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Their remedy for the debt crisis in the eurozone was expected. After donning their new clothes Nobel Prize in Economics in 2011, Americans Christopher Sims and Thomas Sargent have shot so the map of fiscal federalism. Historical precedent should serve as a model according to them: the union of the budgets of the thirteen founding states of the United States with the Constitution of 1787. Christopher Sims, then this is a "definite solution" with which "we were born." And Thomas Sargent called the euro area to design "a way of sharing the fiscal burden to link budgetary powers to the European Central Bank (ECB) and the lender of last resort". According to him, the outlook for the euro will remain "dark" if those links "also remain unclear."

Although the idea is not new, it has resurfaced thanks to the Greek crisis.On Wednesday, the political and business across the EU (including billionaire George Soros and Martti Ahtisaari, former Finnish Prime Minister) signed a platform calling the euro zone leaders to unite. Published by the Financial Times, the letter calls for the "establishment of a joint budget that would raise funds and to ensure fiscal discipline of the Member States." In this spirit, Jean-Claude Trichet, ECB president, has recently called Europe adopts "a federal Minister of Finance."

Judging "pragmatic" position of the two Nobel Jerome Creel, assistant director of studies at the OFCE and professor at the ESCP Europe also believes that this idea of ​​fiscal federalism is "a must". Clearly, the euro area is expected to have a real "federal budget" next national budget.This would better "regulate the activity" of the Union through a "permanent reciprocity 'in bilateral relations between the world's strongest and weakest, especially in times of economic shocks. "When people buy Mercedes, Greeks contribute to German growth, so it is normal to help him when needed," the economist is an example.

"The euro has to walk on two legs"

The Assistance Fund of the euro area (EFSF), which has helped Portugal and Ireland, is seen by Jerome Creel as a draft of a further fiscal federalism low fee pay day loans. According to him, it applies to the current debate on the issue of Eurobonds ("that could eventually finance a large common budget"), like that, embryonic and far from unanimous, the tax on financial transactions.

To be effective advocates Jérôme Creel, the introduction of the federal budget will not happen without the ECB. "The euro must be able to walk on two legs: a lever for its independent ECB monetary and fiscal policy coordination," he says. Yet the institution of Frankfurt has so far only goal against inflation (unlike the U.S. Federal Reserve). Result, coordination and relations between the ECB and the U.S. are regularly strained: the economist recalled that in June 2008, including Nicolas Sarkozy had won against the institution in Frankfurt, who had decided to increase its key rate Director of 4% to 4.25% after soaring commodity prices.The ECB "should ask the question of economic growth" and "not just for inflation," lambasted the head of state, fearing a rise of the euro against the dollar penalizes exports of the area euro. Six months later, contagion from the financial crisis of U.S. forces in the Old Continent, the ECB has revised its rates three times down, up 0.75% at end 2008.

Problem: the establishment of a true federal budget involves a "significant transfer of sovereignty to the European" art Alexandre Delaigue, an economist blogger Econoclaste. "For this to work, it would require that Brussels can closely monitor and control deficits anything related to the competitiveness of the members, he insists.With the budget, it directly affects people's lives. "Collage, he cites the" retirement age, the conditions for unemployment insurance, "which would then indirectly controlled by the lever via Brussels budget. In addition, he said the United States, "the union budget could be made after the Civil War …"

After completing the previous session on a positive note, the U.S. stock markets have once again closed up on Tuesday. The Dow Jones climbed 1.33% to 11,190.70 points and the Nasdaq 1.20% to 2546.83 points, investors welcoming the wishes expressed Europeans out of the debt crisis.

