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Growth "Asian" in the German economy would it an exception in a darkening global economic outlook? If the recovery is underway in Germany at rates higher than expected, also signs of fragility are multiplying on the front of the economy, and the unlikely scenario a few weeks ago a "double dip" – in the new dive recession – until now reserved for a few pessimists, is no longer excluded.

The warning came Tuesday from the Bank of England (BoE). "I think it would be unwise to say that this risk does not exist", said in an interview to The Times Martin Weale, who joined in July, the Monetary Policy Committee of the Central Bank. Martin Weale has raised the risk of rising unemployment, lower housing prices and a new crisis in the banking sector."There could be a sovereign debt crisis or it could be a new crisis of liquidity in the private sector," he said. The economist also said that the BoE's forecast, which assumes 2.8% growth in 2011 in England and 3.2% in 2011, could prove too optimistic.

U.S. housing decline

His remarks have increased the nervousness of the markets, which were significantly Tuesday on the downside. The poor performance of the U.S. housing sector that is highly sensitive for triggering the financial crisis and global recession, have added to tensions.Sales of existing homes, which represent between 90 and 95% of the market in July has been an unprecedented fall of 27.2%, falling to their lowest level since 1995, according to data from the National Association of Realtors (NAR).

The market suffers from April to the end of the tax credit on buying a first home. Shortly before the publication of these statistics, the chairman of the Federal Reserve Bank of Chicago, Charles Evans, acknowledged that the risk of relapse was increased in the last six months but said "it is not the end most probable. " He expressed concern at the continued strength of the recovery, even though the second estimate of GDP in the second quarter, due Friday, should be revised sharply downward to 1.4% against 2.4%.

In Europe, the wave of rigor that will weigh on the recovery. Even rating agencies are worried.Having sanctioned the debt spiral States, first of Pigs (Portugal, Italy, Ireland, Greece and Spain), which has led most states to adopt austerity plans, a study by Moody's published before yesterday stressed the risk posed by these savings measures on growth in the short term and the rating states. These concerns about growth in Europe have prompted the agency to lower its rating on Greece, Portugal, Spain, Ireland and outside the euro area, on Hungary. "We carefully monitor the ways chosen by governments and their potential to generate growth," says the agency remains confident that the marking of France, Germany and Great Britain, even though these notes have weakened since the crisis.

A standard feature of life insurance quotes is a set of written terms and conditions which set out whether the policy being sought is a term policy or a permanent one.

beginning of August euphoric on European exchanges. In Paris the CAC 40 rose 2.99% to 3752.03 points, or beyond the threshold of 3750 points. In London (2.65%), Frankfurt (2.34%) and Madrid (3.2%), the indices show the same optimism. The euro, it is the highest since three months.

Throughout the meeting in Paris, the CAC 40 was worn by banking stocks, while BNP Paribas reported Monday morning a good interim results.Worldwide, banks have been well supported by investors more confidence in the sector, particularly in Europe, and after already good grades stress tests.

The oil sector also outperformed on Monday, while oil was up 2.84% to 17.30 to 81.2 dollars per barrel.

But the boost has been given 16 hours, when the ISM manufacturing activity in the United States has continued to slow in July, the ISM index measuring it has fallen to 55.5, but less expected, according to figures released Monday by the association.A pleasant surprise on the side of the building has boosted the morale of the operators as well.

In Europe, growth in manufacturing output and new orders accelerated, reaching their highest level in three months, according to the latest PMI survey released Monday and conducted by Markit Economics Institute. The PMI index for manufacturing final Eurozone appears already to 56.7 in July against 55.6 in June

Last month, the CAC 40 had already recovered, compared to a decline in June and a memorable month of May in terms of poor performance. Between 1 July and this July 30, the index rose 9.1%. Since the beginning of the year, it remains a decline of 7.45%.Compared to a year ago, it was up 6.3%.

On the values front, we retain:

BNP Paribas (5.27% to 21.5 euros) unveiled on Monday its quarterly results before the market in good order. They are far beyond expectations, thanks to lower provisions. The title gained 4.19% to 54.92 euros. The title brings in its wake Societe Generale (4.67%). For its part, Credit Agricole gained 3.71% to 10.9 euros.

As for the high rise, there are also values related to oil and commodities in general, more expensive that.Technip has been 5.15%, Maurel et Prom, 5.01%, and Arcelor Mittal, the largest increase in the CAC 40 rose 5.81% to 24.75 euros.

