Sundial of world news

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).

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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The proposals "Fund Deposit" and "itching powder" are rarely associated. They are even more often seen as mutually exclusive! Yet the old lady of the Rue de Lille, as we nicknamed the public financial institution, is now ready to shake up some French capitalism. It shows at least now clearly his ideas on corporate governance, an area where it operates through its investment portfolio, worth 45 billion euros. The CDC is thus "the institutional investor of reference in France, said its Deputy General Manager, Antoine Gosset-Grainville. His votes in general meetings of shareholders have a non zero … "

During the 2011 season meetings, the Fund has participated in 238 general meetings, and 6% voted against the resolutions proposed to shareholders.His motives in a bad mood generally join those of other heralds of good governance.

Gender and salaries

The first theme is that of the organization and composition of boards of directors or supervisory board (with attention to gender), the Fund is "generally favorable to separate the functions." Second area of ​​vigilance: the compensation of officers and directors. "We are opposed to the remuneration of executives for which the variable significantly exceeds the fixed portion, and the distribution of bonus shares or stock options to a very small number of people without condition or performance," said Antoine Gosset -Grainville. Third issue: the rights of shareholders no fax pay day loan.The resolutions authorizing such massive capital increase without preferential subscription rights for existing shareholders are not, for example the taste of the Fund.

With a "score" of 6% negative votes, the CDC is far from being a shareholder "activist". But the institution wants to know that she is not inactive. With her as with other large institutional investors, "there is now a very heavy dialogue ahead of meetings to identify the risk of blockage. This is a good mode of regulation, "said Antoine Gosset-Grainville.

By the end of the year, the Fund will publish its "general principles to vote" in assembly. A text that is not a straitjacket."We have deviated in 20% of cases, such as to renew the directors in office for over twelve years, but actually brings more to the company," explains the number 2 of the Fund.

This guide does not directive for special cases, like when it comes to voting for or against a strategic move. Antoine Gosset-Grainville recalls the general philosophy of the institution, "the anti-model of some investment funds that are not as long-term horizon, or good governance to rule."

For specific cases, the CDC prefers silence his choice. But he said, as reported Challenges, for example, it has been against the division of the discounter Dia Carrefour Group, at a meeting that was one of the roughest of the season.

The NYSE was struggling to find a clear direction at the opening Friday, the day after net gains brought by the agreement reached in Europe on debt and as the market digested a series of results: the Dow Jones lost 0, 21% but the Nasdaq gained 0.25%. The Dow Jones Industrial Average gave 27.09 points to 12,697.32 points while the Nasdaq, dominated by technology, taking 6.98 points to 2841.41 points. The broader index S & P 500 fell by 0.04% (or 0.52 points) to 1343.28 points.

On Thursday, the New York Stock Exchange ended sharply higher Dow Jones gained 1.21% to 12,724.41 points, its highest closing level in over two months and the Nasdaq 0.72% to 2834.43 points .The broader index Standard & Poor's 500 rose 1.35% to 1343.80 points.

The announcement of a concrete agreement on the plan of aid to Greece, made shortly before the close of the U.S. market, has largely contributed to the surge in indices. In the U.S., investors remained optimistic despite the denial by a spokesman for the White House, press reports that a market was about to be reached with the Republican chairman of the House, John Boehner, to raise the debt ceiling. At 12 days of the deadline set by the Treasury, the Democratic leaders of the House of Representatives and the Senate have found for nearly two hours the president Barack Obama to the White House. The rating agency Standard & Poor's reiterated Thursday that there was a chance that two lower sovereign rating of the United States within three months.The downgrade could occur "possibly by early August" and could be "one or more notches," says the agency.

On the foreign exchange market, the overall relaxation of the Greek fire, which had once benefited the euro last Thursday, however, did not have a lasting impact on the European currency was stable against the dollar on Friday. At mid session on European markets, the euro was worth 1.4412 dollars, against 1.4417 dollars on Thursday night. In the wake of the announcement of the plan, the euro reached a peak Thursday at 1.4443 dollar. In terms of oil, oil prices start rising, supported by a European, but also by the announcement of the International Atomic Energy Agency (IEA), which has no plans to release a reserve again strategic.In morning trading, a barrel of "light sweet crude" took 28 cents to 99.41 dollars, after crossing at the meeting yesterday the 100 dollars. That of Brent North Sea took 23 cents to 117.74 dollars.

New round results

On the macroeconomic front, no major indicator is expected across the Atlantic. Investors should pay close attention to the results of the day. Starting with those of computer giant Microsoft has managed to achieve an increase of 23% of its annual net profit to 23.15 billion dollars, even though he suffered a slowdown in the IT market, felt by its flagship, Windows programs. The fourth quarter of fiscal shifted from Microsoft, completed June 30, exceeded expectations, with a 30% increase in net income to 5.87 billion billion.The turnover has meanwhile increased by 12% during the year to 69.94 billion dollars, including 17.37 billion dollars last quarter alone (8%). the title loses 1.93% to 25.87 dollars.