Since the beginning of the week, investors in Europe and the United States, is won over by a wave of optimism about the outcome of the crisis of sovereign debt. "The beginning of the week is placed under the sign of hope. Investors have decided to give credit to European policy makers and international willingness to find ways to resolve the sovereign debt crisis, "economists observe in Paris broker Aurel BGC. There are "high hopes that one is engaged in the right direction towards resolving the debt crisis in Europe," say experts on their side LBBW.Other analysts, however, want to caution. The strategists of the Crédit Mutuel-CIC believe that "the improvement should not last as rumors seem exaggerated. The expansion of EFSF does not solve the structural problems in Europe, while the challenge is there. "

The spokesperson of European Commissioner for Economic Affairs Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble assured that Europeans had "no intention of bailing out" the EFSF.

Political leaders are still clearly divided on the responses to the debt crisis, while discussions on the payment of a new international loan to Greece, vital to enable it to avoid bankruptcy dragged on. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.

Oil opened up in New York

The euro was weakening on Tuesday to below $ 1.35. Mileu in the day, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1.3363 dollars, its lowest level since mid-January, prior to recover.

As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions. Oil evolved soaring Tuesday at the opening in New York, driven by renewed optimism for the determination of the Europeans to resolve the debt crisis in the eurozone. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery traded at 82 high risk personal loans.64 dollars, up by $ 2.40 at the close on Monday night.

Good news also on the macroeconomic front, the sector still under close supervision of real estate. House prices in the United States remained stable in July compared with June, according to Case-Shiller survey released Tuesday by Standard and Poor's.The study, however, that over-year, declining home prices for sale widened in July to 4.1%, down less pronounced than the analysts thought.

As for values ​​to be followed on Tuesday:

As for values, Goldman Sachs (2.92% to 101.78 dollars) will intensify its restructuring efforts, after a disastrous third quarter, which could be one of the worst ever recorded by the U.S. investment bank since its IPO 12 years ago, says the New York Times.Goldman Sachs will be 1.2 billion to $ 1.45 billion savings goal of operation by mid-2012, the paper said on its website, citing unnamed people familiar with the matter.

The mysterious tablet that the online retailer Amazon.com (-0.74% to 228.11 dollars) could present Wednesday promises to be a star among the products' high-tech "of the season, even the Seattle group has not yet revealed.Amazon Wednesday invited reporters to an event which he kept secret the subject, organized in a video production and music in Hell's Kitchen neighborhood of Manhattan.

Motorola Solutions (1.20% to 42.30 dollars) would be within the scope of an investigation by U.S. authorities, according to the Wall Street Journal, concerning a possible corruption in the course of its business in Europe.

The Anglo-Australian mining giant Rio Tinto (0.93% to 46.53 dollars), listed on Wall Street, announced Tuesday it had increased to 49% its stake in Canada's Ivanhoe Mines, the upper limit is included in a agreement between the two groups that intend to operate an entire mine copper and gold in Mongolia.

ONEOK (2.64% to 67.22 dollars) announced expect to achieve a net profit of between 355 and 400 million in 2012, against 325 to 345,000,000 dollars in 2011.For its part, ONEOK Partners expects a net 740 to $ 800 million for the year 2012 against 630 to 660,000,000 for the year 2011, while natural gas volumes processed are expected to increase more than expected.

Also note, Standard & Poor's is within the scope of an investigation by the SEC, the U.S. stock market regulator, who questioned its rating of an issue of structured securities in 2007 just before the market collapse real estate, announced its parent company McGraw-Hill.

The Paris Bourse succeed does bind to a fourth straight increase session on Thursday? Yesterday, the Cac 40 ended on a strong increase of 3.07% allowing it to pick up 3250 points. And signals from Wall Street, which also ended the month of August on an increase of 0.46% are good. Also this morning, Asian markets generally appear in the green, backed by the index of manufacturing activity in China has reached 50.9 in August, against 50.7 in July.

Investors seem reassured by the Fed to continue to support that ensures the growth of the United States by a new policy of monetary easing.These remarks, made during the last minutes of the meeting of the Monetary Policy Committee, reinforce those of the Federal Reserve chairman, Ben Bernanke, who on Friday called the elect to make fiscal stimulus measures to complement the action of the bank Central. They were also supported by the publication of encouraging indicators.

