In private, the waiting period is currently three days. But under the austerity plan, the government plans to bring it to four days, stated Valérie Pécresse and Xavier Bertrand on Tuesday. A measure subsided, according to the entourage of the Minister, by which pension arrangements are provided 70% of employees, which may reduce or eliminate this delay.

Stops short penalized more

This extra day would represent a saving of around 200 million euros.

Tax on financial transactions

Given that France is the third largest contributor to global. "ODA accounts for 10 billion euros, or nearly 10% of global ODA, while France weighs 5% of global GDP.And the 2012 budget will not be affected by lower public spending, "said Minister of Cooperation Henri de Raincourt. Welcoming the outcome of the investigation that "incites to put development at the heart of the international agenda," the minister said that the G20 Development to be held next Friday in Paris will be a first in this proceeding with three priorities: food security, infrastructure and innovative financing.

Paris has the support of Brazil and several European partners to push the proposed tax on financial transactions, despite the opposition displayed the Anglo-Saxon countries, the United States in mind. "It will take these countries explain to their publics at the same time they lower their ODA they refuse to find new financing.This is an ethical issue, "criticizes the French minister.

If aid is important to the French, they are only 55% find it effective. They are even more severe in the result on the reduction of poverty, the fight against global warming and support for economic growth. Overall 60% believe the French budget enough, young people, however, require a greater commitment.

Respondents also believe that aid should rely more on local actors: communities, civil society organizations, entrepreneurs and NGOs …. The transfer of skills and know-how is considered very important to avoid over-reliance of the States for assistance. Finally, like other years, they want more information on funded projects, their progress and results.

Moderated somewhat in early trading, the Paris market has accelerated the pace in the afternoon, reassured by the good performance of Wall Street. In session, the Dow Jones advanced 0.30% and the Nasdaq by 0.63%. The day before the New York Stock Exchange had hoisted the green flag in the home straight with any information that has filtered after the meeting of economic ministers of the European Union about a possible recapitalization of banks in Europe.The hypothesis was reinforced Wednesday when German Chancellor Angela Merkel ruled "justified" to recapitalize European banks in need, noting that his country was ready to do "if necessary".

Other European markets rose in unison. London was up 3.19%, Frankfurt was awarded 4.91%, Milan 3.94% and 4.03% Euro Stoxx 50.

Markets were also encouraged by the good employment figures in the United States. The firm ADP, which always reveals its figures a step ahead of the official statistics, said the U.S. private sector had created 91,000 jobs in September, about twice as anticipated by analysts.

But for most experts, this is a rebound "essentially technical" free business cards. In fact the concerns about the future of Greece are still present.Similarly, fears of slowing global growth or even recession are ever more brightly. The International Monetary Fund (IMF) has painted a particularly grim situation. "A global recession in 2012 can not be excluded" admitted Antonio Borges, Director IMF Europe.

Dexia regaining ground

The announcement of the degradation of three notches on the note of Italy by the rating agency Moody's has however not really affected the morale of the operators. The news was widely anticipated by the market. September 20, its rival Standard & Poor's had also downgraded Italian.

Investors have indeed benefited from the falling value of certain financial and industrial stocks in recent days to engage in purchases with it. In Paris, Societe Generale has returned 8.65%, 9.89% Credit Agricole and BNP Paribas 8.5%.Even the Franco-Belgian Dexia threatened to dismantle and had fallen by over 22% the day before a section of the movement. The stock has recovered 1.49%. This is despite a particularly harsh note from Goldman Sachs with respect to the French banking sector.

The cyclical industry and the technology were also in great shape with Cap Gemini (14.18%, largest increase in CAC 40) Saint Gobain (+9.3%), Lafarge (8.72%) and Peugeot (8.60%).

Poster of the 2011 edition of the Festival of grandfathers. DR.

As in the previous session, and in the wake of Wall Street with the Dow Jones tumbled 3% Tuesday, investors are still concerned about the specter of a global recession.And, after the ads for the less pessimistic the U.S. Federal Reserve (Fed), which held that the U.S. economic recovery was "slow" and threatened by "high risk". She decided to restart the machine, sell by the end of June 2012 for $ 400 billion of treasury bills and to purchase for the same amount with a longer maturity. But the fact that it favors measures to monetary easing, a depressed market, which sees it as a sign of impotence.

