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Fourth consecutive increase for the Tokyo Stock Exchange. Supported by the good performance of Wall Street and the consumption figures in the U.S., the Nikkei climbed 1.16% to 8953.90 points.

Yet statistics on the Japanese economy published on Tuesday are not very encouraging: household consumption fell and unemployment rose slightly in July. Thus, families spent an average 2.1% lower in July than the same month last year. Moreover, unemployment rose to 4.7% against 4.6% in June

Japan's new prime minister officially elected

Note also that the former finance minister of Japan, Yoshihiko Noda, a supporter of fiscal restraint, was officially elected by parliament as prime minister of Japan.

Optimism is also required on other Asian stock markets: China, the Hong Kong Hang Seng up 2 cash advance.22% at 20,306 points, the CSI 300 is 1.13% to 2885.05 points. Elsewhere in Asia, Taiwan TAIEX gained 1.01% to 7654.18 points, the Kospi Index advance 0.76% to 1843.34 points, the S & P / ASX 200 rose 0.26% to 4274.50 points and 30 The BSE Sensex was up 1.17% to 16,607.70 points.The Singapore Exchange is itself closed for holiday.

Oil continues to rise

Oil prices were up Tuesday morning during electronic trading in Asia, supported by renewed optimism on the economy of the United States, the world's largest consumer of oil. In morning trading, a barrel of "light sweet crude" for delivery in October took 22 cents to 87.49 dollars per barrel of Brent North Sea crude for October delivery gained 29 cents to 112.17 dollars.

The fight against deficits, the policy of austerity, the rise in unemployment and the approach of presidential elections have not made less combative. At its press conference back Friday, Bernard Thibault has typed in all directions. Of course the employers, but especially the government. "The Prime Minister's announcements are not likely to characterize a policy that promotes social justice and to resolve the crisis, has hammered the head of the CGT. You can not get out of this crisis again and again by giving more wages to capital markets. "

With the meaning of the formula that characterizes, Bernard Thibault called a "rule of lead" the golden rule desired by the president that he says will boost 'anti-social reforms. "He considered "marginal" correction device of overtime which will generate 600 million of new revenues, in light of "170 billion of subsidies and exemptions granted to companies by the state and local governments." He finally found "symbolic" tax exceptional announced on high incomes.

Judging 'need for a balance of power "with the executive, the union leader has called on other unions to organize" early October "a day of action, demonstrations and strikes. "The world does not stand still because there are presidential elections in nine months," he joked, before presenting the "ten demands" re-entry of the CGT. As "any public aid package to criteria relating to employment," to repeal the tax exemption scheme for overtime or "fundamental reform of taxation."On this point, the plant proposes to reduce VAT to submit any contribution to income and to adjust the corporate tax as the profits are distributed or reinvested.

The minimum wage to 1700 euros gross

The first union of France again calls for "force companies to consider all alternatives to layoffs" or "essential to provide the means of political education, health and research." Ultimate claim, Bernard Thibault requires the opening of pay negotiations in enterprises and to upgrade the minimum wage to 1700 euros instead of 1365 now. "Gross," he said, before concluding with a quip: "If it's clean, it is ready to discuss it and most likely will sign an agreement."

It is a small revolution for the station and its customers: under a decree published this summer in a discreet and identified by Challenges.fr, the railway company could now set its prices much more freely. Gone are the peak and normal periods, the timing was officially recorded in advance and who presided over the setting of tariffs.

"The decree allows to adjust the price cap to the station for the gradual opening to competition of the railway market," says the text. Clearly, to boost the attractiveness and profitability of the public entity within the opening to competition of the European network, SNCF should be able to offer its customers a range of rates much larger, developed based on supply and demand.

Rate increases on the crowded trains

The gain to consumers is mixed.On some busy routes, these new capabilities would enable the public body to go beyond the current full price of the second class in rush hour. Holidaymakers taking TGV lines busy for example will be expected to pay more. However, for trains shunned by customers, the SNCF would be allowed to go below rates currently charged to attract new passengers.

Such liberalization was requested by the SNCF to the government at the end of last year, in return for the introduction of a tax to finance inter-deficient lines. Neither station nor the government have so far expressed on the subject.Signatory to the decree, the Minister of Transport, Thierry Mariani, was at the time held that freedom of the SNCF tariff should remain regulated, "in that competition does not really exist."

According to Challenges, consumer groups such as FNAUT will be formally consulted before the application of the decree, "probably in the fall."

