US & World News

Brent crude was down more than $ 3 Monday, passing below 106 dollars, while the progress of Libyan rebel suggests a possible resumption of oil exports of the country.

Rebel fighters swept into the night from Sunday to Monday in Tripoli, the Libyan capital, where thousands of people took to the streets deserted by the forces of Muammar Gaddafi who have appeared against little resistance to the insurgents.

At 6:50 GMT, Brent North Sea yielded 3.40 dollars (3.13%) to 105.25 dollars.For his part, U.S. crude gave up about a dollar to 81.18 dollars, also sealed by the gloomy outlook of the global economy.

Before the outbreak of the uprising in Libya, the country, a member of OPEC produced about 1.6 million barrels per day (bpd), nearly 2% of world production.

Most of Libyan crude supplied European refineries and disruption of those exports has pushed the price of Brent crude to a peak of two and a half dollars to 127.02 in April.

Full recovery of Libyan production could take years but the rebels said they hoped a quick return to normal. Analysts said a production of one million bpd could be achievable in a few months.

Hewlett-Packard has made a bid Thursday to the British publisher of Autonomy software and mentioned the possible split in the group with his branch of PC.

HP has offered to buy all outstanding shares of Autonomy for the price of 42.11 dollars per share for a total transaction of $ 10.3 billion (7.1 billion euros).

He also announced the abandonment of its shelf TouchPad who has not had the expected success.

The group also sees a possible split with the PC industry, faced with slow growth and low margins.This is one of the largest divisions of HP but also one of the least profitable of the group.

The American manufacturer has announced a little earlier than expected revenues rose for the third quarter to $ 31.2 billion (2.17 billion euros) against 30.7 billion a year earlier in accordance with the expectations of Wall Street.

The group lowered its annual forecast for the third consecutive time.It now expects an annual turnover of between 127.2 and 127.6 billion dollars, against a previous estimate of between 129 and 130 billion.

The forecast of earnings per share was also down, with a range from 3.59 to 3.70 dollars against a previous forecast of at least 4.27 dollars.

The title, which closed down 6%, down 2.1% after closure of the exchanges on Wall Street.

The trade deficit the U.S. has grown against all odds in June to its highest level since October 2008, due to a decline in exports and imports indicate a slowdown in global demand, according to figures released Thursday by Commerce.

The trade balance posted a deficit of 53.07 billion dollars, while the market expected it to be reduced to 48 billion.

In May, the deficit had risen to 50.83 billion (50.23 billion in the first estimate).

Exports fell 2.3% against -0.5% in May, faster than imports (-0.8% after +2.9% in May).

The perspective attached to the sovereign rating of the United States could be raised to stable if the bipartisan agreement on reducing the U.S. deficit is being implemented and if the tax cuts of the Bush era are eliminated, said Monday director of sovereign ratings Standard & Poor's.

In an interview with Reuters Insider, David Beers warned that the rating agency would closely monitor whether the U.S. Congress is at what he has committed.

S & P on Friday denied the United States of the note "triple A", giving them now rated AA + coupled with a negative outlook.

David Beers reiterated that there was at least one in three chance that the U.S. sovereign rating is lowered again within 6 to 24 months.

The major European stock markets closed Friday up, welcoming the new plan of aid to Greece, even if the solution found yesterday by European leaders do not mean the end of the crisis.

The pan-European FTSEurofirst 300 index closed up 0.52% at 1108.90.

At the Paris Bourse, the CAC 40 was 0.68% (25.95 points) to 3842.70 points.For the week, the index gained 3.12% and returns to the green on his performance since the beginning of the year (1%).

In Frankfurt the Dax finished 0.50% progress to 7326.39 points, while the FTSE in London has been 0.60% to 5935.02.

Despite significant gains banks Greek, European financial stocks have returned mid-afternoon to end the trading session in negative territory as investors preferred to take profits before the weekend on fears related to the execution of Greek aid plan.

Stoxx index of bank stocks in Europe dropped 0.18% against a gain of 0.8% at midday.

