The Tokyo Stock Exchange ended sharply higher Monday, the EU summit Sunday with renewed hopes of resolving the crisis in the euro area and diverted the attention of the new rise in the yen and floods in Thailand.

The leaders of the European Union Sunday seemed closer to an agreement on the euro area, including the recapitalisaiton banks and the multiplication of the European Financial Stability Fund (EFSF).

The Nikkei gained 1.9%, or 165.09 points to 8,843.98 and the Topix, broader, took 11.23 points (1.51%) to 755.44.

The Nikkei, which lost 0.8% last week, crossed the threshold for Monday its moving average of the last five sessions, thus became a threshold of support for 8735 points.

"The news from Europe maintain hope and Wall Street reacted to the rise to these expectations, so the Japanese market is now catching up gains made abroad on blankets in the open position," said Koichi Ogawa, Daiwa SB Investments.

"But Japan is facing its own problems with the strong yen and floods in Thailand, affecting some manufacturing industries.These factors will limit gains in Tokyo and push investors to take a wait, time to see how the situation in Europe. "

Friday, the dollar dropped to a record low against the yen at 75.78, but has slightly rebounded since.

Title Olympus continued its dive to fall by 10.72% to 1,099 yen, after touching a low at the meeting of thirteen and a half to 1,012 yen.

The stock has lost more than half its value since the dismissal of its chief executive on Oct. 14.The latter was accused of incompetence by the presidency of the group, denounced bad practice prior to his arrival at the head of the group.

In technology, Elpida ended up 4.01% to 493 yen, while Sony fell by 1.29% to 1,536 yen.

The tire manufacturer Bridgestone has outperformed the market by winning 4.07% to 1,764 yen after announcing its intention to increase its operating profit by 5.8% of revenue in 2010/11 to 10% in 2016/17.

So what exactly is a no teletrack cash advance? It is a cash advance that requires no lengthy faxing of documents and is designed to tide you over in between pay days when cash is particularly tight.

The name of the successor of François Chérèque is already known for three years, provides a blog linked to Figaro.fr. The handover could take place in mid-2012. The departure of François Chérèque of the post of secretary general of the CFDT could happen in mid-2012.

François Chérèque of the estate at the head of the CFDT is folded from "a long time," says the BBC journalist Mark Landre on his blog The Cartoon Network. According to him, Lawrence Berger, national secretary in charge of employment and organization, no doubt replace the current general secretary. The decision would even be fixed for three years. "The question is not whether Lawrence will take the place of Francis, but when," reportedly said a central part of Belleville. According to him, this could be done in an early departure of François Chérèque "in mid-2012."

European shares finished sharply Tuesday and recorded a third straight session of gains, supported, as before, with hopes of credible solutions to the crisis of sovereign debt in the eurozone.

The CAC 40 index closed up 5.74% to 3023.38 points, crossing the psychological barrier of 3,000 points and a small resistance around 3,014 points, the next resistance zone at around 3,089 points, according analysts graphics.

Professionals are questioning the strength of the rebound in stock market indexes and bank brunt of the fall of the market since late July and the main drivers of the rebound.

"For banks and insurance, as the indices, we can not yet say that we have stopped the downward momentum in place.But there are low points which should take several weeks, "said Jerome Vineria, market analyst at IG Markets.

For Valerie Gastaldy Cabinet Technical Analysis Day By Day, "the market may have been a low point, but there is no buy signal yet."

"Although the rebound is very large, has not yet confirmed the figure to return to Europe, but there is almost (…) what is interesting is that this is the first bounce that comes from the banks since the beginning of the fall (July ed), "she adds.

THE REBOUND not last NO SOLUTION TO THE CRISIS

In Paris, the bank has increased dramatically and signed the largest increases in the CAC 40: in order, Societe Generale (16.81%), BNP Paribas (14.15%) and Credit Agricole (13 , 1%), while the Stoxx European banks index was up 6.82%. The French and German banks have outperformed the others and are the only ones taking more than 10%.Deutsche Bank gained 12.62% and 12.59% Commerzbank.

The London Stock Exchange gained 4.02%, the Frankfurt 5.29% and 4.9% in Milan while the pan-European index STOXX 50 was awarded 5.31% and the Eurofirst 300 garnering 4 55%.

