Rescue of the euro: Berlin reservation assistance

Pushed to its limits by the political support to Greece and the massive plan to stabilize the euro, Germany resumed its offensive. It determines, for each country, the outbreak of the plan of 750 billion euros to express a green light of the Bundestag. Berlin is also up to the load on its proposal to amend the EU treaties in order to punish, to the exclusion, the capitals recalcitrant to fiscal discipline.

Angela Merkel defended Tuesday stiffening. "The euro area can only work if we adopt a culture of stability, which means solid finances. (…) For Germany this culture of stability and strength is not negotiable, "Merkel said in an interview given to farm rather several European newspapers.

The sixteen finance ministers of the Eurogroup, and twenty-seven of the EU had the premiere at a double appointment in Brussels.Combative despite a weakened health, the German finance minister, Wolfgang Schauble, surprised his colleagues by questioning the principles they believed acquired for more than a week. Only the Belgian Minister Didier Reynders, ventured to publicly criticize the incoherence of speech come from Berlin.

Debate Lagarde Schauble

Jean-Claude Juncker, the Eurogroup chairman, acknowledged Tuesday that it had to mobilize "patience" during the debate behind closed doors, among others to intercede in the middle of the night between Wolfgang Schauble and Christine Lagarde. Ultimately, the Sixteen were separated without text or definitive agreement on the implementation of the 750 billion the new "European Stability Facility (ESF).Appointment was made on Friday in Brussels, officially in order to tie 'details practices and legal issues " payday loan lenders.

It is still the control exercised by the Federal Parliament is the heart of the debate. At the launch of the ESF, nine days ago, Germany's partners – including France – have understood that the Bundestag would have something to say once, to vote en bloc from the German plan for stabilizing euro. To the astonishment of his colleagues, Wolfgang Schauble has just announced that German MPs intend to vote each time a country in trouble will come from ticket sales, or for each disbursement."The game is not over," says a German source.

In practice, Berlin wants to have a veto at every stage of the process and content of any austerity plan submitted by a country strangled by debt. In the letter, Germany does not come back on his word. The ESF is European in name only, it is in fact an intergovernmental body to sixteen, with a headquarters in Luxembourg and a board of directors. By law, each country is free to make decisions according to the political career of his choice. "For Germany, this procedure should be a German," the source added.

Concern mounts to oil markets

Mown in full swing. Oil prices fell Friday morning as the 74 dollars a barrel in electronic trading in Asia. A barrel of light sweet crude for June delivery yielded 62 cents to 73.78 dollars while Brent North Sea due to identical, lost 34 cents to 79.77 dollars. Monday again, trading at 77.35 dollars a barrel in New York and 80.50 dollars in London. The euphoria that had gripped the stock markets in Europe and New York had spread on the oil markets.

But as of Tuesday, prices were beginning a decline that on Thursday, brought down the barrel in New York at 73.62 dollars, its lowest level since Feb. 12. In three sessions, the price dropped $ 2.40, completely erasing the rebound Monday.

Between high inventories and uncertainties

This pressure to lower prices is explained partly by continuing high inventories in the United States.On Wednesday, the U.S. Department announced a further increase in crude inventories of 1.9 million barrels and most importantly, a record for the reserve terminal in Cushing, Oklahoma's largest oil terminal in the United States. At 37 million barrels, these reserves are approaching the maximum capacity of the terminal that serves as the delivery point for Nymex oil contracts. Result: not finding a place to store their oil for June delivery, the nearest maturity, the investors selling off to get rid of.

This unusual situation has overshadowed the announcement of a sharp decline and surprise 2.8 million barrels in gasoline stocks in the United States. An announcement, analysts said, would support the course.

On the other hand, concern about the strategy for ending the crisis in the euro area continues and installs a negative climate in the markets.While European stock markets tumbled again Friday, the euro fell back again to its lowest level since 18 months. Around noon, he fell from 0.64% to 1.2448 against the dollar, thus penalizing oil purchases.

