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Rating agencies are again talking about them. After the decision by Moody's to consider placing the French note on negative watch, the issue of their decision-making arises. Back to agencies in four points.

How Does it take decisions?

This is the work of two people in the agency, "managing director" and the analyst in the country studied. They bring together a panel of several analysts (5 to 12 people), and a majority vote following a debate on the prospects of the country. The evaluation criteria focus on four principles. First results with the economic analysis of per capita GDP.Then they evaluate the level of indebtedness of the country with the analysis of public debt relative to national wealth. Third criterion, political strength of a country, a test that was particularly important when Standard and Poor's downgraded the United States in battle between Democrats and Republicans. Finally the agency is studying the history of default of the country. "Their decision is not from a macroeconomic model as is the case for the projections of the ministries or central banks. This is more of a qualitative opinion.Countries are alerted to the decision a few hours before it was released, "said Bertrand du Marais of the University of Nanterre on Slate.

Read: Why France must not lose its triple A

France, she deserves to be degraded?

Moody's decision to consider the placement of the note falls under supervision of course, not abuse. The situation of public accounts in France is worrying. With debt levels at 1.692 trillion euros (86.2% of GDP), Paris is – the 17 countries rated AAA by Moody's – one of the states with the most fragile public finances. The United States, degraded this summer by Standard and Poor's are worse (100%) but investors remain attracted by the U.S. debt. Furthermore, the primary deficit of France off the debt burden reached 3% of GDP, far more than its neighbors triple A rated, the Netherlands (1.6%) and Austria (0.5%).It is these figures that the agency emphasized. Moody's said the financial strength has "weakened (…) because the economic and financial crisis worldwide has led to a deterioration in its debt ratios that are among the most vulnerable countries rated AAA." That said, nothing to panic about the likely reduction of the note according to Alexandre Delaigue, an economics professor at Saint-Cyr and co-author of the blog econoclaste. "Overall, the consequences (a degradation) would be minimal because in fact the creditors have already as if France had already lost its best."

Also read: What I really want the rating agencies

And also: Credit rating agencies for Dummies

Why do we critique always agencies?

For several reasons. First, because they have made many mistakes in the past.After controversy over the rating of companies, including Enron, they were accused of having had a major responsibility in the crisis of suprime, giving the maximum for certain financial products that eventually led to the financial crisis. Moreover, they were criticized for their lack of transparency about the products noted. A former employee of Moody's recently revealed that some banks had withheld information to be rated by these agencies.

Today's critics include on Moody's. The agency would degrade too quickly some states. "Moody's has totally missed the Greek crisis and the subprime crisis. We realize that with Italy and Spain it is trying to change this image agency late. But it is clear that it is too brutal "said Norbert Gaillard, author of" rating agencies ".

How to reform?

Europe has raised the idea of ​​creating a European rating agency. The goal is to break the virtual monopoly of the three agencies, Standard and Poor's, Moody's and Fitch. But it would not address the accusations of bias, is Gunther Capelle-Blancard, professor at the University of Paris 1 Panthéon-Sorbonne and Deputy Director of CEPII. "The doubts about its independence would be very strong. The proof now European leaders are trying to put pressure on agencies that do not have the figures for Greece in such a negative." Norbert Gaillart advocates for its intervention by the European Central Bank. "The ECB should be the sovereign rating. It would do this based on his notes to her and this would allow it to be more independent rating agencies."

Read also: The European rating agency, such a good idea?

Nicolas Sarkozy Saturday at noon will receive the Executive Director of the IMF Christine Lagarde to talk about it with "the preparation of the Cannes summit of the G20 and the situation in the euro area," the Elysee Palace said Friday.

The head of the French state will fly the next day to Berlin for talks with German Chancellor Angela Merkel poour attempt to speed up the rescue plan of the single currency.

Leaders from the eurozone continue intensive negotiations for a recapitalization of banks in the EU to address the risks of contagion from the debt crisis.

Germany has given the green light last week in the expansion of the European Financial Stability Fund (EFSF), which is waiting for the ratification of Slovakia.

The American chain adds that the fund would be created by the European Investment Bank (EIB) and the obligations could also serve as collateral for the European Central Bank (ECB).

"Our feeling is that the project to leverage the EFSF (European Financial Stability Fund) is well underway," said CNBC, adding that it was perhaps not the only project under discussion to address the crisis of debt sovereign in the euro area.

