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Large deviation from the European Central Bank. Mario Draghi, warned on Friday that a central bank "may quickly lose credibility" and that "it would have a huge economic and social costs." It refers to market demand and France, reject, would be for the ECB buys massive state debt to halt the rise in interest rates in the euro zone and end to the crisis. A policy that the institution refuses to take on behalf of his economic principles.

"Our credibility implies the success of our monetary policy to anchor inflation expectations in the medium and long term (…) to sustain growth, job creation and financial stability. And we make this contribution in full independence, "insisted Mario Draghi.

Ceiling of 20 billion euros

So much so that they would even be subject to a weekly maximum of 20 billion euros, reports the German newspaper Frankfurter Allgemeine Zeitung. This limit, which apparently exists since the beginning of these operations, in 2010, was set recently in this new threshold, the newspaper said.

The ECB acts only waiting for the States to establish their own anti-crisis mechanism, the European Financial Stability Fund (EFSF), Mario Draghi repeated on Friday. Four weeks ago, European leaders decided to increase the powers so he could buy the debt of state. But these reforms are still not operational. "Where are we in the implementation of these decisions? questioned the President of the ECB.

The escalation of tensions on the Italian and Spanish debt complicates the crisis in the euro zone and precipitates the search for new solutions. Thus, the Minister of European Affairs in Finland would defend today the creation of a two-speed Europe, guided by the inner circle of six European countries rated AAA. Alex Stubb does not want "out of some countries in the euro area, but the loss of influence in some countries," reports the Financial Times quick payday loan. He concluded: "a country that is not rated triple-A is not in the best position to advise management of public finances."

These proposals are the Finnish Minister echoes those of the German Chancellor, Angela Merkel, who argues for the establishment of programs of fiscal consolidation and strengthening of the integration of the euro area.

After suffering a decline of more than 3% yesterday, the Paris Stock Exchange on Tuesday recidivism holiday. The CAC 40 began the session on a sharp decline from 1.89% to 3185.30 points before to increase its losses. He plunged from 3.09% to 3142.59 points in the opening minutes of the transactions. In its wake, the Dax in Frankfurt was down 3.37% and the FTSE-100 in London lost 1.71%. Madrid plunged by almost 3%.

Traders are not present reassured by the fences down Asian markets this morning and those of the U.S. financial markets yesterday. They are again assailed by doubts about the debt situation in Europe. Operators including questioning the ability of banks to recapitalize.They also seek to know whether additional funds will be allocated to the European Financial Stability Fund (EFSF).

In short, "investors are becoming aware of the lack of details in the agreement reached at the EU summit last week," said Michael James of Wedbush Securities. "Reports suggest that the plans for the EFSF were not easy to sell to China and Japan," commented on his side Patrick O'Hare of Briefing instant payday loans.com site financial analysis. In addition, "there is a growth problem, a very bad direction of unemployment, inflation at 3%, so no rate cut, and now Germany has a real growth in retail sales by 0.3% so she is not going to save the euro area ", listed his side Evariste Lefeuvre, an economist at Natixis."Without real support of the economy, the Agreement on Greece will not have any real effect," said Michael James.

Greece still worried

Greece, in fact, placed his fate in the hands of the people by deciding to hold a referendum on the decisions of the European Summit of 26 October. "The will of the Greek people be binding on us," said Prime Minister George Papandreou, who will also seek a confidence vote in Parliament on the agreement on debt. If 'no' wins, the Greek Constitution mandates the holding of early parliamentary elections. "This will plunge the country into an economic downturn and unprecedented political," says a member also left anonymously. The news was greeted coolly by the markets on Tuesday.

The trust is expected to dominate the opening of Wall Street on Wednesday. After closing in the red yesterday, the Dow Jones dropping 1.74% to 11,913.62 points, Wall Street is expected to rebound Wednesday. Future contracts are indeed higher state of around 0.50% on the main index at the opening. Once again, U.S. investors have their eyes on the Old Continent, where an EU summit must deliver in the evening a plan to end the debt crisis in the euro area. With four objectives: helping Greece to boost the capacity of the EFSF, recapitalize banks and improve governance.

This battery is able to prevent contagion of the crisis, while fears now focus on Italy.And even if the prime minister, Silvio Berlusconi, seems to have succeeded in extremis to persuade its ally the Northern League to accept a pension reform demanded by its European partners in exchange for their solidarity. Thus, the Heads of State and Government of the euro area may call Wednesday the European Central Bank (ECB) to continue its purchases of bonds to support Italy and Spain, according to a draft of their summit conclusions which Germany said, however, disagree for now.

