International & World Report

Caution should again dominate this Tuesday at the Paris Bourse. The CAC 40 yields 0.69% in early trade at 3090.53 points. Like their counterparts on Wall Street and Asia, investors will again examine the risk of contagion of the crisis of sovereign debt in the eurozone. The sharp rise in bond yields Spanish and Italian supply fears. Spanish borrowing rate to 10 years have in fact exceeded the critical threshold of 6% yesterday, what had not been seen since early August. Italy has in turn launched a debt issuance where rates were also above 6% for securities maturing five years.

This morning, the spread between government securities, french and German, that reference in the euro area, has reached a new record since the inception of the euro with an increase of 8 basis points (bps ) to 173 bps.

In Italy, Prime Minister Mario Monti called for a short time to market his team to form and implement a program, which will contain "sacrifices cash advance." For its part, the new Prime Minister of Greece, Lucas Papademos, assured that the implementation of decisions taken at the top of the euro area on October 27 would be the "main task" of the new government, preventing the Greeks from one period difficult. He has said the country's public deficit in 2011 will be reduced "at around 9%" of GDP.

This morning, the euro continued its decline against the greenback. The single currency is dollar 1.3583 (-0.29%) in morning trading. The small increase in oil is: a barrel of "light sweet crude" for December delivery gained 8 cents to 98.22 dollars a barrel while Brent North Sea crude for December delivery took 44 cents to 112.33 dollars .

The week ended as it began in the Paris Bourse: down sharply. The index yielded 2.25% at 3123.55 points Friday and 6.53% for the week. London yielded 0.33% and 2.72% Frankfurt. The last five trading days have been eventful. Markets had initially plunged after the surprise announcement of the referendum in Greece. On Tuesday, the CAC 0 was 5.38% in currency a record for a holiday close to 5 billion euros. Optimism returned Thursday afternoon after the Greek Prime Minister George Papandreou raised the possibility to withdraw the draft and for the surprise decision of the European Central Bank lowered its key rate.

Weekend difficult to predict for Air France and its passengers. Without an agreement this week with management on working conditions for cabin crew, six of seven unions called the stewards and stewardesses 15,000 to go on strike for the weekend of All Saints, usually very busy.

Traffic would be disrupted from Saturday, October 29 until Wednesday, November 2 included online payday advance. The airline plans to provide 80% of flights, but stresses that "considerable uncertainty remains about the level of participation of the cabin crew." These are not actually required to prevent the direction of their intentions.

In 2007, a similar strike – triggered by the same six unions to the same period of All Saints – had caused major disruptions.

It was an open secret. The six countries of the euro area currently receiving a rating of "AAA" (Germany, Austria, Finland, France, Luxembourg and the Netherlands), everyone knew that the Hexagon was the most fragile. And for two main reasons, as the visible one and the other as the nose on your face.

First is the only country of the "club of six" not to balance its accounts public, when we ignore the burden of debt (annual interest payments to our creditors). France continues to display a "primary deficit" in the words properly. This shows that the remediation work is far from complete.Note, for example, that Italy is now in a situation of "primary surplus", even though the peninsula remains weighed down by debt levels far higher ransom of a history of fiscal mismanagement even older than ours.

Second handicap, and distinguishes us from the other five members of the club "triple A" France is the only one to record a deficit of its external accounts. The imbalance between our imports and our exports attests an alarming lack of competitiveness. Clearly, if the French economy was not part of a monetary union, it would now interest to devalue its currency. She would even be forced by the markets.

But that Paris could lose its valuable in the future "triple A" and it would be first across the euro area which would be weakened. Including Germany. Across the Rhine, there is concern especially as a contagion effect.Professor Hans-Werner Sinn, president of the Ifo economic institute, also highly critical of the current functioning of the euro area, just bring a vivid demonstration quick pay day loan.

A model to redefine

In a recent study ("The Ten Commandments to save the euro"), he notes that the cost of insurance on the ten-year Bunds has increased tenfold since the crisis of the euro, to 1.2%. The fault lies, he says, to become burdens on Germany, the main funder of the rescue plans for its partners in the Euroland. This bill gets heavier a little more if France was itself degraded. The warning from Moody's recovery even more debate on French economic policy. Designating Paris as the weak link of the "triple A" rating agency highlights the twin deficits, internal and external, which is our brand.And these two imbalances, the most distressing is certainly the failure of "Made in France" to find its place under the sun of the euro.

