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On the night of Sunday to Monday, an agreement was reached between Republicans and Democrats to raise the U.S. debt ceiling. A favorable outcome that immediately reassured the markets: when Barack Obama announced the compromise to 2:45 Paris time, Asian stock markets – open to this hour – surged after learning that the failure to pay the United States was avoided. The Nikkei in Tokyo rose 1.7% immediately before finishing up 1.34%. Later, in Europe, major indices also showed the green, like the Cac 40 in Paris, which opened up 1.35%, and the ragagnant 3700 points, the Footsie Londoner, who took 1.07 % and the Dax in Frankfurt (+1.5%).

Safe haven, gold subside sees the outbreak of the course, which showed great concern on the part of investors.The yellow metal, which was still worth almost 1630 dollars per ounce on Friday, and is around 1615 dollars fell on Monday.

Immediate response as the currency market, the dollar has suddenly taken against major world currencies, particularly against the yen (the dollar rose from 77.3 to 78 yen per hour), just after the announcement.

Reassured the markets for a while

But around noon on Monday, the dollar back down a little already, one euro was trading against 1.4437 dollars (0.23%). Same against the Swiss franc, another safe haven, which goes back to full speed again against the dollar and historical levels of force, to 0.78 Swiss francs to the dollar.

Thus, if the news is welcome, the markets are not won by the euphoria. They are waiting because the confirmation of the plan by a vote, or some Republicans have expressed strong opposition to the agreement.Already on the European stock markets, the increases are bunched together in mid-day. And on Wall Street indices predicted a future increase in the Dow Jones 1.3%. Not enough to make up for the fall of 4.4% registered in the past week.

Markets are also wary because the details of the agreement remain unclear. In addition, the debt ceiling would require a new vote in early 2013, after the presidential elections. Now remains to be seen how the rating agencies will react to reductions in planned expenditure, less important than they hoped. However, they have warned: even if the United States are not lacking, this would not prevent the AAA rating of the country may be degraded.In this case, markets may again sink into depression.

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The 3700 points were in the viewfinder of investors in the Paris Stock Exchange on Wednesday. They were exceeded in the early exchanges. At the close, the CAC shows a new gain of 1.61% to 3754.60 points. Yesterday, the Paris VAIT has already managed to recover, ending on a rise of 1.21% to 3694 points.

Other major European markets advance in unison. The London Stock Exchange was also up, the stock exchanges of Madrid and Milan are the most active with gains of 3% each. In London, the FTSE-100 index gaining 1.1% to 5853.82 points in mid-session and featuring Dax index of the Frankfurt Stock Exchange advancing 0.40% to 7221.36 points.

Operators are encouraged by the good performance of U.S. markets, driven by advances in parliamentary negotiations in the United States for raising the ceiling on the debt.President Barack Obama for the first time reported "progress" in this debate, adding that the new Senate plan, presented Tuesday, was "consistent" in its approach. The Chairman stressed however that "not much time" before the deadline of August 2 to avoid a default. Wall Street was also reassured by good indicators of industrial performance and better than expected. Asian markets were also sending positive signals this morning.

Time, however, should still be prudent on the eve of a crucial European summit for the future of the euro area. The heads of state are to meet Thursday in Brussels to discuss the bailout of Greece. Several proposals for involving the private sector are on the table.

On the currency side, the euro rose slightly against the greenback at 1.4181 dollars against 1.4150 dollars late Tuesday.Oil is, him up: a barrel of "light sweet crude" for delivery in August takes 80 cents to 98.30 dollars and that of Brent North Sea crude for September delivery gained 69 cents to 117.75 dollars .

Values ​​to follow

Havas: + 1.88% to 3.46 euros

The advertising group has announced the acquisition of a majority stake in the Australian Host, the first independent agency of the country, for an undisclosed sum.

Saffron: + 3.25% to 28.60 euros

Tuesday the group received the green light from Washington for the purchase of American specialist of biometrics L-1 Identity Solutions. The agreement was announced last September for $ 1.1 billion in cash.

