An ad for a room of 4.5 m² sold 38,000 euros has rekindled the controversy over the excesses of the real estate in Paris. Should we see evidence of a "market shacks" and the activity of the slumlords? Elements of response. http://www.flickr.com/photos/gcattiaux/
"Avenue Théophile Gautier, the seventh with no elevator. Refurbished room with skylights, approximately 4.5 m2 floor, WC on landing. Ideal office or residence. Price: 38,000 euros … Or nearly 8500 euros per m2. " Wednesday blamed the Liberation journalist Tonino Serafini, this ad has revived the controversy over the excesses of the housing market in Paris.
"Prices are high in Paris in general. They can go up to 12,000 euros per m²" says Jean-Yves Mano, the deputy mayor of Paris in charge of housing. Theophile Gautier Avenue, the average price rises in 9200 and euros, or 700 more than the closet in question.According to the election, "it's the size that is unreasonable. This announcement is outrageous and I hope no one will respond favorably" says he. The site pap.fr, who had published, was also quick to remove it.
But it is far from an isolated supply. "Further announcements show that there is a market shacks" said Libération journalist also on his blog. It evokes a room as well rue du Faubourg Saint-Denis (Paris IX) of 6 m2, or another in the 17th, 7 m2, both at 45,000 euros. But who are the real buyers in this market? What is their purpose?
Merchants of sleep?
The law prohibits a surface lease under 9 m², considered minimum level of decency. "But I do not see anyone buying a small area at this price if not for the purpose of return" admits Jean-Yves Mano.
Rating agencies are firing on all cylinders against the countries of the euro area. After Spain and the "warning to France, it's time for Slovenia to suffer the wrath of one of them. The President of Slovenia Danilo Turk announced Sept. 28 elections early parliamentary December 4, following the overthrow of the center-left government of Prime Minister Borut Pahort.
The rating agency Standard and Poor's downgraded Wednesday by one notch credit rating of Slovenia, pointing degradation "of budgetary conditions" of the small Alpine country member of the euro area.
Standard and Poor's has increased from "AA" to "AA-" credit rating of the bonds Slovenian long-term, explaining that "budgetary conditions of Slovenia has deteriorated since the financial crisis of 2008" without that "the Government has presented a credible strategy of consolidation."
"AA-" is the fourth best score on the scale of Standard & Poor's and Ljubljana retains its status as issuer of high quality. In late September, it was Moody's had downgraded the sovereign rating of the country and threatened to lower it again, highlighting the fragility of banks and the risks to the government having to intervene again to support the sector.
Fitch's colleague had done the same in the process, lowering by one notch to "AA-" rating of the country, citing similar reasons. Fitch also regretted the rejection of the pension reform, "which is" a setback for long-term soundness of public finances. "
The decision by Standard and Poor's comes as pressure continues to deepen in the euro area, which is still unable to stem the debt crisis, while financial markets have placed their hopes in the top of the EU in Brussels on Sunday.
Tuesday, it is Spain which has been targeted by the rating agencies, with Moody's lowered the country's credit rating by two notches, and indicating that it might be lowered further in the medium term ."The debt burden has declined in Slovenia between 2002 and 2008 and has grown rapidly due to government policy to protect the economy and the banking system of the negative impact of the crisis," noted the agency in a statement.
Standard and Poor's has reported a "stable outlook" for the former member of Yugoslavia because "the expectation" of the agency to see "the government strengthen its finances and implement a program to consolidate budget ". The Slovenian government was overthrown in late September and early elections were called for December 4.
This election "is an opportunity for the new government to avoid another slip (public debt) and to implement structural reforms," said the American agency.Former student model from the former communist members of the EU, Slovenia has been hit hard by the economic crisis and financial crisis of 2008/2009 and is struggling to recover.
Unemployment has nearly doubled in three years. The public debt rose from 22.5% to 43.3% of gross domestic product (GDP) between 2008 and 2010, but remained well below the limit imposed by the Stability Pact and European growth (60%).
Moody's Investors Service on Wednesday downgraded by one notch the notes of Credit Agricole and Societe Generale, citing their exposure to the Greek economy.
Moody's lowered the rating one notch to the long-term debt and deposits of Societe generale de Aa2 to Aa3 with a negative outlook. Moody's believes that the impact of supervision on the Bank Financial Strength Rating (BFSR) will be limited to one notch.
For Credit Agricole, Moody's downgraded the BFSR a notch, from C + to C, and brought the note from the long-term debt and deposits one notch, to Aa2 from Aa1.
