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Wall Street hesitates. As in Europe, investors do not seem entirely convinced by the agreement reached in the night between Democrats and Republicans on the debt. Hours to 4:15 p.m., the Dow drops 0.57% to 12,072 points, the Nasdaq lost 0.43% to 2744 points and the S & P loose 0.57% to 1285 points.

It is in extremis, on the night of Sunday, which is reached an agreement on raising the ceiling of U.S. debt, after a speech critical of President Barack Obama. Two days before the deadline set by the U.S. Treasury, the stakes were high: without this increase, at least 2.1 trillion dollars, the United States, on the edge of default, could sow the wind panic on financial markets.

Barack Obama has managed to generate compelling reconciliation of Democrats and Republicans on this agreement, investors now hope to see a bill passed in the coming days. But that will depend on the Congress which has yet to give the green light, no later than Tuesday night. Similarly, no one knows how to react, however, the rating agencies. Despite the compromise finally reached on the debt, the loss by the U.S., their AAA rating is not excluded and would have severe repercussions on the economy and markets.

After selling more than 4% last week, which will remain the worst of the year, the Dow had yet started the day up 1.10% at 12,277 points.Standard & Poor's 500 and Nasdaq 100 progressed to their respective share of 0.86% to 1303 points and 2785 points to 1.05%.

The manufacturing sector to the death

At the macroeconomic agenda, a bad surprise helped to fill the atmosphere: the growth in manufacturing in the United States slowed in July against all expectations, according to the purchasing managers' index released Monday by the Institute for Supply Management (ISM), which fell to its lowest level in two years. The index of manufacturing activity of this organization stood at 50.9 last month, its lowest level since July 2009, against 55.3 in June. The market economists polled by Reuters on average expected 54.9.

Construction spending in the U.S. have also increased by 0.2% in June, according to figures from the U.S. Department of Commerce published Monday.These expenditures reached 772.3 billion dollars, while analysts polled by Reuters had forecast a rate unchanged no credit check payday loans.

This week, analysts said Aurel BGC, "investors will focus on indicators confirming whether a rebound in growth. In view of the latest indicators movement is far from certain. Auto sales (Tuesday) and retail sales side on Wall Street for the month of July will be eagerly awaited. This weekend, the employment figures will be released by the BLS.They will be very affected by the lay-off of 20,000 staff in the State of Minnesota. "

73% of companies did better than expected

The European steelmaker ArcelorMittal and U.S. mining company Peabody Energy (0.73% to 57.89 dollars) on Monday made a hostile bid on the Australian Macarthur about 4.7 billion Australian (about 3, 6 billion euros), after the failure of talks to reach an amicable agreement. The board of Australian mining group declined Monday to support the joint bid from ArcelorMittal and Peabody to 15.50 dollars per share.

The title of the American manufacturer Ford (2.54% to 12.52 dollars) could take 25% as the group reduced its debt, is launching new models and trying to expand in China and India where he remained late over its competitors, said Monday the magazine Barron's.

Shares of online retail Amazon.com (1.75% to 226.41 dollars), which is just below its record high, could earn 10% to 25% if the investment result rapid growth in its retail operations, cloud-computing and the Kindle reading light, said Monday the magazine Barron's.

The railway company of the UAE, Etihad Rail, said Monday it has ordered seven locomotives Electro-Motive Diesel, a subsidiary of U.S. manufacturer of construction equipment Caterpillar (2.36% to 101.13 dollars).

On the corporate side, after Merck (+0.03% to 34.10 dollars) and Chevron (1.57% to 105.67 dollars), which published its quarterly results Friday, the ball of publications in the U.S. coming to an end.Nearly 65% ​​of companies have indeed published their findings in the U.S. and 73% reported earnings above expectations.

Among the publications planned the first week of August, include those closely watched CBS, Cephalon, and Pfizer (Tuesday). Will be followed by Comcast, Time Warner and Mastercard (Wednesday). Then, Kraft Foods (Thursday), Procter & Gamble and Viacom (Friday).

The 2012 presidential election will be decided in part on the field of taxation. In an interview in Le Monde, the Paris mayor proposes, as an individual and "beyond tax reform" in the program of the Socialist Party, to do more to contribute to debt reduction the richest of France. Bertrand Delanoe, who also claims to support the candidacy of Martine Aubry, decides to create a tax "exceptional and limited in time" on high incomes.

