Wall Street does not go up the slope

The NYSE has attempted to initiate a mini-rebound Thursday. In vain. Economic statistics are still bad on Thursday and Valuers bank saddled the trend. Thus, the Dow Jones lost 0.56% at 12,220 points, the Nasdaq yields 0.16% to 2765 points while the S & P fold from 0.41% to 1309 points.

Yesterday, U.S. markets have taken a double slap (more than 2% losses) with first a series of bad macroeconomic indicators that raise doubts about the health of the world's largest economy. Then with Moody's decision to degrade three notches note of the Greek debt. The rating agency has cooled the financial markets had begun to hope that a solution be found to stabilize the financial situation of the country.

On Thursday, investors do not turn the page of this session was the worst recorded since August 2010.Bad numbers have fallen:

– The weekly jobless claims fell less than expected in the United States during the week to 28 May, against 422,000 428,000 (revised) the previous week, said Thursday the Department of labour.In economists on average expected 415,000 entries in unemployment.

– U.S. inventories of crude oil rose against all odds last week, said Thursday the U.S. Agency for Energy Information (EIA). Crude oil inventories rose 2.88 million barrels to 373.81 million. Economists on average had expected a decline of 1.3 million barrels [EIA / S]. The oil prices were down sharply after the announcement. Ceded $ 1.42 a barrel after a fall already marked.

On the currency side, the single currency continues to rise against the greenback. One euro is worth more than $ 1.44.For their part,

However, non-farm productivity rose more than expected in the first quarter, while unit labor costs rose slightly more than expected, according to the second estimate published Thursday by the Labor Department. Productivity, which measures hourly output per employee rose by 1.8% instead of the 1.6% increase announced in the first estimate. The market expected it to climb by 1.7% over the period from January to March.

Other bad news affecting U.S. banks this time: Goldman Sachs (-1.61%) received a subpoena from prosecutors in New York who want to learn more about its role in financial crisis.In addition Moody's "could reduce" the credit ratings of Bank of America (+0.35% to 11.28 dollars), Citigroup (+0.15% to 39.71 dollars) and Wells Fargo (+0, 28% to 27.02 dollars) on behalf of a hypothetical reduction in state support for large U.S. federal institutions in the country. The rating agency notes that the current notes of banks take account of public aid granted by the Treasury at the height of the financial crisis.

Google and China: Paper

Internet giant Google (+0.25% to 526.93 points) was monitored after the announcement of a hijacking Gmail accounts by hundreds of Chinese dissidents and American officials. While Google suggests a Haker Chinese, Beijing denounced the remarks "unacceptable."

The distributor Costco Wholesale Corporation (+0.12% to 80.31 dollars) has reported a net profit of $ 324 million in the third quarter of 2010-2011 (73 cents per share), up 6% the same period last year. Based on the number of share, earnings were 73 cents. Turnover was up 16% to $ 20.2 billion, with a jump of 12% on a comparable basis.

Limited Brands (-5.48% to 36.59 dollars) has announced a 6% increase in May same-store constant at 717 million dollars. But this figure is below expectations of analysts who had forecast an increase of 7%.

The mining equipment manufacturer Joy Global (3.07% to 88.70 dollars) has reported a profit of 34% to 162 million in the second fiscal quarter, or $ 1.52 per share. Income climbed 19% to 1.06 billion.It's better than $ 1.35 per share and $ 1 billion expected by markets. The group also revises upward its forecasts. It now expects earnings per share between $ 5.60 and 5.30 against 5.10 to 5.40 before.

WPP (-3.78% to 11.95 dollars), the leading global advertising in terms of revenue, announced Thursday an organic growth above 6% during the first four months of the year, thanks including a good performance in the United States.

Slight decrease in advertising on TF1

After the rally of 2010, TF1 faces a more difficult first quarter of 2011. During this period, the private audiovisual group saw its turnover increase by 2.9% to 614.4 million euros. However, the advertising revenue of the antenna TF1 down 2.6% to 353.3 million euros, due in March and April in the semi-shade. However, this figure suffers from the comparison with the strong rebound in early 2010. Good news, the group's net profit jumped 47.9% to 48.2 million.

These results come at a time when TF1 faces another challenge: how to perk up its newscast of 20 hours, while there is the challenge of the presidential important moment in the life of a great chain. The launch on Thursday night, a political meeting monthly at 20 h 15 is the forerunner with this shortening of the slice info most ritualized television.Because as the campaign intensifies, "Word direct", hosted by Laurence Ferrari and François Bachy, head of policy TF1, will be more recurrent. Two years ago, France 2 was the precursor with a newspaper reduced to 25 minutes.