For its part, the U.S. manufacturer of AMD microprocessors without CEO since January, announced Thursday after the close of Wall Street have made a profit of $ 61 million in the second quarter against a loss of 43 million a year ago, to sales down 5%. The title takes off from 12.62% to 7.33 dollars.

Also note, the U.S. investment bank Goldman Sachs (0.07% to 135.67 dollars) has won a legal victory against the Australian investment fund Basis Yield Alpha Fund failed (BYAF) who accused him of have made a mistake in selling him a financial risk before the financial crisis.A New York judge has in fact refused to hear the complaint, citing a recent decision by the U.S. Supreme Court which ruled that U.S. laws on financial products do not apply to transactions made abroad.

The U.S. maker of memory cards Sandisk recorded 1.37 billion of revenue in the second quarter of this year, including 248.4 million dollars in net profits. Numbers higher than analysts' expectations. The title earns 7.73% to 44.82 dollars.

The pharmaceutical company Bristol-Myers Squibb (-0.32% to 29.46 dollars) announced Thursday that it has agreed "final" for the purchase of specialist treatments fibrosis Amira, a sum of up to 475 million. Under the agreement, BMS will acquire the entire share capital of Amira, which is not publicly traded, for $ 325 million in cash.Additional payments of up to $ 150 million could be made depending on the performance of the products currently developed by Amira.

The wiretapping scandal that is the empire of the waver media magnate Rupert Murdoch could seriously undermine the financial health of News Corp.. The rating agency Standard & Poor's has placed under surveillance the note of media group, currently BBB +. Investors welcomed this decision: As News Corp, which lost 4.32% yesterday even on Wall Street rebounds on Tuesday morning at the Sydney Stock Exchange, gaining 2.75% in mid-session.

Standard & Poor's is concerned about "the increased risk associated with the activities and reputation (the group) while the legal extend." The financial consequences of the scandal is already heavy for News Corp, which had to abandon his flagship project of redemption of all of the satellite channel BSkyB.And the rating agency believes that a tarnished reputation "may scare off customers or future, to lose opportunities and divert attention from the leaders." Now that reputation has been affected by "the amplification of the legal proceedings in Britain and the pressure from U.S. lawmakers for an FBI investigation," said the rating agency before turning to the resignations and the convening of several leaders for a hearing by the British Parliament on July 19.

In addition, the group management may be altered. According to Bloomberg, the Board would discuss the replacement of Rupert Murdoch as head of the group, despite the support the manager confirmed yesterday by a director, Tom Perkins.The Wall Street Journal yesterday, the CEO and founder of News Corp is considering himself to let go of the reins of his company for more than a year, giving way to Chase Carey, the current chief operating officer of group. The departure of Rupert Murdoch has also become a struggle for the collective LulzSec hackers, who hijacked last night a page of the website of Sun, directing users to a hoax article-which announced the death of the boss of News Corp.

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For the 9th consecutive year, the Great Place to Work Institute (GPTW) publishes its list of the companies in which to work in Europe. With a small change this year: the two traditional classifications of societies and more than 500 employees, has added the business called "multinational". Test required to integrate this category have been nationally ranked "business in which to work" in at least three countries.

Filed in 16 countries throughout Europe, Microsoft wins first place in the top 25 multinational companies. The U.S. computer giant is closely followed by two compatriots: the biotechnology company Amgen (Applied Molecular Genetics) and the food group Mars.

If we consider the G8 countries (Germany, Canada, United States, France, Italy, Japan, UK and Russia), high-growth countries (Brazil, India and China) and those on the very edge Canvas (Sweden, South Korea), this share rises to 3 low rates payday advance.4%. In these thirteen countries, says McKinsey, the Internet industry creates 2.6 jobs for every job destroyed. From 2004 to 2009, digital has contributed to 11% of the growth of these countries.

While the Director General of the International Monetary Fund, Dominique Strauss-Kahn, was charged with attempted rape and arrested in the U.S. yesterday as investors worried about the turn that will take the debt crisis in the euro area, especially in Greece. The indictment of Dominique Strauss-Kahn ally of Prime Minister of Greece George Papandreou, arrived in effect at the worst time for Athens. The IMF chief would have had to go in Berlin on Sunday and meet Angela Merkel to discuss a possible new aid to Greece, who won the spring of 2010 using a 110 billion euros, 30 billion from the IMF.This meeting was to take place on the eve of a meeting of the Eurogroup, the Monday night and Tuesday in Brussels, with the main discussions at the agenda of the financial problems that resurface Greece for several days and plaguing the markets, concerned about the risks of bankruptcy of Greece, and the possible contagion to other countries of the euro area.

