Japanese stocks ended up Thursday in the wake of coordinated action by central banks to release the funding of banks has seized up with the debt crisis in Europe.
The Nikkei gained 1.93% or 162.77 points to 8597.38 points and the Topix, broader, took 1.59% or 11.55 points to 740.01 points.
Financials have been sought. The banking index gained 1.59%. Sumitomo Mitsui Financial Group gained almost 3%.
Daiichi Sankyo has gained nearly 2% to 1,400 yen.
The European equity markets and U.S. signed remarkable performance under the agreement Wednesday night in Europe on Greek debt restructuring, capacity building fund to support the euro and the recapitalization of banks in Europe.
European authorities have in fact agreed to recapitalize the banking system of the European Union to the tune of 106 billion euros and received in exchange for bankers they divide by two the value of government debt securities held in their accounts to try to stem the debt crisis in the eurozone.
Germany justified its refusal to grant a banking license in EFSF citing treaties. But there are other explanations that the legal argument to explain the veto of Angela Merkel. German Chancellor Merkel, Slovenian Prime Minister Pahor and President Sarkozy in Brussels.
"The treaties do not allow it." In explaining his refusal of the French proposal to transform the European Financial Stability Fund (EFSF) in the bank, allowed to refinance at the ECB, Berlin relied on legal argument. This is one reason that stands. But that does not really understand the inner motivations of this veto.
Avoid a slap in the Bundestag
To convince Germany, Angela Merkel is not only that we must win, but all members of the Bundestag.The German Constitutional Court has recently decided as follows: all decisions on the euro zone must obtain the approval of Parliament. And given the difficulties faced by the Chancellor with his coalition, the vote of an instrument that could be used to finance massive debt fragile seemed complicated. All the Green MPs a vote last week has mandated an agreement of 620 elected and not 42 members of the Committee Affairs budget as planned initially. "Presumably, if the French proposal was adopted, the vote could have given rise to heated debates and passionate," said Céline Antonin, an economist at the OFCE.
Preserve the independence of the ECB
The institution is far out of his terms for a year and a half.She began to buy back debt from fragile countries in May 2010 (Greece, Italy and Spain in particular) and a further 4.5 billion euros of bonds last week, more than double the week before. In total, the amount of transactions on the secondary market amounted to 170 billion euros. The ECB has also put hundreds of billions of euros of liquidity available to banks that have struggled to find on the market conditions as favorable. But Germany has reluctantly agreed to these interventions. So was it not possible for her to give the EFSF a kind of drawing right on the ECB via the proposed banking license. Berlin would prefer to see the guardian of the euro back to its original objectives of controlling inflation, according to Céline Antonin. "It was created on the model of the Bundesbank.And right now we try to avoid it too so its mandate, even if the buyback is expected to continue in the coming weeks, "said the economist. According to the German press, the capacity of EFSF not would not be sufficient to take the baton, they should buy back the debt jointly.
Avoid stopping just over the ECB balance sheet
If the French solution was preferred, the EFSF would have borrowed directly from the ECB. In exchange, the Fund would have a guarantee of debt securities of countries weakened. This would have meant to burden the balance sheet of the institution and, ultimately, to require states to put the hands in their pockets to recapitalize the institution. Germany wanted not to get there, especially since the ECB has already accumulated a lot of bad loans."Central banks have already full of rotten loans, credit claims more toxic than the debts of the states in trouble," said the economist and the OFCE, Jean-Paul Fitoussi.
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.
The CEO of Starbucks garnered supporters after his call for a suspension of donating money to American politicians until an agreement "fair" be struck between Democrats and Republicans on the debt and the budget.
In a letter made public Monday, Howard Schultz, who led a painful restructuring of the first global chain of coffee shops, also called on U.S. contractors to support the economy by hiring.
The head of NYSE Euronext Niedrauer Duncan and his counterpart Robert Greifeld Nasdaq OMX has already expressed support for this initiative.
"I think the idea of Howard is good and I told him he could count on me," writes Robert Greifeld in a letter to executives of Nasdaq.
The call of the CEO of Starbucks is in addition to other interventions of senior private sector leaders who have moved strife torn with Republicans and Democrats in the debate over raising the ceiling of U.S. debt.
These divisions have contributed to plummeting consumer confidence to lowest in more than 30 years and have been cited by Standard & Poor's among the reasons which led to lower sovereign rating of the United States.
This weekend, the New York Times published a paper in its pages of one of its editorial on the call to Howard Schultz, in addition to an editorial in the American billionaire Warren Buffett for a higher taxes on the wealthy, including himself.
"These are highly respected leaders and they want something," said Todd Morgan, director and founder of Bel Air Investment Advisers in Los Angeles, whose company manages the portfolio of households with assets exceeding $ 20 million.
"I think other business leaders will follow suit and require Washington ambitious decisions, which could restore confidence in the economy of our country," he adds.
In his letter, Howard Schultz invites business leaders to engage with him "to suspend any further campaign contributions to the attention of the president and all members of Congress until a fair and bipartisan agreement be concluded that puts our country on more solid fiscal foundation for the long term. "
Howard Schultz CEO also urged his colleagues to invest in new projects or products that will draw up the economy at a time when the fears and uncertainties discourage companies from investing, consumer spending and banks to lend.
"Record levels of cash piling up in business, unused," said the head of Starbucks. "The only way to stop this circle of fear is to break it."
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 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.
U.S. stock indexes began the month of July ended with a bang in Friday's session on strong increases, reaching unprecedented weekly performance since July 2009.
The Dow Jones closed up 1.36% or 168.43 points to 12,582.77, while the S & P 500 rose 1.44% or 19.03 points at 1339.67.
The Nasdaq meanwhile gained 1.53% (42.51 points) to 2816.03.
After one week during which each session ended up, the three indices gained 5.4%, respectively, 5.6% and 6.2%.
In addition to signs of healing on the Greek debt crisis, which supported all of the week, Friday's session took advantage of good numbers of manufacturing production, to reassure the state of the U.S. economy.
The ISM manufacturing index in June stood at 55.3 after 53.5 in May. The rebound in the first four months left to hope that the recent slowdown in U.S. growth is only temporary.
Ford and General Motors, which announced sales up though below expectations for the month of June, saw their shares rose by 1.67% and 0.72%.
The Atomic Energy Commission (CEA), a public body, confirmed Wednesday that the state should take a direct part of its stake from 73% in the nuclear group Areva.
The magazine Challenges said the same day as Matignon gave the green light to lighten the CEA stake in Areva in 2012 without falling below 50%.
"This is a reclassification within the public sphere.The state will take over the titles, "said Christophe Gegout Reuters, CFO of the ECA.
He confirmed that an agreement with the State is expected to close shortly on this.
The possibility that the CEA sells part of its securities Areva had been raised in the fall by the press, which highlighted the need for the public body to fund the dismantling of its nuclear sites and military.
Nobody was immediately available from Areva for comment.
The listing of ordinary shares in the group began May 30
The company was previously listed in the form of investment certificates.Their conversion into shares came after a request from the sovereign funds of Kuwait, the Kuwait Investment Authority (KIA), which took 4.8% stake in Areva end of 2010 to 600 million euros of liquidity by requiring its title is secured.
In total, the state directly and indirectly holds approximately 87% of group capital.
Around 15h50, the action Areva lost 3.68% to 26.20 euros.