And indeed, for a little over a year, the differences between the two JT in terms of audience share is shrinking. In July 2010, it is also taken much for France 2 to outweigh the first private channel. Since the incidents are increasing. TF1 naturally continues its leadership, but now falls steadily below the four-point gap with France 2.For now, however, the average "20 hours" by Laurence Ferrari -27.6% audience share for the month of April, according to Médiamétrie-still higher than the channel TF1, which itself falls to 23.4%.

Financial strength

But the differential is less important than that between the "20 hours" of France 2, which shows an average 22% audience share, when the television channel France 2 as a whole does not exceed the 15% share hearing direct payday lenders.

Nevertheless, the power of advertising and financial TF1 still stands. Indeed, if the hearings "20 hours" are crumbling, the advertising market share in the chain has never been as strong as it reached nearly 55%."The point of no return will happen when advertisers will not accept pay for a hearing less than half of the advertising market share," said one observer.

But for Sebastien Danet, president of media agency ZenithOptimedia France (Publicis Group), "there is no disaster or industrial accident. TF1 remains commercially agile and can adapt its rates at the hearings. Bids are adjusted in real time. Moreover, given its power, remains an important interlocutor TF1 carried by the effectiveness of the media. "In fact, the authority has noted the erosion of the television news, since the prices of monitors have dropped by about 7 % on this time slot. Dominique Delport, the boss of Havas Media France, not far from thinking of himself: "TF1 rates in accordance with its audience. Moreover, few chains in Europe can offer advertisers an audience with 25% of a country.In addition, France Televisions had no screen after 20 hours, the performance of its JT are less strategic. "

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CL: Tapie responds to accusations

This is yet another twist in the case Tapie – Credit Lyonnais. Nothing seemed to preclude the payment of 285 million euros to the former businessman after the tribunal's decision of 7 July 2008 that condemned the Consortium de Réalisation (CDR) for the management of liabilities Credit Lyonnais in the dispute between Bernard Tapie, Adidas business background.

But on Wednesday, an information report of the Finance Committee of the National Assembly has given fuel to the fire. The latter, which precedes the imminent publication of a report from the Court of Auditors on the subject, believes that the arbitration agreement, which included the waiver of any right of appeal, had "signed a different version" that mentioned by the Board of CDR.

At the heart of the controversy: a possible addition of the notion of "moral damage" between the first version of the document and the version eventually signed. The first version approved by the Board of CDR would have limited "the amount of all claims [the lawyers of Bernard Tapie] to 50 million euros". The compromise finally signed limit "the amount of all of their claims for moral damages of 50 million euros".

According to Jerome Cahuzac, Rapporteur and Chairman of the text of the SP Committee on Finance of the Assembly, the wording should have been falsified at the time of signing. Moreover, the failure to submit the "moral damage" to the ceiling of 50 million euros would have allowed a much higher compensation finally Bernard Tapie. These facts, if true, are likely to cancel the arbitration decision.MP sees "a substantial change in conditions of the compromise in a way that will prove very supportive husband Tapie and very costly for public finances." He said the subject would be "of paramount importance for public finances since the compensation for moral damages was left to the discretion of the judge that the arbitration process is confidential (…) and that are n had not to pay taxes. "

Bernard Tapie cons-attacked on Friday. In a letter to Jerome Cahuzac, which Le Figaro has obtained a copy, he recalls that "the state so taxpayers through the Credit Lyonnais at the time nationalized bank, made a profit at its expense and an illegal manner four times what it was made. "It also accuses Jerome Cahuzac have written a "partial report" and not taking "account of exculpatory evidence in its possession." The Administrative Court had approved the use and "to arbitration even though the CL there was unfavorable" and above had validated the concept of "moral damage, for which compensation is intended primarily to cover the insufficiency of assets As part of the liquidation, by referring to the abnormal behavior of the bank in respect of spouses Tapie, accompanied by a media campaign particularly violent. " Interviewed Friday by Le Figaro, Jean-François Rocchi, president of CDR, "insane" n'entretenir tampering and ensures "no relationship with Bernard Tapie.

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Volkswagen recalls 71,000 vehicles

Numerous vehicle recalls involve decidedly all manufacturers. In fact, Volkswagen, known for its reliability, will turn brown cars in its factories. The German manufacturer has announced yesterday the recall of 71,043 of its Jetta model family sedans, year 2011, the United States. The cars concerned are those built between March 2010 and March 2011.

Involved, the electrical system of its anti-theft alarms. Fuse responsible for protecting the burglar and converter boxes connected to the windshield and headlights are faulty. Thus, in some cases, a short circuit occurs and prevents the power headlights and windshield wipers.

