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French bond yields increasingly deviates from the reference German. And if the price that France has to pay its creditors rises relative to that payable by the neighbor across the Rhine, is that the repayment capacity is considered less French.

This distrust on observed past few days has increased further this Tuesday morning, after a warning from the rating agency Moody's. The French rate to ten years and have removed more than 1% (100 basis points) German rates, which are the reference unwavering in terms of sovereign bonds in Europe.

A disturbing record since the introduction of the single currency. On the London market, the French rate to ten years in the early morning reached 3.04%, while its German equivalent, the "Bund", down 9 basis points (-0.09%) to 2%.

At the same time, insurance (CDS) against a default on the obligations of the French state have seen their costs rise significantly. CDS to five years in France and were up 10 basis points shortly after 9:40, to 194 basis points according to Markit data. In other words, it costs 194,000 euros to insure against exposure to 10 million euros of bonds.

The gap could widen further

"We must relativize the gap (called the" spread ") bond rates between France and Germany: the level of French is extremely low rates, grade Cyril Regnat, strategist at Natixis. The ten-year French course is slightly above 3%, but the last five years, it stood at an average of 3.75%.In these circumstances, the spread can still dig a little. "The analyst believes, however, that the cost of debt already includes a breakdown of the French note one notch to AA +.

On this point, however, opinions differ. "The decline of the note is not yet in the curves: the rate could still rise from 30 to 50 basis points, that is to say 0.3 to 0.5% in the worst case, and reach a rate differential with Germany of 150 basis points, or 1 guaranteed cash advance.5%, "calculates Norbert Gaillard *, consultant to the World Bank and specialist rating agencies.

Why the interest rate differential between France and Germany increases

The rising cost of the French debt occurs observed Tuesday morning despite the fact that Moody's has taken more precautions than ever to launch his warning."She chose a time when the stress in the markets was relatively peaceful and has added a step ahead of the traditional reporting system in three stages," Norbert Gaillard analysis. Usually, the agency established the first note of the country "negative outlook" and then put the note "under review" before degrading it if necessary.

"It is very likely that the next move by Moody's, provided in three months, or to place a negative outlook on the rating of France," said Norbert Gaillard."How the country can indeed solve the three problems it faces: slow growth, deficit reduction and the difficulties of Greece and its banking system?"

In this context, "the Moody's decision means that the French can not help itself with its banks without risking his note: it has more room for maneuver necessary," Judge Cyril Regnat. "If the banks recapitalize without the state, then the fears will be evacuated on the AAA market and we should see an easing of interest rates." Investors have already understood: after the warning from Moody's, French banks have dropped the stock market.

* Author of "A Century of Sovereign Ratings", ed.Springer (USA), 2012

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Alain Belais: "To have an idea as good as it is, is not enough."

Is it more important to choose the first legal and tax status of its business or build a business plan? Candidates for the creation of enterprises facing multiple issues. Alain Belais, Executive Director of the Agency for start-ups (PACE), recommends that they follow a very rational.

1. The person who starts for the first time in the adventure of creation must first go to the website of the Agency for start-ups. She will find all the essential tips and steps to follow. She can tap into the toolbox that is available to him, then he will look to support networks.

2.If it is much easier to start a business in France, the new contractor must make a lot of work ahead of the creation of his company to put the odds on his side. Have an idea as good as it is, is not enough. Make sure that the company is a specific market, it has customers. It is essential to consider the viability of the project in detail. Plus the contractor spends thinking about his project, the more it gives the chance to see his company grow in harmony.

3. Do not focus on minor issues. The legal and tax status of the company is not the first topic to address. There is always a formula tailored to their needs when we understand its goals and needs.

4. The initial investment can be small or large.What matters is that the funds are available in relation to the needs of the project.

5. It should not be stubborn. We must not go too fast. Take the time to evaluate, test. If an idea does not find its market, you have to stop the project and give up. This advice may seem paradoxical because an entrepreneur is a man who can shake up the barriers and must be certain. But it must also be able to understand when it's wrong. However, a board shall not conceal another, perseverance, tenacity are the powerful engines of the contractor. Do not get discouraged and overcome obstacles one by one.

