Even the market is affected by the economic crisis. Indeed, according to research firm Xerfi published Monday, the organic food market will grow more slowly in coming years. Main reason: the deteriorating economic conditions resulting in a decrease in the purchasing power of households. "With the crisis, consumers prioritize while prices of organic products are higher than those of traditional foods," said Xerfi. Result: Sales of organic products should no longer move as "5% in 2012, 8% in 2013 before returning to 5% in 2014 and 2015, according to estimates by the firm. With a turnover of 4.5 billion euros on that date. " In 2011 sales in this market segment posted 3.65 billion euros against a little over $ 2 billion in 2008.  

It was between 2006 and 2010 that the market for organic products has seen its best years of growth, with rates between 10 and 20%. What stir the appetite of major retailers that since has continued to expand its range of organic and glean new customers compared to retailers and specialty networks. So much so that today 47% retail market share. An influence that may still grow.

The hypermarkets always looking of the lowest price, should benefit from this startégie to attract new customers. A strategy that is even more effective in a context of economic crisis. Mass distribution should surpass the 50% in 2015 while the share of experts, networks and independent, should decrease to 30% in 2015 (48% in 2005) concludes Xerfi. The remaining organic food no matter what a niche market.

Other European markets followed the same trend. The London Stock Exchange rose 1.03%, the Frankfurt from 0.55%. The place was awarded Milanese 0.74%. Of the European indices, the STOXX 50 was up 1.37%. On Wall Street, the Dow Jones gained 0.21% in session and the Nasdaq 0.64%.

An hour before the close, Silvio Berlusconi, won a vote to test the Chamber of Deputies with the abstention of the opposition. However, he lost the absolute majority and is thus a little more fragile still.The group reported before trading a net profit, down nearly 31% to 622 million euros, but above expectations fast cash advance. The bank also decided not to distribute a dividend to its shareholders for the year 2011 to strengthen its capital base without recourse to the market and public money. In its wake, other bank stocks also rose as Credit Agricole (0.82% to 5.14 euros) and BNP Paribas (1.79% to 31.32 euros).

Lagardère (-6.19% to 18.49 euros), with sales falling almost 6% in the third quarter, down for the second time in less than three months its earnings forecast for 2011 .

Thales (0.74% to 25.30 euros) confirmed its targets for 2011 and 2012. Sales for the nine months stood at 8.61 billion euros, down 2%. The advocacy group also just to get along with Safran on an asset swap.

For him, the implementation of a genuine policy of rigor, at the end of the presidential election, is no longer any doubt. "With the electoral process, the implementation of proposals on the table, the French will put their hopes for change in politics," he warns.But these expectations "may be disappointed" by the weight of economic realities. "It regardless of the majority that exit polls, austerity policies, fiscal restraint, increased direct and indirect taxes that lie ahead," says Jean-Pierre and Basilian, with the key "a challenging progressive "social shock absorbers, they have worked well during the crisis, appear outdated.

Chilling post-election

The question is whether more rigor to the sauce Greek or British, will become a reality in France. "In all dimensions of social protection, changes will need to be committed in the name of debt reduction, competitiveness of our economy and employment," swears E & P. The questions are rather on the acceptability of austerity policies developed low fee cash advance."At what point will the social cost he found unbearable, by which social groups?, Asks Jean-Pierre Basilian. Where will the divide? The foundation of social cohesion will break there? "If the worst is never certain, it is still really far away. Everything will depend in the end, according to the association, "the representation that citizens will be social justice" policy implementation "of the fair contribution of each social group efforts."

The shower post-election may be all the more ice that three major social issues are at the heart of the presidential debates. First employment, "the first concern of the French," associated with the competitiveness of the economy and a target of lower labor costs."The sharp slowdown in growth can have a negative effect on the rate of unemployment figures the next few months should not be good and may approach or exceed 10%," says the association. Second, youth employment and efficiency of the education system to find a solution to "lost to 18.0000" coming out every year of school without a diploma. And third, the preservation of a social protection floor. "For a taxation of contributions? A decrease joint benefits? "Asks E & P. "In any case, we will not avoid the issue of cost and financing," predicts Jean-Pierre Basilian.

