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The search for safe havens continue to dictate trends in commodity markets, including the gold spot price Thursday crossed the symbolic threshold of $ 1,800 an ounce.

The yellow metal, mounted in the early hours of the day to 1,813.79 dollars per ounce, however, has folded mid-morning around 1775 dollars.

By 0800 GMT, the spot price reached 1,782.64 dollars.

"Gold remains the last bulwark against a possible issue of major currencies from the states, seeking to recapitalize their banks and boost their economies," said UBS in a research note.

Oil, which had closed up sharply Wednesday, continued to rise Thursday, after temporarily declining trend early in the day.

By 0800 GMT, a barrel of light crude gained 1.81% to 84.39 dollars, and that of Brent progressed from 1.0% to 107.75 dollars.

Since the rating agency Standard & Poor's downgraded the sovereign rating of the United States, Friday, Brent fell by about 4%.

Despite déteriodétériorationration economic outlook, which reduces the prospects for growth in oil demand, declining U.S. inventories unexpectedly announced Wednesday came to support prices.

The future of copper is meanwhile up 3.2% to 8.870 dollars per tonne, according to figures robust China's foreign trade for the month of July.

According to the founder of the Right People, this is "fight against the profiteers from the bottom and the top profiteers of the social ladder." Thierry Mariani, Minister of Transport, and founder of the Right People, right wing of the UMP, will create a file for benefit recipients.

Transport Minister Thierry Mariani said he wanted "a general file of recipients' social, in order to fight against fraud, in an interview with the Sunday Journal dated August 7.

Founder of the Right People, bringing together some forty members embodying the right of the UMP, Mr Mariani says that the group will present "a couple of proposals on sovereign issues, employment and social justice" in the future presidential campaign.

He said these include "fight against the profiteers of + down + and + top + profiteering of the social ladder.Against fraud, I support the creation of a file which lists recipients of general all benefits received. This will see the abuse. One person can affect unduly the RSA in several departments, as none of them does not cross the records, "said he.

Regarding those "from above", Mr. Mariani is in favor of the taxation of "very high financial returns," while "the difference with the contractors, who, themselves, are advancing the country. Against these abusive situations, in top and bottom, our position is balanced, "says he. The Minister also ensures that "security must be a campaign theme" but "it must be accompanied by a stronger justice."

Paris and other European stock markets have violently turned down by mid-afternoon after the surprise announcement of a slowdown in manufacturing activity in the United States in July.

Relieved in the morning by the Agreement on raising the ceiling of the debt of the United States intervened in extremis Sunday, equity markets find their fears about sovereign debt in favor of reports that Cyprus is a member of the euro area, could appeal to the European aid scheme like Greece, Ireland and Portugal.

Around 17:00, the CAC 40 index lost 1.81% to 3604.86 points after going under 3,600 points and touched a low of 11 months at 3590.11 points.Since the beginning of the CAC 40 lost 5.44%.

London lost 0.25%, 1.78% Frankfurt. Of the European indices, the EuroStoxx 50 loose 1.99% and 0.71% Eurofirst 300. Milan fall of 2.9% Madrid 2.5%.

On Wall Street, indexes have also turned down after the ISM manufacturing index, as they had opened with a gain of about 1%, reflecting investor relief after the compromise reached on U.S. debt.

"The ISM manufacturing index shows that there is no sign of recovery in the U.S.," said James Knightley, economist at ING Financial Markets.He believes that the decline in the employment component of the index does not bode well for a monthly report on employment on Friday.

The same causes produce the same effects, the increase in risk aversion has favored states' obligations rated in the euro area, which were down in the morning.The performance of the 10-year German Bund, the euro area refer Germany, which was above 2.6% in the morning, fell to 2.48%.

The financial market vectors, contribute significantly to the decline in Paris, as the two heavyweights of the index, Total (-1.79%).

BNP Paribas 1.91% and

Societe Generale 3.57%.

Veolia Environnement (-4.87%) remains the largest decrease in the CAC 40, continuing to bear the brunt of its warning on its results after Friday down 9.5%. Oddo Securities and Goldman Sachs lowered Monday particular their recommendations and price targets on the title. and

The euro declined and traded around 1.4237 dollars against 1.4382 dollars in early trading.

Costly wars, tax breaks, financial crisis … Some of the factors that led to the debt of the world's greatest power to reach the ceiling of 14,300 billion authorized by Congress.

Expensive wars, tax cuts and the crisis of 2008 are some of the factors that make the U.S. world power, now find themselves on the verge of default, which could affect severely the economy in the world.