The G20 is mobilized

In addition, doubts about the economic situation in China also weigh in the balance. Manufacturing activity in the country has deteriorated in September, reaching its lowest level in two months, according to preliminary PMI bank HSBC said on Thursday.PMI Purchasing Managers calculated by HSBC in September reached 49.4 against 49.9 in August, knowing that a figure below 50 means contraction.

However, in an attempt to break the deadlock, the first twenty economies in the world rally: they have promised to respond "strong and coordinated international" to the crisis. Central banks are particularly committed to providing "the necessary liquidity" to financial institutions.

On the foreign exchange market, the euro appears in small increase compared to the U.S. dollar: it rose on Friday morning from 0.42% to 1.351 dollar. Oil prices also went up in Asia as investors sensing bargains after the significant losses suffered by the crude in recent days.Within the scope of a tumble of more than $ 5 Thursday, a barrel of "light sweet crude" for delivery in November clinching 53 cents in early electronic trading at 81.04 dollars, a barrel of Brent North Sea crude for November delivery gained 71 cents to 106.20 dollars. "Oil rises due to bargain hunting and redemptions of coverage after several sessions of decline," said Ker Chung Yang, analyst at commodity Phillip Futures in Singapore.

Based on the results of such surveys of the American Institute Gallup, the researchers sifted through the levels of well-being of 54 countries by comparing them with the "escalation" of their respective tax systems.It appears that countries with happiness displayed by the people is the highest (led the quintet Denmark, Finland, Switzerland, Belgium, and Australia in that order) are those whose levels of taxation do matter the most high vis-à-vis the highest incomes. Note that France, whose maximum tax rate fell from 48.1% to 41% over the period 2003-2010 according to a KPMG survey of the institute, for its part, is ranked the twelfth largest in terms of " happiness "overall.

Public services better

But because of the difficulty of measuring this "joie de vivre", which does not depend exclusively on the level of wealth of a population, these results are to be taken lightly.And the United States, the richest country in the world and has a maximum tax rate of 35% in 2010 to eighth carracolent barometer of well-being of Gallup, far ahead of France.

Still, according Shigehiro Oishi, the correlation between a higher tax on high incomes and "joie de vivre" is mainly due to better quality public services in the countries concerned. He cites all government expenditures for "housing, education and public transport."

Under this prism, so some argue that the will of Barack Obama to tax more millionaires will have no impact on the happiness of Americans, as this is seen against a plan to reduce the budget deficit. But gentle irony, at least one of its taxpayers would certainly his "joie de vivre 'progress: the billionaire Warren Buffett.In an article published last month in The New York Times, the head of Berkshire Hathaway investment fund argued for such a measure: "While the poorer classes and middle classes are fighting for us in Afghanistan, while most Americans are struggling to make ends meet month we mega-wealthy continue to benefit from special tax exemptions, "he complained. Not sure, however, that the unanimity of implementation within the cocoon of "mega-rich"!

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The Financial Times for its part indicated that Lou Jiwei, the chairman of China Investment Corp (CIC), accompanied by a delegation, arrived in Rome last week to meet with Finance Minister Giulio Tremonti, and officials the Cassa despositi e Prestiti.

In any case, the information had an immediate impact on equity markets and bonds. The news triggered a rapid rise of U.S. indexes, which ended the session up when they were, like all European markets, a sharp decline shortly before the information.L all the indices of world is indeed suspended at the least information related to the status of sovereign debt in the euro area. In fact, the fear of contagion shook the Greek market.

In addition, the bond market has also relaxed.Good news for countries forced to place their debt securities, especially Italy. Interest rates have soared Monday in an issuance of public debt in Italy. Rome has indeed placed a total of 11.5 billion euros of shares, including 7.5 billion of bonds a year at a rate of 4.153% against 2.959% in the previous similar exercise conducted on August 10.

