Conducted last October by the Institute OpinionWay with just over 800 individual operators, the survey did feel a great pessimism on the part of respondents.If 87% believe that investment in business is quite good or very good for the shareholders in general, 60% are quite worried or very worried about the financial markets in general and of their portfolio in particular easy payday loans. Over 42% also state that their opinion regarding the financial markets has worsened, despite the measures of financial regulation put in place following the 2008 crisis. 75% also believe these measures ineffectual.

Concerns salon Exchange

Consequence of this pessimism toward the stock market investment (listed shares, mutual funds, options, certificates, warrants), individuals felt it was urgent to wait. Overwhelmingly self (80% fully manage their own portfolio), these investors have mainly invested any additional amount over the last six months (54% of them).

Investors should therefore play the card of caution before the EU summit tomorrow, which should deliver a plan to increase the firepower of the European bailout fund (EFSF), to recapitalize banks and to erase a portion of Greek debt. To do this, and it is then a first-, the EU will apply directly to other states and their sovereign wealth funds to strengthen his strike force in case of economic shocks.Norges Bank Investment Management (NBIM), which manages the Norwegian fund (397.5 billion euros), has already applied for, according to Reuters.

But time as concern mounts including the Italian debt. Despite new savings measures announced by Rome, with rumors of the European Union and the International Monetary Fund are becoming more pressing. This prompted Silvio Berlusconi, the prime minister, to get angry Monday: "Nobody has anything to fear from the third European economy and the extraordinary founding of the European Union" which is the Italy.Then added: "We honor our debt regularly, we have a primary surplus [excluding debt interest] more virtuous than we and our partners will achieve a balanced budget in 2013."

Investors want to be reassured

In this context, the markets should wait for signals about the political strategy to prevent contagion of the Greek crisis. This is already on a war footing since the beginning of the week, like Baroin. Yesterday, the Minister of Economy has estimated "convinced" that European leaders would reach a "global agreement". According to him, the last meeting of the euro area in Brussels this weekend in Brussels has led to progress "two thirds" of the negotiations.

In fact, expectations are high, including abroad.For its part, the euro fell slightly against the U.S. dollar, losing 0.14% to 1.391 dollars.

On the agenda in France, Gfk index of consumer sentiment (November) will be unveiled this morning. As housing starts and consumer confidence (October).

In the U.S., the Case Shiller real estate index (August) will be published early in the afternoon. The Consumer Confidence Index (October) is expected in 16 hours.

Values ​​to follow:

• STMicroelectronics announced Monday a decline in sales in the third quarter in a context of deteriorating semiconductor market and general economic uncertainty.

• Seb has achieved organic growth in sales of 7.2% in the third quarter, primarily driven by its performance in emerging markets.

• JCDecaux has entered into an agreement with Presstalis, partnership marketing and distribution of the press, to acquire 95% of Mediakiosk. Presstalis retain 5% stake in the company managing over 746 outdoor advertising kiosks in France, whose sales totaled 26 million euros in 2010.

• Peugeot aims to sell 500,000 copies of its future 208, we read in The Tribune on Tuesday. Produced in Poissy and Slovakia, the car should also be made in Brazil and China. Its price will be very aggressive attack, the newspaper said.

• Groupama announced that its CEO Jean Azema had been revoked and the new management team should improve operating profitability and solvency.

Only 5,000 young people benefited from the end of 2010 RSA. Less than a third of the number of recipients while working. Ten months after the declaration of the Minister, the objectives are still not met and no corrective action was unveiled.

According to the latest scores (end June) and Le Figaro has procured, 10,200 youth aged 18 to 25 years are now affecting the RSA Young.An increase of 100% of beneficiaries in a little over a semester, but a figure still well below the initial target of 160,000 to 200,000 posted in September 2009. In 80% of cases, the RSA is nothing but a supplement to earned income which grew by an average of 130 euros per month.

Roselyne Bachelot took his time

"It was the objective of the measure, objecting a ministerial adviser: providing additional income to young people active." And not, as had been hammered in September 2010 Marc-Philippe Daubresse, then in charge of its implementation up to the government to "create an assistantship grant for youth."Less than a year after the extension of the RSA to 18-25 years, only 2000 young people (who worked two years in the last three and no longer receiving unemployment benefits) affect, in fact, just the RSA base, income Replacement of just over 460 euros per month.