Edenred: -5.14% to 20.49 euros

The company specializes in prepaid service said Wednesday he was informed of an investment for 8% of its capital.Nearly 18 million shares have been placed Edenred Wednesday market at a price of 20.30 euros, a total of around 367 million euros, according to a source familiar with the matter said that the placement was the act of a U.S. institutional.According to a source market, it is South Eastern Asset Management.

Alstom: -1.30% to 37.95 euros

The group said Wednesday sales down 12% in the first quarter of fiscal year 2011-2012, to 4.5 billion euros, reflecting the "low level of orders registered during the crisis," but a sharp rebound its order intake over the same period (+44%).

Schneider Electric: + 1.52% to 106.70 euros

The group announced an extension until August 2 of its friendly takeover of two billion dollars (1.4 billion euros) on the Spanish Telvent, which it already owns to 19 July, before the closing date of the offer, 97% of the shares.

Laurent-Perrier: -1.15% to 97.75 euros

The group announced Wednesday an increase of 11.5% of its turnover in the first quarter thanks to a mix effect prices soaring and exports still strong.

Accor: + 3.03% to 30.40 euros

The group was optimistic Tuesday in announcing an acceleration of organic growth in the second quarter due to increased occupancy rates and the gradual recovery of prices.

ADP: + 1.12% to 61.38 euros

The group announced a 4.6% increase in passenger traffic at its airports in June, driven by growth across all trajectories with the exception of Africa and the Middle East.

PPR: + 0.98% to 128.75 euros

Fnac, a subsidiary of luxury group, unveiled Tuesday a five-year strategic plan, called "Fnac 2015", which should enable it to boost sales after a disappointing performance.

EADS: + 3.30% to 24.72 euros

Boeing, seeking to rescue a potentially very large contract with American Airlines, has offered to install a new engine on the current 737, while the airline is still considering a generous offer to Airbus. Moreover, the French military shipbuilder DCNS said Wednesday negotiate with the German Atlas Electronik the creation of a joint venture between their respective activities of underwater weapons, confirming a report in Les Echos.Atlas Elektronik is owned by EADS and ThyssenKrupp.

Biomerieux: -1.44% to 78.46 euros

The group announced the acquisition of French company Argene Molecular Biology and confirmed the objective of growth of its business year after an increase of 3.5% of its turnover in the first half of 2011.

Sanofi-Aventis: + 1.14% to 55.06 euros

The Canadian Valeant Pharmaceuticals announced yesterday the signing of an agreement to buy the French laboratory marketing rights and distribution in Canada of a cream against osteoarthritis.

Manitou: + 1.03% to 21.65 euros

The group raised its forecast Tuesday for 2011 after signing up 45% of its turnover in the first half despite the continuing difficulties of supply.

Always on the side of publications, after market, Unibail-Rodamco will present its second quarter results and Ubisoft announce its first quarter 2011-2012 revenues.

U.S. stocks opened higher Thursday, JPMorgan considered the results of positive compensating the warning on Wednesday by Moody's sovereign rating of the United States.

In early trade, the Dow Jones gained 0.1% to 12,512 points, while the Standard & Poor's 500, the benchmark for fund managers, is 0.3% to 1321 points and the composite Nasdaq ahead by 0.2% to 2803 points.

Investors seem determined to maintain the momentum of the previous day despite macroeconomic still very tense. Last night, the rating agency Moody's threatened to lose them in the U.S. triple-A in the coming weeks if Congress failed to reach an agreement to raise the ceiling on the national debt.Before that, the Fed Chairman Ben Bernanke reiterated Wednesday that "a failure of the United States on its debts, or its commitments to its own citizens, would create a major crisis."

In Europe, the situation is calmer. Fitch downgraded the sovereign rating three notches to Greece, CCC, B + cons before, dangerously close to the category of issuer insolvency. The euro area is still unable to agree on the question of a possible failure Greek. A summit on the date still uncertain, should take place next week.

