This Wednesday in Asia, fears of a relapse of the new global economy have sealed the evidence.Wall Street had already set the tone with a fence net decrease of 1.32%.

As for currencies, the euro traded at 1.2638 in the morning the dollar.

Publications resume

In terms of values, many trucks will publish their results quarterly and half in this weekend.

Today before the market opens, Edenred, the old branch of prepaid services group Accor became autonomous, has reported an operating income of 155 million euros in the first six months of the year, down 7.1%. Turnover rose 3.8% to 461 million.But the group is very conservative forecasts, the growth in issuance volume yet to be affected by rising unemployment in Europe.

L'Oreal and Sperian publish their half year results after market close.

The Polish government has short listed five offers to buy the 51% stake in state power company Enea on Tuesday said the Treasury Department, without specifying the identity of Suez and GDF would candidats.EDF on ranks according to media reports. Only EDF confirmed it had made a preliminary offer.

Scor has been a change of recommendation by Fitch. The broker has raised its outlook on Tuesday its debt rating of reinsurance group to "positive" cons "stable" and kept at "A" rating from its long-term debt of the group.Fitch said the decision including the prudent investment policy conducted by SCOR and the diversification of its risks.

But the complaint to state aid once they have lodged in Brussels could well be rejected. The competition offices of the Commission have sent a letter on June 28 called "administrative discharge" to the three operators and the French state, said La Tribune.

"I confirm that the Commission has informed the companies of its preliminary analysis and thus of its intention not to pursue the matter," said the spokesman for the European Commission for competition issues, Amelia Torres."We look at the present time the answer has been obtained from the companies involved to see if it causes us to change your mind or if it confirms that there is nothing to investigate "she added.

Background

Brussels wonders, is a fact. They requested further information No fax payday loans. This is perhaps not ideal, but there is no time for decision, "says a trader who insists the length and complexity of applications for state aid. Orange, SFR and Bouygues Telecom, them, do not démordent: the rebate received by Free Mobile akin to them in state aid and distorts competition.Consequently, they claim that the amount of their 3G license or subsequently revised downwards to 240 million euros.

In 2002, Orange and SFR had already obtained the price of their license is comparable to that accorded to Bouygues: 619 million euros, against 4.95 billion originally planned.

Along with this complaint in Brussels for aid, Orange, SFR and Bouygues have also seized the State Council, the highest administrative court in France. They attack the one hand, the decree fixing the amount of the fee, on the other hand, the decree gives the license to Free Mobile. The Council of State could make its decision by the end of the year. But the operators themselves are hardly any illusions.

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Apart from e-tailers (Sarenza, Brandalley …) announced on Tuesday that rates of double-digit growth for the period, many professionals do not share the enthusiasm of Herve Novelli.The Federation of clothing stores (FEH) regretted that such an influx of customers from the first two weeks have calmed down a lot, accusing the floating balances, these balances traditional free-off period – established by law to modernize the economy in 2008.

"I heard here and there a number of criticisms concerning the treatment of sales", said the minister explained that the decision to introduce these additional weeks of balances had not been taken lightly and was the result of months consultation. Nevertheless, he announced the creation of a commission before 15 September 2010 to review progress on this measure for any amendments. Issue which does not entail, for now, its membership.

Echoing the complaints of his guest of the day, Philippe Houze, chief executive of Galeries Lafayette, Herve Novelli also Secretary of State for Tourism has benefited from his visit to criticize the mayor of Paris. Bertrand Delanoe has indeed refused classification of the Boulevard Haussmann department stores and in tourist areas, preventing their opening Sunday.

Extolling the benefits of overseas customers which is keen to encourage the arrival, the Minister expressed his disappointment, and denounce the importance of the shortfall caused by this decision. "We must understand the economic and tourism sector", he said, recalling that the vast majority of Parisians (70%) would not oppose the opening of large stores in the area on Sunday.

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The economic sentiment index for the euro area published by the European Commission rises to 101.3 points in July, against 99.3 in June. It is the highest level since March 2008. The consensus of economists had forecast a flat to 99 points. Nevertheless, inflationary pressures remain subdued.

Increases in this index is due to "more optimistic about the general economic situation and a significant easing fears about the job in Germany, which are descended from 20-4 points, analyzing the Commission. The German unemployment, published also on Thursday, returned to 7.6% in July against 7.7% in June

"There's Germany side, and the rest of Europe on the other," summarizes economists Exane BNP Paribas. In Germany, the economic sentiment has jumped four points to 110.1, its highest level in three years. France is no exception, with an improvement of 2.6 points in the sense of confidence, despite an increase in the number of job seekers in June The Spanish index lost 2.2 points in turn.