As for Roselyne Bachelot, his silence is easily explained according to his entourage. Given the complexity of the case, the Minister of Solidarity decided to give some time to analyze the reasons for the low rise of the device. "The subject is by no means abandoned, we are assured Avenue de Segur. We begin to have a little more back and we will soon make announcements to that effect. "

According to reports, corrective measures will be announced before the end of the year, with six months behind the original schedule, most likely during the Review Conference of the RSA to be held December 15."Fill a folder is a gas plant for a young struggling to meet all the necessary documents," and advocates a relative of the minister should propose a simplification of administrative procedures. It is not excluded that the conditions for entry into the device, from the outset considered too restrictive by Martin Hirsch, should be reduced to allow more young people to benefit.

"The outstanding, which had indeed declined after the peak record in mid-2009, increased 12% worldwide in the first half of 2011," says chief economist Yves Zlotowski. Peripheral countries in the euro area are the most vulnerable, with an increase of 28% in Greece, Italy 29% and 71% in Portugal. "In this country, it is less sovereign risk worries that the business impact of the recession, austerity measures, the credit crunch and lack of growth opportunities," said the Chief Economist.

Another weak link, Italy (rated A4) which is found as Portugal (A4) on negative watch.The economy suffers from structural weaknesses of businesses, which will be aggravated by the economic slowdown. Degraded by one notch, Greece (note C) brings in its wake Cyprus (note B), due to the high exposure of its banks and a very high private debt no faxing pay day loans.

Other countries in the euro area – Germany, Austria, Belgium, France and the Netherlands – retain their A2 rating but lose the positive watch, as the United States.

Crisis of confidence

Overall, the two sides of the Atlantic are suffering the same problems.In downturn, linked to debt reduction of economic agents, combined with the crisis of confidence reflected in market volatility, the distrust of banks holding back access to credit, and political obstacles, among the psychodrama of the debt was U.S. and European delay in resolving the case of Greece and strengthen the euro area.

"We need a credible institutional scenario on European and safeguards," notes Yves Zlotowski, is said, however, confident. "There have been major advances in Greece, the role of the ECB, the EFSF …."

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The European Commission highlights the paradox between a cleaner gasoline and cheaper duty-sold more expensive at the pump, and diesel more expensive duty free, massive source of emissions of fine particles hazardous to health, and less expensive for motorists. She said outside the UK, the tax treatment of petrol and diesel in Europe is "flawed" and needs the overhaul.

Concern

For manufacturers, the news comes at the worst time.These are already working on the application in 2014 of Euro 6, which calls for reducing carbon emissions and fine particles. This standard requires them to implement expensive technology on diesel vehicles that will increase the price of these cars from 1500 to 2000 euros. What scare away customers. If in addition the price of a liter of diesel fuel were to increase significantly, the diesel car market could collapse.

The Committee of French Automobile Manufacturers believes that the introduction of this directive in France could lose 20 points of market share on the sale of diesel cars. In the columns of Paris, its president, Patrick Blain, worried: "The decline in production in French factories (on the cutting edge in the field of diesel, ie) would inevitably have social consequences," he warns.

Professionals and individuals may also choose to get rid of their cars too expensive, which could lead to plummeting prices of diesel cars. "It may be possible to adopt transitional measures that will leave everyone time to adjust," said he.

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The boundary drawn between PCs and tablets no longer be needed. Laptops and the "Pad" or "Tab" to the same target audience. "The tablet is the ultimate mobile device. It will even be the first TV screen connected in homes and transportable, "predicts Christopher Aulnette, CEO of Netgem.

PC sales will continue to grow in the coming years, but at a slower pace. In the last quarter, they rose by only 2% worldwide and even dropped by 19% in Europe, according to the latest study by Gartner.PC sales have been hard hit by soaring sales of tablets. DisplaySearch fact of Apple the leading seller of laptops, PCs and by adding the shelves in the same category. HP is demoted to second place. "The slowdown in sales growth of PC is due to higher sales of tablets," said Richard Shim, senior analyst at DisplaySearch. So much so that by 2016 it is expected to sell more bars in the world of laptops. This is due to consumer demand. The PC market is still supported by demand from businesses.

The launch of the iPad, last year, PC makers were first considered this the emergence of a new market. They readily confined the tablet to the consultation content, reserving the game more "noble" computing, content creation, to the PC.It only took a few months to shake the certainties. On a daily basis, the consumer sends e-mails, watch videos, plays, reading a newspaper, surfing, photo sharing on the Internet … So many things that are perfectly feasible on a shelf, or even more easily than a laptop . Besides all uses brought by additional accessories such as holders for music.

