The Secretary of State for Foreign Trade, Pierre Lellouche, announced a trade deficit of 69.6 billion euros in 2011, more than the previous 2008 record of 56.2 billion, in an interview published on the website of Figaro Tuesday. "With a trade deficit reached 69.6 billion euros in 2011 (after 51.4 billion in 2010) the results are less bad than expected," said the minister who had, in mid-January, revised down the estimated 5 billion annual deficit, previously estimated at 75 billion.

"In 2011, our imports have increased 11% to 498 billion. At the same time, more than 117 000 firms sold their products abroad, a figure unchanged from 2010, "said Secretary of State." Our exports increased by 8.6%, to 429 billion euro – which will create 90,000 jobs this year "has he congratulated

. Surplus for the food processing and aerospace

" We can be satisfied with the functioning of certain sectors: agribusiness is experiencing a historic surplus of 11.4 billion. The aircraft also implies a surplus of 17.7 billion through the sale of Airbus 534 "also said Pierre Lellouche

. It is observed that exports French grew less in 2011 than Germany, but also that exports from Italy, Spain, UK and U.S.. The global market share captured by France and has deteriorated significantly since 1990 from 6.2% 3.6%

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The CAC 40 index ended for the first time above 3,400 points since early August, with a gain of 1.52% to 3427.92 points. For the week, the benchmark index of the Paris took 3.29%.

The London Stock Exchange has sold for 1.81%, 1.67% that of Frankfurt and Milan up 1%. The pan-European STOXX index rose 1.49% 50a.

Concerns about the apparent lack of progress on the Greek case, however, have plunged the Athens Stock Exchange.

"After a month of January for significant investors, European stock markets continued their advance (…) the announcement of a fall in unemployment in the United States to its lowest level in three years (8.3%) and an imminent agreement on Greece maintain the euphoria on global indices, "said Fabrice Cousté, CEO of CMC Markets France. 

The upturn in the U.S. employment continued in January, with the highest rate of job creation observed in nine months, and the unemployment rate fell to , its lowest level in nearly three years, reflecting the impact of growth in the fourth quarter of 2011 at the beginning of new year.

The growth rate of services sector in the U.S. has in turn greatly accelerated in January, while economists had estimated that it would evolve in the ME I beat that in December, according to figures released by the Institute of Supply Management (ISM). 

In addition, orders to U.S. industry rose for the second consecutive month in December, driven by increased business investment, and the rate of growth of the sector services has increased significantly in January.

Thefts from shops are starting to rebound in France between the mid-2010 and mid-2011, rising 2.9% in value, according to a study published Tuesday, pointing a "professionalization" of shoplifting .The study, conducted in 43 countries by the Centre for Research in the distribution (Center for Retail Research, based in England) from 1187 groups to the security company Checkpoint Systems, as the "shrink", that is ie the difference between theoretical and actual stocks, resulting from theft, but also of administrative errors or suppliers.

In France, the bill for the distributors is rising again, to reconnect with a sum amounting to two years ago, 4.9 billion euros, or 1.40% of turnover, against 4.7 billion euros, or 1.36% of sales a year ago. The equivalent, according to the study of an annual tax of 200 euros per household. Retailers believe that the flights are 44% committed by customers, 30.1% and 7.2% staff from suppliers.

The shoplifting is becoming more professional

"Thieves better information more easily thwart the standard features of security and those who get caught are the thieves who are casual, with smaller amounts," he told AFP Cedric Brossard, marketing director for the textile division of Europe Checkpoint Systems. "There is a professionalization of the flight," which becomes "a real job for some people with real orders," he said, citing "a lot of distributors who believe they have experienced an increase in organized crime." "Whenever there is a new product, it may generate a black market," he added.Conversely, he does not think that inflation on food products has had a significant impact on the increase in theft, noting for example that the coffee was already one of the most stolen.

In Europe, the thefts have increased more strongly than in France, 7.8%, but to a lesser extent, or 1.39% of sales of 36.23 billion euros. The average amount of shoplifting it was down 17.5% to 93.85 euros and the flight staff down 27% to 1,381.4 euros. Globally, the flights were up 6.6% to 88.88 billion euros, or 1.45% of sales distributors, against 1.36% a year ahead. Always at the center of envy, products expensive brands and smaller, easier to conceal and to spare."The flights do not give priority to basic necessities," the study said.

Fashion accessories among the most stolen

Among the most stolen items, fashion accessories, food products high-end such as meals and spirits, articles health / beauty products such as shaving and perfume, or technology products, such as MP3 players and smartphones. In Europe, the increase in shrinkage occurred despite an increase of almost 2% to 8.45 billion euros in spending on security and loss prevention, or 0.30% of turnover Distributors. "Those who have limited or theft managed to bring it down have introduced a multitude of solutions, unfortunately there is not a quick fix," said Mr. Brossard.The number of shoplifters and dishonest employees arrested by the distributors of the year under review exceeded 6 million, according to the study.

