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The Paris Bourse is trying to make a step forward on Tuesday, a day after falling more than 3%. The CAC 40 in advance from 1.6% to 2941.61 points in early trade.

The problems of sovereign debt, however, should still hang over the markets. The pressure rises in the euro zone since Moody's announced that the triple A French was threatened. Spain and Italy are always attacked in the bond markets. Finally, Germany is in the viewfinder of many observers who believe the country could experience a domino effect on the market.

But Europe is not the only one to raise the nervousness of the operators. The market should be affected by the fact that the "super committee" responsible for the debt of the United States do not reach an agreement between left and right, after three months of effort.The twelve members of the joint committee, composed of six Republicans and six Democrats were responsible for the deficit of 1200 billion and had until midnight Wednesday to share their findings. Failing agreement, the law provides for the automatic implementation, from 2013, these spending cuts divided equally between defense and social programs.

Fitch monitors the Americans

President Barack Obama assured that the United States were not at risk of default. He said he was determined to keep the pressure on elected officials and threatened to veto any attempt by Congress to mitigate the budget cuts that are now automatically take effect.

For now, the rating agencies Standard & Poor's and Moody's reported that U.S. credit rating would not be affected by the failure of these discussions.

Nicolas Sarkozy counting on the G20 in Cannes to shape its international image to six months of the presidential elections. It has been used beyond its expectations. This is not one but two summits taking place in parallel, for 48 hours on the Croisette.

The first official meets leaders of the twenty richest countries in the world. The second, far more dramatic, is between two doors off the record: it brings together the countries of the euro area G20, joined by the bosses of the EU executive, Jose Manuel Barroso and Herman Van Rompuy fast cash.

This crisis summit took place in two stages. A first in the morning, followed by a second, which began Thursday night in the presence of U.S. President Barack Obama.

By organizing a eG8 the eve of the G8 in Deauville last May, Nicolas Sarkozy has brought the Internet for the first time, among the concerns of leaders. In line with their statement. Now we must find the tools for an Internet "free, open to all." To do this, Eric Besson, Minister of Industry, Energy and Digital Economy, today organized a seminar in Paris bringing together 13 Ministers of the Intergovernmental digital from around the world.

Innovation and Networks, protection of privacy, digital divide, security against cyber attacks are on the agenda of the conference New World 2.0. However, "there will be no statement after the conference, because there is already the declaration of Deauville, Le Figaro said Eric Besson. I wanted to spend New World 2.0 principles into action. It is time to materialize. "

Participants include, among others, Elliot Schrage, head of public policy for Facebook, David Drummond, Senior Vice President in charge of development of Google and Stéphane Richard, CEO of France Telecom, and Neelie Kroes, Vice President of the European Commission , in charge of the digital agenda. "This is progress as concretely as possible. These are issues that must be discussed together. New World 2.0 will bring together participants from 18 countries from five continents and all walks of life: ministers, large companies, startups, bloggers, venture capitalists, civil society, "explains Eric Besson cashadvance.

Value of content

The question remains networks at the heart of the debate. "There would not have the current development of the Internet without investing heavily in networks. In addition, we are only at the beginning of the increased use of networks.This raises the question of standards, quality of networks and investments, "says the minister. Before continuing, "On networks, we also work with the Americans. We do not want to trap them. What is the value of networks that are circulating over the contents. Our goal is to involve all major players. Thus we are able to be in the same round table number 2 on Google and the boss of France Telecom. "

If no resolution is produced at the end of this seminar, we must also rely on the goodwill of the United States, who will take over the presidency of the G8, to wedge the next go digital . "The event was to bring Internet to the agenda of the G8. And the highlight today is to bring together so many Internet stakeholders to implement together the principles of Deauville, "said Eric Besson.

The publication of the sales of LVMH this morning, showing a 15% increase in sales in the first nine months of the year, shows that the luxury sector is beyond the gloom. It is now concentrated around a very small number of listed companies. To play the stock market, investors in Europe the choice of three values: LVMH and Hermes International in France and the Swiss Richemont, owner of brands including Cartier, Montblanc, Alfred Dunhill and Lancel.

