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Three days after international issues overshadowed the G20 summit in Cannes, the budgetary situation and policy in Greece and Italy will again be the focus of discussions among finance ministers of the euro area and European Union on Monday and Tuesday in Brussels.

The meetings of the Eurogroup and the Ecofin Council will kick off a new week decisive for the future of the single currency.

The trade deficit is reduced by Airbus

The French trade deficit narrowed to less than 5 billion euros in August, against more than 6 billion in July. But he reached the summits Enco: January 1, the accumulated balance in the trade balance was -48.5 miliard. Assembly plant of Airbus A380 in Toulouse

The trade deficit of France was a switchblade in August. It fell to 4.97 billion euros, 6.36 billion after July when adjusted for seasonal variations. The decrease was due to a sharp rise in exports of transport equipment, Customs said Friday.

"In August, the implementation of major aerospace contracts causes a sharp increase in exports of transport equipment. In addition, industrial supplies remain firm.In the end, the deficit is entirely due to the transport sector ", have they said in a statement.

The accumulated balance in the trade balance since 1 January but still reached record highs. He came to indeed -48.560 billion euros, against -33.184 billion in the first eight months of last year. And over the last twelve months, the gap between imports and exports widened to 66.8 billion euros, against 51.5 billion for 2010. Exports reached on August 37.42 billion euros, up 2.9% at three months. Imports have risen to 42.387 billion euros from 41.628 billion in July.

In August, France sold its 16 Airbus reported 1.345 million euros against 20 in July to 1.183 million.In addition, France has delivered two satellites, one in China (112 million) and the other in the United States (130 million). The performance of aerospace and aeronautics, powered shots of large contracts, are very volatile from one month to another.

Sanofi, the reconstruction of the research will be long

Sanofi is expanding its portfolio of medicines to be able to rise to valuation levels comparable to its peers, but it will take time, analysts say.

The French laboratory, shaken by the lapels of the anti-arrhythmic Multaq Iniparib and cancer, has made the past five years only two new products on the market (and Multaq Jevtana in prostate cancer). It plans to launch 19 drugs by 2015, six next year, but warns that it expects no more than 5% to 7% contribution to sales in this horizon.

Of "minibusters", ironically some analysts, however, willing to give time to a group that has appointed the head of its research Elias Zerhouni, a world-renowned scientist.Since that appointment, the European regulator, however, restricts the use of Multaq, and Iniparib proved a failure in the last phase of its development.

"Sanofi has made significant progress in improving the profitability of its research but we know the results in eight or nine years. We have to accept a long development cycle", says Michael Leacock, an analyst at RBS.

The group announced this year more positive Phase III, and for including Lemtrada Aubagio (multiple sclerosis), Zaltrap (colorectal cancer), Visamerin / Mulsevo (prevention of venous thrombosis) and Lyxumia (type II diabetes).It is the latter that analysts consider the most promising, with potential sales they estimate at about 600 dollars in 10 years.

DIFFICULT TRANSITION TO MANAGE

"This is a cohort of small to medium products that will not be enough to transform the group, but at least it has more risk (of the type of anti-obesity pills) Acomplia when suddenly a product may weigh 15% to 20% of sales and cause large deviation in the share price, "an expert in the field into perspective.

Three years after the failure of Acomplia and the arrival of CEO Chris Viehbacher, Sanofi has launched a strategy to find new sources of growth that does not depend on its research and especially not the 'blockbusters', these drugs can make more than one billion dollars in sales.

Spurred by the loss of its major patents, the group has drastically reduced its costs, carried out an extensive cleaning of its project portfolio and achieved a score of acquisitions exceeding 23 billion euros, 14.8 billion for the purchase of the U.S. biotech Genzyme.

These efforts now allow to predict an average growth in sales of at least 5% by 2015 and an increase in earnings per share higher than the turnover.

At Bryan Garnier, Eric Le Berrigaud believes that the next six launches of the group potential "of around four billion euros in full peak at the end of the decade, with an additional lever on Lemtrada if it turns out be sure. "

"Are we willing to pay 'upfront' history to be born again Sanofi in 2013, while it was still difficult to cross two years?" Asked he, however.