The consortium, composed of the four largest banks, pension funds in four of the country and one of the largest life insurers in North America, also said he continued to work to get the go Green regulations for its offer of 50 Canadian dollars per share.

TMX and the London Stock Exchange had agreed to merge earlier this year before the LSE does not waive lack of sufficient support from shareholders of TMX.

The banks involved are Bank Hapoalim, Bank Leumi le-Israel BM and Mizrahi-Tefahot.

This extension of investigations to Israeli settlements mark an intensification of the fight against tax evasion, which opened in 2007 against UBS and Credit Suisse recently against continued.

However, Israel is a state close to the United States with whom he maintains close diplomatic and military support from more than $ 3.1 billion per year.

Aviram Cohen, spokesman for Bank Leumi in Tel Aviv, said Thursday that "the application related only to statistical data. It appears that these data will be used to an agreement between the Swiss and American. Obviously, the Bank Leumi Switzerland is cooperating fully with authorities in accordance with the law. "

According to the Swiss press, U.S. officials now have statistics of ten Swiss banks suspected of justice by helping their clients based in the United States to evade taxes.

The Deputy Minister of Justice James Cole sent a letter on August 31 asking for statistical information to Swiss banks in September and three Israelis.It gives them until Sept. 23 to provide details of their customers.

UBS has already passed under the yoke of American justice, having delivered nearly 4,500 American identities of customers in addition to the payment of $ 780 million to avoid a trial that had threatened its existence.

The rating "AAA" allows recipient countries to finance the best conditions in the bond markets, that is to say interest rates very low, also called "risk-free rate."

For now, Standard & Poor's is the only one of the three major rating agencies to have made the decision to deprive the U.S. of their triple-A to bring them to "AA +".Moody's and Fitch have confirmed their notes "Aaa" and "AAA".

When asked about France, officials from Standard & Poor's affirmed the "AAA" of Paris and its stable outlook.

"There is no need to worry about its solvency," said Carol Sirou, president of S & P France, Liberation.

This does not preclude some analysts to express concerns, and others estimate that a new exclusion from the club of "triple A" is not imminent.

Mohamed El-Erian, managing director of Pimco, believes that it is difficult to imagine that (…) S & P does not follow with at least one of the other members of the club AAA sovereign. "

"If this were to materialize, and involve a country like France for example, would complicate efforts, already fragile, made in Europe to save the country from the periphery," he adds.

More cautious strategies Commerzank wrote in a note that "the degradation (of the United States, Ed) suggests that other countries (…) 'AAA', such as France, might begin to feel the wind of the bullet ".

But Ciaran O'Hagan, rates strategist at Societe Generale, told Reuters on Saturday not to expect the degradation of another "triple A", including that of France.

The primary deficit IMPORTANT FROM FRANCE

Until the assumptions of one or the other materialize, France and Germany have issued Monday in short-term debt in much better conditions, that is to say, at rates significantly lower than the week or last month.

On the long curves of their interest rates, the France and Germany (part of the euro area), who benefited from risk aversion in the past weeks, Monday saw the return on their loans to 10 tender years together.

The criticisms are focused on France, its budget ratios – the worst of the group of "triple A" in the euro area (France, Germany, Netherlands, Austria, Finland and Luxembourg).

The public deficit, which reached 7.1% of gross domestic product (GDP) last year in France, goes beyond the level of other "triple A" in the euro area.

The European Commission expects that this gap will remain this year, the French deficit to rise to 5.8% at end 2011 against 3.7% for the Netherlands and Austria, 2.0% for Germany and a , 0% for Finland and Luxembourg.

France is the only one of these countries show a primary deficit (excluding debt service) important. The Commission should represent 3.1% of GDP in France in late 2011 against 1.6% in the Netherlands, Austria 0.9% and 0.5% in Luxembourg.Germany and Finland for their part should end the year with a primary surplus (0.4% and 0.2% respectively).

Other major economies outside the euro area recorded "triple A" by the three main agencies are the United Kingdom, Canada, Sweden, Australia, Norway and Switzerland.

Many experts believe the "triple A" in the UK could also be subject to question.The Commission expects that the deficit of the United Kingdom will amount to 8.6% in late 2011, the primary deficit to 5.5%, for a debt ratio almost identical to that of France.

"A red line not to cross"

Faced with repeated questions, the French government assures it will take all necessary steps to meet its deficit reduction targets in order to quickly lower the debt ratio in the country.

It has already announced it would reduce the need to "niche" amputate tax revenues of the state in a proportion higher than the 3.0 billion expected for 2012 for now.

