In Italy, the new Chairman Mario Monti has presented its program focused on "fiscal discipline", "growth" and "equity.""The future of the euro will also depend on what will Italy in the coming weeks," he said. "Europe is experiencing its most difficult years of the postwar period. (…) The European project could not survive a possible collapse of the monetary union. "

The euro rose slightly against the dollar

On the foreign exchange market, the euro rose slightly against the dollar the slope after reaching a low of five months yesterday at 1.3421 dollar. It evolves around 1.3479 this morning but the dollar traders believe that the downtrend remains intact.

On the macroeconomic front, investors will be watching today the publication of the indices of orders received value in the industry for the month of September, published by INSEE at noon.

Reportedly, Le Crillon, recently sold by Starwood Capital to one of the descendants of the Saudi royal family, plans to close in the second half of 2012, probably for a period of two years. Management has already attacked the facade and roof, but not inside. The idea is to keep the French style, classic 18th, upgrading the hotel, he in turn can officially claim the distinction of "palace", introduced in May by the government.The hotel has no spa, no pool. The technical installations and the rooms have aged. According to a close case, the amount of work would be between 70 and 100 million euros. Not far from the Place de Concorde, the Plaza is also preparing for months of work, avenue Montaigne. "The Plaza Athénée will start the work of great importance following the acquisition of three buildings adjacent to the hotel last year, says Le Figaro Francois Delahaye, his boss cash advance no fax. These projects are planned for the end of 2012.Among the possibilities, a closure is planned for five months, from November 2012. "

According to Gabriel Matar, director of Jones Lang LaSalle Hotels France, the average price of a night in a palace of between 750 and 1000 euros, "defending his position became increasingly difficult as competition comes from both new entrants and old, who spend millions to keep the quality of their product. " For the record, the George V was completely renovated between 1997 and 1999. "Otherwise, it would be today as the Royal Monceau and The Prince of Wales prior to closing," said Gabriel Matar."We currently have the best average revenue per room in Paris and we did not want to raise our market share by newcomers!" Says François Delahaye.

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Already, Valérie Pécresse asked the Directorate General for Modernization of the State to work on five priorities:

1 – Developing for priority services, personalized assistance to users during the process online (telephone, email, chat).

2 – Offer the user evaluation surveys on the Internet or mobile at the end of any administrative process.One way to take into account the voice of users and improve services according to their reactions.

3 – 5 Launch pilot projects on social media in the areas most relevant to the user: health, human services, education, employment and culture.

4 – Offer a mobile application offering users a personalized list of deadlines and the status of its efforts.

5 – Allow the user to present to the administration's vouchers via their mobile phone with a flash code (income tax, electricity bill and telecom).

While this report confirms the strategy implemented by the government in 2010, Valerie Pécresse welcomed the tangible results already achieved.

* 160 public websites have been consolidated or eliminated to improve the readability of the presence of the state line.End of 2011, the volume of websites of the state has been reduced by 50%. For greater efficiency.

* 2.5 million users have opened an account on the site mon.service-public.fr steps online.

* 76% of administrative procedures expected by most users have been dematerialized.

* The mobile phone version of the portal administration is now available (m.servicepublic.fr).

This mechanism, which takes its name from the famous dance that was all the rage in the 1960s, had just been used for the last time in 1961. Its objective is to reduce interest rates in the long run to give a boost to business investment and the demand for housing loans, which use these rates as reference.

The Fed, however, chose not to touch interest rates that determine the short-term rates. They remain between 0% and 0.25%.And they will remain at historically low levels until mid-2013, said a statement.

Market disappointment

In addition to this twist, and in order to support the mortgage market, the Fed will also buy real estate securities without increasing the size of its portfolio. For this, it will continue to reinvest the securities-backed real estate it owns as they fall due. But the FOMC said, instead of buying Treasury bonds as it did previously, she will buy securities backed by mortgage-agency mortgage refinancing para as Fannie Mae and Freddie Mac.

This double operation shows that the Federal Reserve, the economy remains very depressed. The Fed also believes that global economic growth will remain slow.Conclusions that are similar to those of the IMF, which announced Tuesday it had seen very sharp fall in its growth forecast for the U.S., in theory at a level insufficient to expect a decline in the unemployment rate, which remains very high to 9.1%.

