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A new week high voltage for Greece and the euro area. In fact, Sunday, the International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros of the loan in May 2010 , aid became vital for the country. The CEO of the institution, Christine Lagarde, has indeed met the Greek Finance Minister Evangelos Venizelos on Sunday to discuss the conditions for the return of the IMF in the country to complete the fifth audit of the Greek economic program. The mission "will certainly place this week," said Fund.

In parallel, Evangelos Venizelos, the Greek finance minister, yesterday met with Jean-Claude Trichet, head of the ECB, to negotiate a restructuring of the Greek debt at a discount of between 40% and 50%.The minister said that "there is no alternative to restructuring." He said at the annual meeting of the Institute of International Finance (IIF), an association of 450 banks in the world: "We are ready to take the necessary whatever the political cost." And said it was confident about the outcome of the vote in parliament of the new austerity plan, condition of the granting of new loans of the troika, because according to him "which member will take responsibility to lead Greece to a default? ".

Germany mobilized

A view shared by the French Minister for European Affairs, Jean Leonetti, who said Sunday that "Greece will avoid bankruptcy because it is the interest of the Greek state, the Greek people and is the interest of us all.If Greece were to fail tomorrow, it would cost more than if it did not go bankrupt, "he said on Radio France International business card.

The Heads of State and Government in July found an agreement to rescue Greece and broaden the scope of intervention of the relief fund of the zone (EFSF), including providing it with an instrument enabling it to market purchases of debt of states in difficulty. This agreement is being ratified by 17 national parliaments in the area. The vote of Germany, the country is the biggest contributor to EU aid plans appear on track.In a television interview Sunday night, German Chancellor Angela Merkel has indeed shown the outcome of the confidence vote scheduled Thursday in the Bundestag.

In addition, the German Chancellor said that allowing Greece to fail would destroy investor confidence in the euro area and could cause infection comparable to that following the collapse of Lehman Brothers in 2008.

The rising social discontent in Greece

But Greece will probably have to wait beyond the holding of a Eurogroup meeting on Oct. 3 before a decision on the release of the next tranche of aid."Given the delay by the Troika mission (IMF, ECB and European Commission), I do not think that the next meeting of the Eurogroup, October 3, a decision on the sixth installment," said Sunday Washington Deputy German Finance Minister, Jörg Asmussen

In addition, the rising social discontent in Greece. Further strikes are planned next week before a general strike on October 19.

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"The G20 mobilized to reassure the financial world

"Europeans are ready to strengthen the Stability Fund

Christine Lagarde has not found his dream home in Washington. Arrive early July to head the International Monetary Fund (IMF), she still lives temporarily in a furnished apartment, close to his office. "Initially, I looked pretty houses in the neighborhood of Georgetown, but I realized it would be impractical and it was better to look for an apartment. Now I prospect in areas not too far from my office, "said Le Figaro the new executive director of the monetary institution. "I have a pool, but not just to bathe. A pool where we could really swim … I have not taken a subscription to a sports club, but in my building there is a proper gym, "says the former champion synchronized swimming enthusiast – disciplined – physical exercise daily.

Since joining the IMF, it has worked and has not been able to enjoy a city that is much changed since she lived there in 1974, when she spent a year at a time of joy and studious the benches of the Holton-Arms School, a school for girls located in the posh western suburb. "In my new life in Washington, the work never stops. But the restaurants are ten times better than what I experienced, "It has already his favorites:" the canteen of the IMF and the Blue Duck Tavern at the Hyatt. " However, between briefings, seminars with the teams of the Fund that it must learn about his travels to London to Marseille for the G7 and Jackson Hole (Wyoming) for a symposium of central bankers to prepare his speeches and conversations with senior business leaders from every continent, Christine Lagarde has had little time to breathe.Those close to him are even already looking a little tired …

She will not rest this week as the annual meetings of the IMF and World Bank are converging towards his office finance ministers and heads of central banks in 187 countries. For several days she prepares for the event. Moments of summer vacation between Marseille and Corsica with her partner, Xavier Giocanti may have seemed far away. To complicate matters, the latter, who founded his company in France, will not live with her in Washington. "He loves the U.S. capital. But his work is in the south of France. He promised to arrange to come one week per month. I also want it with me in some missions abroad, "says the former French Minister.This rate, "is it better than their last weekend aborted by meetings at the Elysee on Sunday afternoon?" Asks one close to the couple.