While the tablets are not equipped with big hard drives capable of storing data. But Apple has already provided an answer to storage problems with icloud. All information can be stored on external servers. The only limit to access constantly, you need a connection worthy of the name.The tablet can connect at home Wi-Fi or outside the network via the Internet Mobile Broadband 3G.

An integrated model

Finally, the supply of tablets will continue to evolve, driven by competition among big players, Apple and Google, and their "challengers" Microsoft and RIM (BlackBerry).

"To exist on the consumer market for personal computers, must be able to sell PCs, tablets and smartphones, said Ranjit Atwal, an analyst at Gartner. The profits come from the ecosystem that results, not hardware sales. "Apple is the model. After developing the application store on iPhone and iPad, he extended the principle to the Mac.

As such, Leo Apotheker wanted to go too fast. He left no time to its operating system WebOS, or its application store, AppCatalog, to develop."The transition of a business model to another is not easy, and HP probably has overestimated the value of its brand among consumers," said Ranjit Atwal. In the last quarter, PC sales to individuals of HP fell 10%, while those companies grew by 20%.

Click the preview to enlarge the graphic.

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It's much more at the end of 2010, where it reached a low of 3.27% on average, before rising sharply in the first quarter of 2011. In the early months of the year, interest rates have taken nearly 10 basis points per month, before slowing gradually to rise in the second quarter.

Because the factors that competed so far in the rise in interest rates now seem not to have to play. "The increase began in November 2010 was related to liquidity constraints imposed by the Basel III.To satisfy them, the banks have increased their margins on new loans no fax payday loans. Today, this adjustment – of around 70 points to 100 basis points depending on the establishment – is probably done, "said Michel Mouillart, an economist at Paris X-Nanterre.

Other factors, however, could take over. The cost of money, in particular, could rise because of uncertainties related to the amount of sovereign debt. For the moment, "this factor did not play," said the economist. But it is already expected that the three-month interbank rates and increasing to ten years until 2012, drawing upward those for mortgages. "The movement of rising interest rates should continue," predicts ultimately Eluère Olivier, an economist at Credit Agricole.

Increase the duration of loans

Photo credits: Jean-Christophe Marmara / Le Figaro

Investors adopted a cautious approach since the beginning of the week. The inability of a handful of members of the United States to reach an agreement before Aug. 2 on raising the debt ceiling up the country into a situation more and more difficult.Specifically, the U.S. Treasury think after August 2, if the parliamentarians have not voted to increase the legal limit to the debt of the federal state, it will not be able to honor all its commitments.

As about 40% of its expenditures are financed by borrowing, the U.S. federal government will have to make drastic choices between payments made and those that push it off. This will mean the paralysis of some jurisdictions, uncertainty about the payment of social benefits, or payment terms to suppliers.

The new director of the International Monetary Fund, Christine Lagarde has called on Washington to "find a real solution." She also asked the Europeans to apply "quickly" the plan against the debt crisis.

Companies seem to want to continue to invest

On the foreign exchange market, the dollar is still abused.The euro, however, gives some ground in late morning at 1.4495 dollars against 1.4509 late Tuesday. Oil prices retreated Wednesday in the opening in New York, as a result of fears of increased oil reserves and the stalled negotiations on the U.S. budget. To 15 hours, on the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 98.38 dollars, down 1.21 dollars compared to the previous day.

On the macroeconomic front, despite a weaker economic environment, companies seem to want to continue to invest. This is the signal that can be drawn numbers of orders for capital goods in the second quarter."It's rather good news and support for the fragile figure of GDP growth in the second quarter," notes Philippe Weachter, director of economic research at Natixis AM.

Weekly crude inventories are still waiting for this day before the release of the Beige Book Federal Reserve expected after the close of European stock.

Rain of business publications

The side of values, the American online distribution Amazon (5.47% to 225.90 dollars) has published better than expected results despite a decline of almost 8% of net profit for the second quarter, to 191 million. Based on the number of shares, the benefit amounts to 41 cents, above the 35 cents expected by analysts.Sales, up from 51% to 9.91 billion dollars, has also exceeded expectations.

The group of defense and aerospace Boeing (1.68% to 71.34 dollars) exceeded market expectations on Wednesday with earnings up 20% in the second quarter, driven by good numbers of its commercial aircraft, and it has raised its forecast.

