Italian bond yields to six months jumped to 6.504% against 3.535% in a similar operation on October 26 while rates at two years have soared to 7.814% against 4.628%, unheard of since the creation of the euro area. These levels are considered unsustainable over time to the peninsula awash in a huge debt representing approximately 120% of its GDP.

The Treasury, however, managed to raise as planned EUR 10 billion with a demand remains strong make quick cash.

At the head of the country for less than two weeks, Mario Monti said on Thursday during a mini-summit in Strasbourg to the French President Nicolas Sarkozy and German Chancellor Angela Merkel, that Italy would "do its homework "and take the objective of a balanced budget in 2013. A goal that will require the rapid adoption of new austerity measures.

Tackle pension reform

The draconian austerity plans adopted in July and September will indeed not sufficient when the latest statistics (consumption, industrial production) fuel fears of a recession into the third largest economy in the euro area.

The method, a general law on working time does not seem to agenda.The Secretary General of the UMP, Jean-Francois Cope, has thus also opposed, on Tuesday in La Voix du Nord, "an arbitrary law" on the back 35 hours. "The issue of working time should not be a taboo [...] but do not do anything. Working time should be determined by industry or company, with the social partners. We do not work the same way in construction, food processing, nuclear power, "he said. A position consistent with the wishes of the MEDEF. The employers' association had called in January the government to "trust the social partners". "The concept of a legal term that would be the same for everyone and all the time is obsolete."

"The release of 35 hours is inevitable"

The goal, however, is clear. For the majority party, back in one way or another about 35 hours is a must.

The idea is to partially fund the social security system with a consumption tax us fast cash. In return, the employer contributions would be reduced, to reduce labor costs. The scenario, long taboo in 2007 as mentioned awkwardly between the two rounds of parliamentary by Borloo, brings together more and more supporters to the right and center, but not unanimous. The reluctance address the risk of inflation, so drop in purchasing power.

Referring to the weight of the wage bill in fixed costs, the group finance director Frederic Saint-Geours first held Wednesday morning "quite likely" impact "on all the numbers," which amounted to 205,400 employees .After a communication to the dropper, the European group committee has finally unveiled the effectiveness of some of these job cuts: 3,500 jobs will therefore disappear in Europe in 2012, including 2500 in structure functions (such as trade and marketing) and 1000 in production. In addition, some 2,500 jobs will be removed from the external service providers.

To this must be added the loss of 800 jobs for temporary workers in France (where the group has 100,000 employees) by the end of 2011, according to a union source quoted by AFP. In this regard, Philippe Varin, Chief Executive of the manufacturer, will hold talks soon with Eric Besson, Minister of Industry.

The unions rebelling

The unions were quick to react to this.These cuts staff have "something outrageous" Bruno Lemerle storm, CGT delegate to the committee of the European Group, deplored the "working conditions already overburdened." And adds: "The financial situation of the company is good [and] there is no reason to go to job losses."

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The realization of "biopics" has already earned some success to Sony, as evidenced by The Social Network, chronic early Facebook around the personality of its founder, Mark Zuckerberg, who cardboard box office and won three Oscars.

Commercial success

As for Steve Jobs, his character had so far been brought to the screen only once, as part of an American TV movie focusing on the rivalry between Apple and Microsoft in the 1980s absolutely free credit score.The character of the co-founder of Apple was then played by the actor Noah Wyle, best known for his performance in the series Medical Emergency.

The biography of Steve Jobs also promises to be alone is a huge commercial success. The date of publication of this book of 750 pages, made from forty successive interviews Steve Jobs, has been repeatedly advanced. Initially planned for spring 2012, the release of Steve Jobs-not iSteve: the Book of Jobs, considered as a time will eventually take place on October 24 in the United States, said its U.S. publisher, Simon & Schuster. In France, the book came out at JC Lattes is scheduled for Nov. 2. A first printing of 500,000 copies is already planned.

After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia. The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.

Caution before the employment figures

Investors in Europe and the United States should however be cautious before several major macroeconomic deadlines. On Thursday, he watched the decision of the European Central Bank (ECB) on interest rates.The ECB raised its key rate twice this year for fear of inflation, this time could announce a reduction to support the economy in crisis in the euro area.

Investor caution should also be strengthened by the expectation of official figures of employment for the month of September in the United States to be published Friday. Until today, investors will learn the weekly jobless claims.

Meanwhile, the foreign exchange market, the euro reached 1.3331 dollars. A barrel of crude is trading at 102.38 dollars for Brent North Sea and 79.50 dollars for U.S. crude.The ounce of gold is trading in 1644 dollars payday loan.

Investors will have their eyes on Apple and Yahoo

As for values, investors will have their eyes on the technology sector.