Wall Street has increased its earnings this announcement and the Dow and the S & P 500 ended in gains well in excess of 2%.

No one was immediately available to the EIB.

Another European official, who participates in discussions to find ways to resolve the crisis, found that information "bizarre".

"Frankly, what evokes the EIB is just weird, it's not at all what we are talking," said the official told Reuters.

"We are discussing with the EIB to increase its capacity but only for loans for projects," he added, referring to bonds to finance major infrastructure projects of the European Union.

The Spanish group, which made its IPO last month, has reported a gross operating profit (EBITDA) of 233.8 million euros.

The eight analysts polled by Reuters expected a profit of between 217 and 236 million euros.

The action DIA opened up 3.18% to about 2.73 euros.

The stock fell nearly 23% since the IPO of 5 July, amid fears about consumer spending in Spain, France and Portugal, where the group achieved in 2010 over three quarters of its sales.

Sales of DIA, which operates over 6,400 stores in eight countries, emerged up 2.5% to 4.79 billion euros in the first half.

Sales at stores open at least a year jumped 14.4% in emerging markets and increased 0.2% in Spain and Portugal, offsetting a decline of 6.4% in France.

The EBITDA margin increased 30 basis points to 4.9%.

The group said it maintained its full-year, which increased sales by 4% and an increase of 6.5% of adjusted earnings.

Carrefour, the first European distributor, launched last month a warning on its earnings because of its poor performance in France. It must publish its interim results on Wednesday morning.

The U.S. Commerce Department reported a 4.0% increase in orders in July after a decline of 1.3% (revised from -1.9%) in June

Analysts polled by Reuters on average expected a 2.0% increase.

The strong demand for airplanes and automobiles brought the statistics. Orders for transportation equipment included jumped 14.6%, their largest increase since January.

Excluding transportation, the increase was 0.7%, while the consensus expected a decline of 0.5%, following growth of 0.6% in June (revised from 0.4%).

Excluding defense, a 4.8% increase was announced, the highest since September 2010.The consensus was 3.2% after falling 0.9% the previous month (revised from -1.6%).

The index contracts on Wall Street have erased their losses as soon as these figures and bond markets have exacerbated their losses (in Europe) or erased their gains (the U.S.).

Orders for durable goods are considered a leading indicator of manufacturing activity in the United States.

The U.S. recovery has been fueled mainly by the manufacturing activity, but the fall in equity markets has affected both business and consumer confidence.

The aviation sector has supported the durable goods orders in July with a 43.4% jump in aircraft orders, which makes you forget the 24% decline in June

Boeing said on its website had received 115 aircraft orders, against 48 the previous month.

Orders for motor vehicles rose by 11.5%, their biggest increase since January 2003. They had increased by 0.1% in June

This improvement suggests that the effects of the earthquake of March 11 in Japan on the automotive industry are beginning to dissipate.

Qantas has selected Airbus aircraft for two projects it intends to launch soon in Asia as part of a comprehensive restructuring of its international activities leading to the removal of a thousand jobs.

This will be a high-end company which will be based in Singapore or Kuala Lumpur and the Japanese company low-cost Jetstar.

The company plans to buy between 28 and 32 A320 and the rest will consist of A320neo, remotorisée version of the A320 which has allowed Airbus to replace its rival Boeing single-aisle market once dominated by the family of 737.

Qantas future plays double or quits by refocusing on Asia's international activities, which are losing money, said its CEO Alan Joyce. "To do nothing or to settle the issue would only guarantee half the end of our own International Qantas Australian market," he said.

Asia accounts for half of this year's profits of international airlines, according to estimates by the International Air Transport Association (IATA).

Alan Joyce said Qantas had to its international operations, a cost base 20% higher than its main rivals.

The company postponed to a later date the delivery of six A380 to preserve capital.

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.

The Court of Justice of the Republic (CJR) has to decide: Christine Lagarde, former Minister of Economy recently promoted to head the International Monetary Fund (IMF), will make it the subject of an investigation. Involved, its role in the settlement of the case Tapie / Credit Lyonnais end of 2007, when it was flying Bercy. The petitions committee of the CJR was no further action or to file a "favorable opinion" in an investigation. She finally chose the second option.

Where does this decision?

