On this day of "Black Friday", the markets were open for half a session. This day, like every day after Thanksgiving, sounds the start of the race for Christmas gifts across the Atlantic. In this time of economic downturn, observers will be attentive to the behavior of U.S. consumers during this high mass consumption.

Tensions on the debt market

On the macroeconomic front there is no major indicator on the agenda.U.S. investors as their European counterparts, should focus on the developments of the debt crisis in the eurozone.

Tensions remain very strong in the market for government bonds. The performance of the Italian debt in two years reached a new peak since the creation of the euro, exceeding 8%, after an auction of short-term borrowings Italian who saw Rome used a record performance.

In the aftermath of mini-crisis summit between France, Germany and Italy, supposed to "support and ensure the sustainability of the euro", the concern persists. Operators complain German blockages on the tasks of the European Central Bank (ECB). France advocates a more determined it to buy the debt of troubled countries. Germany refuses outright. The issue of Eurobonds is at the center of the debate.

The issues are still there and no solution in sight, the Chancellor conceded. Britain still refuses the idea of ​​a tax on financial transactions, supported by Paris and Berlin, because it severely handicap the City of London. On the issue of greater involvement of the European Central Bank to resolve the crisis of the euro, which promotes London, the German chancellor has proved inflexible.

The iPhone is growing at a second screen and payment functions, to become a real game console and an electronic purse. Most importantly, Apple will continue in his way, his real trademark, oversimplify the use of machines which become, therefore, luxury goods, high-margin.The speech recognition system "Siri", presented this week for the iPhone 4S by Tim Cook, should get on Macintosh computers and iPods the most advanced. Recognition of movements and even that of the user, as is the case for the Microsoft Xbox 360, should be to integrate other functions in future products. Shelves, computers and phones all have a camera that could be used to identify its owner.

"The strategy of" multiple monitors "will continue", provides an employee cash advance no faxing. After the computer and the telephone, television and its contents will be the next land to conquer. All television programs around the world could be available on future Apple-branded TVs, thanks to icloud, the system of cloud computing.As was the case for music, applications, newspapers and books, television programs are distributed by Apple. The company would then play a role of reseller and could strengthen in the business of advertising.

Demanding

The road map is drawn, the organization and working methods are arrested, men of valor are in place, including "designer" Jonathan Ive, and the director of marketing Phil Schiller, who "knows so intimately the competitive products, "said Carolina Milanesi of Gartner. In addition, "Tim Cook is as demanding as Steve," provide the employees of Apple. It has the same attention to detail and perfection "that are hallmarks of the group." But without Apple embodied the soul of Steve Jobs, the group may he continue to impose its laws to the content owners? It is not safe.In addition, the future is not written competitors, especially Google's married to Motorola. These competing strategies could encourage Apple to change the line to follow. The future would become uncertain.

In spring 2011, eight months after graduation, just over seven in ten were in fact employed. Seven points higher than for graduates of 2009. In total, only 24% of them were still looking for their first job before the summer. "After two difficult years, the job market again smiling young graduates," says APEC and notes however that "the level observed in 2008 for the Class of 2007 (employment rate 77%) is not reached. "

Decline in job insecurity

Young engineers are, not surprisingly, those who have benefited most from the renewed welcome. Nearly eight in ten were employed, an increase of 14 percentage points from the previous promotion. The graduate business school and management are hardly worse off with an employment rate, also rose sharply (+ 11 points), 76%. Only university students are left behind with "only" 65% in employment (+ 6 points) and especially while three in ten were still seeking their first job.

The vast majority (81%) of those who have gained their first job was still in the spring, after searching for an average of two months, four against the previous year fast payday loans. 13% had changed employers and 6% switched unemployed at the end of their first professional experience.Line side, "services remain the outlet of two out of three graduates," says APEC, with a majority presence in education, training, health or social work, banking and insurance, or IT activities.

The industry, meanwhile, recruited as a young graduate in four, mainly in the automotive, food and pharmaceuticals.

The proportion of permanent employment, which fell in 2010, regained its 2009 level, 54% of contracts held. "This increase is accompanied by a sharp decline in precarious," especially among academics, Apec observed. As for the remuneration of employment, they are also rising again at 27,700 euros gross per year, respectively 400 and 700 euros more than the previous two years.The increase is particularly significant for young business school graduates (2700 + euros a year) as opposed to the university whose average annual income fell from 800 euros compared to 2009.

In the end, more than nine out of ten graduates said spring "satisfied" with their jobs, a level is still up from years of crisis.

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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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".

"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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The PES associated himself with the idea of ​​Eurobonds. Concretely, this would be to issue bonds to 17 common European states in the euro area. According to this roadmap, this mechanism would allow to pool risks and protect the weaker states.

In an article published in The Journal of separate Sunday, the candidate for the primary PS Francois Hollande also defends the system of Eurobonds. "They are an effective way to raise money at lower cost," said he.He added that this could be used to "buy Greek debt delisted and to speculators at their own game", the latter focusing on a bankrupt country.

Buy Greek bonds, which are worth more thing: this last idea was put on the table by Germany, reports the magazine Der Spiegel to be published Monday. This technique would save 30 billion euros.

Mutual guarantees

European Socialists also advocate a system of mutual guarantees of European debts to "help the countries attacked by speculators" and would help them "to the costs of stabilization." The PSE also blames rating agencies, criticized for their very recent decisions concerning Greece and Portugal. The party wants to "limit their power" and forbids the creation of a European rating agency.

François Hollande, who associated himself with the JDD many of the proposals of the PES, also calls for merging the functions of president of the European Council (now Herman van Rompuy) and President of the Commission (José Manuel Barroso) to take the head of a real "economic government" of Europe.

"Dangerous" statements

The budget minister Valérie Pécresse denounced statements Socialist Sunday morning, "Francois Hollande and Martine Aubry are engaged in a dangerous competition of statements on the euro that are likely to undermine efforts made by all European and France primarily to protect the euro area ".

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"We are all faced with rising production costs that we have at least partly reflected in our prices, and this will be even bigger in the fall and winter," says Antoine Brieu, director of C & A France. Its sign, high image discount, is not doing too badly at the moment, because in inflationary times, consumers fall back on cheap brands.C & A has found "a significant increase in its turnover and sales volumes" in March, April and May

"Buy smart"

In general, the industry experienced a beautiful spring, after a bad first quarter. Sales in April and May were supported by good weather, before a lull since early June due to weather and to wait before a traditional balances. "We have no signs of a recovery in the consumption of textiles in France, contrary to what one can see in some countries of northern Europe, says Gildas Minvielle, head of the center of economic French Institute of fashion. And in times of crisis, it is difficult to raise prices too much.The increases will be applied in a differentiated way for this to be as painless as possible. "

Aware of the issue, the French will then engage in a hunt for "buying smart", as they have done since the beginning of the economic downturn. This time, the scope is relatively narrow. As traders have sold quite well in early spring, the stocks available for sales are less important than the past seasons.

Distinguish the goods to the risk of missing

In addition, professionals, stung by the decline in demand were far more modest in their orders. "Companies have become very conservative for two years.They would rather miss sales than remain with unsold inventory, "said Jean-Marc Genis, president of the National Federation of brands of clothing.

If, as always, a rush is expected at the start of the period, the effect balances the risk of falling fast enough. "We usually sell 50% of our total sales the first week and then is divided by two every week," said Antoine Brieu C & A.

So, after two to three weeks, the goods to stand out may be missed. This will allow retailers to quickly implement the fall-winter season.With price increases all the more important that the parts are more "heavy" coat material includes more than a T-shirt.

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