Sundial of world news

We already knew: the end of July with the recruitment of the Argentine Javier Pastore, 42 million euros, PSG beat this year's record for the most important transfer window of the history of Ligue 1. More than 80 million euros on the table to secure the services of Kevin Gameiro, Blaise Matuidi or Mohamed Sissoko, in addition to the Argentine star.

But these numbers make you dizzy do not stop there. According to information from Parisiende this Friday, players Parisians would also take the upper hand with regard to wages. If this is the side of the Canebière found the most important emoluments (midfielder Lucho Gonzalez for 360,000 euros gross per month), 11 players received wages in the capital to more than 200,000 euros according to the daily gross , 9 against Olympique de Marseille.Among the better-off PSG, there is the Brazilian Nene, with 335,000 euros a month, the Uruguayan Diego Lugano (330 000 euros per month) and Mamadou Sakho and Mohamed Sissoko with 320,000 euros each. Marseille side, only Andre-Pierre Gignac and Alou Diarra reach 300,000 euros gross, behind Lucho Gonzalez.

Result of what the newspaper called the effect Qatar "for the first time in many years, the Paris payroll exceeds that of the OM, yet most consistent club in its results in recent seasons." Last season the two teams were still tied, with 60% of their budget going to pay their players, according to the site salairede.com.

The biggest salary in the stands

Not really surprising, when Qatar Sports Investments, the buyer in June 70% of the Parisian club is known for his ability to put their hands in the pocket.

The Financial Stability Board, responsible for coordinating global financial regulation, announced Friday on the sidelines of the G20 is a list of 29 banks deemed "systemic". In other words, they are major financial institutions worldwide, which by their size or nature of their activities, are likely to destabilize the world in case of bankruptcy.

It's a surprise, as many as four French banks are listed: BNP Paribas, Credit Agricole, Societe Generale and BPCE. Including Dexia, the Franco-Belgian bank in difficulty, the quota is the tricolor represented after the eight listed U.S. banks, JPMorgan and Wells Fargo, to Goldman Sachs. Are also four British, three Japanese, two Swiss, or an Italian bank (UniCredit) and Spain (Santander).Bank of China, finally, is the only Chinese bank to integrate this "elite" of fat.

These institutions, the list will be reviewed annually, will be subject to increased surveillance by the regulators. In particular, they will be more capitalized than their competitors. While the Basel Committee requires hard capital ratio of 7% for all banks, these institutions must show systemic 1.5 to 2.5 points of additional ratio by 2019. The exact level will be set for each speaker in 2014.

Pay the piper

This is for the authorities to break this hellish dynamic in which the banks seek to become ever larger, more complex, with no risk to it since at the end is always the taxpayer who pays the pieces.

A double crisis summit before the true summit! This is the shock treatment that Europe has inflicted over the last hour due to Greek crisis. Completely disrupting the predetermined agenda, European leaders met late Wednesday afternoon in Cannes on the eve of the official opening of the G20, to try to restore order in their home. The foundations of the euro have been greatly shaken by the surprise decision by Greek Prime Minister George Papandreou, to submit the agreement between EU leaders in Brussels on October 27, in a referendum. Called to come and explain this decision, the Greek ruler walked away from Cannes late Wednesday night.

In a press conference, Angela Merkel and Nicolas Sarkozy have shown a very high severity, both in form and substance. "We will not let destroy Europe and the euro," commented Nicolas Sarkozy.The Greeks have to say quickly and clearly if they choose or not to keep their place in the euro area. "

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A new situation is emerging in the financing of aircraft purchased by the airlines. This is a consequence of the crisis of public debt in Europe, the requirements of the new banking regulations, known as "Basel 3" and the growing importance of Asia in the economy of air transport. The challenge for French banks? Maintain their global leadership in a profession where they excel with a market share of 31%.

For several months, the pressure rises. French banks are caught between access to dollar funding more difficult and more expensive as well as compliance with the new banking criteria, which leads them to reduce the size of their balance sheets by arbitrating between their trades. Over those that involve the preservation of long-term assets in dollars, typically aircraft.Because the dollar is the currency of reference in aeronautics.

The dollar, currency of

Societe Generale announced in mid-October cut its financing by air. BNP Paribas would seek to exchange air assets against dollar assets denominated in other currencies. Markets are concerned. What would the impact of a withdrawal, even partial, of Airbus, of which 17% of deliveries were financed by French banks in the last 18 months? Indeed, everything is played on delivery. This is when the company spends between 65 and 70% of the price of the aircraft ordered several years ago and for which a timetable has been set following the first installment (5 to 10%) paid at the signing the contract.

The reform of the public can also make people happy. Steria has indeed been selected by the government to ensure the realization of information system (HRIS) in several ministries. Eventually, the system developed by IT services will allow the operator National Payroll (ONP) to ensure the payment of more than 3 million of state agents.

