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Indecision on the Paris Bourse. After opening sharply higher the CAC 40 has erased most of its gains and slipped into the red. By mid-afternoon he sails around the equilibrium (-0.15% to 2816.50 points). The technical rebound was short-lived deal with a series of bad news from the euro area. . As the day they are still unable to overcome their fears about the outcome of the crisis.

The 10-year rate bonds of Italy is back above 7% in the afternoon, a rate close to its record, while Paris, Rome and Berlin have pledged not to touch the independence of the European Central Bank (ECB) in a mini-summit in Strasbourg guaranteed approval cash loans.

By late morning, Fitch lowered the rating by one notch from Portugal, to "BB +" from "BBB-". The agency has imposed its new rating a negative outlook.

Prime Minister Francois Fillon announced Monday, after a special cabinet, new austerity measures. The amount? Range evolves 6-8000000000 euros. The downward revision of growth in 2012 (1.75% to 1%) means to provide such an effort if France does not want its deficit skid.

Among the tracks mentioned: an increase in corporate tax (IS) for large companies and action on VAT. Specifically, according to reports, companies making more than 500 million euros in turnover should pay an additional tax (eg 10%). The nominal rate of corporation tax will not be found … but the big companies will actually pay more. And perhaps as early as the down payment in December. The state expects 1 billion additional revenue per year.Questioned by AFP, Matignon said that "nothing is definitely rigged," knowing that arbitration meetings with President Nicolas Sarkozy will take place this weekend.

Clearly playing the card of fiscal austerity, France hopes to control its deficit to calm the markets. And of course, maintain its triple "A" from the rating agencies. For the record, the budget deficit is expected to 80.8 billion euros in 2012, against 95.7 billion this year. In addition, the deficit should be increased from 5.7% this year to 4.5% in 2012 and 3% in 2013.

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Asian markets see red on Tuesday, like their American and European counterparts. After a brief period of optimism following the European Agreement on the debt control, "the market's attention is focused on implementing the plan, wondering when banks will be recapitalized and if additional funds can be allocated to the European financial stability, "said Kazuhiro Takahashi, broker at Daiwa Securities, quoted by Dow Jones Newswires.

The Tokyo Stock Exchange and ended the session down sharply from 1.70% to 8835.52 points. The broader Topix index has in turn yielded 1.25% to 754.50 points. In Japan, the export sector still suffers from a weak yen against the dollar only after direct intervention from the Japanese government on the foreign exchange market to weaken the outbreak of the currency.On Tuesday, the dollar stood at just above 78 yen and the euro around 108 yen, well below their value on Monday. "We are engaged in a war of nerves" with speculators, said Japanese Finance Minister Jun Azumi at a press conference.

Toyota lost 1.82%, Mitsubishi and Nissan Motor 1.90%. The automotive sector has not benefited from the announcement of an increase of 28 pay day loans.3% of new vehicle sales in October. TDK has, however increased by 3.67%, even after the publication of a net profit, down to $ 56.6 million in the third quarter. Toshiba has gained 1.43% despite announcing a 19% drop in quarterly profits. Other value of the day in Tokyo: Panasonic, which has lost 5.07%.The rating agency Moody's said it may lower the rating of long-term debt of the Japanese electronics giant, because of the poor profitability of its TV and semiconductor and high costs of Restructuring.

Oil down

Moreover, time is also reduced. The Stock Exchange of Hong Kong and Shanghai respectively, losing 1.97% and 0.11%. The Korean Kospi is in equilibrium, an increase of 0.03%, the S & P lost 1.52% Australian and Indian Sensex drops 0.80%. In Sydney, the mining sector was battered in the wake of the raw materials: BHP Billiton lost 2.72% and 2.98% Rio Tinto. Same thing in Hong Kong where Aluminum Corp. 4.38% loose.

Oil prices were down after the announcement of the bankruptcy of U.S. broker MF Global Fund and new fears about the debt crisis in the euro area.

