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Sunday, November 6th, 2011

(From our special correspondent in Athens)

Ten days after a summit of the European Union has offered a new and generous aid package (130 billion of soft loans and additional deletion of 50% of its bank debt), Greece has still failed to respond positively to its European partners. The ongoing political chicanery in Athens are now exasperated the northern Europeans. Former German Chancellor Gerhard Schröder has just said out loud what they think almost all of his compatriots: "Greece should never have been back in the euro area! ".

Four days after returning from Brussels summit, Greek Prime Minister George Papandreou announced unexpectedly that he would submit to a referendum history of the Europe Agreement on October 27.In his speech before the vote, Prime Minister pledged to work towards forming a national unity government, which would then be able to obtain approval from the European level by a qualified majority of the Greek Parliament.

Saturday at midday, Papandreou has therefore gone to the President of the Hellenic Republic (with powers more symbolic than real, like the presidents German or Italian), asking him to convene the party leaders in for the formation of a grand coalition. But Antonis Samaras, the leader of opposition party New Democracy (center right) then stated publicly that he demanded the resignation prior Papandreou, in his eyes too discredited claim to form such a government of national unity.

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Primary PS: yellow card for five major media

Thursday, October 20th, 2011

This is a first. The Higher Audiovisual Council (CSA) has given notice five major national media (Europe 1, France Inter, i-TV, BFM TV and LCI) which greatly exceeded the time allowed the Socialist Party between July and September last. While the rule of respect for pluralism provides that the parliamentary opposition must have a talk time of at least equal to 50% of that given to the majority bloc, the three news channels went off the counters with talk time 146% for i-TV, 142% for BFM TV and 130% for LCI.

Two national radio stations also sentenced to a yellow card. Europe has a wide-open its branch in PS with a talk time of 152%. Even France Inter, a radio public service has been formally for giving a talk time of 129% in opposition.The strings are warned if they reoffend, they face penalties!

"A special alignment of planets"

Convened Monday to CSA, those responsible for these chains are prohibited. This imbalance is due to broad "a special alignment of planets" in the news.

The DSK affair hit the headlines all summer, in September, the Senate shifted to the left and the Socialist Party held its primary. Two of the primary debates were broadcast on news channels, i-TV September 28 and October 5 BFM TV. The gap has even peaked in late August. Thus, i-TV spent 28 hours at PS 40 in July and August against 11:46 for the majority bloc.

The UMP had warned. Franck Riester, the national secretary for communication of the UMP had according to Jean-Francois Cope sent a letter to the CSA two weeks ago.He asked to see the imbalance of talk time and draw the consequences.

"Today, the CSA has highlighted what we said for weeks without being heard," says one in the entourage of Jean-Francois Cope. "This case is an opportunity to reflect on the rules. We were surprised by the impact of primary socialist. But I refute the idea that we are a party line. Instead, we have an image of independence online pay day loans. If the UMP held a primary, we would have done the same coverage, "said Alain Weill, CEO of NextRadioTV, parent company of BFM TV.

Wednesday, Michel Boyon, the president of CSA, and Christine Kelly, one of its members, recalled that "respect for pluralism of time is a constitutional issue and not to derogate pretext of a strong current. " "The senatorial primary and PS were predictable.Chains would have anticipated. This is not the fault of having prevented, I have met on 1 July to talk about, and late August to warn them, "said Christine Kelly.

No compensation

The CSA, responsible for enforcing pluralism in the media, has even been tolerant. "The 50% of time is a floor. The CSA was prepared to accept reasonable overruns due to the news. We could tolerate a talk time of 70%, 80% or even 100% exceptional, "said Michel Boyon. He reminded the rule for newspapers for information, speaking time is counted in three months. After abuse from July to September, the counters were reset for the period 1 October to 31 December."There will be no compensation for the excesses of talk time recorded in the previous quarter," said Michel Boyon.

Dialogue and anticipate

The CSA refutes the idea that the rule of pluralism is inadequate to news channels. Proof: France Info has not been formally general as his cousin was the France Inter. But difficulties exist.

