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The U.S. stock markets have remained on the defensive on Friday. At closing, the Dow Jones lost 0.21% to 11,233.68 points. The S & P 500 loose 0.26% to 1158.82 points. The Nasdaq Composite Index yield of 0.75% on its side 2441.58 points. U.S. financial markets were closed yesterday, while the country celebrated Thanksgiving. The day before, Wall Street finished in the red.

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.

Growth in sales is still there but the results will not be the expected level. The leaders of Schneider Electric have reviewed the prospects for the results of the full year 2011 on the occasion of the publication of revenue for the third quarter.

They now expect a margin of EBITDA (EBIT) of 14%, against a forecast in mid-year by 15% and a range of 15 to 15.5% at beginning of year.

This revision does not seem to be the first manifestation of the economic slowdown now widely anticipated but slow to materialize in company accounts.

Indeed, sales are, themselves, adhere to the expectations of Schneider Electric.Third-quarter sales and shows a growth of 7.7% excluding acquisitions and currency effects, to 5.7 billion euros.

Emerging markets continue to show strong momentum. The Asia-Pacific region recorded an increase of 15% of its billings. Elements that have allowed management to assert that the goal of organic growth of between 6% and 9% will be "easily" achieved.

An acceleration of planned restructuring

The group advanced three main causes for this new downward revision of prospects for margin. After the rise of raw materials in the first half, he now finds inflationary pressure on production costs in emerging countries.

Second, the growth of the business now comes from a strong software business, less than Quiet electrical equipment.This is what we call a "product mix" unfavorable.

Final point to address the lack of visibility of the economic environment, the group will speed up restructuring, which will have first a negative effect on margins.

Schneider Electric is sanctioned in stock

The announcement was heavily punished the stock market, Schneider Electric yielding the title more than 7.6% in mid-session in Paris. Probably a reaction against the excessive elements announced, but due to "the economic outlook in the short term that are clearly more negative influence on the future growth of the group," according to analysts at CM-CIC Securities in a note published this morning.

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Six months after the end of the disastrous false spy case, the flowchart of Renault is unrecognizable. The large "household" began on April 11, according to the findings of an internal audit of the dysfunctions of the company during this crisis. That day, under government pressure, many players in this fiasco had been removed. Led by Patrick Pelata, number two, since replaced by Carlos Tavares. But also members of the famous security service, the chief executives, Jean-Yves Coudriou, the legal director, Christian Husson, and Secretary General, Laurence Dors.

This is also the same date as the foundation of the current organization had been thrown, with the creation of a Deputy Director of Superpost for president, told Mouna Sepehri, comprising the General Secretariat, and the law.Meanwhile, the Human Resources Directorate was attached to the CEO.

This structure was subsequently refined in late July, after a report by Alain Bauer, Alain Juillet and Eric Delbecque, all three experts on economic security. They advocated to link security to delegate to the presidency and create a structure of security control – inspection – dependent on the CEO.

This reorganization is clearly intended to prevent the excesses of winter – where the direction of Renault had managed the business with an incredible amateur, without resorting to the Central Directorate of Internal Intelligence (DCRI) – can reproduce easy pay day loans.Carlos Ghosn, the CEO, why close all security issues with him, as they were once buried in the depths of the organization, and has mounted a much more professional.

Prevent skidding

Friday, the new recruits were officially presented. Among the main changes, Eric Le Grand, head of security at the Post supports this function at Renault. Jean-Marc Berlioz, former head of the General Inspectorate of the National Police, who was also an adviser to Nicolas Sarkozy and Hortefeux of the Ministry of the Interior, is entrusted with the inspection of the security service. He will report to the CEO, as the direction of internal audit, and that of ethics, whose boss is being recruited.

Communication, finally, was renewed.It is also the responsibility of Mouna Sepehri, who was charged in April to reflect "the lessons of the crisis" in this area. We remember the disastrous intervention of Carlos Ghosn on TF1, saying it was evidence "multiple". The management of this service returns to Florence Goldfiem, a former journalist. She will be responsible for bringing the "serenity" and "pride" to the group, and improve the image of Carlos Ghosn, dented by the crisis. Oil and its relations with the French elites and policies, which have little support, while "helping him to refine his understanding of French culture," says one in-house.

The directors of Dexia and states have approved most of the steps needed to dismantle Dexia. Belgium has proposed the purchase to 4 billion euros in Dexia Bank Belgium (DBB), letter of intent attached to the communiqué issued after the board in support. A similar document should also have been initialed on the negotiations with the Deposit and Postal Bank on the financing of local authorities.But according to two sources familiar with the conditions of an agreement between Dexia and Caisse des depots were not met on Monday.