6. The new contractor must not remain alone in his corner. It should not be isolated. It must be accompanied. It is sometimes necessary to protect his idea, but he must also learn to trust, to reflect with others.Whether friends or professionals. Many networks are able to advise him, to help solve a problem, to build a case for funding or to face a difficult period. Qualify for free business advice, financial, legal, tax experienced entrepreneurs is an asset. There is indeed a surprising solidarity among entrepreneurs. Many of them are happy to know-how available to those who need it. The advice and support networks for sales professionals and law are very effective to support the project leaders.

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The influx of voters on the Socialist primary this Sunday will reduce the cost of the operation. In fact, a minimum contribution of one euro was requested to the voters to fund the organization of the election. Thus, in addition to a successful democratic movement of the two and a half million participants in the election allows the party to reduce the bill of 2.5 million euros at least. In an interview with L'Express. Fr, Régis Juanico, the treasurer of the PS, acknowledged recently that "often, voters give more," the gifts of up to 150 euros.

Voter participation could offset the overall cost of the operation, however, revised upwards. The latest estimates by the Socialist Party reported a budget of 3.5 million euros, against 1.5 million originally planned.In an interview with Journal du Dimanche, the spokesman of the High Authority of the primary, the lawyer Jean-Pierre Mignard estimated that this cost is related primarily to "the need to recover a significant number of voters who were in the wrong format. "

Moreover, strengthening the means of control is more weighed on the invoice. In particular, the PS did not foresee the rental digital pens to prevent fraud. The cost would reach 300,000 euros guaranteed pay day loans. Similarly, the recruitment of many bailiffs should have a significant cost, recognized Jean-Pierre Mignard.

Elected officials and activists in support of the campaign budget

In addition, the campaign paid envelope to each candidate was revised upwards just before the campaign. Thus, each participant had € 50,000 instead of 30,000.A total re-evaluated to finance new travel and meetings and printing of new leaflets.

But the two favorites polls, Francois Hollande who collected 39% of the vote to Martine Aubry (31%) did not hesitate to seek their support, politicians and activists, to finance their campaigns. In the end, the campaign of François Hollande should cost 250,000 euros to 200,000 euros against Martine Aubry. The deputy director of the campaign Arnaud Montebourg, John Palacin, recently reported that the campaign Arnaud Montebourg cost nearly 100,000 euros, funded in part by the militants.

Only the winner of the primary campaigns will have their accounts credited to the budget allocated to the presidential campaign.

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These days, the majority had disagreed on some measures of the austerity plan as the VAT increase in theme parks and the end rebates on real estate gains. The government has heard from members and changed its copy.

Real estate capital gains: exempt after thirty years

So far, the real estate gains from the sale of second home or rental investment have benefited from a system of allowances that could significantly reduce the tax liability. To calculate the taxable gain, a reduction of 10% per annum applied after five years in prison. What amounted to a total exemption after two years. As part of the austerity plan presented on 24 August, the government decided to remove any abatement, and the next day.The added value (for inflation) would have been taxed at 32.5%, regardless of the holding period. Unacceptable to many members of the majority, led by the rapporteur of the budget Gilles Carrez UMP.

The government preferred to find a compromise with them, which should logically be adopted by the Assembly on Tuesday. The abatements are restored, with a grid less generous than before: 2% between the sixth and fifteenth year of ownership, 3% between the sixteenth and twenty-fifth, 10% above the twenty-fifth. This will lead to a reduction of half in twenty-five years and total exemption after thirty years. The French may still take several months for rebates of 10%, the new system applies only to final deeds of sale signed on 1 February 2012.To finance this relaxation (180 million "lost" to the state in 2011, 195 million in 2012), it was decided, inter alia, to submit to French taxation, via a deed, the sale of shares of Civil Society Real Estate (SCI) performed from abroad but on French goods.