The news channels should repeat the same news in their 45 or 50 daily newspapers. And each time a Socialist head is much talk time counted.

"The rules exist and we must respect them. For the future, it will interact intelligently with the CSA and better anticipate, "says Catherine Nayl, Director of Information of the TF1 Group. "But this is not always easy. And the interview with the DSK JT 20 hours of TF1 September 18 was widely reported on JT LCI. "

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Frederic Mitterrand defended the creation of channels on DTT

Thursday, October 13th, 2011

A bill will be filed within two months to repeal the offset channels granted to historical chains. The CSA will launch a call for applications for six new free channels available within a year.

LE FIGARO. – The government has just decided a call for applications for six new TV channels. Is it a political pre-election?

Frédéric Mitterrand. – No doubt that what we have to stop the development of DTT will be analyzed in terms of pre-electoral context. That said, I see nothing shocking in policy decisions even in a pre-election when they are good decisions, that is to say they serve the public good. In this case, which was decided as the French used as the viewers that audiovisual players. Frankly, it's the solution I recommended in the month of MayAt that time we were in debate on the future chains compensatory granted to incumbents but also the adoption of a new technical standard.

You have decided to delay the adoption of this standard. Is not this go against the future?

The principle of a change in broadcast standard is an act, we decided to give us time to let the natural park of televisions renewal. It is a choice primarily for the benefit of consumers. A change in standard would have required too fast the French to invest in new equipment so that the transition to all-digital is hardly complete. This transition takes place remarkably well, so that one should not forget that it is a revolution for the French daily. All could not afford to grant a new effort.We therefore remain faithful to the philosophy of "Digital Television for All" by offering more channels to all the French, for free. Otherwise, we would then come to an undemocratic situation where some French would have been less than other channels while TNT is so far a success. In addition, manufacturers are not yet ready, which means to wait for the new equipment is available. However, the move almost natural MPEG2 to MPEG4, already widespread, himself is assured.And finally, the government has clearly emphasized the importance of HD, which helps, too, to improve the quality of programs to be offered to viewers.

The repeal of compensatory strings can it lead to a request of withdrawal from the incumbents?

The choice of Brussels was an important driver in the decision that we have just taken, so as not to take undue risk to the state and historical chains, which have in recent months for positions fairly fluctuating. These groups have also not incur costs for the creation of compensatory strings.On the merits, I think the decision is beneficial to all the audiovisual sector and to all groups, which can now compete for the acquisition of new frequencies.

The market can absorb six new channels, more importantly if they are generalists?

I do not want me to replace the Higher Audiovisual Council, which will be master of the choice of channels. But one thing is certain, we live today in a sluggish advertising, if not difficult. Also, it seems a priori the channels may be more likely to take their game in terms of the offer as economically.

Some operators entered the market for TNT in 2005 sold their frequency advantage. Is it necessary to regulate such transactions?

These new entrants have made significant investments to launch their channels and are highly valued.My concern is the future of entertainment, whose difficulties are palpable, particularly in terms of fiction. Today it is on the field I want to express myself and exercise my vigilance Communications Minister.

There is a rise of the Canal + group. How do you react?

Canal + Group is an extraordinary sense of the word. He has developed a unique marketing model, but also new writings be it the visual way to turn the sport or even satirical practice journalism. It is also an operator who demonstrates responsiveness and a sense of strategy remarkable, although it can cause a stir. I also note that Canal + finance a quarter of French audiovisual creation.I hope that when the CSA and the Competition Authority will consider the acquisition by Canal + channels of the Bolloré Group (Direct 8 Direct and Star), the investment in programs, and guaranteed to be outstanding, watched with special attention.

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"The Italians can say thank you to the rating agencies'

Wednesday, October 5th, 2011

Lefigaro.fr – Italy can it fail?