Critical time

Christine Lagarde did not wait two and half months to start to make its mark and recommend solutions to the crisis. In late August, on the occasion of his first major intervention in Jackson Hole, she took against the established European friends who have yet worked to his appointment in June She has dared to advocate for a rapid strengthening of bank capital of the Old Continent, as required by public money. Taking up the old refrain of the IMF, the former "good soldier" of Nicolas Sarkozy marked its independence vis-à-vis his former boss.Showing how far is now the time in his office in Bercy, when not agree with a decision of the Élysée, she smiled, gritted his teeth and let go … "is the head of State decides "*.

This position, criticized by many European officials, but in line with IMF recommendations for months, proved that the new patron of the institution was not, as some suspect, "the elegant performing" chosen by old European countries in crisis to justify their monopoly once more become anachronistic in the direction of the IMF. Even the laudatory article in the American edition of Vogue magazine in September of Christine Lagarde said that his French elegance accompanied by substance, "Lagarde is as natural, open and very feminine.His way of being simple, clear it rose through the ranks through his work seriously, not because of its ability to attract, "says the prestigious fashion publication. This is the first time a director of the IMF in Vogue poses cross-legged on a couch. Some saw a dim, fast debt crisis in Europe. But now that clears a little sordid chronicle by the New York tabloids and sexual exploits of his predecessor.

In his office on the 12th floor of the concrete block that is the IMF headquarters, Christine Lagarde strives to maintain at all times smile and kindness that are his trademark. However, she also knows that this is not that quality be the judge.Some leading experts in the world of high finance, as Simon Johnson and Raghuram Rajan, former chief economist of the IMF expressed concern that "non-economist" is selected for this feature to a critical time. It can be a handicap in an institution with more than doctors in economics per square meter than any other. Eager to rectify this perception, she was quick to declare taking office in early July: "I'm not going to brag about my qualifications or my lack of qualifications. The proof of the quality of the pudding is measured by how it is enjoyed by those who eat it, as the saying goes. I come with an open mind, with my ability to manage, leverage resources and my desire to help as many people as possible to the decisions and solutions … I will ask many questions.I will evaluate and I'll rely on the advice of those who know their sector. Without wishing to poets, all conductors can not play the piano, harp, violin and cello. I will try to be a good conductor. "To Christine Lagarde, the concert starts this week.

As shown in the tone of his speech a few days before the Royal Institute for International Affairs in London, Woodrow Wilson Center in Washington or on the financial news channel CNBC, the CEO wants to politely shake the leaders of the world, push for action to prevent a relapse into recession generally. Barack Obama, which she first received a phone call late August, requires only that.His plan to revive the use is consistent with IMF recommendations: do not cut right away in public spending.

His recent media offensive, the contrast between the start humiliating DSK, which has placed the IMF on the front page of American newspapers, not to mention the seriousness of the economic situation, are all eyes are on her. Not just those of "Planet Finance." "I am no longer anonymous to Washington. Many people recognize me on the streets and shops. The youngest often ask me to pose with them for a photo. And taxi drivers spotted me right away, "says she honestly.

