On the foreign exchange market, the euro retreated against the dollar, traders were playing the card of caution before the release Friday of the results of resistance testing of the 91 largest European banks.In the morning, the euro was at 1.2867 dollars against 1.2881 dollars the previous day.

The session will be moderated somewhat in the macro, no indicator being expected that day, but many U.S. corporate results must be published in mid-day, including Coca-Cola and Wells Fargo banks and Morgan Stanley free credit score.

On the side of values, Apple released its quarterly after the close of Wall Street.The firm at the apple once again exceeded market expectations in the third quarter of fiscal offset with net income up 78% year on year to 3.253 billion dollars, and sales far beyond forecasts.

Always on the side of values, the U.S. Internet portal Yahoo! posted a group net profit up 51% year on year to 213.32 million dollars in the second quarter, better than expected by analysts, but its sales came out virtually unchanged.

Also note, the British oil giant BP, which is listed on Wall Street has reached an agreement on Tuesday with U.S. rival Apache to sell him to seven billion dollars in assets, making a sudden the majority of assignments to which it s 'was hired to offset the cost of the spill.

Of the 929 voters (out of 957 employees at the site, a rate of 97%), 645 voted for the plan (70.65%), while 268 voted against (29.35%) told AFP a CFDT delegate (majority), Union co-organizer of the vote along with the FOR and CFTC.Hostile takeover plan, the CGT had called on his side to vote "no."

GM management Strasbourg was immediately welcomed the "strong approval", saying that "this result shows that employees have understood that the future of the site and its 1,150 jobs is a priority."

The Strasbourg plant which manufactures gearboxes for automobile manufacturers, including BMW, sought a buyer since the bankruptcy of the former American group. Born last year, the new GM, General Motors Company (GMC), is owned 60% by the U.S. federal government.

"In the coming years, the group intends to maintain its level of investment in order to optimize its Norwegian oil and gas reserves," he said in a statement released Tuesday morning.

Note that Norway is the largest contributor to the production, with nearly 330,000 barrels of oil equivalent per day (boe / d) produced in 2009.This production, which represents about 15% of the total group, from 35 fields on the Norwegian continental shelf in which Total holds a no fax pay day loans.

Began production in 1982, the Valhall oil field production has reached an average share for the group of approximately 8,000 boe / d in 2009. The Hod, in production since 1990, produced in 2009 an average of approximately 1,000 boe / d in proportion to the group.

Total currently holds interests in 77 licenses in Norway, including 15 as an operator.

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Since 2004, Wall Street has found a new Eldorado, CDOs (collateral debt obligation). These financial products assembled from scratch, called "synthetic" because they only reflect the value of other real assets, they, as loans granted to low-income households, the famous subprime. In 2007, Goldman Sachs creates such mass-produced and dubbed "Abacus".

The needs of a large customer

Paulson & Co is the time a small hedge fund. It will become one of the biggest thanks to its bet on the decline in U.S. housing. In the year 2007, his boss will cash alone a profit of some 3.7 billion dollars and will save 15 billion to its customers! The SEC in 2006, Paulson & Co has the right intuition that the subprime market is fragile. He put on his fall.Its Paris can take two forms: buy CDS (credit default swaps), the "insurance" against default that will naturally grow in value when the risk will increase, or "short" CDOs, that is ie sell futures without holding them.

A French in the loop

Paulson & Co. is not alone in feeling the wind change on CDOs. At Goldman, you think too. This is particularly the case of a young French – the "Frenchies" are highly respected in the business of structured finance – Fabrice Tourre. The banker of 31 years, citing the SEC's complaint, went on the benches of Henri IV and Louis-le-Grand, has joined Goldman Sachs after Stanford and Central Paris. It is he who makes and sells the Abacus series. On January 23, 2007, he sent an email to a friend: "more and more leverage in the system.Any building can fall at any moment now … only surviving potential, the fabulous Fab, standing amid all these complex transactions, (…), exotic we've created without necessarily understanding all the implications of these monstrosities. "

Fraud

The fund Paulson wants to "short" of CDOs, the most fragile, if possible. Goldman is going to create. According to the SEC investigation, the investment bank has simply made the model 2007-AC1 Series Abacus according to the wishes of his client. Paulson has directly participated in the selection of loans that this CDO would be representative. The bank was then entrenched behind an independent firm, ACA. This firm, which appear to have selected the credits of this CDO when it will be sold to investors.

