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Baroin on a plateau of CNN, this is not Christine Lagarde interviewed in the "Daily Show" Jon Stewart. Former Economy Minister had marked the spirits with a beautiful demonstration of self-mockery, in a financial crisis, saying with a humor all English-speaking French position vis-à-vis the situation of banks. An effective way to get messages across the Atlantic, in a country that does not always share – far from it! – The same opinion as the Europeans.

His successor, however, has adopted this week at the annual meeting of the World Bank and IMF, a slightly different stature. Gravely, sheets strung, serious rigor.Interviewed Thursday by Maggie Lake in its program "Business 360", the French minister wanted to embody the application with which Europe treats the moment the debt crisis.

Translator to support – "it is just not to be mistaken on any word and bring down the stock market more than 5%!" Calls due to his entourage who wants to remove the rumor saying the angry with the Shakespeare's language – Baroin refuses to be intimidated by any questions. Not even when the presenter asked about "fear" about the situation of banks in Europe.That one, he was waiting for … "They have good corners," said the minister, the coup, speaks with a touch of nostalgia the three years he was an economic journalist on Europe 1.

"No way to leapfrog"

The next morning, it's the American columnists (those in the Washington Post, Financial Times, The New York Times or the Wall Street Journal and The Economist) that seeks to convince the "pragmatism" of the strategy adopted by Europe on July 21 to stem the debt crisis.Despite the G20 communiqué issued last night, the Minister did not want to see a winning mine – it must be said at the same time the new stock exchanges were pretty bad … – ensuring that there were still efforts to be done to reduce deficits and restore growth.

Main concern of American editorial writers: what is the market reaction if the European countries openly admitted a lack of Greece? "No way to leapfrog," once again hammered Baroin.As for the situation of the banks of the Old Continent, which also concerned the American press, it should be raised at the traditional "bankers' dinner," which brought together tonight finance ministers and heads of the major French financial institutions as part of an annual meeting …

After his three-day visit to Washington, the message of France is over. The cameras turn off, the books disappear, and finally relaxes Baroin joking with reporters … in English!

(Special Envoy to Florence)

The tax collectors, 1540, Marinus van Reymerswaele personal business card. (Florence, Museo Stibbert)

After still closed down Thursday night, the U.S. stock markets could take a break this Friday. Shortly before the opening of Wall Street index futures Standard & Poor's 500 and Nasdaq 100, respectively, yielded 0.38% at 1199.60 points, 0.31% to 2277 points. The Dow Jones was meanwhile expected on an initial decline of 0.32% at 11,339 points.

The previous day, U.S. markets had progressed further in spite of macroeconomic indicators, however misguided, both on the employment front, and that of manufacturing.

But investors have ignored, preferring to focus on reassuring news from Europe, as the announcement of a new agreement between central banks to provide dollar liquidity to European banks and Japanese. "This program already exists, say the analysts at Aurel BGC.The ECB offered this week, two European banks to dollar liquidity in 7 days "

Suddenly, the "four witches" today is to say the expiration of four types of futures contracts on indices and stocks, "will be addressed, according to Aurel BGC in a more serene. Recent events have reassured investors and market expectations about European officials said after the meeting of the Ecofin support actions ".

U.S. consumer debt and European

At the macroeconomic agenda of the day, the index of consumer sentiment for the month of September is expected this afternoon, 12:00 to 3:55 p.m..But such macroeconomic indicators may well be once again overshadowed by political events related to the debt crisis and European banks.

Indeed, this Friday as European finance ministers and the U.S. Treasury Secretary Timothy Geithner, this exceptional, try to resolve their differences at a meeting of high voltage in Poland. This is to complete a second plan of aid to Greece, imperative to save the country and the euro area, whose failing health is in turmoil the entire planet.Timothy Geithner has already openly believed that Europeans should inject more funds to avoid a major crisis.

On the corporate side, the rating agency Moody's said Thursday it placed under surveillance notes of the bank UBS (-10% yesterday at the close of Wall Street) with for a potential degradation due to " weaknesses in risk management group. "

At the heart of the news, Google has purchased 1023 additional patents in the computer company IBM to consolidate its portfolio and to attempt to dissuade trial for violation of intellectual property.Google expects the other hand that the number of Internet users in India to be tripled in three years through improved access to wireless internet and at prices more affordable smartphone, reported on Friday Wall Street Journal.

Boeing could finally respond to the order by Air France-KLM of 110 long-haul aircraft, including 50 firm orders, builders Boeing and European Airbus to ensure fleet renewal.

