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Released in early 2010, a year and a half of recession caused by the bursting of the housing bubble, Spain could plunge into the red. Supported by the only engine of exports and tourism, the economy will suffer from the international slowdown. And domestic demand – consumption and investment – remains stalled, weighed down by record unemployment. Economists forecast a decline in activity over the next two quarters. For the full 2012, Natixis expects an increase of GDP, limited to 0.2%, even more severe, Bank of America Merrill Lynch expects a fall of 0.7%. Two days before the election, the government had to accept lower growth for 2011 at 0.8% against 1.3%, less than half that expected by Brussels in the euro area.

Occupation: the red lantern of Europe

This is the black point of the Spanish economy guaranteed online payday loans.Toxic assets that are concentrated in the "cajas" (savings banks).

Increased risk for public finances

Spain has embarked on the path of fiscal consolidation since 2009. The great austerity plan dating back to May 2010 combining lower wages of civil servants, cuts in social spending, increase tax and pension reform. After a budget deficit rising to 11.2% of GDP in 2009, the stated objective is to reduce it to 6% this year. It is not clear as far as Madrid to keep, given the downward revision of growth. On the front of the public debt, Madrid pre-crisis low, 40% of GDP. It has since risen sharply, it should peak around 72% in 2013 before declining.

Yves Rocher wins first place in the ranking of companies preferred the French. This is indicated by the barometer Posternak / Ipsos released Sunday. According to a survey conducted in late September, the specialist in cosmetic dethroned then Peugeot. For Claude Posternak, chairman of the communications agency quoted by the Journal du Dimanche, the ranking "award both a cost-speaking consumers in times of crisis, a successful family business dynamic in the world and Finally a good fit with the expectations of society for more naturalness. "

Yves Rocher then steals the show from Citroen and Peugeot, which occupy the second and third place.Both brands of PSA, used to the top of the rankings are closely followed by Airbus, the only company in the first ten to score an increase over the previous edition dated June.

Banks still pending

Buffeted by the stock market, banks are unloved by the French. Frontlines to the problems of sovereign debt in the euro zone, this side of love see their melting: the index of average image of the banking sector down 18 points at half. Societe Generale dropped to 29th place out of 30 (-38 points), BNP Paribas in 28th place (30 points), Crédit Agricole on the 25th (29 points) behind the Crédit Lyonnais, 24th (14 points).The gap widens further with mutual banks, which enjoy a good opinion among respondents, like the Crédit Mutuel, ranking 11th.

L'Oreal, the 17th is still suffering from the case Bettencourt while Total is the least loved the company of the French, "crystallizing on behalf sensitive issues: the environment, purchasing power, sharing of wealth and taxation," says Claude Posternak. Overall, it notes that the average index of the image of French companies dropped sharply (-8 points). A decline that is equal to that which followed the subprime crisis in 2008.

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In the wake of European stock exchanges and the CAC 40, the U.S. markets aparaissent significantly in the red on Friday, amid disagreements with the ECB and debt crisis. At the close, the Nasdaq and Standard & Poors'500 100 respectively lost 2.67% to 1154.23 points and 2467.99 points to 2.42%. As for Dow Jones, falling 2.69% to 10,992.13 points. This is the biggest drop in Wall Street during the past three weeks.

Markets such as increased losses when Jürgen Stark, member of the Executive Board of the ECB, announced his resignation for "personal reasons", the statement of the institution. The chief economist of the institution has repeatedly expressed his opposition in recent weeks to buyback of government bonds led the ECB to ease the most fragile countries in the euro area.To this must be added the increasing fears of a major failure of Greece that have undermined investor sentiment. "The markets are falling heavily as the big concern is about the crisis of sovereign debt in Europe, especially in Greece," summarized Peter Cardillo, Rockwell Global Capital.

According to analysts, the drop is also due Friday the threat of attack ten years to the day after the attacks against the twin towers of World Trade Center. Washington said Friday morning that al Qaeda was behind the threat of attack "specific, credible but unconfirmed."

In addition, markets have shown little convinced by the stimulus of employment presented by Barack Obama on the eve of 447 billion.Operators are skeptical that the U.S. president to implement his program because of opposition from his Republican opponents that could block the vote.