Jean-François Jamet – Nobody knows. This is the total blur as both a politically and economically. This will depend on the coming weeks. Today, investors doubted the credibility of the Italian government of Silvio Berlusconi in particular, entangled in scandals about his private life. They do not believe in his ability to find consensus in the short term and implement structural reforms to end a decade of stagnation. Italy is in the situation of a country whose financial situation is very dependent on the psychology of financial markets: the deficit depends on interest rates payable on its debt.

What will happen if Italy does not make structural reforms?

Italian debt will eventually become unsustainable. The risk of panic can not then be excluded.It would then interest rates will soar as investors withdraw massive failure and would become a likely scenario. However, unlike Greece, the risk is lower. First, the country just to pay interest on public debt. Then Italy had a primary surplus, that is to say, it generates a budget surplus, excluding interest payments on public debt. And so if going to Italy the confidence of financial markets – that if the interest rate is not found at high levels (above 6% for bonds to 10 years) – it should not have difficult to stabilize its public debt.Finally, unlike Spain and Ireland, Italy has no problem with private debt.

Just accept the Italian population does a tax increase?

Italy is able to reform itself, it has proved in 1992 and 1993. But if she will be unable Silvio Berlusconi remains in office. The government's failure to carry out structural reforms to boost growth, coupled with the antics of "Il Cavaliere", eventually to exasperate the Italians. As in Spain, early elections must be organized. By this election, a new government must be established: either a national unity government, a government technique, including bureaucrats.This was the case in 1993, a year after the start of the crisis in Italy: the governor of the Italian central bank, no political label, was then elected Chairman and appointed several ministers among its senior officials instant personal loans guaranteed. The choice of a technical government would nevertheless be a sign that politicians have lost the hand and have not lived up issues.

Finally, is not it a blessing in disguise that the note of Italy was worse?

Paradoxically, Italy can probably say thank you to Standard & Poor's and Moody's. The deterioration of the Italian note the merit of the heart of the debate lack of credibility of Silvio Berlusconi and increase pressure for his departure.While it is regrettable that the rating agencies and interfere in the democratic, political pressure has been mounting in recent months with the electoral success of the opposition and critics of the Confindustria (Italian MEDEF) and even its own majority. One can also regret that the rating agencies and the European states have expected the crisis to sound the alarm about the structural problems that have existed for many years.

Europe can sustainably support it Italy?

It is already doing through the interventions of the European Central Bank to calm speculation on the Italian debt. Once the Member States of the euro area have all ratified the agreement reached in July, the European Financial Stability Fund will take over. However, this support to Italy by its European partners can only buy time.Only reforms and the return to growth will allow Italy to escape the trap of debt inherited from the patronage and corruption which had prevailed during the years 1970 and 1980.

* Author of Europe can do without an economic government? (French documentation, to be published October 10, 2011)

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The boom in safes

Saturday, October 1st, 2011

Professionals safes are rubbing their hands. As for the crisis, they see their sales skyrocket. "At least the last eight, we show a sales growth above 30%, knowing that the market was doing well, with nearly 3,000 safes sold every year since 2007," explains Bruno Franche, head of home Bricard . Same conclusion in several department stores in Bazar de l'Hotel de Ville (BHV) in Paris, a seller finds "a very strong increase in sales last year." All players are unanimous: the crisis, individuals are increasingly fond of armor at home to put their nest egg safe.

Unmistakable sign that it is mainly the models of small and medium sizes that are popular, "our best sales affect the coffers of 20 cm by 30 cm, ranging in price from 200 to 400 euros depending on the sophistication of the product" confirms Bruno Franche. Easy to slip into a closet or beneath a desk, the boxes would welcome armored jumble "of gold, silver or jewels" in the words of professionals who see the consequence of the current enthusiasm for the yellow metal, coupled with a distrust vis-à-vis a moribund banking sector.

Banks, market catalyst

In fact, gold continues to attract investors considering it as a safe haven of choice when financial markets have long faces no fax cash advance.Evidenced by the increasing demands in this regard on the Web, like Gold by Gold, which recently launched the sale of ingots 50 and 100 grams from the melting of jewelry at the end of life of individuals. As for banks, they increasingly worry: according to a survey conducted in early September for JDD.fr, nearly one in two French (48%) has no confidence in the strength of French institutions.

