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Despite the strong rebound on Wall Street Tuesday, Asian stock markets are unable to confirm their good performance yesterday morning. Including the Nikkei Stock Exchange Tokyo loose 1.07% to 8639.61 points, after opening up 0.78%.

Moody's has in fact degraded by one notch (to Aa3) Note the long-term debt of Japan due to the massive debt the country, aggravated by the earthquake of March 11. In the process, the U.S. rating agency also lowered the rating of a crazn debt of large Japanese banks (Mizuho Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking).Mizuho lost 0.89% to 111 yen in Tokyo Stock Exchange, Mitsubishi UFJ Financial loose 3.21% to 331 yen and Sumitomo was down 1.67% to 2172 yen.

Tokyo takes steps against the high cost of yen

While the yen regained some ground against the euro (110.52 yen per euro) and was stable against the dollar (76.70 yen to the dollar), the Japanese government also announced a series of measures exceptional to help companies: including facilities will be granted to them by creating a special fund of 100 billion dollars taken on the foreign exchange reserves to encourage them to invest abroad guaranteed approval cash loans.

Despite this, the export value, including automobile manufacturers, continued to decline in stock: Honda lost 2.28% to 2,311 yen and Toyota gave up 2.02% to 2707 points.

Chinese financial markets, the Hang Seng lost 0.81% to 19.714.50 points while the CSI 300 gained 0.35% to 2830.83 points.

As for other Asian financial centers, the trend is also mixed: the Taiwan TAIEX was down 0.11% at 7541.80 points, the Kospi Index in Seoul lost 0.61% to 1765.78 points and the FTSE Straits Times of Singapore gives 0.48% to 2752.01 points. However, the BSE Sensex 30 Bombay is stable at 16,502.90 points and the S & P / ASX 200 advance 0.23% to 4182.80 points.

Oil prices rise

Oil prices were up Wednesday morning during electronic trading in Asia, with Brent who was close to 110 dollars a barrel because of uncertainty about the situation in Libya. In morning trading, a barrel of Brent North Sea crude for October delivery gained 50 cents to 109.81 dollars. A barrel of "light sweet crude" for delivery in October was appreciating by 18 cents to 85.61 dollars.

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The Paris Bourse was hesitant at first. On Monday, the CAC 40 index opened down 0.85% below 3000 points. But the trend was quickly reversed. The benchmark index in Paris and flew from 1.46% to 3061.08 points in mid-session. 3000 points will retain the objective of the day. This threshold, which had escaped during the meeting with investors last week, was saved at Friday. This did not prevent the CAC 40 to close the day on a sharp drop of 1.92% and losing in five days almost 7%.

Furthermore, volatility is also important. In London, the FTSE-100 index, which started on a decline of 0.82%, now earns a 1.35%. Same movement for the Dax in Frankfurt bouncing 0.10% mid-term after losing more than 1% in the morning.

These policy changes reflect the concerns of investors about the state of the global economy.The United States also focused all fears with the publication of indicators increasingly mixed. This weekend, President Barack Obama admitted that his country was experiencing "a difficult, frightening recession." This should not reassure. He also accused the Congress to halt the reforms he wants to put in place to revive the economy. For his part, Vice President Joe Biden tried to reassure global stock markets and especially the Chinese, the first creditor of Americans saying the country would "never" by default.

Side the euro area, the problems of sovereign debt persist. As the political stalemate. Sunday, the German government has stepped up interventions in the media to reaffirm its opposition to European obligations, yet solution desired by the markets."The Eurobonds are quite the wrong response to the crisis of the moment. They would lead us to a union of debt and not a union of stability, "said Chancellor Angela Merkel who judges the cost of this mechanism is too high for the economy of his country.

Libya move

As in Asia this morning, so caution prevails, especially since no major indicator is in the program. Germany has lowered its forecast of budget deficit to 1.5% of Gross Domestic Product (GDP) in 2011, in a monthly report of the Ministry of Finance released Monday.