Strategic shift at NYSE Euronext

The transatlantic exchange operator NYSE Euronext is preparing to change the model. He announced the creation of its own clearing houses in Paris and London, and end at the end of 2012, its trade relations with its current service provider LCH Clearnet on the two financial centers.

This decision represents a reversal. In 2007, when Euronext was to choose a partner from the U.S. NYSE and German Deutsche Borse, the group preferred the former because it does not recognize himself in the vertical integration model of the second. The trade of the stock market is indeed a value chain in three stages: the "place" where exchange transactions are carried out, the clearinghouse that records and transactions settlement. Euronext is an operator to date, business-focused transactions.In developing its own clearing houses, goes up the value chain.

This shift fits by NYSE Euronext in the times of political and strategic place in Paris where it argues for the existence of localized market infrastructures in the euro zone. However, compensation is dominated by LCH Clearnet and by great American actors as DTCC. This business is also known to have an increasing role in securing the derivatives market: everywhere regulators are considering forcing a maximum of derivative transactions to go through clearing houses, thereby reducing the counterparty risk of potential systemic transactions.

Another reason, however, pushes NYSE Euronext to expand its field of activity.While its historical business transaction is fierce price competition from entering the competition at alternative platforms in Europe, the conditions are much less harsh on the job of clearing. In short, the incumbent, shaken by the loss of its monopoly, will seek margins where they still exist …

The Paris Bourse to increase

The Paris Bourse, which has declined sharply Thursday evening the CAC 40 fell below 3,925 points – should open up art. The CAC 40 should always move in the Greek fear – revived by lowering the grade of Greece by the rating agency Moody's and reassessment of the Greek deficit by Eurostat, 13.6% – and a banking sector plagued .

Around 8:20, the index future on the CAC 40 rising 0.39%.

Yesterday, the number of unemployed registered in the U.S. fell less than expected during the week ended April 17, and producer prices have rebounded sharply in March. This growth is fueling speculation about a future rate hike from the Federal Reserve. Wall Street closed slightly lower.

This morning, Asian stock markets are also changing in quick retreat.

In this context, the euro hit a new low against the dollar at 1.3202 dollars to a euro.The single European currency has reached the floor in the morning in Tokyo. Around 3:15, she sat up slightly, to around 1.3235 dollars, against 1.3293 the previous day to 23 hours in New York. The euro has broken the 1.3280 support and could, according to technical analysis, find its level in March 2009 and November 2008, or $ 1.24 per euro.

Clear indicators

On Friday, France, INSEE begin at 8:45 am by disclosing its quarterly survey of conditions in the industry for the month of April and spending on household consumption of manufactured goods in March.

In the euro area, new industrial orders in February are known.In Germany, the Ifo confidence barometer for April will be followed, while the first estimate of GDP in the first quarter will be published in the United Kingdom

In the U.S., at 14.30, investors will pay attention to durable goods orders (March), then 16 hours, the promise of home sales (also in March).

Wind Publications

Side values, the specialist construction Saint-Gobain aenregistr? sales down 0.5% to 8.7 billion euros, and maintained its targets for 2010.

Essilor, the world leader in ophthalmic lenses, on Friday issued a turnover of 905.8 million euros in the first quarter, up 7.8% over one year through acquisitions and a recovery of activity, particularly in emerging countries.

At 4.7 billion euros (+8.1%), the turnover of the group L'Oreal is slightly above expectations.L'Oreal has been observed in the first quarter of the divisions that had been heavily impacted by the crisis.

The first European manufacturer of semiconductors STMicroelectronics announced Thursday that it had returned to profit and exceeded the consensus expectations in the first quarter of 2010.

EDF will host the market reaction after the Russian electricity trader Inter Rao, announced last night a planned entry to the French capital of Russia, at 10% interest. An investment valued at 400 million dollars (299 million euros).