In the wake of Air France, which faces a strike by staff since the start of the weekend, the Australian airline Qantas has decided to discontinue all its domestic flights and the world for an indefinite period. Prey to a social Conlit that has lasted several weeks, management has already warned that 70,000 passengers were affected at the moment, knowing that 600 flights have been canceled. More broadly, its fleet of 108 aircraft will be pinned down in 22 airports, Qantas said in a statement.

All flights of the company are canceled as of Saturday, said Officer. "The devices currently in flight will go to, she adds.However there will be a single new domestic or international flight anywhere in the world. "Qantas said its employees will be denied access to the company as of Monday morning cash advance flexible payments.

Faced with a large section of its employees challenging the group's policy, management of the company has chosen the hard way to break the impasse. Calling itself the decision "incredible", Alan Joyce, Qantas's boss said that "the aircraft will be grounded as long as necessary for the situation to an end," at a press conference convened in a hurry on Saturday. No way for him to accede to the request of trade unions, which he said, "Qantas would destroy the long term."

Retrenchment and redeployment in Asia

What technicians, ground staff and pilots claim, it is mainly wage increases.

Danone has published a quarterly revenue in line with expectations. At first, in the absence of good surprise, the valuation of Danone can call. The title pays more than 14 times earnings expected for 2012, while the CAC 40 builds about 8.2 times the estimated profit for 2012. "This is justified from the point where Danone is growing higher than the overall economy. The group offers products with high added value for the elderly and babies. It is well positioned in emerging markets, "says one fund manager.

We must also put into perspective the value of Danone with that of Nestlé. The Swiss giant capitalizes 15.6 times the expected result next year. The market welcomed by the superb performance in all segments, including the brilliant success of Nespresso, the subsidiary that specializes in luxury coffee.

Danone is perceived by the market as a growth and not as a "value", not valued due to lack of development prospects no fax pay day loans. The situation of Danone in terms of profitability is satisfactory. Operating margin exceeded 14% after the first half. Better still, it exceeds 20% in Asia.

Possible sale of the water industry

Still, Danone must win the market with new projects. In recent years, Danone has refocused on the markets of healthy nutrition and health. The group is poised to sell its water sector, reports Bloomberg. It is in talks with the Japanese Suntory. The water industry is about 17% of sales of Danone. Growth and profitability are slightly lower than the other branches of the group.Meanwhile, Danone could strengthen its nutrition industry with an acquisition.

In any case, it will not be possible to create value with a takeover bid. When Danone had been rumors of takeover by Pepsi, leaders such as politicians had split from a multitude of arguments, economic patriotism.

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With the individual

Paris City Hall has decided to restore order in the holiday rental. Relying on Article L. 631-7 of the Code of Construction and Housing, which requires owners to seek permission when destined for a furnished apartment for rent tourist short (weekend or week), the municipality has just sent many donors a letter urging them to regularize their situation. The recalcitrant likely a daily penalty of 1000 euros per square meter and a heavy fine. These coercive measures refer only to those donors multi-owner or renting through a real estate company (SCI). Specifically, it is still possible to rent in Paris, especially informally, his principal residence a few weeks a year where we do not occupy, or to offer a furnished apartment in months or years.While for the moment, only the mayor of Paris seems to enforce Article L. 631-7, the latter is, in theory, applicable in all municipalities of Hauts-de-Seine, Seine-Saint-Denis and Val-de-Marne, and in all cities of over 200,000 inhabitants . As for the apartments in the rest of France, they can still be done freely.

1. What are the advantages of furnished?

Rent furnished can request at district and area equivalent, a higher rent than unfurnished apartment, in the range of 5 to 10% in Paris, and from 15 to 20% in the provinces. Over short periods, for weekly rentals or monthly, the differential is even greater.Then, the furnished is legally more flexible to implement, even if the law of 2005 imposes Borloo a lease for a minimum period where the property is the residence of the tenant, and restricted the ability to give notice need a personal loan with bad credit. You can still freely set the amount of the deposit, earn a guaranteed unpaid rent and security deposit of one third, or ask for advance payment of rent. Last trump, rents from a furnished rental is taxed to the regime of industrial and commercial profits (BIC). This allows, among others, to depreciate the property and furniture on rental income of the same nature or, under certain conditions, the overall income.

