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Fitch Ratings lowered the rating two notches from Spain, which now stands at "AA-". Spain held so far a "AA +", the fourth highest on a scale of twenty. More worryingly, the note is accompanied by a 'Negative' outlook, which means that the agency could lower it back to medium term.

Spanish growth at half mast

Moody's in turn should decide by the end of October on a possible downgrade Spanish now "Aa2" (the third best possible)."With significant funding needs" of the Spanish State, to cover its budget expenditures and net external debt is "one of the highest in the world" (91% of GDP), said Fitch, "the more volatile strong a negative effect on financing conditions in the market of Spain. "

But there are also internal factors in the country "risks to fiscal consolidation as a result of performance parts." The same agency Fitch has lowered Wednesday including the long-term rating of the Basque Country, one of the richest region in which it criticizes the "weak fiscal performance." Growth forecasts have been revised downwards. Wednesday, the Bank of Spain announced that the country's growth expected to slow in the third quarter, to reach an economic activity 'lackluster'.The Spanish government has also recognized that the economic growth targets it had set for 2011 and subsequent years would be "hard to reach" because of the risk of recession in the world.

Italian governance into question

Fitch also lowered the rating one notch to Italy, "A +" against "AA-" and does not see her again in the fall if the country would miss its targets for reducing the budget deficit. Fitch was the last of three major international rating agencies have not downgraded from Italy since the beginning of the debt crisis in the eurozone guaranteed unsecured personal loan. She explained that the high level of public debt and budgetary financing needs, combined with the low level of potential growth (the country), made in Italy especially vulnerable.The Agency is challenging the country's governance and stressed that the differences in the Parliament and the escapades of the prime minister Silvio Berlusconi, help to weaken the ruling coalition.

Belgium heckled by Dexia

Belgium is also in sight. The agenceMoody's said it was considering lowering its rating, currently at "Aa1", the second best possible. The agency cited three reasons: the crisis in the euro area, concerns for economic growth and the possibility of additional support to the banking system, particularly in establishing Franco-Belgian Dexia.

Another European country in turmoil, Portugal, has been confirmed its rating of "BBB-" (the last before falling into the category of "speculative") by Fitch, which continued on negative watch at least until the end of the year.Standard & Poor's, confirmed Tuesday the rating "BBB-" from Portugal, while maintaining it as a negative outlook. Portugal, the third country in the eurozone after Greece and Ireland to receive international financial assistance, is facing new economic challenges that undermine his efforts to clean up its public accounts. Progress in implementing the program of the European Union and the International Monetary Fund (IMF), and its budget for 2012 will be crucial.

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The discount is as brutal as sudden. While markets were expecting a deterioration of the Italian debt by Moody's, its rival Standard & Poor's (S & P) has the first shot. On the night of Monday to Tuesday, the U.S. rating agency downgraded a notch credit ratings long and short term attributed to the third European economy A/A-1 against A + / A-1 + before. She also maintains a negative outlook on the evolution of the country's economic activity. Rome was quick to respond, criticizing a decision "dictated" by the media and "distorted by political considerations."

Above all, the rating agency believes to have taken someone a traitor. "There is nothing in this sudden degradation defends Martin Winn, Vice President of the London office of S & P, noting that the Italian debt had already been placed under negative outlook on May 21.A decision which in the eyes of the agency at least, appears as "a very clear indicator," said Norbert Gaillard, an economist and specialist rating agencies. In fact, a negative outlook indicates that degradation can occur at two-year horizon, says Norbert Gaillard yet. Unlike a "supervision order", indicating a probability of discount "stronger in the next three months."

Quagmire of the magazine Italian Greek

The question is whether the markets have built-or not-this "indicator". And there, the doubt remains: "Normally this should be the case," suggests Norbert Gaillard.Adding that markets were also able to consider a positive outcome for Italy, when Moody's, which was placed on negative watch Rome in June, was given "one more month" to determine a deterioration in the adoption of an austerity plan for Rome in mid-July.

