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The CAC 40 is risky there twice this month. He was immediately returned. The threshold of 3000 points, as seen on the Paris market was down on Thursday 11 and Friday, August 19. On Monday morning, the Paris index recurred, opening down 0.85% to 2989.60 points. But again, it started to rise immediately after slipping below 3000, and closed on Monday evening at 3051.36 points (1.14%), having flown over 3100 points During the session this afternoon.

The level of 3000 points may well not be a technical threshold (it does not automatically trigger a sell order or purchase), it still plays a role of "support" on which the market arises before rebounding .Daniel Gravier, Head of Sales Trading at XTB France, believes that "this psychological level is transcribed in the courts and thus returns to a technical threshold."

The cross downward psychological sounded an alarm in markets which do not have a habit of getting carried away by their feelings. Professional traders define their purpose of orders passages through complex mathematical calculations, generated by high-powered software that constantly scan the share price indices, securities, commodities and all that is listed in order to predict the best time to invest or sell. And to build the software, the banks are recruiting the cream of engineers. But in this world of numbers, there is also a psychological dimension.So, see the CAC 40 fell below 3,000 points spurred the market to recover.

"This is a symbolic level, for its part says Harry Sebag, an analyst at Saxo Bank. In times of great nervousness, while visibility is poor, investors cling to benchmarks in the short term payday loans. It's an excuse to reposition itself for purchase. This morning, we felt that the markets began to rebound because the shares had suffered a significant discount. " And hope for regime change in Libya was a good news for oil companies operating in the country, making a breath of excitement to the Paris Bourse.

"Safeguards" but also to accelerate the panic

"These thresholds are safeguards on which the market rebounds," says Harry Sebag. But the psychological effects of contracts may jégalement ouer a role accelerator panic attacks.The violent stalls indices observed recently on global stock markets have shown. In Paris the CAC 40 fell by 32.4% since July 1, affected by short-term concerns (the debt crisis in the euro zone, bad macroeconomic indicators in the U.S. and deteriorating debt rating for American Standard & Poor's), but not only. "In late July, the market downturn downward was rational, said Jean-Louis Mourier, an analyst at Aurel BCG. However, the extent of movement and the high volatility experienced by markets in recent days show an overreaction. "

The index in Paris he could sink even lower? The scenario is possible if the disappointing macroeconomic indicators continue to grow and corporate earnings in the third quarter does not reassure investors, said Harry Sebag.Saxo Bank analyst would watch while the threshold indicated by the software, around 2850 points or even 2500 points. "But I hope we will not get to that," he adds.

Solidarity … under certain conditions. Nicolas Sarkozy and Angela Merkel have called on the table a proposal to increase pressure on countries in the euro area would not make enough effort to balance their finances. Structural funds, the grant made by the European Union (EU) regions, would be suspended to encourage States to comply with the "golden rule" budget.

"Payments from the Structural and Cohesion Funds should be suspended in the countries of the euro area that do not comply with the recommendations of the excessive deficit procedure", suggests the president of the French Republic and the German Chancellor in a letter Communication to the European Council President Herman Van Rompuy.

All states of the European Union benefit from the funds created in the 1990s.The three main funds (European Regional Development Fund, European Social Fund and Cohesion Fund) are paid to countries that request it. Any region whose gross domestic product is less than 75% of the EU average receives these subsidies with the aim to help them develop.

Thus, 49 billion are paid each year as part of regional policy for 2007-2013 fast cash loans. In total, 347 billion euros, or 35.7% of the total budget of the European Union, which are allocated to regional aid policy.

20.4 billion for Greece, 21.5 billion for Portugal

To critics of these funds, the aid is ineffective: among the first beneficiaries are precisely the most indebted countries in the euro area.For 2007-2013, Portugal and must receive 21.5 billion euros from structural funds and cohesion, Greece 20.4 billion, Italy and Ireland 28.8 billion 901 million.

By transforming this aid as an instrument of pressure to encourage States to more fiscal discipline, the EU could further depress the areas most in need. But the idea is gaining ground as European leaders explore all the ways out of the euro zone debt crisis.