The salvation of the euro area could come from China. Forced to borrow at prohibitive rates Monday morning, Rome had in fact asked Beijing to make significant repurchases of its sovereign debt, reports the Financial Times. A member of the Italian government confirmed on Monday the existence of discussions with the Middle Kingdom on potential investments in Beijing in the third largest economy in the euro area. The latter emphasizes, however, that the purchase of debt as of the Italian state was not central to the negotiations which took place several weeks ago, the agency Bloomberg.

The Financial Times for its part indicated that Lou Jiwei, the chairman of China Investment Corp (CIC), accompanied by a delegation, arrived in Rome last week to meet with Finance Minister Giulio Tremonti, and officials the Cassa despositi e Prestiti.

Relief markets

In any case, the information had an immediate impact on equity markets and bonds. The news triggered a rapid rise of U.S. indexes, which ended the session up when they were, like all European markets, a sharp decline shortly before the information.L all the indices of world is indeed suspended at the least information related to the status of sovereign debt in the euro area. In fact, the fear of contagion shook the Greek market.

In addition, the bond market has also relaxed.Good news for countries forced to place their debt securities, especially Italy. Interest rates have soared Monday in an issuance of public debt in Italy. Rome has indeed placed a total of 11.5 billion euros of shares, including 7.5 billion of bonds a year at a rate of 4.153% against 2.959% in the previous similar exercise conducted on August 10.

Foreign exchange markets also reacted. The information has strengthened the euro, trading at 1.3678 dollar this morning.

China has pledged to support the euro area

The assumption of support from China bound for the euro area is particularly taken seriously by the markets as the Central Bank of China recently said it was ready to support countries in difficulty to repay their debt.

Moreover, China has already come to the rescue of countries in the euro area in difficulties in recent months.In late May, Beijing had expressed its intention to purchase debt securities issued by the European Stability for Portugal. In January, China had purchased European titles for bail Ireland. And from the beginning of the crisis, China had come to the aid of Europe's sick of his debts. Earlier this year, the country had bought the Spanish government bonds for a hundred million. The Middle Kingdom is also committed to acquire Greek bonds

By helping the EU now, China is diversifying its investments in debt securities. In addition, the country is gaining leeway in future negotiations.

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The debate increasingly keen on tax loopholes, which confirms that in each there is a lobby ready to bark! – Would almost forget that the draft supplementary budget for consideration Tuesday in the National Assembly is primarily to validate the plan to support Greece, July 21 designed by the Heads of State and Government. Paris wanted to quickly translate into national law, to enable the European Financial Stability Fund (EFSF) to be operational by the autumn.While some of our European neighbors dragging their feet, "France is the first country in the euro area to become involved in the adoption process", and was praised Tuesday the Minister of Economy, Baroin.

The votes of parliaments must give the green light to the Fund to make it more flexible: if the process goes smoothly, the EFSF will in future lead to a state pre-emptively "as a precaution", "finance the recapitalization of banks and financial institutions through loans to governments "and finally" intervene directly in the secondary markets sovereign debt, to avoid contagion and to fight against speculation. " The text extends the guarantees of states to these new missions.In the previous supplementary budget, the ceiling of France had been increased to 159 billion.

PS If the judge plan "inadequate" and abstain on the vote today, some members of the majority on Tuesday said they would adopt "without enthusiasm".

"Staying lucid"

Yves Bur (UMP, Bas-Rhin) in front of his colleagues wondered "if the answer to the crisis of the Greek debt does not come too late or if we do let's face at the failure of Greece to take its responsibilities ". He fears that this has a consequence: add to "a little more our own debt load."We must "stay lucid," warned the rapporteur of the Finance Committee, Gilles Carrez, which asked the vigilance of the "public debt that replaces private debt."

According to the scheme adopted by the countries of the euro area, loans made by the EFSF is a financial transaction with no effect on the deficit, public debt, it will increase the amount of guaranteed loans "as and when they pay "says the text. Remains to be hoped that the fears of investors about the ability of Greece to reform and to repay its debts do not materialize …

For now, Paris refuses to give in to defeatism. "We trust the Greek government to decline in terms of economy that is essential to condition the support they have, the Europeans and the International Monetary Fund," insisted Tuesday Baroin.Lucid on questions about the situation today, he also tried to reassure the state of the economy in Europe, "without denying that there are difficulties," the minister assured that the fundamentals were "good" and expressed confidence in the soundness of the banking model. In this context, "France is not threatened with recession," he said.

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Angela Merkel and her government are holding their breath. Renowned for its warmth towards Europe, the Constitutional Court in Karlsruhe invite this week in the feverish debate on the rescue of the euro. The judges will vote Wednesday on the constitutional legality of financial aid given to Greece in May 2010. Their decision could affect the vote of German MPs, who must decide on Sept. 29 in the Bundestag on extending the powers of the European Financial Stability Fund (EFSF).