However, even if investors are mild at first, the degradation of Standard & Poor's suggests a bleak future on the other side of the Alps. "There are now three notches score difference between Moody's and Standard & Poor's, which is huge," says Norbert Gaillard. He said Moody's may well be tempted to turn degrade the Italian debt, "especially to preserve its credibility." With in this case, "a risk of panic 'markets.

In addition, S & P has not ended with Italy, since the rating agency maintained its negative outlook on the economy Alps.Now, if Moody's was focused on the austerity measures, its competitor seems only need a high debt, a fragile political situation, or a sluggish growth prospects for taking action, counting up Norbert Gaillard. Questioned on this point, Martin Winn mentioned merely "a probability of 33% of a further deterioration in the next two years." As negotiations dragged on over Greece, which still awaits its next tranche of EUR 8 billion, Italy is transformed into a dangerous powder keg for the rest of the euro area.

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Caution on the Cac 40. In the wake of the Asian stock markets and the day after a sharp drop on Wall Street, investors do not risk the last trading day of the week. At midday, the benchmark index in Paris was changing still in the red (-0.77%) ironing below 3100 points to 3094.99 points. The CAC 40 accentuated its losses after the publication of the second estimate of U.S. GDP in the second quarter with a loss of 2.60% to 3037.81 points to 15 hours.

Second-quarter U.S. gross domestic product grew by 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first growth estimate published in late spring July.Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

In a move similar to the London Stock Exchange, the FTSE-100 lost 1.37% to 5064.08 points while the Dax-30 from the Frankfurt Stock Exchange, after opening steady widening losses (-2.96 %) to 5419.09 points.

Meanwhile the Fed

Markets are now waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. On Thursday, weekly jobless claims rose. Causing a sharp decline in U.S. stock markets.

In this uncertain environment expected on ads across the Atlantic, the euro resumed slightly against the dollar Friday in a market without much volume. To 11 hours in Paris, the European currency was worth 1.4440 dollars against 1.4378 dollars on Thursday night.

In the euro area, the lack of major macroeconomic news does not help to give a clear trend to markets. This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously).

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.11% to 53.07 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September cash advance payday loan.

This decision only briefly managed to reassure investors. If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need.After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 0.91% to 21.75 euros, BNP Paribas declined more moderately from 0.60% to 34.15 euros, Credit Agricole down 1.31% to 6.42 euros while Natixis closed the show the worst performance (-3.38% to 2.74 euros).

In an interview with Le Figaro, the executive director of Credit Agricole said the group has "significant cash reserves" and "not difficult to obtain financing."

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange. Peugeot, which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, reduced its losses (-1.54% to 19.18 euros), after having dropped to 2.05%.The title, however, fell more than 35% over the last month. A little stronger, Renault drops 0.57% to 26.05 euros.

Total: -0.72% to 32.50 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.95%, to 165 euros) will publish their interim results after market close.

The job of a builder will less and less in the future to sell cars. For years now, much of the profits from automotive groups … of their credit activities.

But now, businesses step up efforts to expand their services to other areas such as electronics in the car or mobility to the card.

Objective: To look for additional revenue and recurring – on Western markets apathetic and very competitive – but above all, better customer loyalty. This is a strategic issue for brands, "which are in contact with their customers that every seven years, when purchasing a vehicle and for repairs, a time not conducive to an exchange positive.By providing meaningful services, multiply the opportunities for contact with a better quality of relationships, "says Nadège Faul, head of services in the marketing department of Peugeot, which launched last year its mobility service à la carte Mu.

More generally, the motorist's dream regular subscription, the subscription model of telephone operators, for example, to cushion the impact if a crisis. This trend may be accelerated by the arrival of the electric car, the battery will be rented monthly by Renault.