Growth is slowing for the fourth consecutive quarter in rich countries, that appears to + 0.2% from April to June compared to the previous three months, according to the Organization for Economic Cooperation and Development (OECD)."The gross domestic product (GDP) in the OECD area slowed to 0.2% in the second quarter of 2011, against 0.3% last quarter," said the organization in a statement Monday.

But investors expect a battery of statistics in the rest of the week including the manufacturing PMI for the euro area (Tuesday), the German IFO index (Wednesday), the weekly jobless claims in the U.S. (Thursday). Wednesday will be marked in France by the presentation of new conservation measures for the country to retain investor confidence and the "triple A".

Friday will be the busiest day with the second reading of U.S. GDP in the second quarter and the index of consumer sentiment.Another highlight of the week: the president's speech to the U.S. Federal Reserve Ben Bernanke, scheduled for Friday.

As for currencies, the euro rose slightly against the greenback. The single currency is worth 1.4419 dollars this morning. Oil markets, traders are watching to Libya where the rebels have entered in Tripoli. If pro-Gaddafi still resisting in the capital, rebel fighters have reached the Green Square, symbol of the regime. The fate of Colonel Gaddafi and therefore the oil-producing country seems uncertain. Seif al-Islam, presented in the past as the future successor of his father, was arrested.In morning trading, a barrel of "light sweet crude" for delivery in September gained 0.84% ​​to 82.95 dollars while that of Brent North Sea crude for October delivery of the territory ceded.

Values ​​to follow

Banking

The AMF may decide Friday, after the close of European stock exchanges, to renew its ban on short selling on financial stocks, but this time for three months. The sector also bounced unevenly on Monday after sharp declines last week, Credit Agricole gained 2.76% this morning before falling back slightly in mid-session (-0.29% to 6.10 euros).BNP Paribas gained 0.95% to 33.06 euros, however Natixis crumbles from 0.76% to 2.86 euros, and Axa, from 0.34% to 10.24 euros.

For his part, Frédéric Oudéa, CEO of Societe Generale (1.34% to 21.15 euros), said Sunday that the nervousness that penalizes banks Scholarships could last "at least until early November."

Paris airport: + 0.73% to 54.17 euros

ADP has registered a record passenger traffic in July, with 8.9 million passengers, an increase of 4.6% over the same period in 2010.

France Telecom (1.04% to 12.68 euros), Vivendi (0.69% to 15.39 euros), Bouygues (0.97% to 21.92 euros) Iliad (1.39% to 80.70 euros)

Some operators are preparing for the end of unlimited Internet access in homes for some clients.

Total: + 3.36% to 33.065 euros

Leading the CAC40, the title has hopes of a quick change of regime in Libya that would allow a reopening of the country's oil installations.

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Coq sportif gradually reinvesting its native lands of the Dawn, capitalizing on its image Franco-French. The sports equipment was reinstalled last year in Romilly-sur-Seine near Troyes – a few miles from Sodimedical, society in turn threatened to relocate – in the industrial cradle he was born there one hundred thirty years.

If production is largely carried out in Portugal, the group is established with the help of the town hall, a center of development of its textile lines in September 2010. "In this economy, every job is important!" Notes Eric Vuillemin, mayor of the town, who was involved up to 700,000 euros for the renovation of the site.Models of the brand are now developed, and to do that, fifteen jobs were created.

Flexibility

Like Rossignol, another French brand of sport with relocated, the move comes as part of the recovery of the group in trouble after its acquisition by Adidas in the 70's. 22 years after leaving France, the new owner of Adidas in 2005, the Swiss investment fund Aires, has chosen to focus its strategy on the high end and quality French.

By refusing to subcontract as the creation of other brands and product development, Adidas claims to have improved in quality and uniqueness guaranteed payday loans. "We control our now in-house research and development, what sets us apart from the competition," it is argued.Like many companies that have relocated, the brand is also pleased to have shortened the production time and thus become more flexible.