"The truth is that we need new resources to reduce debt of France and restore the public, he says in the daily newspaper. [...] So yes, I support what you ask most favored an effort "extra.In a context where the countries situated on the outskirts of the euro area are struggling to convince markets of the sustainability of their debt, the mayor of Paris has combined the fight against the deficit to a real "war": "And when you are war, they say the truth, "he said.

Fusion of the income tax and the CSG

Asked about the unpopularity of this measure, the elected official responded that "citizens may be more courageous leaders" and recalled that in 2008, when he announced to the Parisian tax increases before the election, "They put their trust in me well no fax cash loans." The government in turn made a recent tax reform, repealing the tax shield and at the same time reducing the wealth tax.

If the program of the Socialist Party is not considering special tax aimed at the richest, yet it provides to increase the progressivity of the income tax, now he considers unfair. His plan for 2012 provides for merging the income tax and the CSG, with the aim to simplify taxes and make it more redistributive. An idea which is also his way to the right, particularly in Jean-Francois Cope and Henry Gaino. The pen of the Elysée found Saturday morning in Libération that the proposal "is worth pondering. A condition to be very attentive to the issue of escalation, "he said.

No revolution International Monetary Fund (IMF). This is the message from the first press conference by Christine Lagarde as executive director of the institution, after the sudden departure of Dominique Strauss-Kahn. The French kept the three priorities of the fund established before his arrival: address the problem of debt in the developed States, to prevent overheating and inflation in developing countries and assist States in their fight against unemployment .

"The problem of sovereign debt for all advanced countries, even if the focus is on the euro area and Greece in particular," she said in Washington during his first press conference at the headquarters of the institution . A meeting of the Board of the IMF will be held Friday to decide the payment of the new tranche of aid to Greece.It calls on this Greek political parties to agree on the reforms needed. "I hope they can learn by the examples given by the political parties in Ireland by political parties in Portugal," she said.

"18 hours of meetings"

Christine Lagarde has generally adopted a modest attitude and merely paint in broad strategy the International Monetary Fund: "I'm the Fund since 24 hours, 18 hours spent in meeting," did she pleaded. She presented her action plan "three Cs". First "connectivity", "all economic problems are related to each other." She then stressed the "credibility" of the Fund, "our work must be honest, fair and balanced."Finally, she defended an approach to "complete": the issue of deficits is essential, but that of unemployment and social affairs should not be overlooked. Point of view already developed by Dominique Strauss-Kahn. A fourth "C" as "continuity" can be added to this list.

She also said the channel France 24 have "talked on the phone" with the former director to discuss "a number of files in progress." "It was a strictly professional contact and devoted exclusively to the estate that I take," she said.

Christine Lagarde has also repeatedly stated that the Fund was "serving" of its 197 members, he was there to "provide services" to help restore the "instability" of the world.It also intends to "enhance the legitimacy of the IMF" by ensuring "a better representation of its members" via voting rights but also recruitment. Many commitments made during his campaign from emerging countries who want to have more weight within the institution. Or, in the future, get direction.

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It's official, the Express-Roularta group, which publishes the Express or read particular, actively considering the future expansion. At a general meeting held Friday, the society of editors of the monthly economic confirmed to all employees of the group that many assumptions were being considered for this newspaper, whose circulation has declined in France paid 2010 from 6.5% to 140,311 copies, according to OJD.

"Nothing has been decided yet but what is certain is the group's desire to stem losses by reducing payroll," says one union source.Among the possible scenarios, which will decide the future of 32 employees: turning the magazine supplement of The Express, all journalists bring economic group in a cross-pole working for several reasons, pass on a quarterly basis by a high-end magazine, or sell.

Expansion employees are under pressure last year. The erosion of sales of the title is yet online, or below, from that observed in the overall economic magazines, down 7.3% last year, according to OJD.

Confidence motion

Magazines such as the monthly Capital (Prisma) or the weekly Challenges (group Le Nouvel Observateur) have seen their circulation decline of France paid 7% and 8% business card.But operating losses accumulated by L'Expansion – 12.3 million euros in five years, including 2.4 million in 2010 – and the failure of the new format of the magazine launched in April 2010 have alerted the newspaper's owner, the Belgian group Roularta Media. A social movement last year and passing a motion of no confidence against the leadership of the group, on May 18, have apparently he finished to convince to make a new crop, it more drastically.