The U.S. chemicals group Dow Chemical (2.26% to 36.66 dollars) recorded a net profit increase (73.4%) to $ 982 million, boosted by record sales in emerging markets, and said he was "optimistic" for the second half of the year.

The U.S. conglomerate General Electric (-1.34% to 18.31 dollars) ca waived divest its rental cars it had planned to sell earlier this year, said Tuesday a spokesman for the group.

Delta Air Lines (-4.13% to 7.69 dollars) recorded a decline in quarterly profit on fuel costs that exceeded the one billion dollars. Excluding items, earnings per share of the airline stood at $ 0.43 per share, against $ 0.44 expected by analysts.

Microprocessor giant Intel (-1.18% to 22.62 dollars) has announced the appointment of its Executive Director Andy Bryant as Vice President of the Board, before he takes the presidency in May 2012 Estate of Jane Shaw. Bryant has spent 30 years at Intel, including 13 years as CFO.He became executive director in 2007.

Electronic Arts (1.30% to 24.12 dollars), which has recently invested in the games available from smartphones and tablets, has reported a decline of 3% of its turnover for the first quarter of fiscal year 2011-2012 to $ 524 million against an average estimate of analysts of 511 million.During this period, the group recorded a loss of 123 million euros against a deficit of 78 million a year ago.

Disney (-0.79% to 40.19 dollars) said he had "taken the first steps" to increase its majority stake in the Indian company UTV, which could lead to delist the giant local media.

Also note, the retail giant Wal-Mart (-0.17% to 53.50 dollars), which ensures expand its online offering, announced Tuesday that it was now possible to watch movies without downloading its website.

Always on the side of the truck several values ​​of the dimension must publish their results including Conoco Phillips and Visa.

According to final figures, the Dow Jones Industrial Average was awarded 42.61 points to 12,479.73 points and the Nasdaq, dominated by technology, 27.13 points to 2789.80 points. The broader index S & P 500 has been 0.56% (7.27 points) to 1316.14 points. For the week, the Dow lost 1.4%, the S & P 500 fell 2% and the Nasdaq 2.4% sold. Thursday, Wall Street has ended in the red.

The session was extremely volatile, the Dow swing most of the day around the equilibrium point. But given the macroeconomic situation, anxiety is high.Some problems have been resolved in Europe on sovereign debt, and there is debate on the debt ceiling to U.S. Unis.La threat of Standard and Poor's rating on the United States and comments from the Fed has dampened hopes of new measures to support the economy. The issue of U.S. debt should again be a central concern of investors. The negotiations started on the subject by U.S. President Barack Obama with the Republican opposition are currently deadlocked, Republicans a majority in the House of Representatives refused to vote an increase in attacks and demanding that the deficit .

Finally, sovereign debt in the euro area will remain a central concern. An EU summit is the convoué jeudi21 July, suggesting that Europeans are close to an agreement about the development of a second aid plan in Athens.

In the current environment of heightened uncertainty about the public debt in Europe and the United States, gold is looking for: the metal-King reached a new record yesterday to 1594.45 dollars. He backs up slightly this matin.Les Oil prices rebounded sharply Friday after the sharp fall of the previous day, after a week volatile in an economic environment that remains mixed. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for delivery in August finished at 97.24 dollars, up $ 1.55 from the previous day.

On the front indicators, the index of consumer prices declined 0.2% compared to May, seasonally adjusted data, while analysts expected a 0.1% decline, according to their median forecast .The activity of the manufacturing industry shrank in the New York area in June for the second consecutive month, according to the Empire State index released Friday by the central bank (Fed) remained negative at -3.8. Analysts predicted that this index, which had fallen sharply in the previous month to -7.8, ironed above zero, the boundary between growth and contraction. Industrial production is, it, in line with expectations, up 0.2% in June

Google the center of attention

The side of values, Google announced after the close having recorded an increase in earnings of about 36% in the second quarter of 2011, despite investments still rising in the world's leading Internet search. The title wins more than 12.98% to 597.62 dollars.

Citigroup (1.64% to 38.38 dollars) Friday reported a 22% increase in net profit in the second quarter to $ 3.3 billion (2.33 billion euros) against 2.7 billion a year earlier. The third U.S. bank by assets shows a profit of $ 1.09 per share against $ 0.90 a year earlier, while economists were expecting $ 0.96.

