The euro fell more than 7% over the month against the dollar. The European currency has just gone below the $ 1.33. This violent collapse is due to the political and financial unrest affecting the euro area. There is now a consensus among strategists providing a further correction. "The state of the market reflects the near certainty that Jean-Claude Trichet is expected to cut rates before the end of its mandate" in late October, said John Kicklighter, strategist at DailyFX, a subsidiary of the giant FXCM currency. "It could be that the repurchase of government bonds continues. If these scenarios are realized, this would be very bearish for the euro. "
The bell sound is little more optimistic in. The experts of the French subsidiary of the Danish bank focused their attention on the delays of politicians."Speeches are encouraging to reassure the markets a while but in the absence of concrete solutions, the downward trend should continue," they said in a note sent to clients. The same applies to the specialists of the broker, "no concrete steps have been taken and so it has not been made, the euro will continue to r suffered."
Repatriation of capital in dollars
With the strong underperformance of European markets, investors, especially American, have reduced the share of assets invested in European equities. The repatriation of capital cause lift the dollar against the euro.
The downward spiral is likely to continue in the fourth quarter. Earlier this year, Saxo Bank had made a bet of one euro to 1.15 dollar. This goal seemed absurd end of April (the euro now approaching $ 1.5) no longer is.In any case, the euro could be worth between 1.20 and $ 1.25 at the end of the year. In this zone, the euro would only return to its value in purchasing power parity further point out the experts. Some exporting companies that have had the good sense not to cover may already be rubbing their hands. This is the case in particular that benefits both an aircraft carrier cycle and a decline of the euro against the dollar.
It seems that the era of the strong euro against the dollar is behind us. For individuals, it is possible to speculate down on the euro-dollar by selling the currency pair in cash in a currency broker. It may also be wise to buy put options or put options due in March (for example). This strategy can multiply its earnings but does concern a limited part of a portfolio.The current movement is also favorable to purchases of dollar assets (U.S. real estate, stocks on Wall Street …).
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"The Bundestag adopted the rescue plan of the euro
The news is reassuring. With a large majority, the Bundestag adopted the new rescue plan the Eurozone. If the vote was little doubt that the amplitude of the majority was still uncertain. According to AFP, German Chancellor Angela Merkel has won the support of its majority.
The new rescue plan foresees an expansion of European powers of the fire in the euro area, the Financial Stability Fund (EFSF), and increased its capacity from 440 to 780 euros milliarsd. "The German MPs have overwhelmingly demonstrated their sense of responsibility," responded the French Minister for European Affairs, Jean Leonetti, in a statement.
Of 611 votes cast, 523 of 620 deputies voted "for", said the chairman of the meeting Norbert Lammert. Only 85 deputies voted against and three abstaining.As expected, two of the three opposition parties, the Social Democrats (SPD) and Greens, have made their voices.
More importantly, 315 members of the coalition voted for the building according to the AFP and a Conservative MP quoted by Reuters. Clearly, Merkel would not have needed the votes of the opposition guaranteed high risk personal loans. This was not a foregone conclusion, the majority having spread its divisions, the previous weeks on this subject.
If the Chancellor had failed to gather his troops, the German government would have been seriously destabilized, fueling doubts about the survival of the coalition. Angela Merkel would have indeed been "made in Germany as a loser," said Holger Schmieding, of Berenberg Bank.
Germany is the eleventh country to approve the reform of the rescue plan initially set up in 2010 to assist countries in the euro area in need.Berlin, because of its predominant economic weight in Europe, will be the first contributor.
The vote of the Bundestag is the first in a series of three crucial. In the coming weeks, he will speak on a second plan of aid to Greece and early 2012, on a permanent rescue mechanism (MES) to succeed the EFSF.