On Wall Street, where the launch of Operation Twist was widely anticipated, the operators retain the gloomy perspective of the Central Bank on the economy. Shortly after the news release of the Fed, the Dow Jones was digging his losses and gave up 1.10% at 11,283 points.

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Having dithered for most of the session, the other major European markets have also opted for the green in the very last lap. 2.88% ahead of Frankfurt, London and Milan by 1.98% to 1.91%. Wall Street awaited with optimism after the Fed meeting on Wednesday night.In session, the Dow Jones gained 0.47% and the Nasdaq 0.62%.

Paris, which opened on a slightly pessimistic quickly changed his tune, from the bulk of the session in the green. The index briefly accused the sudden mid-afternoon, after the publication of a report by the IMF lowered its growth forecasts in the world and expressed concern about the evolution of the economy in the United States and Europe. The organization has also warned against the risk of destabilizing the global financial system if the debt crisis continues to spread to major countries in the euro area Online payday loans.

If he had anticipated the deterioration in the rating of Italy by Standard & Poor's, the Paris market, retained a great excitement to the crisis of debt in the euro area and remained suspended including ongoing negotiations to avoid a bankruptcy of Greece.A new conference was scheduled Tuesday night between the Greek Finance Minister Evangelos Venizelos and the "troika" of the creditors of the country, European Commission, European Central Bank and International Monetary Fund. The outcome of these negotiations is crucial for the country. It conditions the payment in October of the sixth round of eight billion euros of the loan last year in the euro area country and the IMF.

In Paris, banking stocks have nevertheless taken the index back down green. Societe Generale lost 2.43% and 6.32% BNP Paribas. However titles sensitive to the dollar ended sharply higher, with the image of LVMH (3.64%) and EADS (3.11%)

The weekly jobless claims rose unexpectedly during the week of Aug. 20, at 417,000 against 412,000 the previous week, according to data from U.S. Department of Labor unveiled at 14:30. What foster uncertainty and investor concerns about the health of the world's largest economy, while analysts had forecast 405,000 registrations.

Wednesday night, orders for durable goods in the United States had rebounded in July, prompting stock markets to rise, on both sides of the Atlantic. "But the indicator of business spending showed the U.S. economy remains fragile," do, however, keep stock analysts from Barclays. In a context marked by the end of the indicators is misguided, or worse in reality than it seems, investors are clearly on their defense.

Meanwhile Jackson Hole

Especially since tomorrow is Friday that Ben Bernanke will speak from Jackson Hole on Friday in 16 hours. We will then know whether a possible third last monetary easing, on which markets have been speculation this week, will be decided. Otherwise, investors will likely welcome the continuation of low interest rates.The second estimate of U.S. GDP for the second quarter will also be unveiled.

The growth rate of the world's largest economy in the spring, which had greatly disappointed a month ago, could then be revised down 0.2 percentage point to 1.1%.

As for commodities, oil prices ended up in a small New York. A barrel of "light sweet crude" won 14 cents to 85.30 dollars.

Values ​​of the day

The title of Apple, the Apple brand famous, lost 0.65% to 373.85 dollars after the announcement of the departure of its founder, Steve Jobs, Tim Cook replaced. The title, which had plunged by 7% in electronic trading after the close of trading, limits the breakage, while the name of Steve Jobs was closely linked to the success of the giant consumer electronics. The markets were confident in the group's ability to continue growing.August 9, the computer giant had a happy time at Exxon Mobil's first-place capitalization in the world in full trading day before falling on the second step of the podium payday loans in 1 hour.

Bank stocks, meanwhile fly, first Bank of America, which ended up 9.44% to 7.65 dollars after surging 25% in early trade. The markets welcomed the surprise announcement that Warren Buffet announced an investment of $ 5 miliard in Bank of America through his Berkshire Hathaway fund. The bank is facing many challenges including the accumulation of legal proceedings against him related to mortgages "inherited from its subsidiary Countrywide. She plans to eliminate 3,500 positions during the quarter.

JP Morgan Chase lost 0.31% to 35.72 dollars after gaining 7.2% on opening. Citigroup gained 5.10%, Wells Fargo and Morgan Stanley 1.43% 2.72%.Goldman Sachs sells 0.46%

Google (-0.62% to 520.04 dollars) on Thursday announced a new agreement with a French publisher to digitize books, this time signing a contract with La Martiniere, which is between 5,000 and 10,000 works not reprinted. Wednesday night, we learned that the search giant online had agreed to pay $ 500 million to settle a dispute related to its advertising activities in the United States.