Companies: Consolidated Global Profit loss

Always return to fund rebates on real estate gains, MEPs adopted on Wednesday the proposed Bercy to end the regime of worldwide profits, which can deduct the losses of profits by foreign subsidiaries. Total Vivendi or benefit. Another source of funding: the extent of the share of capital gains on disposal of subsidiary (leading to an exemption from capital gains to 90% instead of 95%) is brought forward to 1 January 2011.Finally, as announced August 24 by François Fillon, one of the articles of the bill limits the back and carry forward a deficit. From 2011, the deferral on profits can only be done earlier than one year (instead of three). The postponement of the deficit on the profits of subsequent years will be capped (at 60% of income in excess of 1 million euros).

Luxury hotels: four euros per night

The government had to give up the VAT on theme parks. To compensate for the shortfall of 90 million per year, Bercy and the members voted to create a 2% tax affecting luxury hotels including nights at a price greater than or equal to 200 euros.

The Paris Bourse on Wednesday will try to stop his downward series. The CAC 40 closed yesterday on a third round of consecutive decline, the lowest of the year and still under 3000 points. This time, to consolidate their recovery, operators should rely on the good mood of the Asian markets who have chosen to embark on a bargain hunting.

Closing slightly lower on Wall Street should also reassure the markets. The New York Stock Exchange, which remained very cautious, however, has not panicked by the announcement of a good non-manufacturing ISM index. All good news about the health of the U.S. economy are highly valued in a context of fear of a recession in America. As such, investors are waiting to know the details of the Fed's Beige Book, which will be announced tonight.Tomorrow, Thursday, will also be a crucial day in Congress with the speech of President Barack Obama on employment. The CNN already believes that it will propose to spend $ 300 billion to new posts. These new expenditures should be fully offset by budget cuts.

Germany at the center of attention

Side the euro area, all eyes turned to the German Constitutional Court which shall decide on Wednesday on the legality of the financial contribution of Berlin plans to help Europe. The observers could never imagine, however, that the Court considers illegal contributions already provided by Berlin, which would cause a cataclysm in the euro area. Chancellor Angela Merkel plans to comment on the decision of the Court in a speech to the Bundestag in the morning.

The European Commission has also expressed his relief after Tuesday night's decision by the Italian Government's plan to strengthen budgetary discipline, while financial markets doubted the real will of Rome to reduce its deficit. For its part, the Spanish Prime Minister Jose Luis Rodriguez Zapatero, acknowledged Tuesday the difficult economic situation, highlighting the problem of Greece, and "tensions" in the markets, but said that Spain 's will not need help.

The single currency was this morning up 0.34% to 1.4055 dollar. It is particularly supported by the decision of the Swiss National Bank (SNB) to set a floor price of 1.20 francs per euro.Oil side, in the early electronic trading, a barrel of "light sweet crude" for delivery in October gained 51 cents to 86.53 dollars per barrel of Brent North Sea crude for October delivery 39 cents to 113.28 dollars .

Values ​​to follow on Wednesday

• Banking

Countries in the euro area have no plans for financial support to banks beyond and above what was planned for the financial sector rescue packages in Greece, Ireland and Portugal, have sources said Tuesday the euro area. For its part, Greece wants to extend the powers of its central bank to strengthen bank supervision, hoping to put the sector in the shelter of a worsening debt crisis, according to a bill presented Tuesday.

• Air France-KLM

The company reported passenger traffic up 7.6% in August, a load factor of 85.7% on the month and stability of cargo traffic (-0.2%) with capacity up 2.8%.

• Pernod Ricard

The group said they did not consider major strategic acquisitions before next summer at least.

• Scor

The reinsurer expects to achieve a volume of gross written premiums, equivalent to sales of 10 billion euros in 2013, against 6.7 billion in 2010, according to a statement posted Wednesday on the occasion of a day devoted investors.

• Sodexo

The group, a global leader in catering, has announced the acquisition of Puras do Brasil, Brazil's number two industry, in a statement.With this self-financed operation, Sodexo will become number one in Brazil, a rapidly growing market where Puras do Brasil realizes a turnover of half a billion euros.