United States, General Motors and Ford are already engaged a fierce battle on the ground of the connector. GM claims more than 6 million users for its OnStar system, specializing in emergency calls and navigation. Last year 5 million people spent about $ 240 on average for this offer.This represents a turnover exceeding 1 billion. During its bankruptcy, the U.S. proposed to separate from OnStar, before changing his mind. And for good reason, the only subsidiary at the time was valued at between 2 and 4 billion dollars, according to Bloomberg.

Ford is betting more on infotainment. More than 3 million cars are equipped with the offer Sync in North America. Unlike its rival, the number two U.S. puts more emphasis on the interaction between the car and the mobile phone or other electronic devices. Beyond the extra income generated, "the cars with Sync sell twice as fast," said Jason Johnson, in charge of adapting for Europe for this product.This offer "attracts customers at dealerships," said he, and contributes to the image of a company "innovative".

Remote diagnostics

The only downside in the U.S., road safety authorities may seek to curb the growth of service connections in the car, they believe that distract the driver.

In France, PSA has also made developing service a priority. They must contribute to the tune of 1 billion plan to improve the operating profit of 3.3 billion for 2010-2012. In addition to sales financing, the group expands its range of insurance and maintenance. In total, the group is 500,000 vehicles sold with a service contract in 2012.

Another site, PSA expects a million cars equipped with the emergency call by the end of 2012. This offer is available on vehicles most upscale of the group.In case of accident, the car calls alone for help. The call for assistance is also available to all cars with an "autonomous telematics box." This is an option to buy 290 euros, present in 450,000 cars in Europe.

Through the connection, the manufacturers hope to offer vehicle diagnostics distance: parts for wear, mileage, fuel consumption, tire pressure. "For residential customers, we can send a technical diagnosis of the vehicle to your mechanic, you contact if a repair is needed," said Vijay Iyer, director of communications for Onstar.

Only problem, the services related to the safety board could "not generate significant profits before 2020" in Europe, said Max Blanchet, managing partner at Roland Berger."The question is whether people are willing to pay more for an offer such as emergency calls."

Supervisory Board of Parole on Tuesday morning at Areva. It did not last more than twenty minutes in an atmosphere heavy. As expected, the meeting endorsed the arrival of Luke Oursel as Chairman of the board of the nuclear group, replacing Anne Lauvergeon, whose mandate expires on June 30 was not renewed by the government.

This series began producing its first effects. Yesterday, the Executive Board was reduced from four to two members, along with the appointment of Luc Philippe Knoche Oursel, the director of the branch reactors and services.

Anne Lauvergeon should affect his allowances

During the day, rumors had circulated that Anne Lauvergeon, received the day before yesterday by the President, had indicated that it did not wish to receive his severance pay business cards. Areva has categorically denied that such a point has been discussed during this interview.The group said the amount and terms of payment of these allowances were set by the supervisory board of Areva's Oct. 16, 2008 and Anne Lauvergeon would be granted the benefit.

Note that employee directors did not participate in the voting of the Supervisory Board. In the eyes of those concerned, it is not a sign of mistrust vis-à-vis Luke Oursel but they expect that the new management to submit their roadmap.

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Small form for Wall Street to start the week. The Dow Jones is stable at 12,146.04 points and the Standard & Poor's was down 0.08% to 1299.11 points. In contrast, the Nasdaq ahead by 0.10% to 2735.61 points. The Asian market gave negative signals this morning and Friday, U.S. markets have closed lower, showered by the poor figures on the employment front.

Moreover, the scheduled end of the second program of quantitative easing (QE2) of the Federal Reserve also weighed on the trend on Wall Street. Started last August, the program of monetary easing had allowed the S & P 500 gain 30% over a period of eight months through April.The S & P 500 has since lost 5% from its peak last month.

The absence of major economic indicators or corporate earnings later in the week also makes investors excited.