Air Liquide (3.43% to 89.433 euros) on Monday confirmed its objective of increasing its net profit in 2010 after an acceleration of growth in sales between the first and second quarter, thanks notably to markets emerging.

France Telecom (2.24% to 16.43 euros) has initiated discussions with shareholders Meditel second operator in Morocco, to acquire 40% stake in it, according to the Moroccan weekly News, suggesting a possible investment of 650 million euros. Title varies slightly to 16.05 euros.

On the other hand, in the red, Areva (-4.04% to 350.05 euros) is at the bottom of the ACC 40.The group released Friday, as expected, half results penalized by an additional provision under the Finnish EPR OL3, but it confirmed its targets for 2010.

Vinci and Eiffage shaped

Eurazeo announced Saturday that entered into exclusive negotiations with the U.S. fund Carlyle for the sale of the hotel chain B & B.Eurazeo gained 4.14% to 50.91 euros.

The construction group Vinci (3.73% to 38.53 euros) was selected Friday by the Government for the concession and the construction of the airport at Notre-Dame-des-Landes, who should take over from 2017 the air service from Nantes-Atlantique.

Eiffage (3.47% to 40.06 euros) published a quarterly revenue up 2.2% and said its order book stood at EUR 10.8 billion at July 1 ( +4.4% at constant since 1 April 2010), more than 11 months of activity.

APRR. The socialist leader Arnaud Montebourg said Friday it has seized the financial markets authority (AMF) to try and block the delisting of Autoroutes Paris Rhin Rhone (APRR) requested by Eiffarie, a joint venture of the Australian Eiffage Macquarie Group

Wednesday again, the Asian financial radiant, carried by strong quarterly results from Alcoa and Intel. On Thursday, the return to reality is brutal. Red dominates the markets and doubts about economic recovery back. The reason: the pessimistic talk from Ben Bernanke, Fed chairman, who has already pulled down Wall Street.

The surprise drop in retail sales across the Atlantic (-0.5%) is the straw that broke the camel's Fed. The Fed is lowering its outlook for the world's largest economy to a range between 3% and 3.5%, while three months ago, it was a growth of 3.2% to 3 7%. New measures could even be taken to support the economy.

Japan sees a brighter future

A Tokyo Stock Exchange reacts badly to these ads.In mid-session, the Nikkei lost 0.95% to 9702 points, while the Topix loose 1.45% to 858 points. The more positive about the central bank (BOJ) in the archipelago thus pass almost unnoticed. This morning, though the latter has announced that she saw again significantly increased its growth forecast for the current fiscal year from April 2010 to March 2011, to 2.6% from 1.8% previously estimated. "An improvement is expected due to the increased growth of emerging countries," the BoJ said. This upward revision is due to the government, which in June raised its forecast for growth, also at 2.6%, against 1.4% in its previous estimate.

The BoJ has, however, slightly lowered its growth forecast for 2011-2012 to 1.9% against 2% previously expected free online credit report.Because of deflation, the monetary policy committee has also decided unanimously to leave its rate unchanged at 0.10%.

Slower Growth in China

On the stock markets of Hong Kong and Shanghai, investors are pessimistic. The key indices of the two financial centers are losing 0.28% (20.503points) and 0.36% (2461 points).

In addition to the Fed, the markets saw a dim announcing a slowdown in the national economy in the second quarter. China's GDP has been increasing by 10.3% yoy, against 11.9% at the end of the first quarter. Economists expect at least a growth of 10.5%. In the first half, the economy grew by 11.1%.

Side indicators, the index of consumer prices rose 2.9% in June over a year.Industrial production grew 17.6% yoy in the first half, while investment in fixed capital rose 25.5% year on year.

Oil mast

With China and Japan in the red, the other financial centers are also doubts the move. In Australia, the S & P lost 0.57% in India, Sensex 0.05% loose. Only the Korean Kosdaq climbed 0.69%.

Crude prices were also down on Thursday morning trade in Asia. A barrel of light sweet crude for August delivery lost 14 cents to 76.90 dollars a barrel, while Brent North Sea due to identical, yielding 53 cents to 76.24 dollars.

Click on the thumbnail to enlarge the graphics.

The controversy swells daily. After the Europeans, it is now the boss of General Electric to accuse China of putting a spoke in the wheels of foreign companies. "I'm really worried, I am not sure that ultimately they want that we will succeed," he complained to an audience of businessmen from Italy, reported the Financial Times on Friday.