Oil prices down

In fact, German Chancellor Angela Merkel for now ensures that no scenario involving the European Central Bank (ECB) to strengthen the rescue mechanism, the European Stability is the agenda of the summit Payday advance.

On the macroeconomic front, the durable goods orders will be published early in the afternoon.Follow the new home sales in September and weekly crude oil stocks.

As for commodities, oil prices are falling: a barrel of "light sweet crude" for December delivery ceded 0.61% to 92.60 dollars. For its part, the euro appears to balance against the U.S. dollar, rising 0.08% to 1.3921 dollars.

Values ​​to follow:

• Lockheed Martin has seen its profits grow by 25% in the third quarter to $ 700 million. The group also raised its targets for 2011.

• Ford: U.S. carmaker Ford on Wednesday released a profit for the third quarter down 2% but slightly above expectations, together with a turnover up 14%. The Group posted a profit of $ 1.65 billion.Based on the number of shares and excluding exceptional items, it amounted to 46 cents a share, where analysts had forecast 45 cents.

• Boeing released on Wednesday a net profit up 31% to $ 1.1 billion for the third quarter, exceeding expectations, but it has revised down its forecast for commercial deliveries for the year.

• ConocoPhillips is required to publish at the beginning of the afternoon's results for the third quarter.

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.

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).

The luxury is doing well. PPR and the results exceeded expectations after the first half. Over the period, net earnings excluding items of luxury group and distribution rose 24% to 466 million euros against 440 million euros expected on average by analysts. Current operating income has increased it from 14.5% to € 749 million while gross margin was 10.4%, an improvement of 0.7 points.

As for income, they have soared from 7.3% to 7.2 billion euros, a figure in line with analysts' expectations. The activity of the house owner of Gucci, Puma, Redcats and Fnac was supported by the luxury division posted organic growth of 23.2% and 24.4% in the second quarter alone, where analysts had forecast an increase of 19%.In contrast, the distribution center, to be sold by the group, saw its sales fall by 1.4% semi-annual (in like), hit by poor performance of FNAC (-3.2%) to facing an extremely difficult environment in France, while Redcats, the specialist distance sales fared better, with revenues up 0.8%). For its part, the sporting goods company Puma has seen its sales increase by 9.4%.

Based on these results, the group says "confident" to get the second half of "sustained growth in sales and financial performance over 2010."

That night, the Greek Parliament gave its confidence to the new government Papandreou for the implementation of an austerity program. This news was widely expected by the Paris market, which rose 2.04% Tuesday night at closing. If the ad is positive, this explains the slight decline in anticipation of the index in Paris on Wednesday, which fell by 0.50% in mid-session at 3857.71 points. It is thus unlikely that the Cac 40, which has recovered to 3877.07 points last night, without addressing today at 3900 points mark.

For despite the vote tonight, Greece remains in a serious situation. The country needs to pass before June 30, the austerity plan that provides savings of 28.4 billion and 50 billion privatization until 2015.Persistent concerns explaining the lack of investor optimism since the beginning of June.

At the macroeconomic level, the announcement of an increase in the INSEE industrial morale in June, was not enough to give a positive trend. Industrial orders in the euro area rebounded 0.7% in April from the previous month, said Wednesday the EU statistics office Eurostat.en March, they had recorded their first decline in six months, 1.5 %. Eurostat has slightly revised its initial estimate, which gave an even stronger decline of 1.8%. On the macroeconomic front, investors should exercise great caution before the press conference of the U.S. central bank in the evening.The economic outlook in the United States could be scaled down and the Fed is expected to confirm the end of the support measures.

As for currencies, the vote of confidence of the Greek Parliament supports a slight decline in the European currency. The euro fell slightly against the dollar on Wednesday, suffering from profit taking after the sharp rise the previous day. Around 11:00 in Paris, the single European currency was worth 1.4401 dollars against 1.4408 late Tuesday.

In terms of oil, the news does not really have an impact on price developments, mixed Wednesday. Relieved by the vote of confidence, the market is wait until the end of the meeting of the American Fed. In morning trading, a barrel of "light sweet crude" for August delivery lost 46 cents to 93.71 dollars.That of Brent North Sea crude for August delivery gained 31 cents to 111.26 dollars.

Carrefour degraded

Carrefour (-1.52%, 26.89 euros) Moody's said Tuesday it had downgraded the outlook from stable to negative. Yesterday, at a general meeting stormy, the splitting of Dia was approved while the shareholders voted in favor of renewing the businessman Bernard Arnault on the board.The current Group Chief Executive, Lars Olofsson, will take over the chairmanship of the board of directors in place of Amaury de Seze.