It is too early to say whether it will be "Keynesian" or "monetarist". But in style, some have noted its refreshing approach in the austere environment of the IMF."I do not know if his style is a little sixteenth arrondissement, or if it is his sincere desire to be considerate towards its employees, but it is very human … I saw her invited to eat at his table his bodyguards after long hours of work, "says one observer. I must say that – status of the Fund requires – one of his bodyguards Bercy could follow. Not even his faithful collaborator for eighteen years, Sonia, who had started with her at Baker & McKenzie and on which it could rely at all times. Being a "woman power" always has a price …

* In "Christine Lagarde: investigation of the most powerful woman in the world," Cyril and Mary LACHEVRE Visot (Editions Michel Lafon).

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"Capital of banks that actually says IMF

"The IMF urges States to act quickly to avoid a recession

After closing up Thursday evening, the U.S. stock markets have struggled to stay in the green Friday. At the close, the Dow gained 0.66% to 11,509,09 points, the Nasdaq is 0.58% to 2622.31 points and the S & P 500 climbed 0.57% to 1216.01 points. The benchmark index of Wall Street has finished in the green of the five sessions of the week, a performance he had not done since the last week of June. It displays a weekly increase of 4.7%.

Investors focused on news from Europe. After the announcement, positively received, a new agreement between central banks to provide dollar liquidity to European banks and Japanese eyes were riveted to Poland which is a meeting of EU finance ministers.The latter have formally agreed on the principle of strengthening fiscal discipline by imposing financial penalties on countries too lax, paving the way for formal adoption of this reform.

In contrast, the euro area and again stumbles on the guarantees requested by Finland in exchange for new loans in Athens, an issue that poisons relations within the euro area.Concerning the payment of a further tranche of loans that the country urgently needs, the euro area has decided to postpone any decision until October.

Invited exceptionally, U.S. Treasury Secretary Timothy Geithner has also expressed concern about the divisions between governments and the European Central Bank (ECB).

U.S. consumer confidence rises

In this context, the "four witches" today is to say the expiration of four types of futures contracts on indices and stocks, have increased volatility.

Good news, however, helped keep the exchanges in positive territory: U.S. consumer confidence rises, according to the index of consumer confidence in September, published by the University of Michigan.The index, which fell in August to its lowest level since November 2008, increased 2.1 points to 57.8, according to a still provisional estimate for September. Analysts were waiting a little lower, at 56.3.

Oil has closed lower Friday in New York, suffering from profit taking less reassured investors that the day before on the likelihood of a quick resolution of the debt crisis in Europe.A barrel of "light sweet crude" for October delivery ended down $ 1.44 on the New York Mercantile Exchange, to 87.96 dollars a barrel.

RIM collapses

On the corporate side, Research in Motion (- 18.99% to 23.93 dollars), the maker of BlackBerry smartphones, collapsed after publishing quarterly results fell sharply, well below analysts' forecasts.

The rating agency Moody's said Thursday it placed under surveillance notes of the bank UBS (+ 4.16% to 11.89 dollars) with for a potential degradation due to "weaknesses in the management of risk group. "

At the heart of the news, Google (+ 0.76% to 546.68 dollars) has purchased additional patents in 1023 the computer company IBM (1.55% to 172.72 dollars) to strengthen its portfolio and attempt to discourage trial for violation of intellectual property.Google expects the other hand that the number of Internet users in India to be tripled in three years through improved access to wireless internet and at prices more affordable smartphone, reported on Friday Wall Street Journal.

Boeing (1.49% to 65.28 dollars) could finally respond to the order by Air France-KLM of 110 long-haul aircraft, including 50 firm orders, builders Boeing and European Airbus to ensure the renewal of its fleet.

The rebound of the day continues at the Paris Bourse. The Cac 40 climbed 2.18% in mid-session at 3013.30 points, in the wake of Wall Street and Asian stock markets.The increase accelerated after the announcement of an exceptional action of major central banks including the ECB and U.S. Federal Reserve, to enhance the supply of dollars in the banking sector.

