"The PMI data are currently consistent with a negative growth rate (of about -0.5 or -0.6%) for the third quarter," that is the beginning of a recession, worries Jack Kennedy, economist at Markit. The French government, which still formally table a growth of 1.75% in 2012, suggested Friday that it has revised downwards this goal.

The contraction in activity has particularly affected the service sector. He has recorded its sharpest fall for 27 months, 46 points, against 51.5 in September. The industry is not much better.Despite a slight improvement, she underwent her third consecutive month of decline, to 49 points against 48.2 the previous month.

"The impact of European debt crisis may be felt on the real economy," says Jack Kennedy. Markit Economics and recorded "a further decline in confidence in the services sector." "The growing uncertainty surrounding the evolution of the economy leads in fact companies to revise downward its business prospects to twelve months, the optimism of the service providers also display its lowest level since April 2009" , notes the Institute for Financial Studies.

Very little sign of hope for a quick turnaround the economy, companies have seen a decline in the volume of new business, "the highest in almost two years," notes Markit Economics.Especially in services, providers are concerned about "the largest decline in new contracts since July 2009." In industry, the decline in sales is that alarm. A trend in both export and domestic market.

Slowdown in Germany

The slowdown in activity is not only France, but also German industry. For the first time in two years, the PMI for the sector fell to 48.9 points in October, against 50.3 in September. Unlike the Hexagon, however, services are able to climb out of the area's 50 points marked a growth in sales, to 52.1 points, 49.7 points against the previous month.Overall, notes Tim Moore, economist at Markit, "uncertainty about the euro area largely explain, according to the companies, investment reports and cuts in non-essential spending."

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"The morale of the bosses down slightly in October

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%).

Like European and Asian stock markets, Wall Street is not immune to the anxiety surrounding the health of the global economy. This pessimism has been going on yesterday and pessimistic of the U.S. central bank. The Fed has held that the U.S. economic recovery was "slow" and threatened by "high risk". The central bank, in this context, announced an operation to extend the maturity of the assets it holds up to 400 billion dollars by June 2012."You can interpret this decision as the Fed's will not to launch three quantitative easing (monetary easing to boost the U.S. economy, ed) immediately, says Arnaud Poutiers, executive vice president of IG Markets.

The general concern about global growth has been reinforced by concerns about the economic situation in China. 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.

In France, the growth of private sector activity in September fell to its lowest level since the beginning of the recovery in 2009, while in Germany, the composite PMI, which includes industry and services, has emerged to 50.8, its lowest level since July 2009 against 51.3 in August.

The U.S. Treasury Secretary Timothy Geithner also said Thursday in Washington that the slow economic growth was a challenge "greater" than the debt and that the governments around the world should give priority to support growth .

On the issue of European debt disturbing fact, little progress.Greece has just announced yesterday it will launch new austerity measures to get the funding it needs Troika in October to avoid bankruptcy.

Bad news on employment front

The announcement of a rise in weekly jobless across the Atlantic is not reassuring. According to the U.S. Department of Labor, 423,000 people registered as unemployed during the week of September 10 to 17. The consensus of analysts expected 420,000 new applications for unemployment benefits.

Other important indicators, such as managers' index index advanced sprix estate, are in the program.

In this context, oil prices plunged more than 5% Thursday to open in New York, returning to their lowest levels in a month.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery traded at 81.28 dollars, down 4.64 dollars (5.4%) compared to the previous day. On the currency markets, the euro continued to sink against the dollar: the euro back below the $ 1.35 dollar to 1.3462 (-0.82%).

Values ​​to follow

On the corporate side, Bank of America (-5.02% to 6.06 dollars), Wells Fargo (-2.02% to 23.23 dollars) and Citigroup (-4.47% to 24.38 dollars) should still suffer from the deterioration of their rating by Moody's. The agency that the state may fly to their rescue.

Fedex (-10.15% to 65.14 dollars) has reported an EPS according to the consensus of $ 1.46 in the first quarter, a turnover of 10.52 billion dollars.

United Technologies (-7.16% to 69.51 dollars) will buy the equipment manufacturer Goodrich Aviation (10.06% to 120.50 dollars) to $ 16.5 billion (12.2 billion euros) cash, a transaction that would be the largest acquisition of U.S. industrial giant in 10 years.