The day before, JPMorgan said it had done for the second quarter net income of $ 5.4 billion against 4.8 billion last year. Net banking income rose by 7% over the quarter and 6% in the first quarter to 27.4 billion.The title gives 0.92% to 39.98 dollars

Always on the side of values, Hyatt Hotels (1.17% to 39.73 dollars) has announced the acquisition of a series of 24 hotels and assets attached for about $ 802 million from LodgeWorks and a group of capital investors. The transaction should generate an increase in operating income for the group of about $ 50 million from 2012.

The Board of Directors of Ralcorp Holdings (-0.72% to $ 86) has unanimously approved the principle of a split between Post and Ralcorp Foods.In addition, the company said to expect an adjusted earnings per share from 1.13 to $ 1.18 in the third quarter.

Also note, the Advisory Committee of U.S. health authorities (FDA) for oncology pharmacy issued a recommendation unanimously in favor of an accelerated approval process for Adcetris, a drug from the laboratory to Seattle Genetics treat Hodgkin's lymphoma. The title gives up 7.18% to 18.87 dollars.

In this third day of the 49th Paris Air Show in Paris, Airbus and Boeing continue to announce a set of commands. But it is the European leading the way since Monday, with its Neo A320 with about 550 aircraft ordered to date. John Leahy, Airbus commercial director, said the ability to view 1000 commitments Neo A320 orders by the end of the show. "We sold 727 neo so far," he said.

• Airbus: two giant orders coming

On Wednesday, we are still waiting for two big new Airbus.Qatar Airways is to order Airbus A320 Neo fifty. The company also had to sign, according to an industry source, the purchase of five A380s, the jetliner the European aircraft manufacturer. However, Akbar Al Baker, CEO of the airline, said Wednesday that Qatar Airways has not agreed to purchase the additional aircraft.

– LAN, the Chilean airline, has signed a firm order for 20 Airbus A320 Neo.

– India's IndiGo confirmed earlier this afternoon a mega-order for 180 aircraft which fall between 150 and 30 A320 A320 Neo, worth $ 16 billion at list prices. In addition, the low cost Malaysian AirAsia is currently negotiating a contract with Airbus that could be up to 200 A320 Neo.Tony Fernandes, CEO of the airline, is expected Thursday at Le Bourget.

– The rental of aircraft Kuwait Alafcosigne an agreement for six A350. Based on list prices only indicative, this represents $ 1.6 billion.

– The Latin American AviancaTaca company said Wednesday it has signed an agreement to purchase 51 medium-haul A320, including 33 re-engined A320 Neo. All of this command is a list price of about $ 4.5 billion.

– Republic (United States), parent company of Frontier Airlines, has signed a memorandum of understanding for 40 A320 and 40 A319 Neo Neo.

• Boeing booked orders less large

Since Monday, Boeing sign him, smaller contracts (41) for its Airbus 737 medium-haul, direct competitor to the A320 credit score.

– The Russian company UTair signed Wednesday a memorandum of understanding for 40 B737 for a list price of $ 3.2 billion.

The U.S. also announced that the first long-range 787 "Dreamliner" will be delivered to Nippon Airways in August or September.

Sukhoi Superjet • sells in Italy

The Italian airline Blue Panorama Airlines has ordered twelve aircraft Superjet 100 Russian Sukhoi group for $ 370 million (about EUR 257 million) announced Wednesday the Italian group Finmeccanica, Sukhoi partner for the Superjet.

• ATR

ATR, a joint venture between EADS and Finmeccanica, announced Wednesday two new orders, for a total of 13 aircraft. The first placed with the Danish company Nordic Aviation Capital, covers 10 ATR 72-600, plus options for 10 additional aircraft.The second involves three ATR 42-500 aircraft sold to the company TAME Ecuador. Since the beginning of the year, the builder earned $ 2.4 billion in orders.

• GECI

Geci aircraft manufacturer announced Wednesday the signing of letters of intent and memoranda of understanding for the sale of 33 aircraft Skylander SK-105 in Asia and 3 F-406 in Africa. The Skylander SK-105 is a twin turboprop aircraft, capable of carrying 19 passengers or up to 2.7 tons of cargo and operate in extreme environments.

Demonstrations of the A400M are taking place despite damage

A faulty gearbox has grounded the A400M originally scheduled to fly demonstrations during the Paris Air Show, before another unit is assigned to this mission.This technical problem is probably rooted in a manufacturing defect, said Tuesday one of the program. Airbus and engine manufacturers are studying this box, which broke a few days before the beginning of the troop transport plane in the sky at Le Bourget.

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