Fifteen new jobs created

Two advantages that should further strengthen next year. Because the group now plans to relocate for the first time a production unit in France, always in Romilly-sur-Seine. The new plant, expected to be operational in early 2012, will produce the high quality collections of the brand. Fifteen new jobs will be created.

This repositioning has been paying more. Profitable since 2009, the brand registered in 2010 a turnover of 89.8 million euros, up 8% over the previous year.While Adidas is still a small player in the sports equipment, compared to giants Nike, Adidas and Puma, Airesis stresses that its market share in footwear in France is increasing from 6% to 9% last year .

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The damage is limited. After the first weekend after the degradation of the sovereign rating of the United States by Standard's and Poor's, the world was afraid to wake up on Monday on a stock market crash. Certainly, Asian stock markets, first to start the week and give the trend, showing all this morning a marked decline of more than 2%. But the risk of a crash seems for the moment excluded.

In Tokyo, after opening down 1.40%, the Nikkei 225 for blue chips ended down 2.18% to 9097.56 points.La statement last night, the Japanese Minister of Finance Yoshihiko Noda, who has maintained confidence in the U.S. Treasury, was not enough to allay the concerns of investors. The Minister emphasized the mobilization of the European central bankers, a sign of awareness on the efforts to be undertaken.

More than 48 hours after the announcement that shook the world's largest economy, Asian investors have been partially sensitive to the political mobilization of the weekend, both of European leaders, who called for the adoption by the end of September the bailout of Greece on 21 July. But also that of the ECB, on Sunday night discussed a possible acquisition of Italian and Spanish debt, and the White House, which yesterday called for unity among Democrats and Republicans.

The yen is rebounding

Still, if the announcement of the degradation of the United States was somewhat expected in Asia, the timing chosen by Standard & Poor's has caught the markets, even after a weekend of reflection, continuing their descent into hell.In this context of concern about the state of European and American finance, the yen has tended to take some strength vis-à-vis the dollar and euro saving account payday loan. Around 4 o'clock, Paris time, the dollar was worth around 78.05 yen and the euro hovered on the other hand around 111.90 yen, the two displayed small decline vis-à-vis the Japanese currency. A phenomenon still unfavorable export values.

Other major Asian markets show a stronger decline in Tokyo. China, which was very critical this weekend against the failure of U.S. lawmakers to find a long-term solution to their debt problems, the tooth was also harder on the markets: the Hang Seng Hong Kong picks up 4.12% on Monday morning at 20,082.80 points while the Chinese CSI 300 lost 3.51% to 2795.64 points.Beijing is by far the largest holder of U.S. debt in the world with 1.16 trillion dollars of U.S. Treasury bills in the drawers.

Elsewhere in Asia, all places show a sharp decline. The KRX South Korean loose 3.45% to 7581.86 points, while the S & P / ASX 200 Australian loses 2.14% to 4017.60 points. A Bonbay, the BSE Sensex was down 2.60% to 16,855.60 points. Finally in Singapore, the FTSE Straits shows the largest decline (-4.14%) to 2870.92 points.

Oil continues to tumble

Moreover, in this context very uncertain about the strength of economic recovery, oil prices continued their steep decline on Monday morning in electronic trading in Asia. A barrel of "light sweet crude" for September delivery lost 2.59 dollars to 84.29 dollars.That of Brent North Sea crude for September delivery fell by 2.48 dollars to 106.89 dollars.

At the same time, gold has gone through the roof of 1700 dollars to 1704 dollars an ounce on the market in Hong Kong.

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In this July 14, time is not at the party to the Paris Bourse. While markets were able to recover, both in Europe and the United States, the problems of sovereign debt are the plunge again. The CAC 40, which started on a steep decline of 1.05% to 3754.57 points, stagnating at this level. At mid-session, it loses 1.21% to 3747.23 points. Same movement in the rest of Europe: the London Stock Exchange was down 1.07% to 5843.50 points and the DAX index of the Frankfurt Stock Exchange lost 0.89% to 7203.33 points.

