The downgrade of France by Standard & Poors on January 13 did not have the effect feared. Markets do not collapse, the lending rates did not explode … And executives do not seem affected. According to the latest barometer of Eco-ViaVoice, only 29% of them think that the loss of triple-A will impact their business. Surprising but positive, this result illustrates the gap between the hype and the consequences of lowering "The financial situation of a company, not the triple A which is," says François Miquet-Marty, president of ViaVoice , before adding, however, "this reduction is not confirmed by other agencies, it remains in perspective."

Ineffectiveness of political discourse

Beyond the triple A, the composite index of moral frameworks rose slightly for the second consecutive month at – 48 after – especially in January and 52 – 56 in December, its lowest level since the barometer in 2004. However, for François Miquet-Marty, "it is difficult to talk of improvement, all the remaining indicators, sobering …" For if the frames, as the markets seem less concerned, they are generally pessimistic about the economic activity . For 69% of them, the standard of living in France will deteriorate over the years, where 10% think it will improve, an increase of 5 points. On employment, 82% expect an increase in the number of unemployed.

"At three months of presidential executives do not perceive the candidates' speeches, possible improvement levers on the issue of unemployment," worries Francois Miquet-Marty, noting that "they place little hope in politics. "

About their financial prospects, they remain grim: 41% of executives expect a deterioration of their financial situation in the coming months. Career opportunities remain "weak" for 78% of them. Finally, motivation, stagnant, with 40% of executives reported that their employees are being motivated.

Flat in this context, only a takeoff of the presidential campaign could cause a rise of the honest moral frameworks.

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The disappointment is great after the "super-committee" responsible for the debt of the United States, which announced Monday not to have reached an agreement between left and right. The twelve members of the joint committee were responsible for the deficit of 1200 billion and had until midnight Wednesday to address their recommendations. President Barack Obama assured that the United States were not at risk of default.He said he was determined to keep the pressure on elected officials and threatened to veto any attempt by Congress to mitigate the budget cuts that are now automatically take effect.

Standard & Poor's and Moody's reported that U.S. credit rating would not be affected by the failure of these discussions. But Fitch said it would take by the end of a decision on the consequences of the failure of the "super-committee".

"Big disappointment" expected by Japan

In Japan, the new lock worried. Japanese Minister of Finance, Jun Azumi, fears a "big disappointment" of markets. The negative effect is felt at least on the Tokyo Stock Exchange, which leaves 0.40% to 8314.74 points at closing.

Last date black cloud, so the results of Q-Cells, which Monday posted a quarterly net loss of EUR 57 million, a quarter of sales, itself down 43% year on year cash advance to savings account. The bad news have plunged the action Q-Cells up to 30% on Monday in Frankfurt. The German company cited "market environment significantly more difficult than expected."

The rules of succession are now more protective of the surviving spouse. They guarantee him at his option, the option of retaining the use of all of the assets of the deceased, or to obtain full ownership of one quarter of those assets. The question arises, however, with respect to the principal residence, especially when children are involved. If one spouse wants more protection, it is possible, by gift or by will to assign ownership of property.

The temptation is great indeed try to take advantage of very high salaries offered by many CAC 40 stocks: 11% more than expected this year surFrance Telecom, Vivendi 9.6%, 6.9% of GDF Suez and Total and 6.5% of Suez Environnement. These attractive rates are much higher than the average of the CAC 40, which is already high at 4.8%.Level itself almost twice the performance of government bonds to 10 years.

The promise of return is high, but these values ​​traditionally considered defensive have been unable to withstand the market downturn. All titles in the list of the highest yields in the CAC 40 fell in the same proportions as the index. After sharp declines occurred in recent months, however, many experts believe that the values ​​of performance should begin to put up a good resistance in the event of further decline. It would be a good time to get involved.

Stocks or mutual funds

There are two ways to play the performance faxless cash advances. The first is to buy direct from companies offering high dividend.But instead of seeking the largest dividend, better focus its durability, good visibility on the evolution of profits and growth prospects minimum without which no development of the company is possible. Therefore rather than focusing only on the most spectacular returns, such as France Telecom, it is better to diversify its choice of titles, such as GDF Suez, Total, Suez Environnement, Vinci, EDF, and Sanofi. Many companies that offer potential returns of 6.5 to 5%.

The alternative is to opt for funds that specialize in this type of security. During the last few months none of them has survived the market downturn, but the restoring force that is the prospect of good pay should start playing in their favor.Many French funds have over the years specialized in actions "high performance". Among these are: Habs return, Ecofi Performance Shares, Performance Oddo, LFP Performance Shares Growth, growth yield values ​​(find details of all these funds Star.fr Morning) or a new fund under Luxembourg law Groupama AM G Fund European Equity High Dividend.

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In 2010, the area was paralyzed by a social movement in response to the announcement of the closure of the Flanders refinery, operated by Total in Dunkirk freecreditscore. At the time, the conflict had disrupted fuel distribution in France.

At Berre, the sale of the refinery achieved no result, LyondellBasell prefer to stop the costs: it has indeed lost 400 million euros since its acquisition in 2008 and is expected to be € 120 million deficit in 2012 . "It's the only number that management has given us. They are unable to tell us what results come out the whole site with or without the refinery while a McKinsey study estimated that closing the refinery would deprive downstream from the site of 80 million margin of integration " , Patrick gets upset Sciurca.

As for the index of business climate as a whole (including services, construction, wholesale and retail trade), it falls along eight points to 97 points. Clearly, "the economic climate deteriorated in all sectors except construction," says INSEE.

In detail, the entrepreneurs of the manufacturing industry believe that their past activity slows again.They are particularly concerned to see their order books, global and foreign, are down. The situation is similar in both food processing, electrical, electronic and computer in the car, where the activity is expected in sharp decline in the coming months.