The newspaper, which lost 32 million euros in 2010, is expected to lose at least fifteen this year. Reportedly, the group does not bend under the weight of debt. It supports about 2 million in payables. In fact, the financing of the newspaper is provided by Alexander Pugachev himself, who regularly feeds the current account of the newspaper to pay the bills.Figaro in an interview last November, he declared: "France-Soir has no bank debt … We lose about 2 million a month and every month I put money on account."

This backup procedure, if accepted by the Commercial Court of Paris, will allow the appointment of an administrator. Its role would be not to negotiate with creditors, but rather to address the structural and economic reasons that make the newspaper is in permanent deficit. France-Soir and will be until the release has not reached the 150,000 to 170,000 copies by the admission of its owner.However, at present, the paid circulation of the title revolves around 74,000, despite the relaunch of the title made in January 2011.

The cost structure

Alexander Pugachev, who has already invested 50 million euros in the title, was prepared to inject 20 million euros in 2011 to run the newspaper and energize. But today, it raises the question of the cost structure of the paper. The selling price, even back 50 to 60 cents, and low advertising revenues do not find a financial balance. The equation is complicated Alexander Pugachev. To reach 150,000 copies, the newspaper needs to invest in editorial quality and a strong distribution. But this is expensive. It might therefore seek partners to share the burden.

Jean-Michel SIX. -If, of course. And we must start by saying that in times of summer holidays, the markets, which were then much lower volumes, overreact to any new economic situation. The lower the index is up or dive in a much more important than what happens in winter.

Right now, they are rather dive …

For several months, both sides of the Atlantic, the signals on growth are not good. United States, including employment prospects are very disappointing. In fact, employment is not really left since the 2008 financial crisis.Labor mobility is limited due to the housing crisis: moving to take a new position, which is much the United States, is difficult because it becomes difficult to sell his house. As for household consumption, it is significantly weakened by the debt levels of Americans. A total of 2011 should result in a 2% growth, which is very disappointing for the U.S., where the pace of activity is generally much higher than in Europe.

Europe, precisely, is it in a perilous situation?

The problem of Europe is the growing divergence between North and South. This is something that worries the markets, which are asking what does that mean in terms of consistency of the euro area.Then, after a strong first quarter, it was believed that the air hole is the second passenger (once the effects of the earthquake in Japan absorbed and oil back to lower levels). But we realize that the sequence is also likely to be poor.

Markets can they regain composure?

It is quite possible to restore calm in September thanks to coordinated action. What happened in July is that we have simultaneously witnessed a loss of U.S. leadership, unable to break the deadlock of debt and a crisis of leadership in Europe in a context crisis on public finances. This is exactly the opposite which would have required!

So how about it?

First, we must continue the work on European Governance. This is critical. Second, the timing of implementation of the second plan is important for Greece.The European Financial Stability Fund will be endowed with significant firepower, which is to say the least-welcome, but there is some impatience markets. It is important not to drag the national parliaments to adopt the device. The political signal must come quickly. Finally, the ECB has played its role, it must continue to appear reassuring.

That's what she tried to Thursday …

The measures announced by President Trichet, in particular the resumption of purchases by the ECB on secondary markets, are extremely positive.

Investors do they always trust in the euro area?

Yes. Investor confidence, especially in emerging countries has not disappeared. She even remained strong, as evidenced by the excellent performance of the euro since the beginning of the crisis.The euro zone faces a crisis of governance, not a crisis of its currency.

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On other European financial centers, the Footsie-100 from the London Stock Exchange 0.97% to 5663.10 loose points, the DAX 30 Frankfurt Stock Exchange lost 0.83% to 6740 points. But stock markets in the South, the more destabilized the previous day to resume mid-term: 20 PSI of the Lisbon Stock Exchange will stop over as well, only 0.05%. Milan bounces more frankly about 1.15%, and Madrid, 1.59%.