The manufacturer of the phones Research In Motion (-1.23% to 28.22 dollars) plans to make its new models of Blackberry smartphones compatible with the application platform Android for Google, Bloomberg reported, citing sources familiar with the project.

The aviation sector also suffers from fears about Hurricane Irene threatens to hit the east coast of the United States, especially the city and the airports of New York at night from Saturday to Sunday.Yield 2.97% American Airlines, Continental United 2.91% 4.15% US Airways.

Applied Materials (-4.84% to 10.81 dollars) Wednesday reported results above expectations as part of its third quarter, but forecast judged disappointing for the last three months of its fiscal year have reduced its activities in the transactions electronic. For the current quarter, the Group expects adjusted earnings between 16 and 24 cents per share, against a Reuters consensus of 30 cents.

Big Lots (-0.62 to 32.18 dollars) Thursday raised its profit forecast for the year after having exceeded expectations in the second quarter, with earnings per share excluding items of $ 0.52. The Thomson Reuters consensus was counting on $ 0.44. The group now expects fiscal 2011 earnings per share between $ 2.90 and 2.80 (consensus: $ 2.89).

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For the economist Antoine Brunet, president of AB markets, the sudden popularity of the Swiss franc is a logical consequence of the crisis simultaneously by the two major reserve currencies such as the dollar and euro. In a context of European debt crisis and doubts about the U.S. economy, the Swiss currency has become a safe haven.Christian Ott, an economist at Natixis, the same refers to a study released Wednesday, as the "gold exchange market."

This assessment has multiple consequences for the Swiss economy which derives about half of its GDP to exports. Over half of these exports are made in the euro area, the strong exchange rate appreciation poses a serious threat to economic growth. "This is a great loss of competitiveness for Switzerland, which could suffer a downturn in its foreign trade," said Antoine Brunet guaranteed payday loans.

Index the value of the Swiss franc to the euro

The options available to the SNB is still limited. While prices fell 0.5% in the first half, "the central bank chose to fight the risks of deflation rather than to thwart the development of the housing bubble, which would have justified a higher interest rate" says Christian Ott.To resolve this dilemma, all monetary policy actions "unconventional" are possible. The Vice-President Philipp Hildebrand SNB even mentioned last week assumed to index the value of the Swiss franc to the euro. Put simply, "Switzerland could introduce a tax on capital inflows, as did Brazil," suggests Antoine Brunet. Or "a tax on deposits in Swiss francs of non-residents, as was already established in the 1970s."

For now, the government has opted to directly support the activity. He announced Wednesday a plan with a $ 2 billion Swiss francs. Export industries and those in the tourism sector will be the primary beneficiaries. A "task force" on the strong franc and its impact on the Swiss economy has also been established, the government said.

Above all, it will be the first public Angela Merkel, back from vacation, since the revival of the crisis.Angela Merkel and Nicolas Sarkozy "are among the few political figures on which the fate of the euro, the EU and Europeans," says the German newspaper center-left Süddeutsche Zeitung, adding that French President 's 'prepares to live the most important week of his career. "

The markets expect a lot of European leaders. Some analysts point to the inadequacy of the means used to protect the euro area at a time when the first signs of a contagion is observed in Spain and Italy. The European Stability charge to lend to countries in difficulty, and would not have sufficient financial resources to save Italy as if it fell before it, Greece, Ireland and Portugal.

Pooling of liabilities

Investors, but also the European Socialists are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. If this had been established, it would have prevented the current crisis, said Saturday the Italian Finance Minister Giulio Tremonti. Berlin is officially fiercely opposed, saying it would amount to finance the deficits of the least virtuous of the euro area. But the government no longer opposed Eurobond "to preserve the euro area" as a last resort, reports the conservative newspaper Welt am Sonntag quoted a government source payday loan online.

The Franco-German summit is unlikely to provide definitive answers on these two subjects.The German Finance Minister Wolfgang Schäuble has dampened the hopes of the most optimistic in an interview published this weekend in the German magazine Der Spiegel: "We left there: there is no pooling of debt and no help to the infinity. There are support mechanisms, as we continue to develop, under strict conditions. "His French counterpart, Francois Baroin, for his part said he was working on" a convergence between France and Germany "about to a tax on financial transactions.