Busy schedule in the U.S.

On Thursday, investors will keep an eye on the macroeconomic agenda of the day will still be charged in the United States. On the menu: the Monster Employment Index and weekly jobless claims before the highly anticipated monthly employment report on Friday. Productivity in the second quarter and is expected construction spending and ISM manufacturing.

In France, the unemployment rate as defined in International Labour Office (ILO) decreased slightly by 0.1 points in the second quarter to 9.1% on average in metropolitan (9.6% including the departments of overseas), according to data seasonally adjusted (SA) Interim released Thursday by the INSEE

As for the oil markets, a barrel of "light sweet crude" for delivery in October gained 21 cents to 89.02 dollars in morning trading and a barrel of Brent North Sea crude for October delivery climbed 29 cents to 115 , $ 14. On the currency markets, the euro fell slightly to 1.4358 dollar.

Values ​​to follow

Banking

Greek debt is out of control and the measures taken by the government can not restore the finances, the report of an independent parliamentary commission on Wednesday.

Illiad

The internet service provider reported in the first half of 231,000 new subscribers under its brand Free (excluding Alice), a market share of 36% and saw its EBITDA margin to improve by a , 4 point to 40%, or 416 payday loans online.4 million euros on sales of 1.04 billion (+2.6%).

France Telecom

The U.S. administration has initiated legal proceedings Wednesday to block the sale of Deutsche Telekom's U.S. subsidiary T-Mobile to the giant AT & T for reasons of respect for competition.

Pernod Ricard

The French producer of wines and spirits, announced Thursday a 10% increase in net profit for the year 2010-2011, exceeding for the first time the billion euros.

Eurazeo

The investment company said Thursday in a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill

GDF Suez

The group said it had completed the acquisition of gas storage sites in Germany.

Eiffage

The new CEO of the group does not preclude the sale or closure of loss-making subsidiaries to consolidate the early resumption of the performance of the construction group observed in the first half.

Saint-Gobain

The group announced it would invest $ 100 million (69.41 million euros) in the United States to create a factory specializing in the manufacture of ceramic balls ("proppants") used in wells oil and gas.

Latécoère confirms its objectives

Lagardère

The group was forced to significantly revise down its forecast for operating profit for 2011 because of the difficulties encountered by the sports center in the first half.

Maurel et Prom

The group took the first half of the increase in its oil production and high prices in oil prices to clear the results up sharply.

Guyenne et Gascogne

The group reported a loss in the first half, the franchisee of Carrefour have been penalized by its subsidiary Sogara whose accounts were affected by several non-recurring items.

Latécoère

The group, whose net income rebounded sharply during the first half, confirmed its targets for operating profit in 2011 and 2012.

Theolia

The group reported Wednesday a recovery in its interim results, the French wind power has reduced its interest expense over the period, particularly through the conversion action of nearly two million of bonds.

After market, Neopost will publish its revenue for the second quarter and Stallergenes results for the first half.

"Frankly, I'm the only one who can clean it all," said Rupert Murdoch, tapping his fist on the table, at the hearing by the Cultural Committee of the British Parliament last month. Open-tapping scandal, the media mogul has not yielded an inch on the issue of governance of the group whose history is intertwined with that of his family. Wednesday, publication of successful annual News Corp has confirmed this position. He and his family will remain at the head of News Corp and any jolt the market or its shareholders will do deviate from their course.

"Never Rupert Murdoch will not yield to pressure. Neither in a million years or two million years. If a change is to occur, it will be by his own will and when he decides, "recently told a source close to the clan, The Guardian newspaper.During his hearing in July, Rupert Murdoch did not hesitate to declare that he wanted "to see his son and daughters to continue the road, if they are interested." Wednesday night, he reiterated his confidence in his son James, who oversees the group's activities in Europe and Asia.