Last night, the rating agency Moody's has attacked the United States. She threatens to lose its triple A country in the coming weeks if Congress fails to reach an agreement to raise the ceiling on the national debt. Failing such agreement, the U.S. could miss some payments on government bonds in circulation, she says.Moody's became the first of the three major rating agencies to place the note under review with the U.S. risk of a downgrade. Before that, the Fed chairman Ben Bernanke had been very concerned about. He reiterated Wednesday that "a failure of the United States on its debts, or its commitments to its own citizens, would create a major crisis."

This warning shot accentuates Moody's concerns over debt problems in Europe. Last night also, Fitch downgraded the sovereign rating three notches to Greece, CCC, B + cons before, dangerously close to the category of issuers insolvent. The euro zone continued for its part to be divided on the question of a possible failure of Greece, which should ultimately be decided next week at a summit of heads of state and gouvernemnet the 17 countries of the euro.

Proof of the strong market stress, Italy on Thursday issued nearly 3 billion euros of bonds maturing in 2016 and 2026 interest rates have reached record levels (4.93% for securities due 2016 and 5.90% for those maturing in 2026).

Inflation has stabilized in the euro area

In this turbulent macroeconomic environment, the indicators of the day should not influence investors. Inflation remained stable in June in the euro area to 2.7% year on year, as in May, said Thursday the EU statistics office Eurostat confirmed its preliminary estimate. Overseas are expected retail sales, the weekly jobless claims and business inventories.

On the currency side, the euro gained ground against a dollar under pressure after a warning from the rating agency Moody's. The single European currency is worth 1.4224 dollars against 1.4153 dollars last night.Oil prices are without direction, a barrel of "light sweet crude" for delivery in August lost a cent to 98.04 dollars while that of Brent North Sea crude for delivery the same takes 14 cents to 118.92 dollars.

Values ​​to follow

Banking

Degradation of Greece and the threat to the United States stirred sector. Societe Generale (-2.35% to 35.14 euros), Credit Agricole (-2.20% to 8.76 euros), Natixis (-2.02% to 3.20 euros), AXA (-1.53 % to 13.80 euros) and BNP Paribas (-1.51% to 45.81 euros) are all in dark red.

Stallergènes: 2.73% to 53 euros

The laboratory has revised upward Wednesday its annual target of revenue after a first half marked by a growth of 10% despite a disturbed environment.

BioAlliance Pharma: 1.68% to 5.45 euros

The group announced Wednesday that two of its drugs in development each had entered a new phase with the regulator allowing the biotechnology company to confirm the schedule announced for these two products.

Air France: -1.39% to 9.45 euros

Two minority unions of pilots, SPAF and Alter, called for a strike from 29 July to 1 August to express their disagreement with the draft "bases province" of the company.

Lafarge: 0.25% to 39.73 euros

The group announced Thursday a plan for disposal of plaster activities in Europe and South America for 1 billion euros.Lafarge says is in exclusive talks with the group Etex, based in Belgium.

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Nicolas Sarkozy will spend a studious summer. A few months ago, he has charge of informal working groups on topics floor (education, territories and sustainable development, economy and taxation, sovereign issues, social and health) that make up the backbone of the UMP candidate in the election présidentelle 2012 – himself, most likely!

These groups of experts (government officials, economists …) come after the first step. Each placed under the supervision of a consultant or former consultant of the Elysee, they will submit their ideas before the summer break with Bruno Le Maire. Which will compile and groom work for what will happen to the presidential draft.The group "economy and taxation", under the leadership of the Economic Adviser to the Head of State, Emmanuel Moulin (and involving senior officials and former de Bercy or the Elysée – Vincent Chriqui Centre for Strategic Analysis , Nicolas Calcoen today at Amundi, Bernard Delpit to the post office, etc..), has completed its proposals. These, contained in a document 54 pages – a note and fact sheets – which has acquired Le Figaro, were particularly aims to make France "a land of output and growth."