"Who owns the Debts

"Germany is losing patience with Greece

"Wall Street Weathering the Storm

Fabrice Cousté – If one believes technical analysis you can go touch the low of March 2009 or even lower. The crisis we are experiencing is in fact more serious than that of three years ago because this time it is not the bankruptcy of one or more banks, but the bankruptcy of one or more States, so the problems of a different magnitude, in terms of their economic and especially political resolution.

How do you explain this precipitous drop?

As in 2008, financial markets were dislocated during the summer. There is now only a few buyers and many market players are taking advantage of any rebound to settle more positions. Also new microeconomics is no longer supported.Investors are looking more because the health of companies but only macroeconomic statistics or information. Since the summer, the flow of news, always negative, points out that the problems are structural and feeds a climate of anxiety in markets that are on the precipice. Political leaders do not seem to be aware of.

Therefore what strategy should investors adopt by the end of the year?

Some titles "refuge" as Essilor, Sanofi, L'Oreal and Air Liquide are kept in the portfolio. But volatility remains high and the risk of further correction as well.That's why I advise investors to discover the techniques to learn to hedge their portfolios with options or CFD (contract between two investors who agree to exchange the difference between the opening and Closing of support) to cushion the shock if further decline. In the panic, investors often sell too late.

The adoption of the second conditional aid package to Greece by the German Sages is not likely to reassure investors?

It is a relief. Yet it is a "Yes … but." Long as there is a "but" in the ads on the debt crisis, financial markets will continue to brood as these conditions overlap with the responsiveness needed to face an emergency no fax payday advance.They sanction the policy of "baby steps" of states and the total lack of solidarity within the euro area. Financial markets require only the words of intent but long-term certainty. What the politicians are unable to provide them because of their short maturities.

Are you worried about the euro area?

Yes I am. Of course, unlike the Anglo-Saxons, we do not feel in the euro area of ​​hatred against the European currency. Now if political leaders do not take the measure of the crisis in which we find ourselves, an explosion in the euro area is inevitable.Therefore, two scenarios are possible: either an exit of the weakest states in the euro zone as Greece and contagion Portugal, Spain see Italy or output states that do not want to pay for others such as Germany, the Netherlands and Austria.

So with these massive sales of shares, you expect a flight to government bonds when the debt crisis brewing in Europe and the United States?

This seems paradoxical, but yes. Institutional investors always prefer to put their money on assets "refuge" and especially liquids. As proof, the 10-year bonds of the United States have not suffered from the deterioration of "AAA" of the country. The run on U.S. government bonds has even caused a decline in their performance at historic levels.Same point in Germany and France or the bonds have not suffered from the debt crisis. This means that as long as fear prevails, German bonds, French and American continue to be purchased. Instead, the assets considered risky such as stocks are penalized. This situation can be reversed quickly if positive catalyst. Until that clicks, investors should follow the strategy of China continues to diversify its investments between the United States, Europe and Africa.

Of the other major European stock markets, the FTSE-100 from the London Stock Exchange gained 0.67% at end-30 Dax and the Frankfurt Stock Exchange is 1.07%.Wall Street closed Monday evening while a cautious rebound Asian stock markets advance slowly, scheduled to open on Tuesday, and more open up if we believe the index futures.

While awaiting the president's speech to the U.S. central bank, Ben Bernanke, Friday, and the publication of the second estimate of U.S. GDP in the second quarter, the same day, the markets remain nervous and are attentive to the situation in Libya where the prospect of regime change seems inevitable after 42 years of rule of Colonel Gaddafi. The wait also dominates the New York Stock Exchange opened in a small increase.

Oil prices retreat slightly

As a result, oil prices are cautious on Tuesday. a barrel of Brent North Sea crude for October delivery barrel of Brent took only 18 cents to 108.54 dollars, after losing 18 cents in early trade.In New York, a barrel of "light sweet crude" for delivery in October has opened up 66 cents to 85.06 dollars.

On the macroeconomic front, the growth in activity in France has re-accelerated slightly in August, but three months to offset the sharp slowdown that has just experienced. The manufacturing PMI rose to 53.6 points against 53.2 in July.