The volatility index of the Frankfurt Dax has dropped from 6.76% to 46.58.

"The 'rally' bear markets are the most violent," said Frederic Buzare, head of equity management at Dexia Asset Management, which warns that "the rebound will not last if investors do not get a clear action plan to resolution of the crisis "of the debt, he added.

"In this market-led policy, all about the risk premium. The valuation ratios are no longer relevant.We spend more time reading the statements of leaders (political) to study the balance sheets of companies, he says.

In addition to banking and insurance, the rebound has affected all sectors in Europe, particularly the construction (6.32%) and commodities (7.52%).

In the CAC 40, Alstom jumped more than 11%, Lafarge over 10% of Accor 9.37% 8.52% ArcelorMitttal, Michelin of 8.07%, 7.67% of Peugeot and Renault of 8.22%.

In this context of return to risky assets, return on German government bond (Bund) was extended to 10 years of one basis point to 1.96% while the euro going above $ 1.36 to exchange around 1.3610 against 1.3530 on Tuesday morning.

A barrel of U.S. light crude oil gained 3.64 dollars to 83.88 dollars and 2.64 dollars per barrel of Brent at 106.58 dollars.

The Chief Inspectors of the European Union and the International Monetary Fund (IMF) will return to Athens in early next week to resume the inspection mission, said Tuesday the European Commission, confirming the words of the Greek Finance Minister Evangelos Venizelos.

International creditors of Greece will have to decide at the end of the mission of an agreement on the release of a new tranche of eight billion euros.

Evangelos Venizelos spoke of his austerity plan with the delegates of the European Union (EU) and the IMF during a conference call that ended Tuesday at 20:30 GMT."Good progress has been made" during the conference, stressed the Commission in a statement, adding that "the technical discussions will continue in Athens in the coming days."

"Discussions will continue this weekend in Washington," which will host the annual meeting of the IMF, it was also learned in a statement released by the Greek Minister of Finance, who will attend the meeting.

An official with the Greek Ministry of Finance has also expressed confidence that the next tranche of eight billion euros will go to Greece with its international creditors, he said on condition of anonymity after a teleconference Tuesday.

"We are close to agreement with the troika," he said.

Greece pledged Tuesday to further reduce the size of its public sector in order to convince its creditors to pay the new tranche of aid, without which, the Greek state could end up insolvent next month.

Wall Street has ended up a very volatile day on Monday, a rally to have occurred at the very end of the session in the hope that Italy receive financial support from China.

Italy has asked China to perform major purchases of its sovereign debt, the Financial Times.

"This shows that the Chinese are not kidding when it comes to addressing the tensions of the market," said Robbert Van Batenburg (Louis Capital).

Before this news, which also had the effect of reducing the bond market, prices were well oriented in the red, affected again by fears about the crisis of sovereign debt in the euro area.

What should be added those of Moody's downgrade see French banks.

The fear of the debt crisis of the European impact on the U.S. banking system does not weigh less heavily on Wall Street for months. In addition, the ministerial summit of the G7 last weekend did not lead to new initiatives to boost growth.

"U.S. investors are faced with a barrage of bad news from European markets," commented Andrew Wilkinson, analyst at Interactive Brokers Group. However, he added, "after a weak start sensitive, investors seem a little less concerned."

The Dow Jones gained 68.99 points (0.63%) to 11,061.12. The Standard & Poor's is 8.04 points (0.7%) to 1162.27.The Nasdaq composite leading 27.10 points (1.1%) to 2495.09.

Agreement in the high tech sector was already allowed the Nasdaq to limit its losses during the session.

Areas that closely follow the business cycle have reacted differently to the late rebound for rating index of natural resources eventually even a loss of 0.77% but the energy was able to go back and shows a gain of 0.53%.

In high tech, NetLogic Microsystems jumped 50.8%, the specialist mobile chips that Broadcom agreed to buy back $ 3.7 billion.

Broadcom has yielded 1.14%.The semiconductor index has been 3.03%.

The merger "shows that many shares are undervalued, a historical perspective," says Joseph Cangemi, managing director of BNY ConvergEx Group.