Relief on the Italian front

However, investors are reassured by Italy. Despite borrowing costs record, the country has successfully issued a total of 4.97 billion euros of bonds today, to a maximum target of 5 billion."The auctions were well received in Italy in the circumstances, given the volumes required by the market and correct oversubscription," said Orlando Green, strategist at Credit Agricole CIB in London. The Italian Senate has also given the green light Thursday to a first austerity plan reinforced in an attempt to stem contagion from the crisis of debt in the euro area.

Side indicators, good news came on the employment front. The jobless claims fell in the first week of July to their lowest level since mid-April, according to figures released Thursday by the Labor Department. On a seasonally adjusted, the Ministry estimated that 405,000 new jobless claims in the week of July 3 to 9, against 427,000 (revised) the previous week.Analysts had forecast a smaller drop to 410,000.

In addition, retail sales unexpectedly rebounded in June, where they rose 0.1% over May, according to figures released Thursday in Washington by the Department of Commerce. Analysts estimated that retail sales had declined for the second consecutive month by 0.2%, according to their median forecast. Year on year, the index of the Department increased by 8.1% in June

The producer prices fell 0.4% in June in the U.S. after rising 0.2% in May, according to figures released Thursday by the Labor Department.

Note on the currency market, the rise of the euro against the greenback. It is trading 1.4205 dollars against 1.4153 last night.Oil prices are without direction, a barrel of "light sweet crude" for delivery in August lost a cent to 98.04 dollars while that of Brent North Sea crude for delivery the same takes 14 cents to 118.92 dollars.

Values ​​to follow

Side values, investors are pleased with the results of JP Morgan. The title earns 3.2% to 40.91 dollars. The bank, which opened the ball of the second quarter bank earnings, reported earnings better than expected. JP Morgan reported net income of $ 5.4 billion (3.80 billion euros) or $ 1.27 per share, against $ 4.8 billion, or $ 1.09 per share a year earlier. Economists on average had forecast earnings per share of $ 1.21. Net banking income rose by 7% to $ 27.4 billion.

ConocoPhillips reported on Thursday its intention to split into two groups by separating its refining and marketing. The transaction is expected to be completed in the first half of 2015. Investors welcomed the announcement, the title clinching 6.28% to 79.09 dollars.

Marriott International reported Wednesday a rise in earnings while delivering bleak forecasts for the remainder of the year. Its earnings per share were 37 cents against 31 cents a year earlier. Analysts were expecting 37 cents. For the full year 2011, Marriott said, anticipating an EPS of between 1.35 and $ 1.43 instead of 1.35 to 1.45 above. The title is heavily penalized, losing 6.27% to 34.81 dollars.

Yum Brands, owner of the fast food chain KFC, released Wednesday a net earnings per share to 65 cents from April to June, while analysts expected 60 cents. The group now expects annual growth of at least 12% of BPA, instead of the expected 10% increase so far. The title earns 2.42% to 56.93 dollars.

Google reports earnings after the close. Its EPS is expected to show up to 71 cents against 68 cents the same quarter last year. The title is treading water (0.08%) to 538.83 dollars.

Douwe Egberts Dutch coffee distributor and subsidiary of Sara Lee, announced Thursday that it plans to get in stock in the first half of 2012.

The Alibaba China could become a major player in the field of operating systems for mobile phones just as Android, IOS, or WP7. In fact, according to the Wall Street Journal, the Chinese e-commerce specialist, prepares to launch its own operating system (OS). But this new system has a particularity: it is based on the cloud, literally the "cloud computing". In other words, this new system will store the user data on remote servers. Such OS therefore requires a connection to broadband Internet in all circumstances.

This project should be launched in the third quarter of this year, said the American daily. Initially, the system should be accessible only to the Chinese market but "nothing says it will not be used elsewhere after," said a source familiar with the journal.

This launch marks another milestone for Alibaba, more used to make software and especially shopping sites online. Like him, more and more companies are trying to afford the lion's share in the growth market of smartphones. Another Chinese, Baidu, Google's competitor frontal China would launch its own OS for the Chinese market, based on the technology of Google Android. If these Chinese projects are completed, Apple, with its own system IOS, Microsoft Windows 7 Phone and Google, which has the Android operating system, could see their global market dominance eroded.

