After winning nearly 4% last week, the CAC 40 was hesitant Monday. After opening on a positive note on Monday, rising 0.81% to 3243.93 points, it is passed back to balance, to 3218.06 points (-0.02%) on the stroke of 13 hours.
Investors have not long welcomed the determination shown by European finance ministers at the G20 Finance last weekend. At this meeting, the central bankers of the EU porutant promised to bring an answer this week "comprehensive and lasting peace" to the debt crisis at the G20. "Advanced countries will adopt, taking into account their respective national circumstances, policies to strengthen the confidence and support growth and implement measures clear, credible and targeted to rebalance public finances" stressed ministers in statement.
Above all, they promise to make a decision at the European Summit of October 23, described as "decisive" on Saturday by Minister of Economy Baroin. For its part, the ECB President Jean-Claude Trichet said the euro was "not threatened", but called on all Europeans to be "extremely vigilant" with regard to public finances.
Attempted to reassure the ability of the International Monetary Fund (IMF) to support countries in difficulty, Christine Lagarde, the Executive Director, has determined that the resources of the institution for the time were "appropriate" and "fit" to Micro Europe 1.And, while many European countries are considering to use the Fund to prevent contagion of the crisis in the euro area in case of bankruptcy of Athens.
Measures of expected savings on the U.S. side
On the other side of the Atlantic, U.S. President Barack Obama must include measures of fiscal consolidation through a savings plan. Last Friday, the country's budget deficit reached 8.7% of GDP in 2010-2011, 0.3 points less than in the previous year, according to the Treasury. In absolute terms however, the fiscal gap widened slightly compared to fiscal 2010, 0.4%, from the threshold of 1.299 trillion dollars, making it the second biggest deficit of the History of the United States.Concerns also weigh on U.S. growth, after the deterioration of consumer sentiment surprise U.S. beginning in October, falling incomes leading consumer expectations to their lowest level for over 31 years.
Following the announcement of the failure of 20% of the 360,000 small businesses in Zhejiang Province since the beginning of the year, Beijing also pledged to "rebalance" its growth engines through a battery of measures this week.
The euro retreated slightly
On the foreign exchange market, the euro fell slightly against the U.S. dollar on Monday morning at 1.284 dollars (-0.21%). While oil was up in Asia after a barrel of "light sweet crude" for November delivery clinching 35 cents to 87.15 dollars in early electronic trading.Barrel of Brent North Sea crude for December delivery gained 18 cents to 112.41 him dollars.
In terms of indicators, the United States, industrial activity in the region of New York (October) and the country's industrial production are expected in early afternoon.
In Europe, a speech in London Wolfgang Schäuble, German Minister of Finance, on financial regulation and fiscal consolidation is expected.
In Japan, industrial production for the month of August will be published in the day.
Banks remain top values to follow this Monday
Standard & Poor's (S & P) announced Friday it lowered the long-term rating of BNP Paribas (-1.47% to 31.77 euros) from "AA" to "AA-" and the Bichri (Banking Industry Country Risk Assessment) of France in Group 1 Group 2.In this context, investors will keep an eye on Societe Generale (-1.46% to 20.53 euros) and Credit Agricole (-1.52% to 5.11 euros).
The National Assembly will consider the draft supplementary budget by establishing a government guarantee.
• Air France-KLM (2.79% to 5.68 euros)
A special board meets Monday for the start RECORDED Pierre-Henri Gourgeon, as revealed by Le Figaro yesterday. In addition, three cabin crew unions (PNC) filed a strike notice for the weekend of All Saints to protest job cuts.
• Renault (+0.02% at 27.48 euros)
The new organization called the head of the manufacturer after the false spy case will come into force on 2 November as planned and strengthen the power of the CEO Carlos Ghosn with the aim to avoid the fiasco of the early recurrence in 2011.
• Axa (0.82% to 11.02 euros)
The French insurer Axa wants to eliminate by 2015 about 1,500 jobs in Germany, or one sixth of its workforce in the country, the Financial Times Deutschland on Monday.
• Eurosic (-0.68% to 32.27 euros)
The group has completed the acquisition of 22 office buildings with GE Capital Real Estate valued rights included 340 million euros.
• Edenred (-0.26% to 19.10 euros), Guyenne Gascogne (0.62% to 81 euros), Mercialys (-0.58% to 27.37 euros) will release its third quarter results after market close.