Corinne Pitavy, the CEO of Groupe Express-Roularta and Christophe Barbier and Eric Matton, who co-leading the pole mass media, have sent their proposals to Rik de Nolf, president of Roularta Media Group and its main shareholder. June 24, during a council, an expert should be appointed to audit the financial situation of the newspaper, right after the warning issued by staff representatives in late May.

While the rating agency Fitch on Friday downgraded the rating of long-term debt of Greece, and the French minister Christine Lagarde asked Athens to take further fiscal austerity measures, the German finance minister speaks the ability to offer additional assistance to Greece.

In an interview published Sunday by the newspaper Bild am Sonntag, Wolfgang Schäuble believes that steps could be taken for the country if his efforts fail to reduce its debt. This additional support "is only conceivable if it is confirmed that the private creditors such as banks, do not opt ​​out of Greece, leaving European taxpayers to take full responsibility," said the German minister nonetheless. He believes that the creditor countries of Greece must first ensure that Athens is able to overcome its economic difficulties."Only in this case we could, if necessary, discuss an extension (the maturity) bonds that Greece should pay next year," says he.

The inspection visit, arriving in early to ensure that Athens respects the conditions attached to the bailout 110 billion made in the country, had to extend his stay. Officials hope it will make its findings next week but no date has been set. Wolfgang Schäuble also said that the decision to give an additional boost will require the approval of the International Monetary Fund (IMF) and especially that of centrel Bank (ECB).On Friday, the IMF has in effect called the euro area to urgently adopt a more comprehensive range of measures to resolve the debt crisis, but some resistance has emerged towards the ECB.

'Soft' restructuring

George Papandreou, the Greek Minister Pemi must submit on Monday a multi-year plan with new measures to strengthen the fiscal consolidation of the country payday loans lenders. He hopes to escape the restructuring of the enormous debt that he does not want to hear aujoud'hui, but that markets demand. Unlike the ECB, they are convinced that Athens can not solve its problems by merely the emergency loan of 110 billion euros already granted by euro zone countries and the IMF. Despite a big effort to reduce the deficit last year (five points of GDP), Greece is indeed still in a critical budget situation.

The leader of the finance ministers of the eurozone, Jean-Claude Juncker, is the promoter for this week of a 'soft' restructuring through debt rescheduling. He pleaded over the weekend for the creation of an independent umbrella of the Greek government's privatization program in the country. Athens has planned about 50 billion euros from privatizations in 2015, whose income must be allocated to debt reduction. This option is opposed by the European Central Bank (ECB), fearing that the outright failure of Greek banks, and chain reactions throughout Europe.Dominique Strauss-Kahn, former head of the IMF, was also on the same line.

Determined to "save" his country that he says can work it through his own efforts, George Papandreou is due to visit Paris this week, Tuesday and meet with key political leaders of his country to reach a consensus on measures to be taken to cope with the crisis. This agreement required by the countries of the euro area, however, looks difficult to obtain, the prime minister faced with a sling, even within his own party.

(With agencies)

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Tenants of social housing are not immune from drastic rent increases. Like every year, the consumer association CLCV has identified breaches of the law practiced by the agencies managing the Public housing (HLM). According to the survey released Tuesday on France Info, they are now 12% exceed their rights by charging rent increases above the limit.

For these agencies, rent increases are restricted by law. Since 1 January 2011 in particular, can not exceed the benchmark rents for the third quarter of the previous year, calculated in line with inflation. This index amounted, in Q3 2010, to 1.1%. The budget law for 2011 provides for exemptions, however.This is particularly the case for some homes have been rehabilitated, or for bodies subject to a reorganization plan, and only if authorized by the prefect.

This year, 4% of housing agencies have therefore waived the rule requiring their tenants rent increases higher than 1.1%. Especially, 8% of them have violated the prohibition to modulate increases in housing rents function. For example, the CLCV said that rents of public housing agency in Ile-de-France increased up to 7% for some units!