True indicator of crisis, the health of the market for security containers and reflects the current economic gloom, after echoed in 2005 urban riots that had hit the Hexagon. "At the time, we have never sold as many cabinets inifuges (to protect from heat, ed)," recalls Hervé Rizzato, product manager for Papillon security.But paradoxically, if the sector is doing well, it's also thanks to orders from banks! In fact, most of them now are reviewing their security standards. "With the arrival of new players in Eastern Europe on the market ten years ago, banks have a long snubbed the French coffers, more expensive but safer, decrypts Hervé Rizzato. But last year, these facilities come to us, fearing for the safety of their brands. "

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The Paris Bourse again weighed down by Greece

Monday, September 19th, 2011

The Greek crisis can not stop producing its adverse effects on the markets. Having completed an eventful week in the red Friday, the CAC 40 retreated 2.37% to 2969.30 points in mid-session on Monday, passing well below 3000 points.

Even gloomy atmosphere on other European financial centers: the Frankfurt Dax falling 3.02%, the Madrid Stock Exchange of 2.24%, the FTSE-100 in London fell by 2.08% to 5,295.75 and Milan 2.34%.

Concerns about the hypothesis of a failure of Greece again weigh on investor sentiment, like those of Asian stock markets on Monday. Friday and Saturday together in Wroclaw, Poland, EU finance ministers have decided to postpone their decision in October on a loan of 8 billion euros in Athens, pending the outcome of a "troika", under 18 hours, on the progress of promised reforms.

In addition, they have made little progress on the second aid plan for Greece, nearly 160 billion euros including the private sector, pledged in principle last July 21. Greece should show its good will, while his government is accused of delay in implementing measures to reduce the deficit. This Sunday, Athens has announced in the wake of new economies to reassure its European partners.

It must be said that in Europe, solidarity with Greece began to annoy the majority of people. Evidenced by this poll Ifop for Sunday Ouest France, which states that 68% of the French disapprove of the increase in French contribution to the rescue of Athens.And while "divisions" have emerged among governments and the European Central Bank, as noted by Timothy Geithner, U.S. Treasury Secretary, on the sidelines of the meeting of European finance ministers that he was invited .

To fill a deficit in the U.S. To this must be added the concerns about the U.S. economy, which pose a risk to global growth. Markets await including many of the plan for the use of 447 billion dollars of Barack Obama. The U.S. president, anxious to see his program pushed by Congress, has called this weekend to support the Republicans, to avoid "dead end".He also warned the Americans Saturday that they would provide "pull their weight" to reduce the country's budget deficit, while the United States must find 1.2 trillion dollars in savings by the end of the year. Thus, Barack Obama will propose to Congress Monday a tax on the income of taxpayers earning over a million dollars a year.

Analysts and investors are also awaiting a meeting of the Federal Reserve on Tuesday and Wednesday on interest rates in the United States. The feeling now is that the U.S. central bank will launch a new version of "Operation Twist" program to exert downward pressure on interest rates over time.Such a prospect would be a tasteful for scholarships, especially as the Fed pledged to keep rates low until mid-2013 at least.

Macroeconomic side, in Britain, the Financial Times this fall could be a gap of 13 Internet Payday loans.8 billion euros in public finances, or 25% more than expected. Such an amount would extend the austerity policies adopted in Britain.

In the U.S., the NAHB housing index will be released in 16 hours.

On the foreign exchange market, the euro accentuated his decline against the dollar on Monday. The euro bought 1.3653 dollars against 1.3797 dollars on Friday night. He fell last week below the threshold of $ 1.36 for the first time since February. Oil prices are also in the red. Around 12:30 in Paris, a barrel of Brent North Sea crude for November delivery traded at 111.75 dollars in London, giving 47 cents from Friday's close.In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for October delivery gave up $ 1.19 to 86.77 dollars.