Expectations related to the G7 Finance

To this must be added the words of Christine Lagarde, Executive Director of the IMF, stressed the urgent need for additional capital banks.So far, investors have also expressed no confidence in the discussions of the G7 finance that opened Friday in London to try to find an answer to the crisis.

Another item, from China, was not enough to appease both sides of the Atlantic: Inflation has indeed slowed in China in August, which removes the fear that Beijing tighten monetary policy .

On the macroeconomic front, wholesale inventories reached a record high in July, rising 0.8% to 462.4 billion dollars, an unprecedented amount, in line with market expectations.

As for the euro, it is at present weighed down by concerns about increasing the economic health of the euro area and the global economic recovery. At the close of the New York Stock Exchange, the European currency fell to 1.3658 dollar (-1.63%), its lowest level since Feb. 23.For its part, the oil has finished on a decline, a barrel of "light sweet crude" for October delivery ended at 87.24 dollars, down 1.81 dollars compared to the previous day.

Threats to jobs at Bank of America

On the corporate side, no major publication was in sight Friday.

The job cuts planned by the management of Bank of America (-3.05% to 6.980 dollars) as part of its restructuring plan could affect 40,000 people, said Friday the Wall Street Journal Online, citing sources familiar with the . The group identified on 30 June nearly 288,000 employees. So far, estimates of job losses were around 30,000, while many banks worldwide have announced significant staff reductions.These reductions would occur as part of an extensive research program savings called "Project LAC", the acronym by which exchanged the title of the institution to the New York Stock Exchange.

Texas Instruments (1.08% to 26.08 dollars) remains small increase, after a warning issued Thursday night on its third quarter results, citing a decline in demand for semiconductors. IT had already warned in July that the current quarter would be modest. The group emphasized that this time the request had deteriorated to "a wide range of products, markets." The manufacturer of components that go particularly in the manufacture of mobile phones and automotive electronics, said now anticipate earnings per share between 56 cents and 60 against a previous range stretching from 55 to 65 cents.

LE FIGARO. -The markets are highly concerned in recent weeks of debt crises. In this context, the economy has not she also helped to disrupt?

Jean-Michel SIX. -If, of course. And we must start by saying that in times of summer holidays, the markets, which were then much lower volumes, overreact to any new economic situation. The lower the index is up or dive in a much more important than what happens in winter.

Right now, they are rather dive …

For several months, both sides of the Atlantic, the signals on growth are not good. United States, including employment prospects are very disappointing. In fact, employment is not really left since the 2008 financial crisis.Labor mobility is limited due to the housing crisis: moving to take a new position, which is much the United States, is difficult because it becomes difficult to sell his house. As for household consumption, it is significantly weakened by the debt levels of Americans. A total of 2011 should result in a 2% growth, which is very disappointing for the U.S., where the pace of activity is generally much higher than in Europe.

Europe, precisely, is it in a perilous situation?

The problem of Europe is the growing divergence between North and South. This is something that worries the markets, which are asking what does that mean in terms of consistency of the euro area.Then, after a strong first quarter, it was believed that the air hole is the second passenger (once the effects of the earthquake in Japan absorbed and oil back to lower levels). But we realize that the sequence is also likely to be poor Payday advance.

Markets can they regain composure?

It is quite possible to restore calm in September thanks to coordinated action. What happened in July is that we have simultaneously witnessed a loss of U.S. leadership, unable to break the deadlock of debt and a crisis of leadership in Europe in a context crisis on public finances. This is exactly the opposite which would have required!

So how about it?

First, we must continue the work on European Governance. This is critical. Second, the timing of implementation of the second plan is important for Greece.The European Financial Stability Fund will be endowed with significant firepower, which is to say the least-welcome, but there is some impatience markets. It is important not to drag the national parliaments to adopt the device. The political signal must come quickly. Finally, the ECB has played its role, it must continue to appear reassuring.

That's what she tried to Thursday …

The measures announced by President Trichet, in particular the resumption of purchases by the ECB on secondary markets, are extremely positive.

Investors do they always trust in the euro area?

Yes. Investor confidence, especially in emerging countries has not disappeared. She even remained strong, as evidenced by the excellent performance of the euro since the beginning of the crisis.The euro zone faces a crisis of governance, not a crisis of its currency.

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It is an agreement to both the financial and industrial software publisher based in Sophia-Antipolis, near Nice, has just concluded. The Japanese company Canon will spend 8.6 million euros to acquire 15% stake in publicly traded small business since mid-May By the way, he brings 2 million additional cash.