Context of budget cuts

L'Union Sociale pour l'Habitat (USH), which represents some 800 housing bodies, regrets his side "lack of seriousness" of the survey released Tuesday payday advance.And stresses that the rent increases exceeding the cap applied to some tenants may face special situations: exceeding the limit of resources, negotiations with the occupier, etc.. "Despite these cases, the average increase in rents raised by CLCV is 1.04%, lower than the ceiling imposed by the law!", Raises the USH.

The federation is also concerned that housing agencies CLCV not insist more on the 33% of housing associations have increased their rent by less than 1.1%. An "exemplary action in a context of fiscal restraint, it is noteworthy. At a time when private rents take off, the public housing are still seen as a remedy to curb spending on housing, says a TNS Sofres survey published in late April. Even if a majority of respondents called for greater transparency in the allocation of housing.

The U.S. stock market should open up again on Tuesday. Futures on Standard & Poor's 500 and Nasdaq 100 advanced in effect respectively from 0.65% to 1336.90 points from 1.05% to 2380 points. Last night, Wall Street has ended the highest for nearly three years, driven primarily by technology stocks after a new burst of better than expected results in the area. The Dow Jones rose 1.52% at 12,454 points, the Nasdaq is up 2.10% to 2803 points and the Standard & Poor's from 1.35% to 1330 points. A note on Friday, Wall Street will keep its doors closed as most European markets.

This morning the Asian market also finished in the green. The Nikkei rose 0.82% especially at 9685 points. The OECD has released its updated forecast on the Japanese economy after the earthquake that devastated parts of the archipelago.The organization believes that after an increase of sound, gross domestic product by 3.9% in 2010, Japan will only show 0.8% growth this year and 2.3% in 2012.

The dollar still s'affablit

On the foreign exchange market, the euro climbed against the dollar ever, ranking above the threshold of $ 1.46 for the first time since December 2009. Around 11:30 in Paris, the euro bought 1.4647 dollars against 1.4521 dollars late Wednesday. The greenback lost ground against all major currencies amid renewed optimism in financial markets.

Also note the jump in oil prices, reflecting a fall in stocks of petroleum products in the United States and a sharp weakening of the dollar. In morning trading, a barrel of light sweet crude for June delivery took 53 cents to 111.98 dollars.That of Brent North Sea crude for June delivery gained 38 cents to 124.23 dollars.

On Wall Street, investors will be watching in particular the traditional weekly claims for unemployment benefits until 14:30, then to 16 hours, the composite indicator of economic activity will be unveiled in March, and the index of activity in the region Philadelphia in April, traditionally a leading indicator of economic conditions in the United States.

Apple in its sights

The side of values, the technology industry should still keep the show on Thursday. Apple has posted a net profit almost doubled (+95% to 5.99 billion euros) and well above expectations for the second quarter of fiscal offset, worn by the continued success of iPhones.The sales increased for its 83%.

In the oil sector, the services group Schlumberger has seen its net profit jumped 40% in the first quarter to 944 million, without return to its previous quarter and meet market expectations because of bad weather and tensions in the Middle East.

The chip maker Qualcomm for mobile ad a profit of 999 million dollars in the first quarter, also well above analysts' expectations. The turnover of 3.9 billion also exceeded expectations.

The British oil company BP, which is listed on Wall Street announced Thursday that it filed a complaint with the U.S. against the American company Halliburton, accusing him of having contributed to the oil spill in the Gulf of Mexico, more prosecutions launched against Transocean and Cameron International.According to various analysts BP would claim $ 40 billion in specialist offshore oil drilling

Large U.S. banks have significantly improved their performance, but mainly due to reversals, as shown by figures published yesterday by American Express and Wells Fargo. The financial services group announced a 33% increase in profits to 1.2 billion. Turnover was up 7% to $ 7 billion. For its part, the U.S. bank Wells Fargo reported earnings "record" for the first quarter, up 51% over a year and better than expected thanks to a drop in provisions for credit losses.In contrast, the turnover reached 20.3 billion, down 6% year on year, due to a decline in revenue "from the mortgage and interest rates."

Also after the close-food chain Yum! Brands (Pizza Hut, KFC, Taco Bell) announced an increase of 10% of its profit to 264 million. The group benefits from the strong growth of the Chinese economy but the U.S. market remains difficult.

Also note, the Director General of the transatlantic exchange operator NYSE Euronext, Duncan Niederauer, has defended its proposed merger with Deutsche Börse, the finding most relevant to the strategic plan a takeover by Nasdaq and the ICE documentation he said decommissioning.