Wednesday he had already climbed 1.87% to 2949.14% points as investors cautiously welcoming the determination displayed by German Chancellor Angela Merkel, French President Nicolas Sarkozy and Prime Minister of Greece George Papandreou during a conference call Wednesday evening out to Athens for the crisis.

Same upward trend in other European financial centers: London in mid-session gaining 1.38% and 2.10% while Frankfurt Milan rose 1.49% and 2.51% in Madrid.

For now, the markets show their confidence in the ability of the euro area to help Athens to prevent the country will default, and is forced out of the single currency.

After months of deadlock between Parliament and European governments agreed in principle to toughen the Stability Pact and fiscal discipline common EU response to the crisis of debt was signed in Strasbourg on Thursday morning. This device provides for financial penalties in the form of cash deposit in blocked accounts for countries that would leave too lax spinning their deficits, and processes more automatic than in the past to punish the worst performers in Europe.The agreement should therefore be subject to European finance ministers Friday in Poland, that will floor on the back of the Greek crisis in a macroeconomic environment deteriorated.

At the end of their conference, the Franco-German said he believed the day "that the position of Greece is very much in the euro area." But on one condition, also very explicit: "The implementation of strict and effective recovery program of the Greek economy supported by the countries of the euro area and the IMF and which conditions the disbursement of future tranches of the program. "George Papandreou was quick to deceive, confirming" the absolute determination of his government to take all necessary measures to implement all commitments. "For the budget minister Valérie Pécresse, what the Prime Minister of Greece were "reassured" the euro area, she said on Thursday LCI.

For its part, the Chancellor has again ruled out the idea of ​​European bonds, proposed by some to pool at least part of the issuance of debt of the euro area. It would be "absurd," she said this morning outside the Motor Show in Frankfurt.

The U.S. maintains pressure on Europe

To this, add the announcement of the Brics (Brazil, Russia, India, China and South Africa) said on Wednesday that they could increase their holdings of bonds denominated in euros. Brazil has such willingness to participate in a "global effort" against the economic crisis that affects rich countries, said the same day the President of Brazil Dilma Rousseff.The same goes for Russia, which has indicated its willingness to "consider an investment in the new mechanism in the euro area if the responsibilities are clearly defined" through its Vice-Minister of Finance. However, Italy, whose rates have soared during bond, has denied media reports that she would have asked China to invest in debt.

U.S. side, however, no way to release the pressure on Europe. It "must do more" in the words of Timothy Geithner, U.S. Treasury Secretary, who must participate in a meeting Friday of finance ministers in Europe.In an interview Wednesday on the financial channel CNBC, he considers, however, that the Europeans 'capacity' to solve the crisis, seeing a good eye that they "recognize that they are late."

Note that Christine Lagarde, Executive Director of the IMF, should give a speech in Washington on "Challenges and solutions for the global economy and the IMF" to 16 hours. While Ben Bernanke, the Fed chairman, should speak at a conference in Washington on the regulation of systemic risk in the early afternoon.

Oil prices continue to fall

On the macroeconomic front, the number of people employed in the euro area rose by 0 Online payday loans.3% in the second quarter compared with the previous three months, said Thursday the EU statistics office Eurostat.Still according to Eurostat, inflation remained stable in August in the euro area to 2.5% year on year, as in July.

In France, the trade deficit is expected to reach 75 billion euros this year, a new sad record after the 56 billion euros recorded in 2008, says Les Echos. For its part, the European Commission revised downwards its growth forecast for France for 2011 to 1.6% against 1.8% expected so far.The annual growth rate of the euro area as a whole also 1.6%, however, is consistent with a previous estimate.

For its part, Spain has raised 3.95 billion euros in the markets Thursday, with bonds to eight and nine years, with rates down from the previous issue of the same type on July 21.

Finally, many figures are expected in the U.S., including inflation for the month of August, the current account balance in the second quarter, the weekly claims for unemployment and industrial production for the month of August .