"The 'triple A' was confirmed by the three agencies and it was a red line not to cross on deficit reduction," said Saturday a source familiar with the Finance Minister Baroin. "It will result in measures in the draft budget law and the bill for funding Social Security in 2012 to be presented to the Cabinet in September."

The French government is committed to reducing the public deficit to 5.7% of GDP end of 2011, 4.6% in late 2012, 3% and 2% end 2013 end 2014.This path should enable it to as reverse the spread of debt / GDP ratio from 2013 to put it on a downward path.

Paris believes that this ratio will continue to increase, to 85.4% of GDP at end 2011 and 86.9% in late 2012, then it will fall to 86.4% at end 2013 and 84.8% at end 2014.

This path will be updated in September, when presenting the draft budget for 2012 to reflect the increase of some 15 billion euros by 2014 (0.75 percent of GDP) financing needs French , because the new plan to support countries in the euro area in difficulty adopted at the European Summit of 21 July.

The New York Stock Exchange ended down 4.31%, the Dow Jones industrial yielding 30 512.76 points to 11,383.68 points.

The S & P-500, wider, lost 60.27 points, or -4.78% to 1200.07 points.

The Nasdaq Composite fell on its side of 136.68 points (-5.08%) to 2556.39 points.

The volatility index, sometimes called fear index, jumped 35.41%.

"There is a major correction," said Joseph Cangemi, managing director of BNY ConvergEx in New York.

The S & P 500 posted its worst performance since a meeting on February 10, 2009.

The discussions in Washington on controlling the fiscal deficit through a reduction in public spending and the publication of unemployment figures are bad to fear a new market into recession the world's largest economy.

The jobless claims in the week to July 30 fell by only 1,000 units compared to the previous week during which they had registered at 401,000 (revised from 398,000).

The remarks by the President of the European Central Bank Jean-Claude Trichet, who believes that the latest data indicate some deceleration in the pace of economic growth, have also produced a negative effect on the markets.

The fears weighing on demand had a negative first groups related to energy and raw materials.The S & P energy and materials that have plunged over 6% each.

The title General Motors sold 4.34% after publishing its results.

The action also AIG tumbled 6.34% as the group publishes its results after the close of Wall Street.

A reverse trend, the giant U.S. food Kraft Foods announced plans to split into two separate companies, while posting better than expected results and raising its forecast for 2011.

All these ads allowed under Kraft to break his fall and yield only 1.5% after jumping nearly 3% earlier in the session.

Since the beginning of the week, the European equity markets have lost about 290 billion euros of their value, two thirds of the 440 billion vested in the European Financial Stability Fund (EFSF), under the influence of fear of relapse the economy and the persistence of the crisis of sovereign debt in Europe.

"There are two important points in the speech of Jean-Claude Trichet that are quite contradictory: the desire to control inflation, meaning that eventually a new rate hike, and the possible injection of liquidity through repurchase obligations, "said Alexandre Baradez, market analyst at Saxo Bank.

Jean-Claude Trichet at a news conference after the monthly meeting of the Governing Council of the ECB has implicitly confirmed the recovery of market intervention, and stressed that inflation expectations in the euro area were remain firmly anchored.

If the part of speech of Jean-Claude Trichet on redemptions of bonds was expected by the market, allowing the index to delete then some of their losses, the talk about inflation is not necessarily what is more appropriate in the current environment, explains Alexandre Baradez.

"Inflation eats away at the debt and rising interest rates would not be appropriate when the level is already high in Europe.We also see that we do not ask this question in the United States, "said he.

THE CAC 40 COULD FALL TO LOWEST OF 2010

After pressing multiple media techniques, markets could even fall even lower.

"The CAC 40 may now fall to its next support at 3,350 points, and then go towards the lower end of the year 2010 at 3287 points," warned Alexander the Drogoff technical analyst at Aurel-BGC.

Moreover, all this should be done in a climate of increased volatility, analysts warn.

"The volatility of the Eurostoxx 50 is too low and this should be corrected," warns Gastaldy and Valerie, an analyst at Day By Day graphic.

"The implied volatilities have been very quiet in recent months, despite the intense agitation of the equity markets. Intermarket arbitrage operations are clearly under way: between the CDS, bonds and equities, and especially so on the Eurostoxx50, "said she.

As for metals, an ounce of gold hit a new side of his most historic 1677.90 dollars in the wake of the conference of ECB President Jean-Claude Trichet.

The euro yield 1.42% against the greenback at 1.4139 dollar.Baradez Alexander points out, however the relative strength of the euro against the dollar, which manages to stay in a range between 1.4150 to 1.43 dollar down without crossing the threshold of $ 1.40.