About BNP Paribas, the agency kept under review with negative implications the long-term rating Aa2 and deposits, and the note of B-BFSR.She believes it is unlikely that this under surveillance results in a downgrade of more than one notch.
The French Minister of Industry, Eric Besson, ruled Monday "totally premature" to discuss the hypothesis of a partial nationalization of French banks to prevent serious impacts of the debt crisis.
The major French banks have suffered heavily traded in recent weeks of market turbulence, to the point that some observers do not exclude more than they must use the financial support of the state to strengthen their capital base.
"It seems premature and totally beside the point now to raise this event," said Eric Besson on RMC and BFM TV.
Societe Generale announced earlier today a new savings plan, while the rating agency Moody's might, according to several sources, the note will soon deteriorate and those of BNP Paribas and Credit Agricole.
Wall Street opened higher in cautious Tuesday, after a little less poor indicators of activity expected in China and the euro area.
Investors, who will be attentive to the numbers of new home sales in the U.S. in July (14:00 GMT, consensus: 310,000), should nevertheless be cautious when approaching the highly anticipated speech of the President of the Federal Reserve Ben Bernanke on Friday conference in Jackson Hole (Wyoming).
Ten minutes after the opening, the Dow Jones took 0.22% to 10,879.02 points, the S & P 500 0.07% to 1,124.65 and the Nasdaq Composite 0.36% to 2354.28.
"The rise of today is not sustainable.This is exactly what we saw yesterday and indicators from abroad are not sufficiently great to generate this kind of increase, "said Phil shortly before the opening Streibl, MF Global.
"The market place too many expectations in Jackson Hole, and even if Bernanke may say something that is likely to stabilize markets, the probability (new monetary stimulus) is almost zero," he said.
Meanwhile, investors found little reason to buy.The first estimate of the index of purchasing managers of HSBC for the industrial sector in China in August is slightly higher than the final figure for July, but still indicates a contraction in activity.
In the euro area, the service sector has paused in August after two years of growth, an initial estimate of the PMI sector emerging the lowest since September 2009.
The banking sector will be particularly guarded on Tuesday after UBS announced the elimination of nearly 3,500 items, 45% in the bank, to save about two billion francs (1.76 billion euros) by the end of 2013.
At the opening of Wall Street, UBS shares gained 0.76% in dollars, while Bank of America lost 5.76%, investors fear that the group needing to raise equity capital due to legal troubles in mortgage activity.
Goldman Sachs fell by 1.29%, a government source who reported that the bank had hired Reid Weingarten, a lawyer of reputation, what markets see as the harbinger of a tough legal battle over the role of the bank in the 2008-2009 financial crisis.
The major European stock markets fell heavily again on Friday the opening of markets on a background of prospects for a relapse of the global economy and contagion of debt to Spain and Italy.
At 9:30, the CAC 40 gave 1.96% to 3255.42 points after opening down 3.05% to 3219.09 points.
The London Stock Exchange was down 2.72% and 2.91% in Frankfurt.
The Paris Stock Exchange declined sharply and approaches the lowest of the year in early trade Friday after four consecutive sessions of decline against a background of political stalemate in the United States on the ceiling of debt and doubt resolution the debt crisis in the eurozone.
Around 9:30, the CAC 40 index lost 1.02% to 3674.92 points after a low of 3649.96 points, or five dots above the lower end of the year reached on July 18th (3645 points) .
The results of large groups is not likely to improve the climate created by the sovereign debt crises in Europe and the United States, investors punish poor performers.
Veolia (-6.58%) shows the largest drop in the CAC 40 after being forced to lower its 2011 targets.
Schneider fall of 4.3%, Japan and commodity prices have had a negative impact on the first half.
Vallourec gained 1.76% and is the subject of buying on the cheap after a fall of almost 17% following the announcement of a drop in its second quarter results.
London and Frankfurt lost 0.46% 0.81%. Of the European indices, the EuroStoxx 50 yields 1.07% and 0.69% Eurofirst 300.
The euro declined and traded around 1.4290 dollars against 1.4330 on Thursday.
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.
The New York Stock Exchange ended Friday up 0.36%, the Dow Jones Industrial 30 45.03 points to 12,482.15 winner.
The S & P-500, wider took 7.53 points, or 0.58%, to 1316.40.
The Nasdaq Composite Index was up 27.34 points for his side (0.99%) to 2790.01.
For the week, the Dow lost 1.4%, the S & P 500 fell 2% and the Nasdaq 2.4% sold.
These data are likely to vary even slightly.
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%.