A week ago, however, after an operation of mediation between the parties led by René Ricol, the Deposit and Dexia had agreed on the outlines of the deal: the CDC should buy Dexia Municipal Agency The vehicle refinancing loans from Dexia's long-term form of bonds, for a price estimated at 250 million euros. So business savvy. But the data have changed in the day Saturday, Dexia reassessing its estimate to 380 million.This morning, without targeting specific operation Dexma, Pierre Mariani reaffirmed its determination to defend the interests of the bank and its shareholders.

Another crystallizes the tension between the French public institution and its subsidiary to 20%: the definition of liability guarantees granted by the latter to the former in connection with the operation. Due to insufficient data, the investment committee of the Caisse des depots, while conscious of the urgency has given an advisory opinion but negative on the operation hours of the board of the Franco-Belgian bank.

Simple adventures of a complex negotiation and tense? Recalled to the rescue Saturday night, Rene Ricol has at least reconfirmed the terms of the consensus snatched the previous weekend. The subject should again grow rapidly.We need it to maintain the balance of the scheme to dismantle and symmetry of the actions of both sides of the Franco-Belgian border.

UBS revises upwards the amount of losses incurred by its trader Kweku Adoboli: 2 billion dollars announced Thursday they will eventually reach $ 2.3 billion (1.66 billion euros) after further review of the operations in question . "We have now covered the risk from fraudulent transactions and activities of stock markets can function normally again," said the bank in a statement sent Sunday afternoon.

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.

Estate agents again under fire from critics. The consumer association UFC – Que Choisir has issued a statement on Tuesday vitriolic, denouncing the "little commendable practices" agencies. After a survey of over a thousand branches, the leading association of abuse "at every level," the tenants are the first victims.

Three types of abuses are highlighted by the association. Estate agents do not initially comply with their disclosure obligations of tenants illegally. For example, 21% of agencies tested their fees do not display in the window, "contrary to a legal obligation 20 years old." Like nearly a third still do not respect the obligation to inform the tenant of the energy consumption of their future home, even as energy prices continue to climb.

Prices "prohibitive"

Partly because of tensions on the rental market, real estate will also allow aspiring tenants require more and more collateral. 62% of them are demanding documents allowed for the creation of a file, the certificate of the employer being required more frequently (by 46% of agencies). "This is not an excess of zeal, defends the National Federation of Real Estate (Fnaim). This is only to ensure donors'.

By virtue of this requirement that many agencies require such an identity photograph, a bank account, a check for reservation of accommodation or a social security card … In about 30% of cases, a guarantor is required when the candidate wins the rent three times the rent."This additional requirement makes it clear that agencies are primarily to serve the landlord," interprets the UFC – Que Choisir.

Last black dot underlined by the association: the profession continues to charge a "service only limited" at prices for their "prohibitive". On average, fees and represent 93% of the monthly rent. The UFC – Que Choisir denounced as such "double penalty" is that the indexation of fees on the rent: the more prices rise, more agencies are increasing fees. Only 6% of agencies practice a fixed fee, delivery.

New measures for consumers

All these abuses have repeatedly pointed out by consumer groups, which tend to hinder access to housing.In March, it was this time CLCV denouncing the excessive billing that affect the budget of the tenants: inventory costs (up to 100 euros), fresh stimulus for delay (20 euros on average ) fee for annual reassessment of rental charges (34 euros) … So many illegal practices which continue to proliferate, despite the tightening of the law.

If the profession is a strong advocate of abuse, Fnaim however, that it will present in September new measures "in favor of an overall organization of the profession, faithful to respect the interests of consumers."

The Secretary of State for Housing, Benedict Appeared should follow suit."It is important not to heap opprobrium on a profession that is aware of certain abuses, organized thinking to fight against," he said Tuesday, before announcing that new government measures against the abuses described as "unbearable". Currently "under development", these measures will aim to "protect consumers and support those professionals who are committed to the quality of service." For these traditional signs of strong competition from low cost agencies in full swing, this strategy could indeed be a winner.

Testimonials – Have you ever been abused by estate agents? Have you seen such abuses around you? Tell us your experience in comments below or by email at temoin@lefigaro.fr.

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In the aftermath of a black day on world financial markets, U.S. equity markets continue to brood. Despite an early trading in the green, the indices fro significantly negative territory 30 minutes after opening, despite the announcement earlier this afternoon in U.S. unemployment figures better than expected for the month of July. A 16h Paris time, the Dow Jones falling 0.48% to 11,328 points, the Nasdaq lost 1.46% more frankly to 219 points and the S & P was down 0.69% to 1191 points.

A move followed by other European stock markets. In Paris, the political mobilization against the bear market of Europe, however, allows to limit the drop in European indexes.

The employment figures dictate trend

In this context the assumption of a recession in the U.S. or the world, is today one of the main fears of the markets, the announcement of a significant improvement in job creation last month seems calm people down on Wall Street Friday after a collapse in U.S. up over 4% yesterday. In recent weeks, disappointing publications on the state of the U.S. economy had, in fact, chained, challenging the idea of ​​resumption of the world's largest economy. This publication confirms the figures released Wednesday by ADP, reports of more new jobs than expected for the month of July.

