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The Paris Bourse has been optimistic on Monday before the Franco-German summit on Tuesday. The CAC 40, which began on the exchange increased by 1.07%, was on the rise, more moderate, from 0.78% to 3239.06 points. The index in Paris fell into the red at midday before recovering. With Monday a holiday of the Assumption, trading volumes remained low provided, to 2.3 billion euros against 7.5 billion last week.

The movement is the same in the rest of Europe. After opening sharply higher, European stock markets have slowed their progress mid-day before returning to finish the colors in a small increase. At closing, the London Stock Exchange and Frankfurt gained 0.57% 0.41%%. After remaining in the red part of the day, Madrid ended with a gain of 0.71%.Exchanges of Milan, Lisbon and Athens are closed due to holiday.

No Eurobonds on the menu Tuesday's markets are very nervous before Tuesday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel. They must discuss reform of the governance of the euro area, sensitive issue for the markets. The Franco-German promises to make such joint proposals by the end of the summer. Investors are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. But Germany has dampened hopes by mid-morning by announcing that the possible creation of common obligations to countries in the euro area "will play no role" at the meeting on Tuesday."The Euro-bonds are not an option," added the spokesman of the Ministry of Finance during a press conference. The Elysee in a few minutes later confirmed that the issue of Eurobonds was "not on the agenda."

Meanwhile, the British Finance Minister, George Osborne, today called the euro area to move towards a more integrated budget to bring the world economy on the path of trust. The euro area "must now demonstrate its commitment to greater integration of budget and governance arrangements that prevent moral hazard and reinforce fiscal responsibility," said he.

In addition, the European Commissioner for Economic Affairs Olli Rehn called on European countries to adopt "very quickly" the decisions of July 21, and provided that the applicants were working "day and night" to this.

As for currencies, the euro rose above 1.44 dollars, against 1.4249 on Friday. The single currency also rose against the Japanese currency to 110.85 yen against 109.30 on Friday.

On the macroeconomic front, on Monday was very light. In the U.S., manufacturing in the New York area fell for the third consecutive month, while the morale of U.S. home builders has remained stable, close to its lowest historical levels.

The bank-shaped

On the corporate side, Societe Generale gained 2.06% to 24.80 euros.The Financial Markets Authority (AMF) initiated an investigation of market rumors that circulated this week the bank announced Friday its president Jean-Pierre Jouyet.

The banking sector has benefited from optimism on Monday. Credit Agricole gained 3.31% to 6.735 euros, BNP Paribas up 0.81% to 37.525 euros, ahead of Axa 2.98% to 11.24 euros. Natixis finally loses 0.06% to 3.114 euros after signing the largest increase of ACC (3.95%).

France Telecom (1.38% to 13.22 euros): the telephone operator Orange has unveiled some clues on the future model of the iPhone Appel keeps top secret.

GDF Suez (0.70% to 20.90 euros) has initiated "discussions" to sell its stake from 10.4% in the West Franklin field in the North Sea, the French energy group intends to transfer for 600 million euros.

Alstom (+0.20% at 32.69 euros): Goldman Sachs rose to "neutral" on the title with a price target reduced to 43 against 52 euros.

Danone (1.48% to 47.02 euros): UniCredit has raised its rating to "buy" against "hold".

The new housing market has definitely signs of weakness. The Federation of developers (FPI) released on Monday of new home sales down 19% in the first half of 2011 compared to the same period of 2010. "It's a market downturn. We are concerned whether the second quarter marked a slight slowdown in the decline (-17%) compared to first quarter (-21%), "responded the president on Monday of the REIT Marc Pigeon.

In addition to a base effect related to a strong rebound in sales in 2009 and 2010, this figure reflects the impact of the behavior of investors in the new home market. In 2009 and 2010, they accounted for almost two thirds of acquirers. But the reform of the Scellier, effective in 2011, and rising interest rates since the fall of 2010, helping to discourage this type of buyers.Between the first half of 2011 and first half 2010, sales to investors and have collapsed by 32%.

Meanwhile, the new interest-free loan, the "PTZ +", is still struggling to convince individuals to invest in the new. Over 70% of loans granted by the state were to purchase an old property, say the developers. Finally, sales "in the accession", down 1% in the first half of 2011, therefore not enough to offset falling sales to investors.