Technicians are already hard at work to replace the potentially defective. But the manufacturer wishes to emphasize that, at present, no accidents were reported.

A model at a reduced price

But the recall could feed the many criticisms of this new model produced in Mexico and mainly distributed in the U.S. where it flows close to 100,000 copies a year. For some fans of the brand, the new version of the Jetta has lost many of its assets without adding new features guaranteed approval cash advance loans. In fact, to be more competitive and attract a wider audience, the Volkswagen has trimmed its U.S. equipment. The price of this new model has also been reduced.

These price declines have been decided at the height of the crisis and while the competitive market of the automobile was particularly moribund. The big players have thus been forced to trim their costs, a fact which might explain the massive recalls of vehicles from all manufacturers.In fact, the number of recalls made in recent months in the Japanese Toyota exceeds 8 million. The Chrysler has recently issued a recall on almost 250,000 vehicles. And last week, South Korea's Hyundai Motor has recalled 190,000 cars in the U.S. while the Japanese Honda was back in its 21,700 factories in the United States and Canada.

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The Tokyo Stock Exchange drops after the earthquake

The Nikkei 225 of the Tokyo Stock Exchange has accelerated its losses late in the session, after a massive earthquake off the coast of north-east has triggered a tsunami warning. The index closed down 1.7% to 10,254.43 points.

The Japanese market was closed for the weekend when the first information on the consequences of the earthquake were just beginning to circulate. The air, road and rail are paralyzed throughout the country.

The yen also accused the coup: the Japanese currency fell against the dollar at the news of the disaster.The greenback, which evolved around 82.75 yen by late morning, jumped to 83.30 yen in the minutes that followed the quake at a magnitude of 8.8.

Investors were already gloomy, worried about geopolitics

All the Asian financial centers are displayed in red, concerned about the continuing rise of oil prices, the market closely following the situation in Saudi Arabia after the call for demonstrations in the kingdom, first largest exporter of crude. These same geopolitical tensions had already weighed on prices Thursday on Wall Street, the U.S. stock market ended down almost 2%, its biggest drop since August, and thus enhancing the pessimism on Asian markets .

Despite a decline in oil prices Thursday, worries about the Middle East so the above resume.In morning trading, a barrel of light sweet crude for April delivery took 14 cents to 102.84 dollars. However, that of Brent North Sea crude for April delivery yielded 23 cents to 115.20 dollars. Inflationary pressures which cast doubt on the extent and strength of the global economic recovery.

Chinese Inflation above expectations

In Shanghai, after the disappointment surrounding the publication Thursday of a larger trade deficit than expected in February, it announced a rise in inflation in February on the Chinese consumer prices, higher than expectations, which prevents the return of confidence on the Chinese site no fax cash loans. Rising consumer prices rose 4.9% in February in China, well above the official target of 4% set by the government.Enough to bend slightly the CSI 300 Index of Shanghai from 0.15% to 3275.21 points.

The remarks of the governor of China's central bank have failed to reassure markets. The revaluation of the yuan is not a "major tool" to fight against inflation in China, Zhou Xiaochuan said Friday, reiterating that Beijing would implement a reform "gradual" exchange rate as its monnaie.Rappelons major trading partners of China are calling for a rapid revaluation of the Chinese currency, which continues to be secured tightly to the dollar, against which she has gained about 4% since June 2010.

Balance in India

Elsewhere in Asia, investors keep the same caution vis-à-vis a gloomy macroeconomic situation. Taiwan TAIEX Index of Taiwan and South Korea's KRX 100 fold respectively 0.87% and 1.26% at 8567.82 points and 4168.39 points.For its part, the Hang Seng in Hong Kong yields 0.73%, to 23,441.70 points.

Net decrease also on the Australian site, the S & P / ASX 200 upgraded from 1.17% at 4644.80 points. Finally, the FTSE Singapore Straits Times was down 0.78% at 3051.53 points and the Indian Sensex is almost at equilibrium, down from 0.19% to 18,293.80 points.

The yuan hit record highs

The yuan rose to its highest level in nearly seventeen years on Monday morning, with a reference rate set at 6.5752 yuan to one dollar. Established by the central bank, this rate determines the point at which the currency can fluctuate plus or minus 0.5%. The Chinese currency reacts to statements by Prime Minister Wen Jiabao. The head of government reiterated yesterday the need to conduct an assessment "gradual" renminbi, another name for the Chinese currency, while considering a stronger yuan would help fight inflation. The increase in consumer prices has become the bane of the party, which fears it nourishes social unrest.