Zodiac regained its financial leeway when it observes an encouraging start of recovery in commercial aviation.The aerospace supplier has published sales in the first half down 12.8% to 966 million euros.

Still later boats, sailboats, but this time, the B?n?teau Group has reiterated its target for operating profit of 37.5 million euros for the 2009/2010 financial year despite a loss in the first half.

Side car, Valeo announced Thursday a 42% jump in its quarterly revenue, and confirms its objective of doubling the margin in 2010.The acceleration of the automobile production observed at the end of the year thanks to scrap premiums had still not disproved.

On the sidelines of the Beijing Motor Show currently underway, Changan Automobile Group China confirmed Friday it was in talks with French automaker Peugeot on the creation of a possible joint venture in commercial vehicles.

AXA continues to make targeted acquisitions after taking over the assets of investment capital to Natixis.The group has announced yesterday that its subsidiary AXA PE will buy Bank of America to a private equity fund of 1.9 billion dollars.

Euler-Hermes profit quintupled

Euler-Hermes expects its net profit increase by five this year and think back to its turnover at the 2008 level, according to the CEO of the credit insurer, Wilfried Verstrate.

Ingenico announced Thursday it was on track to meet its financial targets in 2010 after seeing its sales on a constant increase of 8.8% in the first quarter.

Somfy Thursday posted a turnover up 10.2% but warned that the economic situation was still marked by pressure on prices and margins.

Are still expected this Friday publications sales and quarterly Interparfums Damartex.

A cloud of 150 million euros per day for air

A cloud of 200 million dollars (148 million euros). That bill, by far, the paralysis of traffic due to the cloud of volcanic ash, according to an estimate made Friday by the International Air Transport Association (IATA). This amount corresponds to "the financial impact (…) day in terms of lost revenue," said a spokesman for IATA said in a statement.

"In addition to lost revenue for airlines costs to change the routes of their machines and take on passengers and equipment stranded in various airports," he added. This is a "first conservative estimate".

According to many analysts, the closure of airports in North Europe was difficult to quantify an impact on the finances of airlines. Experts estimate that it will depend on claims from customers.More recently prefer to postpone their flight, the more it will limit the losses to the industry.

"While we have no visibility on the duration of these disturbances, it is difficult to say what is the cost for companies," Marina J. Devitt, the Irish Goodbody brokerage told AFP.

An invoice of $ 30 million for Air France

In the ladle, it is possible to obtain an estimate by dividing the annual turnover of a company by the number of days during which the aircraft remain grounded. Based on this rough, it is possible to establish that, for Air France-KLM, the cloud would cost 30 million euros and 25 million for British Airways, a Paris-based analyst advance fast cash now.

In Germany, total paralysis of traffic is expected to weigh on the entire industry to the tune of 50 million euros in total per day and "less than 10 million euros a day" for Lufthansa, said analyst Per-Ola Hellgren, bank LBBW, told AFP. An invoice less salty than the recent pilots' strike which had cost 48 million euros in total.

Finally, the "one-time impact on earnings of the Irish Ryanair should be low since most of the operational costs will be avoided, except for aircraft rental and labor costs," notes the brokerage Irish NCB.

Rush predictable

Companies should still limit the damage thanks to the predictable rush of customers at the end of the flight ban. The aircraft should then record load factors much higher than normal, making profitable at the same time much better flights.

Without waiting to preliminary figures, the titles of European airlines fell sharply on the Stock Exchange on Friday. At closing, Air France-KLM took down 3.42%, British Airways fell by 3.13%, 4.10% Lufthansa.

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"Packages, mangoes and footballers blocked

»Flights canceled: what airlines offer

Greek debt riskier than ever

More bad news for Greece, amid soaring interest rates. The rating agency Fitch Ratings downgraded Friday by two notches note long-term debt Greek, from BBB + to BBB-. The new note carries a negative outlook.