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The unions believe that their company "wants to charge PNC" his "poor economic performance." They denounce downsizing that "degrade their working conditions." The strike affects all flights from Orly, Roissy and Marseille.

This was already burning the cloth between the management of Air France and its flight attendants. Seven unions had filed a notice of four days in late July, one of the busiest of the year. Finally, the threat was not carried out.

The hostesses and stewards who work on short flights and medium-haul are directly affected by the restructuring plans announced by Air France to regain ground in a market dominated by low-cost airlines payday advance. Air France seeks to improve its productivity by organizing more such flights by plane and rotation by offering volunteers a more intense pace of work. This time, a new rating system hostesses and stewards with their heads cabins, instead of "inspectors controllers" would have set fire to the powder.

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For the first time, the bank gives details of the operations that led to the arrest of Kweku Adoboli on the night of Wednesday to Thursday in the City of London. Investments trader's unauthorized focused on various funds speculating on the evolution of U.S. index futures S & P500, German Dax and European Eurostoxx in the last three months."The positions taken were within the normal course of business of a major investment bank and were part of a portfolio normally covered. But the real risk exposure has been distorted because the positions have been hidden in our system by fictitious positions taken on the future ETF (exchange traded funds) that the trader would have performed. These fictitious operations have hidden the fact that the forward positions on the indices violate the limits of risk of UBS, "said the Swiss bank.

The institution confirmed that the trader himself has revealed Wednesday its operations while it had received requests from the supervisory bodies of UBS. The board of directors of the bank has set up a special committee to conduct an independent inquiry into these frauds and failures of any internal control system.The bank repeated position that no customer was affected. Kweku Adoboli, 31, employee of UBS for nine years, was indicted for fraud and abuse of detained Friday by a judge in London.

In a very brief statement released this morning on its website, the group Zurich estimated the loss caused by fraud 2 billion, or $ 1.46 billion. "Customers' accounts will not be affected," says Officer, explains, however, that the extent of fraud will most likely accounts plunge into the red for the current quarter, the third of its fiscal year.

In late August, the Swiss giant has already announced that its quarterly accounts would be burdened by restructuring charges related to his economic plan of 2 billion Swiss francs (1.8 billion) by 2013. At that time, management had considered these exceptional charges of 550 million Swiss francs (456 million). With two billion dollars of potential losses announced this jeudimatin, so the bank could announce a major deficit. In the second quarter, UBS had announced a net profit group share of 1, 01 billion Swiss francs (840 million euros).

An image more tarnished

The precise cost of such fraud is still unclear but the bank should give more details on the occasion of the publication of accounts for the third quarter, scheduled for 25 October.Although the amount of fraud is still well below the losses caused by Jerome Kerviel, the former trader the most notorious of the Societe Generale (4.9 billion euros of losses also unauthorized operations) . However, this new financial scandal should put on the front of the stage vulnerabilities of control systems of banks, on policy positions of its brokers.

Furthermore, this case should a little dent the image of the Swiss bank. In 2008, she was among the banks most exposed to subprime. In total, in 2007 and 2008, UBS had thus unveiled record losses related to its exposure to toxic assets: 5.24 billion and 19.7 billion francs (4.35 and 16.37 billion euros).Today, the Federal Housing Finance Agency (FHFA) even accused of having sold $ 4.5 billion of toxic assets to mortgage refinancing agencies Fannie Mae and Freddie Mac, and is seeking in return for $ 900 million . Finally, the Swiss bank is also under investigation in France on suspicion of using tax evasion.