Yet the issue of governance is more than ever at the heart of the reflection of the market on the future of the empire built by one man, who hammered Wednesday night: "The job is not to be filled in the near future. "

Voices begin to rise among the shareholders to demand an overhaul of the board of News Corp fast cash advance. With 12% of the capital and 40% of the voting rights, Rupert Murdoch and his two son, Lachlan and James, occupy three seats out of the seventeen that make up the governing body.Before exploding the case of the tabloid News of the World that led to its closure, it was also expected that Elisabeth, her second daughter, occupies a fourth seat. What it has temporarily waived. Besides the fact that James has yet to respond to the inquiry on the sheets, making his position as director of News Corp chief operating and its subsidiary, BSkyB, more and more complicated. "It is time to end management of a decent grocery store around the corner," a shareholder storm quoted by the Anglo-Saxon.

Rise of Chase Carey

Six months ago, Chase Carey, the News Corp. chief operating, popular markets, was to chair the group in preparation for the arrival of James Murdoch to the position. In vain.However, there is a manager in whom Rupert Murdoch has the most confidence, the point of saying Wednesday night: "If I go under a bus, is to him that my job will come back."

Theoretically, News Corp has nine independent directors can tilt the board. But as the experts point out, "it is very difficult to agree nine people at once. This is not a malfunction, it is a non-functioning board. "

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.

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.

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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Everything will within the next fortnight for Christine Lagarde. The Minister of Economy would continue his term as head of Bercy, candidate for the general direction of the International Monetary Fund (IMF) … or end up in court. According to AFP and Reuters, the Committee requests the Court of Justice of the Republic (CJR) will decide, in effect, at its next meeting, June 10, if it opens or not an investigation into Christine Lagarde, suspected of abuse of authority in the arbitration case Tapie,

However, on June 10 is also ladate deadline for returning application to succeed Dominique Strauss-Kahn as Director of the IMF, for which the Minister of Economy is among the favorites.Although she has not officially a candidate, Christine Lagarde already collects many supporters, particularly among Europeans who fear that any shift in the IMF crisis of debt on the Old Continent. And yet, the case Tapie is the main downside of the potential candidate, especially after the resignation resounding DSK, accused of attempted rape, the IMF looks anything but a new scandal.

Misdemeanor punishable by 5 years in prison and 75,000 euros fine

In April, nine Socialist deputies had asked the Attorney General of the Court of Cassation Jean-Louis Nadal to open an investigation into a speech by Christine Lagarde in the folder Tapie, who covers the resale by Adidas man Case Credit Lyonnais in 1993. Declaring himself duped by the bank, he had obtained 285 million euros of public funds in 2008.At the initiative of Christine Lagarde, the government had abandoned the legal route, where it had won on points of law to rely on private arbitration.

The public prosecutor accuses Christine Largarde have opted for private justice, but also refusing to appeal against the award, while the number of specialists are encouraged. The Prosecutor General also questioned the amounts awarded to Bernard Tapie, and the impartiality of the arbitrators.

Two weeks ago, Jean-Louis Nadal at the RGC requested an investigation.He says he "found many reasons to suspect the regularity or legality of settlement by arbitration dispute that may characterize the crime of abuse of authority", a crime punishable by five years in prison and 75,000 euros fine.

So it's the turn of this committee requests the CJR, composed of three judges of the Court of Cassation, two of the Court of Auditors and two of the State Council, to give its opinion. Maybe June 10, just after having examined the applications filed against Christine Lagarde. If it closes the case without further action, Christine Lagarde could file his candidacy at the last minute to head the IMF. But the commission may also request additional documents in order to make its decision or issue an opinion in favor of opening an investigation. In the latter case, the commission of inquiry, composed of three judges of the Court of Cassation would have before.And the chances of Christine Lagarde at the IMF seriously compromised.

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For the second consecutive year, neither the first nor May 8 to do the bridge in 2011! Labor Day and the commemoration of the armistice of 1945 had fallen on Saturdays last year and this time it's a Sunday.