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.

Where can you buy with his mobile phone in France?

In Nice, about 3000 subscribers already use their mobile phones to pay for their tram, their parking, their paper etc.. Nine other cities, including Paris, will follow this year. One testing ground in Europe is likely the London Olympics in 2012 when Samsung and Visa will deploy this type of regulation.

Should we change phones?

Yes, you need a phone (NFC for Near Field Communications) and be equipped with a specific SIM card. The cell phone used in Nice is a Samsung mobile. But all the major manufacturers, Samsung, LG via Nokia, HTC and Rim should propose several models by the end of the year. Google estimates that in 2014, less than half the mobile phones will be equipped with NFC technology.

Should I change to another provider?

No.In France, Orange, SFR, Bouygues Telecom, NRJ Mobile offers mobile payment. It is always possible to switch from one operator to another. In contrast, Google Wallet does for the moment at Sprint, which owns 11% of the market in the United States electronic check payday advance.

What happens if there is loss or theft of the phone?

This is where the role of the telco is essential. It is he who provides security through the SIM card and customer service. The information contained in the SIM card without contact are encrypted and secure. So nobody can access it.

The Google Wallet Will he land in France?

Yes. The operator Orange was in discussions with Google, with which it has already established a number of partnerships. It should soon have NFC devices running Android.

The State encourages Does the rise of the NFC phone?

Yes.Christine Lagarde, Eric Besson, Rene Ricol announced yesterday the launch of a call for proposals for the NFC, with 20 million euros. Objective: to support the order of 20 to 30 projects of innovative mobile services simplify many everyday actions of the French. "In case of loss or theft, the operators guarantee the security of bank information."

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The commercial breakthrough of the Airbus A320 NEO would it spinning the puzzle industry? Officially, no. Still, John Leahy, the Airbus super salesman, the pounds: the manufacturer does not want its customers convert all or part of their A320 orders classic NEO, with new engines consume less fuel. This, for two reasons. First, avoid the phenomenon of cannibalization of the A320 classic, best-selling Airbus with over 6000 sales. Then avoid juggle niche of the two aircraft deliveries. "The NEO will be available only from 2015. By then, the A320 is available. There will be no overlap, "says one in Toulouse.

NEO offers a second life to the A320 but the classic version provides lucrative profits and can "run the factories." In 2010, the A320 has represented 401 of the 510 deliveries made. There are still 1900 to be delivered by 2015.Airbus is absolutely limit conversions. But it is not easy to say no to a big customer like Malaysia AirAsia, which already has 90 A320s into service on a total of 175 ordered.

While the concern is to steer Airbus as thinly as possible switching from one device to another without breaking industry. "If the A320 were canceled massively in favor of the NEO, then there would be holes in the schedule of deliveries by 2015 without another device to fill," admits one in Toulouse. "But this reasoning is extreme," says one. Another problem is rapid saturation of the NEO delivery slots.

Accelerate the pace

Hence the decision by Airbus to bring forward by six months the date of entry into service of the NEO to October 2015 and to accelerate the pace of production. From 1 st quarter of 2012, Airbus will assemble 42 A320s a month against 36 now.He plans to climb to 42 or even 44 A320s per month, provided that its suppliers could follow suit.

The stakes are high. The A320 NEO sped away, crossing the milestone of 300 orders in just five months. The Indigo Indian, American ILFC, including Lufthansa has ordered to be served first. Apart from the Bombardier CSeries expected in 2013 if not late, the NEO will be the first to market. Boeing has not decided to re-engine the 737 and would, if necessary, not ready before 2017. As for the Chinese C-919, it will not be commissioned before 2016.

By late June, John Leahy promises hundreds of new orders. Airbus estimates that the potential of his latest is around 6000 units by 2030, only fifteen years ago.It is thanks to the NEO that the A320 has reached the milestone of 7,000 orders last April 30.

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Solidarity savings gaining weight. As evidenced by the latest barometer of the association Finansol group of leading financiers in solidarity with the Hexagon, its stock is around 3.15 billion euros at the end of December 2010, an increase of 31% compared to the previous year. "Every family of products grew with rates of 15-50%," says Finansol in a statement. Even if these good figures owe much to the legal requirement for companies to make socially responsible funds in their employee savings schemes, which weighs half of the total outstanding.And they must also be compared to the total amount saved each year by the French, which is around 250 billion euros.

