank. Like the latter, it would be politically independent. This project serves as an alternative to European bonds in particular championed by Luxembourg and Italy, but which Germany and France opposed.

"The German interest for stability"

He is "in the national interest" of Germany that the euro area to be consolidated "with all its Member States, it is explained in the paper cited by the Sueddeutsche Zeitung. Monetary union is clearly oriented towards the "German interest for stability," is said. This is the "consideration" for Germany to play its role of "anchor stabilizer" within the zone.

Rainer Bruederle is skeptical about him. "Such a European economic government is not the right project. Whoever currently looking for a European economic government is working on a bad site, "he said bluntly. Finance ministers from the euro zone must meet in January. The markets were disappointed by the meager results at the last meeting of the Eurogroup, in mid-December.

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