Return investment

"The rebound in activity in the euro zone, typical of a recovery phase, due to the need for companies to invest again after a break of two and a half years' analysis does one Exane BNP Paribas. "Having replenished their stocks, companies must renew their equipment.The most telling example: in sectors such as semiconductors and computer overloaded with orders and are seriously under capacity. "

This improving trend in the euro area has also resulted in an increase in retail sales, as measured by the PMI / Markit. In July, the indicator shows the largest monthly increase in two years, "says Markit. "He remains well below the levels of activity in other sectors (industry and services, Ed), but reflects a substantial increase in consumer spending." What promise, according to Markit, a more balanced growth, "pulled the both by domestic demand and exports "in the second half of 2010.

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The Board of Directors of the ISP has agreed on a list of finalists. According to several sources, the CDC and the State will have to decide between Thierry Moulonguet, former CFO of Renault, now special advisor to Carlos Ghosn, Jean-Yves Gilet, CEO of Arcelor's stainless steel industry while Bruno Deschamps, who has just left the venture capital company 3i low rates payday advance.Until recently, the name of Jean-Dominique Comolli, former chairman of Altadis, was on that list, reduced to three names recently. If the timetable is respected, the verdict must fall next week.

According to Brussels, the increase in cases of mismanagement is not due to the proliferation of financial crimes in Europe, but better tracking by member states for fraud.

You'd think they were particularly pugnacious this year. Three times as many cases of suspected fraud were detected in the use of agricultural subsidies and twice more for regional grants from 2008. The sums involved amounted respectively to 13.3 million euros and 109 million euros.

Same trend towards aid allocated to countries applying for accession, including the amount of suspected fraud increased from 13 to 57 million euros in 2009.Bulgaria alone has 92% of suspected fraud in the management of a fund dedicated to the modernization of its agriculture. Anomalies in the invoices or purchase orders, payments in cash, big difference between the estimated price of an investment and actual cost … a body of evidence exists to detect the rogue actions.

France, a very good or very bad student?

France is characterized by a number of suspicions of fraud very low. The country has seen 20% of farm subsidies between 2006 and 2009 – which is considerable – but reported only 11 cases of alleged fraud, against 25 for its Belgian neighbor that affects a much leaner about 0.3% of agricultural budget over the same period.

Again, the result can be interpreted in two ways: either France demonstrated exemplary management, or it does not endeavor to transfer cases at issue in Brussels No fax pay day loans. Last summer, Le Parisien had raised such a hare revealing hundreds of millions of euros of aid unduly paid to producers of fruits and vegetables.

France declares little fraud as it says little irregularities. In the latter case, there is no real desire to harm (omission of an invoice for example). In 2009, the country has reported that 127 irregularities in Brussels on agricultural subsidies, which is four times less than Spain.

"We have no evidence but the fact is that France is still reporting a low number of defects in comparison with other member states.The European Commission and the Agency for Combating Fraud Office (OLAF is a kind of European financial police, ed), does not conduct audits in Member States. We must therefore assume that their reporting is accurate and reliable, "says one side of the European Commission.

Despite these shortcomings, the work of Olaf has identified some emblematic fraud. A company based in Luxembourg is ordered to reimburse for example 2 million euros of EU funds have placed in an account offshore instead of investing in the recruitment of a hundred people. In late June, a Bulgarian was sentenced to 12 years in prison for falsifying invoices: he pretended to buy new machines for receiving EU aid. The machines were actually purchased used, which enabled it to illegally gather 7.5 million euros.

Nearly two years after the fall of Lehman Brothers and plunging into the worst recession the country since the Great Depression, while the U.S. continues to languish with a persistent unemployment rate to 9.5%, the financial heart of New York recovers to beat him.

It has hired 2,000 people since February. A modest number apparently under the rescue plan 700 billion implemented by the government to save the banks, and 28,000 jobs lost on Wall Street since its peak in 2008 when the industry employed 189 000.

If the sector has hit bottom in terms of job five months ago, hiring is divided since.The pace continues to accelerate, and this recovery is even stronger than the one after the stock market crisis of 2001-2003, according to the New York daily.

This improvement reflects the revival of the New York Stock Exchange, which has made 61.4 billion dollars in profits in 2009, a record high. Deutsche Bank has hired 414 people in New York since the beginning of the year, Credit Suisse hired 600 people in the first quarter worldwide, mostly in New York, Goldman Sachs has created 600 jobs in the first quarter in a global the beginning of the year 2000 and JP Morgan.