In banking, Bank of America shows a gain of 1.0%. The bank announced Monday eliminate 30,000 jobs in the coming years in order to reduce its annual expenses of five billion dollars by 2014.

The financial index, which also visited the negative territory for most of the day, closing displays a gain of 1.22%.

Values ​​always, McGraw-Hill Companies has gained nearly 4%, the publisher has announced plans to split into two companies, one international and one in education.

A bank in Asia has cut its credit lines to major French banks and five other Asian banks are revising their lending, said Thursday six banking sources told Reuters.

The sudden increase in the sense of risk associated with the sharp fall in the prices of French banks Wednesday, prompted some banks in Asia to review their counterparty risks and look at whether they should reduce their exposure to European banks, the sources explained of six Asian banks.

Rumors Wednesday that France was about to lose its rating "AAA" belied by the rating agencies have helped to cause the greatest gap in the European index of credit derivatives (CDS, credit default swap ) since the 2008 financial crisis.

The head of risk management within a bank based in Singapore said it had cut its credit lines to French banks because counterparty risk they present.

"We cut. The limits were removed from the system.We must obtain authorizations for each case (credit, Ed), "he said, refusing to be named because of the sensitivity of the subject.

He did not want to give the names of banks affected by this decision.

"Obviously, we are reviewing (the credit, Ed)," the official said the risk of another bank in Singapore.

"Everything is related to our position in the credit risk of the French banks," said another banker in a Japanese bank.

When asked about this change in perception of Asian banks vis-à-vis the French banks, a spokesman for BNP Paribas said: "We never comment on market rumors."

Crédit Agricole, which publishes its second quarter results in late August, did not wish to comment, while no comment was immediately available from Societe Generale.

"The levels of capital (French banks, Ed) programs are adequate and refinancing in the medium and long term are conducted under conditions quite satisfactory," he responded in turn Christian Noyer, the governor of the Banque de France , which controls the banks.

"Recent developments in equity markets do not affect the financial health of French banks," he said in a statement.

All the European banking stocks were strongly attacked Wednesday, the French and Italian at the top, weighed down by speculation about the "triple A" French and fears of renewed extension of the debt crisis at the Italy and speculation about the plan to help Greece.

SocGen's action was unscrewed due to rumors about its financial strength and refinancing problems, denied by the bank.

The government wants to create by the end of a single file of beneficiaries of social allowances to better fight against fraud. This measure is called for by the right of the UMP. She is vilified by the left. Thierry Mariani, Minister of Transport, and founder of the Right People, right wing of the UMP, will create a file for benefit recipients. What is this file?

This weeek-end, the transport minister Thierry Mariani, founder of the Right People in the UMP, has called in the JDD creation of "a general file of recipients" to "fight against the profiteers of the lower and riders from the top of the social ladder. " The Minister of Labour and Health Xavier Bertrand was immediately declared "totally agree" with this project, especially since it had already announced in early March that a common national directory of social protection (RNCP ) would be "operational by the end of the year."But this project, presented among other measures against social fraud, then spent quite widely unnoticed.

What is the purpose of this file?

"The creation of a single directory for benefit recipients, which can be crossed with existing files is the best way to strengthen the fight against social fraud," said Sunday Xavier Bertrand told AFP. "We know exactly what that button. This will avoid duplication and it will be found inconsistencies in payment" of benefits, he added. Since the beginning of the quinquennium of Nicolas Sarkozy, the fight against social fraud has increased. Organisms multiply controls, overlapping by more and more of their information among themselves and also rely on the tax authorities. The RNCP or "single file" will be the result of this centralization of the fight against abuse.It will "afford a complete picture of the situation of an insured person," said Monday in a statement the Minister of Solidarity Roselyne Bachelot, recalling that the family allowance funds have been using their 2008 National Directory of Beneficiaries (GNI).

What is the extent of social security fraud?

Social security fraud can not be quantified precisely. In late June a parliamentary report of UMP deputy of the Bouches-du-Rhône Dominique Tian (also a member of the Right People), was estimated at 20 billion euros, choosing the upper range of different estimates. The report fraud to social security contributions (employer and employee contributions not paid because of the black), would be between 8 and 15.8 billion and benefit fraud (sick leave benefits, family allowances, RSA, etc.). 2 to 3 billion.

