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Very unpleasant surprise in the U.S.. Only 36,000 jobs were created in January. Economists were expecting an average of 145,000 and some even 200,000. Weather conditions were execrable advanced to explain the difference between the expectations of observers and the first estimate given by the U.S. Department of Labor.

"Employment rose in the industry and the retail trade but fell sharply in construction, transport and storage activities," the ministry said.

To make matters worse, revisions to employment figures in 2010 by the Labor Department showed a recovery later than expected. The creations were again two months later than previously indicated, in March 2010 only.Over the full year, the U.S. economy created 215,000 fewer jobs than previously calculated.

Two pleasant surprises come somewhat counteract this flood of bad news. Job creation has been revised upwards in December, to 121,000 against 103,000 originally counted. Finally, estimated on a different basis, the unemployment rate appears low in January, at 9% against 9.4% in December. Analysts expected a rise in the rate at 9.5%.

"After the publication of all the market indicators of employment, the situation is unclear," says Julian Thomas, an economist at Natixis. "But the scales tip the wrong way." Economists Exane BNP Paribas prefer to remain optimistic: "The acceleration of activity in the first half of 2011, confirmed by recent investigations progress, should allow the recovery of employment of grow "

U.S. equity markets continued their forward march. On Wednesday, the Dow Jones closing at 0.72% up to 11,755 points in early trade. For its part, the Nasdaq gained 0.76% to 2737 points while the S & P advance of 0.90% to 1286 points. Tuesday, Wall Street was also closed in the green. This is the highest level recorded by the New York Stock Exchange since August 2008.

On the foreign exchange market, the euro goes up the slope against the dollar. He crossed the $ 1.30 increase in the dollar to 1.3131 at the close of U.S. markets.

On the macroeconomic front, investors were waiting in New York specifically to the conclusions of the Fed's Beige Book. These were more optimistic than previous ones.The Fed remains cautious on employment and real estate, notes, however, signs of renewed growth since late 2010.

Moreover, the positive outcome of the bond of Portugal, which has already drawn up European markets, helped to maintain the indices in green throughout the session. "For once, Europe has led us in the right direction, which had not happened lately," noted Volokhine Gregori, of Meeschaert New York."Everybody gets carried away by seeing the news from Europe are good", also confirmed Mace Blicksilver of Marblehead Asset Management.

"The upward trend started earlier this year and stopped by concerns for issues of debt in Europe, took over, supported by the publication of the Beige Book," observed Volokhine Gregori.

Also on the macroeconomic front, import prices showed a net gain in a year in the United States in December, due to the continuation of soaring energy prices. According to figures released Wednesday by the Ministry of Labour, they rose 1.1% while economists had forecast a rise of 1.2%.

Finally, the budget deficit fell in December to $ 80 billion, or 12% lower than December 2009, monthly figures show the Treasury on public accounts.The decline is consistent with the median forecast of analysts.

Chevron profits up to

The side of values, after award, the American oil company Chevron (+0.69% to 92.46 dollars) has indicated that it expected higher profits in the fourth quarter of 2010 than in the third, thanks to higher crude oil prices and an assignment. Chevron reported net earnings of $ 3.8 billion for the third quarter 2010 quarter ended Sept. 30, down 1.6% year on year, reflecting a negative currency impact.

Also in the oil sector, the National Commission to investigate the causes of the explosion of the oil rig Deepwater Horizon in the Gulf of Mexico in April 2010 urged the creation of an independent agency responsible for security offshore operations.The Commission report provides a roadmap for Congress to initiate multi-sector reforms. It will be presented to committee in the House and Senate from 26 January.

For its part, the banking sector has responded positively to the latest report from the American Bankers Association (ABA), which suggests that the default rates on consumer loans rose slightly in the third quarter. Sector values are in the green image of JP Morgan earns 2.57%, Morgan Stanley is 2.68% and Goldman Sachs ahead of 1.30%.