Juncker meets with Italian Minister of Finance

The European sovereign debt and U.S. continue to weigh heavily on the trend.Yield spreads between bonds to ten years Spanish and Italian over German bonds widen. They stood at 402 basis points respectively (13 bps) and 386 basis points (12 bps). Italy and Spain are again under pressure from the markets fear a contagion of debt. Their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries. The Italian Finance Minister Giulio Tremonti and the leader of the euro zone, Jean-Claude Juncker, today concluded their discussion by considering that the reflection on the debt crisis was to continue "calmly."For its part, the Spanish Prime Minister Jose Luis Zapatero on Wednesday convened a meeting on "market movements".

China increasingly perplexed vis-à-vis the dollar

Investors also remain worried about the strength of U.S. growth. And, although the Senate has ratified Tuesday the plan to raise the debt ceiling. Insufficient agreement by Moody's which could lower the rating of the country. The closing down sharply on Wall Street Tuesday night also confirms the markets in their choice to continue to withdraw.

China, for its part welcomed the adoption of very hard this plan. Beijing said it would continue to limit its dependence on the dollar, whereas the U.S. has failed to defuse "the bomb of debt." The rating agency Dagong China in the wake downgraded American.Wednesday morning, Asian stock markets, with the exception of Shanghai, changing all down sharply.

Eurozone: activity in services slows further

On the macroeconomic front, the growth of activity in the services sector continued to slow in July to register their slowest pace since March 2010. The PMI index reached 54.2 against 56.1 in June.

The same goes for the euro area and for Germany: the composite index stood at 52.5 against 56.3 respectively in June and 51.1 against 53.3 in June.

For the euro area, retail sales rebounded 0.9% in June compared to May, where they had fallen by 1.3%, said Wednesday the EU statistics office Eurostat.Eurostat revised down its initial estimate for the month of May, initially announced at 1.1%.

In the U.S., investors will also pay attention to employment figures in the private sector in July (2:15 p.m.), the industrial orders in June (16 hours), the ISM services in the month July (16 hours) and weekly inventory of crude oil (16.30).

Bic flies, Societe Generale sinks

Air France-KLM: + 0.38% to 7.86 euros

The airline plans to delays or cancellations of flights, from Paris, following a strike by technicians responsible for maintenance of its aircraft.

Total: -0.64% to 36.56 euros

The oil company and its CEO Christophe de Margerie were returned to correctional late July for "active corruption" in the investigation into the UN program "Oil against food" in Saddam Hussein's Iraq from 1996 to 2003 officials said a judicial source.

Danone: + 0.01% to 49.51 euros

The dairy group has unveiled a proposed acquisition of 250 million euros in nutrition in India to expand into the Indian markets for infant nutrition and medical purposes.

Societe Generale: -6.91% to 30.26 euros

The bank chaired by Frédéric Oudéa posted net income down 31% to 747 million because of writedowns on loans Greek past.Greece forced Societe Generale has given up its goal of net profit of 6 billion euros in 2012.

Crédit Agricole: -1.53% to 7.87 euros

The bank said it had sold its commercial finance Eurofactor in Britain to GE Capital.

Suez Environnement: + 1.87% to 12.82 euros

The group specializes in water management and waste released on Wednesday a net profit down 43% to 221 million euros in the first half. Suez Environnement, however, reaffirmed its financial targets for 2011-2013.

Bic: + 4.62% to 64.34 euros

Bic raised its growth target for the division of pens, lighters and disposable razors, to "greater than 5%" against up to 5%.Instead, the group anticipates a decline of about 10% growth for its advertising and promotional products division against 5% previously.

Hermes: -2.50% to 237.50 euros

The Association for the Defence of Minority Shareholders (Adam) wonders why the saddle spends as much to buy back its own shares, whose price has reached a new record this week, said Tuesday its president Colette Neuville.

Renault: -0.06% to 35.34 euros, Peugeot: + 0.66% to 24.43 euros

American manufacturers have announced their sales figures on Tuesday night. Chrysler reported a 20% increase in sales of new cars in the U.S. in July, while Ford saw its own increase by 9%.French car values ​​rebound sharply in mid-session.

Accor: -0.80% to 28.59 euros

Accor announced the signing of the sale of catering group Lenôtre Sodexo following the favorable opinion of the works councils of both groups.