• Apple should be particularly observed after the announcement of the demise of the group's founder Steve Jobs.

• Yahoo is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had tried to capture in 2008 of U.S. internet group.

• Hewlett-Packard should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman, quoted by Reuters.

• Boeing received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.

• Gilead Sciences has granted a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.

• Marriott International has released the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.

Also note Peabody Energy and ArcelorMittal will extend their bid for Macarthur Coal until October 28.

This mechanism, which takes its name from the famous dance that was all the rage in the 1960s, had just been used for the last time in 1961. Its objective is to reduce interest rates in the long run to give a boost to business investment and the demand for housing loans, which use these rates as reference.

The Fed, however, chose not to touch interest rates that determine the short-term rates. They remain between 0% and 0.25%.And they will remain at historically low levels until mid-2013, said a statement.

Market disappointment

In addition to this twist, and in order to support the mortgage market, the Fed will also buy real estate securities without increasing the size of its portfolio. For this, it will continue to reinvest the securities-backed real estate it owns as they fall due. But the FOMC said, instead of buying Treasury bonds as it did previously, she will buy securities backed by mortgage-agency mortgage refinancing para as Fannie Mae and Freddie Mac.

This double operation shows that the Federal Reserve, the economy remains very depressed."The latest economic indicators suggest a continued weak conditions in the labor market and unemployment remains high, the Fed said. There are significant downside risks weighing on economic prospects, including strains in global financial markets. " These findings are similar to those of the IMF, which announced Tuesday it had seen very sharp fall in its growth forecast for the U.S., in theory at a level insufficient to expect a decline in the unemployment rate, which remains very high, to 9.1%.

On Wall Street, where the launch of Operation Twist was widely anticipated, the operators retain the discretion not optimistic the U.S. economy. Shortly after the news release of the Fed, the Dow Jones, which evolved in equilibrium has shifted into the red.It closed down sharply from 2.49% to 11,124.84 points.

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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.

For now, the Obama administration has not officially given details on this program to support the economy promised on August 15 which outlines what must be unveiled Thursday by the head of the White House.But according to CNN, during his speech to Congress which will be broadcast on television, U.S. President should mainly announce new tax cuts for the fight against unemployment, which appears to 9.1% in August United States.

Likely lower expenses

The Bloomberg said that the taxes acquitées by workers expected to decline by 2% on 31 December. Expenses paid by employers should also be reduced. The agency adds that the program should also include new public spending on infrastructure construction next year.

The Federal Government should also give direct aid to states and local communities credit reports free. Bloomberg said that the aid would go through the suspension of staff redundancy programs in hospital emergency rooms and teachers.Education is expected as an important part of the speech of Barack Obama.

These new expenditures should be fully offset by budget cuts, which will be specified by the head of the White House, says CNN. But according to Bloomberg, to fund these new measures, Barack Obama should prompt Congress to offset the costs of job creation in the short term by new taxes on income in the longer term. According to Bloomberg, the president of the United States should present the proposed budget cut next week to members of Congress charged with finding a way to reduce government debt.Barack Obama and succeed in reconciling policy stimulus and lower budget deficits, Bush is indeed bound by a program to reduce the deficit over time.

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"Common sense would that loss of the triple A, synonymous with degradation of the repayment capacity of borrowers, resulting in a tension on the rate of pay required by lenders, said Jean-Louis Mourier, economist at Aurel BGC. But the United States are in a particular position.In a world facing many economic uncertainties, bonds issued by the U.S. state are still considered a less risky than most other investments. "

Experts call this the "fly to quality", that is to say the postponement of international investors on asset quality at the expense of investment risk. "On the merits, there is no big difference between a AAA and AA +, said Philippe d'Arvisenet, chief economist of BNP Paribas. Everyone knows that the U.S. is heavily indebted, but nobody doubts their ability to repay their debts. However, there are concerns about the viability of the euro area, especially on signs of a slowdown in the global economy.These weigh on the shares, since one can fear a deterioration of business results. "

The shares were most affected

Since August 6, the Dow Jones, which includes the thirty largest U.S. companies, has in fact lost more than 3%, bringing in its wake all the global indices including the CAC 40 index, down 7.6% on the same period. Jean-Marie Mercadal, director of management at OFI AM, states that "analysts are still waiting for an increase of 14% of the profits of U.S. companies in 2012, but this estimate could be up to a 5% drop in a recession" . That's exactly what operators fear most.

In this context, the loans issued by the United States appears more secure.The U.S. bond market is mainly the most liquid and deepest in the world, ensuring that investors can sell their shares at any time, even in case of crisis. An advantage not available to France, which would it heavily penalized in the event of deterioration in its financial rating.

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