The automotive sector also remains in the spotlight, while the show continues manufacturers in Detroit.The new boss of General Motors (-0.39% to 38.60 dollars) Dan Akerson announced that his group plans to produce this year about 25,000 Chevrolet Volt, its new hybrid vehicle electric motor.

AIG is selling its subsidiary in Taiwan

In the insurance industry, AIG (-1.12% to 58.38 dollars) said it had received an offer from Ruentex group for the redemption of its insurance business in Taiwan (Nan Shan Life Insurance) for $ 2 , $ 15 billion.

The CEO of Sanofi-Aventis said he did not know how far he would go in its discussions on the purchase of Genzyme. For its part, the U.S. Biotechnology company Genzyme (stable at 72.34 dollars) ruled that discussions with Sanofi-Aventis had made progress, but that they remained technical in nature. Genzyme has revised downward its outlook for 2011.

In the coming days, the dance of results continues on Wall Street. Among the heavyweights of the coast, Intel will announce its results tomorrow, and JP Morgan Chase Friday.

It is a story of self-made man as the United States are used to produce it. Except this time, the hero is not American but Spanish. His name: Amancio Ortega. Little known to the public, it is nevertheless the founder of the Zara clothing chain. He is also the creator of a leading global textile, Inditex, which includes other brands such as Bershka, Pull and Bear and Stradivarius yet. At 74, his fortune is staggering: 25 billion, which ranks the ninth place of the largest fortunes in the world according to Forbes. It is, in turn, the richest man in Spain.

If Amancio Ortega is little known because he shuns the media like the plague. His public appearances are rare and media outlets can be summed up ads on the strategic directions of its group.Monday is an illustration: in a short letter, he announced that he give up his seat as chairman of Inditex to its vice-president, Pablo Isla, 46. "The time has come to propose that Pablo Isla was appointed Chairman, without it prevents me from staying in the company and its board of directors," he says. The torch will pass at the next shareholders' meeting next July.

Deliverer to billionaire

Confidentially, Amancio Ortega will now give the reins of an empire of about 5,000 outlets in over 75 countries worldwide. An empire whose foundations were built in the family room, with his wife, his brother and sister-in in the 60s. Together, they make dresses and gowns. Amacio Ortega is so very inspired by fashion Payday advance.This son of a railroad worker, who left school at 14 years, this has meant to his years spent working as a deliveryman for a store shirts.

At 27, he goes Confecciones Goa, specializing in lingerie and ready-to-wear for hypermarkets. But the first real success of this family team will launch a Shetland sweater that will allow Amancio Ortega have enough income and credibility to expand its range of apparel. It opens in 1975 the first Zara store in his native Coruna always with the idea of copying designs from top designers to offer modest women. Based on low prices and rapid turnover stocks, the brand has an immediate success. Ten years later comes the holding company Inditex IPO in 2001. In 2010, the group posted an increase of over 40% of its profits in the first nine months of the year.Strong growth is also reflected by the opening of a hundred stores.

Amancio Ortega has since separated from his wife at the time, Rosalia Mera, one of the richest women in the world with a fortune estimated at $ 3.5 billion in 2010. The couple has two children. Moreover, it was rumored that his daughter succeeded him to carry the group's evolution, particularly in Asia and on the web with the launch of a website for Zara in September 2010. But for reasons of continuity in management, the family did not this time of its choosing.

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In the aftermath of a euphoric meeting for exchanges of Tokyo and Shanghai, the soufflé is quickly back down. Concerned Fed statements that blamed the weak recovery in the United States to the European crisis, Asian financial markets were down Wednesday. With the exception of the Stock Exchange of Hong Kong won 0.08% to 23,668.40 points and the Singapore Exchange, which takes 0.09% to 3253.29 points.

Otherwise, the Nikkei 225 Index was down 0.35% to 10,361.50 points. Registrations of new vehicles in Japan, excluding mini-models, dropped 28.3% in December on a year to 179,666 copies, but rose 10.6% in 2010 to 3.23 million vehicles sold (cons 2.92 million in 2009).However, automakers are facing the stock market Wednesday: Toyota, who faces prosecution of seven U.S. insurance companies, climbed 1.07% and Mitsubishi rose 1.26% to 2319 yen, and Mazda is 2.54 % to 242 yen. By contrast, Honda lost 0.62% to 3210 yen.