Portugal calls for calm

Concerning the problems of sovereign debt in Europe, the new Portuguese government appealed for calm on markets.The President of the Social Democratic Party, Pedro Passos Coelho, who succeeded Jose Socrates, has assured creditors on Sunday night that his country would not be "a burden" for them, promising to "do everything" to "honor the commitments" the Portuguese State.

On the foreign exchange market, the euro declined slightly against the dollar on Monday after climbing to its highest level since a month after the release of new funding for Greece, while the greenback suffered from concerns about the strength of U.S. economic recovery. In early afternoon in Paris, the European single currency was worth 1.4620 dollars against 1.4637 dollars on Friday night. The euro climbed to 1.4658 dollars in early morning, its highest level since May 5

Apple will announce the icloud

The side of values, the airline sector is battered on Monday. Delta Airlines coward 1.43% to 9.48 dollars.Forecast company profits will be halved in 2011 because of high oil prices, unrest in the Arab world and natural disasters in Japan, said today the International Air Transport Association (Iata).

Apple: 0.66% to 345.71 dollars

On Monday, Steve Jobs, Apple chief will announce the service icloud cloud computing. The Cupertino company creates a new front against Amazon, Google and Microsoft. For the "cloud" is expanding.

Goldman Sachs: -0.80% to 134.25 dollars

For its part, the U.S. investment bank Goldman Sachs will make public internal documents on its activities in the mortgage before the crisis, to counter the charges against her in the Senate, says the Wall Street Journal (WSJ).Also according to the American newspaper, the United States are studying the possible impact on competition in the acquisition of patents from bankrupt Canadian telecoms equipment maker Nortel giants of the computer and the internet like Google or Apple.

Fiat: 0.56% to 10.84 dollars

Sergio Marchionne said on Saturday on the sidelines of a conference in Venice, having made an offer to the Canadian government to buy back its share from 1.7% of Chrysler for about $ 125 million, or the same terms as the takeover announced on Thursday from 6% U.S. Treasury for $ 500 million. Two years after taking 20% ​​stake in Chrysler, Fiat Group will officially become the majority in the third of the U.S. Big Three. The price for crossing the symbolic threshold of 50% was indeed set Friday: Fiat will spend 560 million dollars for the last 6% stake held by the U.S. Treasury.This enables him to climb to 52% of capital.

Microsoft: -0.50% to 23.79 dollars Yahoo!: 0.45% to 15.75 dollars

The e-mail services from Microsoft and Yahoo have in turn been the subject of infiltration attempts. The U.S. wants global rules against piracy.

Greece must provide more work and results, said the French Finance Minister Christine Lagarde, who put pressure on Athens in an interview with Austrian daily Der Standard to be released this Saturday.

"Greece must deliver results and why the country must do more than during the last twelve months," said Christine Lagarde, whose name is mentioned as a successor to Dominique Strauss-Kahn to head the IMF.

Asked about her refusal of any debt restructuring, Christine Lagarde said: "We already gave Athens more time to repay its loans in the euro area is already a concession." He continued: "It is legitimate that we expected that Greece will make its share of work."

"We do not want a state of bankruptcy"

The French Minister of Economy recognizes that the Greek government has done things, "but there are still areas where things are moving too slowly", referring to privatizations. "Either Greece delivers results, then we can imagine additional help.Otherwise there is the question of how Greece is ready to play the game for its own bailout, "said ministre.Et further emphasized:" What we certainly do not want, c 'is a state of bankruptcy, a default in Europe ..

While the Greek Government discusses the rise in unemployment generated by the austerity plan, the minister reminded the unemployment rate in Spain, according to her superior to that of Greece, but where "the country still does its job, saved and managed to turn around. "

Challenge to implement a program

The rating agency Fitch, meanwhile, lowered on Friday noted the long-term debt of Greece to three notches. This is a new blow to Athens which also saw its borrowing costs on market reached a new record.Fitch lowered the rating of BB + Greek + to B, referring to the "challenge" for Greece that is the "implementation of a program of structural reform and radical tax necessary to ensure the solvency of the state and the foundations of sustained economic recovery "in the country.