Last Tuesday was a report of the European Chamber of Commerce in Beijing, which accused China to increase the discriminatory measures. He denounced a "discretionary application of laws and regulations, the registration process unnecessarily complicated and" inconsistencies in the application of national criteria.

In Beijing, many business leaders say the word to cover: it is increasingly difficult to work in China."They understand that they can leave if they are not happy," says a corporate lawyer. Since April, the party newspaper, the China Daily, had sniffed the wind of revolt and was almost threatening."When foreign companies encounter difficulties in their projects (…) if they do nothing but complain that the foreign media and amplify the case without analyzing the merits and slandering the Chinese economy, they will end up delaying the process of improving the investment environment, "he wrote.

Funny way to appease the spirits when President Hu Jintao says it wants to "take concrete steps to reject any form of protectionism and unequivocal support free trade."

The World Trade Organization said in its latest report "Interest in China and its foreign suppliers of more rapid liberalization of China's service industries.But Beijing, which, in a gesture of goodwill, will leave July 15 rebates for export taxes on certain sensitive products, prefer to believe that foreigners "grunt" on account of wages.

Rising labor costs

Demonstration of support to employees of Foxconn, Hong Kong in June Photo credits: AFP

More rigor. The message sent by the rating agency Fitch to the new British government is clear: "the magnitude of the fiscal challenge is formidable United Kingdom and justifies a strong austerity plan in the medium term." For, if London enjoys a triple-A thanks to its economy "diverse and flexible, its deficit is growing at a pace well above that of other countries enjoying the same note, the agency warns. It reached 11.1% of gross domestic product (GDP).

"The existing plans are not ambitious enough," Judge Fitch, who still welcomes the willingness of the new Liberal-Conservative coalition to act very quickly. Even in London announced new austerity measures amounting to 0.4% of GDP in the form of budget cuts.

Under a new emergency budget to be presented June 22, the government should adopt targets for reducing the deficit more ambitious, Fitch recommends. The new conservative prime minister has already promised gold and years of "suffering" the British people.

"While other European countries are strengthening their plans and rigor that markets are concerned about the sovereign risk in developed countries, the size of the UK deficit is currently estimated for 2011 and failure to return to the 3% deficit the next five years are worrisome, "Fitch alarmed.

Who would have thought that a small economy could disturb the Mediterranean world power? Yet, a leader of the Fed, the U.S. central bank expressed concern about the effects of the crisis on the Greek United States. "I see three ways in which the Greek crisis could directly affect the economy of the United States," said Dennis Lockhart, a patron of the Atlanta Fed on Monday night.

Greece, attracting the attention of investors on the debt of European countries, could accelerate the introduction of austerity policies in Europe.An ominous prospect for U.S. exports, according to Lockhart: "If the countries of the European Union would provide for adjustments to budget problems, this could hinder the growth of the eurozone and U.S. exports to this region .

Second concern for the head of the Fed, the dollar's rise against the euro. The single currency is weakened by the Greek crisis, investors have been particularly its decline in January and February fast payday loan . Mechanical consequence down the euro, the dollar rises, which could "undermine the competitiveness of U.S. exports," according to Dennis Lockhart.

"The third [of concern] is the possibility that the Greek budget crisis leads to a large impact on financial markets.This could occur in the banking system or as a retreat General [investors] the debt market states ", has alarmed the leadership of the Fed.

These three concerns, first expressed by the Fed intervene to three days of the European Council of Heads of State and Government. The President of the European Commission Jose Manuel Barroso, has called in an interview with the Financial Times European leaders to show "solidarity" against Greece. This latest threat to resort to the International Monetary Fund if there is no mechanism in place.

See also:

"SPECIAL – Greece, a challenge for Europe

In less than twenty-four hours, Boeing faces a number of technical problems on two different types of aircraft: B777 long-haul and short-medium haul B737, his best-seller.

In the United States, the federal Civil Aviation (FAA) requested in a directive for Boeing to make changes to the software on board their B 777 after two cases – fortunately without injury – the accidental release of autopilot occurred last January when the aircraft had not yet departed. Several models of the B 777 families are affected by this change in software. Boeing immediately said it would follow that ReCOmmeNdATIONS for 818 units worldwide including 145 in service with U.S. airlines. This type of incident is very rare, says the manufacturer saving account payday loan ."Since its commissioning 15 years ago, the world's fleet of B 777 has made 4.8 million flights and there were only 9 reports of this kind," said the giant Chicago.