Other value for Tokyo, Toshiba, climbing from 2.23% to 459 yen. The industrial conglomerate of Japan has developed two prototypes of new LCD TVs larger sizes displaying images in three dimensions visible without special glasses no fax pay day loan.

Record investment for Samsung

Moreover, the CSI 300 Index of Shanghai lost 0.25% to 3181.61 points, the Taiwan TAIEX Index 1.59% to 8853.96 loose points, the Kospi in Seoul dropped 0.24% to 4448.39 points and the S & P / ASX Sydney was down 0.58% at 4714.90 points.

Note that the South Korean Samsung, which announced it would invest $ 38.3 billion investment in 2011 in research and development of new activities, fell 1.67% to 942,000 won, with Seoul Stock Exchange.

Qantas Airways hopes to relaunch its A380

Furthermore, the Australian company, Qantas Airways, confirmed Wednesday hope reactivate its Airbus A380 on flights to Los Angeles from January 17.At the Australian Stock Exchange, the share fell sharply from 1.21% to 2.45 Australian dollars.

Crude prices were trending lower Wednesday in electronic trading in Asia on profit taking after the recent rise, analysts said. In morning trading, a barrel of light sweet crude for February delivery yielded 38 cents to 89.00 dollars. Of Brent North Sea with identical maturity let go 49 cents to 93.04 dollars.

Alstom wants to score points on the Russian market. "We will meet with French companies to tender for the Russian authorities intend to start at the end of Spring 2011, said Sunday Bernard Gonnet, regional director of Alstom in Helsinki, capital of Finland, during the inauguration of a fast train between Helsinki and St. Petersburg. Alstom and the French consortium will be candidates for new high speed of 600 km linking Moscow to St. Petersburg in less than three hours.

Alstom is also associated with its Russian partner TMH, the first Russian manufacturer of trains, which will take 25% stake. TMH and the French group have formed a strategic partnership in 2009. Alstom will also open a production line for trams TMH plant in St. Petersburg."We decided to install the production of streetcars throughout the Commonwealth of Independent States, said Bernard Gonnet. It is the world's largest market for trams. "The Russian cities are to replace trams 4000 and will open new routes.

"All mayors or governors meeting that I now want to return trams, because they saw that it was an intelligent response to the car," said Bernard Gonnet low interest rate personal loans. Alstom plans to produce in Saint Petersburg Citadis a version of its flagship tram, adapted to the local market.

Fleet of trams

The French group wants to offer including the Nadzemny Express, a modern tramway that will link St. Petersburg to its airport, but also for the renewal of the fleet of trams in the Russian city – which was until recently the largest network in the world – , Moscow."We have the expertise because we produce a third of trams in construction worldwide. TMH has complementary expertise in addition to a factory, "commented Patrick Kron, CEO of Alstom.

While stating that the group had decided to challenge before the British courts and the European Commission's purchase of ten Eurostar trains to Germany's Siemens, Alstom's chief executive said his group teamed with to win the SNCF TGV contract in Saudi Arabia, and he had just signed on Friday, the contract with the Moroccan TGV SNCF President Guillaume Pepy. "This is not because there is a problem with Eurostar there is a war with the SNCF," insisted Patrick Kron.

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Ireland

• Weaknesses: The banks are the main problem of the Celtic Tiger. Almost all of the deficit abyss of 2010, representing 32% of GDP, is due to the aid plan for banks.

The financial sector had grown beyond the reasonable riding the housing bubble of the 2000s. The crisis has killed the market for construction and real estate. Households find themselves in great difficulties: their debts are often secured on their house, atteingnent 150% of their gross disposable income. "The default rate could rise in coming months, which could weaken banks and indirectly increase the deficit of the state, which would come to their rescue," worries Adele Renaux, economist at Natixis.