Already facing a rebellion of the members of his conservative party (CDU), the German Chancellor has been careful to separate into two parts the vote on aid to Greece and that concerning the adoption of the future European Stability Mechanism (SPM) .More than two dozen elected officials of the CDU threatened not to ratify the decisions taken at the European Council of 21 July, fearing that Berlin does not transfer too much power to Brussels. MPs are reluctant to help Greece, which they consider a "bottomless pit" and feel that their powers in budgetary matters were trampled. The Chancellery is concerned that the decision of the judges in Karlsruhe will come inflame the debate.

Growing skepticism

Largest economy in the euro zone, Germany is also the primary funder and many elected officials in Berlin believe that they should as such have much more say in the rescue plans in the area that other countries. If the Court in Karlsruhe decided to grant German MPs a say too much in the allocation of European aid, the mechanism could find them paralyzed.German lawmakers already ensure tooth and nail over the interests of their taxpayers from a decision of the Court of Karlsruhe, dating from 2009, in which the judges had distanced themselves from the Lisbon Treaty. The Court could also decide to set limits on the allocation of aid to countries in difficulty due to the entry into force in 2012 of the brake mechanism to the debt, the golden rule in Germany. For this aid could lead to cuts in the budgets of the Federal Republic.

Across the Rhine, the distrust of the single currency is growing. A survey of the institute Allensbach with German parliamentarians center-right shows that 76% of them have little or no confidence in the euro, against 71% in a similar poll two months ago.This was reinforced by the departure of Athens, Friday, representatives of the European Union, the European Central Bank and the International Monetary Fund have given ten days to the Greek government to advance structural reforms in the country . The parties of the center-right coalition in power have multiplied over the weekend their warnings to Greece, ordered to implement as soon as his promises of reform in return for aid to balance its budget.

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The new stock markets plunged in Europe and the U.S.: the U.S. economy has not created any net employment in August, according to the latest statistics from the Ministry of Labour. Economists had forecast about 70,000 works. To further darken the picture, the figures for June and July were revised downward, respectively 46000-20000 and 117000-85000 payday advance online.

The unemployment rate, calculated on a different basis, for its part, remained stable at 9.1%. A level consistent with the forecast of analysts.

In the private sector, only 17,000 jobs were created, thanks to the dynamism of services. But this positive effect was offset by job losses of the same magnitude in the public sector.

The whole world is seeking to reassure the world's largest investor, China. And France is no exception. On the way to New Caledonia where it is present at the opening of the Pacific Games, Nicolas Sarkozy made a stop today in Beijing. Announced only last Sunday – but planned for a month, provides the Elysee – the four-hour whirlwind tour of the French president is primarily to provide assurance to the leaders of the second world economy, while Europe and the United States face a debt crisis without precedent. The head of state is dinner tonight with his Chinese counterpart, Hu Jintao, in Beijing. "In the current context and a little over two months of the G20 summit in Cannes in November, it is not difficult to guess the subjects they will address," said one diplomatic source. Clearly, it will issue debt and G20.

Signs of nervousness

Beijing, which has invested since last year in debt Greek, Portuguese, Spanish and Hungarian, in general, shows a certain confidence in its accounts receivable. But this week, several signs of nervousness sweating in the corridors of power. "The debt crisis has slowly spread, like the black plague in the fourteenth century, from Greece to the peripheral countries of the European Union such as Ireland and Italy," wrote the beginning and Zhang Zhixiang week and Zhang Chao, two economists recognized, in an editorial in the very official People's Daily paydayloans.

The next day, a long interview with German magazine Der Spiegel gave the floor to the Deputy Minister of Foreign Affairs, Fu Ying, who did not hesitate to scold Europe "vain.""If you do not gather to solve these problems, the euro could collapse," and estimated the diplomat, who acknowledged that China also suffers financial crisis.

Nicolas Sarkozy's visit comes two days after the departure of Joe Biden, U.S. Vice President, came in person to allay Chinese concerns about the devaluation of U.S. assets. "We need to address our deficit and we will address this," said the American number two on the last day of his visit.

Nicolas Sarkozy, who chairs the G20 this year, should also benefit from meeting with Chinese President to push the issues close to his heart, such as reducing trade imbalances and the controversial idea, defended by the Franco- German, a tax on financial transactions.The Minister of Economy and Finance, Baroin, must also be part of travel and extend the discussions preparatory to the G20 in the day tomorrow.

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It's a 180 degree turn qu'Hewlett-Packard took yesterday. The Californian giant, the world's PCs, has announced plans to dispose of its business in personal computers. Another major surprise: HP goes out of business in the mobile, arresting the development of tablets and smartphones. In parallel, to better exploit the potential of higher growth in services, HP will acquire the software company Autonomy to 10.24 billion dollars.