We used to say that when Steve Jobs was coughing, the stock performance of Apple caught a cold. Every bad news about the health of the iconic head of the Apple brand has consistently led to a fall in the share price of the group, which has become the second market capitalization of the world, behind ExxonMobil in September 2010. August 9, valuing the group of consumer electronics was even briefly stolen oil giant, its value as the most expensive in the world. After Steve Jobs took a medical leave in January, as Apple had also lost 2.25%.

So when he announced his resignation last night of all operational functions at the head of the company, investors have spent immediately sell orders.The dissemination of news, Steve Jobs himself, in a letter first to the employees of Apple and the user community has immediately led to a 7% drop in share price of Apple Wall Street, in electronic trading outside the meeting.

Thursday morning, these electronic exchanges indicate a somewhat smaller decline, the stock is folded from 5.07% to 357.10 dollars at 9:20 French time. But, surprise, the opening of the U.S. market on Thursday afternoon, Apple will stop the title than 2.04%, while at the same time, the Dow Jones ahead by 0.4% and the Nasdaq, the Index of U.S. technology stocks, rose 0.18%.

Investors have had time to digest the announcement of the withdrawal of Steve Jobs.After the anguish aroused by the immediate departure of the iconic boss, they resumed their minds based on the prospects of the group, which still has new products in the pipeline for 2012 and 2013.

The misfortune of some often making others happy, the resignation of Steve Jobs plays an accelerator for the competing groups. In Asia this morning, Foster Electric, Kimoto and Murata Manufacturing grew and respectively 5.61%, 1.75% and 3.38% in a market well oriented but advances only 1.5%.

The resignation of Deven Sharma, head of Standard & Poor's (S & P), is the culmination of a process initiated for months. His departure would probably be made without the controversy over the reasons for the deterioration on 5 August, the U.S. rating by S & P. However, the many investigations initiated on the practices of the rating burden the context of this change in leadership. Replacing Sharma by Douglas Paterson, head of Citibank, gives the impression that S & P is in crisis and seeks to turn the page of several years during which the quality of its analysis has been questionable.

Douglas Peterson was approached by McGraw-Hill, holding the S & P, from March.Deven Sharma has even begun to consider his departure in November 2010, when McGraw-Hill decided to split S & P in two, with a side business of rating agency and the other those relating to the management of indices. This reorganization reduced responsibilities.

Deven Sharma, aged 55, native of India, in recent weeks has become a media figure in the United States. Congress convened in late July for a public hearing, he tried to explain the underlying reasons that could eventually lead S & P to withdraw its "AAA" rating to the long-term debt of the United States. A few days later, the decision fell, causing a strong reaction from the U.S. Treasury, and worsening anxiety in financial markets worldwide.

Douglas Paterson, who led Citigroup in Japan from 2004 to 2010, will have to strengthen the internal governance of Standard & Poor's and manage multiple investigations into its past practices. The most recent is that of the federal agency securities regulation, the Securities & Exchange Commission (SEC). It is about how S & P has protected the confidentiality of the imminent breakdown of the United States. Several congressional committees also plan hearings on how S & P downgraded the U.S., despite an error of 2 000 billion in its estimate of the long-term increase in public debt.The relatively subjective judgments supported by S & P on the polarization of Congress and the malfunction of power in Washington to justify the removal of "AAA" on U.S. debt, has shocked the Obama Administration.

Another survey might worry about S & P

Another survey, prior to the degradation of the United States, can lead to serious problems for S & P, just like its rival Moody's. This is the Department of Justice. It covers conflicts of interest within those agencies before the 2008 crisis.

Leaders suspected to have led analysts to note the positive obligations backed by mortgage-yet they had identified, rightly, as doubtful. This systematic surnotation was in the interests of the agencies, since they are paid by the issuers, namely large Wall Street banks.They grew rich by securitizing of "junk bonds" that the agency posed as quality values.

Yet the surge in defaults in high-risk home loans from 2007 is a major element of the outbreak of the crisis. The degree of responsibility of agencies in the swelling of the bubble, either through carelessness or by compromise, is at the heart of the problem.

It's Friday, August 26 due to night arrives the restriction of short sales on a dozen financial stocks, a process that allows stock to sell a share before the possession. This restriction was decided by the Financial Markets Authority (AMF), August 11 evening, in a storm market. Banks like Societe Generale, were then subjected to violent speculative attacks. Their courses had plunged more than 20% during the session. The ban on short selling in France but also Spain, Belgium and Italy, at the time, helped to calm the speculation no fax payday loans. But that did not stop the bank stock prices to continue falling. And the trend is likely to darken further. This week promises to be risky markets. France, said Wednesday its fiscal savings, before the U.S. Federal Reserve is expressed on Friday.

So that the AMF may decide that day, after the close of European stock exchanges, to renew the ban, but this time for three months.