• Strengths: Ireland is a highly competitive country, unlike Spain and Portugal.The corporation tax to 12.5%, remains well below that of its European counterparts, between 20% and 30%. The workforce is highly trained.

Contrary also to countries of the Iberian Peninsula, Ireland specializes in industries carriers. Through pharmacy, chemistry or even the food, the island has a trade surplus. Exports should also be the principal-if not the only engine of growth in the medium term. In 2011, BNP Paribas expects an increase in activity of 1.5%.

Portugal

• Weaknesses: Its economy is specialized in industries with low added value, such as textiles. It is in direct competition with low cost countries such as the Asian tigers, Tunisia or Turkey. In addition, its main customer is none other than Spain, a country in deep trouble.

The economic outlook is bleak. The recent increase in VAT and a labor market should destroy any heavily damaged recovery in consumption. GDP expected to fall 0.2% in 2011, according to BNP Paribas.

• Strengths: "Portugal has launched the 2000 reforms to improve its competitiveness," says Jesus Castillo, an economist at Natixis. "But the compression of wages has cut consumer spending."

Spain

• Weaknesses: As in Ireland, the consequences of the explosion of the housing bubble were terrible. The regional banks are in big trouble. The real estate market and construction industry are affected. For a long time.

• Strengths: The patient self-inflicted shock therapy and public debt should remain well below levels seen in other peripheral countries.On the other hand, "clean the economy continues as the show (…) the sharp increase in household savings and the shift in activity towards the industry," noted economists at BNP Paribas.

Still, activity has been driven, in recent years by the housing boom. Spain now has to find another engine. In the coming years, "the challenge for Spain is to find a new economic model by investing in training in particular, Analysis Jesus Castillo, an economist at Natixis. A metamorphosis that would take time. Meanwhile, the country counts on tourism.

Greece

• Weaknesses: Historically, the Greek public finances have been badly managed, with a side boondoggle spending and tax revenues that did not fit. Blame it on a very strong culture of tax evasion.Result, public debt will peak at 150% of GDP in 2013. A record in the euro area.

The economy remains in recession. The GDP fell 1.1% in the third quarter. Tight budget, business investment and sluggish demand at half-mast should lead to a 3.1% decrease in activity in 2011, according to BNP Paribas.

• Highlights: Greece is the first World owner. This asset should tell him when world trade recovers. Tourism remains a strong point.

His hourly productivity is higher than those of Spain and Portugal. Moreover, it is still catching up with the economic level of the rest of Europe, which ensures a reserve growth over time. Finally, it enjoys substantial EU subsidies (8.5 billion euros in 2008).

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The European financial aid to Ireland, which would be discussed would be for an amount between 45 and 90 billion euros, depending on whether or not Dublin will need to support its banking sector, it was reported Saturday in Brussels source close to the area euro.L Ireland has not formally requested assistance from the EU, but sources indicated Friday that discussions about such an eventuality were already underway.

While the European Commission and Ireland have sought in recent days to reassure the markets, according to some newspapers, including the German Welt am Sonntag, Spain and Portugal would push for the establishment of a plan rescue of about € 70 billion, similar to 110 billion set in May in Greece by the European Union and the International Monetary Fund.

The Wall Street Journal, the Europeans want to be proactive to avoid finding themselves cornered as with Greece in the spring. Because the risk of contagion occurs again.

On Thursday, rates on government bonds to 10 years Ireland have reached almost 9% and the Portuguese have exceeded 7% in both cases of never-seen since the country's entry into the eurozone. Spanish and Italian rates were also found under pressure. The bond market experienced a lull on Friday, but nobody knows for how long.

The Finance Ministers should therefore take up the issue during a meeting Tuesday in Brussels at the level of the euro area, then Wednesday to that of the EU.

U.S. stock markets opened down on Tuesday. The Dow Jones lost 0.52% and the Nasdaq 0.63%.

On Monday, Wall Street has welcomed the record figures of resales of existing homes. The Dow Jones closed up 0.28% at 11,164 points, its highest level in six months, the Nasdaq gained 0.46% to 2490 points and the S & P 500 rose 0.21% to 1185 points .