Compared to its neighbors "triple A" – true "mark area" within the monetary union – France stands out on another point. Never in modern history since the First World War, it has succeeded in establishing a social contract where competitiveness is central. Such as the famous Wassenaar agreement of 1982 in the Netherlands, to exit the eternal Germanic model, in fact that of all Northern Europe. Rather than attempt to "re-enchant the French dream", which has ceased to be missing the point, here is the challenge.

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"The French debt ever more risky than the German

• Incidents in Rome

Tens of thousands of demonstrators, inspired by the "outrage" of Wall Street and Spain, marched Saturday in Rome, the city had been cordoned off by police. "One solution, the Revolution!", "We are not property in the hands of bankers," could be read on the signs of the protesters.

In Rome, several cars were torched. Photo credits: ALBERTO PIZZOLI / AFP

The NYSE has been won by a renewed optimism on Monday. After opening up, in a market reassured by the pledges of trust made by Germany and France in connection with the recapitalization of banks in the euro area, Wall Street has accelerated the pace in mid-session. The Dow ends up sharply from 2.97% to 11,433.18 points and the Nasdaq 3.5% to 2566.05 points. The New York Stock Exchange finished down Friday evening after lowering the rating agency Fitch notes from Spain and Italy.

The U.S. stock markets remained open on Monday, public holiday in the United States (Columbus Day, which commemorates the discovery of America by Christopher Columbus).Only the bond markets were closed.

The willingness of the Franco-German recapitalize banks and out of the spiral of debt crisis, however, as in Europe, supported investor sentiment. Tonight, President américainBarack Obama supported "the strategy of Nicolas Sarkozy and Angela Merkel. The latter, meeting in Berlin on Sunday pledged to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit in Cannes, 3 and 4 November. Proposals must be made but no details were supplied. "You will see the end of an entire fully functional," promised the Chancellor. The fate of Greece is suspended from his verdict of the Troika, reminded the two leaders.

About the difficulties the European banking sector, the two leaders said they were "determined to do whatever it takes to ensure the recapitalization of our banks." The French president also assured that the agreement between the two countries on how and where the process was considered "complete", denying the reports of differences over the use of EFSF to provide the necessary funds. Again, the "details" will be specified later, they promised, while the EU summit scheduled for October 17 and 18 was postponed to October 23 to allow more time for officers to prepare a response "global" .

Note also in Europe, the Board of Directors of Dexia has validated the night from Sunday to Monday the takeover of its Belgian subsidiary by the Belgian government for a $ 4 billion.The Franco-Belgian bank, the first victim of the debt crisis in the euro area, is found then dismantled and nationalized the Belgian branch.

Opening of the ball results

United States, the season of quarterly results of large companies to begin this week. As usual, the aluminum giant Alcoa will kick off these publications. Follow in particular, PepsiCo Wednesday, Thursday, JPMorgan Chase and internet group Google and finally, Friday, Mattel. Analysts bet on an average increase of 13% earnings per share for the third quarter. "The forecast for the quarter just ended are very conservative.So there's a good chance that companies do at least as well as the consensus ", say experts Cantor Fitzgerald.

On the macroeconomic front there was no major indicator on the agenda of U.S. investors on Monday. In the coming days, they expect including the minutes of the last meeting of the Federal Reserve (Tuesday) and retail sales (Friday). Specialists Aurel BGC, household spending should be slightly more dynamic in September. The slowdown in inflation for the effect should have increased the purchasing power of households.The latest U.S. statistics have also been rather better than expected, which has banished the specter of a return to recession in the United States and contributed to the rebound on Wall Street last week.

New clean cuts at Goldman Sachs

The side of values, the bank received the good news on the progress in Europe: KBW Bank Index jumped 5.31%. JPMorgan Chase gained 5.21% to 32.30 dollars and Bank of America 6.44% to 6.27 dollars.

The Sunday Telegraph, the investment bank Goldman Sachs (3.71% to 96.13 dollars) could make additional cuts.

Apple (5.14% to 388.81 dollars) announced that it has registered one million pre-orders for its iPhone 4S in one day

Netflix (-4.83% to 111.55 dollars) has given up its business organization DVD rental website in a new and renamed Qwikster said Monday that the industry would remain on the same site as that of video streaming services.