On the foreign exchange market, the euro climbed to 0.44% against the greenback at 1.3804 dollars on Thursday.In turn, oil prices continued to fall, after figures showing a decline in demand for refined products in the United States, and while the markets remain worried about the situation in the euro zone, analysts said. In morning trading, a barrel of "light sweet crude" for delivery in October lost 43 cents to 88.48 dollars per barrel of Brent North Sea crude for October delivery 53 cents to 111.87 dollars.

Values ​​to follow

• Banking

The banking sector, including Societe Generale (13% to 19.73 euros), BNP Paribas (20% to 32.52 euros) and Credit Agricole (12% to 5.88 euros) remains in the spotlight. It does not seem affected by the revelation of a fraud, a trader at UBS.The crisis became systemic, according to a document sent to the European Union finance ministers and obtained by Reuters, which also recommended a further strengthening of bank resources.In addition, two out of three French believe that the weakening of the banking sector related to the debt crisis could threaten their economies, according to a CSA poll released Wednesday to Les Echos.

• LVMH (2.15% to 114.20 euros)

The group announced Wednesday it had chosen Jordi Constans, come to Danone, to succeed Yves Carcelle at the head of Louis Vuitton in 2013.

• ArcelorMittal (3.65% to 13.35 euros)

The company promised to stop its steel plant in Florange (Moselle) would be temporary, said Wednesday the French government.

• Areva (2.11% to 21.02 euros)

The nuclear expert will present its strategic plan in early December through improved operational performance, an adjustment of investment and possible asset sales, its chief executive said in an interview for Echoes.

• Publicis (2.03% to 31.11 euros)

The group announced Thursday the acquisition of 100% stake in a public relations agency in the United States, Schwartz Communications, which specializes in technology and health, for an undisclosed sum.

• Bouygues (1.31% to 25.05 euros)

Wednesday, Bouygues Construction, through the company Eirene, delivered the first 53 service centers and respond to the DIT (Directorate of transport infrastructure under the Ministry of Ecology, Sustainable Development, Transportation and housing), according to Reuters.Eirene now provides maintenance and management of these buildings for 28 years.

• Technip (2.06% to 68.77 euros)

The French group of Petroleum Engineering has won a contract for facilities ammonia-urea fertilizer in Port-Gentil (west of Gabon), from Gabon Fertilizers Company, said in a statement.

• Cellectis (6.19% to 6 euros)

The company will acquire the Swedish company Cellartis specialist tools for research and development in vitro derived stem cells, as part of a contract valuing the approximately 33.8 million.

• Hermes

The luxury group said that trading in its title would be suspended Thursday pending the decision of the Court of Appeal of Paris on the exemption granted by the AMF on the buyout of minority interests.

The CAC 40 continues its slow descent into hell. The stock market, which recorded a third consecutive session ended with a downward decrease of 1.13% to 2965.64 points, its lowest close of the year. It should even go back in spring 2009 to find such levels.

Moreover, stock markets are all in red with the exception of London (1.06%) and Zurich (4.02%). But the DAX in Frankfurt still loose 1.04% and 2.06% Milan.

Greece again centralizes all fears since the country's authorities and inspectors of the European Union, the International Monetary Fund and the European Central Bank, have suspended talks to ten days. The two parties disagree on the reasons and extent of delays by Athens in reducing its budget deficit. This situation endangers the second rescue plan concocted by the European Union.Some analysts believe even now that the plan was stillborn. "Greece has already slipped over new deficit targets," said Bruno Cavalier, as well, an economist at Oddo Securities.

Nervousness is also high, whereas the German Constitutional Court will make its decision Wednesday on the highly anticipated aid granted by Greece to Berlin and the establishment of a European emergency fund. Germany is the main creditor of Greece in the eurozone.

"It's a stampede"

Also in the issue of debt in the euro zone, Italy is suffering from a new crisis of confidence while accumulating doubts on its ability to curb its deficit despite the adoption of an austerity plan this summer.Finally, union sources said yesterday that the Spanish Prime Minister Jose Luis Rodriguez Zapatero had recognized mid-August, the markets in crisis, that Spain was close to a "rescue" needed.