But, overall, the indicators of the day are at least mixed. The barometer of confidence Zew, who searches the expectations of German financial community, still has significantly declined in August for the sixth consecutive time. Private activity in euro area, it stagnated and remains at a low of nearly two years.

In the U.S., sales of new homes in July emerged declined by 0.7% in July, after falling 2.9% in June, according to figures released Tuesday by the Commerce Department.On an annual basis, the sales trend was 298,000 units, after 300 000 (revised 312000) in June. Analysts on average had forecast 310,000.

On the corporate side, while the regime of Colonel Gaddafi is expected to end, the oil is in the form: Technip wins 1.45% to 60.69 euros and total advances of 1.15% to 33.085 euros.

The CAC was increased by cyclic: Air Liquide (2.85% to 68.22 euros) signed the largest increase in the Paris index.

Schneider Electric: + 2.09% to 86.63 euros

Schneider Electric continues for the second time its tender offer in cash on all shares of Spanish Telvent at a price of 40 dollars per share.

Carrefour: + 0.62% to 18.755 euros

Carrefour announced Monday the appointment of Thierry Garnier, currently executive director of distribution group for growth markets, the Executive Director for China and Taiwan, replacing Eric Legros.

Sanofi: + 1.68% to 49.95 euros

Aventis Pharma, Indian subsidiary of Sanofi, is close to buying activities without prescription Universal Medicare, an unlisted Indian pharmaceutical company to 75.8 million euros, said on Tuesday two sources close to the situation.

Societe Generale: -0.31% to 21 euros

Societe Generale has asked the bank Rothschild to set up a liquidity contract with a budget of 170 million euros to support its action, which has lost more than 40% of its value in a month.

Are expected at the White House to 17 hours (French time) John Boehner, Republican leader of the House of Representatives, Harry Reid, the chairman of the Democratic majority in the Senate, Mitch McConnell, the leader of Republican senators and Nancy Pelosi, head of the Democratic minority in the House, all four urgently summoned by the president.

Obama too demanding

That night, the U.S. has escalated in the power struggle between elected Republicans and Democrats. Having failed to reach an agreement with Barack Obama, Republican John Boehner, slammed the door to negotiations with the president.

At issue this time, according to Boehner: will the Democratic president to push through $ 400 billion of additional tax increases. A demand unacceptable, according to Boehner, while the two sides had previously agreed to a ceiling of one trillion dollars in additional tax revenue.This Saturday, the threat of a default by August 2 of the world's largest economy has thus further increased.

Of default formally excluded

The President has convened a number of political leaders to an emergency meeting Saturday afternoon at the White House to try yet again to reach compromise. Both sides say they are confident of raising the debt ceiling (14.294 billion U.S. dollars), reached on May 16, but whether common ground had been reached on the amount of the uncapping. Barack Obama and John Boehner have ruled out a formal non-payment within 10 days.

But the talks still face the question of the amount of budget cuts and debt reduction.Republican side, John Boehner said that after the new clash, he preferred to look to the leaders of the Senate to find a "reasonable" on these issues. Which casts a big doubt about the outcome of negotiations Saturday with the president, which is called Boehner. Democratic side, Barack Obama is prepared to assume full political responsibility to raise the debt ceiling in order to unlock at least for a time, the status quo. "If that's all Congress can do, I will sign an increase in the ceiling to take us to 2013," the president said.

Obama recalled that he had proposed to the Republican's $ 1.65 trillion spending cuts various offers an "extraordinarily fair" said the president.But still not enough for John Boehner, who accuses the president's inability to take "tough decisions" on reducing public spending. Boehmer wishes to bring to the 3 trillion budget savings over 10 years.

Ds critical deadlines

The time to find common ground is critical. The readiness of Barack Obama to convene a further meeting this Saturday is a sign that the U.S. president does not want to wait until the deadline of August 2 to reach an agreement. "We have more time in front of us," he said.

Recalling that Wall Street opened Monday, the president pointed to the impact on financial markets of such uncertainty. "Americans are outraged" by the inability of Congress to act, he said.This willingness to find a solution is also shared by the Republican camp, in which counsel highlighted the urgency of an agreement by Monday. What then leave both parties ten days to write a non-redundant legislation and get it validated by Congress.

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