After-hours trading, Vilmorin and Cegedim must publish their annual turnover for the first and second quarters respectively.

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."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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For Louis Welsh MPs that pressure is unnecessary. "I remind you that 95% of aircraft we are producing for export," says the director in an interview with the Journal du Dimanche.From the first days of the Paris Air Show, which closes its doors Sunday night, the European aircraft manufacturer has announced an almost unexpected rain control, supported by contracts negotiated with the giant companies in emerging countries. Wednesday and Thursday, the group recorded two commands including records, first with the Indian carrier IndiGo, on 180A350, 150 Neo, then with Air Asia, with 200 A320 Neo, is the largest order in the history of civil aviation. "These emerging markets provide the" A "and represent over two-thirds of the global market. Our 730 orders and commitments demonstrate that our products meet the expectations of these new customers, "supports Louis Welsh, referring to the plebiscite met by Neo A320 aircraft during the rally.

Hunt on the lands of Boeing

Overall, therefore, the European group put on emerging countries to take advantage of an aerospace market returned to a "dynamic," says Louis Welsh. If political disagreements today Stems certain contracts, the group can always rely on its broad technological superiority to convince companies of those countries developing their flights to Europe and the United States. And ambitions of the European aircraft manufacturer does not stop there, the group wishes to continue to hunt on the lands of his rival always, Boeing.Referring to the age or obsolescence, of much of the fleet of U.S. airlines, the leader discount surf the success garnered at Le Bourget and "large needs to renew its fleet" (U.S. companies ) to increase its influence across the Atlantic.

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Especially the Europeans intend to set up an assistance program to enable Greece to avoid a default in the longer term. This time, the private sector should be involved."The ministers agreed that the additional funding required will be financed both by official and private sources," assured the European central bankers. The ministers also began to speak with one voice on such terms as this will help: they have indeed "welcomed the goal of voluntary involvement of the private sector in the form of roll-overs informal and voluntary debt Greek existing mature. " In other words, the creditors will agree to replace loans maturing by others of the same amount.

Jean-Claude Juncker, a leading finance ministers of the euro zone, said Monday he has "decided to convene a special meeting of the Eurogroup on July 3" to complete the program of aid to Greece.He also announced that members of the euro area agreed on the creation of a permanent fund for the euro area. It will have 500 million euros that will be lending to countries in the area who find themselves in difficulty.

The assistance could reach hundreds of billions of euros

So far the ministers were divided on the issue of assisting in Athens: Germany favored the idea of ​​longer maturities on debt, where Paris defended the option of "rollover" . "We agreed on the voluntary involvement of the private sector while there is a week or two options on the table," welcomed Jean-Claude Juncker.The most important thing is to convince investors that it is not part of a default of payment, liable to cause market panic and contagion to other countries in the euro area.

The amount of this aid has not been determined. Ministers have simply stated that this operation should be a contribution "substantial" in the Greek program "and avoid a default (of payment) selective" in the country. Some point to have a total of a hundred billion.

If the main principles of this new aid were recorded, details of the plan remain to be defined. The "main parameters of a new funding strategy clear" should be defined "by early July", say the ministers.The initial ambition of the ministers were, however, to "discuss the participation of private creditors," stated Jean-Claude Juncker, adding "the question is how far it can and must go."

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For several weeks, the CEO, Carlos Ghosn has promoted Carlos Tavares, current head of Nissan's operations in the Americas, to replace Patrick Pelata. However, beyond the choice of a particular person, the debate among officers, directors and major shareholders of Renault is on the group's organization and its relations with the state, according to business daily. The Elysee Palace would have more influence on the choice of industrial builder and limit the power of Carlos Ghosn in particular through the recruitment of new blood in the group.

Several tracks

Reform could take several paths.The functions currently occupied by Patrick Pelata could be divided into several posts. Another track, the future heir of Carlos Ghosn could sit on the board and receive a title of CEO. That title would have the double advantage of providing greater autonomy to the number two group in relation to number one, Carlos Ghosn, and also make a successor designated by Carlos Ghosn. But Carlos Ghosn would not consider replacing it before 2014. The question of bringing the future number two immediately to the board of directors does not seem to have the endorsement of the CEO.

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