The catastrophe of Fukushima has not cooled the ardor "nuclear" in Finland. Three and a half months after the accident on several reactors in Japan, the electrician Fennovoima officially launched a tender to build a new plant, which will be the sixth of the country. Four are already operating, while the fifth, Olkiluoto 3, the site is controlled by the French group Areva, will enter service in 2012.

The same Japanese Areva and Toshiba are the two groups identified by Fennovoima to participate in the tender whose outcome is expected for 2012-2013. The dual French-Japanese technology will also be a clash between the pressurized water reactor, the EPR, proposed by the European company, while his opponent defends an Asian model for boiling water, the ABWR.Both show a roughly similar power.

It's been exactly one year that Finland has launched the process to build new nuclear generation capacity. In July 2010, two electricians, TVO and Fennovoima have been authorized by Parliament to build each plant bad credit pay day loans. Since then, Fennovoima has selected two sites to host this facility. Meanwhile, the group sifted through the different reactor technologies before choosing the respective models of Areva and Toshiba.

Three years late

For TVO, things are a little different. The tender for an additional reactor is not yet launched, but the first Finnish utility is already working with Areva as operate the Olkiluoto 3.Incidentally, the fact that Fennovoima has chosen to confront the French technology Toshiba shows that the Finnish authorities have not focused too much on the delay of the Olkiluoto site. This effect will be delivered in three years late, while the bill has almost doubled to 6 billion euros, against a budget of 3.5 billion initially.

But it must be said that the catastrophe of Fukushima had beneficial consequences for the EPR. Its high level of security has become a very significant advantage.

The management consulting sector confirms its forecast of market recovery and expects growth of between 5 and 7% of its business for 2011 (against 5% in 2010). Despite satisfactory order books and a volume of proposals being important, firms remain cautious. "The general feeling is that it is always an accident thank you for coming all macroeconomic challenge," says the industry trade association, Syntec Management Consulting, which has today its 2010 balance sheet and persoectives .This visibility results found at least by hiring a reboot, including profiles of graduates.

Who benefits most from this recovery? "It's the mid-sized firms that have the highest growth rate at 7.5%, the majors and large are in turn slightly behind, with growth of around 4.5% 5%, "says Syntec management consulting. Another finding, "the speakers operating on more strategic tasks or missions branches record the strongest growth."

What are the sectors most applicants for management consulting? Financial services grew and consolidated their lead with 30% of the total, followed by industry (23%) or administration (15%).As for the energy sector and the environment they are placed fourth with 11% of the missions.

As for the interventions, they relate primarily to the organizational consulting and change management (30% market share). "These services are carried by the restart of delays in 2009 and the new transformation projects," said Syntec. The consulting cost optimization continues to be well positioned with 17% of operator actions.

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The fear of bankruptcy Greek has never been stronger. Sunday, finance ministers of the euro area have again met in Luxembourg to lay the foundations for a new rescue plan, this time involving the private sector.

To address the most urgent, priority was first to validate the fifth installment of the loan of 110 billion made last year in the first aid plan. "We will work to pave the way for the release" of this slice of 12 billion, assured the German Minister Wolfgang Schäuble on arrival. Otherwise Athens, facing deadlines refinancing risk bankruptcy next month. However, the decision could be taken only Monday, after the meeting, warned the President of the Eurogroup, Jean-Claude Juncker.It is also linked to the IMF agreement, which should provide about a quarter of the promised amount and conditioned his release date for further progress in economic reforms in Greece. But ministers were mostly working on a new rescue plan, with "at least an agreement in principle", according to one diplomatic source. The amount could approach that of the first packet. If the principle is an act, the terms of this extension will however be referred to the next meeting of finance ministers, scheduled July 11. The big question concerns the involvement of banks."We'll talk tonight about the involvement of private creditors, the question is how far it can and must go," summed up Jean-Claude Juncker.

