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The plan to support the U.S. economy contributed 4.5% in real gross domestic product in the second quarter of 2010 and allowed to deliver up to 3.3 million people in employment, said Tuesday Budget Office Congress (OBC).

The CBO estimates, a bipartisan agency, believes the support plan, whose effects are challenged by the Republican Party, has prevented the economy contracted between April and June

Economists polled by Reuters expect the revised figures, which will be released Friday, show that GDP grew at an anemic pace of 1.4% in the second quarter, less than the 1.7% increase announced in the first estimate.

The CBO also estimates that support plan has put between 1.4 and 3.3 million jobs in the second quarter.

The total cost of the plan to support the U.S. economy should come out to 814 billion dollars while the CBO anticipated amount of around 862 billion dollars from a previous estimate.

We knew the salaries of civil servants threatened by pension reform. But the government also plans to "freeze outright index point" of wages in the public service, which sets about 80% of salary for civil servants, understands the newspaper Les Echos. And until 2013.Wage negotiations, which open Friday could even jeopardize the 0.5% long planned for July 1.

Also read on the subject: Austerity: those who will drink

Secretary of State for Public Service, George Tron, has nevertheless delivered Tuesday, as pesonnel in favor of maintaining the increase July 1, which had been recorded during the last negotiations three years. "J 'I like Eric Woerth (Labour Minister), tend to think that when a commitment is made, it is good policy to keep it, "he said before adding that while" it is all not adjudicated "and that" several scenarios are considered.

In contrast, the gel appears to be non-negotiable for the period 2011-2013. "You can not ask a staff effort, just as all the French, and automatically catch the fly.The question of the contribution rate is not mentioned in salary discussions, this has nothing to do, "said the Secretary of State for Public Service for Echoes.

The pension reform provides for a gradual alignment of contributions from the public over the private, the rate should increase from 7.85% currently to 10.55% in 2020. An increase of 0.27% per year. Rising wages would be a way to limit or even maintenair purchasing power of public servants.Meanwhile, these leaks could fuel the action on Thursday against government plans, whose intensity could influence the final decision.

According to Les Echos, it could attempt to sweeten the pill by putting forward measures and targeted wage clause "good fortune" that would revert to freeze possible if growth better than expected.

Tuesday afternoon, the Labour Minister Eric Woerth has sought reassurance by stating that the state "will not decrease the salary of civil servants". He added: "The remuneration of an employee, not only point to the index, because they always say, X%. This is the point index," but " there is a second part of the remuneration that is the evolution of employee remuneration in a grid. It is about 2% per year, average increase of purchasing power, "he said.

If freezing point index, "the purchasing power of employees fall by nearly 7% in three years" because of the risks of higher inflation, responded Jean-Marc Canon, Secretary General CGT officials.

BNP Paribas publishes a net profit increase of 31.2% for the second quarter, above expectations, thanks to a sharper than expected decline in provisions for bad loans, offsetting lower revenues from its market activities.

The second bank in the euro zone by market capitalization, after Spain's Santander, said in a statement that recorded a net profit of 2.105 billion euros in the quarter ended June 30, with net banking income up 11 , 8% to 11.17 billion.

His provisions for risk of loss on the credit fell by 53.9% to 1.08 billion euros.

The consensus of the writing for Reuters on average expected a net increase of only 8% to 1.7 billion euros and provisions were down 36%.

BNP Paribas also said to be "ahead" on its program of synergies from the integration of the Belgian bank Fortis acquired last year, with 402 million euros of synergies on a target of 900 million.

In corporate finance and investment, the decline in profit before tax is also less than expected at 16.4% in the second quarter against 20% expected by the market.

Elsewhere in Europe, Swiss banks UBS and Credit Suisse have also announced last week the quarterly results above market expectations.

The German group Deutsche Bank's side recorded a drop in supplies.

The European banking sector has benefited in recent days a series of good news.

The results of stress tests that have been submitted 91 banks in the European Union and the announcement by the Basel Committee that it would make its proposed regulations have indeed helped to allay investor concerns about the soundness of sector balance sheets.

Since the beginning of the year, the benchmark Stoxx 600 European banks rose 0.36%. The action of BNP Paribas has cut its losses recently but it is still in decline of 5.7% since 1 January.

Societe Generale, the second French bank by market capitalization, reports earnings on Wednesday.

U.S. stocks opened lower after the announcement of a sharper than expected slowdown in economic growth in the U.S. in the second quarter.

In the first exchanges, the Dow Jones lost 0.8% or 80.53 points to 10,386 points while the Standard & Poor's 500 index yielded 0.9% or 10.25 points to 1090 points and the composite index the Nasdaq fell by 1.2% or 27.41 points to 2224.54 points.

The U.S. economy slowed sharply in the second quarter at an annualized rate of 2.4% against 3.7% in the first quarter, according to figures published Friday in the first estimate by the Commerce Department. The market was expecting growth of 2.5%.

On the values front, Merck was down 1.6%.The pharmaceutical company has yet reported Friday in quarterly earnings above expectations.

Chevron was down 0.8% despite a profit tripled in the second quarter.

Norsk Hydro believes that the aluminum market may have reached its highest level this year in the second quarter and maintained its forecast of growth of 12% of its markets upstream and downstream in 2010.

The Norwegian producer of aluminum has made a profit before interest and taxes (EBIT) current of 1.1 billion kroner (137 million euros) in the second quarter, after losing 618 million kronor last year on same period. Analysts polled by Reuters had expected a profit of 900 million kroner.