• Valeo

The group announced its intention to repurchase up to 670,000 of its shares to a maximum of 22.5 million euros in connection with operations authorized by the General Assembly in June These shares will be allocated for the implementation of any plan of options to purchase shares in the allocation of shares in respect of participation or implementation of any company savings plan.

• Biomérieux

The group released a consolidated net profit up 3.7% to 75 million euros in the first half and said forecast for 2011 organic growth in sales of around 5%, against a previous target of +5% or + 6%, in a context of weak European economy and the U.S..

• Boiron

The specialist in homeopathy said the uncertainties in the economic environment for caution in its annual outlook after a deuixème trimesre marked by a 3.3% decline in sales. This decline in activity, combined with an increase in personnel costs and a continued investment in advertising, led to a fall of 92.5% of operating profit in the first half of the year.

• Transgene

The specialist therapeutic vaccines has announced a net loss dug to 17.7 million in the first half, against -14.5 million a year earlier, but said he expected a second part of a year rich in results and starting clinical trials.

Inditex, one of the largest apparel retailers in the world is in the middle of a scandal in Latin America. The investigation by Brazilian authorities on two of its suppliers workshops clothing brand Zara in Sao Paulo showed 48 irregularities. Sixteen illegal workers from Bolivia and Peru were forced to work at 14 hours a day, said Wednesday a spokesman for the Labour Inspectorate of the State of Sao Paulo. They were paid between 274 and 460 Brazilian reals per month (120 and 200 euros), which is below the minimum wage of 545 reais (238 euros), as required by labor law in Brazil. Among the illegal working in the workshops, there was a girl of 14.

"This is the largest operation since the launch of the eradication of precarious working conditions in Sao Paolo," said in an interview with the NGO Reporter Brasil controller Guiliana Cassiano Orlandi. "The workshops were not inspected at all conform to standards. In addition to dirt, workers, working in rooms filled with tissue, increasing the risk of fire, "said a statement from the NGOs. The survey comes as Brasilia launched a crusade against slavery in the sectors of clothing, coal and industrial sugar cane.

According to the committee of inquiry, the illegal workers in two workshops sewed blouses for spring-summer collection of the brand Zara.These were bought to the owner of the workshop for 7 Real part (about 3 euros), while the same gowns, with labels "Made in Spain" were sold at 139 reais (61 euros) in the store mark west of Sao Paulo.

Suppliers stigmatized

The Ministry of Labour of Brazil said it had already imposed 52 fines on Zara "for various irregularities." Last May the Labour Inspectorate of the same Brazilian state has already discovered in the town of Americana, 130 km from the metropolis an illegal garment factory owned by another subcontractor to Zara. The government investigation, which focused on four garment factories last spring, showed that all the clothes in these workshops were made for the Spanish brand.

According Reporter Brasil investigation pointed the finger at one of the subcontractors of Zara, the company AHA, which would thus manufactured illegally for nearly 46,000 Spanish brand clothing guaranteed approval cash loans. This company would become the largest supplier of tissue of the Brazilian subsidiary of the Spanish group between July 2010 and May of this year. "At the same time, the company has significantly reduced the number of its employees. The number of employees hired legally would have come back from 100 to almost 20, "says the report of the investigation. As for the subsidiary of Zara in Brazil, she issued the authorization to affix the labels of its brand on these products only if "they were consistent with standards," without considering the conditions of manufacture.

Regulation "required"

In a statement, the Inditex Group requires that "the supplier responsible for the unauthorized subcontracting regulates the situation immediately," accusing him of "externalizing the information" which must remain secret in the name of the contract that binds him to Zara . Inditex has also clarified that the Brazilian Ministry of Labour is doing what is necessary to legalize the situation of illegal workers. Brazil has granted visas to some of them until they receive compensation, say some government sources.

Brazilian products represent just 1% of world production of Zara. Much of clothing is provided by Spain, where the company owns its own factories, and Portugal. According to the estimation of the group, by "illegal" production represents only 0.03% segment in Brazil."Brazil is the third largest American market after the United States and Mexico," says Spanish producer, which owned 30 stores in 2010 ennviron in the country. "We plan to open more stores in Brazil in the future."