The idea is not new, and Germany is also one of the strongest promoters. The proposal in that the Franco-German duo at the end of the meeting Tuesday she will succeed in finding support among other member countries? The Dutch Prime Minister Mark Rutte has also expressed Tuesday in favor of these sanctions.

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Asian stock markets found the way to the rise on Monday. After the extreme volatility of the previous week, investors will decide to follow the bouncing of European and American markets. The Nikkei index of Tokyo Stock Exchange has thus concluded the day on a rebound, from 1.37% to 9086.41 points. The broader Topix index has returned 1.16% share to close at 777.12 points.

The Tokyo Stock Exchange was shaped in the early morning hours. The course of the Japanese currency gave him a break by staying roughly stable against the dollar, the ticket to turning throughout the session around 76.90 yen. The principals in Tokyo were also pleasantly surprised just before the opening of evolution by the numbers of gross domestic product (GDP) of Japan in the second quarter, which showed signs bode well despite the severity of the shock collected after the earthquake of March 11.

The archipelago has suffered from April to June the third consecutive quarter of decline, gross domestic product (GDP) declined by 0 instant payday loan.3% over the previous three months. This decline of 1.3% annualized, but well below that expected by economists, and most of them hope an upturn in the summer.

Moreover, time was also optimistic. The Stock Exchange of Hong Kong and Shanghai respectively gained 2.98% and 1.21%. Exchange Syndey advanced 2.64%.Seoul and Bombay were closed due to holiday.

Oil up

Oil prices were also up Monday morning in electronic trading in Asia in the wake of the Asian stock markets, but the gains are likely to remain limited because of persistent concerns about the state of the global economy, analysts said.

In morning trading, a barrel of "light sweet crude" for delivery in September gained 22 cents to 85.60 dollars. That of Brent North Sea crude for September delivery took 27 cents to 108.30 dollars.

After the European Central Bank (ECB), it's time for the U.S. Federal Reserve (Fed) to dive into the arena. The Central Bank of the United States met on Tuesday FOMC's Monetary Committee. Supposed to be, usually, a meeting classic, this appointment has turned the eyes of the financial world in crisis meeting. It is indeed the first time the Fed meets in public since the beginning of the financial crisis and especially his first public speaking since the deterioration of the financial rating of the United States by Standard & Poor's.

Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."

Other measures

"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.

Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.

China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.

The outlook for the parent company of Airbus are rather positive. EADS confirmed on Friday its forecast for the full year 2011, with sales up 8% to 21.9 billion euros and operating profit (EBIT) of 720 million euros in first half of this year. The net result of EADS amounted to 109 million euros (compared to 185 million euros in the first half of 2010), or earnings per share of 0.13 euro (0.23 euro a year ago) . In the second quarter, the manufacturer posted a net profit of 121 million euros and a turnover of 12.082 million – up from data over the same period the previous year (82 million euros in profit net 11.35 billion in revenue).

The activities of EADS, however, impacted by a decline of 41% of net profit in the first half, to 109 million euros related to accounting revaluations following the change in exchange rates, the statement said the group. But the net cash position of the manufacturer, specialized in aerospace and defense of a $ 11 billion still provides a solid foundation to meet the operational needs of the group and fuel future growth, "said EADS Friday .

An exceptional increase in orders

"Our first half results in 2011 reflect the strong demand in the commercial aviation sector," said the executive chairman of the Louis Welsh, comment out the publication of the results of EADS.At Le Bourget, Airbus, the main subsidiary of EADS has reached a new record this year, orders for 730 commercial aircraft, including 667 A 320 Neo, remotorisée version of medium-haul Airbus, less fond of fuel. EADS believes that Airbus should undertake the delivery of 520 to 530 commercial aircraft throughout the year, with a level of gross orders up to one thousand units. In the first half of 2011, new orders for Airbus amounted to 58.1 billion euros at the end of June the company has already earned 453.8 billion euros (at the end of 2010, total orders was 448.5 billion).

For all of 2011, EADS expects a stable EBIT before non-recurring items in 2011 compared to 2010, about 1.3 billion euros. Louis Welsh stated in particular that Airbus confirms its target of delivering about 25 to 380 in 2011.Moreover, based on the basis of an exchange rate of one euro worth 1.35 dollars, the European manufacturer hopes to earnings per share higher than in 2010, which was 0.68 euro. He also put on a significant improvement in its EBIT by 2012 due to higher sales volumes and improved performance of the Airbus A 380.