"It's the stampede, the free fall. Trust is the innermost and nobody does anything to reassure, "commented Xavier Villepion, sales of shares in Global Equities. "Investors have no reason now to invest in the equity markets," he says. "We are in a dynamic market similar to that of the fall of 2008, when prevailing psychosis triggered by the subprime crisis," said Patrick Jacq, bond strategist at BNP Paribas."Everybody goes in the same direction and fled to the German long-term bonds," he said.

"No recession in the U.S."

These problems of sovereign debt in addition to fears of a global recession while the health of U.S. economic worries. In this regard, World Bank President Robert Zoellick said on Tuesday that the United States was not threatened by a return to recession. "I do not think the United States and the world will fall into recession," he said direct payday lenders.

Societe Generale and Credit Agricole to the lowest since 2009

Bank stocks were again the most attacked: BNP Paribas lost 5.24% to 29.66 euros, Crédit Agricole, 4.72% to 5.56 euros and Societe Generale, 6.54% to 18.92 euros.

Audika: + 1.56% to 16.30 euros

The group released a net profit up 17.2% to 4.8 million in the first half, Audika has benefited from financial instruments, whose contribution represents about 400,000 euros.

Medica: 2.54% to 12.50 euros

Medica said it had seven times its first-half profits to 20.7 million euros and raised its annual growth target of the activity of 15% to 17%.

NYSE Euronext: -1.68% to 17.80 euros

The group announced a return to continuous trading, as of Thursday, September 8, a series of indicators of the Paris Bourse, the SBF 120, which was suspended on August 8 for technical reasons.

Casino: -1.66% to 54.36 euros

The retailer Almacenes Exito Colombia, 54.8% owned by the French group, has launched a capital increase of $ 1.4 billion (one billion) unveiled in late June.

Paris airport: -0.38% to 55.29 euros

A consortium that includes ADP is one of the groups pre-qualified to take over the airports of Madrid and Barcelona, ​​said Monday the Spanish airport authority AENA.

Lagardère: 0.03% to 19.30 euros

Arnaud Lagardere said the media group is considering a share buyback or payment of a dividend with the proceeds of the sale of the international magazine division.In an interview published Tuesday by the newspaper Les Echos, he also said that the withdrawal of the group of EADS will not happen until the release of the Airbus A350, the future long-haul European aircraft manufacturers.

Air France-KLM: + 0.79% to 6.14 euros

The group wants to save 700 to 800 million euros in additional savings and will also scale back its flight schedule.

GDF Suez: -2.07% to 19.63 euros

The newspaper Les Echos, there will be no increase in gas rates for individuals on 1 October, the Regulatory Commission (CRE) does not provide a complete analysis of the tariff before the end of September.

Séché: -9.65% to 42.45 euros

The company said it was reviewing its goal of decreasing operating income (ROC) for 2011, it now expected around the level reached in 2010 after falling 2.7% in the first half.

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"CAC 40: 3000 points, a psychological threshold for the market

Caution on the Cac 40. In the wake of the Asian stock markets and the day after a sharp drop on Wall Street, investors do not risk the last trading day of the week. At midday, the benchmark index in Paris is still evolving in the red (-0.77%) ironing below 3100 points to 3094.99 points.

At the London Stock Exchange, the FTSE-100 is 0.46% to 5107.30 points while the Dax-30 from the Frankfurt Stock Exchange, after opening steady, widening its losses (-1.72%) in 5582 , 50 points.

Markets are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. An hour and a half ago (1430), the U.S. government has released its second estimate of GDP for the second quarter.The consensus growth overseas could fall by 0.2 point to 1.1% from the first estimate. On Thursday, weekly jobless claims rose. Causing a sharp decline in U.S. stock markets.