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French clubs have bought more than they have spent. While the transfer market closed Wednesday, the financial statement of the summer transfer window is negative. This is not necessarily good news as the financial fair play (as imposed by UEFA to force European football clubs not to spend money they do not have) is on the horizon . According to the website TransferMarkt, French clubs in Ligue 1 has purchased more than 151 million euros during the transfer window and spent 191 million. A shortfall of 40 million. Last year at this time, the elite of French football had posted a profit of 57.67 million euros.
This difference of 97 million euros or less corresponds to that between purchases and sales made this summer by the PSG.Great animator of the transfer window was the Parisian club, now under Qatari clubhouse, has in fact spent more than $ 86 million to acquire new recruits, and he sold joureurs for 2.8 million euros. The Parisian club comes in second place teams with the most purchased during this transfer window behind Manchester City (92.25 million euros), owned by Sheikh Mansour, and ahead of Juventus Turin (85,750,000). By comparison, Lille, Marseille and Lyon, all three involved in the Champions League this season, spent 15 million respectively, 11 million and 5 million this summer.
For the record, the Argentine midfielder Javier Pastore, who came to PSG for 42 million euros, is single-handedly double the total of the purchases by clubs in Ligue 1 last year (21.7 million).The capital club up five players in the top "ten" of the biggest transfers of the summer transfer window.
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The Parliament finally approved the bill Wednesday Fourcade whose content had been aligned the day before. The text, originally filed on … October 26, retouching Bachelot law on hospital and health system (Law HPST) with a goal for the majority: to reconcile with the doctors.
It erases two measures passed two years ago and never used: the requirement for general dense areas to give a hand to their fellow country or suburban overworked, under penalty of a fine of 3000 euros per year, and the obligation to report their leave. There were two innovations in the fight against medical deserts. But Xavier Bertrand, the successor to the Health Roselyne Bachelot, has returned to the guideline that was set when he was … his predecessor: to encourage, yes, force, no.Besides these two points, the law includes various provisions, some of which have been amended, deleted and / or re-introduced.
• Transparency partial dentures
Dentists showing the origin of crowns or bridges they intend to ask the patient to know if the prosthesis was manufactured in Europe or China. Dentists will also include an estimate of the cost benefit and the sale price of the prosthesis. He freely establish this distinction: for a total of 1000 euros, it may feel that the prosthesis is 300 euros and 700 work, or that the prosthesis is 600 and delivery 400 no fax pay day loan.
Associations rather wanted to be referred to the purchase price of the prosthesis.But the dentists, who are struggling to explain their expertise and time weigh more in price than the prosthesis, and they do not just do the "somersault" on a purchase-resale, managed to avoid it.
• Mutual: care networks "open"
Mutuals were given the opportunity, already available to insurers, to better pay their members when they are aimed at professionals with whom they have contracted. Except that these care networks should be "open" all the professionals can then join.This will not change much for the professions to insufficient numbers: what a mutual interest to "deprive" doctors scarce? But in the expanding fields, practice selection is a way to bring prices down.
• Liability specialties "at risk"
A public fund is created to cover all private health professionals sentenced to damages exceeding the ceiling of their insurance should be fixed statutorily around 8 million euros. Those who have gone out of business and are not insured are also covered. Are concerned primarily surgeons, anesthesiologists and obstetricians but all professionals (doctors, physiotherapists, nurses, podiatrists …) that will have everyone contribute.
News of the World, the oldest and largest circulation newspaper the Sunday English, was released yesterday for the last time, after Rupert Murdoch's decision to close this very popular title, but plunged into the massive wiretapping scandal .
"It's 8.674e number, after 168 years proud," said Colin Myler Saturday night, the managing editor of the newspaper, brandishing the latest of a tabloid before the 280 employees who lost, like him, they job this weekend. "And in the best tradition of Fleet Street (old street newspapers in London), we now turn to the pub," he said.