"We play with fire"

Friday in Berlin, Nicolas Sarkozy and Angela Merkel had outlined the mechanism, with four main principles: voluntary participation of private creditors, approval of the ECB, nor a "credit event" and rapid implementation. But Wolfgang Schäuble Sunday as Chancellor reiterated that the participation of private creditors should be substantial. Germany prefers the idea of ​​longer maturities on debt, where Paris defends the option of "rollover" that would see creditors renew their credit lines in Athens at the maturity of loans.For Europeans, the most important thing is to convince investors that it is not part of a payment default.

"We play with fire," warned Saturday the President of the Eurogroup. Bankruptcy of Greece "may be contagious for Portugal and Ireland and, before Spain, to Belgium and Italy, given their heavy debt." And in this game of dominoes, the Belgian Finance Minister Didier Reynders, did not rule out that France is also reached, "when you see the level of deficit and debt." The financial world has been rocked in 2008 by the collapse of Lehman Brothers, he said in an interview with The Tribune."Do not repeat this type of bankruptcy."

After the reshuffle of his government, Prime Minister, George Papandreou, has, meanwhile, claimed Sunday the confidence of Parliament in order to get its austerity plan in late June, and thus obtain the release of the new international aid. A vote is expected Tuesday night.

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70% stake sold
It was in the air for a few weeks is now official: Paris Saint-Germain will be partly sold by Colony Capital, its current owner (who owns 95.8% of capital), Qatar Investment Authority, the sovereign wealth fund of Qatar (QIA). The information, released Tuesday afternoon by Le Parisien on its website, was confirmed in the wake of the club itself. "Colony Capital and investment company in Qatar announced that day, have finalized a draft agreement under which the new partner becomes a shareholder of the Paris-Saint Germain at 70%, Colony Capital 30% maintaining club, "says PSG in a statement. The boss of Colony Capital Europe, Sebastien Bazin, shall hold a press conference Tuesday afternoon to clarify the terms of the transaction.Le Parisien advance for the time a sale price between 30 and 40 million, without specifying whether this amount takes into account the club's losses, estimated at 19 million euros for the season ending, and its accumulated debts (between 15 and 20 million).

Sébastien Bazin said already, in the statement posted by the PSG, "since the entry of Colony Capital Club, we played our role as developer, coach of a stage of life of the GMP. Over the past 5 years we have provided the club a quality management team which has enabled the PSG have now training tools and training worthy of the great European clubs, and a team playing now in a peaceful environment. Our responsibility as a shareholder was also preparing for the future.That is why we sought the best possible partner for PSG a place in history. We found with our new partner who shares this ambition. "

No change in the organizational
This change in ownership should not, at first, change the current organization of the club since Robin Leproux should remain as president and coach Antoine Kombouare. However, QIA, which owns luxury hotels in the capital and is part of the capital of large French companies, could provide more resources to leaders in Paris for the summer recruitment campaign. "He (Editor's note: the new partner) took the measure of the importance of the work done by all of the current management of the club and wants to work with him to continue the efforts undertaken by the PSG to reach the highest levels" ensures Sebastien Bazin.What hoped to attract big names this summer (Alou Diarra, Kevin Gameiro, Dimitri Payet) …

The natural disaster that shook Japan on March 11 and caused a serious nuclear accident in history, affecting badly the Japanese utility Tokyo Electric Power (TEPCO). The company reported a net loss record 11 billion euros (1.25 trillion yen) on Friday morning, well above the 9 billion expected by the Japanese press. It is the worst deficit recorded by a Japanese non-financial group. The earthquake and the tsunami have paralyzed much of its central activity based in Fukushima, a city northeast of the country now known worldwide. For more than two months in fact, at least four of six reactors on the site are stopped. Before the event, Tepco expected a net profit of 1 billion euros.

Another important announcement this morning by Tepco: Masataka Shimizu's resignation.It must be said that his handling of the crisis has been sharply criticized in Japan and the rest of the world. Particularly for its lack of transparency in the first moments following the disaster. He will be succeeded by Toshio Nishizawa, the current CEO of the group.