On the foreign exchange market, the euro fell slightly against the dollar in late morning, the greenback continues to benefit from the rebound in sales of existing homes. The European currency was worth 1.3936 dollars around 11 h00 dollar against 1.3969 the previous day.

On the macroeconomic front, investors now expect the U.S. the S & P / Case-Shiller home prices. Gold prices for detached houses fell more than expected.For its part, the Federal Housing Finance Agency will announce its own figures on this subject in the wake. The U.S. will also publish the index of consumer confidence and investors: it is a pleasant surprise since the index rose more than expected in October, although it remains close to its lows.

DuPont profits fall

The side of values, the American Chemical DuPont announced Tuesday a net profit down 10% in the third quarter, better than expected and raised its annual forecast of earnings per share.

For its part, the U.S. manufacturer of electronic components Texas Instruments net profit up sharply and better than expected in the third quarter, thanks to a surge in sales no fax pay day loans. Net income jumped 60% year on year to $ 859 million in the third quarter.The group's turnover grew 30% year on year to 3.740 billion. Texas Instruments has warned that its fourth quarter results would be affected by a slowdown in demand for semiconductors in the consumer sector.

Always on the side of values, Office Depot has reported preliminary results above expectations. The band announced $ 2.9 billion in sales in the third quarter (+ 4%) and net income of $ 54 million. The group will release its final results tomorrow.

Also note, the holding company of Warren Buffett, Berkshire Hathaway, announced after the close of Wall Street, the arrival in its midst of hedge fund manager Todd Combs, which could eventually solve the problem of the estate of billionaire .Warren Buffett says that with his partner Charlie Munger has sought for three years for someone like Todd Combs "to manage a significant portion of the investment portfolio of Berkshire." 39 years old, Todd Combs, has been running five years Castle Point Capital, a hedge fund specializing in financial services.

Car dealers do not sell German BMW customers from Switzerland. The information was revealed Tuesday, October 19 by issuing Kassensturz, broadcast on television speaking SF1. While Swiss media are outraged, a spokesman for BMW in Germany says that the manufacturer wants to protect a "dealer network" Swiss.

With 1.34 Swiss francs per euro, the exchange rate between two currencies has increased by over 10% in just one year. The strong franc is hindering the competitiveness of the Confederacy. Even if the numbers do not show a sudden increase in shopping tourism, traders fear that the Soothsayer are attracted to attractive prices charged in Alsace, Franche-Comte and Germany.

The BMW case is not the first of its kind.In the 1990s, the Italian distributors of Volkswagen refused to sell their cars to Austrian and Swiss customers come to enjoy the devaluation of the lira. In 1998, the European Commission was inflicting on the German manufacturer fined 80 million euros to practice "anticompetitive."

In Switzerland, some recent cases are still in the hands of justice. One concerns the Nikon cameras.The other, toothpaste Elmex: in 2009, its manufacturer (Swiss) has been condemned by the Competition Commission (Comco) to a fine of nearly five million Swiss francs (3.7 million) for prohibits any of its Austrian manufacturers to export their products … in Switzerland instant payday loan.

"Island of high prices

"Since 2003, we sanction the worst restrictions on parallel imports because they constitute an obstacle to the law on cartels and divided the Swiss market, says Patrik Ducrey, Deputy Director of the Competition Commission. The case of BMW in Germany has really challenged. In the coming days we will decide to open a formal investigation on this. The manufacturer could be fined. "

The spokesman for BMW Switzerland, Beda Durrer, was "aware of the contract between the BMW and German dealers, but nothing more."In the BMW Car Jan-SA, located in Lausanne, the director Michel Humbert is surprised such a fuss. "The Swiss are not likely to buy their cars abroad. BMW Switzerland has not changed its prices relative to exchange rates. But we do a lot of promotions to bring our rates to those charged in Germany. "

"It astonished me," says Mathieu Fleury, Secretary General of the Federation Romande consumers. The history of BMW proves once again that home prices are set according to the purchasing power of people and not in terms of product value. "In Bern, the Federal Department of Economy described itself the land of William Tell as an island of high prices, "where" imported goods are 30% higher than in other European countries. "

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The fifth since the beginning. This new day of demonstrations drew 825,000, according to figures from the French Interior Ministry on Saturday, is "the lowest level of participation since the beginning." CGT side, the number of demonstrators against the pension reform reached nearly 3 million.