"On the foreign exchange market, we see that there is a seller of wind shelters currencies (dollar and yen) for the benefit of currency risk. This could be a harbinger of a renewed appetite for risky assets and therefore support equity markets, "said he.

The hotel, which looks set to record another year of record profits, generated a taxable income of 3.636 billion dollars (2.56 billion euros) in the first six months of the year, against 3.12 billion a year ago and 3.47 billion expected by analysts, according to the Thomson Reuters consensus I / B / E / S.

"Our expenses remain firmly under control (…), Which does not prevent us from start to accelerate investments to support growth in 2012, "said Peter Sands, CEO of Standard Chartered, said in a statement.

"We are a very good momentum and we continue to gain market share on a range of products and in many areas."

In 2010, Standard Chartered, in direct competition with HSBC to attract the best employees in Asia, was weighed down by higher costs higher than revenues.

This year, the bank expects a similar pattern of costs and revenues.

To keep costs under control, many banks have eliminated positions, like HSBC and Credit Suisse, which will eliminate 2,000 jobs and 30,000 respectively.

Standard Chartered has said removing 800 jobs in the first quarter, while providing a net increase of one thousand the number of employees throughout the year.

The bank, whose title listed in London fell by 11% since the beginning of the year, currently has 85,000 employees.

Income from India, its largest market, fell by 39% and Standard Chartered said that the short-term outlook remained difficult in the country, the slowdown will be more rapid and marked initially anticipated.

Elsewhere in the European banking sector, Societe Generale, which has depreciated the value of its debt to the Greek State in the second quarter, has abandoned its goal of Wednesday net profit of six billion euros in 2012, signs of a deterioration of the economic and financial environment.

According to a draft statement obtained by Reuters, the 17 Heads of State and Government also advanced to an overhaul of the fund to support the euro area (EFSF) to enable it to act preventively, to recapitalize banks or buy bonds on the secondary market to stop the contagion.

In preparation for this summit, German Chancellor Angela Merkel and French President Nicolas Sarkozy Wednesday identified a common position on a new bailout Greek, which includes private sector, after seven hours of talks "very tight, "according to members of the French delegation.

Angela Merkel and Nicolas Sarkozy have called mid-term to Jean-Claude Trichet to join them in Frankfurt, suggesting that the compromise has the support of the President of the European Central Bank.

Several diplomatic sources said that if the question of a defect Greek – very short – is not fully resolved, the principle is accepted by all.

"It will not be made clear but it will be induced by the measures to be presented in the final declaration," said a source following the talks.

For its part, the Dutch Finance Minister Jan Kees de Jager, told his parliament that this possibility was not excluded.

"The demand to avoid a default selection is no longer on the table.We can continue on the path of a banking plan, which remains confidential, "he said.

REDEMPTION OF BONDS

According to the draft final statement, the fund will support euro area could now be used by countries in need loans of up to 15 years and at rates of about 3.5%, against seven and a half years and between 4.5 and 5.8% today.

It could also lend money to proactively country through a crisis of liquidity and recapitalize banks via loans to governments, even if they do not have a plan to help the EU and the Fund International Monetary Fund (IMF).

Finally, it could also be involved in the secondary market, provided that the European Central Bank does not declare an "emergency situation".

All these measures were presented for the first time in the spring but Germany had blocked when considering that they went too far.

The IMF, which is represented in Brussels by its new CEO Christine Lagarde, has previously recommended to the leaders of the euro area to replenish the EFSF and make it more flexible.

This redesign, however, require an amendment to the articles of EFSF and ratification by national parliaments, and could take several months.

It is also not clear whether the Permanent Mechanism for stability (MES), which will follow the EFSF July 1, 2013, will also perform these operations.

NO TAX CREDIT

According to several sources, the option to buy back Greek bond at a discount to face value is favored over an exchange or a "rollover" of bonds as it would greatly reduce the total amount of government debt, which is around 350 billion euros.

The new aid plan in Athens, which should amount to some 115 billion euros, against 110 billion for the first, will include participation estimated at 30 billion euros from the private sector.

The modalities of this participation of the banks had to be a presentation of Baudouin Prot, BNP Paribas – the bank most exposed to French Greek debt – and Josef Ackermann, chief executive of Deutsche Bank and the Institute of International Finance (IIF), which represents banks.

However, the solution of taxing the banking sector, which the banks were strongly opposed because they felt it unfair to those of them who are not exposed to the Greek debt was excluded.

The euro rose Thursday morning after having returned and was finally up sharply in the afternoon, boosted by the prospect of an agreement.

European shares have resumed their so-early in the afternoon after playing on a hesitant note before.

In the bond market, the yield spread between German debt – seen as a safe haven investment – and the debt of peripheral countries in the euro area has narrowed.