What remains for now a discussion paper accepts some ideas: no increase in the tax burden, tax system more "tailored" to strengthen the competitiveness of the country and a crop of some mechanisms that have resulted in "abuse during the crisis. "To address these three issues, which could form the basis of the discourse on tax policy – and should be "accompanied by a clear discourse on respect for the path of public finances set after the crisis" – the group work presents a series of proposals.

To put the economy at the service of production, experts recommend a reduction in social contributions on labor, with a device resembling a social VAT. The prospective candidate will be "persist on rigorous economic solution, but unattractive in view of lower employer contributions and VAT hike" or "dress reform a measure of purchasing power" by lowering premiums weighing on employees – an option that would nevertheless "a risk of inflation due to wage claims low fee pay day loans."

Minimum Tax

The increase in VAT will it take several forms: a general increase in the rate of 5 points, "the simplest measure to the highest yield" and / or establishing an intermediate rate, 8% example, to submit to all goods and services today at the reduced rate of 5.5%. The document also discusses the creation of a higher rate for some luxury goods (high-end cars, some jewelry, horses, tobacco, etc.).. The measure "would be symbolic for many French and would develop a discourse on tax justice," it said. It would also have the advantage of being "tax on land still largely untapped by the current government."

On the front of a tax document refers to "measures of fairness" and "a contribution of all": the introduction of a minimum tax and / or arrow (which would allow taxpayers to "decide the allocation of a fraction of the tax "), measures antidélocalisations, a balance between large and small companies corporation tax, etc.. Dismissing any "big night" on tax loopholes, the task force recommends, however, to continue the grooming started by the government.

Incidentally, the document provides a trial incompetence of the left and list the arguments to counter the key measures of the economic program of socialism.Experts speak out against the merger including the income tax with the CSG, "contrary to our values ​​and irresponsible," and against the withholding.

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The emerging markets are facing a "problem-rich" fight against the overheating of their economies – from 6 to 7% last year – when developed countries are seeking to boost their low growth. "Their macroeconomic management faces a dilemma: keep inflation that accompanies this growth through restrictive monetary and fiscal policies, knowing that increases in interest rates contribute to the massive influx of capital," says chief economist of Coface, Yves Zlotowski. Some countries are better equipped, such as Brazil, the driving force of the South American continent and one of the first to respond, noting early on interest rates and imposing taxes on capital inflows.

Dilma Rousseff, Lula's successor as president, also began to impose fiscal restraint.If the funds continue to flow, growth has slowed down somewhat in the first quarter to 4.2% against 7.5% previously. "Brazil is a highly diversified economy in its exports, with an internal market dynamics. Above all, the country has lead the last ten years important structural reforms, "adds the analyst.

"Institutional delay"

Conversely, the credit insurer is more concerned about the neighbor Argentina, faced with high inflation of 23%, where the industry is operating at full capacity, supported by consumption and fiscal and monetary policy very accommodative personal loans for people with bad credit. Overheating is very important in part masked by a current account surplus driven by exports of soybeans in China. But the landing is likely to be brutal crash.

In Asia, the weakest link is located in Vietnam, with a very open economy model of development with Chinese characteristics, based on the investment, mainly Asian. Iran is benefiting from rising costs in China, resulting in even relocation. This generated a huge credit bubble, whose share in GDP increased in ten years from 30 to 120%. The difference is that it does not have the same cash reserves that China and he is obliged to regularly devalue its currency, the dong. "There is a real institutional delay, the risk is, in a skid, discourage investment, which finance the huge current account deficit," Yves Zlotowski analysis.

However, the restrictions put in place gradually in the large emerging economies – China, India, Turkey, Brazil – should provide a soft landing.The challenge is to develop real consumer markets that go through a reduction in inequalities and a growing middle class and to provide for future growth in developed countries.