Especially as the prices of new homes continue to rise, contributing to a creditworthy buyers months. Despite lower demand and increased supply, prices jump by 9.7% year over year. The increase was more pronounced as ever in the Ile-de-France, due to the scarcity of land (12.5% ​​yoy, against 6.4 in the rest of France).One reason for this paradox lies in the spread of new buildings low consumption, more expensive but higher quality analysis of IPF cash till payday.

Safe haven

This change in the new home market still contrasts sharply with the market of the former. While the lawyers emphasized in July attenuation of the increase in sales in the first quarter, after a very dynamic year 2010. Ile-de-France in particular, the number of homes sold decreased by 4% in the first quarter of 2011 compared to the same period of 2010. A decrease due to the scarcity of goods for sale in Paris, as well as a relative lull after the peak sales in late 2010. But on the whole of France, sales volumes progressed further by 23% in March 2011 over a year.

Despite rising real estate rates, which crowd out some buyers, prices remain steady increase otherwise.In one year, the apartments are in price by 10.5% and 7.8% of the houses, according to latest figures published by notaries in France. But these increases mask contrasting trends. If the prices of apartments in Paris are more than 20%, 21 counties recorded lower prices in one year, find notaries.

Overall, however, the real estate market should remain strong this year. "The fundamentals of the French market are safe," said Olivier Eluère, an economist at Credit Agricole. The granting of credit is not excessive, the presence of property dealers in the market not significant, while the supply of housing remains structurally inadequate in some areas. The real estate market should furthermore continue to benefit from a safe-haven status in an uncertain economy.Devices such as government or Scellier + PTZ can also support the request. Lower prices should not be generalized profile before long.

All weekend, they multiplied the meetings and news: the political leaders of industrialized countries have mobilized to show that they had taken stock of efforts to engage to address concerns about the state of their finances. What to try to reassure markets, worried after the announcement Friday after the close of a deterioration in the rating of sovereign debt of the United States by Standard & Poor's, but also disturbed by the difficulties faced by countries the euro area to implement the solutions to the crisis in Greece. With always in sight the risk of contagion of debt to other countries.

In the wake of the Asian stock markets, down sharply this morning, the benchmark index in Paris should begin his week on a further decline in the eleventh row. Unheard of since the creation of the CAC 40 index in 1987.At 8:15, the futures on the CAC 40 was down 2.18% to 3209 points. Elsewhere in Europe, the future of the Eurostoxx 50, Dax, German and English are the Footsie down 1.9% to 2.4%.

Of course, Angela Merkel and Nicolas Sarkozy reiterated yesterday their determination to ensure that the bailout of Greece on 21 July be adopted before the end of September. They also praised the efforts of Spain and especially those of Italy, two weak links in the euro area at present. In addition, the European Central Bank (ECB) said it would implement "active" its buyback program obligations. However, this measure made and announced last week by Jean-Claude Trichet, president of the institution, had absolutely convinced investors.On the contrary …

Next on the list?

Moreover, the decision of Standard & Poor's on the U.S. should continue to haunt the minds of the markets, despite a weekend to "digest" the news. Now that the world's largest economy, long considered one of the most reliable borrowers, is not as well marked, which could consider itself safe from degradation? In France, this concern should be limited, however, the chief economist for Europe, Standard & Poor's Jean-Michel Six, who said Saturday that the agency maintained the "AAA" of France, in a stable outlook.

Before testing the first effects on the markets of this political mobilization, the announcement of the ECB on repurchase of bonds has already led to support the euro against the dollar saving account pay day loan.At 7 o'clock this morning, the euro was worth 1.4321 dollars, against 1.4281 dollars on Friday night, after the dollar rose to 1.4370 on Sunday night. But above all concerns macroeconomic benefit to gold, which recorded a new record Monday on the market in Hong Kong, dying for the first time the maximum 1700 dollars an ounce, and benefiting fully from his safe haven status.

The sharp drop in oil

Instead, the side of the oil, oil prices continued to tumble on Monday. Result of numerous concerns about a possible global recession, prices show a sharp decline.In morning trading in Asia, a barrel of "light sweet crude" lost 2.59 dollars to 84.29 dollars, while that of Brent North Sea crude for September delivery fell by 2.48 dollars to 106.89 dollars.

Finally, the political mobilization should remain in force throughout the day, and guide the trend in European markets as U.S.. For the side of the macroeconomic data, the news will remain poor n this first day of the week. Unlike last week, no statistics across the Atlantic will not give further details Monday about the health of the U.S. economy or the risk of a possible recession in the country. In France alone are expected to 8:30 business surveys from INSEE in the industry and market services for the month of July.