Sara Lee (1.58% to 16.71 dollars) announced Monday it will sell its bakery brands in Portugal and Spain as well as seven production sites in Mexico Grupo Bimbo to 115 million euros in cash

For its part, the world's number one supermarket chain Wal-Mart (2.07% to 54.81 dollars) announced that 12 brands of the brand were closed in Chongqing in China for 15 days, following a fraudulent labeling .

At the same rumors about Yahoo! (2.39% to 15.84 dollars) to continue. After the assumption of a takeover by Microsoft or by the Chinese partner of Motor internet, according to Reuters Jerry Yang, co-founder of the company could partner with a private equity investment to buy the company.

The mood is gloomy Tuesday in the Paris Bourse. The debt crisis, fears of a default Greek and the difficulties of Dexia still saddled markets. The CAC plunged 2.7% in mid-session at 2 845.78 points after having been closed on Monday, down 1.85% to 2926.83 euros. Elsewhere in Europe, London was down 2.22% to 4,962.80 points and Frankfurt from 3% to 5 215.50 points.

Monday evening, the finance ministers of the Eurogroup announced after their meeting that they see "in October," the decision on the next tranche of 8 billion euros to Greece. Europe is planning to review the private sector in the second aid plan and is considering increasing the relief fund for indebted countries (EFSF).Finance Ministers have also agreed on the granting of collateral in exchange for loans to Greece.

Athens, meanwhile, announced new measures after Sunday warned that the country would not meet its deficit targets required by its creditors.

Oil down

Fears weigh on the euro area also on the European currency. The euro sank below the $ 1.32 in late morning, its lowest level since January against the greenback, carried away in the turmoil of the debt crisis and the postponement of a decision on Greece by the finance ministers of the euro area. Mid-session, the euro bought 1.3184 dollars against 1.3178 dollars late Monday.First thing in the session, he even fell to 1.3146 dollars, its lowest value since January 13.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost 1.47% dollar to 76.47 dollars in the morning.

In terms of macroeconomic indicators, investors will pay attention to the publication of industrial producer prices in the euro zone in August expected at least 16 hours. Overseas, industrial orders in the U.S. for August are expected in 16 hours. At the same time, the president of the Federal Reserve, Ben Bernanke, scheduled to speak before a congressional committee on "economic forecasts".

Dexia has announced the sale of its flagship

The entire banking sector will be followed on Tuesday.The board of directors of Dexia (-20.77% to 1.03 euros) announced last night to have initiated a process to solve the structural problems of the group but did not mention track in particular. The Franco-Belgian bank should speed up the sale of its jewels and isolation of its non-performing assets in a "bad bank" quick guaranteed personal loans. His last note was placed on negative watch by Moody's. Deminor insists that the shareholders are consulted before any decision on a plan for the future of Dexia, said the consulting firm to shareholders in an open letter disclosed by Reuters.

For its part, Societe Generale (-3.95% to 18.22 euros) halved its need for long-term financing in 2012, she announced.The French bank will only need 10 to 15 billion euros.

Also in the European banking sector, the first German bank Deutsche Bank has abandoned its goal Tuesday to reach a record operating profit of 10 billion euros this year, but assured that it will profit in the third quarter.

The sugar group Cristal Union will acquire in a friendly group Vermandoise for nearly a billion euros to create the number five European sugar industry, which will be number two in France behind Tereos. Vermandoise group includes two companies listed on NYSE-Euronext Paris, the Society of Sugar Vermandoise (SVS) and the Sugar Company of the Old Pithiviers (SSPLV).The listing of the two securities is suspended.

Stallergènes (-3.63% to 44.81 euros) announced a reorganization of its governance, which will see the arrival of a new executive managing director in early 2012.

GDF Suez (-1.70% to 22.02 euros) has completed the sale of the Rete Gas G6 consortium of infrastructure funds F2i, AXA Private Equity and Enel Distribution. The sale values ​​the distribution assets at an enterprise value of 772 million euros, to 103% of the regulated asset base in 2010, 9.3 times Ebitda and 17.5 times net income. This was announced in June.

Bonduelle (-1.31% to 63.50 euros) reported a sharp drop in its annual net profit by 48% to 30.4 million but expects a rebound in profitability for the year 2011-2012.The food group is also in talks to buy the vegetables Aucy in Russia.

Naturex (-6.88% to 46.02 euros), a specialist in natural ingredients of plant origin, will launch a capital increase of € 49.3 million to fund acquisitions and increase its free float stock.