For the latter days, the draw was doubled, 5 million copies instead of the usual 2.6 million, anticipating an influx of buyers for a very symbolic last issue, with headlines such as simple "Thank you and goodbye."The first and last pages were composed of a collage of the most famous one in recent years: revelations of sulfur on the private lives of stars, footballers, members of the royal family and politicians, and various high-profile scoops.
The sacrifice of Murdoch as the British press with the most -7.5 million readers every weekend, has caused a very strong emotion, leaving no one indifferent in the country.
"Toxic" assets
But for many media experts, the name News of the World, soiled by the illegal wiretapping of some journalists between 2002 and 2006, had become "toxic" to the group News Corporation Rupert Murdoch fast payday loan no faxing.The scandal falls at the worst time for the Australian media magnate, arrived in London yesterday: the group is seeking government permission to buy all the shares of BSkyB satellite television service, an operation of more than 9 billion euros .
Many opponents of the Murdoch group already call the closure of News of the World of operation "cynical." Sunday is expected to revive the title in a few weeks under a new name, probably Sun on Sunday for a Sunday edition of the other tabloid star Murdoch. According to Sky News, News International is seeking to find the person who last week bought several domain names, including thesunonsunday.co.uk.The editors of the Sun and News of the World were separated, but their editorial styles were similar, with pictures of naked girls, and a maximum of content devoted to celebrities and the number one sport in England, football.
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Washington, our correspondent
The agency Fitch yesterday joined the community of investors alarmed at the prospect of an eventual default, even if only very short term, the United States. Fitch is implicitly warned Congress and the White House that does not appear to progress in their negotiations for a vote before August 2 under the debt ceiling from the federal government.
Even in the event of a default simply "technical" does not result from a lack of resources but a failure of political governance, Fitch believes that America no longer deserve the rating "AAA", reserved for borrowers better standing. It is therefore sufficient for a few hours, the U.S. Treasury can not pay the $ 25 billion in interest on bonds due Aug. 15, so that the infallibility of Uncle Sam is questioned.Note American would shift from "AAA" to "B +" with negative implications. Provided Fitch considers this case "extremely unlikely" and still expects an agreement before Aug. 2.
The news agency Fitch comes as some Republicans in Congress, among the most conservative, do not hesitate to say it would be better than August 2 America can raise its debt ceiling, rather than to achieve this within the framework of an agreement that once again does not reduce government spending sustainable and credible way.
The date of August 2, is given in recent weeks by the Treasury beyond which it will no longer be possible to meet its obligations without issuing bonds and exceed the maximum debt limit for the time being of 14 electronic check payday advance.294 billion dollars.Since last month, the Treasury has used accounting maneuvers interim between various funds it manages, in order to remain below this ceiling.
Go through the roof or losing note
The Republican majority in the House of Representatives, use this time to force the White House to accept $ 2,500 billion of cuts in public spending over 10 years without increasing taxes. Republican leaders maintain that their goal is not to let America fall into default. They understand the serious implications of the mere mention of this hypothesis. But a fringe faction of the Republicans elected the "Tea Party" are "to diehards."Disagree with the traditional leaders of the Republican Party, buoyed by polls showing that the American public is more afraid of raising the debt ceiling as the default, they are willing to risk short-term loss of the AAA to compel America to stop living beyond its means.
For the time Barack Obama did not put on the table a detailed proposal for reducing spending. The negotiation is conducted by Joe Biden, U.S. Vice President. The agency Fitch is not the only one to have sounded the alarm about the U.S. debt. Her colleague Standard & Poor's has placed the rating on negative watch late April. The third agency, Moody's has also threatened to put the U.S. debt on negative watch.
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"I walk in the countryside." Thus, Christine Lagarde, finance minister and declared candidate for the post of Director of the IMF, began his speech on Europe 1 radio on Sunday. Its stated goal: to convince all the emerging countries of the legitimacy of his candidacy. "These countries are worried. They want recognition and they feel frustration. They want a manager with universal and that is why I will introduce myself, "she said.