The timing, thus depriving the French of long weekends or days off, he is at least good for growth? "Sure, in theory, the more days worked, the more activity, purchases, consumption, etc.. There is an effect on the raw data, "said Vladimir Passeron, Division Chief of the quarterly to the INSEE. In fact, France will work more during the month of May, which did not include bank holiday week, the production system will run more than a year so classic.

But it will not be visible in the figures for second quarter growth to be published this summer.Because the National Institute of Statistics and Economic Studies anticipates and smooth the data "in the discipline of working days" and structural effects, says the expert.

Three Saturdays worth a weekday

This correction is not performed when calculating annual growth. Therefore, the sum of the quarterly is not equivalent to the annual accounts! However, it should not be a macroeconomic impact on GDP 2011, relative to GDP 2010. Last year there were 254 days of the week (Monday-Friday) working, there will be only 253 this year. But if the May 1, 8 May 2011 and Christmas fall on a Sunday, the holiday fell on a Saturday in 2010. Gold worked three Saturdays "compensate" a weekday break, says a study by the INSEE.

The timetable "should not impact the annual growth between 2010 and 2011," concludes INSEE.At best, it would have a positive impact of 0.06 percentage point of GDP, at worst a negative point of 0.06. Only the thickness of the line!

Nevertheless, there are years when the holidays can impact less significant. "The growth differential can be up to 1 tenth of a point or more, is Nicolas Bouzou, economist at Asterès. We also know that the years with few working days result in distributional effects across sectors, to the detriment of the industry by example and benefit from tourism. "That will not happen this year.

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The princely marriage between William and Kate be enough to revive the British economy? Nothing is less certain. Despite the media whirlwind and the important marketing surrounding the event, the positive impact on the business, whether sales of products or benefits for tourism, a sluggish economy will not reverse (drop 0.5% of GDP in the fourth quarter), weighed down by a severe austerity.

It could even have a cons-effect on production, if one believes, the Federation of Small Businesses, because of the eleven days of vacation grant themselves the British, between Easter and the wedding day, holiday. Federation, quoted by Bloomberg, down from 6 billion pounds (6.75 billion euros) loss for the economy, 10 times more than expected revenue, estimated by Dataminor to 620 million pounds.

"It's wishful thinking to imagine that people will feel better or spend more," said Jonathan Far, chief economist at Capital Economics. As bright as it is, the smiling young engaged does not erase the billions of budget cuts, the 350,000 jobs lost in the civil service, tax increases and inflation, growing twice as wages.

Besides, the English showed little passionate marriage payday loans. According to a recent survey, 45% say they do not want the webcast. They prefer to take the opportunity of a great bridge between Easter and the day of the ceremony, to afford a trip abroad. Of the eleven days they are more than 3.5 million to leave British soil, advance tour operators.An exodus for the season that will boost sales by airlines and travel agencies.

"If marriage boost sales this month, it will not be enough to restore consumer confidence," said Stephen Robertson, director general of consortia in the distribution. The industrial morale, anticipating higher prices, has relapsed in April, according to a monthly survey by the Employers' Confederation, the CBI filed Tuesday.

The index measuring the state of order books deteriorated significantly, falling to -11 points against five in March. And evaluating the export orders himself declined to -6 points against five month précédent.La publication on Wednesday of GDP for the first quarter, will be closely watched.Economists expect a slight increase around 0.3%.

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On Thursday, the Paris Stock Exchange should make every effort to keep the 4000 points reached Wednesday. The CAC 40 was able to pick this threshold technique, driven by buying cheap and good results from JP Morgan. However, caution leads the ACC in this technical threshold for the opening and himself. The benchmark index in Paris lost 0.49% to 3986.26 points in early trade.

In Germany, markets follow the same path with a start down 0.24% at 7160.99 points for the Dax in Frankfurt. In London, the FTSE losing 0.37% to 5990.24 points.

Operators decide to follow the footsteps of their counterparts on Wall Street and Asian markets. Time to dissect the business publications across the Atlantic. Japan also remains a concern for markets.The situation remains tense nuclear posture in the country while the authorities claim that the islands have to find other means to cool the reactor number two at the nuclear plant in Fukushima-Daiichi because of the difficulty of evacuation contaminated water.