The green should still be part of this Friday. Parisian operators seem determined to finish the week higher. The CAC 40 ended on a rebound by 2.43% yesterday and is expected to continue his journey in positive territory, in the footsteps of Asian indices. This morning, the Tokyo Stock Exchange also ended on a 2.72% increase.

This relief usually follows the decision of G7 finance ministers to intervene to halt the yen, which penalized markets. On the night of Thursday to Friday after a conference call convened by France, which currently chairs the G20, they decided to take action "concerted" on the foreign exchange market. "This is the first coordinated action since 2000, so it will have a huge resonance in the marketplace," said Kathy Lien held, GFT in New York.This decision has actually had an immediate effect: the dollar has fallen over 80 yen in Tokyo, a day after a record at 76.36 yen.

In this action was grafted a new intervention of the BoJ. The latter said it had injected 3 trillion yen (28 billion euros) Friday on the money market to support the economy, bringing to 37,000 billion yen (333 billion) of its total contribution since the beginning of the week.

No increase in Fukushima

Finally, operators learn with relief that the Japanese nuclear situation has not deteriorated.As pointed out by the IAEA, the situation remains worrisome in the Fukushima plant, but it has not worsened since Wednesday.

Side indicators, a relatively quiet day ahead of the publication of the index of consumer prices in Germany in February and the trade balance of the euro area in January.

Lafarge viewfinder S & P

Lafarge

The rating agency S & P aabaissé his note on the cement to "BB + / B 'with stable outlook.

EADS

Airbus was the first indicted Thursday for manslaughter in connection with the investigation into the crash of Flight 447, Rio Paris, which had been 228 casualties on 1 June 2009. In addition, the helicopter manufacturer Eurocopter has announced yesterday the construction of a new plant in Mexico to an investment of $ 550 million (390 million).

Societe Generale, Credit Agricole, BNP Paribas

The European banking supervisor on Friday unveiled new assumptions tests strength of European banks, judging criteria "more severe" than the previous year which had been criticized for its laxity.However, contrary to what she had planned earlier this month, the European supervision of banks (EBA) has not published the list of establishments that would be subjected to these tests.

Renault

Thursday, after an interview with Carlos Ghosn, CEO of the automotive group, Christine Lagarde, Minister of Economy and Eric Besson, Minister of Industry, reiterated a "thorough audit" had been requested on this matter " to identify the origin of recently observed failures within the company. "

NRJ Group

The group reported a turnover up 4.1% to 343.6 million euros, while net income group share was increased fourfold to $ 32.3 million euros.

Sodexo

Its U.S. subsidiary has filed a complaint Thursday against a civil union Service Employees International Union (SEIU) which it accuses of illegal practices concerning unionization of employees.

NYSE Euronext

The proposed takeover of cons-Nasdaq OMX Group is facing a dispute with his partner approached, the IntercontinentalExchange, the Wall Street Journal reported on its website Thursday.

Total Petrochemicals

The group is putting into operation a new unit of 50,000 barrels per day refinery in Port Arthur, Texas, said a spokeswoman on Thursday.

Archos

The group sper double its sales in 2011 and return to profit by betting on the booming market of touch pads, but warned that the Japanese disaster may have affected his production, "said CEO and founder Crohas.

The crisis is no longer relevant to the Davos World Economic Forum which opened today's debate (from 26 to 30 January). Beyond the optimistic forecasts of the IMF, which recently revised upwards its growth scenario for 2011 (4.4%), Nouriel Roubini, famous for having predicted in 2007, here in Davos, the U.S. housing crisis, saw fit to renew his message. It now seems that exclude the U.S. economy and even Europe may fall into another recession, a real change from "Doctor Doom" (Cassandra).

Roubini, who now manages a business analysis of Global Economics, strong one hundred employees, does not mean that growth is higher than current forecasts in the United States, which he said "the strength of company accounts and the return of confidence. "It is more dubious vis-à-vis the eurozone, which it hopes it will survive only as "a political response" to clear a form of economic and political union.

He is particularly troubled by the situation in Spain "too big to fail and to save" (too important to be dropped but also to easily and be saved!). He recommends that Europe is committed to both a more abundant distribution of cash and "orderly restructuring" of certain public debts ". It will be expected to discuss his ideas with Jean-Claude Trichet, ECB president, during a special seminar devoted to "strengthening of the euro".