The title of EADS was in line with the trend of the CAC 40 stock market this morning, down -0.76% to 24.15 euros.

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Discussions intensified and meetings are multiplying as we approach the summit of Heads of State and Government of the euro zone on Thursday in Brussels. The challenge: to present a lasting solution to the Greek crisis by adopting a second aid plan. Despite the hesitation at the head of Europe, the markets want to believe a lasting solution. Paris wins Wednesday mid-day 1.45%.

Sign, however, difficult to finalize a common position, the meeting of finance officials of the euro zone has been extended from Wednesday night to Thursday morning. In turn, the summit will begin with an hour late, at noon instead of 11 hours.

"No great advances"

The postponement will allow a little more time to French President Nicolas Sarkozy and German Chancellor Angela Merkel to resolve disputes between the two countries: they meet on Wednesday afternoon in Berlin.The two countries have different objectives. Angela Merkel has applied to shower expectations. There will be "no great progress," she said Tuesday. Before insuring, Wednesday midday, the German government will show good will. And she was "very confident" of finding a common position with France to achieve "good results" on Thursday.

Recognizing that markets will forgive a bad meeting for nothing, Paris wants instead a "durable solution" is found, insisted Wednesday the government spokesman Valerie Pécresse, after the Council of Ministers. It "passes through the Franco-German couple" she added, pointing out that the main resistance to the alternative of issuing bonds were European, according to the French Government, "a German resistance."

If Paris and Berlin hold the key to an agreement between European leaders, they always seem to oppose it on ways to involve banks in terms of aid to Greece. If the amount of effort required to banks of 30 billion euros, a consensus, the methodology to be divided. Paris wants, as the European Central Bank, avoid at all costs that Greece is found in default. Germany intends to take less care. She suggested including the development does not place a tax credit, which the industry sees an evil eye.

"Agreement on the fundamentals"

The French Minister of Economy, Baroin, wanted reassurance."There is a broad convergence of views, there is an agreement on the fundamentals, there is a desire to make more sustainable debt Greek and there is still some discussion on the part of private, but it's more a discussion of degrees and not a discussion of values, "he said.

While the Franco-German leaders will finalize their position, the Greek Prime Minister George Papandreou will be in Brussels to meet at 17 hours, the president of the European Commission Jose Manuel Barroso. The aim of the summit is crucial on Thursday, insisted on Wednesday the spokesman of the Greek government: "We have tomorrow (Thursday) a peak in determining the future of the country and Europe, Prime Minister (George Papandreou ) engages in a battle to ensure that Greece will stand on two feet. "

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The Tokyo Stock Exchange shows the green on Friday morning the Nikkei advance of 0.61% to 9876.10 points to 7 hours while the broader Topix rises at the same rate, at 854.39 points. A good mood, which contrasts with a local situation still fragile confidence of major Japanese companies fell because of difficulties due to the tsunami of March 11, and the extent of recovery is rendered uncertain by the lack of electricity under this was, according to the results of the Tankan index. According to the quarterly survey conducted by the Bank of Japan (BoJ) in June, the moral of the major manufacturing firms plunged by 15 percentage points in March to -9 points.

But the unemployment rate in Japan fell 4.5% in May against 4.7% in April, said Friday the Ministry of Internal Affairs.In May, there were 2.93 million unemployed in the rest of Japan, 11.5% from a year earlier (area basis) for a working population increased slightly from 0.1% to 60.19 million people.

In addition, new vehicle sales in Japan, excluding mini-models, dropped 23.3% in June compared to the same month last year, to 225,024 copies, the consequences of the tsunami of March 11 continued to weigh on the activities of automotive industry. The decline is however much less pronounced than the dives 50% and 38% respectively recorded in April and May, in the aftermath of natural disasters absolutely free credit score.

Greece supports the markets

But it is mainly Greek considerations that bear the financial markets yesterday.Like the European and American stock exchanges, the main financial markets in the Asia-Pacific moving sharply higher, while the Greek Parliament finally adopted the unpopular austerity plan, paving the way for the release of next installment Assistance from the European Union and the International Monetary Fund.

