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Wall Street expects a lot of indicators and quarterly

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.

Direct: The Paris Stock Exchange returns in the green

After the plunge in Asian stock markets, European markets seem to have avoided a crash. And Paris, the first trading fro even positive. The world leaders are mobilized to prevent a global crash. Monitoring minute by minute. European stock markets limit the damage on Monday.

9:41: The main European stock markets have not collapsed Monday in the opening. The interventions of the G7 finance leaders and the European Central Bank appear to have prevented a panic. After opening lower, most European markets are ironed in the green a few minutes after the first exchanges. Shortly before 9:30 (7:30 GMT), Paris was up slightly (0.15%), London climbed 0.35% and Frankfurt did not lose more than 0.20%.Madrid (2.6%) and Milan (3%) were very relieved by the announcement of an intervention by the European Central Bank (ECB) on the bond market.

9:36: rebound in financial stocks. Bank stocks offered a strong rebound on Monday in early trade on the Paris stock exchange, through the redemption of bonds of fragile by the European Central Bank (ECB). There are some over 6%, after losing considerable ground in recent sessions because of the debt crisis. At 9:32 (7:32), BNP Paribas gained 5.85% to 42.99 euros and Societe Generale 5.47% to 28.93 euros, totally ignoring the loss of triple-A by the United States.

[See also: The United States lost their triple A, what consequences?]

9:21: Shanghai ended down.The composite index of Shanghai Stock Exchange lost 3.79% Monday, giving up 99.6 points to 2526.82 points to fall, due to the loss of triple A U.S. revives fears of global crisis dealers said.

9:18: The Paris Stock Exchange returns in the green in early trade Monday, taking 0.15%, ignoring the loss of the triple A of the United States for a rebound s'offir careful after ten days of declines.At 9:14, the CAC 40 gained 4.77 points to 3283.33 points.

9:17: The London Stock Exchange opens down, the FTSE-100 index lost 24.09 of the key values ​​points, or 0.46%, about 10 minutes before the start of trading at 5422.90 points.

[See also our file: What you should remember the debt crisis of the U.S.]

9:06: The index of the star Dax Frankfurt Stock Exchange at the opening down 1% to 6170.69 points against 6236.16 points at the close Friday, limiting losses after a week where he lost over 13% of its value.

9:03: The ECB is willing to buy the Spanish and Italian debt, announced the French minister of Economy Baroin.

9:00: Paris opens down. The Paris Bourse opens a moderate decrease of 0.74% to 3254.36 points. The CAC 40 index 24.20 points to 3254.36 let loose points. It is a historical series of 10 sessions of consecutive decline, unheard of.

In London, the FTSE-100 opened down 1.15%. Madrid opens up 0.63%, Milan 0.09%.

8:50: The G7 to preach a "strong international financial Systel." Before the opening of the Tokyo Stock Exchange, the finance ministers and central bankers from the G7 issued a statement in which they pledged to take "all necessary measures" to support financial stability and growth. They reaffirm "our common interest in a strong and stable international financial and [reaffirm] our support for the exchange rate determined by the markets." They point out that excessive volatility and disorderly movements in exchange rates has negative implications for economic and financial stability.

8:38: Moscow down. Moscow stock exchanges are down over 2.5% at the opening.

8:30: Sharp drop expected in Paris. The Paris Bourse is expected to open sharply down Monday.The futures contract on the CAC 40 lost 2.53% forty minutes before the opening of the session.

8:28: Relaxing expected in Spain and Italy. The 10-year rate Spanish and Italian relax strongly Monday in the bond market after the announcement by the European Central Bank that it would buy back bonds in the euro area.

8:21: The euro rose. The euro firmed on Monday morning in Tokyo against the dollar after the shock wave over the weekend by the downgrade of U.S. sovereign debt. Around 6:00 GMT, the European currency was worth 1.4337 dollars, after falling to 1.4055 dollars in Asia Wednesday – its lowest for three and a half weeks.