Thursday morning, UBS did not give details on the progress of investigations for fraud, saying only that an investigation is underway. Meanwhile, the shareholders of the Swiss bank would have gone well for such a scandal, in a stock market already adverse to bank stocks.At the Zurich Stock Exchange, UBS clinched the title by more than 7% on Thursday, at 10.24 Swiss francs (8.51 euros), with 45% lower as its highest since Feb. 18 annual.

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In total, 10 million cable households Numericable in France are concerned, knowing that this offer has already been tested to 400,000 of them. However, an individual can not support it on its own. Since this offer is "building managers and local communities" as well as trustees for the condominiums, said Jerome Yomtov."We sign contracts with social landlords, which reflected the 4 euros on charges of their renters or we respond to invitations to tender to local authorities, which we pay in proportion to the number of inhabitants," explains Secretary General.

According to Jerome Yomtov, the use of collective subscriptions would drastically reduce costs. "We will have only one bill to send to the community or the landlord," he argues. Confident, he says the group will sign on Thursday including a contract with the municipality of Sagnieu-Colombier, in the Rhone, with 2300 inhabitants.

A round table in Bercy

However, nothing says that communities will not raise taxes to offset this cost.On this point, Jerome Yomtov was evasive, citing for example the "rail investment, for regional trains" that some of them do not pass on their constituents. But in the clear, "they do what they want," he concludes.

According to information of Paris on Tuesday, Numericable and this offer is at a round table of telecom operators and Internet service providers under the same day at Bercy. Eric Besson, Minister of Industry, they must submit an agreement setting up a social tariff of the Internet (for people touching the RSA), they are free to offer or not. Then accept the heels "operator" whose name has not yet been revealed.Still, the rate envisaged by the agreement (23 euros, 3 euros for the rental of the box) remains much higher than that of Numericable, even if the services requested by the government are more complete.

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Investors can not really come to their senses after the blow of yesterday who did fall by 4.73%, under 3000 points.The problems of sovereign debt, which resulted in all European markets falling and are still strongly back the Asian markets this morning, are at the heart of investor concerns.

Greece again centralizes all fears since the country's authorities and inspectors of the European Union, the International Monetary Fund and the European Central Bank, have suspended talks to ten days. The two parties disagree on the reasons and extent of delays by Athens in reducing its budget deficit. This situation endangers the second rescue plan concocted by the European Union. Some analysts believe even now that the plan was stillborn."Greece has already slipped over new deficit targets," said Bruno Cavalier, as well, an economist at Oddo Securities.

Nervousness is also high, whereas the German Constitutional Court will make its decision Wednesday on the highly anticipated aid granted by Greece to Berlin and the establishment of a European emergency fund. Germany is the main creditor of Greece in the eurozone.

"It's a stampede"

Also in the issue of debt in the euro zone, Italy is suffering from a new crisis of confidence while accumulating doubts on its ability to curb its deficit despite the adoption of an austerity plan this summer.Finally, union sources said yesterday that the Spanish Prime Minister Jose Luis Rodriguez Zapatero had recognized mid-August, the markets in crisis, that Spain was close to a "rescue" needed.

"It's the stampede, the free fall. Trust is the innermost and nobody does anything to reassure, "commented Xavier Villepion, sales of shares in Global Equities. "Investors have no reason now to invest in the equity markets," he says. "We are in a dynamic market similar to that of the fall of 2008, when prevailing psychosis triggered by the subprime crisis," said Patrick Jacq, bond strategist at BNP Paribas."Everybody goes in the same direction and fled to the German long-term bonds," he said.

"No recession in the U.S."

These problems of sovereign debt in addition to fears of a global recession while the health of U.S. economic worries. In this regard, World Bank President Robert Zoellick said on Tuesday that the United States was not threatened by a return to recession. "I do not think the United States and the world will fall into recession," he said.

The ISM "non-manufacturing" rose for the first time since May, 0.6 percentage points from July, reaching 53.3%, while the median forecast of analysts gave the down at 51.0%.