The abandonment of the PC by Hewlett-Packard's board of directors' authorized the exploration of alternative strategies "that," among others ", a" total or partial separation "- is a radical industrial decision. The activity is roughly one third of the turnover of the firm in Palo Alto. It is explained by lower margins in this highly competitive sector where brands, with the exception of Apple, are struggling to differentiate themselves.

Moreover, weakening demand for PCs as a result of a share of the slowdown in global growth, but also on the other hand the growing popularity of digital tablets, which Apple is the great leader with his iPad. This transformation of the market place Apple in number one position in all product categories combined, at HP, according to the firm DisplaySearch.

However, HP had paid $ 1.2 billion for the maker of smartphones and Palm OS webOS valuable in April 2010. The blow-off of the shelves – including the TouchPad launched just weeks ago – and smartphones therefore comes as a major surprise.

Strategy reminiscent of IBM

Under pressure from shareholders, Leo Apotheker as head of HP for a year, engaged in a strategy reminiscent of the late IBM.The computer giant, inventor of the PC in 1981, sold the business to China's Lenovo in 2005. IBM then accumulated losses in this sector despite its efforts to concentrate on high-end machines. The new head of HP Germany, itself from a software company, SAP, sees the future and therefore the best margins in the IT services. His decision is also bad news for firms like Microsoft and Intel, whose sales still depend largely on the health of the personal computers.

HP yesterday announced disappointing results for the third quarter of its fiscal year with sales up 1.6% and a profit of 9% in progress.

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Wall Street looks set to continue the rally that started in last weekend. On Monday, the Dow opens up 0.48% to 11,323.44 points. The Nasdaq index before for its 0.60% to 2522.93 points.

As in Asia, the U.S. markets should react positively to the announcement of a contraction much weaker than expected Japanese GDP in the second quarter. But as in Europe, they should remain cautious on the eve of an important meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel on the reform of the governance of the euro area. They should discuss ways to implement to prevent contagion problems of sovereign debt to the rest of the region.

But Germany has already warned investors: this meeting will lead to "nothing spectacular"."It will be a working meeting on the governance of the euro area in line with European decisions taken in late July," said the spokesman of the Ministry of Finance. The latter also confirmed the skepticism against German Eurobonds solution yet desired by many investors. "The Euro-bonds are not an option," ruled the spokesman. These ads have already resulted in demoralizing the European investors.

Real estate for

Until the final conclusions of the meeting, U.S. investors are learning that manufacturing activity in the New York area declined for the third consecutive month at -7.7, 3.9 points lower than July .

The index of the property market is expected later.

Note that the currency market, the Euro rises slightly against the greenback at 1.4287 dollar.Oil markets, oil prices opened up on Monday in New York. A barrel of "light sweet crude" for September delivery was trading at 86.13 dollars, up 75 cents. Prices were down during the European trading, erasing their gains made in Asian trade in a market nervous and still haunted by persistent concerns about global growth and the debt crisis in the eurozone payday loan lenders. A barrel of Brent North Sea crude for September delivery was trading at 107.56 dollars on the Intercontinental Exchange (ICE) in London, down 47 cents from Friday's close.

Google swallows Motorola Mobility

On the corporate side, Estee Lauder and Sysco should publish their results on Monday.

Lowe (-0.27% to 19.37 dollars) has already reported sales below expectations in the second quarter of its fiscal year and lowered its annual targets for the second time in three months, consumers pushing their development projects until later because of sluggish growth.

Google (-0.88% to 558.94 dollars) will buy the mobile phone manufacturer Motorola Mobility for $ 12.5 billion in cash.

Time Warner (-0.43% to 65.25 dollars) has reached an agreement to buy the cable operator Insight Communications to Carlyle for three billion dollars in cash.

Bank of America (3.20% to 7.42 dollars) has announced the sale of its activities in the international credit cards in Britain, Ireland or Canada.

Boeing (0.16% to 61.84 dollars) announced it had completed with Air Lease Corp. an order valued at $ 2.5 billion on 14 737-800 aircraft and five 777-300ER.

Pfizer (2.41% to 18.29 dollars) announced Monday it had won before a U.S. court case against Teva Pharmaceutical Industries of Israel, preventing the global generics to produce a copy of Viagra before 2019 .

Transocean (2.15% to 56.81 dollars), listed in New York, wants to buy the Norwegian group Aker Drilling, for a total of 1.1 billion Swiss francs (1 billion), according to a statement Monday.Several large shareholders, representing 65% of the capital, have agreed to the deal, said the Swiss.

The American specialist craft materials Grainger (2.12% to 138.72 dollars) on Monday announced the acquisition of the Dutch distributor of fasteners Fabory Group for $ 344 million (242 million).