"New fiscal austerity measures are necessary" to achieve that Greece's budget deficit target of 7.5% of GDP in 2011, said Fitch. The agency suggests including poor tax revenues and difficulties in implementing a privatization program.

Greece also saw its cost of borrowing on the markets at a record Friday, the rate of its ten-year bonds exceeding 16.7%. Sign that investors fear that Greece is not able to honor its debts.

The Greek prime minister said his country would repay its entire debt."We will refund the loans," said George Papandreou, whose country was granted last year a plan to help the EU and the IMF amounting to 110 billion euros to avoid it default.

But many observers believe that Greece will avoid a major restructuring of its debt, meaning pay creditors later or less than expected. But the European Central Bank precludes this scenario.

In the wake of Fitch, another rating agency S & P has for its part lowered by one notch the rating of the long-term debt of the Crédit Agricole to 'A +' cons 'AA-' before, because of its exposure Greece."We believe that the French banking group Credit Agricole is particularly prone in Greece, because of the issue of solvency and the economic outlook" of the country, particularly through its subsidiary Emporiki, S & P said in a statement.

(With Agencies)

European pressure mounts against Dominique Strauss-Kahn. Breaking the silence, several of his counterparts in the EU – starting with women – have suggested that the imprisoned boss of the IMF should abandon his duties to safeguard the interests of the Old Continent.

Austria led the most direct charge. Strauss-Kahn "itself should reflect the harm it causes to the institution," launched in Brussels Conservative Minister of Finance, Maria Fekter, questioned the wisdom of resignation. Berlin often inspires the positions of Vienna and the demand has not gone unnoticed after Chancellor Merkel implicitly opened the estate on Monday night.

For Spain, the Socialist minister Elena Salgado, also come for an appointment Financial, wanted to put the record straight: "The crimes that (Strauss-Kahn) is accused are of extraordinary gravity.Solidarity, mine anyway, is for the woman who has suffered an attack if it does. "

Too "premature"

The dropping is still far from unanimous in the EU. Most ministers believe the question "premature." From Washington, Strauss-Kahn had finally been accepted as an authority of the euro. Jean-Claude Juncker, head of the Eurogroup, has even won against "indecency" in a race to succeed while the IMF chief is, nominally, at his post.

But realism requires the Europeans to prepare the next move if they want to retain the IMF's management, which "no longer seems an absolute certainty", said a diplomat payday loan lenders. DSK official indictment Friday by the grand jury could say, kick-off.Prove guilt without the CEO, it would pave the way for the trial by preventing him from performing his duties permanently.

Christine Lagarde at the center of the game

Christine Lagarde, approached while Strauss-Kahn was considering a higher destiny, occurs naturally in the middle of the game asked about a possible candidacy, but she has not denied deemed "inappropriate to comment, since the director IMF Managing did not resign. " Personally, she finds the New York episode "both overwhelming and painful."

The French minister is far from alone on the track, despite discrete supports. Privately, European officials are concerned about its vulnerability in the case Tapie. The German press ahead with other names such as Peer Steinbrueck, former Social Democratic Minister of Finance, or the more unlikely of Axel Weber, former head of the Bundesbank.In all cases, the Europeans should agree without delay on a standard-bearer if they will not be capped at the post by emerging countries. The chair of the IMF promised them long ago. With the U.S. Treasury in the role of kingmaker, forfeiture of Strauss-Kahn could polish their weapons after 65 years of European management – including 36 French.

Tradeoffs on the reform of the ISF and the abolition of the tax shield are entering their final stretch. Nothing is yet officially decided by the Head of State, which retains three options on the table. She who holds the rope is a simple layout of the ISF. A line advocated from the beginning by the Budget Ministry. The threshold for entry to the property tax would increase from 800,000 to 1,300,000 euros. The assets of between 1.3 and 3 million would be taxed at 0.25%, and those beyond 3 million at 0.5%, while current rates range from 0.55% to 1.8 %.