UniCredit has lost 4.56%, 2.83% Intesa Sanpaolo, Societe Generale and BNP Paribas 0.41% 0.21%, compared to clinching more than 1% in mid-session.

The default situation declared by the rating agencies in Greece could also have consequences difficult to predict.The agency Fitch Ratings has already announced it will place the issuer credit rating of Greece in partial default on remand.

The euro meanwhile back on the foreign exchange market after surging the day before at a high of 1.4440 dollars in two weeks, investors dissecting the details of the plan of aid to Greece to assess its ability to prevent a contagion of debt to other countries using the euro.

German Bunds are in turn less desirable than bonds Greek, Irish and Portuguese, which rose in response to the new plan to help Greece.

The yields of the Greek loan to 10 years have gone below 15%, boosting their decline started the day before.Yields paper Greek neighborhood of two years now 28.2%, while they still exceeded 40% at the eve of the euro area.

Paris Plages is investing in one month the banks of the Seine, as of July 21. For its 10th edition, the Paris event was put on the excess. Key figures in the images.ate "> 9 / 13

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The Paris Bourse falling off again in early trade Thursday, the rating agencies have struck again sovereign debt, and this time, on both sides of the Atlantic.

Around 9:15, the CAC 40 index lost 0.79% to 3763.27 points at the start of the day a national holiday in France that could be very active, stakeholders who have opted for a long weekend.

Moody's warned late Wednesday it may lower the rating of "Aaa" – the best – the United States if President Obama and the Republican opposition failed to agree on raising the federal debt ceiling to time wanted to avoid a default.Discussions between the President and the Republican leaders have been strained Wednesday, and do not seem on the verge of success.

Fitch, for its part, S & P as a month ago, degraded to "CCC" the note of Greece.

The banking and technology are among the largest declines the CAC 40, while Lafarge, which has entered the active phase of sale of its gypsum in Europe and South America, is the only value of the CAC 40 in green (1.69%).

Alcatel-Lucent (-2.44%) and Capgemini (-2.0%) recorded the largest declines in the index.

Company lost 0.75%, 0.49% Credit Agricole and BNP Paribas 0.2% after opening down more than 1.5%.

London was down 0.58% from 0.32% and Frankfurt.

Household consumption of goods decreased by 0.8% in May, its third consecutive month of decline, after a revised 1.4% decline in April, show statistics released Thursday by INSEE.

Eighteen economists surveyed by Reuters on average expected a 0.9% increase in consumption after the 1.8% decline initially announced in April.Their estimates ranged from -1.0% to 1.6%.

Spending on durable goods, which dropped by 6.4% in April, fell 0.6% more last month, due to a less pronounced decline in purchases of motor vehicles (-1.8% after – 10.3%).

Purchases of textiles and leather, they have decreased by 4.4% in May after rising 1.6% in April.

Consumer spending in other manufactured goods were down 1.3% in May after rising 0.3% in April.

As for food purchases, they stand down 1.7% from 1.4% the previous month.

At the same time the energy consumption rebounded in May (3.4% after -3.4%)."After a particularly mild weather in April, limited heating costs, household consumption and found a normal level in May," INSEE said in a statement.

Nicolas Sarkozy confirmed on Monday the outline of a French plan foresees the participation of European banks and insurance companies to resolve the crisis in Greece, which has not yet been approved by the partners of France.

A meeting on modalities for private sector participation to a new rescue plan for Greece was held Monday morning in Rome between representatives of the banking lobby Institute of International Finance (IIF) and the Economic and Financial Committee of the euro area without reaching agreement.

French President confirmed that private creditors would exchange their debt against the Greek 30-year bonds at rates equivalent to those of European support loans, issued at a premium indexed to economic growth in Greece.

He hoped that the European partners of France accepted the plan but was willing to change to get their agreement.

"We have concluded that spreading the loan over a period of 30 years, putting them in European loans, plus a premium indexation on what will be the growth of Greece, there was a system that each country could probably find interesting, "he said at a news conference.