State utilities and banks to contribute

The future already looks difficult for TEPCO. The operator had to call for help from the Japanese government. In a request sent on 10 May at the Japanese government, the third largest producer of electricity in the Archipelago evokes an immediate need 8.7 billion euros. Very quickly, the Japanese government has responded, putting Tepco under its control and disclose its financial rescue plan."The purpose of this plan is not to bail Tepco, said Friday the Japanese Minister of Economy, but to ensure that victims are compensated properly," he commented.

TEPCO has indeed compensate the 85,000 victims of the nuclear accident payday advance. A bill that could total between 25 and 43 billion euros, according to local press. Thus the state ensures that dip into its funds and requires the efforts of other private electricity companies in the country. Even banks will tighten their belts: they have provided a loan of 1.4 trillion yen (11.7 billion euros) to Tepco are asked to waive a portion of their claims vis-à-vis the operator .

For its part, TEPCO must, of course, participate in a pinch.The group will include transfer of financial assets and properties in order to concentrate its resources on the production and distribution of electricity. In addition, the eight most senior executives of the company will also waive any compensation and personnel managers to ordinary workers, will also undergo substantial pay cuts.

In exchange, Tepco falls again

This Friday morning in Tokyo, the title has finished Tepco small increase of 0.54% before the results are published in the group. Since, in trade-off meeting at the New York Stock Exchange, the action Tepco listed on Wall Street tumbles 9.6% and is only worth 4.45 dollars. So since March 11, the title collapsed by 83%. Investors, cooled the past two months, do not see Tepco bounce soon.While its nuclear activity has melted, the group had to increase production at its thermal power plants to continue to supply the population. However, this has a cost of hydrocarbons, which could cost another 8.7 billion uros on the current tax year.

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This had not happened for a month. The CAC 40 closed on Monday below 4000 points, among others penalized by bank stocks. Investors worried about a new crisis on the debt of the euro area after the arrest of the International Monetary Fund boss Dominique Strauss-Kahn.

Futures on the CAC 40 fell by 0.62% to 3965 points.

Monday night, Wall Street has ended the session down in response to the publication of indicators revealing the fragility of U.S. recovery.

The Euro continues Tuesday

In the absence of corporate results announcements, the index will evolve with ads that will be made following the meeting of EU finance ministers to discuss particular mechanisms of financial aid in the euro area. On the issue of Greece's debt, the Europeans are divided.Bank stocks will be well to follow, they have lost an average of 1% on Monday.

On the macroeconomic front, the new car registrations in the European Union fell 2.7% annual rate over the months from January to April, according to figures released Tuesday by the European Automobile Manufacturers Association (Acea).

United States, are scheduled starts of dwellings in April (14.30) and industrial production in April (15.15).

On the currency markets, the euro rose slightly against the dollar, from 0.16% to 1.4183 dollar.

Energy stocks under pressure

On the corporate side, investors will be interested in energy stocks that should suffer from the decline in commodity prices.

Bouygues raised slightly on Monday its goal of annual sales after a first quarter marked by a rebound in activity but penalized at the net contribution by Alstom.

Vivendi announced Monday it had obtained signed with a syndicate of 17 banks a new line of credit totaling € 5 billion that will allow it to optimize the management of its bank debt at the time of the acquisition of the 44 % of SFR held by Vodafone.

Publicis buys U.S. digital marketing agency Rosetta for at least $ 575 million – the agreement provides that an additional payment may be made in 2014 to Rosetta in the case of good performance over the period 2011-2013.

Carrefour wants IPO for its real estate assets

During its Investor Day being held in Paris from 9:15 Carrefour will confirm its intention to IPO for its real estate assets, Carrefour Property.The group, which confirmed target growth in turnover and operating profit this year, said the demerger of its business Dia discount stores, whose IPO is scheduled for July 5, will be in the shape of the distribution of a dividend.

Gecina announced Monday that it planned to file a proposed buyout offer followed by a squeeze on the shares of its subsidiary Gecimed, a property company dedicated exclusively to the medical real estate which it owns 98.6% of capital .