Values ​​to follow

• Banking and cyclic to the death

Mid-session all CAC 40 stocks are in the red. Societe Generale (-4.85% to 18.04 euros) and BNP Paribas (-2.62% to 27.45 euros) are again in turmoil. Doubts about their strength threatens the economy by depressing household and pushing companies to delay their hiring and investment, analysts and professionals.French banks have agreed to exchange more than 90% of Greek bonds they currently hold in the second aid package to Greece decided in late July, said Friday the Minister of Economy, Baroin.

Cyclical stocks, the more dependent the economy, declined also to the image of ArcelorMittal (-5.24% to 12.66 euros) which records the heaviest fall of the CAC 40.

• EADS (-0.29% to 22.03 euros)

Qatar is interested in buying Daimler a 7.5% stake in EADS, according to the Sunday edition of Der Spiegel.

• Technip (-3.02% to 66.21 euros)

The group said it had been awarded by a contract Petobras provision of basic engineering and detailed design for a new fertilizer complex to be located in Uberaba, in Minas Gerais, Brazil.

• Sanofi (-1.68% to 47.68 euros)

The pharmaceutical giant said Monday it has obtained from the American justice the right to maintain exclusivity until August 2012 U.S. sales of Eloxatin, a drug against colorectal cancers.

• Natixis (-1% to 2.36 euros) and Safran (-3.69% to 25.32 euros)

The bank released the CAC 40, replaced by the industrial and technology group, previously listed on the SBF 120.

• STMicroelectronics (-4.92% to 4.73 euros)

The group has financial capacity to make acquisitions in microprocessors or motion sensors if the opportunity arises, says the CEO of a Wall Street Journal interview published Monday.

• ABC Arbitrage (-1.98% to 6.45 euros)

The company specializes in exploiting price differences between similar financial instruments, recorded a net profit of 16 million euros over the first six months of the year against 15.3 million euros in the first half of 2010.

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Gucci ready to accelerate its expansion in China

Sunday, September 11th, 2011

Nanning, capital of the Guangxi region on the border of Vietnam, is the thirty-second Chinese city in which Gucci is settled in a few weeks. After opening nine stores in mainland China last year, and as much this year, including Gucci has 48 stores in late December, seven times more than in 2005.

At the time, François-Henri Pinault, PPR's CEO, decided to focus on China so that Gucci will catch up with Vuitton. "We still have room for significant expansion for store openings, says François-Henri Pinault. And to establish ourselves in cities where we are still not present. "If Beijing and Shanghai seem saturated with luxury boutiques, the potential is huge elsewhere in China.

News consumption

According to McKinsey, the growth of the Chinese luxury market, which will reach 19.5 billion euros in 2015 (against 7.4 billion in 2008), comes to nearly 80% of new consumers of luxury goods. And three-quarters of the 2.8 million new wealthy families (annual disposable income above 25 000 euros) will be living outside China's major cities. Gucci could increase the number of openings next year, and opened more than ten stores, including several in new cities. A figure that PPR declined to comment, but said a plan to finish Hothot (Inner Mongolia) in 2013.

"In some mining towns, just 2,000 wealthy individuals to establish a customer, provides Mimi Chang, the owner of the luxury division for Asia.We offer a VIP service to everyone. "

Gucci is present in cities (Chongqing, Guiyang, Hefei, Changzhou, Jinan, Shijiazhuang), where Louis Vuitton, the world's leading brand of luxury, has not printed the monogram direct payday lenders. The subsidiary of LVMH has instead decided to take a break from the pace of openings in China, preferring to expand some existing shops (38 in 28 cities in mainland China), to present all its collections, with, Also bags and luggage, ready-to-wear, shoes and watches, sometimes more than 1000 square meters. One way to avoid repeating the mistake made by some brands in the 1990s in Japan. "Gucci has not enough history to be strong in all categories of products and open many flagships, says François-Henri Pinault.But perhaps we will open in the future. "Gucci prefer open shops only 400 square meters, with only the supply of leather goods, as well as outlets that are only offering men and children. "We prefer the shops not very large and welcoming with huge stores and cold," said François-Henri Pinault.