At 21 hours the numbers of U.S. consumer credit for the month of June will end this week full of macroeconomic data.

Oil and euro pressure

Oil prices climbed hesitantly at the opening Friday in New York, despite the employment figures better than expected, as the market wondered if it would be sufficient to support the demand for crude in a very fragile economic environment . On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 87.04 dollars, up 41 cents from the previous day.

This concern also weighs on the currency front, the euro was trying to rebound against the dollar but remained under pressure from macroeconomic concerns.To 15 hours in Paris, the European currency was worth 1.4224 dollars against 1.4106 dollars on Thursday night, after falling to 1 payday loans for self employed.4055 dollars in early Asian trade, its lowest for three and a half weeks.

AIG, GM and Procter & Gamble publish their accounts

On the corporate side, the semi-annual publications still dominate the news on Friday.

Thursday evening after market, the insurer AIG (-0.23% to 26.34 dollars) announced a return to the green of its accounts in the second quarter, with net earnings of $ 1.84 billion over the period, against a loss of $ 2.7 billion a year earlier. Per share, net income totaled $ 1 ($ 0.69 after tax, against $ 0.92 expected by analysts).

At the same time, and its first quarterly since its IPO on May 19, LinkedIn (-2.27% to 93.36 dollars) was positively surprised markets by announcing a turnover more than doubled the second quarter to 121 million dollars (120 euros) and net profit (4.5 million), where analysts expected a loss.

GM Motors (1.27% to 26.32 dolars) Thursday reported quarterly results exceeded expectations, with a near doubling of profits over the period.

Procter & Gamble (1.78% to 60.64 dollars) released before market on Friday for the fourth quarter of fiscal offset, net income up 15% to $ 2.51 billion.Of 2010-2011, so it shows a net profit of 11.79 Annual Statement billion, down 7% from the previous year.

Viacom (3.55% to 53.17 dollars), the parent company of MTV and Comedy Central, has reported a rise than expected in earnings thanks to strong revenue growth in advertising Cable and license agreements with websites. Its quarterly results (Q3) increased to $ 574 million against 432 million

Bank of America (1.70% to 8.98 dollars) is highly exposed to the most fragile countries in the euro zone, according to a document from the bank. The group said exposure to the tune of $ 16.7 billion (11.8 billion euros) in total to Greece, Ireland, Italy, Portugal and Spain in June 30Management has indicated in a document submitted to the regulatory authorities that its losses could reach up to legal $ 2.3 billion in addition to the provisions already passed for this purpose.

While European leaders are working on the Greek crisis to find a solution by Thursday, the Party of European Socialists (PES) advance his proposals. In a joint statement, Martine Aubry and 12 other European socialist leaders have agreed on a roadmap. The Socialists are in power in particular Spain and Greece.

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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The agreement is good news the French biotech Innate Pharma. The company, based in Marseille, in a statement anounce the signing of a global agreement with the U.S. laboratory Bristol-Myers Squibb (BMS).

BMS is thus committed to finance the development of the IPH2102, a new antibody in Phase I development created by the biotech Marseille for the treatment of cancer. Thus, the U.S. laboratory to make an initial payment of Innate Pharma $ 35 million, followed by other milestone payments based on research findings. The total amount of the transaction could reach $ 465 million (over 320 million euros).Innate Pharma should also receive a fee, a "double-digit percentage" of international sales net of the product.

In exchange, "Innate Pharma will provide Bristol-Myers Squibb exclusive worldwide rights to develop, manufacture and marketing of IPH2102 and compounds structurally related KIR receptor blocking."

Innate Pharma flies title

"This license agreement is the largest ever made to date with a French biotech in financial terms," ​​said Hervé Brailly, CEO of Innate Pharma. "Bristol-Myers Squibb is a global leader in the field of immuno-oncology and as the best partner we could look to realize the full potential of IPH2102," he adds.

To BMS is a new step in its strategy of "string of pearls."The giant seeks to "establish collaborations with innovative businesses and leaders in their field worldwide," said Mike Seeley, CEO of BMS France.

The announcement of the agreement was followed closely by investors. The title Innate Pharma jumped nearly 80% in early trade, to 2.35 euros. The CAC 40 rose 0.46%.

Goldman Sachs, the largest bank on Wall Street, the subject of a request for information from the prosecutor in Manhattan. The office of Cyrus Vance Jr., who also addresses the issue Strauss-Kahn, asked Goldman Sachs for clarification on its activities before the crisis in bonds secured on real estate debt.

The survey was conducted by a Senate committee. His report of 640 pages, released in April, outlines potential conflicts of interests between, on one hand, potential paris Goldman Sachs on the collapse of the housing market and, secondly, how the bank distributed financial products to its customers. Democratic Senator Carl Levin bank suspected of having lied. The approach of the New York attorney could lead to an investigation or even criminal prosecution.