Group Gorge (9.95% to 6.74 euros) flames just after the announcement of its largest order in the nuclear industry, a contract of 30 million euros in China.

The bill for banks that have distributed toxic loans to local authorities may be salty. Claude Bartolone at war for three years against Dexia and its sister does not count because no release. PS MP who chairs the Assembly today a Commission of Inquiry on "risky financial products underwritten by local" has already federated number of public entities that have contracted loans toxic.

The President of the General Council of Seine-Saint-Denis since 2007 fought first for his department. Claude Bartolone has discovered that he had contracted in 2008, led by Communists, many loans have become toxic. Thus, a debt of 953 million euros, the joint may have to pay a premium of about $ 300 million over the next ten years because of toxic loans contracted between 1997 and 2008."The equivalent of building a school year," criticizes Claude Bartolone. "And that amount could be even higher," said the MP. In fact, some of the loans contracted by the municipality are indexed to the Swiss franc and interest rates can reach 50% depending on the evolution of the franc.

Most disturbing is that the department of Seine-Saint-Denis (93) is not alone in this. MP PS refers to "hospitals, small towns or communes, departments, ports such as port of Le Havre" and "communes of all political stripes like Saint Etienne, Rouen, Saint Maur or Saint Tropez."

According to Claude Bartolone, "the total amount of toxic loans granted to public entities be around 15 billion euros of which would be 5 billion of potential losses."

"Banks can not not pay"

MP PS is clearly concerned the role of banks. He said "they are responsible for the explosive situation in the French subprime" where thousands of municipalities are now over-indebted. Indeed, it is satisfied that they have not fulfilled their code of ethics. "They had a duty to inform and how their customers customized uninitiated" or the quest for profit seems to have guided more banks. Thus, the President of the General Council 93 filed a complaint against Dexia, Depfa and Calyon (Credit Agricole). The court should rule in October. But even Claude Bartolone said that "banks can not avoid paying." The MP also believes that "the whole chain has failed." The state has not applied a circular on the prohibition of structured products and regulatory authorities have also failed in their duty.A helping hand of the state can not be excluded.

Otherwise, "the local authorities would be forced to raise local taxes, reduce investment and jobs." And technically if the failure of a local community is not possible, it can be put under the tutelage of the state as was the case of Angouleme, said the chosen PS.

LIREAUSSI: "Hundreds of cities on the verge of bankruptcy

"Thousands of French municipalities indebted

"Borrowing risky: the state called to the rescue

"The 93 says the" war "to banks

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While the German Constitutional Court in Karlsruhe Wednesday should make its decision on the validity of the first aid package to Greece, passed in 2010, the German government has increased pressure on Athens.

According to several newspapers across the Rhine, Chancellor Angela Merkel had informed members of his party (CDU) that Greece would not receive payment of the installment scheduled Sept. 15 if it did not meet its targets for reducing deficits. More explicitly, the German finance minister, Wolfgang Schäuble, said before Parliament that if the mission of the Troika, interrupted last week, did not resume quickly and did not end in a positive way, "the next tranche of aid would not be granted. "

Recent electoral defeat

This hardening of the tone is to contain the discontent in the ranks of the CDU since the election defeat on Sunday in the Land of Mecklenburg-Vorpommern. In fact, Angela Merkel only has a narrow majority to vote in the Bundestag on 29 September, the second aid plan in Athens. The Chancellor must give his firm pledges of Parliament to show that it does not dig a bottomless pit.

The pressure put by the Germans to the Greeks also reflects simply the blocking of the situation in Athens, unable to meet its commitments payday loan no faxing. According to Reuters, Greece would have asked to be faster than expected payment of the amounts promised in the second aid plan, which would mean that its finances are deteriorating faster than expected.Unlike France, more and more states are reluctant to vote with the second.

The head of the Slovak Parliament, Richard Sulik said that Slovakia would deal in December on strengthening the European Financial Stability Fund (EFSF). The plan "can not therefore enter into force in February," Sulik said.

All these questions are still weighed heavily on bonds in the euro area on Tuesday. While Italy was forced to further accelerate the passage of the austerity plan is to Madrid came the aftershocks. The leader of the CCOO, one of the main Spanish trade unions, said Prime Minister José Luis Zapatero, would have admitted that the country was "on the edge of the abyss" and would need a bailout. Remarks Tuesday strongly denied by the Spanish government, which illustrate the growing tensions in each country.