The title Sanofi, which has lost 13% in 2010, returned 3.5% since the beginning of the year.The stock is trading with an average ratio of price / earnings ratio (PER) expected to close in September, against nine for the European.

"There is a beautiful story of stock market recovery to play but it will not materialize quickly. The big challenge is to manage the transition between the death of the great product, the rise of products from the pipeline and related growth drivers strategy, such as diversification and emerging markets, "said one banking analyst.

Karl Heinz Koch, of Helvea, notes that "most of their products are secondary and are not first class."For him, the portfolios of Novartis and Bayer are better than Sanofi, which is comparable to those of Roche and GlaxoSmithKline, and similar but better than Merck and AstraZeneca.

Beatrice Muzard, Natixis, concedes that "Sanofi back a little better in terms of development," but believes that the group "is still far short of the very good students like Roche, Novartis and Glaxo same."

"It's not for the pipeline that we recommend buying the title," she adds. "What motivates us is the visibility of growth and the fact that the group has secured a growth of at least 5%, a level that exceeds 60% as revenue grew at double-digit ".

The deficit of the social security reduced to 14 billion in 2012

The government today introduced the project financing of social security for 2012. The deficit of the general expected to decline by one billion to 18.5 billion in 2011 down to about 14 billion or slightly less in 2012.

Valérie Pécresse said on Thursday, September 22 France 2 that the deficit of social security would be reduced to "14 billion" in 2012, adding that "for the health sector, the deficit will be less than 6 billion euros". The budget minister in the day to present the project financing of social security for 2012 (PLFSS). She said that the deficit of the health insurance was $ 12 billion in 2010. She assured that the deficit of social security would "fall in two years by 40%."

On pensions, "expenses are contained" through the "efforts of the French" and the pension reform of 2010, she said.Regarding the health insurance, the government decided to "delisted" certain drugs, but "very little, only the drugs useless." A list will be established by the Authority for Health and the Ministry of Health. This should bring 40 million euros. It is also envisaged that "over 600 million savings on drug prices." "We will ask the laboratory to lower drug prices," said the minister.

According to information obtained by AFP, the deficit all branches (sickness, old age, family, work injury / illness) is expected to decline by one billion to 18.5 billion in 2011 down to about 14 billion or slightly less in 2012. The deficit of sickness, most importantly, will fall below 10 billion in 2011.The government intends to pass it under the 6 billion next year, according to a source familiar with the matter. The latest available figures, given in June by the Commission of Audit of the Social Security (CCSS), reported a "hole" in the social security of $ 19.5 billion for 2011.

In a wider area, adding the deficit in the Old Age Solidarity Fund, which funds the minimum pension, the deficit would reach a total of just over 22 billion in 2011 and around 18 billion in 2012. In early September, in its annual report on Social Security, the Court of Auditors, taking the broadest scope (general, diet and other small FSV) was alerted to a deficit of close to 30 billion (29.8) .

The uncertainty on Greece are plunging stock markets

Paris opened on Monday morning, down 2.30%. If no decision within the euro area on the second bailout of Greece announced a new black day. The trading floor in Frankfurt

Divisions within the euro area on the Greek case and the problems of sovereign debt have to plunge again European stock markets Monday morning at the opening, banking stocks are once again very abused. The Paris Bourse opened a decline of 2.31%, 2.26% Frankfurt, London, 1.35%, Milan and Madrid by 2.6% from 2.51%.

In Paris banking stocks were the front line, BNP Paribas lost shortly after opening more than 3% and Societe Generale more than 6%. Same as in Frankfurt where Deutsche Bank lost 4.58% to 23.95 euros while that of Commerzbank fell by 4.36% to 24.01 euros.

"If no decision within the Ecofin early advocates for a tough week in the financial markets," said Christian Parisot Monday, economist at Aurel-BGC. The results of a meeting of EU finance ministers who were to consider the Greek case and the situation in the euro zone where European leaders have shown once again divided and little progress on the second aid plan Greece had already begun to engage in part the modest revival of optimism late last week.