In China, the Shanghai CSI does it take 0.60% to 3062.44 points while the Hang Seng in Hong Kong is 1.53% to 22,398.10 points. Manufacturing activity in China continued to grow in June, but at a much slower rate, according to an index released Friday by an organization close to the government, indicating that the measures taken by Beijing to control inflation bear fruit.PMI purchasing managers of the China Federation of Logistics and Purchasing (CFLP) fell last month to 50.9, against 52.0 in May.

In South Korea, the KRX advance of 1.18% to 4512.99 points. In India, the BSE allows itself to 0.42% 18,924.60 points and Singapore's Straits Times gained 0.55% to 3137.70 points.

From 1 January 2012, the right to share from 1.1% to 2.5%. Thus decided on Wednesday the deputies and senators met in joint committee (CMP) to find a definitive agreement on tax reform heritage.

This measure is not trivial. For divorcing couples and share their property must pay this right to share, whatever their matrimonial regime. This tax is also due by the heirs, at the distribution of the estate, and at an inter vivos gift (for donations reinstated earlier this occasion).

With this increase, the state will recover about 300 million euros, mainly at the expense of 130,000 new annual divorced. So, a couple who owns property, net of debt, must pay 300,000 euros to 7500 euros right to share next year.If he had divorced this year, his bill would have been only 3300 euros. Problem: the reform of the ISF was supposed to be financed by the wealthy … "I can not find normal tax increase during a difficult time of life," said Benoit Renaud, president of the Superior Council of Notaries. This increase in risk-sharing law to push further the heirs to remain undivided and discourage donations sharing. At the risk of creating conflicts in the future. Finally, it is not impossible that many divorced choosing to sell their property and to divide "sneak" the money, without an act of sharing history to evade taxes.

In addition, the CMP identified in 20% to 25% inheritance of life, are transmitted to beyond 902,838 euros per unit, after deduction of 152,500 euros. And validated the smoothing mechanism for donations.The government increased from six to ten years the time between donations, or between a gift and an estate eligible for tax relief. To mitigate the shock of the transition from six to ten years, MPs and senators, have developed a system for smoothing. The Senate was selected CMP. Specifically, the deduction on the value of the donation will be 10% for a donation of six years old, 20% for a donation of seven years old, 30% for a donation from eight years and 40% for a donation dating back nine years.

The agreement on the tax measures found in the CMP must still be approved by the Assembly and the Senate in session July 5. However, this validation should not be a problem.

Owning a car costs more expensive. Not only do gasoline prices have soared, but the maintenance costs, insurance, tolls or taxes increase every year, as shown in a study by the Automobile Club de France on Thursday. For anyone put off by these costs, young companies believe they have found the solution on their website, they are related to vehicle owners and individuals wishing to rent one. Car sharing, which allows individuals to rent a self-service vehicles, as is the case with Autolib in Paris, and goes into high gear.

The principle is simple: a website, such as car Lib, Livop CityZenCar and the owner shows the windows of availability of the vehicle, which the state meets certain conditions.In turn, tenants, previously registered on the site, reserve the car for a few hours, days or weeks. Then, linking depends on the site: Car Lib, industry pioneer in France since June 2010, highlights the community side. Individuals come together to exchange therefore a deposit check and vehicle documents. In contrast, in Livop, no meeting is planned to create an "automatic respect", according to Kieran Connolly, founder of the company that rents cars since December 2010. No key exchange then, but one case, the "Livop-box" installed on the car and allowing the tenant to open it.

Finally, the newest, CityZenCar, which is open for rental from mid-April, seeks to create a "community members" between neighbors who can lend their cars regularly."We try as people build a relationship on our site, and it makes more sense if they live in the same neighborhood," said David Laval, founder of the site. CityZenCar offering specialized packages to subscribe to the service as a pass at 12 euros per month for the tenant. The owner may, in turn, equip his car with a box, optional but useful, to 49 euros per month.