As Barack Obama said bluntly in a speech to the nation Monday night: "During the past decade, we have spent more money than we collected." In 2000, the U.S. federal budget showed a surplus of 236.2 billion dollars.In February 2011, the Obama administration projected a deficit of 1650 billion for the current year, a figure recently reduced to 1,300 billion by the Congressional Budget Office (CBO), a non-partisan.

The Democrats like to point out that the federal budget was in surplus when Bill Clinton left office in January 2001 and that the deficits began to reach heights under the chairmanship of his successor, George W. Bush. But Bill Clinton himself had benefited from tax increases decided by his predecessor, George Bush, to whom they may have cost her re-election. The "bubble" in the IT sector was also boosted federal revenues under Clinton. She would burst in March 2001 under the presidency of George W. Bush, a year that would end on sending troops to Afghanistan after September 11.

In 2003, President Bush ordered the invasion of Iraq to dislodge Saddam Hussein, but refused, with its Republican allies, to make tax increases. Many Democrats will still vote the funding of these two conflicts, including Senator Barack Obama. For their part, Republicans now leading advocates of fiscal restraint, as the leaders of the party in the House of Representatives and the Senate, John Boehner and Mitch McConnell, also had fully supported the approach of George W . Bush. The United States spent U.S. $ 1.283 billion for the wars in Afghanistan and Iraq in 2011, according to a report in March by the Congressional Research Service (CRS), another non-partisan entity.

According to the CRS, the tax cuts enacted between 2001 and 2004 have cost, again in 2011, 1,760 billion in the federal budget.The New York Times, "If these tax benefits had expired as scheduled in 2012, future deficits would be halved."

In addition, a drug reimbursement policy more beneficial to the elderly, approved in 2003 by the two parties, resulted in an additional cost of 552.2 billion dollars over 10 years, according to the CRS.

George W. Bush inherited a debt of 5,700 billion. In January 2009, at the end of his second term, she had grown to 4,900 billion and the U.S. economy suffered the brunt of the crisis "subprime". "Wall Street got drunk and now it's cooked," summed up President Bush in July 2008.

The rescue plan set up by Obama has cost 800 billion dollars more, but failed to boost employment.And the debt continued to accumulate, reaching 16 May 2011 the ceiling of 14 300 billion authorized by Congress.

Which Bush and Obama is to blame most for the digging of the debt? The New York Times table below compares the new spending under the two presidencies …

It's a painful choice awaits U.S. leaders on August 2, when the government will end up running out of expediency if the ceiling is not raised: to default on part of the debt or cutting spending or health retirement. And economic and financial world feared the shock waves in the world if no agreement is reached. Obama himself spoke of a "Apocalypse" economy.

But Republican leaders must manage the intransigence of their ultra-conservative members, close to the movement of the "tea party", who reject any tax increase, away from the prospect of a compromise.

M6 is expected to improve its diversification activities in the second half after a difficult first half of the year, told Reuters on Tuesday Jérôme Lefebure, its chief financial officer.

The television group has published a consolidated revenue down 3.0% in the first half, despite a 5.3% increase in advertising revenue from the M6 ​​over the period, impacted by the difficulties of its diversification activities, including football club Bordeaux.

"In regard to diversification, and off Girondins (…) Normally there should be an improvement in the second half in the various business segments, "said Jerome Lefébure in an interview with Reuters on the occasion of the publication of interim results of the group.

He, however, that caution is the face of uncertainties about the economy, particularly in regard to the French household consumption in September.

Asked about trends in advertising spending in the third quarter, Jerome Lefebure said that visibility was limited as in previous quarters.

"We have no clear vision on the market to date," he said.

Chief Financial Officer M6 also said the group studied several issues related to the acquisition but be selective.

The Brazilian government withdrew its support for the controversial merger between a subsidiary of Carrefour in Brazil and distributor Grupo Pao de Acucar (GPA), casting serious doubt on the chances of success of the operation.

The project announced in late June and immediately triggered the wrath of Casino, the largest shareholder in GPA, was to be financed by a public institution, the Brazilian National Bank for Development (BNDES), a kind of Brazilian Caisse des Depots.

Apparently surprised by the vehement opposition of the Casino, who spoke of a project "expropriation" and the opinion of Brazilian President Rousseff has decided not to support the project, officials said a government source Brazil.

"The way the agreement was handled was disappointing (…) and the government decided to withdraw its support to the financing" of BNDES, said a senior official who requested anonymity.The government, he added, however, might reconsider their position if the terms were changed.

A spokesman for the government for its part, declined comment.

This policy reversal in Brazil, which occurs after an intense lobbying campaign conducted by the CEO of Casino, Jean-Charles Naouri, is a major setback for Carrefour.