In exchange, these groups are distinguished by the same characteristics. First of all, a very strong sales growth which is an essential element of appreciation to investors at a time when fears of a slowdown are increasingly strong in manufacturing and services.Markets expect according to the consensus published by Bloomberg in a 19.2% increase in sales of LMVH this year, against only 10.2% growth on average for the CAC 40 companies (excluding financials). Hermès expectations are even higher (25%). Richemont is penalized by the rise of the Swiss franc, but the market expects (excluding currency effects) to a 19% increase in sales, a level equivalent to that of the previous year.

Good resilience to the crisis

Most of the increase in sales due to the presence of these groups in emerging markets where growth remains strong. LVMH achieves almost 40% of its sales in Asia and the region at Hermès International represented 45.3% of sales in the first half to 590.9 million euros.Although the annual rate of China's growth fell from 9.5 to 9.1% in late September, the outlook for luxury business are very well oriented in these regions.

This exceptional situation leads to multiple capitalization rates of 16.5 and 16.8 times earnings expected for 2011 for LVMH and Richemont, which places them at levels much higher than the 8.6 expected for the CAC 40. Hermes is the subject of recurring rumors of a takeover bid, particularly on the part of LVMH, is paid for his part more than 48 times earnings estimates for the current year. In exchange, a high multiple is certainly synonymous with vulnerability, but in the minds of investors, it is clearly synonymous with exceptional value.

Result, in contrast to Richemont who suffer from the appreciation of the Swiss franc, most of these titles were very well in the market downturn.The course of LVMH declined only 9.4% since the beginning of the year and one of Hermes International prances among the highest growth of the year with a 50% increase since 1 January. While much of this increase was due to speculative buying, what are the prospects for growth and profitability that reassure investors.

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"Sales of LVMH still boosted by emerging

On the menu of the G20 Finance, the crisis of the euro area and the slowing world economy wiped out all other subjects dear to President Nicolas Sarkozy. Reform the international monetary system to reduce the large global imbalances. At the summit this Friday in Paris, the finance ministers of major economic powers should demand accountability from their counterparts in the euro area.

Statements prior to the summit leaves no room for doubt. The leaders of the G20 countries are working on a short-term plan to stop the economic downturn and reduce the impact of the crisis in the euro area, said a Canadian official on his way to Paris. The G20 will not replace the euro area in the resolution of the Greek crisis, however, he warned.

"The meetings focus on how to increase the resources available to deal with the crisis and stabilize the markets", said Chinese Vice Minister of Finance Zhu. The Europeans would like to see the great powers increase the resources of the IMF so that it can lend more to countries in the eurozone in trouble. "Of course they want, the Chinese Minister has responded. But we have just discussed. "Understand: nothing has been decided to date.

"The resources of the European Financial Stability Fund (EFSF, the support mechanism in the euro area) and the International Monetary Fund (IMF) would be inadequate if the contagion (of the crisis in the euro area) continued" said Pravin Gordhan Finance Minister of South Africa on Friday.In this case, the Brics (Brazil, Russia, India, China, South Africa) "indicated that they would be likely to support international institutions if they were asked no fax payday advances."

No decisions

The G20 finance ministers this Friday should not result in decisions, the Canadian official has warned. Rather it is to prepare the final summit of the French Presidency of the G20, on 3-4 November in Cannes, which will bring together heads of states of representing 85% of the global economy. "Europeans should explore the support that this Friday is prepared to give them their Chinese counterparts, American and Japanese decrypts Ciaran O'Hagan, strategist at Societe Generale CIB.Investors hope the G20 in November resulted in a plan likely to change that. "

Meanwhile, finance ministers French, Italian and German should have the barrage of questions from their peers about their response to the crisis. "The adverse consequences of delaying the solution are just bigger," expressed concern Thursday Lael Brainard, Deputy U.S. Treasury Secretary for International Affairs "Given the growing risks that threaten the recovery, the U.S. will intensified their call for determined action. "The Europeans are on notice: they must find a solution to the crisis at their next summit, Sunday, October 23.