8:20: The plan of the European Central Bank BCE.La announces that it wants to calm the fire in the markets by buying more government debt of countries in the Eurozone in trouble on the secondary market.She did not say which country the debt it had redeemed, but markets expect it to intervene on the obligations of Italy and Spain, which bond yields are at record levels both recent weeks.

7:30: China accuses Europe and the United States. The United States and Europe are endangering the economic recovery in the world "does not assume responsibility" in the sovereign debt crisis, on Monday accused the People's Daily, official organ of the Chinese Communist Party. The newspaper called the West "to take their courage to cut the ties that bind their policies and strengthen coordination with developing countries."

7:05: The gold through the roof. Gold recorded a new record Monday on the market in Hong Kong. It through the roof of 1700 U.S. dollars per ounce for the first time, because of its safe haven status."People withdraw their money (in other markets: ie), including the dollar and euro, to put it in gold and the Japanese yen," he told Dow Jones Newswires the agency broker based in Tokyo .

7:00: Asian stock markets down. They also suffer the blow. Asian stock markets started falling Monday morning, the first markets to open after the downgrade of the United States. The leaders of major economies in the world have mobilized until the last moment to prevent a global crash. The Tokyo Stock Exchange lost 2.18%, for example at the end. The Seoul stock exchange closed down about 3.82%, 2.56% of Sydney. Hong Kong widened its losses, with -4.04% and Shanghai lost in the morning to more than 4%. Bombay lost 3.08% one hour after opening.

The FFF will pay one million euros to Domenech

The former coach of the France team is expected to reach one million euros gross compensation after being fired from his job for misconduct. He originally sought 2.9 million before the Industrial Tribunal. Domenech made peace with the FFF for one million euros

The President of the French Football Federation (FFF) The Christmas Graët found an agreement with Raymond Domenech procedure for turning off the Labour Court, for 1 million gross, which must be ratified on August 4 by the executive committee of the FFF, said Friday familiar with the matter.

The former coach of the Blues, sacked for gross misconduct after the fiasco of the 2010 World Cup and claimed 2.9 million euros, thus specifically affect 990 000 euros gross, said the same sources, refining information published Friday in the newspaper Le Parisien.Lawyers for the FFF and Domenech's advice could not be reached Friday morning by AFP.

This agreement is the schedule given by the Christmas Graët, who had indicated on July 13 at the exit of an executive committee (new decision-making body) of the FFF that he hoped to find a "final solution" in early August with Domenech to avoid the final review of the case, scheduled January 13, 2012 before the Labour Court of Paris.

The Graët did not want the file poisons 3F. Ila then took matters in hand. "I got Raymond Domenech, explained the president of the Federation on July 13. If we can find agreement, I would prefer that the case be closed in coming days. Life is full of hope.I hope to find a definitive solution in early August I hope. "

The Graët Domenech and know each other well

As he had promised upon his election as President of the 3F June 18, the former president of the En Avant Guingamp (EAG) gives the order so quickly in the affairs of the proceedings to avoid unpacking the large industrial tribunal. A conciliation hearing in April between the two sides failed to Labour Court and the issue kept coming back in the debates. With this agreement Graët The image shows a 3F that captures files immediately, without giving in completely to the demands of the opposing party.For Domenech, it is to turn the page Knysna humanely, but draw the line entirely on the damage he claims to have suffered as an employee after 17 years of service.

The opening of direct negotiations The Graët-Domenech marked a break with the former president of the FFF, Fernand Duchaussoy, who refused and was in favor of a hard line. The Graët Domenech and know each other well. The Graët had shown its support for Domenech after the failure of the Euro-2008. "You do not win all the time, but also the friendships they have, and I may be a tendency sometimes to support when the pack is unleashed, he had entrusted the end of May on the subject. The protection is needed.Raymond Domenech of France has called three times for the finals, and in the past, it was not the case. "

This does not mean, of course, The Graët, formidable negotiator, to give gifts to the former national technician. "I am president of the Federation and it is necessary that he (Domenech) said that it was an employee of the FFF, I'm not ready to satisfy every whim of lawyers (the 2.9 million claimed ) ", and had stressed the head July 13.