Entry in U.S. unemployment to menu

Side indicator, the markets will keep an eye on the German government's economic forecasts (13 hours). Overseas, the Labor Department will release the index of producer prices and weekly jobless claims (1430).

In France, Minister of Economy confirms the decrease to 2.25% of its growth forecast for 2012 against 2.5% previously. Its stability program should be forwarded to Parliament tomorrow Friday.

On oil markets, investors are plunged into doubt.Oil prices move in a disorganized in the morning, the market for assessing the impact of high prices on global growth. In morning trading, a barrel of light sweet crude for May delivery took 13 cents to 107.24 dollars and that of Brent North Sea crude for May delivery fell by 10 cents to 122.78 dollars.

Side currency, the euro is rising again against the greenback. A euro is worth 1.4501 in morning trading (+0.37%).

Schneider and Tyco: the series

Danone

The food group confirmed on Thursday its 2011 goals by announcing an increase of 19.6% of its sales in the first quarter thanks to the synergies of integrating Unimilk in fresh dairy products in Russia.

Schneider Electric

While the group denies any attempt at rapprochement with Tyco International, two sources familiar with the matter confirmed Wednesday that the leadership is seriously concerned by the project.Schneider Electric has approached banks, including French banks on the financing of a possible transaction.

Dexia

The Franco-Belgian bank has adopted a list of seven candidates for the resumption of its life insurance subsidiary Turkish Deniz Emeklilik, said Thursday the newspaper Les Echos.

Nexans

The group announced Thursday that it had been informed by the Competition Bureau of Canada to open an investigation against several cable providers and be part of groups covered by this survey instant payday loan.

TF1

The group announced a contract for sale of 100% of his company's games and online paris Solfive SPS, one of whose shareholders is the CEO of SPS.

Renault

The changes at the head of the manufacturer and the difficulties of the Japanese automobile industry have no immediate impact on the activities of automotive group in France, said Wednesday the director of manufacturing. Renault also believes that the Russian market could reach 2.4 million vehicles sold in 2011 against 2.2 million forecast earlier this year in favor of extending the scrapping in the country.

Morgan Stanley appreciates Accor

Accor

Morgan Stanley raised its recommendation on the value to be overweight, weight cons online before, and raised its target price from 32 to 37 euros.

Casino

Credit Suisse raised its recommendation to neutral cons underperformance before, and raised its price target on the basis of 50 to 70 euros

Carrefour

Several shareholders of the family Defforey opposes the draft that Carrefour plans to split its subsidiaries Property and Dia, reports La Tribune. Thierry and Sophie Defforey have announced their opposition, just weeks after Defforey Herve, son of the co-founder of the group, which had expressed early April. Their positions around the table were not disclosed.Sophie Defforey owns two million shares in conjunction with Xavier Kemlin, another individual shareholder, the newspaper said.

Total

The oil group announced at the conclusion of a works council the establishment of a voluntary redundancy plan than a hundred people per year until the end of 2017 in the refining industry in France, excluding staff posted , reports La Tribune.

Unibail Rodamco

The group announced Wednesday that yielded three malls and hypermarkets in Sweden to a consortium led by Grosvenor Fund Management for 268 million euros.

Cegedem

The group said on Wednesday it expected a 4% increase in net sales excluding currency effects in 2011, after recording a loss in 2010.

Bull

The group has been chosen to supply a supercomputer research center at Rokkasho in Japan as part of research into controlled nuclear fusion project ITER-related.

Direct Exchange

The group recorded an increase of 25% of its sales in the first quarter to 8.4 million. The online broker, Boursorama competitor, reported 52,000 accounts at end-March.

Pierre et Vacances Carrefour and publish their turnover in the second and the first quarter after market close. Stallergenes Mercialys and reveal their first quarter results at the same time.