But Nicolas Sarkozy, who has always said he wanted a broad reform may yet decide to complete elimination of ISF. Some lawmakers and tax experts argue that influential in this sense still hoping to be heard.They even defend a third option … radically different: let the ISF in the state and simply delete or edit the shield, for example by bringing his version of the Villepin government, 60% of revenues outside CSG and CRDS, against 50% today. The tax reform would be postponed heritage and become one of the presidential debate. "The idea of ​​not touching the ISF is gaining ground," admits a senior official of Bercy. Reason? "If we reform the TFR minimum we will only malcontents without any benefits election," justifies a tax close to the UMP.

Ultimate benefit of doing nothing: the government would not raise other taxes. Indeed, reform of the ISF assumes find 1 to 1.4 billion in new revenues in case management, or $ 3.2 billion in case of cancellation.The tracks mentioned are numerous: raising the tax on capital gains securities (stocks and bonds) and dividends beyond a certain threshold, increased taxation of life insurance for large estates, increasing inheritance, always for the rich no fax pay day loan. All these measures are difficult to sell a few months before the elections. Especially if relief ISF him, is implemented as at 15 June 2012. This point is one of the major issues of reform. A change this year would theoretically impact that next year, that is to say after the election. Bercy discusses how to pass this obstacle and allow the ISF to be eased in 2011, if the option is chosen for development.

Possible spreading of the shield

Given the time to vote on legislation that would require a shift this year to the date of declaration and payment of ISF, September 15, for example. "In this case, the state will lose revenue in 2011, concerned about the environment Gilles Carrez, the UMP rapporteur of the budget to the Assembly. A loss that could reach $ 1.5 billion. "It is enough in 2011 to exempt the first slice of households (800,000 to 1.3 million assets), which would cost $ 300 million. The redesign of the scheme would, she applied in 2012, moved the UMP deputy Herve Mariton.

The budgetary aspect is particularly important that the removal of the shield would have to fill the public coffers with delay. For taxes paid in 2011, sitting mostly on income from 2010, the state will send checks his shield in 2012 and even 2013.At Bercy and the Senate and House are working to limit this effect, by measuring cap or spreading of the shield.

Finally, when development of the ISF, the government can not ignore the few losers in this option: households whose wealth is between 1.3 and 1.4 million euros. "We are moving towards a relief for them on a case by case basis they would ensure stability of their bill ISF," said Gilles Carrez's entourage.

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Radioactive cloud or panic? Despite the reassuring forecasts of the Institute for Radiological Protection and Nuclear Safety (IRSN), pharmacies are robbed of their iodine tablets and devices to measure radioactivity experiencing a surge in sales. Curiosity or concern, customers flock to Geiger counters, named after the German physicist of the early twentieth century, Henry Geiger, who developed the particle detector.

Out of stock

Small aircraft have experienced unprecedented interest in recent days. "We are completely overwhelmed by demand," says Lawrence Doerler, product manager at Conrad.fr. The site specializes in the sale of electronic equipment sold in ordinary times "between zero and five meters per month," marketed by 259 euros to 395 euros. The pace of orders has now jumped to 300 aircraft.Within three days after the earthquake occurred March 11, 1950 items were sold, resulting in a shortage of stock cheap pay day loans. "We will not have stock until early May," Lawrence Doerle regrets.

Even sales boom to the Commission of Independent Research and Information on Radioactivity (CRIIRAD), which must wait ten weeks before being shipped from the supplier. 500 units have been sold since early January, against 200 a year normally.

Proof of interest in the consequences of the accident in Fukushima, searches on Google the word "Geiger" exploded from 14 March, in France as in many other European countries.

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