This is not the first time, the Inditex group is accused of mistreating its employees in emerging countries. Earlier this year, one hundred workers of a textile factory in Cambodia have vanished because of difficult working conditions, exposure to chemicals and stifling heat in the premises. The plant manufactured garments for major global retailers, including H & M, Marks & Spencer and Inditex. According to the International Labor Organization, at least 12.3 million people are victims of forced labor in the world.

The lowest in the polls, criticized for running out of ways to boost employment, weakened by a largely sterile confrontation with the Republicans on the issue of reducing the rate of debt, Barack Obama sought to regain control. Anxious to win back centrist voters, the president also caress the idea of ​​taxing the rich more, while the middle class is suffering from the sluggish economy.

It has been this week to support weight, in the person of Warren Buffett, the second property of the United States. For the latter, the "mégariches" are under-taxed. Buffett regrets having paid less than $ 7 million in federal taxes last year. This represents only 17.4% of its taxable income. He noted that employees pay on average, and as a percentage of their income, far more than him.The billionaire said that in 1992 the 400 richest U.S. taxpayers paid 29.2% of their income in federal taxes. But in 2008, their effective tax rate decreased to 21.5%, while in sixteen wealth is gone.

The two men do not speak yet not the same. The President wants to raise taxes for taxpayers earning more than $ 250,000 a year. Buffett, however, advocates the creation of new tax bands for income above one million dollars from all sources.The investor philanthropist also suggests an upper tax beyond $ 10 million, but fails to specify the desired level for these new units.

Impose more gains

Still, according to the Tax Policy Center, even 50% by taxing all income above one million, one that would release $ 48 billion in tax revenue over ten years, under very inadequate amount of resources to reduce the budget deficit. However, up to 15% to 20% maximum tax rate on capital gains as under Bill Clinton, would generate approximately $ 340 billion over ten years.

Warren Buffett's plea addressed especially to the twelve in fact members of Congress belonging to the commission that must by the end of November to $ 1.5 trillion proposed budget savings over ten years."It is vital that they manage to go beyond. Americans are rapidly losing their faith in the ability of Congress to address the fiscal problems of our country, "said Buffett, himself the son of an elected Republican Nebraska.

It is supported by another millionaire, Alan "Ace" Greenberg, former head of Bear Stearns: "To believe that, by raising taxes Warren Buffett or Bill Gates, they will begin to lay off staff is totally ridiculous … I'm not saying that tax increases should begin to 250,000 dollars in revenue. But they must start somewhere. At one million to two million, at least they should start, "says the bridge partner of the two richest people in the United States.

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Wall Street is on track to continue the rally that started in last weekend. After opening up 0.48% to 11,323.44 points, the Dow Jones continues to grow: to 5:20 p.m., it gains 0.90% to 11,371.80 points. The Nasdaq index gained 0.51% to 2520.82 points.

As in Asia, the U.S. markets should react positively to the announcement of a contraction much weaker than expected Japanese GDP in the second quarter. But as in Europe, they should remain cautious on the eve of an important meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel on the reform of the governance of the euro area. They should discuss ways to implement to prevent contagion problems of sovereign debt to the rest of the region.

But Germany has already warned investors: this meeting will lead to "nothing spectacular". "It will be a working meeting on the governance of the euro area in line with European decisions taken in late July," said the spokesman of the Ministry of Finance. The latter also confirmed the skepticism against German Eurobonds solution yet desired by many investors. "The Euro-bonds are not an option," ruled the spokesman. These ads have already resulted in demoralizing the European investors.

Morale builders stable

Until the final conclusions of the meeting, U.S. investors are learning that manufacturing activity in the New York area declined for the third consecutive month at -7.7, 3.9 points lower than July .

In real estate, the NAHB index released on Monday shows that the morale of the manufacturers was unchanged in August, close to its lowest historical levels.