"So the project that we have, we put it in the debate as something we hope positive, we are ready to amend it, too, the French project is not the alpha and omega", has he said.

The leaders of the euro area are seeking how to involve the private sector in a second aid package to Greece without this lead rating agencies to estimate that the country is in default.

The European Union and the International Monetary Fund warned that they would pay the fifth installment of a $ 12 billion, the plan developed in 2010 to help save Greece from bankruptcy, if latter did not take further austerity measures by July 3.

The Greek Parliament began debating Monday of these measures and must decide Wednesday on the overall framework of the austerity plan and Thursday on specific steps to its implementation.

"HAIR CUT Mask"

In anticipation of a possible European agreement on the participation of the private sector, the scheme outlined by the Treasury and the French financial institutions provides that private creditors are willing to reinvest 70% of the Greek repayment of loans maturing in new obligations.

Half of the securities held by private creditors would be reinvested in Greek bonds to 30 years.

Some 20% would be reinvested in securities backed by the European Financial Stability Fund (FSEF), created in 2010 to assist countries in the Eurozone in trouble (Greece, Ireland, Portugal).

"From what has filtered at this stage, it would be a 'hair cut' hidden on 50% of the amounts held by private banks," said one credit strategist a French bank.

For the rest, 20% would be reinvested in securities issued by the EFSF, which in turn lend the funds to Greece, he adds, this part of the "rollover" benefiting from "AAA" rating of EFSF and therefore a security.

Gilles Moec, an economist at Deutsche Bank, sees two possible logic behind the proposal provides that 20% refund will be deposited into a "guarantee fund" that would invest in the EFSF and MSE (European Stability Mechanism).

"The EFSF / MSE would act as an intermediary 'between investors and Greece by granting it loans backing the bonds purchased in the' rollover '," he said, adding, as the strategist, it protects Creditors of a default risk.

The economist added that in the latter case, the "guarantee fund" could play firefighters in case of default on the new 30-year Greek bonds and cover any "hair cut" 40% of these securities.

"However, in this second case, the final risk continue to be carried by the private sector," he wrote in a note.

"As it stands, the French plan does not lead to" an ordered default "of Greece. In fact, 20% of repayments in 2012/2013 to cover approximately 20 billion euros, while the total government debt amounted to 328 billion euros at the end of last year, "said Gilles Moec.

The Tokyo Stock Exchange finished Monday down 0.7% after the publication of an indicator and found disappointing results of a forecast of lower than expected from Toyota.

The Nikkei lost 66.23 points to 9,448.21 and the Topix broader yielded 5.12 points (0.63%) to 812.26.

Orders for machine tools dropped unexpectedly in April, a sign that the difficulties of the country's energy supply penalize investment.

However, the application should go back in the coming months with the campaign to rebuild the north-east of the country, devastated by the earthquake and tsunami of 11 March.

The second disappointment that had an impact on the meeting came from the manufacturer Toyota, which announced on Friday forecast a decline of 35% of its profits.

The group also stressed that inflation of the yen gradually undermined the arguments for maintaining production in Japan.

Action Toyota ended down 2.42% to 3,220 yen.

The situation is more favorable for its rival Mitsubishi, which announced on Monday forecast a rise of 25% of its annual operating profit, thanks to a rebound in sales and production after the earthquake.

The group now expects an operating profit of 50 billion yen (433 million euros), while analysts on average expected 32.1 billion yen (278 million).

Title Mitsubishi ended the session unchanged at 94 yen.

The cigarette company Japan Tobacco, which has suffered a sharp decline in sales in April and May because of the damage to its plants and the subsequent decrease of its offer, sold 3.5% to 303,000 yen.

The electrician Kansai Electric Power has also fallen from 1.95% to 1,157 yen.

The second group of Japanese power generation had to ask its customers to reduce their consumption, causing the broker UFJ Morgan Stanley to cut its price target from 1900 to 1400 yen.