Wall Street is again expected in the red Friday. The New York Stock Exchange should not be spared by the new storm that struck the European stock exchanges and has already passed on the stock exchanges in Asia this morning. In three hours of opening, the futures contract on the Dow Jones loose 1.52% to 10,850 points, one on the Nasdaq loses 1.38% to 2053.25 points while that on the S & P 500 drops 1, 69% to 1124.30 points.

Yesterday, as elsewhere, the New York Stock Exchange closed down a massive, affected by disappointing indicators released during the meeting confirming the poor performance of the U.S. economy. Moreover, operators, already worried by the economy of the euro area, were cooled by the large loan dollars awarded by the European Central Bank (ECB) to a bank in Europe, whose identity has not been revealed.This action has reinforced doubts about the ability of banks to refinance the region. The euro also declined against the dollar and is trading around 1.4290 dollars against 1.4319 on Thursday.

Finally, Morgan Stanley confirmed the fears of a global economic slowdown by scaling back its growth forecasts for 2011 and 2012. The bank also said the United States and Europe were "dangerously close to recession."

Evidence that the operators' confidence is at its lowest, gold, a safe haven par excellence, is powered from yesterday to new heights. On Friday, an ounce reached a new record in 1864 dollars after jumping up to 1867.30 dollars in the morning.For its part, the future contract on the barrel of U.S. light crude oil, which fell 6% yesterday, lost another 2.38 dollars to 80.34 dollars while Brent gives 62 cents to 106.37 dollars.

Values ​​of the day

On the corporate side, Hewlett-Packard, which published its results on Thursday lowered its annual forecast for the third consecutive time. It now expects an annual turnover of between 127.2 and 127.6 billion dollars, against a previous estimate of between 129 and 130 billion. The group, which has made a takeover offer for the British publisher of software Autonomy, has also announced plans to dispose of its business in personal computers.Another major surprise: HP goes out of business in the mobile, arresting the development of tablets and smartphones.

Autodesk has reported a 6% increase in revenues in the second quarter and a net profit better than expected at 71.2 million euros, or 30 cents per share.

Gap on Thursday posted a quarterly profit above analysts' expectations despite lower sales to a number of store. Net income for the group totaled $ 189 million (131.8 million), or 35 cents a share, against $ 234 million, or 36 cents per share a year earlier.

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The Paris stock exchange plunges into the red on Thursday, after a session already very hesitant. After starting down 1.15% at 3216.77 points, the CAC 40 unscrews from 3% to 3156.70 points at 11:30. The falling movement is identical on all European Stock Exchanges: London lost 2.08%, 2.97% Frankfurt, Milan 3%.

The decline was accentuated in London after the announcement of a very slight increase in retail sales in Britain. The Office for National Statistics said that they had increased by 0.2% in July compared to June, while analysts surveyed anticipating an increase of 0.3% from one month to another.This indicator provides further evidence that consumers carve their spending, a development that does not bode well for growth.

The New York Fed monitors banks in Europe

It is the banking sector is most severely attacked since the Wall Street Journal announced that the New York Fed would step up its investigation of the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe will be transmitted to the U.S. economy through them.

In Paris, Societe Generale (-5.62% to 23.25 euros) is the second largest drop in the CAC. The bank is followed by Credit Agricole (-4.30% to 6.42 euros), BNP Paribas (-3.54% to 35.39 euros), AXA (-3.48% to 10.96 euros) and Natixis (-1.17% to 3.04 euros).The Federal Reserve Bank of New York is stepping up its investigation of the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe will be transmitted to the U.S. economy through them, reported Thursday the Wall Street Journal

Busy schedule

Already this morning, investors had no indication to follow from Wall Street that sent signals unconvincing with a fence without direction yesterday. Asian markets themselves, showing up mostly in dark red on Thursday. "There was nothing really concrete to put in their mouths for reassurance," says Yves Marc, sales of shares in Global Equities.

The trend could change with the publication of several indicators of weight across the Atlantic. The ball starts in the U.S. earlier this afternoon at 14:30, with weekly jobless claims.Meanwhile, the Labor Department will release the index of consumer prices. To be published 16 hours the index of leading indicators, sales of existing homes and the index of the Philadelphia Fed no fax needed payday loans.

Renault Murail, manager at Barclays Stock Exchange, the market is "worried because we table this afternoon on poor figures in the U.S. that would go in the sense of breathlessness even more evident economic recovery."