The contract for a period of four years, approximately $ 9 million, is part of the modernization program of the French state.The aim is thus to make available to all client departments "a single computer system and meet the shared challenges of transforming the State civil service," said Steria.

Olivier Vallet, CEO of Steria, said that this contract is "in line with the recent gain of the TMA Chorus for the modernization of budgetary aspects of the state."

The public outsource more and more private

More generally, as part of the reform of the public, the state increases the outsourcing to private faxless cash advance. Several departments regularly use the public-private partnership, recently this method of financing involving the State and communities to a private group concerned the areas of economy, technology, defense, education or further transport.

In particular, the management of part of the tracks is transferred to the private sector.In addition, the police will not be responsible to accompany the convoys exceptional. The state decided to entrust to private companies the management of transportation of wind turbines, ships and other bulky goods. The opening to competition of regional express trains could well tip the railway in the private sector. Public-private partnerships have also been established in the field of defense. The company has particular DCI took over the management of flight hours and the helicopter fleet of the School of Dax.

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"The state accelerates the outsourcing to private

The subject is no longer taboo. According to information of the German weekly Der Spiegel revealed this Sunday, German Finance Minister Wolfgang Schäuble would seriously consider bankruptcy of Athens, which could result in a departure from the country of the euro. While this information was then "denied by Germany," according to the Greek Finance Minister Evangelos Venizelos, it comes as markets are increasingly skeptical about a rescue of Greece, whose economy continues to worse. To this must be added the recent publications of economists, who now publish the "fictions" about the abandonment of the euro in Athens.

Natixis economist Patrick Artus has decrypted this scenario in an analysis published Monday.Taking into account the levels of debt, public deficits and outside Greece, he felt that Athens should depreciate its currency by 55% to balance its accounts. For now, the country will wipe a deep recession "for the next 18 months." It is characterized by a drop in growth and "a sharp decline in purchasing power" due to inflation, a consequence of the devaluation ("with a surge in import prices by about 30%" ) and monetization of public debt as the deficit persists. Similarly, the bank UBS in a note published evoked early September at a cost of 9,500 to 11,500 euros per person the first year of a release of the European currency.

A scenario "imaginable" and "sustainable"

According to Patrick Artus, this bad patch should then be completed at the end of "two or three years," with a resumption of growth.But for Europe, the bill would be salty, since leaving the euro, Greece should convert its debt in its new currency. Which would cost banks and institutional investors in the euro area some 166 billion euros, according to the devaluation held by Natixis.

An output of the euro remains of Athens "imaginable" and "sustainable", argues Patrick Artus. However, "[he] would not attempt the coup," he insists, for fear that the markets get the idea that other countries in difficulty, in turn, leave the single currency. With online focus, Italy and Spain (under perfusion of the ECB through a program to purchase obligation), the output of the euro is, this time, "not at all imaginable, "given the size of their economies.

Public expenditure or fiscal austerity?

For the economist, only a policy of renewed growth in Greece would head out of the water."We must stop this hard to Athens on the reduction of the deficit, he loses his temper. We are killing the country. Instead of giving him three years to reduce its deficit, which gives him six, and that helps companies to find the path of growth and competitiveness. "

A view shared by economist Nouriel Roubini, calling to reactivate the lever of public spending on pain of falling into a "Great Depression". Tance but Jürgen Stark, the former chief economist of the ECB, for whom "a fiscal stimulus would only increase the level of debt and would therefore only increase those risks further." Whatever decision the euro area, it will in all cases act quickly to prevent the "taboo" from turning into disasters scenarios.

The U.S. stock markets may well wake up so brutally that they fell asleep. Shortly before their opening on Tuesday, the markets were indeed approached up slightly after the day gleaned 0.34% for the Dow and 0.15% for the Nasdaq. The index futures Standard & Poor's 500 and Nasdaq 100 rose by 1.66% to 1141.90 points and 2076.50 points to 1.50%. The Dow Jones was waiting for his part in an initial advance of 1.41% to 11,000 points.

New home sales for the month of July in the United States are known to 16 hours. They are expected at 310,000 according to a consensus of analysts against 312,000 previously. This will be the only macroeconomic indicator on the agenda Tuesday.If others will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

That day, in fact, speak the chairman of the Federal Reserve, Ben Bernanke. Speculation is rife, some still hoping that it will decide a third monetary easing to support the U.S. economy. Will also be unveiled for the second estimate of U.S. GDP for the second quarter.