The optimime market falls after the aid package to Greece

After initially reacted favorably to the agreement reached last week, financial markets are again skeptical Wednesday, including the voluntary participation of the private sector. The Paris Bourse ended sharply lower at 1.42%.

Blur, ineffective to stop the contagion, inadequate in terms of fiscal federalism, the agreement last week to save Greece towel analysts and critics have so far failed to convince a sustainable market.

Financial markets have responded well on Thursday and Friday after the heads of state and governments in the euro area are agreed to open the door to a Greek debt relief. But a week after the extraordinary summit, optimism has fallen.

The Paris Bourse, signing its third straight session of declines, lost 1.42%. Even pessimistic on other European markets.London lost 1.23%, 1.32% and Frankfurt Eurostoxx 50 1.65%.

The rates at which borrowing countries known as "fragile" in the euro area, most prominently in Spain and Italy, have started to increase in the bond market.

"What was said and done is just one more step, the minimum to avoid an imminent collapse" of the euro area, judged severely Kenneth Rogoff, former chief economist of the International Monetary Fund (IMF) in Le Monde two days after the announcement of the aid plan in Athens.

"We can not talk of a summit for nothing, but the agreement has too many gray areas and investors do not like uncertainty," said Franklin Pichard for his part, Director of Barclays stock.

The great unknown is the private sector, that is to say, banks, pension funds and other insurance companies."We heard a stake to 50 billion euros, but it is unclear who will bring what and over what period," said Geraud Missonnier of at Saxo Bank.

Several options are indeed available to private creditors. They will exchange their debt obligations against the longer term, to accept a discount to the value of bonds they hold or commit to buy the new securities Greek. "This smoke screen laid down by European leaders to avoid offending the sensibilities, does not facilitate the assessment of costs for each bank and thus the impact on their results," says Christian Parisot, an analyst for broker Aurel.

Similarly, the principle of involvement of private creditors on a "voluntary" under the terms of the agreement signed Thursday, maintains the focus.Many economists believe in the fact that banks could be forced to participate in the effort by regulation, for example.

The risk of contagion is still there

The risk of contagion the Greek case to other countries in the euro area does not seem to spread. "We gave ways to the European Financial Stability (EFSF) for Greece, but the states will probably not the same to help Italy and Spain," said Wilfrid Pham at Natixis. To reassure the markets sustainably, we should go to him, much further. "We have not advanced the issue of fiscal federalism," he laments.

And wonder. "The threshold allowed for a deficit to 3% of GDP is it still relevant today? Should we not consider setting up a supranational body to coordinate fiscal policy?".

Finally, markets are worried about the implementation of the highly political agreement to be voted by all the Parliaments of the States of the euro area to take effect. Adoption should not be a problem in France, but other countries may drag their feet.

The German finance minister, Wolfgang Schäuble, has sought to reassure the public on Wednesday, refusing to "sign a blank check" for the redemption of bonds of countries in difficulty by the EFSF, at the risk of blurring once again the message of Europeans about the virtues of their rescue plan.

Barack Obama criticizes the "imprudence" of Congress on debt

Following a meeting with congressional leaders, the White House Saturday criticized the "reckless political games" of the U.S. Congress on the thorny issue of raising the debt ceiling of the United States.

President Barack Obama continues to oppose a short-term renewal of the ceiling of the debt, according to a statement from the White House could lead to a deterioration in the rating of sovereign debt by U.S. agencies notation.

"Congress should stop playing recklessly with our economy, it would be better off to show responsibility and do its job – namely to avoid a default and reduce the deficit," said Jay Carney, spokesman for the House white.