In China, the Civil Administration (CAAC) issued a "Directive on emergency airworthiness" of devices in the family B 737 after several incidents, again without gravity. All Chinese airlines are required to perform safety checks on the components located in the tail of over 400 aircraft of this family on a total fleet of B 737 603 aircraft. Boeing said it would provide technical support to its customers in China and said that these measures do not concern its new generation B 737.

Currently, Boeing provides no encryption of the cost of its actions.

On his role in the regional campaign

The president denies having engaged in this campaign, including during his trips to the provinces. "I did not give instructions to vote and I will not do. But agree it would be strange if I'm the only one able to explain the issue of regional elections! ". As for the convening of leaders of the campaign in the Ile-de-France, President irritated "those controversies which are permanent loss of valuable time in France": "What has he wonder that I meet with elected Ile-de-France while I myself am an elected official in this region since 1977? ". Concerned by the record abstention rate announced for the election, Nicolas Sarkozy asked the French to vote "is also a civic duty."

The consequences of the ballot

"I am of course aware that the French would say."But Nicolas Sarkozy is very clear: "The election of 14 and 21 March is a regional election: its consequences are so regional. Stressing the need for some stability to the government action, the President cited the example of the longevity record of Christine Lagarde – Minister to only be quoted in the interview – the Ministry of Finance: two and a half years. The president may be considering a "new step" but only after the pension reform – a text should be submitted to parliament in September – even if it does not by that "some governmental adaptation.

On the debate over national identity

Defending himself for having stopped the debate on national identity before the regional, Nicolas Sarkozy promised "major steps" he announced in April.Quoting the words of Claude L?vi-Strauss' identity is not a disease, "the President considers appropriate for the gathering of the country" think together about the direction that our nation should go to the project, its values .

On the economic and fiscal policy

Convinced that the Strategy on Economic currently followed will bear fruit in 2010, particularly in employment, the President is however concerned about deficits. "The truth is that we want the public expenditure and that the crisis has drastically reduced our income tax" analysis does. But no question of raising taxes, he promises again, "either today or tomorrow." "I do not believe in a policy of austerity that has never worked and is cons-productive."The president has not abandoned the idea of a "social VAT" – a term he rejects – for we must continue to consider ways of financing social protection other than taxing work. The carbon tax will also be the day after a consultation at national and European level.

On pension reform

Following consultations with the unions, the government will make proposals for a text to be tabled in Parliament in September. Nicolas Sarkozy reiterates its commitment to the reform will affect the 21 million private employees and 5 million from the public. And if lengthening the contribution period there must be, it concerns both the private and the public.However, the calculation of pensions (based on six months in the public and the best 25 years in private), the President recalled that staff bonuses are not included as it is in the private. "All these elements must be on the table."

On the popularity of Fran?ois Fillon and a second term.

"If it was not popular, I would say we must change. If it is, I am told it is a problem for you. All this, they are vain conjectures. My only problem is to carry out the reforms expected by the French. Do not create problems where there are none. " As for his decision to represent 2012, Nicolas Sarkozy reiterated that the question is premature."I take position at the end of 2011, taking into account a number of collective and personal criteria.

Future reforms, other major projects, open policy of nuclear burning issue … Find the full interview of Nicolas Sarkozy in Le Figaro Magazine to be published Friday, March 12.

The European Commission was investigating since January 2008 on possible abuse of dominant position by Microsoft in Internet browsers. If Brussels is to end its investigation, the U.S. giant had to make heavy concessions, agreeing to provide European users with a choice of internet browser to its Windows operating system, then ships only with browser: Internet Explorer.

The lawsuit, initiated by Opera Software, a competitor of the firm of Steve Ballmer, was motivated illegal competitive advantage that the systematic incorporation of Internet Explorer to Windows would have given Microsoft.

Internet Explorer will suddenly face competition

The latter agreed to five years to propose to all European users in Windows versions XP, Vista and 7 to choose their browser.Firefox, Opera and Chrome, the three major browsers Internet Explorer competitors are rubbing their hands when you know that Windows team 90% of PCs worldwide.

Manufacturers of computers equipped with Windows in factory can also completely disable Internet Explorer and install a competing browser.

Microsoft chose to make concessions, risking a fine that could reach 10% of its annual turnover worldwide, is a mere 6 billion euros in fines.

"Millions of European consumers will benefit from this decision with the choice of browser they use," welcomed the Competition Commissioner Neelie Kroes.