Note that the currency market, the Euro rises slightly against the greenback at 1.4287 dollar. Oil markets, oil prices opened up on Monday in New York. A barrel of "light sweet crude" for September delivery was trading at 86.13 dollars, up 75 cents.Prices were down during the European trading, erasing their gains made in Asian trade in a market nervous and still haunted by persistent concerns about global growth and the debt crisis in the eurozone. A barrel of Brent North Sea crude for September delivery was trading at 107.56 dollars on the Intercontinental Exchange (ICE) in London, down 47 cents from Friday's close.

Google swallows Motorola Mobility

On the corporate side, Sysco is expected to release its results on Monday.

Estee Lauder drop 9.18% to 91.58 dollars.Despite the publication of a net income group share record of $ 700.8 million, up 46.5%, the cosmetics group announced its annual results would be below Wall Street expectations.

Lowe (-0.27% to 19.37 dollars) has already reported sales below expectations in the second quarter of its fiscal year and lowered its annual targets for the second time in three months, consumers pushing their development projects until later because of sluggish growth.

Google (-0.88% to 558.94 dollars) will buy the mobile phone manufacturer Motorola Mobility (56.15% to 38.21 dollars) to $ 12.5 billion in cash.

Time Warner (-0.43% to 65.25 dollars) has reached an agreement to buy the cable operator Insight Communications to Carlyle for three billion dollars in cash.

Bank of America (3.20% to 7.42 dollars) has announced the sale of its activities in the international credit cards in Britain, Ireland or Canada.

Boeing (0.16% to 61.84 dollars) announced it had completed with Air Lease Corp. an order valued at $ 2.5 billion on 14 737-800 aircraft and five 777-300ER.

Pfizer (2.41% to 18.29 dollars) announced Monday it had won before a U.S. court case against Teva Pharmaceutical Industries of Israel, preventing the global generics to produce a copy of Viagra before 2019 .

Transocean (2.15% to 56.81 dollars), listed in New York, wants to buy the Norwegian group Aker Drilling, for a total of 1.1 billion Swiss francs (1 billion), according to a statement Monday.Several large shareholders, representing 65% of the capital, have agreed to the deal, said the Swiss.

The American specialist craft materials Grainger (2.12% to 138.72 dollars) on Monday announced the acquisition of the Dutch distributor of fasteners Fabory Group for $ 344 million (242 million).

Shortly before opening, chewing Americans were expected small decline, but volatility remains very high, the index futures may return at any moment, like the indices themselves. Shortly before noon Paris time, the index futures Standard & Poor's 500 and Nasdaq 100 yielded respectively 0.3% to 1165 points, and 0.37% at 2150 points.

On Thursday evening, U.S. markets have rebounded sharply, welcoming new listings weekly fewer than expected. European markets had also enjoyed the news, closing up vigorously.

The pressure remains strong this weekend

Other statistics on the agenda for this Friday, may well generate a few responses. Retail sales for the month of July will be unveiled at 2:30 p.m., in fact, before the start of the session Eats United.Investors await with interest the first estimate of consumer confidence from the University of Michigan for the month of August, from 3:55 p.m..

Pressure remains high on world markets. Lack of macroeconomic and really good news in the absence of major business publications Friday, this weekend is likely to be overshadowed by even more obvious signs of a weakening of growth. The sovereign debt crisis, and severe drops in banking stocks recorded this week, amid rumors of bankruptcy, particularly in France, will affect the trend.Asian stock markets have already finished down on Friday morning.

In this context agrave exacerbated by a volatile market, investors are going to look at publications such as retail sales, which should also benefit from a slight rebound in auto sales?

Difficult to answer this question. For analysts Aurel BGC, "while" so far the timing of publications of macroeconomic indicators has been poor, a reaction, positive or negative, this indicator would in any case an early normalization "of market behavior. Excluding cars, the indicators are still available for now more mixed.

On the corporate side, the U.S. airline AMR, parent of American Airlines, announced plans to separate its regional affiliate American Eagle.A document filed with the stock market regulator described a "possible separation" with the American Eagle to introduce the stock market separately. American Airlines is still bound for nine years in its subsidiary. American Eagle will continue initially to operate 281 aircraft for American Airlines, which will wind down its cooperation in 2012.