For his part, John Boehner, Republican chairman of the House of Representatives, said he sought with other congressional leaders to find a solution "bipartisan" – beyond the party lines – to raise the debt ceiling of By the deadline of August 2 and avoid a failure of the United States.

In a statement issued after the meeting with the head of the U.S. executive, John Boehner says: "The leaders of the House and Senate will work to find a bipartisan solution to significantly reduce spending in Washington and preserve the full faith and credit enjoyed by the United States. "

The U.S. president has gathered around him the chairman of the House of Representatives, Republican John Boehner, Harry Reid, Democratic majority leader in the Senate, Vice President Joe Biden and Nancy Pelosi, minority leader in the Democratic House of Representatives.

If Congress does not fall by 2 August the ceiling of the debt of the United States, currently set at 14 300 billion, federal agencies can no longer be funded.Investors remain confident that an agreement will be reached on time but the concern is gaining the markets, a U.S. default on their debt is likely to trigger a global economic shock.

The United States now face the "real risk" to see the bill for its sovereign debt broken down by rating agencies, said Friday an official from the White House.

Democrats and Republicans agree that raising the debt ceiling begins with a budget deficit reduction but both sides fail to agree on how to get there.

Barack Obama and John Boehner appeared to move toward a deficit reduction agreement for $ 3.000 billion dollars but voices were raised in the Democratic camp to protest cuts in welfare benefits without immediate increase of taxes in return.

The president said he had submitted a proposal "extraordinarily fair" to John Boehner, but he was clear on Friday that the Republican had broken off negotiations once it had stopped responding to phone calls.

France wants to regulate rating agencies

France wanted Wednesday continued effort to regulate rating agencies, whose intervention in Greece, Portugal and Ireland are strongly criticized by the European Union.

"France considers that the effort to regulate rating agencies, which started in 2008, must continue and this is the direction we are going to work," said the spokesman for the French government, Valérie Pécresse.

The European Commission Wednesday sharply criticized the decision by Moody's placed the debt in the speculative grade Portuguese and warned it would take action against the rating agencies.

The Commission President, José Manuel Barroso, accused Moody's, Standard & Poor's and Fitch to encourage speculation in the euro area.

During the proceedings of the French Council of Ministers, Valérie Pécresse, who is also Minister of Budget, indirectly criticized Moody's, without mentioning his name.

"The Portuguese government has taken very bold relief," she said. "It is especially important to let the Portugal work and not hasty judgments about the Portuguese situation that could compromise the recovery plan."

Asked about the ongoing discussions on private sector participation in the financial rescue plan for Greece, Valérie Pécresse stuck to generalities, and refused to comment on the plans currently on the table.

"This participation must not cause any default or credit event and must take the form of a rollover on exhibitions," she said."In this context we are working with our partners."

"There is a French proposal, there is a German proposal. We work together on these proposals," said Valerie Pécresse.

The Belgian regulator urges Electrabel to split into two

Belgian power company Electrabel, a subsidiary of GDF Suez, should be split into two in order to increase competition, said the head of the Regulatory Commission of Electricity and Gas (CREG), Belgium.

Electrabel would split its operations and supply power to promote competition, says the head of the Creg François Possemiers in an interview published Friday by the newspaper L'Echo.

"If we have one side of producers and other suppliers can set prices in a completely free (…) it will be real competition," he says.

The electricity prices in Belgium are among the highest in Europe and François Possemiers noted that his proposal would benefit companies such as green energy company Lampiris, which must buy its electricity.

As for electricity suppliers, the proposal goes further than the rules of the European Union today, that simply separating the producer and the network operator.

The plan was sent to Belgian authorities and the Creg plans to raise the issue with his European colleagues in the coming weeks.

The Greek government MPs to remember their "duty"

The Greek government on Saturday called on recalcitrant members of the Socialist Party (PASOK) to "do their duty" next week in Parliament, in adopting the new austerity plan demanded by donors in Greece.