Confirming this gloom, the turning point indicator of INSEE has clearly shifted in the red. If it is not necessarily synonymous with recession, "the index is in all cases the echo of a deceleration of growth in all sectors," explains Sandrine Duchêne, head of the department of economic INSEE.

The financial situation of the French deteriorates

Even pessimistic side of French households, whose confidence index has lost five points to 80 points in September, according to data from the institute poor credit personal loans. This is its lowest level since February 2009.This indicator had a slight gain in July (three points) after months of stability. But in September, households appear significantly higher than in July to anticipate an increase in unemployment (23 points).

To this must be added the concerns of their income: between July and September, the opinion of households on their personal financial situation has deteriorated further, the balance corresponding dropping six points. Thus, the French are less numerous than in July to consider appropriate to make major purchases (-5 points). About their nest egg, they also feel that the time is not conducive to spare, the balance being lost 8 points in its long-term average.

According to Sandrine Duchêne, growth forecasts of 0.5% set in June for the third and fourth quarters will soon be downgraded."Since mid-2009, we tablions on a scenario of sluggish growth," said she. But the accumulation of adverse factors, "as the sovereign debt crisis in Europe, or concerns about the economic situation in the United States and China," cloud the prospects for a real recovery in the Hexagon.

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Not only did his translations were not reported, but it was found that in cities of Tibet parents are not interested in novels translated because they have nothing to do with the studies their children. In the country, the price of these books, 28.8 yuan (about 3 euros), making them inaccessible. So, Norgy Puchunggal, which has partnered with the Youth Foundation of Tibet desperately seeking sponsors to distribute free Harry Potter.

The apprentice sorcerer and his magic wand would they hear? The Commission for Banking Supervision in China has given the green light to the creation of a regional bank in Lhasa, with a capital of 1.5 billion yuan (161 million), funded by the regional government institutions and fifteen including several major public and private companies. Just now the spell.

Some officials of the Federal Reserve were willing to further easing in monetary policy if the recovery was too soft to flow back as long as unemployment and inflation is slowing, according to the minutes of the last meeting of the U.S. central bank released last night.The Fed had not so far as clearly suggested that a third series of so-called quantitative easing could be considered after the end of the second round of $ 600 billion at the end of June

Good news this morning, with the growth of China's GDP reached 9.5% in the second quarter, a faster pace than expected, which supported the Asian markets this morning.

On the foreign exchange market, the euro has stabilized at 1.4061 dollars against 1.3974 dollars late Tuesday while oil drops. In morning trading, a barrel of "light sweet crude" for August delivery lost 41 cents to 97.02 dollars. That of Brent North Sea crude for delivery yielded the same 43 cents to 117.32 dollars.

On the macroeconomic front, investors will also monitor the continued publication of results of companies in the United States.Alcoa opened the ball of the ads on Monday after closing. Its earnings were revealed in below expectations, but its sales exceeded estimates and Alcoa has confirmed its forecast for demand growth in aluminum.

JPMorgan Chase will be the first major U.S. banks to issue, with results expected tomorrow, the same day as Google, which will set the tone for the technology. Investors will know very quickly if the U.S. financial sector has suffered from the decline in trading activities. These results also give a taste of the figures will be announced later by European banks.

According to Thomson Reuters data, the results of listed companies on the S & P 500 should show an average increase of 7.3% compared to second quarter 2010.But this increase could be higher if a majority of companies beat the consensus.

Wave of redemptions

Meanwhile, mergers and acquisitions continue to multiply on Wall Street.

The side of values, Electronic Arts has announced the acquisition of PopCap Games, a provider of video games for $ 1.3 billion including $ 650 million in cash, 100 million and the balance in action in the form of contingent payments by December 2013. In addition, the company should record a first quarter loss per share 0.37 to $ 0.40 against a loss of $ 0.24 per share last year.The turnover should be between 500 and 525 million against 539 million a year earlier.

Always on the side of values, UDR announced the acquisition of three housing estates for community $ 687 million and four development projects for $ 375 million.

Validus Holdings Ltd submitted a proposal for redemption Transatlantic Holdings (TRH) at a price of 55.95 dollars per share.

In addition, the Icelandic company that collects money for the site Wikileaks has sent a complaint to the European Commission against the credit card giants Visa and MasterCard for blocking since the end of 2010 donations to the site, his lawyer said Wednesday.

Also note, the U.S. court on Tuesday approved an initial payment of $ 272 million to victims of the scam of the old American financier Bernard Madoff by the liquidator of the fund, Irving Picard.

The report of activity to be examined on Friday at HSC, 27 suicides were reported to the Ministries of Economy and Budget in 2010, against 25 in 2009 and 24 in 2008. The growing number of these tragic events, the unions denounced the growing unease of the staff concerned, who suffer in their ongoing reforms. "Those from the general revision of public policies (RGPP) were a source of tension for the agents. But with the planned job cuts still 3100 jobs this year – working conditions deteriorate significantly, "worries Aubursin Lawrence, General Secretary FO."It comes to not being able to respond appropriately to user requests," says her assistant, Frances Gauchet.

A view shared by the occupational health department. "Problems related to job cuts are being felt throughout the hierarchy. This situation is not unique to the Ministry of Finance is now characteristic of the entire administration, "said one doctor. A fact made more difficult for agents to manage the discomfort in the workplace has long been taboo in the public service. For example it is extremely rare for a suicide to be recognized as an accident, unlike the private sector. But progress has been made so far in recent years. "There is now a real awareness of managers and the top hierarchy, the court doctor.A reflection on the organization is conducted, training frameworks in place … This is progress, even if these efforts are undoubtedly effective forced. "

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