The president of MEDEF, Laurence Parisot, fears a slight decline to the difficulties facing the banks. The president of MEDEF, Laurence Parisot (here in May 2010), estimates that the economic program of the National Front for the presidency would ruin France.
The president of MEDEF, Laurence Parisot, ruled Friday that there was "some micro-signs" pointing to a tightening of credit to businesses, but little else, while the current reduction of bank balance sheets is likely to cause dry credit.
"There are some micro-signs but no more than that. The banks have increased their credit to the economy in a fairly regular basis. The latest figures we have are rather reassuring. It is 4%," said Ms. Parisot on France Info.
"Of course we will be very careful.I call on the French banks today to maintain the effort they have undertaken since 2008 to support our VSE (very small) and our SMEs (Small and Medium Enterprises), "she said.
The prospect of entry into force of the new regulatory framework and Basel III said the current tensions in financial markets causing some difficulties in short-term funding of banks encourage institutions to strictly control and often reduce the size of their balance sheets . This can be done through asset sales or a reduction commitments, that is to say loans.
Total will extend all over France its network of service stations at low prices, after tests conducted last year in dozens of outlets, according to an article to be published Friday in Les Echos.
"Total is preparing to set up a network of about 500 service stations at low prices in the Hexagon in 2012 to compete with supermarkets, several union sources indicate" the business daily reported.
This project must be presented to trade unions at a works council on Sept. 9, according to Les Echos, which said it will not apply to motorway service stations.
Inflation in the euro area is expected to remain significantly above 2% in the coming months, said Monday the president of the European Central Bank, Jean-Claude Trichet.
"Everyone understands, especially in the present situation, it is crucial that the ECB maintains its inflation expectations well anchored. It is crucial to overall confidence," said Jean-Claude Trichet before the commission Economic and Monetary Affairs of the European Parliament.
Morgan Stanley lowered its growth forecasts for the global economy for the years 2011 and 2012, the revision is stronger for developed countries.
In a note published Thursday, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead 4.5%.
The GDP of developed countries is expected to grow by an average of 1.5% in 2011 and 2012 (against 1.9% and 2.4% forecast earlier), according to economists at Morgan Stanley who make a downward revision larger scale for European growth in 2012.
"We're lowering our forecast for GDP even in the euro area, and this time a full percentage point over the period 2011-2012 and we now expect GDP growth of 0.5% on average (significantly below our previous forecast of 1.2%), "they say, adding that the consensus expects a 1.5% growth in 2012.
Economists at Morgan Stanley state that they bring back their 2011 growth forecast for the eurozone to 1.7% against 2.0% previously.
These revisions, they say, stem from mistakes made in recent economic policy of the United States and Europe, as well as the prospect of harsher austerity measures in 2012.
For emerging markets, they see a slowdown in growth of 7.8% in 2010 to 6.4% in 2011 (against 6.6% expected earlier).For 2012, they lower their forecasts for the emerging 6.1% (against + 6.7%).
If they feel that developed countries are flirting with recession (understood as two consecutive quarterly contractions in GDP), they dismiss the scenario of a return to recession.
"In this context, we expect more rate hikes from the ECB but a rate cut next year – we are lowering our forecast on the refi rate (the ECB's main rate, Ed) to 1% by end 2012 against 2% previously, "wrote economists at Morgan Stanley.
After two increases this year, the ECB refi rate is currently 1.5%.
"As anxiety on growth gains, we expect that the 10-year Bund yield fell 2%," they add, by advocating caution on equities and underweight cyclicals.
Still reeling from the worst three weeks that the U.S. markets have been in two and a half years, investors should seek from this Monday a break.
The blow by Standard & Poor's debt to the United States now behind them, the market should turn to the outlook for the U.S. economy and also look for evidence that policy makers in the euro area are able to limit the crisis debt.
The meeting Tuesday of Nicolas Sarkozy and Angela Merkel in Paris should therefore be decisive for the markets.
The movement of widespread sale last week's losses increased in the S & P 500, which fell by 12.4% since July 22.If there is no indication that this trend is over, the sessions Thursday and Friday, however, ended up with lower volatility.
The week begins would be quieter, especially if the expected economic indicators still away the prospect of a return of U.S. recession.
"Each number indicates that the economy is not heading into recession will be a calming factor for the market in the coming weeks," said Peter Cardillo, economist at Global Rockwell Capital in New York.
Indicators next week will be closely monitored, including regional studies conducted by the Federal Reserve Bank of New York and Philadelphia on manufacturing and sales in real estate.
The manufacturing sector is currently one of the stronger U.S. economy, but the ISM report for the month of July, published on 1 August, reported an unexpected slowdown.
However, other more recent data, including sales to detail () suggests that the U.S. economy manages to stay the course.
The results of the distribution groups are also clear from the horizon, and quarterly giant Wal-Mart, expected Tuesday, are eagerly awaited in this regard.
According to data compiled by Thomson Reuters, earnings for the group should have increased by 11.8% in the second quarter.
Several other major retailers as well as computer must publish in the week, including Dell and Home Depot on Tuesday, Wednesday Target and Gap, and Hewlett-Packard on Thursday.
NYSE Euronext profit on Tuesday, down 16% in the second quarter due to lower trading volumes on stock markets and derivatives markets in New York and Europe.
The transatlantic exchange operator in the middle of a merger with the German Deutsche Börse to nine billion dollars (6.3 billion), made a profit of $ 154 million, or 59 cents per share in second quarter , against $ 184 million, or 70 cents per share a year earlier.
Revenues rose 1% to 661 million.
On average, analysts expected a profit of 60 cents per share and a turnover of 652.7 million dollars, according to Thomson Reuters consensus I / B / E / S.