In this uncertain environment expected on ads across the Atlantic, the euro resumed slightly against the dollar Friday in a market without much volume. To 11 hours in Paris, the European currency was worth 1.4440 dollars against 1.4378 dollars on Thursday night.

In the euro area, the lack of major macroeconomic news does not help to give a clear trend to markets.This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously).

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.11% to 53.07 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

This decision only briefly managed to reassure investors.If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need. After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 0.91% to 21.75 euros, BNP Paribas declined more moderately from 0.60% to 34.15 euros, Credit Agricole down 1.31% to 6.42 euros while Natixis closed the show the worst performance (-3.38% to 2.74 euros).

In an interview with Le Figaro, the executive director of Credit Agricole said the group has "significant cash reserves" and "not difficult to obtain financing."

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange.Peugeot, which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, reduced its losses (-1.54% to 19.18 euros), after having dropped to 2.05%. The title, however, fell more than 35% over the last month. A little stronger, Renault drops 0.57% to 26.05 euros.

Total: -0.72% to 32.50 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed).In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.95%, to 165 euros) will publish their interim results after market close.

After a week marked by sharp declines, Asian stock markets leave forward cautiously. Investors remain troubled by the prospect of a new economic recession in the world. As such, they are waiting with some excitement the second estimate of GDP of the United States on Friday and the president's speech to the U.S. central bank, Ben Bernanke. The markets expect the Fed printing money stimulus to boost the economy.

The Nikkei in Tokyo Stock Exchange is 0.58% at 8677.94 points, the Hang Seng in Hong Kong gained 0.56% to 19,596.30 points and the Shanghai CSI 300 rose 0.69% to 2796.99 points.

On the other Asian financial centers, the increase is much greater: the Taiwan TAIEX climbed 2.24% to 7476.41 points, the Kospi index in Seoul wins up 3.22% to 1765.76 points, S & P / ASX 200 gained 1.63% to 4148.80 points.Only the Bombay Stock Exchange fell slightly from 0.31% to 16,291 points.

Oil prices were careful Tuesday morning during electronic trading in Asia, in a market sensitive to developments in Libya, oil-producing country, where the rebels claim victory, while supporters of the regime say they are still in control. In morning trading, a barrel of Brent North Sea crude for October delivery fell by 2 cents to 108.34 dollars, after losing 18 cents in early trade. A barrel of "light sweet crude" for delivery in October gained 27 cents 84.69 dollars.

Gold crossed for the first time in its history on Tuesday morning a new record of more than 1,900 dollars per ounce during trading in Hong Kong. The ounce of gold was worth 1914.50 / 1915.50 dollars, after opening at 1.898/1.899 dollars.The yellow metal continues to grow for several days, attracting investors worried about the health of the global economy, the debt crisis in the euro area and geopolitical uncertainties in the Arab world.

After the storm that plunged all the stock exchanges, the European shares rebound on Thursday. In Paris the CAC 40 index opened up 2.96% to 3092.16 points. Same trend in Frankfurt the Dax rose 2.81% to 5771.21 points and in London the FTSE 100 opened up over 2% to 5118.29 points. Appeasement was already felt in the Asian stock markets that are returned to the green or showed moderate declines.

Wednesday, the markets were shaken by rumors of a deterioration in the rating of France, immediately denied by the rating agencies and the French government, and concerns about the health of the bank Societe Generale. And the CAC 40 plunged 5.45%, narrowly escaping the psychological threshold of 3000 points to 3002.99 points. Other European markets have suffered the same drop Frankfurt dropped 5.13%, 3.05% London.Madrid and Milan 5.49% 6.65%. In New York, the Dow fell 4.62% and 4.09% for the Nasdaq.