Without going into the numbers game, the ads show a lower mobilization this Saturday as last Tuesday: the unions had estimated the number of protesters at 3.5 million, and the Interior Ministry to 1.23 million . A record day.Thus, there were between 14.2% and 33% of demonstrators unless it four days ago.

Comparing with the figures of the last engagement which took place on a Saturday or Oct. 2, the figures are, by contrast revealed closer: the police had announced 899,000 people gathered, against nearly 3 million by CGT.

Fewer people in Toulouse, Rennes more

In Paris, the parades started from the Republic Square just after 15 hours. Nearly 310,000 people were present, as in the event of Saturday, October 2, according to a count of the CGT. For its part, the Paris police prefecture were approximately 50,000 people in total, or 13,000 fewer than on Oct. 2.

In Toulouse, 125,000 people according to unions, 24,000 according to the prefecture, participated at 10 am at the event in a calm and peaceful.It's a bit less than Saturday, October 2 (145,000 for each and 30,000 for others).

In Bordeaux, some 130,000 people according to unions, police said 13,500 marched in the afternoon at the invitation of the Inter-professional Gironde. The parade was much smaller than last Tuesday, said police, who was then counted 35,000 demonstrators, cons already 130,000 for unions. On Saturday, October 2, there were between 31,500 and 130,000.

In Rennes, the procession was attended by some 18,500 people, according to the prefecture, 35,000 according to the CGT. These figures are down compared to the event on Tuesday, but up compared to that of Saturday, October 2.Nearly 5,000 protesters marched through the streets of Vannes, according to the prefecture, 18,000 according to the CGT.

In Nice, several thousand people – 5,900 according to police, 25,000 according to organizers, marched in the morning against the pension reform. Participation was unchanged from the last event of October 12 according to unions and down according to police figures (8,100 demonstrators on October 12 by police).

In Clermont-Ferrand, "about 35,000 people, according to unions, 7000, according to police, marched in the morning in an atmosphere of" good child ", a mobilization much less than at previous demonstrations, police said.30,000 to 14,000 people had demonstrated Saturday, October 2, 40,000 and 19,200 cons September 23.

The figures were also very mixed in Saint-Etienne, where the CGT counted 52,000 demonstrators on Saturday morning, police said 6,200 cons. On 12 October, authorities census listed 11,500 participants and 50,000 unions.

In Marseille, where the rendezvous was set in place Castellane 14 h30, the event attracted 180,000 people according to organizers, 16,400 according to police, against 150,000 and 19,000 on October 2.

In Lyon, 38,000 people according to unions beat the pavement, 16,000 according to the prefecture, and 18,500 against 45,000 in the last demonstration on 12 October.On 2 October, the unions had registered 40,000 people and 18,500 police.

Other marches were scheduled in the afternoon including Nantes, Le Havre, Caen.

Strikes and demonstrations next Tuesday

For this Saturday, October 16, the CGT had made available to demonstrators a map of France mobilization, indicating the route of movement. Although rates of participation in strikes at the RATP and the SNCF have been reduced over the days, young people are increasing the pressure and determination of workers throughout the country's refineries are fearing an impending shortage.

Truly entered the movement Tuesday, young people, including schoolchildren, remained present in the streets this Saturday. None of indicent is to be deplored.Before the violence, often caused by "uncontrolled elements", police have been ordered to "limit the use of force is absolutely necessary."

The Inter had already decided last Thursday to launch a new one – the sixth, then a day of action Tuesday 19 October. The date is not chosen by chance: the Senate must vote on the text the next day.

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