The European currency the euro was trying to rebound against the dollar on Tuesday, however briefly climbed back above the $ 1 cash advance loan.42 threshold.Eurostat also confirmed its first estimate of GDP growth in the euro area. It increased by only 0.2% from April to June after 0.8% in the first quarter.

The famous German ten-year Bund collects all the favor of investors and its yield, which moves in the opposite direction from price, fell to below 2%, unheard of.

Values ​​to follow

The bank still in the red

Bank stocks remained misguided in Paris and did not benefit from the rebound. BNP Paribas lost 0.91% to 31.02 euros, Crédit Agricole 1.83% to 5.74 euros, Natixis 0.51% to 2.55 euros and Societe Generale 0.64% to 20.12 euros.Some values ​​are more dependent on market conditions, however, fell under the head, the image of ArcelorMittal, which gained 1.84% in mid-session at 13.32 euros.

Audika: + 5.86% to 16.99 euros

The group released a net profit up 17.2% to 4.8 million in the first half, Audika has benefited from financial instruments, whose contribution represents about 400,000 euros.

Medica: + 4.51% to 12.74 euros

Medica said it had seven times its first-half profits to 20.7 million euros and raised its annual growth target of the activity of 15% to 17%.

NYSE Euronext: + 2.54% to 18.57 euros

The group announced a return to continuous trading, as of Thursday, September 8, a series of indicators of the Paris Bourse, the SBF 120, which was suspended on August 8 for technical reasons.

Casino: 0.51% to 55.56 euros

The retailer Almacenes Exito Colombia, 54.8% owned by the French group, has launched a capital increase of $ 1.4 billion (one billion) unveiled in late June.

Paris airport: + 0.52% to 55.79 euros

A consortium that includes ADP is one of the groups pre-qualified to take over the airports of Madrid and Barcelona, ​​said Monday the Spanish airport authority AENA.

Lagardère: + 2.25% to 19.73 euros

Arnaud Lagardere said the media group is considering a share buyback or payment of a dividend with the proceeds of the sale of the international magazine division.In an interview published Tuesday by the newspaper Les Echos, he also said that the withdrawal of the group of EADS will not happen until the release of the Airbus A350, the future long-haul European aircraft manufacturers.

Air France – KLM: + 3.31% to 6.14 euros

The group wants to save 700 to 800 million euros in additional savings and will also scale back its flight schedule.

GDF Suez: + 1.50% to 20.35 euros

The newspaper Les Echos, there will be no increase in gas rates for individuals on 1 October, the Regulatory Commission (CRE) does not provide a complete analysis of the tariff before the end of September.

Dry environment: -5.03% to 44.62 euros

The company said it was reviewing its goal of decreasing operating income (ROC) for 2011, it now expected around the level reached in 2010 after falling 2.7% in the first half.

During the day Tuesday, Sanofi will meet its strategy. Boiron Transgene and must publish their results for the second quarter.

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This increase serves as a good sign for U.S. growth in the third quarter. What mood enhancing buyer investors, who already showed optimism prior to publication. At the opening of the session on Monday in New York, the indices showed the green, and have strengthened their gains throughout the day.At the final bell, the Dow Jones advance of 2.26% at 11,539 points, the Nasdaq and Standard & Poor's 500 rising 3.32% respectively in 2562 and 2.83% points to 1210 points, the latter going over the bar of 1200 points, a first for two weeks.

The indices remained in the green while the IMF has revised down sharply its growth forecast for the U.S. this year and next, said Monday the Italian news agency Ansa, quoting a draft of the new economic forecasts Fund. According to the Italian agency, the IMF table than on a 1.6% growth this year in the United States, against a previous forecast of 2.5% published in June, and 2% next year against two , 7%.

Also, note that the promises of home sales fell 1.3% in July compared with June, as the market expected, according to figures released by the National Association of Realtors.They increased by 2.4% in June Over one year are up 14.4%.