The Tokyo Stock Exchange ended up 1.22% on Friday, supported by its financials in the wake of satisfactory results delivered Thursday by Morgan Stanley while exports have benefited from the strengthening of the euro against the yen.
The Nikkei gained 121.72 points to 10,132.11 and the Topix, broader, took 1.01% to 868.81.
Analysts said the path to be taken by Japanese values in the near future will largely depend on the evolution of the dollar / yen, but also the developments of the situation on the front of the European debt.
For now, the financial markets have focused on after Morgan Stanley has reassured investors by reporting a quarterly loss less than expected.
The Japanese banking stocks index closed up 2.33%, signing a fourth consecutive session progress.
Mitsubishi UFJ Financial Group, the first Japanese bank by assets and shareholder of Morgan Stanley in 22%, took 3.3%, while Sumitomo Mitsui gained 3.6%.
Exports in turn benefited from the strengthening of the euro, which climbed to a high of two weeks on the platform EBS, after leaders of the eurozone announced Thursday night to have reached an agreement aimed at alleviating Greece.
Canon has gained 1.39% and Sony Corp. was awarded 1.11%.
While the Greek Parliament examines a new austerity plan even stronger than the previous ones, the unions called a general strike of 48 hours. The euro area is preparing his side a "plan B". Greek unions have launched a new 48-hour general strike Tuesday, June 28 to protest against the austerity budget before Parliament.
Flights deleted, random power outages, canceled trains, banks closed: Greece will idle Tuesday, June 28, the first day of a general strike of 48 hours launched by unions to protest against the austerity budget review by Parliament. The unions oppose the measures in the plan: higher taxes and massive privatization.
Tuesday and Wednesday after three 24-hour general strikes since the beginning of the year, officials will strike again, banks closed and hospitals will work with staff on call. Journalists have announced their next work stoppages than five hours Tuesday and early Wednesday afternoon, which will affect especially the newspapers and websites broadcast information.
The austerity measures are intended to secure the payment by the country's creditors and the IMF-EU-a new tranche of money to Greece, which otherwise would be left at risk of default in July. Despite opposition from the street, the Socialist government expressed confidence in the ability of countries to take the step of discipline, through the adoption of multi-year plan of recovery and its implementing legislation.Votes are expected Wednesday and Thursday.
The vote seems certain austerity plan
Monday, George Papandreou urged Greek MPs to vote the proposed austerity budget submitted to them, so that the country to the brink, "stands". Greek Prime Minister, attempting to unite the government majority, which has 155 seats out of 300, said the vote "is a unique opportunity for the country stands." The new finance minister Evangelos Venizelos called on MPs to "get serious and unity (…) so that the coffers are not found empty at the beginning of July."
The ministers of the euro zone must meet July 3 to give the green light to the payment of the fifth tranche of the loan to Greece in May 2010, crucial for the country to honor its schedule in July and pay pensions and salaries.If the budget was not passed, Greece would be faced with the possibility of a default in the summer, with a global shock wave considered superior by some analysts to the effect on the markets by the failure of U.S. bank Lehman Brothers in September 2008.
However, if the new austerity program would be rejected, the euro area would work on a "plan B" to avoid bankruptcy of Greece and contagion to other countries, according to a European official. "We do not think what we're working, you can be certain," the source said speaking on condition of anonymity. The official said even in this case "the next step is not a default" of Greece. He declined to give details at this point.
U.S. stocks ended down Wednesday, the Fed has acknowledged the weakness of economic recovery in the U.S. without giving any clues to possible plans for additional support.
The Dow Jones finished lower by 0.66% or 80.34 points at 12,109.67 points, while the Standard & Poor's 500 fell by 0.65% or 8.38 points to 1287.14 points and the Nasdaq Composite Index gave up 0.67% or 18.07 points to 2669.19 points.
Comments from Fed Chairman Ben Bernanke after the decision of the U.S. central bank to keep interest rates at a level close to zero did not give evidence to suggest that the Fed would consider a third series of support measures to economy after the end of the second series called QE2, June 30
Values, FedEx was awarded 2.6% to 91.44 dollars. The mail group on Wednesday issued a strong earnings in the fourth quarter of fiscal year and issued an optimistic forecast for 2012. Rival UPS has gained 0.65% to 71.11 dollars.
Adobe Systems dropped by 6.25% to 30.01 however dollars.The software developer announced Tuesday a 54% increase in earnings in the second quarter but expects weak demand in Europe.
The Swiss franc sign Thursday a new high against the euro, crossing the symbolic threshold of 1.20 to the euro while the disturbance case Greek market and pushing investors looking for safe havens.
The euro fell to mid-day more than one percent to a record high 1.1957 francs on electronic trading platform EBS, traders suggesting an acceleration of losses in the wake of 1.1970.
"It seems that the momentum for the pair euro / franc is accelerating downward," said Kathleen Brooks, currency strategist at FOREX.com.
The implied volatility of the euro / franc surged, reflecting the perceived risk, the options market, a new slide in the spot price.
Implied volatility on one month exceeded 12% against 11.2% the previous day.
The Swiss National Bank (SNB) as expected Thursday maintained its expansionary monetary policy, but it evokes the strong Swiss franc as a major risk, especially for the export industry.
Analysts, comforted by the words of Jean-Pierre Danthine, board member of the SNB, consider it very unlikely the resumption of market intervention. "It does not appear that the NBS wants to intervene, and if it does, it would act in an environment of risk aversion," said Brooks.
The SNB has occurred between March 2009 and June 2010 to counter what she felt at the time as any excessive appreciation of the franc could cause deflation.
The franc also rose against the dollar, down from 0.5% to 0.8491 francs.