"The lowering of the rating reflects the intensification of fiscal challenge, caused by poor economic forecasts and a higher cost of debt," Fitch justified. Interest rates on debt Greek surged beyond the 7.5% Thursday in a volatile market but very few shares traded flexcheck cash advance. The markets are testing the limits of patience of the Greek government and wants to know he will decide to use the European rescue plan.

The increasing volatility on the Greek government bond market also forces many investors to withdraw.

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"SPECIAL CASE – Greece, a challenge for Europe

The Paris Bourse at the highest end of the year

The CAC 40 gained 0.49% to finish at 4053.94 points, its highest level since the beginning of the year. Frankfurt has won 0,27% 0,62% and London.

After four days of Easter break, European markets greeted the resumption of job creation in the United States, announced last Friday as well as good numbers of activity in services and real estate published in recent days.

U.S. markets plying highs not seen since late 2008, however, regained their breath. The day before, while Wall Street took note of good statistics published during the week end, the Dow Jones closed up 0.43% and the Nasdaq had allotted 1.12%.

After this beautiful hike, investors preferred to play the card of caution before publication in the night "minutes" of the Fed.A document that transcribes the discussions that took place at the last meeting of the Monetary Policy Committee of the Fed and many analysts imagine animated. Although directed at the opening, the Paris market has reduced its earnings in mid-session, affected by Wall Street and by new concerns about Greece which weighed on the euro.

Raw materials and surging oil

On most major world stock markets, the values related to raw materials and light winds were driving the increase. The latest U.S. statistics have dramatically raised prices. The barrel is trading around 86 dollars in New York, on the summits of 18 months!

In Paris the title of the mining company ArcelorMittal has spent virtually all sitting at the head of the CAC 40 with a gain of nearly 4%, followed closely by oil services Technip and Vallourec disputed second on the podium.On the deferred settlement (SRD), Eramet jumped more than 7%. The title was borne by a positive note, analysts at Exane BNP Paribas, which have raised their price target to 260 euros against 175 previously.

The Signal Tower by Jean Nouvel abandoned

Model of the signal tower. Without investors, the architect agreed not to build this skyscraper of 301 meters and 100 floors near instant payday loan . Photo credits: AFP

Signs: the tax upset traders

Soft Focus. The establishment of local tax on outdoor advertising (TLPE), established under the Act to modernize the economy in August 2008 and came into force on 1 January 2009, aroused much debate. So much so that the Trade of France (CCF), which comprises almost 40 federations of trade, asked in a statement this week, a "moratorium" on this new tax.

A text is not clear

According to CCF, the statute establishing the TLPE been "too many errors of interpretation" from the common guaranteed fast personal loans ."A dialogue must be initiated between the government and businesses to stop the abuses and excesses observed." Among the absurd situations, the RTC said that some cities are taxing the opening hours displayed on the front door of stores or the sign indicating the price of gas stations, but a legal obligation.

According to CCF, the signs indicating the prices of petrol stations are subject to TLPE. Photo credits: Le Figaro

Dubai wants to extend the maturity of its debt

For the first time since the announcement of the moratorium on its debt, which had rocked markets last November, Dubai World this week should initiate discussions with its creditors. Discreetly. According to the Financial Times quoted sources close to the negotiations, the conglomerate duba?ote must submit to its main banks with a proposal to reschedule $ 22 billion of debt.

A spokesman for the Emirate of Dubai, questioned by AFP would not confirm the information daily from the City. This is a "confidential process," he has merely said, adding that "a formal proposal will be presented by Dubai World to creditors in March.

Dubai World could offer, understands the Financial Times, two alternatives to its creditors. Either the banks want to be repaid over several years, but cover the full amount owed.Either they agree to reschedule the debt over the longer term, with the state guarantee, not losing a penny. Still, "according to sources familiar with the matter, nothing is certain" shade the Financial Times.

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"Dubai, the end of a mirage