Wall Street hesitates. As in Europe, investors do not seem entirely convinced by the agreement reached in the night between Democrats and Republicans on the debt. At the close, the Dow drops 0.09% to 12,132 points, the Nasdaq lost 0.43% to 2745 points and the S & P loose 0.41% to 1287 points.

It is in extremis, on the night of Sunday, which is reached an agreement on raising the ceiling of U.S. debt, after a speech critical of President Barack Obama. Two days before the deadline set by the U.S. Treasury, the stakes were high: without this increase, at least 2.1 trillion dollars, the United States, on the edge of default, could sow the wind panic on financial markets.

Barack Obama has managed to generate compelling reconciliation of Democrats and Republicans on this agreement, investors now hope to see a bill passed in the coming days. But that will depend on the Congress which has yet to give the green light, no later than Tuesday night. Similarly, no one knows how to react, however, the rating agencies. Despite the compromise finally reached on the debt, the loss by the United States, their AAA rating is not excluded and would have severe repercussions on the economy and markets.

After selling more than 4% last week, which will remain the worst of the year, the Dow had yet started the day up 1.10% at 12,277 points.Standard & Poor's 500 and Nasdaq 100 progressed to their respective share of 0.86% to 1303 points and 2785 points to 1.05%.

The manufacturing sector to the death

At the macroeconomic agenda, a bad surprise helped to fill the atmosphere: the growth in manufacturing in the United States slowed in July against all expectations, according to the purchasing managers' index released Monday by the Institute for Supply Management (ISM), which fell to its lowest level in two years. The index of manufacturing activity of this organization stood at 50.9 last month, its lowest level since July 2009, against 55.3 in June. The market economists polled by Reuters on average expected 54.9.

Construction spending in the U.S. have also increased by 0.2% in June, according to figures from the U.S. Department of Commerce published Monday.These expenditures reached 772.3 billion dollars, while analysts polled by Reuters had forecast a rate unchanged Same day payday loans.

This week, analysts said Aurel BGC, "investors will focus on indicators confirming whether a rebound in growth. In view of the latest indicators movement is far from certain. Auto sales (Tuesday) and retail sales side on Wall Street for the month of July will be eagerly awaited. This weekend, the employment figures will be released by the BLS.They will be very affected by the lay-off of 20,000 staff in the State of Minnesota. "

73% of companies did better than expected

The European steelmaker ArcelorMittal and U.S. mining company Peabody Energy (-1.48% to 56.62 dollars) on Monday made a hostile bid on the Australian Macarthur about 4.7 billion Australian (about 3, 6 billion euros), after the failure of talks to reach an amicable agreement. The board of Australian mining group declined Monday to support the joint bid from ArcelorMittal and Peabody to 15.50 dollars per share.

The title of the American manufacturer Ford (1.23% to 12.36 dollars) could take 25% as the group reduced its debt, is launching new models and trying to expand in China and India where he remained late over its competitors, said Monday the magazine Barron's.

Shares of online retail Amazon.com (-0.54% to 221.32 dollars), which is just below its record high, could earn 10% to 25% if the investment result rapid growth of its retail operations, cloud-computing and Kindle reading light, said Monday the magazine Barron's.

The railway company of the UAE, Etihad Rail, said Monday it has ordered seven locomotives Electro-Motive Diesel, a subsidiary of U.S. manufacturer of construction equipment Caterpillar (1.95% to 100.72 dollars).

On the corporate side, after Merck (-2.05% to 33.43 dollars) and Chevron (1.32% to 105.39 dollars), which published its quarterly results Friday, the ball of publications in the U.S. coming to an end.Nearly 65% ​​of companies have indeed published their findings in the U.S. and 73% reported earnings above expectations.

Among the publications planned the first week of August, include those closely watched CBS, Cephalon, and Pfizer (Tuesday). Will be followed by Comcast, Time Warner and Mastercard (Wednesday). Then, Kraft Foods (Thursday), Procter & Gamble and Viacom (Friday).