2. All markets they lend themselves to rent furnished?

No, furnished only targets certain categories of tenants, including students, tourists and executives on a mission.Nonexistent in rural areas and suburbs of large cities, this market is very dynamic, however, in the inner cities and regional cities in all the boroughs of Paris. There is also a real demand in the inner suburbs of Paris, close to the common defense.

3. What precautions to take before launching?

The accommodation must be adequately furnished and include linens and table, lighting, tableware and household appliances. All to be in excellent condition to meet the expectations of a demanding clientele. Better to opt for quality equipment that could stand the test of many tenants. In addition, prior to the furnished, make sure your building regulations do not prohibit it.Finally, if you plan to embark on large-scale tourist rental, be sure to ask an administrative authorization.

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Faced with medical deserts, the government has waived any measure requiring private practitioners to work in under-dense area – including those that had voted early in the five-year term. The risk is too great to discourage a little more vocatyions, including general practitioners, he believes. Faced with medical deserts, the government has waived any measure requiring private practitioners to go to work in under-dense area, including the measures he had to vote early in the five-year term. The risk is high, he believes, to discourage vocations, including GPs. He is now working to promote the latest incentives.

Secretary of State for Health, Nora Berra, now goes to the Faculty of Medicine of Dijon in order to praise the "contract of public service," Bachelot innovation of the law of 2009.Principle: a medical student can receive, since its second year, an allowance of 1200 euros gross per month until the end of his studies. In exchange, he agrees to settle in an area lacking doctors (country or suburbs, in most cases) and to exercise for an equivalent duration.

For 2010-2011 academic year of entry into force of the device, 400 contracts were budgeted. In the end, 148 were signed. "It's a good score, given that the measure was introduced later, just before summer 2010. The momentum is there, "said Nora Berra. Volunteers are, to two-thirds of students at the beginning of course – rather than external or internal, who are already receiving compensation from the hospital. "Do not have to worry about financing their studies they can focus on their career, says the secretary of state.And often to realize that working in these areas respond to their aspirations: quality of life, group exercise, part-time in which many women aspire, and the idea of ​​being a real doctor. "Another advantage, even if not the primary objective of the scheme: "It will encourage young people from poor families to engage in a long course, so expensive."

Communication to strengthen

The success of this contract is very uneven, however: 93% of available contracts were sold in Burgundy, in Picardy 79%, 67% Limousin and central, but 10% in Britain and none in Languedoc-Roussillon. For Nora Berra, these differences are due to ignorance of the device: some regional health agencies have promoted less than others.Communication will be strengthened.

Another obstacle has been lifted: the signatories now have the certainty of being affected in their area of ​​study, and no longer will run the risk – rather theoretical – have imposed an installation at the other end of the France, except to express themselves this wish. In 2011-2012, 400 new contracts will be offered, and all subsequent years. The cost to the state peak at 29 million euros per year in 2015.

The most obvious common point between 2008 and 2011 is obviously the rout of bank shares. Monday, for example, Crédit Agricole was at a record low.

Other signals, less visible but more alarming, are pressed to bright red in recent weeks. They relate to the refinancing of banks, that is to say their ability to borrow from the market – every day, every week, every semester or ten years – according to their needs and the life of their assets. The price of these loans exploded in Europe, he returned, on average, three months, its levels of spring 2009. Money is also more rare: the U.S. money market funds, major providers of short-term liquidity, have stopped their relationships with banks in Italy and Spain, and very significantly reduced their lending in Germany and France.Finally, deposits with Central Bank (ECB) swell again (more than 150 billion euros on Friday night), indicating that financial institutions prefer to entrust their surplus rather than lend it to others.