The France keep its AAA by S & P

On Thursday, Standard & Poor's is said to be "confident" in the ability of France to maintain its optimum rating "AAA". "The note of France is AAA stable, it is the case since 1975," said the president of the rating agency for the French-speaking Europe Carole Sirou, interviewed on RTL."We are confident on that note," she said, just days after his agency has deprived the U.S. of the maximum score, which makes it possible to refinance with it on the market.

As for currencies, the euro is falling against the greenback in morning trading. It is worth 1.4399 dollars. Investors always react to signals of an economic slowdown in Europe and the proposals deemed disappointing the Franco-German duo on the governance of the euro area.

Investors in the oil market claim to be concerned. In morning trading, a barrel of "light sweet crude" for September delivery lost 33 cents to 87.25 dollars while that of Brent North Sea crude for September delivery yielded 30 cents to 110.30 dollars.

Values ​​to follow

Lafarge: -3.80% to 27.89 euros

The cement may react to the publication of the results of its Swiss rival Holcim.The latter saw its sales fall by 11% to 5.48 billion francs in the second quarter of 2011. Net income group share was down 13% to 347 million. The group remains very cautious in its outlook and believes that there is no sign of recovery in the United States.

Carrefour: -3.10% to 19.36 euros

Carrefour's CEO, Lars Olofsson, said the French retailer was not negotiating the sale of its Brazilian subsidiary to Wal-Mart. "It's not what I have in mind," he said during a tour of forty-eight hours in Sao Paulo, according to Les Echos.

As for recommendations, Goldman Sachs is no longer for purchase at Vallourec (-5.88% to 60.14 euros) UBSpasse to "neutral" against the "purchase" of Veolia (-5.28% 10, 84 euros), Nomura cut its price target on EDF (-4.06% to 20.67 euros) to 33 euros against 47.50 euros.

The rating agency Fitch has decided not to follow Standard & Poor's. It confirmed on Tuesday that it was giving the U.S. the best possible rating, "AAA." A note accompanied by a "stable" outlook, that is to say that no change is envisaged over the medium term. Fitch justifies this decision by the fact that the United States play a pivotal role in the global financial system, and "have a rich and diverse economy."

Despite appearances, the agency does not mean carte blanche to the White House. "We will review our budget projections based on the outcome of the deliberations of the bipartisan committee on debt," responsible for determining the 1 fast cash advance.2 trillion of additional savings promised in exchange for raising the debt ceiling.

"An inability of the committee to reach agreement would result in a downward revision from the perspective of the American note," the agency warns. One way to put pressure on the elected Democrats and Republicans to ensure that this time the budget discussions in Congress do not lead to an impasse.

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In times of famine budget, the World Youth Days in Spain arouse strong criticism. Catholic event of great magnitude, which should meet from Tuesday close to a million pilgrims, is accused of causing lavish spending, and strike a little more Spanish finance. More than 150 associations have called for a protest day on August 17, which will join some of the "outraged" Spanish, recently expelled from the Puerta del Sol square in Madrid. The days of the arrival of Benedict XVI in the capital, the protesters should include the slogan "the Pope's visit, not with my taxes."

The Catholic Church defends yet to weigh on Spain an additional burden. In a statement published at least June, she claims "zero cost to the taxpayer and an injection of more than 100 million euros in the Spanish economy."This year, the religious event is expected to cost between 50 and 60 million estimated by the Church, of which 70% financed by registration fees paid by participants (of 210 euros for the week, food and accommodation included), and 30% by external contributions (donations from companies or individuals). The CFO of JMJ claims a budget "austere and transparent", 20% lower than in the edition of Sydney.

Local impact on consumption

The details of the cash flow expected for Spain is not specified. At most, the Church says she EUR 25 million of new revenues from VAT, which should offset the tax benefits (a $ 18 million) granted by the government Iberian companies sponsoring the event.For World Youth Day, which usually involve the company Sodexo catering, restaurants associate this time of the 1600 Community of Madrid. Finally, 90% of the contracts governing the organization of World Youth Day have also been signed with Spanish companies, says the Church. As big as it is, the event however, should not boost the economy consistently Iberian. "The impact on consumption will be at the most local," says Jesus Castillo, an economist at Natixis.

However, that church authorities do not mention is the cost of the deployed heavy security to ensure the safety of the Pope and his flock. Ditto for that of the provision of Cuatra Vientos aerodrome, or the costs generated by transport and cleaning of the area.For information, the Jubilee World Youth Day in Rome, which hosted about two million young people, had generated more than 900 tonnes of waste per day! While those in Sydney had cost nearly $ 100 million to the State of New South Wales in 2008, according to Le Monde. Meanwhile, a spokesman for the "unworthy" recalled that the Madrid region has recently cut the budget of National Education of 40 million euros.

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