"Replace the second vehicle"

With this innovative formula, the pioneers of the industry argue that everyone is a winner. For tenants of vehicles is the way to "replace the famous second vehicle is an additional constraint that evaluates to 5000 euros per year," said Kieran Connolly.The rented car acts as extra vehicle: do some shopping (especially Livop that rents by the hour) or go on holiday (especially in car Lib, where the average rent is 4 to 5 days) . Also, competition would come and no car sharing or rental agencies: "The real competitor is the personal car," says David Laval CityZenCar.

Livop, with 780 tenants and 280 owners of properties on its site, is, moreover, its forward fixed price regardless of the season, which range between 3 and 10 euros an hour, depending on the size and length the vehicle payday loans. Lib car claim its share of the prize "from 40 to 50% lower" than in traditional rental companies. On average, the car rental site, which includes 5,000 members and thousands of vehicles for rent, and back to 25 euros per day.As for members of CityZenCar 3200, where 250 vehicles are available, the owner sets himself the price and can provide discounts to its tenants.

Single insurance contract

"The problem is the first time," said David Laval, stressing the importance of building a trusting relationship with its exchange partner. For this, each start-up highlights the contract negotiated with a single insurer. Important consequence: the conduct of the tenant does not impact on bonuses and penalties of the vehicle owner. Tenants and owners, in addition, asked to assume a note after each experiment.

Vehicle owners also recover a few pennies with their vehicle, previously immobilized. "The owners are often people who already have credit. They come in the idea of ​​sharing, but also to make a small gain, "said Kieran Connolly."These are not people in need," said Paulin Dementhon, but a throw extra money is welcome. In Car Lib, owner busiest realized a gain of 1000 to 1500 euros since June 2010.

Five times less expensive for renters

Finally, for the renters themselves, the formula is a godsend: "The idea was to remove what is the most expensive: the financing of cars, details Kieran Connolly of Livop. Our investment is the development of technology [boxes] and management of leases. But the monthly cost to fund such technology comes on average five times less expensive than maintaining a fleet in a traditional landlord. "Livop ensures, however, negotiate with and garages Carossier preferential rates for its vehicle owners.

To finance start-ups retire from the trade commission, up to 30% among Lib car and 50% in Livop. There is not, however, in CityZenCar where tenants are already paying the monthly pass.

The renters are intended optimistic about the future of the industry: "A large rental company has a fleet of 30,000 vehicles, Kieran Connolly notes. We, if team 1% of the French fleet, there will be 300,000 cars. Ten times. " It remains to convince individuals that their cars can also bring them some money …

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"Solidarity must play full for farmers," pleaded Monday morning on France Info on Agriculture Minister Bruno Mayor. To help farmers facing exceptional drought, the Minister urged all stakeholders in the agricultural sector to mobilize, while ruling once again assuming a tax drought. "It is too early and I do not think this is the right solution," the minister justified. Such a tax had been especially set up in 1976, during a previous episode of drought.

"Farmers are suffering from liquidity problems and nutrition. Bankers and insurers should play the game The Agricultural Social Mutalité may make deferrals premium, banks can make bridge loans until the European aid to be paid. "As such, the prepayment of certain European aid should give guarantees to banks, thought Bruno Mayor. As for the state, it must take action to "ensure long-term aging in Europe."

"I have therefore asked the European Commission, and I have the support of eleven member states, the creation of a working group on livestock high level in Europe to identify the structural measures to be taken," said Minister, who will be traveling on Monday in Seine-et-Marne.

Avoid speculation on food animal

Come to scrutinize the contents of contracts for the sale of straw, he also warned the farmers who would benefit from the lack of fodder for livestock offer straw to a predatory pricing. "I want to avoid having to feed speculation when there is drought.Straw today it is 25 euros per tonne, it must not be 40 euros or 60 euros as it exists unfortunately in some areas of the territory, "he warned.

To increase the amount of animal food available, the government had already taken the last week of administrative simplification measures, removing certain constraints on forage. In the Eure, the county government has also allowed farmers affected by drought to mow the shoulders of county roads and get the grass to feed the animals, while Maine-et-Loire has decided to advance the mowing in protected areas Natura 2000. In some regions, animal feed is so lacking that farmers are forced to slaughter animals puvoir failing to meet the needs of the entire herd.

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