Most stubborn

The German government is already struggling to push through the reforms agreed at the EU summit on 21 July. In parliament, the majority balks, cooled by a public increasingly distrustful towards the euro. Angela Merkel's allies, the liberal FDP, and require strong counterparties in exchange for their support."With us there will be no blank check for the redemption of bonds of other countries" (a measure of support to countries in difficulty decided July 21) warned Sunday the leader of the FDP Rainer Brüderle. He wants a limit on the debt be written into the constitutions of all countries in the euro area, as is the case in Germany.

A sign of the tensions within the majority of Angela Merkel, President of the Bundestag, the upper house of German parliament, is reluctant to adopt reforms in the euro area in a timely manner by the government. "The subject is so important," he "will surely be impossible to pass it between 20 and 23 September," he said. One more reason to be anxious for the markets.

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Dagong is not severe with France. "She has a much more negative than Western agencies of the United States, the United Kingdom, France, Belgium, Italy, Spain, observes in a note to Patrick Artus, head of economic research at Natixis.Regarding the situation of public finances and potential growth, we can only give reason for Dagong against three major rating agencies. "

But the financial rating of a state that reflects the risk that it does not pay-or-bad debt, is not based solely on purely accounting. Moreover, France does not deserve an AA if only the statistics alone were taken into account by Standard & Poor's, according to calculations of Natixis.

Political risks

"The gap between Dagong and the three major agencies and explained in the apprehension of risk policy and governance," notes Juan Carlos Rodado, economist at Natixis, and author of a study on the methodology of rating agencies. An example: Venezuela has severely noted Standard & Poor's (BB-) by Dagong (BB +), because the former has less confidence in the Chavez government.Moody's, Fitch and Standard & Poor's, unlike Dagong, also place a note on the weight of history. If a country has poorly paid its creditors in the past, such as Russia in 1998, the final verdict will be more severe. This factor discriminates against developing countries, and benefits the West.

At the heart of the statistical arguments, the Chinese agency promotes stronger economic growth and foreign exchange reserves, that is to say the cash generated by an entire economy thanks to exports. This way of clearly favors the emerging countries, major exporters (including China) and catching up economically.

The agency Dagong appears too severe, however, in general, said Jean-Christophe Caffet, an economist in charge of France, Natixis also: "She has placed virtually no major country in the AAA category, and those that are found are not debt markets rather narrow in which we can not really invest, such as Norway, Denmark, Luxembourg and New Zealand. "

Question of Independence

Also emit some doubts about the credibility of the agency Dagong. It has only twenty analysts to rate 67 countries, against 70 to 80 126 Standard & Poor's. In addition, its relationship with the Beijing government cast doubt on some Chinese economists, reports Le Monde. Finally, the same method as slides Juan Carlos Rodado, is not innocent: "When Dagong underestimated so the political risk, we understand the underlying interest."Namely encourage emerging countries close to China.

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The agency draws conclusions from long weeks of fruitless discussions between the White House and Republicans in Congress on the issue of public debt. It punishes the agreement therefore insufficient on 2100 billion dollars in savings over ten years voted last week on Capitol Hill.

S & P expected, like others, agreed two times more ambitious and also noted the dangerous precedent set by the threat of default artificial Treasury for lack of voting in time for raising the ceiling of the debt.

Republican intransigence in this political struggle partly explains the lack of compromise.The Conservatives' refusal to consider any tax increase prevented Barack Obama to make concessions in terms of reducing social spending. As far the President has not operated to best deal with Republicans and finds himself in some way "degraded".

The Republican campaign already denounced the "president who has ruined America by driving up the debt of 40% and lose its" AAA "rating."

Imprisoned at Camp David for the weekend, Barack Obama has not even commented on the news. His approval rating fell from 40 to 42% last week, the lowest of his term.Beyond the trust, which is increasingly lacking, its scope is more narrow.

The prestige of America severely affected

While growth slows dangerously, it seems short of ammunition to boost growth because public debt is too high for a fiscal stimulus. The President has not found the words to restore confidence and prevent Wall Street dive. He can not expect miracles from the Federal Reserve, which already maintains zero interest rates since December 2008. At best, it is hoped that the falling dollar boosts exports and saves the United States of a new recession.

Finally, with this degradation of Standard & Poor's is the very image and prestige of the first power of the world that are severely affected.To the point that China, with over one trillion U.S. debt is now ready to teach economics at the American Barack Obama.