As for values ​​to follow, business publications are scarce this week.

Archos.The manufacturer of tablet detail its annual accounts after the market closes.

Carmat. The heart specialist articificiel total announced Sunday evening the success of its capital increase launched from July 13 to 29. The former subsidiary of EADS has raised 29.3 million euros, which will fund the first clinical trials on humans.

GDF Suez. The group of energy and services has sealed, according to Les Echos, a strategic Partenaris with the Chinese sovereign wealth fund CIC, which would lead to an acquisition of a 30% interest in the exploration and production arm of French.

It's time for Spain to be in the sights of Moody's. The agency placed the credit rating of the country under surveillance for any reduction, said a statement issued Friday, indicating a downward revision of the country's Aa2 rating one notch lower. The agency believes that the difficulties of Madrid to borrow at an acceptable rate will escalate following the second plan the rescue of Greece, who "made history" involving the private sector and a marked increased risk for investors bondholders fragile in the euro area.

The rating agency also advanced a weak growth of Spain and fiscal slippages in some areas of the country, adding that it would present risks, burdens on efforts to reduce deficits, which have recently been undertaken by Madrid .

Highlighting the challenges that the Spanish government will face for fiscal consolidation and improving the fiscal situation of the Spanish provinces, Moody's has given the banking regulator Spanish Fondo de Reestructuración Ordenada Bancaria (FROB) a rating Aa2, providing a possible degradation of the latter in the future.

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Cocorico at McDonald's. The American chain, famous for its burgers, is preparing to lead a revolution in the world of fast food, introducing the baguette on the card! Later in September, its customers will experience the charm of a breakfast at the French, by having bread and butter and jam on fresh bread in the 130 McCafe chain (separate counters of coffee , cakes and pastries). In the first half of 2012, McDonald's go even further by launching the new sandwich-based wand. Formidable competition for all bakers, especially since McDonald's is decidedly very affordable price.

The bread will be supplied by the Holder Group (owner of Paul Bakeries and Ladurée), which already manufactures the supply of cakes and pastries of McCafe in France."During its first fifteen years in France, in 1980, McDonald's has primarily offered a small slice of America in important model, said Nawfal Trabelsi, senior vice president, McDonald's France and southern Europe. Today, we are part of everyday French. Our priority is to integrate local and tint of French culture history of our offer hamburgers and ice cream, while inventing new forms of sandwiches. The French are passionate about bread, crazy wand. We respond progressively to a natural demand. "According to the firm Gira Council, the French consume nine times as many sandwiches as hamburgers, and more than 60% of sandwiches sold in France are based on baguette.The most acclaimed is the classic: ham and butter (75% of sales of baguette sandwiches).

Success of the wheat cake

By baking fresh bread in the morning, McDonald's hopes to boost its offering of breakfast, while flattering image. "We feel the smell of warm bread at the entrance," says Isabelle Kuster, Vice President of Operations in France and Southern Europe at McDonald's check cash advance. Specifically, from the start, the McCafe offers small individual flutes, two sold with a portion of butter (provided by the cooperative of Isigny) and a small jar of jam (apricot, raspberry and orange), handmade by a producer the Pyrenees. "We are responding to a request, warrant Isabelle Kuster.Our breads are baked on the premises all day, the idea being to sell them warm at all times. "Already, 25% of transactions are McCafé the morning (usually open from 7 to 8 hours), but breakfast is less than 1% of sales of McDonald's. "It would be wonderful to double sales," says Isabelle Kuster.

The arrival of the baton at McDonalds, so symbolic, is a step in the strategy of teaching to meet specific dietary habits if the French, while working with local suppliers. In 2009, the chain broke new ground with a Big Mac in the bread. In January, it launched a McCantal and in late February, Charolais, Charolais burger with French origin."At McDonald's, we strive to continuously reinvent ourselves," insists Nawfal Trabelsi, stressing that "diversifying the supply of bread is at the heart of our strategy of product development." Since May, McDonald's markets and the McWrap, cooked to order in a large cake topped wheat. France is the second country after Austria to build on this new generation of sandwiches to supplement the supply of burgers and salads. The first results are above expectations. In two months, over 50% of customers have tasted and three quarters have already renewed the experiment.

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After months of discussions, the two alternative operators in France, Energy, Direct Energy and Poweo, will join forces. The first will announce Wednesday morning the acquisition of 46% stake in the Austrian Verbund in the second. The transaction, which amounts to 36 million euros – at a rate of 4.77 euros per share – allows Direct Energy to become the shareholder of Poweo, the company founded and headed by Charles Beigbeder long. The UK fund Ecofin has for its part, 26%, against 9.5% for the investment company Luxempart and 18.5% for the float.