Banks and investment funds turbulent agitated

As for values, it will be interesting to see if the securities of the banking sector managed to recover. The meeting this Monday night has been very rough in New York, the indices have again been a roller coaster free 3-in-1 credit report.If technology stocks have bounced back, supported by investors looking for bargains, banks have suffered greatly, however. These are the titles of the financial sector that weighed most heavily on the DJIA. Bank of America has yielded 7.9% on rumors of capital increases.

News is expanded on the side of investment funds. The investment fund Cerberus and its partner Chatham Lodging Trust and have informed the United States real estate company Innkeepers Trust (Marriott franchise) they did not buy the walls of 64 of its hotels in the United States. The transaction, amounting to $ 1.1 billion, was announced in May.

The investment fund Jana Partners in New York and the pension fund Ontario Teachers Pension Plan, shareholders of the publisher McGraw-Hill, for their part, state recommend a separation of the group.The two investors, who had announced in early August have acquired a total of 5.2% of the capital, advocated in a paper presented to the authority of the U.S. equity markets (SEC) that the group split its divisions Education, Information and Media and stock index Standard & Poor's.

Finally, on the front of mergers over the world stock markets, the Committee on Foreign Investment in the United States (CFIUS) approved on Tuesday the merger of NYSE Euronext and Deutsche Börse, which should give birth to the first exchange operator world.

Shortly before opening, the U.S. stock markets were slightly higher initial approached on Monday. The index futures Standard & Poor's 500 and Nasdaq 100 advanced in effect 0.79% respectively at 1132.40 points from 0.98% to 2061 points, while the Dow Jones was also expected to rise by 0.6 % to 10,885 points.

The slight rebound, which may occur after a further sharp fall on Wall Street last Friday and in the wake of European markets focused more on Monday morning, should not be thwarted, at least in the short term, by some macroeconomic indicators whatsoever. In fact, no statistics major is expected on Monday to the United States. Only the index of manufacturing activity in the Chicago Fed is on the menu, at 14:30.

It will take until Tuesday to learn about sales figures for new homes, from 16 hours.Wednesday, the agenda will grow a bit, with durable goods orders for July and the weekly inventory of crude oil to the United States. Thursday, things become more serious with the weekly jobless claims, always eagerly awaited by investors on the lookout for any sign of weakness, or, conversely, improvement in U.S. growth.

Threats to U.S. growth

But the appointment will most certainly expected the intervention, Friday, Ben Bernanke, chairman of the Federal Reserve (Fed), some investors are hoping a third easing able to restart the engine stopped the world's largest economy.This day will be both detailed, the second estimate of U.S. gross domestic product for the second quarter, and the index of consumer confidence for August.

Markets, even if they are experiencing very high volatility, and may still show, at the same time, some caution, pending the decision of the Fed on Friday. Especially as the threats to the outlook for U.S. growth accumulates. After Morgan Stanley and Citigroup, JP Morgan Chase lowered its estimates, in turn, growth in the U.S. economy. The Bank of New York discusses risk "clearly raised" a recession, while growth prospects for the third quarter were for their slightly smaller than before.The U.S. GDP growth for the fourth calendar quarter is now expected at a rate of 1% against +2.5% previously.

Vice President Joe Biden, on an official visit to China, but probably a little appeased the spirits, reaffirming this weekend at the first creditors of the country they could rely on the strength of the U.S. Treasury.

Values ​​to follow

The uncertainty is compounded room at the international level, by the events in Libya. The fall of Colonel Qaddafi, found, became clearer Monday morning, prompting oil companies to return to the values ​​of the colors. However, perhaps more in Europe than the United States. Neither Chevron (%), or ExxonMobil (+%) are actually active in the extraction of oil in Libya. These values ​​could still respond to changes in oil prices.Oil prices retreated on Monday morning.

On the corporate side, the internet telephony group Skype also announced Sunday an agreement to acquire Me Group, a provider of mobile messaging services to targeted groups. Registered in Luxembourg, the company Skype was founded in 2003 and became the world leader in Internet telephony. She is currently being acquired by Microsoft U.S. computer group (-2.51% Friday closing).

After the storm that brought down the CAC 40 over 5%, the Paris Bourse seems unable to stay in the green Thursday. After opening up 2.96% to 3092.16 points, the CAC 40 went back down just before noon and sank below the threshold of 3000 points, already briefly reached Tuesday. Half an hour after the opening up of Wall Street, with two good indicators on employment and housing, the index slope gently went back after plunging 2.40% to 14 hours. He lowered from 0.08% to 3000.60 points to 16 hours.

In Frankfurt, the Dax is in the green at 5647 points, up 0.61%. The FTSE-100 index of London Stock Exchange plays yoyo but is also up 0.82% to 5047 points.

The concerns are far from being dissipated, particularly those relating to the slowdown in the global economy and the issue of sovereign debt on both sides of the Atlantic.Evidence of this tension, gold continues to fly record after record. The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars.