The strategy is complicated to implement. Not only because it is difficult to find sites for boutiques in secondary cities. But also because consumer habits are different.If the Chinese fans prefer the luxury of more and more high-end pieces, leather and discreet, the new rich want to see success with products at affordable prices in fabric and adorned with logos.

Purchasers of Gucci China, who go five times a year in Florence, the birthplace of the brand, to make their selection, must make the splits. The range varies from store to store. Gucci watch to keep a wide range to suit all tastes of luxury, design special pieces for the Chinese market and seasonal products. Objective: To deter the Chinese to defer their purchases while traveling in Europe, where prices are 15-20% lower due to the lack of import tax.

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The real estate capital gains taxed more in February

Thursday, September 8th, 2011

Owners of second homes and those with a property other than their primary residence could be based, in recent years, on stable tax rules. To calculate the tax payable on resale of the property, the gain was reduced by 10% per year after five years in prison. This led to a full exemption after two years. In times of scarcity of public finances, this plan was considered too generous.

After many negotiations, members of the majority and the government managed to agree on a new system. Unless new amendment to the Senate, these reductions always will engage after five years in prison. But instead of 10% a year, they amount to 2% between the sixth and sixteenth years of detention, 4% between the seventeenth and twenty-fourth year and 8% thereafter.It was not until thirty years (instead of fifteen) to see its added value exempt. This regime will apply to final bills of sale signed on 1 February 2012. Given the usual delays, it will be necessary to sign the trade deadline in November. When the tax applies, the rate is 32.5%.

Increase in new sales

As a result, professionals expect an increase in offered for sale by then. "Owners who hold their property for at least fifteen years will want to take advantage of the current exemption of capital gains," said Jean-François Humbert, notary in Paris. Not sure, however, that buyers are at the rendezvous no teletrack payday loan. "Individuals who do like to let investment buy empty flats, said Laurent Vimont, president of Century 21.Or those who put their property to sell in a hurry are likely to already have a tenant. "

Sales of second homes, they weigh only 7% of the market (56,000 sales per year). And the fall is not a favorable period for transactions involving such property. But if the sale is finally concluded, it will probably be with lower prices. "Owners can grant rebates 5 to 10% up to sell quickly," said Jean-François Buet. As of February 1, however, the market is likely to seize up. "With the entry into force of this device and the negative pre-election period conducive to procrastination, the owners will be tempted to keep their property, advance Mael Bernier, spokesman for the loan broker Loans. The number of sales expected to decline. "

Is that the market is very sensitive to shifts in tax.Before the deputies did retouch the future scheme, the government announced on August 24 suppression of hard-reliefs and exemptions on real estate gains. The reaction was immediate. Within the network of estate agents Century 21, 500 sales agreement and terms of sale 1500 were canceled over the last two weeks. "In our 75 000 mandates, 5% were removed," adds Bernard Cadeau, president of the Orpi teaches.

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The Fed is concerned about growth

Wednesday, August 10th, 2011

After the European Central Bank (ECB), it's time for the U.S. Federal Reserve (Fed) to dive into the arena. The Central Bank of the United States met on Tuesday FOMC's Monetary Committee. Supposed to be, usually, a meeting classic, this appointment has turned the eyes of the financial world in crisis meeting. It is indeed the first time the Fed meets in public since the beginning of the financial crisis and especially his first public speaking since the deterioration of the financial rating of the United States by Standard & Poor's.

Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."

Other measures

"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.

Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.

China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.

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Obama has not been able to preserve the Wall Street panic

Tuesday, August 9th, 2011

At the opening of Wall Street, U.S. indices posted immediately red (around 3%). And losses have widened throughout the session. Accentuating even further their descent, the indices have hurt Barack Obama's speech, who spoke to 20 hours Paris time, the Nasdaq has lost more than 6.5% shortly after the speech. And bad mood has not dimmed until the closing bell on the contrary, the end of the session was sprotive. Finally, the Dow Jones appears falling from 5.55% to 10,809.85 points. This is the first time since October that the index feature finishes below 11,000 points, its worst day in percentage terms since December 2008, a dark period for the financial sector.