The party is reluctant to let its currency for fear of flying penalize its many exporting plants business card templates.The yuan has appreciated 3.8% since its drop of the greenback by the Chinese authorities announced last June to meet the developed countries who accuse the weakness of the yuan to dig the global trade imbalances. But that assessment is considered too low, particularly for the United States, leader of the international protest.

The Chinese premier also revised its growth forecasts downward by announcing a new target of gross domestic product growth of 7% after 2015, instead of the 7.5% target over the next four years.

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G20: Sino-American game on the yuan

Ben Bernanke, head of the U.S. central bank (Fed), and his Chinese counterpart, Zhou Xiaochuan, stole the spotlight at their colleagues in the euro zone, Japan and the UK ahead of the G20. The leaders of the five banks of issue most powerful nations were invited by the Banque de France to discuss "global imbalances and financial stability." The debate was reduced to a duel to the barbed among central bankers of the first two world powers.

Without ever naming China, Ben Bernanke believes that "the maintenance of currency undervalued by some countries contributes to a structure of global demand unbalanced and unsustainable." The Fed chief stigmatizes those countries with large trade surpluses sustainably.This helped to show "an excess of global savings, which spilled on the U.S. economy, providing a permissive factor in the subprime mortgage crisis, said the Fed chief.

Zhou Xiaochuan acknowledged that China needs to reorient its growth towards domestic demand. But he believes that such a paradigm shift "will necessitate a series of more than ten years, including time to set up a welfare system that encourages the Chinese to save less. As evidence of the shift of services to his country, he "announced the good news: only 10% of new loans now are moving on the sectors of manufacturing industry," he said.

A Sino-American game

The President of the People's Bank of China believes the most "structural measures as price mechanisms", namely the exchange rate of the yuan.He noted that Chinese manufacturers will not want to redirect more than 20% of their production to domestic demand, "They say that exports always relate more than the market."

Two conceptions of economic policy clash. The great American financier believes in market mechanisms. He urged the country's trade surplus' to allow their exchange rates to better reflect market fundamentals. " Chinese consumers, enriched by the reassessment of the yuan, and will buy more foreign products.

For Zhou Xiaochuan, "it seems inappropriate to link the savings rate exclusively to the exchange rate and it is also unrealistic to solve short term problems in the long term," as he explains in an article the Financial Stability Review published by the Bank of France in the G20 (G20 each central banker helped).

The Sino-American game has somewhat overshadowed the performance of the other participants, even if a real consensus has emerged on the need to reduce the imbalances. Otherwise he should fear "the use of protectionism to one or more countries", warns Mervyn King, governor of the Bank of England. Jean-Claude Trichet, ECB president, also fears that "imbalances widened again."Masaaki Shirakawa, Governor of the Bank of Japan, worries about him that "the rigidity of exchange rates of major emerging economies could impact more and more important on the global economy."

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The food began to fail in Tunis

Given the prevailing tension, Tunisians organized. Many of them have formed vigilante committees to defend their neighborhoods against looters, after the multiplication of ransacking and attacks in the provinces and the capital. The powerful union, the General Union of Tunisian Workers (UGTT), invited its structures and members to join or manage these vigilante committees. Structures that have proliferated in the province, according to various sources.

A lack of food in particular began to be felt in the capital. Many citizens have asked the army to organize at least reopen bakeries and grocery stores. "I spent the day with a large family and we had a meal", said Saturday a northern part of the city."I spent the day twiddling my thumbs, unable to meet the demands of customers," added Ben Salah Zekhri who runs a small shop near the suburb of Rades, south of the capital.

Journalists from the AFP for their part said Saturday he saw long lines formed at the few open bakeries in several districts of the northern suburbs, while a large hotel in Tunis has indicated start to feel a lack of supply . "The kitchen has not been delivered last week, we live on reservations and we started making our bread," said an official of that institution.

Restrictions on movement and the looting of many deposits have disrupted the distribution channels for basic necessities.The authorities, who want reassuring, however, admitted "a certain lack" of fuel in gas stations and said work to fix it.

Abuses

If Tunis and its surroundings have awoken in the quiet Sunday with a safety lighter and more discreet police presence in the center of the capital, the night has instead been marked by the proliferation of alerts on vehicle movements suspects traveling at high speed and whose occupants were shooting at houses guaranteed payday loans. Army helicopters flew all night, all lights on, this vast area. "An ambulance has been seen in La Marsa and another Mégrine (north and south of the capital).They fire on houses, "and had told AFP frightened citizens, asserting that the vehicles were carrying hooded people.