Return of the lavish bonuses

At the same time, the copious bonus reappear instant credit report. Despite the recent passage of financial reform, Wall Street returned to "business as usual".Richard Stein, president of Sage Global headhunter, says that a dozen golden boys were offered jobs to more than one million dollars annually.

As jobs continue to disappear or progress to sentences in other sectors such as construction (- 22% since June 2008) or manufacturing (- 14%), the reputation of Wall Street is not close to s' improve nationally.

The recovery of the financial New York nevertheless raises some optimism among economists. When Wall Street goes, America goes well. "Wall Street traditionally hired for a takeover, and it was felt that the economy has hit bottom and it is slowly improving," says Rae Rosen cautiously, an economist at the Federal Reserve of New York .

The health of Wall Street is also great news for the city and the state of New York.20% of tax revenues from the state sector, which contributes 12% of the budget of the city. With wages assumed to average 392,000 dollars a year, against 64,000 for the rest of the workforce in New York, the wealth generated on Wall Street will finance a bloated public sector, with hundreds of thousands of employees in administration of the city, in education and in firefighters …

It was mandated to participate, with the support of several partners including Goldman Sachs, the redemption of an amount between 1.5 and 2 billion pounds. The terms of the auction should be known Tuesday.

The British government announced in 2009 the privatization of the railway line linking St Pancras International in London to the Channel Tunnel. Eurotunnel had declared his intention to stand.

Indeed, the design of this line is based on a technology very similar to that used for the Channel Tunnel, both in civil engineering for the rails, signage, power or control system and communication.

Yet, the euro had reason to be heckled. The excuse to sell the currency did not in fact missed this week. Even the degradation of the notes by Moody's on Debt Greek Monday, then on the banks of the country, there is nothing. Not more than bad German Zew index. "This renewed appetite for risk has increased since last Thursday following the reassurances of Jean-Claude Trichet, ECB president, analysts said Saxo Bank.The European Central Bank expects growth in the euro zone between 0.7% and 1.3%, against 0.4% and 1.2% previously. The central bank left rates unchanged, while the acceleration of inflation in the euro area was confirmed at 1.6% in May on a year on Wednesday by Eurostat.

So why the euro has appreciated it as much? "The reason is mainly technical: the euro has fallen too quickly in recent weeks, he was catching his breath," says Pierre-Antoine Dusoulier, CEO of Saxo Bank. Other mechanical reason: the falling dollar, which causes the exchange rate euro / dollar rising. However, the dollar has folded. "Historically, there has always been an inverse relationship between the U.S. equity market and the greenback," said the official. Witness the decline of the dollar against the yen, for example.

This trend "is likely to continue at 72 hours – Friday, June 18 – four witches," that famous day will end simultaneously four different products: stock options, index options, futures and stock futures index. Investors still expect that day to extreme volatility. Hence the distrust of investors, which is directly affected by the gold price, rising again, about 1235 dollars an ounce.

But basically, the trend remains bearish, especially as the economic landscape has not changed.

The British currency toped

The pound was a little cup on Wednesday morning, but the trend was clearly upward this past week. The pound was quoted 1.4821 to the dollar early this morning.Either its levels of early May.

The origin of the slowdown, the publication of unemployment figures in Britain. The rate according to ILO (International Labour Office) is lowered to 7.9% in the three months ended in April, against 8% for the three months ended in March, while economists expected a steady rate.

The index of consumer prices in May stood at 3.4% annual rate, down compared to April (3.7%), seems to confirm the inflation targets in Great Britain the BoE (Bank of England), less than 2% by early 2011, provided that the austerity policies of the new government does not impose a further increase in VAT, according to analysts.

Switzerland should remain at a rate of 0.25%

The meeting tomorrow Thursday the Swiss National Bank – Central Bank – should not bring surprises. This should keep its benchmark rate to 0.25%."The SNB could still announce some measures to address liquidity drying up against a risk of inflation induced by its interventions to support the euro, these interventions flooding the market with CHF," says Realtime Forex.

The Swiss franc reached record on record since the end of 2009. Then he had another 1.5 Swiss francs per euro in December, the exchange rate reached 1.3920 désoramis, with a low 1.38 in early June

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In Russia, the Central Bank announced its intention to diversify its reserves by including the Australian dollar and Canadian dollar.

Regarding China, the Middle Kingdom has signed contracts for a thirteen billion euros of Greek companies, when Athens strives to attract foreign capital. Turkey and Arab countries have also seen in Greece.