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Deliberate provocation the law requiring local authorities to balance their budgetsIf the original is fuzzy the photocopy will be blurredTwo other agencies should soon see the dayA little more formality in a market still very secretClavier volume I of Johann Sebastian Bach080 euros and an average loss flood of 21Gennevilliers launches in opposite the creation of an ecodistrictBut no agreement was yet found on the consequences of its replacementBut it is a weapon to handle with cautionThe stock exchange of course is available onlineAlways in good provisions, stock markets began the week calmly with increases of 0.2 to 0.9 in Europe. One week will be shortened to the United States, the market is closed today, and the organ will be the Friday publication of highly anticipated report on us employment for the month of June. After the very optimistic reading have made the markets of the last release reserve Federal American, a pause in the increases in interest rates now their central scenario, investors hope to see now a little more tangible slowdown mastered, but significant economic signs in the United States. In its communication, the Federal Reserve has succeeded in restoring confidence on Wall Street, while correcting the excessive pessimism of the bond market had gone up to consider an increase in the rate of federal funds up to 5.75 in September. Long yesterday slightly increased on both sides of the Atlantic. Thus the performance of the OAT to 10 years and the German Bund rose 2 basis points, to 4.09, while that of 10-year US Treasury borrowings stood at 5,151 later in the day, after 5.13 Friday.
Resilience of the euro
The labour market in the United States, until then very dynamic, a little figure barometer of the slowdown. In this regard, a too high job creation figure released Friday would doubt misperceived, markets by deducting that the Federal Reserve is perhaps not finished with its monetary tightening cycle. Yesterday, the growth recession was noticeable in the announcement of the decline in the composite index of activity in the industrial sector in the United States, calculated by the national consortium of Directors of the purchases of sector (IMS), which was established to 53.8 in June compared to 54.4 in May. This figure is lower than the expectations of analysts who projected an index at 55.
In the United States, "the horizon of the next few months, it is expected that underlying inflation continues to accelerate somewhat, although growth will give signs of slowdown." In our scenario, inflation would reach its high point in the third quarter of 2006, with an underlying index in the consumer price of 2.6 in annual landslide, a usual pace at this stage of the economic cycle. "It was not until late 2006 that it if aatend to a slowdown of inflation induced by the growth", believe the economists of the Crédit Agricole.
After a foray beyond 1.28 dollar, the euro retreated later to complete the meeting at 1,2794 dollar. The European currency has enjoyed rather favourable statistics on conditions in the euro area. Thus the unemployment rate has dropped to 7.9 in may, after 8 the previous month, according to data from the European statistics office Eurostat. A statistic that has pleasantly surprised the market. Over one year, the decline in unemployment is notable, with a rate fell from 8.7 to 7.9.
Meanwhile, activity in the manufacturing sector rose again in June, index PMI of the directors of purchases reaching its highest level since August 2000, according to the NTC Economics Institute. This indicator thus rose to 57.7 points, compared to 57 points in may, a figure higher than consensus expectations.
