Following the example of BNP Paribas and Societe Generale, has increased the discount on these bonds at 60%, more than 50% recommended by the Europe Agreement in Brussels on October 27. In the third quarter, the group is issuing a very amputated profit of 258 million euros, down 65% year on year, well below analysts' expectations.

In a rising market, fell Thursday morning as the stock market of more than 3%. For six months he has lost over half its value no fax payday loan. Like all French banks, Crédit Agricole was caught this summer by the crisis in the euro area."The situation remains complex." The Group is particularly strong presence in Italy, where it has 1.7 million customers.

The group shall have for the time noted "no particular sign of weakness" that would signal a possible rise in bad debts. The bank has given the Italian public debt markets to reduce its exposure in four months to 8.73 billion euros to 6.75 billion.

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In Berlin, Nicolas Sarkozy and Angela Merkel had foreshadowed the shift by promising "sustainable solutions, comprehensive and fast before the end of the month."They also kept to define the contours, which allows to believe that the agreement is to be locked at seventeen if not two, on the key points: the recapitalization of banks and the role of the European stabilization financial, finding economically viable treatment for Greece and modification of European treaties in order to strengthen collective discipline pay day loan lenders.

Europeans to revise their copy, just three months after concocted, July 21, a plan intended to resolve the crisis in Greece and curb its spread to Italy or Spain. It has not yet been adopted by all Seventeen. The vote of Slovakia, with a coalition divided on the subject may become paralyzing veto and the euro area.

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The price per square meter have ebbed in seven regions, only one out of three. The most dramatic decline (-9.7%) occurred in Burgundy. Overall, the square meter reached 2621 euros on average in the Hexagon. This downward trend for most homes (-4%) than apartments (-0.8%). "This illustrates a trend that is not new, said Laurent Vimont, CEO of Century 21.Not to be too far from their workplaces, are the buyers prefer to live in inner cities where there are more apartments in suburbs where the houses are built. "

Contrary to what one might imagine, the ups and downs of the stock market and the threat of recession do not even buyers of housing. The decline in prices has a much more immediate cause: rising interest rates on home loans now in the neighborhood of 3.9%. "In recent months, buyers have lost purchasing power of real estate, says Laurent Vimont. In the second half of 2010, paying 1,000 euros a month for twenty years, they could borrow 172,400 euros.Today, with the same reimbursement for the same period, they can not borrow 160,800 Euros. "This increase in interest rates has an impact because in France, on average, 77% of the purchase of a property is financed with a mortgage.

But everybody does not suffer the same way that rising interest rates. Most affected are first-time buyers under 40 years, the number has dropped by 18%. But also the CSP (occupational categories) the least favored: the employees and workers down 17% or middle managers decreased by 12% among the buyers.

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).

The CAC 40 is thus fell into the red immediately after opening up 0.17%. It still yielded 1.59% in morning before rising slope, and show an increase of 2.09% to 3154 points in mid-session.Around 16:15, the Paris index gained 2.76% to 3174.79 even despite the publication items, across the Atlantic, two mixed macroeconomic statistics that have hampered the enthusiasm of investors in New York.

Retail sales in the U.S. in July and were up 0.5% (after 0.3% in June), but the U.S. consumer confidence has it, fell in August. According to an index released Friday by the University of Michigan, which stood at 54.9, its lowest level since it is established, either since 1966. This drop has surprised analysts who had forecast a smaller drop to 62.5.

No growth in the second quarter

On the macroeconomic front in France, INSEE reported this morning from zero growth in the second quarter in France (0.0%), against an increase of 0.9% in the first quarter.Inflation also slowed: the consumer prices fell by 0.4% in July, resulting in an increase of 1.9% over the year (against 2.1% from June 2010 to June 2011 ).

Faced with these new investors are so cautious again after a week marked by extreme market volatility, which saw the CAC 40 push the psychological threshold of 3000 points during the session Thursday. Investors were finally reassured by the announcement of a meeting between Nicolas Sarkozy and German Chancellor Angela Merkel on August 16 to issue joint proposals on the governance of the euro area.

Bank stocks rebound

Since the ban on short selling in the securities of eleven banks and insurance companies to counter the extreme volatility of the stock market values, the latter continuing their rebound started the day before, the image of BNP Paribas (4, 91% to 37.47 euros), which issued a statement Thursday night to reaffirm the strength of its capital, Societe Generale (3.15% to 23.72 euros) and Credit Agricole (1.77% to 6 , 49 euros).

Natixis wins 7.26% to 3.06 euros and signs the largest increase in the CAC.

Carrefour jumps more than 5%

Other values ​​to follow, Carrefour pulls out of the game: the way ahead vigorously 5.13% to 18.85 euros.U.S. giant Wal-Mart have mandated UBS to investigate the acquisition of the Brazilian subsidiary of French retailer, according to Reuters citing a source familiar with the matter.

Goldman Sachs lowered its recommendation on Lafarge (-0.17% to 28.96 euros) and withdrew the title from its list of recommended values ​​in priority to the purchase.The intermediary has instead built his list to Saint-Gobain (3.72% to 34 euros) and Vinci (2.42% to 35.3 euros).

Europacorp (3.13% to 3.30 euros), the production company of Luc Besson, Thursday reaffirmed its goal of a return to balance for the current year, despite a sharp decline its turnover in the first quarter.