LITTLE CHANCE OF SUCCESS

The project, which would create a heavy weight distribution in Brazil with a turnover exceeding 30 billion euros, would allow Carrefour to expand its presence in a country strategic growth, while after three profit warnings, the battle group to address its performance in France and Europe.

Asked Tuesday morning, Carrefour, which has conditioned its consent to the green light from the council of the BNDES, refused to comment on.

In the entourage of the group, there was, however, that the latest developments in Brazil did not constitute an official position of the BNDES.

"The project was presented to Carrefour through a set whose support of the Brazilian government and competition authorities (…) It is unclear how the parties could find an alternative arrangement that takes the blow," said an analyst who wished to remain anonymous.

The chances of success of the merger are now "on the order of 10%," he added.

At the Paris Bourse, Carrefour was the title down sharply in late morning, the image of the entire market, a decline of 3.3% to 21.80 euros, while limiting its back to Casino 1.7% to 62.27 euros.

While the case has taken a political turn in Brazil and the government support has weakened over the day, Abilio Diniz, the wealthy and influential businessman at the initiative of the project, provided in a press interview, he had an alternative financing in case of withdrawal of BNDES.

Strong growth, Brazil is a strategic market for the two French groups.Carrefour second market after France with 12.3% of total group sales, it accounts for about one third of 11.12 billion euros in sales of Casino International.

"Carrefour's management really expecting that the deal is done and that the expected synergies allow it to significantly improve profitability in Brazil," said RBS analyst Justin Scarborough.

The war for control of the distributor broke out June 28 with a scheme of merger between Carrefour and GPA, already partnered with Casino pursuing a long-standing strategy of conquest in Latin America.

Abilio Diniz and Casino to hold the parity holding company of GPA (Wilkes) and Casino has, pursuant to a shareholders' agreement signed ten years ago, an option to take control from June 2012.

Casino currently holds directly and indirectly, 43% of the capital and 67% of the voting rights of GPA, while qu'Abilio Diniz holds 21% and 33% respectively.

After two years of contacts, at the initiative of Abilio Diniz, discussions are set out in June with Carrefour before reaching the scheme of amalgamation of GPA and Carrefour Brazil.

According to several sources, the Brazilian businessman had long been eager to be associated with a capital of Casino, an option that would not have received the favor of Jean-Charles Naouri.

French industrial production rose 2.0% in May after two months of decline due mainly to the impact of the earthquake and tsunami in Japan, a rebound well above expectations reassuring when the confidence of heads of business declines.

Manufacturing output, which is to say, but including non-energy food, rose 1.5%, state statistics released Monday by INSEE.

Twenty economists surveyed by Reuters on average expected a 0.5% increase in industrial production, and their estimates ranged from -0.2% to 1.0%.

The decline in industrial production in April, initially amounted to 0.3%, was revised to -0.5% and the increase in manufacturing output to 0.1% against 0.2% last month announced .In March, industrial production fell by 0.8% as manufacturing.

This decrease was notably driven by disruptions in the supply chain of some sectors caused by the disaster of March 11 in Japan and their impact on nuclear power plant in Fukushima.

Disturbances that seem to gradually fade away: in the car, particularly affected, the production increased by 2.5% in May after falling 4.6% in March and 2.6% in April.

The detailed statistics in May also showed a rebound of 2.3% of the production of electrical, electronic and computer, and 1.4% in other industries, which include textiles and leather (1.3%) , chemicals (+0.3%) or plastics (+2.2%).

POSITIVE CONTRIBUTION TO THE 2ND QUARTER

Energy production has amplified this trend, increasing by 5.7% in May while she was down 4.3% in April, with rising temperatures.

French industry and follows the same trajectory as the German: the other side of the Rhine, the business sector grew by 1.2% in May after falling 0.8% in April, a bounce him also significantly greater than anticipated.

The Minister of Economy, Baroin, welcomed the figure of French industry, saying in a statement that it "testifies to the strength of economic recovery in France."He reiterated in the wake growth forecast of 2% of the government for all of 2011.

The improvement which has benefited the industry in May, however, could be short-lived if we are to believe the latest surveys of business leaders.

PMI purchasing managers in the industry has declined in June to return to its lowest level since August 2009 and the business climate indicator for the Bank of France declined by four points.

The contribution of industry to growth in the second quarter should still be positive.

"The carry-over of industrial production for the second quarter was 0.4% a quarter over quarter in May," said Frédérique Cerisier, economist at BNP Paribas in a research note."In manufacturing, the achievements reached 0.8% after 3.3% in the first quarter."