EADS (+0.11% at 21.78 euros): Louis Welsh, CEO of EADS, the parent company of Airbus, said Wednesday that the European aircraft manufacturer plans to save the day at the Paris Air Show orders for its A380, the largest airliner in service in the world.

Total (-0.76% to 38.58 euros) assigned to a consortium of most of its petroleum distribution assets in the UK, the Channel Islands and the Isle of Man, for about 450 million.

Societe Generale (-0.87% to 39.82 euros). Shareholders representing 68% of the shares of the group opted for the 2010 dividend payment for new shares.The number of new shares issued for payment of the dividend is 23,901,432 shares, representing 3.2% of current capital of SocGen.

The title was up Altran Technologies (3.01% to 5.51 euros) on the Paris market on Wednesday midday, taking advantage of the positive outlook of analysts following a meeting with the new CEO of technology consulting .

The Tanner (suspended) Qatar Luxury Group has launched a simplified tender offer for the remaining capital of leather goods at the same price of 6.51 euros per share. He already holds 54.73% stake in the Tanner, whose listing is suspended.

Areva (-1.71% to 25.61 euros) The Supervisory Board endorsed the group's arrival Tuesday in place of Luc Oursel Anne Lauvergeon. This should also not give up his severance pay.

In a quiet session ahead, the CAC 40 a break on Monday, after climbing from 1.33% Monday, following good U.S. job figures released Friday. The stock index opens down 0.49% at 4037.91 points.

On other European financial centers, the Dax in Frankfurt Stock Exchange is 0.41% to 7461.35 points and

With the exception of the Tokyo Stock Exchange, the Asian financial centers evolve upward Monday.

On the macroeconomic front, Bank of France (BoF) provides a first estimate of growth of 0.5% in the second quarter of this year. BdF anticipates a 0.7% gross domestic product for the first quarter.

The business survey from the Bank of France reported a moderate increase in activity in industry in April.The business climate indicator in industry decreased by three points to 107 while in services it has dropped one point to 102.

Bank stocks follow

Bank stocks will follow, while the financial situation of Greece worried, so much so that a new EU aid is getting ready by 2012. After two consecutive sessions of steep declines that saw him rise from 1.48 to 1.43 dollar, the euro starts again from the front Monday against the greenback and quoted at 1.4380 dollars.

Moreover, Eurofins Scientific will release its first quarter results, Vilmorin, its turnover in the third quarter of fiscal year 2010-201.

Transfer rumors Lafarge and acquisition for GDF Suez

Technip won a contract worth approximately EUR 55 million from Statoil for the development of the Vigdis field NE, located in the Norwegian Sea.The contract includes the supply of pipes to be installed by mid-2012 in water depths of 220 to 310 meters.

CNP Assurances reported Monday a net profit in the first quarter down 3.6% to 270 million euros, affected by a strong contraction in sales (-14.1%)

Lafarge and Anglo American want to sell 600 million pounds (680 million euros) in assets to their new joint British company, whose creation was announced last February, the Financial Times.

GDF Suez wants to have a pole there and energies reouvelables consolidate its ten subsidiaries producing green energy in France, according to Les Echos.Also according to the economic daily, the group would be interested in the Italian Sorgenia, 52% owned by the holding of the CIR De Benedetti family and 45% by the Austrian Verbund.

The passenger traffic of Air France-KLM jumped 23.1% in April, an increase that is "not significant" compared to April 2010 during which the European sky was blocked by the eruption of an Icelandic volcano, said Monday the airline group. In the past month, Air France-KLM carried 6.36 million passengers (+28%).

The credit insurance group Euler Hermes has done in the first quarter 2011 net income rose 58.2% to 75.3 million euros thanks to the continued recovery of the global economy observed in 2010. Turnover increased 7.6% to 544.1 million euros.

Numericable could announce the launch of a mobile telephone within 40 euro on Wednesday as well and hunt on the land of the Free (Iliad). The mobile virtual network operator (MVNO) that rents the network Bouygues Telecom is the origin of the site larevolutiondumobile.com. The group has denied wanting to launch an unlimited mobile plan.

Oil prices appear to rise

Oil prices were on the upside Monday in electronic trading in Asia, resuming after the sharp drop last week, dealers said.

In morning trading, a barrel of light sweet crude for June delivery gained 1.18 dollars to 98.36 dollars. That of Brent North Sea also June delivery gained 52 cents to 109.65 dollars.