The former security chief of ousted President Zine El Abidine Ben Ali has also been arrested at the request of the Tunisian justice system, which accuses him of recent abuses committed against the people, said Sunday an official source. "General Ali Seriate was placed in custody after the presentation of the charges against him," the source said.

The situation seems to improve Sunday in the country, according to official sources quoted by TAP, which revealed that the curfew had been reduced to one hour in all of Tunisia. "Because of improved security, it was decided to ease the curfew is now set for 6:00 p.m. to 5:00," said the source.The curfew was running so far from 6:00 p.m. to 6:00. In practice, however, security forces applied to the 5:00 p.m. to 7:00. Other measures of the state of emergency are being maintained: ban rally on the highway for more than three persons, permission given to police to fire on people taking the flight controls.

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Unedic provides an improvement in employment in 2011

"Elements of framing material" for the renegotiation of the Agreement UI to start in January. Unedic has updated its forecast for 2011 Wednesday. It provides 74,000 jobs created, 93,000 unemployed registered in category A to less employment center and a 99,000 drop in job seekers compensated. A "significant improvement" compared to projections from September. Result, the cumulative deficit at the end of 2011 is revised downwards, based two billion in three months – to $ 11 billion – thanks to a significant improvement in projected revenue contribution.

"The system UI is very responsive to job creation," justified Bonnand Gaby, President of the CFDT Unedic."We can not continue to EUR 15 billion of accumulated deficit reached during the last crisis, welcomed Geoffroy Roux de Bezieux, vice president of MEDEF regime.

Unedic has also prepared a "preliminary assessment" after 18 months of exercise of unemployment insurance agreement, which expires March 31. The agreement, which was signed in early 2009 by the CFDT trade union side, there were three major changes from the previous. First, an opening of a right to compensation as early as four months of contributions (cons six previously) and secondly, the creation of a single chain of prorata on the basis of "one day paid, compensated one day," and thirdly , extending up to 28 months of the maximum contribution for a claim for compensation (for those under 50 years) cheap pay day loans.Nearly half a million unemployed have ultimately benefited from greater rights than they would with the old agreement, 51,000 have lost. The winners are the unemployed who have contributed less than 6 months (mostly young and insecure) and who were not previously compensated. The introduction of a single chain has generated gains for 76% of recipients.

"In less spending"

This improvement has a cost: 1.2 billion! "The bill could be 50% higher if the beneficiaries had used all their rights," said Gaby Bonnand. "Many unemployed found a job before arriving at the end of the compensation period, which translates into lower spending," said Geoffroy Roux de Bezieux. Therefore little risk that the general framework of the present Convention comes into question during the upcoming negotiation.

Wall Street awaited the green

Shortly before the opening, the index futures Standard & Poor's 500 and Nasdaq 100 advanced 0.28% respectively at 1231.30 points, 0.19% to 2204.00 points. The Dow Jones was expected to share up 0.19% at 11,319 points. Indexed as many perspectives that seem so bullish hope for an opening in the green of the U.S. equity markets on Friday after a disappointing week, without including sufficient numbers of highlights on the macroeconomic front.

The NYSE had indeed skeptical closed again Thursday night, despite the encouraging decrease in the number of newly unemployed. The market had taken a break, the Dow Jones falling by 0.02%, while the Nasdaq advanced himself a small, 0.29%.This reluctance may be explained by the concern of investors against the compromise struck between the Obama administration and the Republicans on tax cuts. The Democrats of the U.S. House of Representatives rejected the agreement, shortly after President Obama had warned lawmakers against a rejection of the compromise tax, ensuring that a failure would have negative consequences on wages of Americans and economic activity. "The market assumes that it is acquired, but when it comes to Washington, there is always a question mark," said Mace Blicksilver in this regard, a strategist at Marblehead Asset Management.

Foreign trade and the consumer confidence index …

But Wall Street could this afternoon, trying to settle with this attitude undecided, taking advantage of some macroeconomic news.This Friday, the agenda macroeconomic meager this week will, in fact, again provided the U.S. with, first, the trade figures in October, from 2:30 p.m. Paris time. At the same time will be known the import price for the month of November. It was not until 3:55 p.m. to be unveiled as the index of consumer confidence determined by the University of Michigan in December. A figure that will certainly specifically followed, on both sides of the Atlantic, this time decisive for consumption, the holiday season. The figures of budget execution will be finally published in November around 20:00.

The dollar was slightly down this Friday against THE EURO, while currency traders digested the announcement by China of a further rise in bank reserve requirements to prevent an overheating of its economy.Around 11:30 Paris time, the euro bought 1.3259 dollars against 1.3239 dollars Thursday at 23:00.

On the corporate side, no major publication in the viewfinder.