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The stock markets in the Asia-Pacific begins this week in the gloom. The Tokyo Stock Exchange declined since the beginning of the session on Monday: around 7 am, the Nikkei folds of 0.54% to 9625.99 points. In China, the Hong Kong Hang Seng drops 0.66% to 22,025.30 points but the CSI Shanghai is 0.38% to 3038.89 points. In South Korea, the KRX yield 0.60% while in Sydney the S & P / ASX retrograde more frankly about 1.02% to 4462.10 points.

Bank stocks crippling trend. HSBC Holdings 1.51% of trips in Hong Kong, Mizuho Financial and Sumitomo Mitsui Financial Group lost 1.6%, respectively, and 1% at the meeting in Tokyo. Commonwealth Bank of Australia loose it, 0.85%.

The mood is worsened by the U.S. markets, which fell sharply on Friday night. The indexes fell to new technology very important. Greece still worried but the situation in the United States also remains fragile.Side values, the technology sector pulled down the indices including Oracle, which fell 4.06% against a backdrop of disappointing results. So, in Asia, the sector is shunned: Sony Japan lost 1.6%, for example.

Oil companies are also suffering: Japan Petroleum sells and 2.23%, the Australian group Santos yields 2.26% and PetroChina, 0.2%. Oil prices continue to fall on Monday, given the recurring concerns about the solvency of Greece and after the announcement of the International Atomic Energy Agency (IEA) to dip into its strategic reserves. This has brought down the barrel of 7.7% in two sessions. In morning trading, a barrel of "light sweet crude" for August delivery lost 65 cents to 90.51 dollars. That of Brent North Sea crude for August delivery yielded 67 cents to 104.45 dollars.

The AG Tepco looks hectic

Note also that the operator of the nuclear power plant in Fukushima, Tokyo Electric Power (TEPCO: 4.22% to 321 yen), meets Tuesday its shareholders at a general meeting expected under high tension.

The share value of the power company has shrunk about 85% since the accident on March 11, caused by a giant tsunami, which resulted in the emission of radiation into the atmosphere, sea and the soil surrounding the plant located 220 km northeast of Tokyo.

Units of riot police plan to deploy around the large hotel which will host the debate, due to events expected from residents of the prefecture of Fukushima and anti-nuclear activists.

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The Italian luxury brand, Prada is the first of his country to its IPO on the Hong Kong. On his first day of trading, securities were up 0.25% in early trading to 39.60 Hong Kong dollars (3.56 euros), against an introductory course in 39.50 dollars in Hong Kong ( 3.55 euros), while the Hong Kong Stock Exchange opened with a gain of 0.39%. This allows Prada raise $ 2.1 billion.

Despite these humble beginnings, the company hopes most luxurious increase its visibility in Asia with the regional listing. Sales of luxury products are doing very well in this part of the world. China weighs more heavily, representing the second largest market behind the United States and ahead of Japan. The industry shows growth rates of nearly 25% annually in the Middle Kingdom free credit score online.A trend expected to continue at least over the next five years, analysts said. The consulting firm PricewaterhouseCoopers expects that China will become the first market in the world by 2015. The sign of Milan also provides a major expansion plan throughout the Chinese territory in the years to come.

Prada is not alone in courting the Asian markets since the stock market. Burberry and Coach American also announced their intention to rate in Hong Kong. Prada's performance will be regarded as a test for the Asian market place, where Samsonite has recently disappointed by losing 11% on the day of its listing on June 16.

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On a European total of 157.2 million hectoliters, Italy has produced 49.6 million and France 46.2 million, according to data from the European Union published this weekend by the conference Italian Agricultural Confederation, Coldiretti.

In the first quarter of this year, exports grew by 15%. This growth reached 31% in the United States, became the first foreign market, thanks to a clever marketing high risk personal loans.

However, despite the improvement of the quality achieved by the winemakers Alps, French wine prices are twice as high. Bordeaux, Burgundy, Alsace and Champagne others have done last year 6.33 billion euros in exports, against 3.93 billion euros for Italian wines.

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