The minister will travel first to Brazil "because it is the first country invited me," she says. She will then visit the 'all emerging countries, notably China, India, some countries in Africa and the Middle East.Which will require it in his words to "make a lot of overtime" because this campaign is done in conjunction with its agenda of Minister of Finance.
While emphasizing the concept of universality, Christine Lagarde says she remains "deeply French and European. But in the context of these functions, you must be accountable to all of these 187 member countries. "
No fears for the record Tapie
Even if she repeats that "we should not count your chickens before they're hatched," the minister made a speech very assured, aware of the many clear support of the Europeans and Americans implied. "If I am elected, she says, I will leave the government because the two functions are incompatible." Asked about the name of his successor, the Minister nevertheless kicked into touch: "It's not for me to decide, but we have in our ranks many talents."
Christine Lagarde has also lingered long on the back Tapie, only shadow seemed to hover over his candidacy. "The file is empty," she repeated. She said the referral to the Court of Justice of the Republic by the Attorney General at the Court of Cassation, Jean-Louis Nadal, "is factually false and legally unfounded." "I chose the solution of arbitration in the case because I believed that Tapie was the least bad. A conviction was run a risk of 7 billion euros to the state. " For the future, the finance minister said to "really good confidence in the judiciary" and says she has "conscience".
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On Wednesday morning, the Cac 40 should be around equilibrium. Yesterday, the index stabilized at above 3900 points, after starting the week on a Loude loss. Concerns over European debt crisis seems to dissipate somewhat. The Netherlands and Germany are threatening to commit the privatization of the Greek economy to foreign experts, reveals leFinancial Times. A new threat which seeks to lobby the Greek government to take drastic cost-saving measures.
All eyes are turning mainly to the Economy Minister, Christine Lagarde, the favorite to succeed DSK to head the International Monetary Fund, which should give a press conference "important" to the Department late Wednesday morning.
With regard to the Icelandic volcano, France should be minimally affected, which should reassure the airline industry.
Next major economic figures to be followed today: in France, we will look particularly figures on registered unemployed and job advertisements collected by Pole in April. He officially fall to 18 hours. In Germany, the GfK barometer of consumer sentiment will be released at 8:30. United States, is expected at 14:30 durable goods orders in April, at 16.30, the weekly inventory of crude oil.
Airbus confident for Le Bourget
Side companies, consumer complaints of gas and electricity rose 25% in 2010, about problems with their energy supplier.The mediator of Energy notes that complaints from customers at 43% of GDF Suez, to 38% of EDF, 12% of Direct Energy and 4% of customers Poweo.
Airbus and its parent EADS were optimistic Tuesday on future orders at the Paris Air Show in June in a market "active."
The French group Alstom and its Chinese joint venture Casco signed two contracts worth a total of 85 million euros for the supply of signaling systems in metros of Shanghai (east) and Kunming (south) direct payday lenders.
The partner of minority shareholders (Adam) who assigned Tuesday referred the saddle for Hermes "deprive" the essential rights of family voting at the next general meeting, has been confronted with an invalid procedure and case was adjourned to July 12.Or after the meeting to be held June 30
Casino on Tuesday denied having agreed to the opening of the opening of negotiations between the Brazilian distributor GPA, which holds 35%, and Carrefour Brazil.
PPR and Volcom announced Tuesday it had received notification of the end of the statutory review period on the bid of French on the American brand.
Rexel announced Tuesday it had won its bond issue of 500 million euros, whose order book has surpassed 1.8 billion euros.
Eurazeo Tuesday announced a capital increase, offering its shareholders one new share for 20 old shares held as of May 25, 2011.
The land Gecina in 2nd place behind France in Unibail-Rodamco will continue to sell its assets in Spain and in the logistics industry, said Tuesday its chief executive Christophe Clamageran.
BioMerieux announced Tuesday that the Health Authority (FDA) had recorded rapid testing and automated molecular diagnostic NucliSENS EasyQ MRSA screening for patients infected with Staphylococcus aureus resistant to methicillin.