Parallel to the industrial sector, construction activity fell 1.0% in May after rising 1.3% the previous month. It was up 3.3% on the quarter compared to the previous three months.

This was requested by the British Minister of Labour to reduce the high unemployment rates painfully young. In the UK, 87% of the 400,000 new jobs created since May 2010 went to immigrant workers. The minister said businesses have a tendency to recruit migrants, less fussy about their conditions of pay and working.

The British Minister of Labour on Friday urged the companies to employ primarily young unemployed British workers before immigrants in the UK, in a speech in Madrid.

More than half of new jobs in the UK since coming to power of the Liberal-Conservative coalition in May 2010 were filled by foreigners, the minister acknowledged Iain Duncan Smith, during a lecture to a foundation Spanish for Social Research near Madrid.According to official statistics, it is 87% of the 400,000 new jobs created during the first year in office the Liberal Democrat coalition, which went to immigrant workers.

To reduce the "painfully high" unemployment among young people, the government pledged to tighten controls on immigration, said the minister. Companies have a tendency to recruit migrants, less fussy about their conditions of pay and working.

The unemployment rate among 16-24 year olds than 19%

"The government can not do everything alone," said Minister of Labour."If we work hard to reduce dependence on the welfare state and put the youth in the labor market, we also need companies that give them a chance, and that does not rest only on foreign workers, "he added.

His statements echo a sentence of former Labour Prime Minister Gordon Brown in 2007 on "British jobs for British workers". Gordon Brown was criticized, while the figures showed that 80% of jobs created under Labour office were filled by immigrant workers.

According to a copy of his speech, Mr. Smith promised to "reform the welfare state so that work pays, and to bring people back to work.""And toughening sanctions against those who refuse to accept available work," he added.

The immigration control is "indispensable" to avoid "leaving a new generation to fall into addiction and despair," said the minister. The unemployment rate for those aged 16-24 was 19.3% active, according to the latest statistics on the three months ended in April. The unemployment rate in the UK under the International Labour Office has stabilized at 7.7% over this period.

For Laurent Berrebi, director of economic research at Groupama AM, U.S. activity will remain sluggish until the fall. At year end, the decline in commodity prices should allow the first world power to raise their heads. View of the U.S. Federal Reserve (the Fed) in Washington at the beginning of the year, you anticipate an upturn in activity U.S. this summer, now you table instead of a recovery later this year. Why?

Because the investment, which should have been the main driver of growth in the U.S. this summer will be much less dynamic than expected. Lack of cash to finance it. Indeed, corporate profits fell by almost 5% in the first quarter. Involved, soaring commodity prices and declining productivity have resulted in a sharp increase in production costs.Now companies can not afford to pass this increase on their sales prices, households are already reluctant to spend right now. As a result, profit margins are squeezed. At the same time, banks increasingly reluctant to lend. If in the investigation, they ensure that they have not tightened their credit terms, it is not the claims of the business owners. And we tend to believe them. Deprived of their main sources of funding, companies must limit their investment projects but also recruitment. Consequently, the labor market continues to deteriorate, which weighs the purchasing power of households, already well under way by inflation, and thus on consumption. It's a vicious circle.

Why the activity distribution at the end of the year?

With the decline in commodity prices.According to our calculations, even if oil prices remain at current levels until the end of the year, U.S. inflation would fall by two percentage points to 1.5% in December against 3.5% today ' hui. A real breath of fresh air for households. It will also be a relief for companies that can rebuild their margins and thus boost their investment projects.

What could stop the recovery?

A new wave of default on housing loans. The housing market remains depressed and overseas should continue to deteriorate. Many loans in 2006 and 2007 should be revised in coming months. And should be revised upwards due to the degradation of the risk posed by each borrower. As a result, households may no longer be able to pay their credit.This new series of default would be costly to the U.S. banking sector still very fragile. And for good reason, the increase in profitability seen to date is mainly due to a sharp decline in provisions for losses, banks anticipate a decline in default rates. But as we explained earlier today that optimism is not justified. Banks could then be unpleasantly surprised by the end of the year and fully close the valve of credit, thereby blocking the resumption of the activity.

French insurers' profits could be affected this year by an increase in claims related to drought, while the spring is the driest ever recorded in France for 50 years, said Monday Moody's.

In a report, the rating agency said that Axa and Groupama should suffer the consequences of this climatic phenomenon but also the French subsidiaries of Allianz and Generali.

The rating agency said that a previous drought, which occurred in 2003, had cost one billion euros in the sector.

Nicolas Sarkozy announced Thursday several hundred million euros in aid for farmers affected by drought and a medium-term plan to improve water management.