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Vallourec disappoints investors. In a statement on the occasion of an investor day in Brazil, the Group revises down slightly its forecast for gross operating profit (EBITDA). "Considering the cautious attitude of distributors in markets outside energy due to economic uncertainty, the EBITDA of the second half of 2011 should be at a level similar to that of the first half of 2011," said the group was counting far on a GOP "slightly higher".

Intended as reassuring, Vallourec ensures that the environment is now positive for the energy markets it supplies.It provides always an increase in production output and turnover in the second half, compared to the first, as he had indicated at the end of July release of its first half results.

Good prospects ahead

For operators of the Paris Bourse, this caution does not reassure. To 11 hours, unscrewed from the Vallourec share price 4.30% to 42.09 euros in a market down 0.40%. Time reserved for the decline, the title was back in the fall of scoring more than 8% in early trade. "This is another disappointment confirming our negative scenario for action in the short term," said one trader faxless cash advance.

CM-CIC has also reduced its earnings forecast for the coming years. However, "after two years of transition in 2011 and 2012, the recovery results in 2013 will be very sensitive," the broker understands."Vallourec has shown that the evolution of its global business model will make the group more competitive and increase significantly its medium-term results."

This view is shared by the management of Vallourec, which considers that the negative impact of new projects, including the new steel mill and pipe mill in Brazil and the mill in the United States who will be commissioned in mid-2012, the Gross operation of 2012 should be reduced to about 60 to 80 million euros. The next year should also benefit from price increases implemented in 2011. The group should provide more detail on this last point when publishing its quarterly results on November 9.

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The contract whopping 42.6 million euros a year signed between the French Football Federation (FFF) and Nike Will it deflate like an old windbag? Girls Team France soccer unwittingly gave a good penknife into the balloon in qualifying, against all odds, for the 2012 Olympic Games.

Background: In 2008, The Christmas Graët, then vice-president of the FFF, signs the "Contract of the Century" with Nike: 320 million for the period 2011-2018. This negotiation will be the argument of his election as president. At that price, the Graët sells equipment for national teams.And bang, that the France team that female become pampered football in France, makes his way to the London Games guaranteed high risk personal loans.

Problem: all the French Olympic teams – football, basketball, athletics – must participate in the Olympic Games under the banner of Adidas, the equipment of the National Olympic Committee of French sport (CNOSF). This did not escape the law of Nike, which, according to RMC, call … € 10 million for breach of contract! The CNOSF, attacked on his prerogatives and paid by Adidas, will not compromise. Nike either. One of two things: either the new president of the FFF "sold" which does not belong to him or he had bet on the failure of the Blue qualifications.Charles Gautier

The optimism was tinged with a slight caution. After Tuesday's rebound, which saw the Nikkei finished up sharply from 2.82%, Asian stock markets continued their upward trend, but less strongly than the day before. After opening up 0.15%, the index shows Tokyo, less than an hour from the close, up 0.29% to 8635.23 points. The Korean KOSPI ahead of his side of 0.47% and the composite index of Shanghai Stock Exchange of 0.18%. Only the Hang Seng in Hong Kong, which opened down 1.42%, remains in the red, down 0.90% to 17,967.30 points. Wednesday, he had won more than 4%.

As on Wall Street where the Dow Jones ended up on 1.33% and Europe, where the CAC surged 5.74%, Asian investors have earned by renewed optimism on the resolution of the crisis debt in the eurozone.According to various sources, Europeans should indeed decide to stabilize Greece and the banking sector business cards. Strengthening the emergency fund indebted countries (EFSF) was particularly mentioned.

The yen also paused in its upward trend against the dollar, which has benefited some export values, especially in electronics and automotive. The dollar is changing around 76.54 yen while the euro is worth about 103.81 yen. As for the oil markets, a barrel of "light sweet crude" for November delivery lost 1.25 dollars to 83.20 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery gave 96 cents to 106.18 dollars.The previous day, oil had spread over 4 dollars in New York.

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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 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.