The final impact less severe than expected from Hurricane Irene passed over New York yesterday, also contributes to investor optimism. Similarly, after being confused by the speech of Ben Bernanke, the Fed chairman, on Friday, market participants regain hope in a possible intervention by the Fed.

The Dow Jones above 11,000 points

According to analysts at Aurel BGC in fact, the announcement by Ben Bernanke, a two-day meeting in September to study in detail the possible deployment of new monetary tools, reassured. "Either the recovery of economic activity is growing, or the central bank will implement new support measures, they summarize.Under these conditions, the U.S. indices rebounded sharply after Bernanke's speech. "

In fact, dropped below the 11,000 points while the Fed chairman began to speak, the Dow finished at 11 284.5, up 1.2% on Friday night. A final increase, which encouraged European stock markets bounce back on Monday morning, except in London, closed due to holiday.

Another indicator which will be followed on Monday, the promises of home sales for July are expected down 0.1% from a consensus of analysts, against 2.4% rise previously.

The bank remained in the spotlight

No major publication is out of business side.

Operators are struggling to recover from their emotions after the new European stock markets plummeting and U.S. Thursday. This morning, Asian stock market sent negative signals with indices in very sharp drop.This bad mood due to a surge in concern about the state of the global economy, reinforced by poor indicators of the Atlantic. Bad index measuring the Philadelphia Fed manufacturing activity in the region, lower sales of existing homes in July, new jobless claims rising again during the second week of August … All signs of the apparent stagnation of growth in the United States.

Concerns about U.S. growth fears add to the debt crisis in Europe, European banks are the first to bear the brunt. In its Thursday edition, The Wall Street Journal reported on fears the U.S. Federal Reserve on the liquidity of European banks.And for the first time since February, the European Central Bank (ECB) has given a major dollar loan to a European bank, whose identity was not revealed. An action that reinforces doubts about the ability of banks to refinance.

Morgan Stanley has added his two cents to panic, explaining that she perceived the United States and Europe as "dangerously close to recession." The President of the European Union, Herman van Rompuy, tried Thursday to calm the mind by ensuring that there was "no new recession" in sight. And this morning, Chinese Vice President Xi Jinping has reaffirmed that the U.S. economy was "resilient". In vain.

"The bears are back"

"The bears (pessimistic players, ie) are back in force that night, after disappointing U.S. economic indicators and renewed fears about the stability of European banks, which prompted investors to push the button sales," said Ben Potter, an analyst at IG Markets in Australia. "There seems to be getting ready for a weekend very ugly, with a market dominated once again by fear and panic," he added.

Gold reached a new record Friday morning in Asia, to 1,837.50 dollars per ounce, due to the concern. And oil, which fell 6% in New York yesterday, continues to fall in morning trading.A barrel of "light sweet crude" for September delivery lost 1.69 dollars to 80.69 dollars while that of Brent North Sea crude for October delivery gave 68 cents to 106.31 dollars.

No significant indicator that could reverse the trend, are expected on Friday.

Values ​​to follow

The banking sector

European financial stocks, which had been rolled by a renewed tensions in the interbank market and concerns about the short-term refinancing of the banks were still under attack this morning.BNP Paribas (-3.01% to 33.18 euros), Natixis (0.97% to 2.924 euros), Credit Agricole (-0.40% to 6.203 euros), Societe Generale (-0.46% at 21 , 50 euros) and AXA (-1.42% to 10.405 euros), however, have erased some of their losses in the afternoon.

Danone: -2.21% to 45.835 euros

Nestlé, the group became a favorite activity for infant formula, Wyeth, Pfizer subsidiary, valued at approximately ten billion dollars (seven billion euros), officials said a source familiar with the bank.

Technip: -0.98% to 59.38 euros

The French engineering group said it had received a letter of intent on the part of the American oil company Anadarko for the construction of an offshore platform for the Gulf of Mexico.