The left and center denounce stigma of the poor

The opposition noted that the fraud charges, the original employer, was significantly greater than that which affects the benefits. "Social benefit fraud 2 billion, fraud by employers to social security contributions, from 8 to 16 billion. The government's first record, ignore the latter," ruled the spokesman PS Benoît Hamon, a message on his Twitter account. The MP Marisol Touraine, in charge of social protection to the PS, said that the "Concours Lépine of the find the most anti-social is open to the government," recalling the proposals last spring by Laurent Wauquiez, Minister of Higher Education . Then in charge of European Affairs, founder of another group member (the law), Mr Wauquiez denounced the "cancer" of the "assistant" and suggested that volunteer beneficiaries of RSA.The President of the New Center, Hervé Morin, has joined those critics from the left. "File the poor for electoral purposes can not be a response to the plight of millions of honest people who want above all to break the spiral of exclusion," he said.

The United States lost their precious "triple A", for the first time in their history.

The rating agency Standard & Poor's announced Friday night down a notch in the sovereign rating of the United States, saying the planned fiscal consolidation program will not stabilize the debt of the world's largest economy.

This degradation from AAA to AA + comes with a negative outlook, meaning that S & P could again deteriorate note of the United States within 12 to 18 months.

It followed a bitter battle between Republicans and Democrats raising the ceiling on public debt, which led the United States within a whisker of default.President Barack Obama signed on August 2 of the Act providing for the deficit of 2.100 billion over 10 years away from 4000 billion savings expected by S & P.

It comes as markets fear a "double dip", a relapse of the U.S. economy, which was subjected to Wall Street's worst week in more than two years.The broad index of the New York Stock Exchange, the S & P 500 lost 10.8% during the last ten sessions under the double blow of the threat of another recession and the extension of the debt crisis in Europe.

"The reduction (of note) reflects our view that the fiscal consolidation plan that Congress and the administration (Obama) has recently approved does not respond to what, in our view, would be needed to stabilize the dynamics medium-term debt, "said S & P said in a statement.

For now, the United States maintain their "triple A" with two other major rating agencies.

Moody's confirmed on August 2, while matching its Aaa rating than a negative outlook.

Fitch maintained its AAA while placing U.S. debt under review.According to David Riley, principal analyst at Fitch in the U.S., the agency does not place the American note negative outlook once the review finished.

"INTERNATIONAL MONITORING"

The United States was rated AAA by S & P since 1941. Degradation of their sovereign rating was unthinkable a few months ago.It reflects the deteriorating global economic climate and could have implications for the status of reserve currency the U.S. dollar.

It is expected to increase borrowing costs for administration and U.S. government agencies, for companies and individuals.

The Federal Reserve provided a deterioration in the sovereign rating would be no need for additional capital for banks, insurance companies and other institutions that hold U.S. debt.The Fed also said it would not impact his wicket for the banks, nor on its purchases and sales of Treasury securities to conduct monetary policy.

The U.S. Treasury bonds, which until recently were undoubtedly the safest assets in the world, are now rated below bonds issued by countries like UK, Germany, France or Canada.

"The global system must now adapt to the many implications and uncertainties induced by the loss, once unthinkable, the AAA American," said Mohamed El-Erian, the investment company Pacific Investment Management.

This is a blow to the prestige of the United States but not an unexpected decision.S & P had in October called for a meaningful agreement to control the duration of the U.S. deficits and threatened in April to lower its rating.

"We expect that the dollar is more pressure but we do not imagine a selloff," said Vassili Serebriakov, an analyst at Wells Fargo Bank.

The impact could even be limited to Monday's reopening of global interest rate markets. In fact, Treasuries have benefited from the recent drop in world stock markets and the performance of U.S. 10-year fell to 2.34%, the lowest for ten months.This reflects investor sentiment that the U.S. State debt is always a safe haven.

However, degradation may worry foreign creditors, the first of which China holds $ 1,000 billion of U.S. debt.