"The numbers are very solid," said Samir Bendriss, an analyst with Pareto."They are particularly successful in the upstream activity, with higher prices, higher volumes and lower costs than expected."

The group assigns him, this performance to increase its volumes, the strength of its margins and tight control of costs.

"We still anticipate that demand in our major markets upstream and downstream will grow by about 12% in 2010," he said.

However, Norsk Hydro estimates that the global market for aluminum is oversupplied despite the recovery in demand linked to the moderate recovery of economic growth.

"There are many elements that suggest that the second quarter will be stronger in 2010", said group general manager, Svein Richard Brandtzaeg, at a press conference.

The group said world demand for primary aluminum, excluding China, has increased in the second quarter to an annualized level of consumption of around 24 million tonnes, while production outside of China increased 25 million tons on an annualized basis.

"Demand should be stable in the third quarter but with a normal seasonal decline," said Norsk Hydro.

The Norwegian group also warned that its results for its underlying activities of alumina (aluminum oxide) and raw materials are expected to fall in the second half after a solid six months, due to an expected drop courses alumina and rising costs of bauxite.

"The decline (will be) following the expected decline in margins," the group said.

Around 9:45 GMT, was virtually unchanged at 34.96 crowns.

The oil has closed lower Wednesday on the physical market in New York after the publication of the minutes of the last meeting of the Monetary Policy Committee of the Federal Reserve.

The text of the Fed shows that its members say they have to be ready to take further measures to support the economy if the climate deteriorates.

The contract on August U.S. light crude ended on a down 11 cents, or 0.14%, to 77.04 dollars a barrel.

The Nikkei closed up 0.52% Friday, and closed the week on a 4% gain, its largest weekly increase in seven months.

The Nikkei index closed at 9585.32 points and the broader TOPIX, took 0.02% to 861.21 points.

Japanese stocks have benefited from renewed investor confidence, new optimism for the resumption of the U.S. economy and the euro area.

The courses have been particularly supported by the exporters, thus earning the title Canon 1.02% to 3,480 yen on expectations of a tripling of operating income to about 182 billion yen (1.62 billion euros) .

The title however Inpex has weighed on prices, registering losses of up to 14% on the session to finally close down 12.82% after announcing an equity issue of 6.7 billion dollars threatening to dilute the value of shares already issued more than 50%.

U.S. stocks finished higher on Thursday for the third consecutive session after the publication of employment data found reassuring.

The Dow Jones gained 1.2% or 120.71 points to 10,138.99 points, while the Standard & Poor's 500 took 9.98 or 0.94% points to 1070.25 points.

The Nasdaq Composite Index has advanced by 0.74% or 15.93 points to 2175.40 points.

The weekly claims for unemployment benefits fell 21,000 last week to the United States, more than expected, which has momentarily quieted concerns about a possible slowdown in U.S. economy.

Prices were also supported by the major U.S. retail chains that have posted good sales in the month of June JC Penney Co. and Abercrombie & Fitch were awarded 6.7% to 23.24% and 7.75 dollars to 35.45 dollars.

Costco Wholesale has gained 2.62% to 55.71 dollars. The number one warehouse stores reported an increase of 4% of its turnover store, which has been slightly below market expectations.

Side decreases, the values of semiconductors have been some profit taking.

"It is a context of nervousness.The investors are not eager to jump feet first into the market, "said Scott Marcouiller specialist at Wells Fargo shares Advisors in St. Louis.

Micron Technology has come a decline of 2.3% to $ 8.69. Index PHLX Semiconductor sold 0.1% after gaining over 5% Wednesday.

Apple has sold 0.2% to $ 258.09 and Intel 0.2% to 258.09 dollars also.

National Australia Bank is expected to introduce in the space of one week a new proposal to the Australian competition authorities on its bid of 11.5 billion dollars (9.13 billion euros) over the asset manager AXA Asia Pacific , a subsidiary of AXA, say three sources familiar with the matter.

NAB, which attempts to revive the business after losing the first time in April by the Australian Competition Commission (ACCC) would seek a further extension of its exclusivity few weeks from Axa to finalize its offer, added the sources.

The exclusive agreement between NAB and Axa expires July 15 and, in the opinion of the sources, Axa will extend it to allow time for competition authorities to assess the new proposal.

NAB and AXA AP have declined comment.

The ACCC had estimated in April that a merger between NAB and AXA would significantly reduce competition in the market for retail investment platforms.

To satisfy the commission, NAB may sell retail platforms AXA AP, North, for example.According to sources, discussions are underway on this with the fund manager IOOF Australia.

The Director General NAB Cameron Clyne said Wednesday shareholders that "NAB continues to evaluate its options for the approval of the ACCC's proposed purchase of subsidiaries in Australia and New Zealand AXA Asia Pacific" .

The opportunities are scarce for AXA, to the extent that the manager Australian PMI is also in the running but a recent decline in its share has reduced his ability to effectively make a competing offer, which it has yet received approval from the ACCC .

Technip has been awarded two contracts with BP, the British North Sea, worth a total of about 100 million pounds (120 million euros).

The first is a contract under diving, repair and maintenance for a period of three years with two additional options of one year each, said the French specialist in oil and gas equipment in a statement.

The second is a contract engineering and installation for the development of Devenick field, located 234 km north-east of Aberdeen. It covers project management, engineering, manufacturing, installation and commissioning of several lines.