Oil prices also retreated in a market that once again expressed its concerns about future growth and energy demand. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 82.39 dollars, down 50 cents from the previous day.

Bank stocks battered

Among the values ​​of the day include banking, which have been heavily tested yesterday. The Financial Markets Authority (AMF), the stock market regulator, announced that it will monitor developments in the securities sector.Shortly before noon, BNP Paribas (-5.88% to 33.515 euros), and Credit Agricole (-1.51% to 5.981 euros) and plunged into the red after yet open on a rebound.

The title plays yoyo Societe Generale: having lost 14.74% Wednesday, it opened on a rebound of almost 9%.He dived again from 4.13% to 21.265 euros in midday before regroup after the opening of U.S. markets (-0.45% to 22.08 euros to 16 hours).

"The willingness of these attacks is to force the SG to a capital increase, which is the workhorse of some analysts and hedge funds in recent months," said an analyst based in Paris at the agency Reuters. "Their reasoning is that the group does not generate enough capital to cope with the capital ratio of over 9% in 2013." The bank, already shaken in 2008 by the Kerviel affair, only to find the investor confidence after several warnings about its results during the financial crisis.

For its part, the CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, attacked Societe Generale, "he lamented. "We have no fear about our ability to raise capital," he added. SocGen has asked the AMF to investigate the origin of the rumors that have depressed its course Wednesday.

Alcatel-Lucent takes advantage of Cisco's results

Veolia Environnement (4.61% to 10.55 euros) and STMicroelectronics (3.39% to 4.488 euros), especially titles attacked in recent days, return to the field.

In addition, EADS (1.66% to 20.24 euros), the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.

Title Alcatel-Lucent (2.11% to 2.324 euros) rose after the release of quarterly results from Cisco Systems, above the consensus of Wall Street.

L'Oreal (2.29% to 1.73 euros) benefits from the decision by Goldman Sachs, which added its list of preferred European stocks to buy ("pan-Europe conviction buy list").

Saint-Gobain (1.11% to 31.775 euros) has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.

Maurel & Prom rose 4.22% to 12.35 euros after opening up over 8%. The oil company has reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.

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Treasury bills do not suffer from degradation of the note of the United States. Instead, rates remain historically low. U.S. finances are parties to drift, but investors have long known, and such a decision undermines their confidence in the ability of the United States to meet its repayments. "On the contrary, the threat of similar actions in other states has positive points: it encourages the ECB to carry more debt buyer of European public and invites States to precipitate the budgetary consolidation measures, which will strengthen intrinsic quality of government securities, "relativize Patrick Artus, Research Director of Studies and Natixis.

In fact, it is especially risky assets, which suffer from fears of contagion cuts ratings of sovereign debt.Evidenced by the plummeting global stock indexes following the shock announcement Standard & Poor's. Over the past five trading days, the Cac 40 lost almost 8%, and the index companies were affected differently. These are "primarily growth stocks" that have suffered the most, says Patrick Artus, "since the fall of 2400 billion over ten years the U.S. deficit will cost a point of growth the first year." Over the period, it is almost 70 billion euros in market capitalization went up in smoke.The equivalent (almost) the biggest company in France, namely Total!

Veolia has collapsed and literally (almost 30%) in just five sessions, within the scope of the panic that has shaken the markets, but the fall of its course is mainly attributable to the publication last week of very disappointing results, while the group left half of the countries in which it operates payday loan lenders.

For Natixis, "convinced that U.S. growth will remain weak for some time (+1.8% in 2011 and estimated 2.1% in 2012)," the companies directly related to the U.S. economy will remain permanently affected by the stroke of Soft in the U.S..This is especially true of automotive manufacturers and suppliers (Renault, Peugeot, Michelin, etc.). And IT companies (Alcatel-Lucent, CapGemini).

However, the decline in raw materials – oil fell below 80 dollars – which led to the values ​​of the construction (Lafarge, Saint-Gobain), mining or oil (ArcelorMittal, Technip, Vallourec) down in recent sessions, "should not last," said Natixis again: "The demand for commodities does not depend on the U.S. economy, but more and more of the Chinese economy, especially investment in China whose growth is weakly linked to the U.S. cycle and will remain strong. "From that side, the markets have overreacted and clearly.

As for the bank, the reactions were very different depending on the titles, which are differently exposed to the problems of sovereign debt.Societe Generale is one that has suffered most of the bad going on equity markets (down 21.7% of its stock price), while Credit Agricole has sold 13.9%, BNP Paribas, 7, 7% and Natixis, only 2.1%. However, the European banking index, the Stoxx 600 Banks, hit late Tuesday to its lowest level in two years. But overall, the French banks face the storm better than two years ago because they have strengthened their balance sheets.

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