Beijing, through a review of the official Xinhua news agency has promptly reacted to the news and urged the U.S. to face the problem of debt, asking that the global economy is not a hostage of U.S. domestic politics.

"There is a need for international monitoring on the issue of the U.S. dollar and a new reserve currency, stable and secure, can also be an option to avoid a disaster to be caused by a single country," Xinhua said.

Inability to govern ALL

The White House did not immediately react to the decision by S & P. Barack Obama was made aware that day of the intentions of the agency but it was discussed with officials of the U.S. Treasury, not with the White House were told Reuters a source familiar with the matter.

Friday night, the U.S. Treasury said that the calculation of debt by S & P was wrong about 2000 billion.S & P affirmed its economic assumptions have changed after discussion with the Treasury but said it did not change its decision.

"We take our responsibilities very seriously, and if at the end of our analysis, the commission concludes that a note is not to where it should be, it is our duty to make this decision," said Reuters responsible for the sovereign debt rating from S & P, David Beers.

Analysis of S & P is essentially the inability of Democrats and Republicans to govern together – the House of Representatives is controlled by the Republicans. The rating agency believes that such tax cuts enacted under the administration of George W.Bush will not be interrupted in 2012 due to fierce opposition from Republicans.

Degradation was immediately exploited by the Republican candidates for the nomination for president next year, Mitt Romney, for example seeing "a very disturbing indicator of the decline of our country under President Obama."

The compromise reached between the two sides would create a bipartisan parliamentary committee to find 1500 billion in budget cuts by the end of November, of which 917 billion have been identified so far.

Managers and analysts now expect the intervention of political authorities to restore calm to the financial community a destabilized by the possibility of a relapse of the U.S. economy and the expansion of the debt crisis in the euro area.

European leaders multiply contacts to counter the distrust of investors led by two weeks of dropping world stock markets.In the euro area, the squares of Paris, Rome, Madrid and Lisbon have recovered their levels of more than two years.

"Politicians are so quick to intervene and help countries such as Greece and Ireland that the market has lost confidence in the ability of political authorities to take action," said Eric Le Coz, deputy general manager at Carmignac management.

President Nicolas Sarkozy was to meet Friday with German Chancellor Angela Merkel and Spanish Prime Minister Jose Luis Rodriguez Zapatero.China and Japan have called for international cooperation.

"Given the magnitude of the tornado that struck the markets, it would make sense that the policies show a strong sign and bring some calm and reason among investors disoriented," said Fabrice Cousté, CEO of CMC Markets France.

In the absence of signs of improvement in the macroeconomic situation, a strong and credible intervention of the authorities now seem necessary but should not be possible before the end of the summer, fall, however, several analysts.

"The decline may continue until the elements for building the confidence to materialize," warned in a note to CM-CIC Securities."We do not expect until September at best."

A CALENDAR Malaysian politics

"Given the difficulties of Spain and Italy in the financial markets, one can logically expect a new high on the modalities and financial resources of the European financial stability. It should be held earlier than the schedule but it does not lend, "said Fabrice Cousté.

The Spanish Minister of Economic Affairs, Elena Salgado, spoke Friday a meeting of economic ministers of the European Union in early September.

The electoral calendar loaded complicates the situation.The elections are not conducive to radical decisions, generally unpopular, stress professionals.

Parliamentary elections are scheduled for November in Spain. France is already campaigning for the presidency in April and May 2012, and follow the U.S. presidential in November 2012.

In Italy, where power is weakened by electoral setbacks of May and where the governing coalition splits, experts do not rule out a fall of Berlusconi cabinet and the holding of early parliamentary elections ahead of schedule in 2013.

United Parcel Service, the world of messaging, reported Tuesday an increase in earnings that exceeds some analysts' expectations in the second quarter.

The Atlanta-based group posted a profit of 1.063 billion dollars (734 million), $ 1.07 per share, against $ 845 million, 84 cents, a year earlier.

Adjusted earnings stood at $ 1.05 per share, against $ 1.04 expected by analysts polled by Thomson Reuters I / B / E / S.

The turnover has in turn recorded up to 13.2 billion dollars against 12.2 billion a year earlier. On average, analysts expected 13.14 billion.