Bank stocks monitored

Gold continues, meanwhile, fly from record to record. The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars. However, oil resumed its decline in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

Among the values ​​to be followed, the bank that have been heavily tested yesterday. The Financial Markets Authority (AMF), the stock market regulator, announced that it will monitor developments in the securities sector.Trading in Societe Generale jumped nearly 9% to 24.16 euros after being suspended briefly at the opening. The title was unscrewed from 14.74% on Wednesday. The bank asked the AMF to investigate the origin of the rumors that have depressed its course Same day payday loans. The CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, it is taken at Societe Generale, "he lamented. "We have no fear on our lending: we achieved 93% of our long-term funding program year, he added.Short-term side, we have 105 billion euros of underlying assets with central banks and keep full access to the interbank market. "

BNP Paribas (2.98% to 36.67 euros) and Credit Agricole (5.68% to 6.418 euros) rebounded Wednesday after falling by 9.5% and 11.8%.

In addition, EADS (1.66% to 20.24 euros), the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.

Title Alcatel-Lucent (2.11% to 2.324 euros) is expected to rise following the release of quarterly results from Cisco Systems, above the consensus of Wall Street.

L'Oreal (2.29% to 1.73 euros) should benefit from the decision by Goldman Sachs, which added its list of preferred European stocks to buy ("pan-Europe conviction buy list").

Saint-Gobain (1.11% to 31.775 euros) has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.

Maurel & Prom rose 4.22% to 12.35 euros after opening up over 8%. The oil company reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.

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The countries of the euro tried Tuesday to better figure than the day before, when the long meeting of their finance ministers had led to no decision on the treatment of the Greek crisis. While financial markets had begun their day with a new rout, especially in Italy and Spain, three elements have helped bring a little calm.

The fall was first halted at midday by the sudden intervention of the European Central Bank, which bought the debt of Italian and Spanish markets to contain the bleeding. Bond yields eased, and banking stocks have rebounded.

Then, after the ministerial meeting, the idea of ​​a summit of heads of state of emergency in the euro area by the end of the week has been mentioned, but not confirmed at this stage .Brussels has not been known for over a year, at the height of the Greek crisis. At the time, Athens had to escape bankruptcy and avoid contagion to other peripheral countries. This time, the issue would be of a different order: stop the contagion to Italy, that is to say, in the heart of the euro area.

Aware of the seriousness and urgency of the situation, the leaders of the eurozone reiterated on Tuesday their "absolute determination to maintain financial stability in the euro area." The panic that swept requires quick and accurate response on the second bailout of Greece, originally presented to September.From Washington, Christine Lagarde, Executive Director of the IMF has also urged Europe to a "rapid implementation" of its promises in favor of Greece.

In Brussels, however, the debate on how the rescue of Athens has remained mired in quasi-theological discussions on the involvement or not of national treasures, the – voluntary or not – private creditors, and the possibility that Greece is formally in default.

The seventeen remain divided.Mezzo voce, increasing numbers of ministers want to raise what they consider to be a taboo that prevents Greece and other countries of the euro at bay to renegotiate its debt on more favorable terms, as do businesses and individuals.

Greek debt buyback

"With this ban, there could have substantial involvement of both voluntary and private sector," said a diplomat from northern Europe. Without it, the creditors can engage in the exercise may be painful but saving the spreading of the debt of Athens, or restructuring. Tuesday, the head of the ECB, Jean-Claude Trichet, however, was still open resistance to any idea of ​​failure on the part of Athens, as Greece itself."No option is not ruled out one account of what works," says the French Minister, Baroin.

The Eurogroup is exploring avenues to ease the debt burden for Greece. The EFSF, European Financial Stability Fund, may buy back part of the Greek debt (or finance the purchase by Athens) deep discount on the market since it is considered high risk. This track would be more or less to replace the Greek bonds Eurobonds under joint signature. The project has so far faced the hostility of Angela Merkel, keen not to "federalize" the budgetary transfers in the euro area. But the conflagration that threatens growth, perhaps the Chancellor to change the view again.

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