Europacorp publish its annual turnover, while LCD (poultry) will announce its annual results after-hours trading.
After the publication of very strong quarterly results from BNP Paribas, Societe Generale those are rather pale. If its rival unveiled figures sharply above expectations, Societe Generale is it worse than expected. In the first quarter, setting a net profit down by 14% to 916 million euros against a billion euros expected, where BNP Paribas announced the day before a net profit up 14.6% at 2 6 billion euros.
The origin of deception: an impairment on its debt not covered by analysts of 239 million euros. The bank said in a statement that this depreciation is due to the tightening of spreads, the difference between rates, credit observed on the first three months of the year.And the group says that without revaluation net profit amounted to 1.15 billion euros.
As for the net banking income, the equivalent of revenue for banks, he settled in the period, to 6.61 billion euros, representing a small increase of 0.6% revaluation of debts included .
Drop of profit from retail banking abroad
Other bad news, retail banking outside France recorded a drop of 61% of its profit to 44 billion euros pay day loans. The group explained that the financial performance of international networks result of "economic consequences of political turmoil experienced by Egypt, Tunisia and Cote d'Ivoire," the statement said.
The hotel also owns a subsidiary in Greece, the group Geniki. But a Greek debt restructuring, which is very often mentioned, would prejudice the Bank's accounts.Societe Generale did not comment on that. She however stressed that its creditworthiness has been further strengthened since its Tier 1 ratio, an indicator that measures the ability of banks to cope with a shock, 10.8%, up 0.3 points .
Regarding the outlook, the bank does not say in its statement if it maintained its goal of a net profit of six billion euros at end 2012.
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States six months ago for the battle against the pension reform, unions march in a disorganized Sunday 1st May On the one hand, activists who express TF for 10 hours instead of the Bastille (XI) to the Place Gambetta (XX). On the other, the CGT, CFDT, FSU, UNSA Solidarity and the parade which begins at 14:30 Republic Square (XI) to reach Place de la Nation (XII). The CFE-CGC and the CFTC will not be present.
Unions do not expect a strong engagement on Sunday. "We will not be in a May 1 special," said Annick Coupe, spokesman for Solidarity and Jean-Claude Mailly, head of the FOR that "does not believe" that 2011 "will be part of the largest raw." Finally, Nadine Prigent, speaking Friday in Les Echos, "the tensions are there, but the forced passage of the government on pensions has given many the feeling that it is vain to mobilize at the national level."At least 173 marches are planned across France.
Despite distensions between unions, the slogan remains the same for all: the defense of purchasing power. According to a Harris Interactive survey for Humanity Sunday, 76% of French believe that the wage increase should be a priority for trade unions, to the defense of employment (72%) and social protection of employees (70 %).
Counter the rising popularity of Marine Le Pen
This topic is particularly dear to the unions that they have not been satisfied by the premium imposed by the government to companies with more than 50 employees.According to the CGT, these events "must be the occasion, with unemployment remaining at a very high level and wages still trending down, to show their determination to address these social concerns remain at the forefront."
Faced with the growing popularity of Marine Le Pen, president of the National Front, unions also benefit from these demonstrations to express their desire to fight for "equal rights and against all discrimination, including on all migrant workers". The five unions show their willingness to mobilize for the "'living together', solidarity between workers and equal rights, the choice of peace, the choice of the social. That's how that will decline exclusion, racism, rejection of others, "they say.One way to try to reassure workers who, according to a poll Ifop, 36% would vote for Le Pen in presidential elections in 2012. "We will not leave the street to the National Front on social issues", asserts Nadine Prigent.
Placed under the banner of "support for the Arab peoples who rise to the dignity and freedom", these parades will be like every year a large number of associations like the League of Human Rights and Amnesty International and women's groups ( family planning feminism or Dare) join unions.