European shares had done so in a disorganized, earning 1.18% Frankfurt, London and Madrid 0.58% 0.61% while Paris fell by 0.48% and 0.65% in Milan. Caution was also put in Friday on the eve of the weekend on Wall Street, where the Dow had gained 0.66% and the Nasdaq 0.58% at closing.

Monday, while no major economic indicator is expected, investors will be especially attentive at 1400 GMT, the Speech from the President of the United States, Barack Obama, which should offer a new deficit of 3.000 billion.

Havas growth slows but the margin improves

Havas reported Tuesday a slowdown of its turnover in the second quarter but its operating margin improved significantly, however, in favor of a strict cost control.

The sixth largest global advertising did not provide forecasts for the full year 2011 in a statement.

In the first half, the group recorded organic growth of 5.6% of its turnover to 765 million euros, while analysts' estimates ranged from 6.0% to 6.5% organic growth in a range between 767 and 776 million euros turnover.

For comparison, the worldwide WPP grew 6.1% while the French Publicis rose 7.1%.

The second quarter alone, Havas rose by 4.5% after 6.8% in the first three months of the year against 7.6% and 7.2% for Publicis to the American Omnicom.

The group suffered from particularly persistent problems in Southern Europe, including Greece, Spain and Portugal.

Throughout the first half, the group, including Vincent Bollore is the chairman and largest shareholder, has recorded 940 million euros in net gains budgets, against 1.2 billion during the same period last year.

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.

The Tokyo Stock Exchange gained 1.22% at closing

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%.

Timothy Geithner Lagarde sees a talented candidate for the IMF

The U.S. Treasury Secretary Timothy Geithner believes that the French Finance Minister Christine Lagarde is a candidate "exceptionally gifted" to head the International Monetary Fund, said Thursday the Treasury.

The press release does not extend to support a formal bid for the French.

Timothy Geithner and Christine Lagarde met Thursday and discussed the situation in Europe, said a statement from the Treasury Department.

Timothy Geithner "believes that the experience and solid leadership skills of the Minister Lagarde make her an exceptionally gifted candidate for the general management of the IMF," said the spokesman.

China does not disarm face inflation

The People's Bank of China raised Tuesday by 50 basis points above the required reserve ratio of banks, hoping to contain high inflation that poses many economic and social risks.

Beijing had announced earlier that consumer prices rose 5.5% in May, an unprecedented growth in nearly three years.

This is the sixth time this year and the ninth since October that China's central bank raises the reserve requirement ratio in an attempt to curb inflation.

When the legislation comes into force June 20, the ratio imposed on the country's largest banks will reach 21.5%, a record level.

By reducing the lending capacity of banks, Beijing hopes to serve the Chinese economy of excess liquidity that fuels inflation.

QUID OF INTEREST RATES?

After the publication of inflation figures a few hours ago, several analysts had expected a rise in interest rates in the weeks to come.

That prospect now seems a bit farther with higher reserve ratios.

"I think the ratio is higher this time mainly to contain inflation.This decision should push the next increase in interest rates later this month or early next ", said Du Zhengzheng, an analyst with Bohai Securities in Beijing.

Since October, the Chinese interest rates were raised four times. The rate at one year from the central bank to 6.31%, and the one-year deposit is 3.25%.

The inflation rate of 5.5% in May was the highest in 34 months. It was 5.3% in April.

Non-food prices meanwhile rose 2.9% from one year to another, the fastest pace since the beginning of the statistical series in 2002.This reflects a growing phenomenon to new parts of the economy.

"Inflationary pressures remain high," said Sheng Laiyun, spokesman for the National Bureau of Statistics, but the economy is on track to find "a stable and relatively fast growth."

The price increase is visible in that of producer prices, which rose 6.8% year on year last month.

Industrial production in turn increased by 13.3% over one year, which represents its weakest growth since November.