Inequality: a subject river

If the panic that had dominated the 2009 Forum is a bad memory, the time of trial may well have sounded."We can not let inequalities grow," commented Zhu Min, the special advisor to the IMF (and its number three), namely, citing differences of wealth in the United States, while stating that these inequalities "are everywhere no fax needed payday loans. Including China.

In the short term these inequalities are a danger with the rioting in North Africa caused by soaring food, a subject that is in every conversation.

And more fundamentally it is globalization itself is debatable. "Globalisation has increased world levels of life. But inequality, social barriers and the resurgence of nationalism has revived the specter of protectionism "summarizes a note of the Forum on the increase in risk.

The scourge of unemployment blamed by the Americans

Noting the spike in unemployment among U.S. and Europe, Philip Jennings, general secretary of the World Union of Unions in Geneva, stigmatize "a rotten business model (sic) which has developed economies to its knees." One criticism that American economists virtually the only ones allowed in the Forum of Davos have trouble admitting, even when they are at rather left, as Laura Tyson. This former adviser to Bill Clinton continues to award unemployment mainly to the lack of "training and education" of Americans and reasons "cyclical weakness in demand in the United States."

Neither Barack Obama nor his Chinese counterpart Hu Jintao, nor Dominique Strauss Kahn, have seen fit to come to Davos to discuss these issues in Davos.Nor Dominique Strauss-Kahn, yet very present last year. Some interpret this lack here for political reasons, not to show today with the "masters of the world, in a proceeding known for its ultra-liberalism.

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He had prepared his text for several days in advance. Nicolas Sarkozy has taken particular care to the ritual of greeting the New Year's Eve, after a difficult year 2010, marked by the defeat of the right region, the case-Woerth Bettencourt, or the delicate pension reform, background of economic gloom.

Posing as president "protector," as his family had foreseen, he emphasized the importance of Europe during the crisis. The President warned against those who propose to leave the euro. "The isolation of France would be folly. The end of the euro would be the end of Europe, "said the head of state.Gold "in the storm, (it) has faced, certainly not full enough and often not quickly enough, but Europe and Europe held us safe," he said. "I oppose all my strength to back that ignores 60 years of European construction ", he supported this statement in radio broadcast which was also broadcast by Dailymotion.

At 17 months of the next presidential election, the head of state also felt that France could not afford the luxury of a "year of stagnation pre-election". The year 2011 should be a "year useful" for the French, he said. "We will continue to reform because it is the only way to preserve our identity and our model, the only way to" protect "the French.As such it has reaffirmed their "confidence in François Fillon and recalled the importance of pension reform undertaken in 2010 which helped avoid an" inevitable bankruptcy of the system. He praised the "maturity and intelligence" of the French who understood the need to change this "painful".

He then explained that France would continue to reduce its expenditures and deficits, failing to see its independence as "critically endangered". "France will therefore meet its commitments, balancing its accounts. I will not compromise on that goal, "added Nicolas Sarkozy.He also spoke briefly yards awaiting him: the fight against addiction, the introduction of citizen juries and correctional European tax harmonization.

"The burqa ban will be enforced"

Nicolas Sarkozy has also ensured that its activities would be conducted in 2011 with the desire to comply "strictly republican principles our dearest," and recalled that he "could not exist without the right of return of duties." Chaining on "secularism and the rejection of communalism, he said the law banning the burqa would be" applied in spirit as in letter. "

He then addressed the topics of the school, immigration, or "equal opportunities". "Absenteeism (school) is unacceptable because it failed to condemn those who give themselves up," he argues. "Respect for the law is sacrosanct and we do not trampled.Just as the respect owed to France by those we welcome is a requirement, "said Nicolas Sarkozy, before concluding that" equal opportunity and justice "should" lead to consider the upgrading of labor a Priority absolutely untouchable. "

Finally the president had a "special thought" for French hostages held in the world. "We will continue to mobilize all our forces until their release," he promised. The two journalists from France 3, Stephane Taponier and Hervé Ghesquière, Wednesday celebrated their first year of detention in Afghanistan. Five employees of a subsidiary of Areva and Vinci were taken hostage in Niger in September and an agent of the DGSE had been detained since July 2009 in Somalia.

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