The IMF will be well represented at the meeting of the Eurogroup, the deputy general manager of operations, Nemat Shafik, who was missionnée to attend. But analysts say the IMF's support to Greece is not as steadfast as Dominique Strauss-Kahn took the reins of the institution.Thus, Eswar Prasad, an analyst at the Brookings Institution told the antenna Bloomberg: "The assumption was that as Dominique Strauss-Kahn remained at the head of the IMF, the institution has not dropped in Europe and continue to support the continent. But the departure of Dominique Strauss-Kahn casts doubt on the intentions of the IMF payday advance. "

The IMF board will meet on Monday

Immediate consequence of these doubts, the euro was down Monday morning on the currency markets in Asia. The euro bought 1.4056 dollars in Tokyo Monday morning, 1.4108 against the dollar in New York Friday night. Against the yen, the European currency eased to 113.61 yen against 113.99 yen. "For a few days at least, the market will fear a paralysis of leadership at the IMF.The euro is the currency will suffer the most since the IMF is active or in process of being implemented in three countries in the eurozone, "said an analyst.

For its part, the IMF has tried to be reassuring, saying yesterday that he remained "fully functional and operational," after stating that John Lipsky, IMF number two, will the Interim Director General of the institution the time required. The institution must meet its board of directors on Monday to decide the fate of its president at its head.Originally scheduled yesterday the appointment was postponed, the council waiting for new developments to make its decision in this situation that observers deemed "not simple".

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Cap the accumulated social minimum, establish hours of general utility to the beneficiaries of RSA, increase eligibility for foreigners … the proposals of the European Affairs Minister Laurent Wauquiez, stated on Sunday RMC and BFM TV, raised an outcry among the left and associations.

How does the RSA?

Created in 2009 by Martin Hirsch, then High Commissioner for Active Solidarity, the Revenu de solidarité active (RSA) is divided between an amount of "base" (466.99 euros this year), paid to a person who does not work and the "RSA activity" that complements a low wage. Its amount decreases gradually as the wage increases.

A recipient of the RSA is required to follow the actions of insertion and can not refuse more than two reasonable offers of employment as defined in the custom project.In 2010, 1.8 million people have benefited from the RSA.

What is the maximum amount currently received by a beneficiary?

There is no ceiling to the total tested benefits enshrined in law. But in fact, adding the main aid, some stand out maximum amounts. Thus, by combining the RSA and housing assistance (which varies depending on the rent and the circumstances of the person and can reach 298 euros per month), a single person without children can receive up to 709 euros per month. A couple whose members are inactive can, in turn, affect up to 945 euros per month. This is indeed a sum greater than 75% of net monthly minimum wage (804 euros), which is the maximum threshold of accumulated social minima proposed by Laurent Wauquiez.

But the people receiving the minimum wage have also, entitled to aid, such as housing allowance and a bonus for the job.A couple where one spouse earns the minimum wage can have an income of up to 1400 euros. Is a notable difference from a couple idle up to around 450 euros.

For pensioners, the situation is different: "It is possible that the minimum pension recipients who receive housing assistance affect maximum the same as a couple where one spouse works, says William Allegre, an economist at the OFCE specializes in social policy. At age 65, the problem of work incentives do not arise. The objective is to ensure that society older standard of living above poverty line ".

For these benefits, there are the "rights", very difficult to estimate, which are voluntary aid paid by local authorities.They cover areas as diverse as school meals, transport and access to sports facilities such as swimming.

Where is France?

For fifty years, the share of social benefits in French disposable income has jumped from 16.3% in 1960 to 30.8% in 2009, according to figures from INSEE. However, France is today the average of OECD countries: the main social assistance account for 59% of average earnings. By comparison, they reach 104% in Denmark, 84% Japan 83% in Ireland, Sweden 81% or 63% in Germany.

What would be the consequence of a ceiling on minimum social benefits?

The Minister of European Affairs would "cap the aggregate of all the social minimum to 75% of minimum wage, no more." "Talking cap is like trying to reduce aid," said Guillaume Allègre.But with a current unemployment rate to 9% this financial incentive would be ineffective, according to the Economist: "It would only ensure that the poor are poorer."

View shared by Christopher Noel, a lawyer specializing in labor law: "We know that in most cases, the problem is not economic but personal criteria: they are, for example, women with three or four children, of disabled or people with illnesses. A cap will change nothing but stigmatize the problem part of the population. "

Establish hours of general utility is it realistic?

In consideration of the RSA, Laurent Wauquiez proposes to introduce five hours weekly of general utility. "This is a proposal that raised more questions than it answers, answers Guillaume Allègre. It should create public jobs to oversee this work.In addition, follow a million people could create many administrative problems. " For the economist, between transport costs, any meal vouchers, travel difficulties for people with health problems and management costs, the proposal could be more costly than what it reported.