Journalist expert on the subject, and author of "Solidarity savings for Dummies" (available since May 12 First Editions), Eric Larpin believes that such legislation has almost doubled the number of savers, who passed the bar of 700,000 people. Ultimately, these funds are supporting local projects of SMEs and cooperatives in sectors "of recycling, recovery, fair trade, organic farming or carpool," recites the journalist.

These are all areas where it is difficult to get funds."Companies faced in my work always tell the same story: their case was set aside by the banker, who considered them too risky in the absence of a business plan or market research deemed appropriate," says Eric Larpin. This explains why banks are reluctant to offer these savings products:

The player has to use default in the articles of figaro.fr. maj1

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 .

Lefigaro.fr – The stock market crash experienced by the materials last week he requires investors to be more responsive?

Fabrice Cousté – We have entered a period in which electronic exchanges and automated to make faster and faster. This is not about to stop! Uncertainties about the euro and oil prices have created an appetite among investors for increasing trading currencies and commodities with a time horizon ranging from several days to a few seconds! Since early May, some hedge funds that had long positions in commodities and the euro came out massively causing a sharp drop of nearly ten dollars on oil. Meanwhile, the euro flirted with the $ 1.50 fell below the $ 1.45 and is now heading towards $ 1.40.These movements in raw materials could weigh on the CAC 40, including through lower oil stocks: Total, Technip and Vallourec.

What do you attribute the return of the volumes traded on the CAC 40 (six billion euro traded on average over the first two sessions of the week)?

These sessions illustrate the volatility of financial markets. And when I talk about financial markets, I do not take into account only the Paris stock exchange but also the Forex (currency market), which weighs 1000 times more than the CAC 40 (4000 billion dollars are traded daily on forex).

Is it out of raw materials?

The sharp drop ('sell off') shows that we are witnessing a situation of bubble that formed on certain assets (gold, silver, oil) and deflates even faster than many of the positions initiated at purchases were intended to hedge against a weakening greenback pronounced. This one covers the force, these positions are unwound or reversed, thus amplifying the plunge.

I would say that the recent plunge in oil is only a pause in a structural increase. I remain convinced that indeed the global economy is experiencing recovery, albeit slow, raw materials remain structurally high levels. Indeed, the double-digit growth in emerging countries may decrease, but these countries are on track for rapid expansion that will require more and more natural resources.We need to get used to the prospect of a sustained oil price at $ 100 a barrel and more in years to come. This new environment should promote market recovery for companies in "green business" (new energy, recycling, energy conservation) instant payday loan lenders.

What impact on portfolio management?

The sector rotations will be more frequent. In the short term we will also know where you have a new focus on defensive stocks such as telecoms and technology sectors expanding. As for values ​​that have real pricing power (the ability of firms to impose higher prices, Ed), the ability to pass the rising cost of raw materials in their products are preferable. This is where the champions of luxury such as LVMH and PPR values ​​but also with strong brands such as Danone and Essilor.

Conversely, investors should stay away from utilities and automobiles. Regarding the oil companies, I am negative court term and long-term positive. Good surprises are also possible for banks, but these are values ​​highly speculative and totally dependent on how the policies will manage the debt crisis of the Greek.

A more reactive wrong does not accentuate the lack of interest for individual stocks, considered a distribution medium or long term?

Today, it is true that individuals invest more to take risks but to protect themselves. They therefore turn to the massive gold or stone. The market environment has changed. It is uncertain therefore more complex to understand.But those who still believe the shares are able to adapt their trading, also passing through alternative platforms that will become the next referent of finance or by taking advantage of new business tools ("stop loss" orders intelligent programming strategy) that are available to them. Although the regulator wants to break the speed of trades and trading high frequency counter, it can not prevent the development of these platforms.

The Cac 40 barely exceed the 4200 points for three months. How do you explain it?

The revival of the Cac 40 depends mainly comeback banking shares. In view of its excellent results, BNP Paribas can return to a range between 70 and 75 euros and Societe Generale between 60 and 65 euros by the end of the year.The CAC 40 should not drop below 3800 points for corporate earnings in the first quarter are still excellent. Conversely, as the uncertainties regarding the recovery of Greece will not be lifted, the CAC 40 may not exceed the 4200 points.