Goldman said that "ACA has selected the benchmark portfolio, omitting any mention of the fact that Paulson, an actor whose interests were contrary to those of investors, had played a significant role," says the SEC to justify its accusation of fraud.

In fact, few investors have bought shares knowing that a heavyweight like Paulson urged to Paris on their fall! ACA would for his part acted in good faith.While representatives from attending meetings Paulson – "surreal" by Fabrice Tourre – with those of Goldman, but suggesting that hedge funds also invest in shares of CDOs.

Victims

SEC's complaint cites two main victims of the banks handling it denounces the German IKB, the subprime crisis has brought to its knees and the Dutch ABN Amro, fully nationalized today … The first would have lost 150 million, almost all of its investment. As for ACA, it is off … "Investors of Abacus 2007-AC1 lost more than one billion dollars. The opposing positions on CDS Paulson reported a profit of approximately one billion, "says the SEC.

In Athens, about 5,000 union members protesting in the rain in the streets, which must be added the separate gathering of 5,000 activists of the union Struggle Front (PAME), an offshoot of the ultra-orthodox communist party (KKE). In Salonika, is counting down nearly 3,000 officers pounding the pavement.

Moreover, tens of thousands of officials have answered the call to strike the ADEDY. Air traffic controllers joined the strike and there was no traffic Wednesday in Greece.

Meeting of Finance Ministers of the euro area

These events occur when the finance ministers of the eurozone plan to meet as Wednesday by teleconference to discuss the situation in Greece, several diplomatic sources.

According to Le Monde, President of the European Central Bank, Jean-Claude Trichet and the chairman of the Eurogroup forum of finance ministers from the eurozone, Jean-Claude Juncker, will join the discussions.

This meeting will be held on the eve of a summit of EU leaders on the issue in Brussels free credit report . At this stage, there is "not agree" on a plan of aid to Greece. The signs, however, a support mechanism for this country is growing. A senior parliamentary Conservative German Chancellor Angela Merkel, Michael Meister, has indicated that preparations were underway in the German Government for an assistance plan.It could take the form of housing provision of bilateral loans to certain countries of the euro area in favor of Greece, to help cope with higher prices for its cost of borrowing on the markets since the beginning of the crisis.The option of an advance payment of EU subsidies to Greece is also considered.

Papandreou lunch with Nicolas Sarkozy

Prime Minister George Papandreou, who visited on Wednesday in Paris, where he has lunch with French President Nicolas Sarkozy had called in an attempt to limit the impact of the strike, officials to "lead by example" to contribute to the crisis.

Furthermore, President Nicolas Sarkozy and Chancellor Angela Merkel Thursday held a joint press conference after the informal EU summit in Brussels, including the situation in Greece, said Wednesday the spokesman for the French government, Luc Chatel. "Under the EU summit, the president will have the opportunity to hold a joint press conference with Merkel on various subjects.I guess the question (of the situation in Greece) will be addressed, "said Luc Chatel in reporting to the press the work of the council of ministers.

"The French government is involved as its European partners on the situation of the euro and the situation in Greece in particular," he said, adding that the Economy Minister Christine Lagarde had "routine contacts with counterparts "on this issue.

Now, each year, the state, which holds more than 35% of GDF Suez, will set in order, the conditions of changing prices for the coming year. Then, while respecting this context, GDF Suez will propose an increase or decrease these rates."The natural gas rates will change based on costs incurred by the company to supply the final customer," the statement said. The new framework provides, inter alia, a review of annual costs out of supply (transmission, distribution, storage …) and quarterly changes in supply costs. Subsequently, these proposals will be subject to approval by the Regulatory Commission of Energy (CRE).

GDF Suez said that rising oil prices will not be reflected in the price of gas.

At mid-session, the stock price GDF Suez wins 0.90% (30.20 euros) to the Paris Bourse, where the Cac 40 in advance of 0.55%.

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