The vote should be tight next Wednesday when MEPs will vote on the austerity plan developed five years with the International Monetary Fund (IMF) and the European Union (EU).They will vote the next day on the law enforcement program.

Donors require the adoption of this plan, which includes spending cuts, tax increases and privatization, before releasing the next tranche of aid to Greece avoiding lacking.

The Governor of the Bank of Greece, George Provopoulos, said Saturday that time was running out for Greece, which should put an end to debate and take concrete steps to restore its economy and reassure its partners and the financial markets.

"Now we must convince, by acts, the fact that Greece does not destroy itself, we must leave the rhetoric and start reforms," ​​he told the newspaper Kathimerini.

He said it is unrealistic to believe that there would be a painless exit from the crisis. He dismissed the idea that there is an alternative to the austerity measures which have been agreed with the EU and the IMF.

However, he adds, the plan to be adopted by Members in the coming days do not put enough emphasis on reducing public spending. According Provopoulos, the tax burden has reached its limits.

In parliament, the majority of the government of George Papandreou is reduced: the ruling Pasok has 155 deputies out of 300.Two Socialist deputies who said they would vote against these measures, the majority hangs by three votes.

After the parliamentary elections of October 2009, the Socialists had 160 members but the austerity measures, challenged every day in the street, caused five defections.

TWO-DAY STRIKE OVER THE VOTES

The new finance minister, Evangelos Venizelos, has offered to discuss with all members hesitant.

"I think the sense of responsibility will prevail in the end, the God of Greece is great," he told the Greek television station Alter.

For the Minister of Justice Miltiadis Papaioannou, elected socialist "must stop their ears against all the critics and do their duty."

One of the dissidents, Thomas Robopoulos, is not of that opinion. "Some businesses close every day and we want to take steps to block growth," he told Reuters this dealer Thessaloniki, one of the few businessmen MPs.

The austerity measures have plunged Greece into recession, the most violent for 37 years, with a gross domestic product fell by 4% last year.Unemployment reached a record 16.2% in March, and 43% among youth.

A general strike of 48 hours is held next week, coinciding with the votes of Parliament.

This week, walkouts have taken place in companies threatened by privatization, as the leading electricity producer PPC.

Venizelos acknowledged that many of the measures adopted by Athens on Thursday night with the EU and the IMF were harsh and unfair, but argued that they were inevitable.

Finance ministers of the EU have given until July 3 to the Greek Parliament to adopt austerity measures, before releasing the loan of 12 billion euros and prepare the second aid plan.

The Greek government provides for lowering the minimum threshold of income tax to 8,000 euros per year instead of 12,000 euros currently.

A special tax of solidarity on income will be introduced. It will be between 1% to 5% of revenues based on their amount.

The tax on heating oil will be slightly raised and a minimum tax will be introduced for self-entrepreneurs. This sector is seen as one where tax evasion is the most practiced.

TransAsia Airways orders six Airbus A320neo

The Taiwanese airline Transasia Airways announced Tuesday an order for six Airbus A320neo.

This order represents $ 600 million based on list prices.

Renault appoints Portuguese Carlos Tavares to the position of No. 2

Renault announced Monday the appointment of Carlos Tavares at number two position, replacing Patrick Pelata, forced to resign in April after a false case of industrial espionage.

The arrival of the Portuguese 53 years as Director General with responsibility for operations and balance the calamitous episode of Renault executives falsely accused of espionage.

Carlos Tavares returns in a group he knows well, having spent 23 years there before moving to its Japanese partner Nissan, which he led until the Americas.

He will assume his responsibilities gradually after that day and will come fully operational by 1 July, Renault said in a statement.

An avid sports cars, the professional engineer, aged 53, has held various management positions at Renault programs before moving to Nissan in 2004.

Nissan has announced that his side would succeed Colin Dodge.