The symptoms are largely the same as in 2008. Yet the nature of the crisis is different. Three years ago, she found its roots in the defeat of the U.S. mortgage market, the famous subprime. Today is the public debt which is the mainspring of mistrust.

Doubts about the ability of European states to repay their loans undermine the banks. Because, on the Old Continent, 8% of banking assets – 3,000 billion – are sovereign debt, the banks are in Europe, part of the monetary system.Second, markets are finding that European political institutions are so far failed to implement a concerted and lasting solution. And if the Greek plan is not working, financial institutions should make provisions massive.

In 2008, financial stocks on the stock market knew a massacre led by the bad news from the front and U payday loan lenders.S. real estate mortgage. Today, they live to the rhythm of political Europe. The rout of bank shares yesterday was fueled by the regional election defeat Angela Merkel on Sunday, the delay of Italy on its austerity plan, and tensions emerged between Athens and the IMF.

Controversy with the IMF

Under these conditions, the remedies to the crisis can not be the same as those implemented three years ago.At the time, states had largely replaced the market to provide capital to banks and liquidity on a daily basis that they lacked. Today, Treasuries no longer have necessarily the means. The needs of banks are not necessarily the same. In terms of capital first. The controversy continues to rage on the appeal of Christine Lagarde to recapitalize, if necessary by force and public funds, European banks. These have yet raised $ 414 billion of capital since 2008 (against 314 billion U.S.), recalled Monday the International Institute of Finance. "A forced recapitalization would signal that policy makers do not believe the success of their measures," complained the head of Deutsche Bank, Josef Ackermann.

Regarding liquidity, strong strains may not lead necessarily to a global asphyxia as in 2008.The valves of the central banks are now more wide open than they were at the time. And meanwhile, the banks have loosened their funding constraints in the short term. In Europe, they have raised $ 544 billion of debt this year, for up to 90% of their needs for the entire year. A situation that does not allow to exclude an "accident" in a particular bank. And leaves intact the concerns for 2012.

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.

While the ongoing wrangle with Casino in Brazil has shifted in favor of its competitor, Carrefour has released Wednesday a turnover in line with expectations. Group sales in the first half amounted to 44.6 billion euros, up 2.7% at current exchange rates (+ 2.5% at constant exchange rates) and 0.1% in comparable excluding petrol, adjusted for the calendar effect. Sales for the second quarter amounted to 22.4 billion euros, up 1.6% at current exchange rates, but down 0.2% on a comparable basis, excluding petrol and excluding the calendar effect .

While the group had mid-June, revised down its operating income to 35% in France, it now expects a decline of 23%, due "mainly to France."Lars Olofsson said that "Carrefour has set up an action plan in order to achieve the target set by the Group to grow its sales and EBIT in 2011."

Uneven performance in France

In France, the performance is mixed. Lars Olofsson deplores a "unsatisfactory performance of hypermarkets," whose sales are down 3.3% excluding petrol in the second quarter and adjusted for the calendar effect, after falling 1% in the first quarter.

However, Carrefour welcomes the performance of its stores. Carrefour Market and saw its sales grow by 1.3%. As for Carrefour Planet, "the four stores models continue to show sales growth in double digits."The group said that "the deployment of 21 new stores in the second quarter Planet is broadly in line with the plan, these new stores outperform those of our traditional hypermarkets in Spain and Belgium in particular."

Abroad, the decline continues in Western Europe (down 2.1% in the second quarter and 2.6% in the first). The activity in Belgium, however, displays a successful turnaround, with sales growth of 10.1% in hypermarkets.

Emerging markets are, in turn, still the group's activity. Latin America was up 11% at constant exchange rates, excluding petrol and adjusted for the calendar effect. In Brazil, where Carrefour battle as to marry the first retailer in the country, sales rose 10.2%.In Asia, growth remained at 5.3%, with an increase of 8.3% in China.

In exchange, Carrefour began declining after the announcement of these results. After losing 3% on opening, the title was eventually closed up 1.52% to 22.325 euros in the last trade. The CAC finished up 0.51%

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