Master Christopher Noel also fears that the measure is ineffective: a mother or a person with a health problem will always be so difficult to get to work. "If people refuse, is that they remove their social minimum? In this case, is what it will create another minimum, even lower? Guillaume Allègre also questioned.Finally, what activities will be considered public utilities? And why not create public jobs for them? "

Finally, the proposal is largely "symbolic," concludes Guillaume Allegre: "Making lives more difficult for economically inactive people who work are more satisfied."

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After the death of Osama bin Laden, U.S. markets have opened higher on Monday. But the optimism did not last. After booting up 0.48% at 12,872 points, the Dow Jones has returned to equilibrium about 18.30 (-0.02% to 12,839 points), the Standard & Poor's 500 and Nasdaq 100 lost respectively 0, 13% to 1362 points and 0.31% to 2865 points.

The NYSE had ended up slightly vendredi.Sur the entire last week, the Dow Jones gained 2.43%, sailing now at its highest level since May 2008. The Standard & Poor's has made 1.96%, climbing to a new level since June 2008, and the Nasdaq experiencing the highest since December 2000, after rising 1.89% on the week. U.S. indices have been propelled by the quarterly results of companies.Indeed 73% of companies have released better than expected results for the first three months of the year.

On all major exchanges in Asia and Europe, the reaction was positive on Monday after announcing the death of bin Laden. But the effect was short-lived.

Dollar up, oil down

And on the foreign exchange market, the dollar climbed against major currencies. Around 15:30 European currency resumed, however the height against the greenback.: The euro bought 1.4849 dollars against 1.4808 dollars on Friday night. The death of public enemy number one U.S. pushes investors to buy the greenback, especially low in recent weeks because of the decision of the U.S. central bank (Fed) maintain unchanged its policy of very low rates.

Similarly, oil prices, affected by the surge in the greenback, declined Monday.A barrel of light sweet crude for June delivery lost 57 cents to U.S. $ 113.236. Precious metals lose ground again this afternoon, even if less than this morning. The ounce of gold fell to 1546 dollars this morning against a previous record of 1575.79 dollars. It is from 1555 dollars to 15.30.

On the macroeconomic front, construction spending gained momentum in the United States, knowing their strongest growth in 11 months, 1.4%, according to data released Monday by the Commerce Department. In contrast, growth of manufacturing activity slowed for the second consecutive month in April, but less than expected, according to the index of industrial purchasing managers released Monday. This index, calculated by the Institute for Supply Management (ISM), stood at 60.4 in April after already slowed to 61 instant payday loan.2 in March, against 61.4 in February.The 72 analysts and economists surveyed by Reuters had forecast an index to 60.0.

Macroeconomic agenda of the rest of the week is particularly busy overseas. The program included investors such as U.S. industrial orders (Tuesday), the PMI service on both sides of the Atlantic (Wednesday), quarterly productivity in the U.S. (Thursday). But the main highlight of the week on the macroeconomic level in the United States is expected Friday with the traditional monthly report on U.S. employment.

Apple on their toes

The side of values, PPR announced on Monday the launch of a friendly takeover of the American Volcom (23.92% to 24.45 dollars) (clothing and accessories for skateboarding), enhanced 516, 1 million euros, which, according to him, "a milestone" for the constitution of his pole "Sports and Lifestyle."The essence of sport and lifestyle center is formed by Puma, majority owned by PPR, which was completed in 2010 a turnover of 2.7 billion euros (+10.6%) and operating profit to 337.8 million euros, up 12.7%.

Always on the side of values, Apple (-0.36% to 348.88 dollars) might react to the announcement of Time which will offer a free edition of its magazine for iPad his paper subscribers, according to the Wall Street Journal.

On its side the oil giant Chevron (-0.70% to 108.67 dollars) has also announced after the close of Wall Street have made a profit in the first quarter of $ 6.2 billion against 4.6 billion a year past. Daily production rose to 2.76 million barrels per day against 2.78 million last year.Chevron also announced the construction of a new manufacturing lubricants in Mississippi to $ 1.4 billion.

For his part, Du Pont De Nemours (-0.25% to 56.65 dollars) has increased the amount of its bid for Danisco to 700 Danish kroner kroner against 665 previously.

Also note, the Wall Street Journal, Facebook's growth is higher than the forecasts made several months ago, the group is about to exceed two billion dollars of gross operating profit (EBITDA) in 2011. Still according to the Wall Street Journal, the benefits of Facebook now increase rapidly enough to justify a valuation of $ 100 billion or more from the perspective of an IPO. Facebook should be placed on the market by early next year.