"This is the first step in the formation of a major independent challenger of EDF and GDF Suez, which already book a million customers in the gas and electricity," said Xavier Caitucoli, CEO of Direct Energy.The portfolio of the company amounted to 650,000 customers specifically, while some 350,000 claims in Poweo.

Xavier Caitucoli, there is no question of seeing this combination in the ultimate act of resistance of both companies in a market ultradominé by incumbents. "Instead, we are here to stay. The new law on the organization of the electricity market, adopted recently, gives us more visibility on our margins and gives the end user the opportunity to go freely in the competition and return to regulated rates if desired ".

The reduction of labor migration in France is now effective. After fixing in April the goal of reducing by half the number of work permits granted to foreigners in France, the Ministries of Interior and Labour recently issued a new list of occupations open to non-Europeans. According to Les Echos on Monday, the draft of the new Order, which has been sent to the unions, cut in half the number of job families, open to non-EU nationals. 30, it is expected to rise to 15, said the business daily. It should be noted that the list issued by the Ministry of Labour in 2008 had remained unchanged for three years.

"This is to narrow the list to the most skilled occupations or specific, corresponding to significant needs for labor," which would be impossible to fill short-term workers already present in France, said the e of the General Delegation of employment (DGEFP), which was sent to the unions.

But this list may be adapted as needed in labor specific to each region. Each warden will be allowed to exclude some of the trades listed 15 families, if these jobs are not in power on its territory.

Restrictions in construction and computer

Among the jobs listed on the new list, we find the e-consultancy, management positions in audit and accountancy, engineering positions in information systems, and various trades technicians wood and glass processing payday loans for bad credit.In addition, the areas of chemical production, pharmaceutical and mechanical products always recruit foreign labor.

However, in construction, the positions responsible for education, site managers and supervisors will come out of the list, the sector is recruiting non-EU as for industrial designer jobs. Another area where Claude Gueant decided to impose restrictions on the information technology sector for nationals of non-European features only for experts.

Surprised by the return of the subject after the meeting of National Council for the use of the July 12 trade unions denounce a 'national' approach of the government and are skeptical about its effectiveness."Of the stations mentioned experts, the big groups use internal mobility from their subsidiaries abroad," said Raymond Chauveau (CGT) in an interview with Les Echos.

Reducing the list of occupations open to foreigners "liberate" from 10,000 to 12,000 jobs in France. However, according to experts, the government will face the difficulty of adapting this new list to fluctuations in supply and demand in the labor market in France.

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A true campaign speeches. Cambodia before the French together in a vast lounge of the Sofitel Hotel in Phnom Penh, the prime minister Saturday launched a violent charge against the left, without ever naming it: "Those who believe that the idea that one could 'de-globalization' history and the comfort of a domestic policy alone, without external stress, maintain a dangerous illusion, "he said, while some voices in the PS and the Greens in particular to call for ecological and social conversion of the production system. "Globalization is a fact, not a hypothesis," has dealt François Fillon, taking the opportunity to refine their profile politician "lucid" which tells the "truth" to the French.

"You who live in the Asian continent, you know what is meant by globalization and the (…) changes it brought with it," he said to an audience that the UMP would attract and retain the perspective the presidential election of 2012 (hence the creation Wednesday of a Secretary of State for French nationals abroad, at the ministerial reshuffle).

Fillon promised to fight against the risk of decline

The prime minister also criticized the "lack of responsibility" for "those who advocate, under a mask of generosity, the return to funding expensive." "Between the spring of election promises and fall of the exercise of power, the reality is responsible for breaking down dead leaves of inconsistent programs," he added, lyrical faxless cash advances.

While calling for more than "partisanship," the Prime Minister continued his charge against the advocates of protectionism. "Those who want to get France out of the euro, if unfortunately they came to business, they would endanger our economy, our social model, in the name of a false idea of ​​national sovereignty", he attacked. Against these "lax or populist proposals" which "we pose the risk of decline," Fillon promised he would fight "all (his) forces."