Derichebourg (2.98% to 3.63 euros) on Thursday confirmed its target of improving its annual net income, after recording a sharp increase in sales over the first nine months of the year.

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"A sizable decline" is expected, according to Jean-Louis Schilansky, who expects 4-5 cents less per liter of gasoline. The lead-free 98, currently at 1.52 euro and should revert to below 1.50. As for diesel, a liter will cost less than 1.30 euro.For how long? The president of the Ufip is silent: the impact takes place mechanically from one week to another and it is impossible to predict whether oil prices could erase some of their losses.

Light crude to its lowest level since September 2010

Meanwhile, the turmoil in stock markets continues to drive down oil prices, investors anticipating a slowdown in global activity fast cash online. Tuesday morning, a barrel of Brent fell heavily, breaking briefly the threshold of 100 dollars in Asia before recovering. Around 9 o'clock, it was down 0.65% to 103.07 dollars. In New York, the "light sweet crude" is, too, fell below 80 dollars and remains below this threshold, after hitting 75.71 dollars, its lowest level since September 2010.

Oil distributors in July that they had assured reverberated in the same way the rise and fall of oil prices on the prices at the pump. "To say that the price evolution is faster in one direction than another is not fair", had assured the President of the French Union of Petroleum Industries (Ufip), Jean-Louis Schilansky, to meet Critical Labour Minister Xavier Bertrand. The Energy Minister Eric Besson also stated that "Total [had] passed down as fast as the rising trend in oil prices."

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Apple has just completed a record quarter with increases of 125% in profit and 82% of its revenues.With a market capitalization of $ 362 billion, the group "at the apple" appears as the second wealthiest company in the world stock market behind Exxon Mobil and its 395 billion market capitalization.

While Republicans and Democrats are torn in several weeks on the issue of debt, U.S. companies their bets. "One reason why companies put so much money aside is that they want to shelter financially cope with financial uncertainties in the U.S.," said Laurie Simon Hodrick, professor at Columbia University . He added: "As long as the threat of default by the U.S. government continues, U.S. companies will have to pay any interest that way." The war chest of U.S. companies is estimated at 1.2 trillion dollars.

Pessimistic without sounding the alarm industry (including confidence indicator increased from 110 to 105 points in July) believe that their past activity has slowed significantly. "The stocks of finished products are considered low," says INSEE. The order books are down, but still sufficient, says the institute."We are not surprised by these numbers wrong, responded to Williencourt Camille, an economist at Natixis. In the first quarter, industrial production was driven by temporary factors, like the last effects of scrapping, or the strong growth in Germany. It is no longer the case, and we must expect a slowdown in this sector activitéde for both next quarter. "

Demand less favorable

Same story in services, where the business folds of four points (to 103 points against 107 in June). Bosses' expect the application to be less favorable in the coming months, Insee said.If they believe that operating income has accelerated somewhat over the recent period, they anticipate a sharp slowdown in the coming months. "To Dominique Barbet, economist at BNP Paribas," the difficulty of the bosses to raise prices will continue to weigh on margins and employment in industry. "

The leaders of the retail and automotive industries also find a slowdown in activity in July. It would continue "under the planned decrease in sales and orders intensions," said the institute. Which notes that "they have also been fewer than in the last question to report price increases of the past."Despite a sluggish economy, retailers indicate that the pace of job creation is expected to remain stable over the coming months.

Given these figures, Dominique Barbet still maintains its growth forecast of 0.3% for the second quarter. But should be "a little more pessimistic" for three months, where he counted on a GDP growth of 0.4%. For its part, Camille Williencourt believes that the activity will continue to deteriorate at a slow fire until the end of the year, assuming zero growth next quarter.

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.

But it is mostly a vast geographical diversification and access to complementary technologies that the Japanese manufacturer of cameras and office systems gives Median Technologies. "Canon is located around the world and is highly complementary to our society in the imagery. It offers solutions such as MRI, while the expertise of Median Technologies is rather centered on the scanner.He also has a data management activities ("Data Management"), which will facilitate the deployment of our offer cloud computing ("computing pooled at a distance"), "said Fredrik Brag, founder and CEO of the company founded in 2002 .

Canon has already invested in Supersonic

Median develops software for interpretation of medical images in two and three dimensions to facilitate the detection, diagnosis and monitoring of cancers. LMS solutions, approved by the Health Authority (FDA), are already used in hundreds of hospitals in Europe, the United States, Australia, Korea. Median Technologies installs but also in the market for clinical trials conducted by major laboratories."Our solutions help them to evaluate responses to treatment at first and then develop tests companions (of tests to segment the profile of patients)," said Fredrik Brag. The SME has already reached an agreement with three of the ten leading pharmaceutical companies and preparing to sign a new contract with another giant before expanding its outreach to other health actors. Its sales – which amounted to only 1.1 million euros last year – to more than triple within the next two years and then explode.

Canon, whose 2010 revenues totaled $ 45.8 billion, relies heavily on imaging in the health sector. The Japanese giant announced earlier this year it would invest $ 9 billion by 2015 in medical technology companies.Before turning to Median, in December he participated in fund raising 34.5 million euros in Supersonic Imagine, a small d'Aix-en-Provence who has developed an ultrasound system to ultrasound.