The Nasdaq, even punished, won 6.90% to 2357.69 points, while the S & P tumbles 6.66% to 1119.46 points.On Monday, European markets have dropped out late in the session, while the Asian markets, have also, finished the day on heavy folds.

When Barack Obama spoke in an attempt to reassure the markets, investors do not stop selling. Worse, they pressed the pedal and drop is even more markets. "The United States still deserve note 'AAA'," said Monday night during a speech Barack Obama, on the downgrade of U.S. debt Friday by the rating agency Standard and Poor's. The U.S. president also defended the credit of the United States but acknowledged a deficit problem. Barack Obama, however, that the economic challenge was surmountable but require political will.

Nothing to do."The deterioration in the rating of the United States is clearly the catalyst for the drop in markets today, but is not the reason, according to Michael Sheldon, chief strategy officer at RDM Financial. Degradation is simply evidence that the U.S. has problems. "

Gold still a step higher, oil falls below $ 82

Witness the panic in the markets, gold has posted yet another record high and rose 4.25% to 1722 dollars an ounce at 20:30, before returning to 1717 dollars to 22 hours. Oil, however, has dropped by more than 6% Monday in New York, their lowest levels since November.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery finished the session at 81.31 dollars, down 5.57 dollars or 6.4% on Friday.

Paradoxically, U.S. bond rates continue to decline, those same 10 years falling by 8.5% melting at 2.339% against 2.558% Friday. Good to 30 years returned to 3.663% against 3.823%. However, after degradation much faster than expected by Standard & Poor's sovereign rating of the United States, which had never been subjected to such a penalty could have been expected to climb pay day loans. Sign that investors still believe that the U.S. still refer to the bond market.

Moody's said Monday it could, too, by 2013 reduce the debt rating of the United States if the fiscal and economic outlook deteriorated sharply.But she considers it possible in the meantime a new agreement in Washington to reduce the deficit.

Menu macro loaded, with the FOMC in dish

This week, the lower macroeconomic indicator to take the pulse of a threatened U.S. growth will be expected to turn to investors.

From Tuesday, the productivity of U.S. companies in the second quarter and will be scrutinized closely. The risk is to see it getting more than expected, resulting in a logical breakdown of the job. Consumer confidence is also on the menu. But the final communique of the Monetary Policy Committee of the U.S. Federal Reserve (FOMC), from that Tuesday night will go to the most crucial.

Analysts and investors are wondering already if further monetary easing, (3 or quantitative easing "EQ3") can get out.Unless it is an aid to banks, which could begin to experience problems of interbank liquidity, which is preferred. "In all cases, the reaction of short-term market is very uncertain …" says it does at Aurel BGC.

Friday, retail sales will be the second major economic meeting a week at high risk on financial markets worldwide. "The sales figures published by the values ​​of the S & P 500 were clearly disappointing July, underline in this respect analysts Aurel BGC. But the report shows significant employment job creation in the distribution. A figure that looks very uncertain. "The trade balance in June should also be well attended.

Bank of America falls 20%

Meanwhile, the business side, the publications of interim results are less numerous and can only remember very little attention to markets, obsessed by the European and U.S. sovereign debt. Walt Disney reveals in particular accounts on Tuesday, ahead of Cisco in the matter and News Corp (Wednesday) and Nordstrom, Sara Lee, and Kohls (Thursday), and finally JC Penney (Friday).

American International Group (AIG: -9.92% to 22.61 dollars) continues Bank of America (-20.07% to 6.53 dollars), calling him more than $ 10 billion (7 billion euros) losses related to mortgages, it said in the text of the complaint.According to this document, which Reuters obtained a copy, AIG believes it was misled by the bank about securities backed by mortgages, which caused losses. The insurer wants to sue Bank of America to the Supreme Court of the State of New York in Manhattan.

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