While the UMP is constantly mock the PS program considered "dated," Fillon drove the nail in praising the reforms carried out in four years: a guarantee "of international adjustment," he praised " we have continued to act to reinvigorate our economy, to capitalize on innovation to secure our social model, to contain our costs, "he added."None of these reforms has not been easy, he said. But I am convinced that their legitimacy will prevail, because the French feel that the new world will be uncompromising for nations that choose the easy (…) With the approach of elections, disputes conducive to systematic and utopias of all kinds, we will maintain our line of truth and realism ambitious. "

(From our special correspondent in Cambodia)

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Chinese Premier Wen Jiabao expressed his "confidence" in the future of the euro area and promised to continue investing in the region at the beginning of a new tour on the old continent. Financial markets remain strained, however. Activists of Communist front Pame Greek trade union have made Monday morning on the Acropolis in Athens a giant banner advocating "against-attack" against the austerity plan that the country needs to adopt this week to avoid bankruptcy.

Having dropped below the 3,800 points Friday night, the CAC 40 was still open slightly lower on Monday morning. Green, however, made his return in mid-day. The benchmark index of Paris finally closing up 0.31% to 3796.55 points. The London Stock Exchange for its part, closed up, the FTSE-100 index gaining 0.43 of the main values% from Friday's close at 5722.34 points.Featuring Dax index of the Frankfurt Stock Exchange ended down slightly from 0.19% to 7107.90 points.

Beyond the caution displayed by investors before the vote on Wednesday and Thursday, the Greek Parliament on the new austerity plan imposed on the country, the benchmark index of the Paris Bourse remains unsure hesitant to Wall Street. The New York Stock Exchange, which accused significant losses Friday night, started to trade the balance before attempting a rebound, too, without conviction.

On Monday, no statistical significance was also to follow the French and European side. United States, consumer spending of U.S. households were unchanged in May for the first time in nearly a year, while revenues increased 0.3%, slightly less than expected, according statistics released Monday by the Commerce Department.Adjusted for inflation, spending fell by 0.1% in May for the second consecutive month. The decline in vehicle sales after the disruption of production caused by the earthquake of March 11 in Japan may explain the decline.

On the currency markets, the euro went back to 1.4264 dollar.

Airbus Boeing has dominated at Le Bourget

EADS (-1.56% to 22.05 euros). The 730 contracts announced in four days propel the backlog of European best-seller over 1000 devices. Airbus, an EADS subsidiary, established a new record with 72.2 billion dollars in contracts.The Paris Air Show, the largest in the world, broke attendance records for both professionals and the general public, in its 2011 edition, which closed its doors Sunday, organizers announced.

After completing its first acquisition in China, the IT services company Capgemini (-0.14% to 38.69 euros) seeks to strengthen the United States, said its chief executive Paul Hermelin the Financial Times. The group, leader in Europe, is particularly interested in the health sector.

The automaker Renault (0.96% to 39.54 euros) account on a flurry of new products to rebound in Europe since 2012, rapporteLa Tribune. Thus, the group plans to launch new models of the car at low cost, Zoe (at a price of 15,000 euros), and Clio IV.In addition, a minivan before the launch of Dacia Logan New and Sander.

Bouygues Telecom has entered the State Council

According to information from Figaro, Bouygues Telecom (+0.02% to 28.85 euros) before the Council of State to challenge certain provisions included in the call for tender for mobile phone licenses in the fourth generation (4G).

The banking sector was misguided. Societe Generale: -0.28% to 37.67 euros, BNP Paribas: -0.06% to 50.16 euros, Crédit Agricole: -0.32% to 9.63 euros. Meeting in Basel, international regulators have agreed on a proposal to impose an additional requirement of capital to banks with systemic risk.The aim is to prevent banks grow larger and become "too big to fail" ("too big to fail").

In addition, the Franco-Belgian bank Dexia (-1.92% to 1.99 euros) is ready to sell its insurance activities in Turkey with French insurers Axa and U.S. Metlife, reported Monday the daily Les Echos.

Carrefour (-1.10% to 26.45%) needs to evolve and perhaps in favor of its hypermarkets a delegation of certain powers, said Sébastien Bazin, CEO of Colony Capital Europe, in an interview published in the 'Monday edition of Les Echos.On the other hand, the distributor announced Friday the acquisition of three minority in China.

Séchilienne Sidec (4.24% to 17.07 euros) The independent power producer said in a statement that its gross operating profit (EBITDA) is expected to grow by at least 15% this year, including with products tax exemption The group also confirmed that it was a growth of 10% of its EBITDA excluding tax exemption in 201.

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It's been five years since the U.S. housing bubble deflates, after swelling for fourteen years. The consequences of this reversal are still stopping the economy and financial system of the United States poor credit personal loans.

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