Christine Lagarde, who took the head of the IMF in Washington on July 5, should have known since last month when his term would be marred by an investigation of French justice. The prosecutor at the Supreme Court, Jean-Louis Nadal, took the petitions committee of the RGC in the month of May, at the request of Socialist deputies.

From 2010 in fact, members of parliament had in effect challenged the decision by Justice Christine Lagarde to resort to an arbitral tribunal for the settlement of the case Tapie / Credit Lyonnais. But December 31, 2010, the Administrative Court of Appeal of Paris ruled inadmissible approach.

In February, it was the turn of the Court of Auditors estimated that the tribunal was not lawful. The judges felt that the state should have questioned the Parliament, and therefore there was "a lack of statutory authority."In late March, the Finance Committee of the National Assembly had also published an information report on the amounts allocated by the state to Bernard Tapie.

The petitions committee of the RGC, which was finally held on July 8, was first postponed its decision because one of its members, the magistrate at the Court of Auditors Laurence Fradin, wife of former minister Peter Joxe, recused herself at the last minute.She finally settled on Thursday.

What is justice wants to know?

Jean-Louis Nadal, several factors suggest an "abuse of authority" by Christine Lagarde in the arbitration that ended in July 2008 the conflict between Bernard Tapie and the former state-owned bank Credit Lyonnais, about the sale of Adidas in 1993.

The arbitral tribunal, a court privately condemned the Consortium de Réalisation (CDR), the public structure that managed liabilities of Crédit Lyonnais, Bernard Tapie to pay 285 million euros in compensation, or 400 million euros interest. While at the time Bercy considered that Bernard Tapie should really feel that between 20 and 50 million of the state, he would, according to some parliamentarians, pocketed more than 200 million euros.

Three points are controversial.First, the fact that Christine Lagarde has chosen, in 2007, a private arbitration rather than litigation. And against the advice of the Department, even though the State had won in 2006 before the Court of Cassation, the highest court in the country.

Second, the arbitration agreement was amended to permit the award of 45 million euros in the single title of "moral damage". Last, Christine Lagarde has given up on behalf of his ministry, in an appeal against the outcome of the arbitration, however, recommended services

Read about: What is accused in the case Bercy Tapie

What will happen now?

The prosecutor at the Supreme Court must now seize the commission investigating the RGC, which will investigate.Jean-Louis Nadal being who retired in late June and his successor Jean-Claude Marin has not yet assumed office, steps back to the first Dean of Advocates-General. Cécile Petit, who is temporarily acting, the commission should take "in the coming days."

The inquest will examine the heads of "complicity in false" and "complicity in misappropriation of public property", heads facing ten years in prison and 150,000 euro fine. A more severe penalty than for "abuse of authority", a crime punishable by five years in prison and 75,000 euros fine. The head of "complicity in false" was chosen because the arbitration of the dispute has been changed to a step in the procedure, allowing spouses Tapie reach 45 million euros in the single non-pecuniary damage, an "anomaly may constitute a false, "a judicial source.

Christine Lagarde's lawyer objected to the choice."It having been in the arbitration agreement, the term moral damages in place of personal injury," said Yves Repiquet But the former economy minister had no knowledge of this change. Therefore, "how do you it is complicit in that?" "I would add that this is not a fake. A project that is changing is not a fake. A fake is when you alter the authenticity of a document," he said. About the complicity of embezzlement of public property, Yves Repiquet judge that the choice of the petitions committee of the CJR is "madness".

Christine Lagarde is she considered?

If the investigation provides sufficient evidence, Christine Lagarde could be referred to the CJR, judging the facts alleged members of the Government in carrying out their duties.But not in the immediate investigation will be long and the boss of the IMF will probably not be judged for several years. Since its inception in 1993, the RGC has examined more than a thousand complaints and has found that six ministers.

What are the risks to his career at the IMF?

A few minutes after the announcement of the decision of the CJR's lawyer Christine Lagarde Yves Repiquet assured that the investigation is "not incompatible" with its "current position as executive director" of the IMF.

The Fund has indicated that member states represented on the board trusted the director Christine Lagarde, despite the opening of the investigation."The board believes it can effectively perform his duties as CEO," said the institution in a statement, noting that the possibility of such an investigation had been discussed prior to his appointment to this post .

"That the petitions committee decides whether or not to continue the investigations, I have exactly the same confidence and the same serenity," said his side had the applicant on July 6, days after his appointment to the IMF.

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.