JPMorgan has been the subject of Wednesday two lawsuits from some of its shareholders, who accused the bank and its executives for taking excessive risks that led to trading losses of at least two billion announced last week.
A spokesman for JPMorgan Chase declined to comment on these two complaints that were filed in federal court in Manhattan.
Barclays Bank has sold its retail banking operations in France, Les Echos reported in its Tuesday edition.
The newspaper announced on its front page "A" that the British group does want to keep in the Hexagon as their operations to large corporations.
It indicates that the Postal Bank and the HSBC Group "could bid".
No one was contacted Monday evening with the French bank for comment.
Economists and analysts are far from unanimous on the eve of the first round of presidential elections on the possible impact of the vote in the markets and the debt of France.
This uncertainty was reflected in an excitement on the market of the French debt, whose resistance was tested Thursday on the occasion of a rumor of dice gradation of the sovereign rating of France.
"The continuation of the gap (between the French and German rates) depend on the evidence that will give the next president of the Republic of the fiscal framework that will implement , and this will depend on the coherence between the presidency and the majority it will enjoy in the Assembly, "said CM-CIC Securities in a note.
The first round results on Sunday, to measure the influence that extremes may have on the face of the next National Assembly, while a socialist majority in the Senate and that a victory of Francois Hollande in the second round of presidential elections is seen as the most likely outcome among market professionals.
Uncertainty, they agree to say, will remain until the June parliamentary, government's announcement will come out and the decisions it will take to reduce budget deficits ; TARY.
But, says Guillaume Menuet, an economist at Citigroup, "the markets could react negatively, especially if the candidate of the far left reaches Jean-Luc Melenchon third me, allowing his party and his Communist allies to influence policy, even at the margin ".
"DEBT RESISTS WELL"
A rate strategist at a major bank, who noted the relative stability of voting intention polls, sees no movement on the scale of market unless the two finalists are not Nicolas Sarkozy and Francois Hollande.
"There will not necessarily flow as a seller there is no flow buyer. Like right now, people will stay on the side," he said. He noted that currently, "(despite) the absence of flow buyer, the French debt up well", even as concerns over the euro area are back.
The French rate to 7 years maturity corresponding to the average of the entire French debt, varies from a low of 2.28% in early February 2.5% today, representing a decrease of 22 basis points only.
Many investors point out that the current market will continue to revolve around the financial situation of the countries 'peripheral' in the euro area, regardless of the next tenant of the Elysee.
"We continue to believe that the first factor in the evolution of spreads will be the evolution of French spreads devices and macroeconomic prospects of the debt crisis in the eurozone" write economists and strategists from Barclays. "The elections will be a secondary factor behind Spain and Italy."
But for Robert Crossley, rates strategist at Citigroup, "the market seems serene, wrongly, on the prospect of victory in Holland. This victory is likely to result in a defeat on the economic front and market confidence "
." Mê ; myself skimming the election rhetoric, the hostility of Holland to the business world and his lack of experience in finance and bond markets begin to undermine the fragile market confidence, "he says
. He however advised to buy the debt of France to favor of widening spreads (yield spread with German debt, refer to the euro area) related to political uncertainties, this spacing to be temporary according to him. He suggests buying French bonds at 10 years and sell bonds or Austrian Belgian with the same maturity.
Meanwhile Sunday, the spread between the yield of the French loan to 10 years and its German equivalent has deviated 29 basis points (bps) since April 12, at 140 bps. The rate of the French loan to 10 years was him, stretched by 21 bps to 3.10%.
On the market very illiquid sovereign CDS, a sort of insurance policy against a default, the spread of the 5-year CDS of France rose from 177 to 210 points from 12 in April.
On the stock market, strategists advise to stay away from French values facing their domestic market but to buy the CAC 40 index.
"The CAC 40 is not France," wrote Credit Suisse those that say that 66% of the turnover of the 40 companies in the benchmark index of the Paris Bourse are outside France, and 36% outside the euro area.
EDF Energies Nouvelles and Alstom are the big winners of the first tender for wind turbines off the French coast of the Channel, the second one being planned in the second half to achieve the target set for 2020.
This tender, intended to kick-start the offshore wind sector, should help France catch up it has accumulated in other European countries in terms renewable energy and reduce its dependence on the nuclear-vis.
The Industry Minister, Eric Besson, announced Friday the award of contracts representing a total capacity of 2,000 megawatts, the equivalent of two small nuclear reactors.
These capabilities are less than a third than originally expected, the field Tréport (Seine-Maritime, Somme) has not been allocated for lack of sufficient competition.
The consortium formed by Alstom and EDF with Danish Dong Energy and won three of the five fields involved: Saint-Nazaire (Loire-Atlantique), Fécamp (Seine-Maritime) and Courseulles-sur-Mer (Calvados), or a volume of about 240 wind turbines.
Spain's Iberdrola and the French group Areva will see their side of the field jointly awarded the Saint-Brieuc (Côtes d'Armor), which should bring 100 turbines.
GDF Suez, which had also formed a consortium with Areva, gets nothing at this stage but will compete in the second tender.
"This decision will enable France to continue the development of renewable energy that are, next to nuclear power one of the two pillars of our policy e ; nergétique, "said Eric Besson at a press conference.
"A NEW INDUSTRIAL SECTOR"
He confirmed the target of 6,000 megawatts of capacity by 2020, as set by the Grenelle Environment for offshore wind and marine energy. The latter also include turbines, turbines use the energy of ocean currents, for which a separate tender is planned within two years.
The second tender will involve particular area Tréport and that of Noirmoutier, he said.
The selection of candidates announced Friday an investment of seven billion euros and the creation of 10,000 direct manufacturing jobs, argued Eric Besson.
"The foundations of a new industry and export are asked," welcomed his side in a statement the consortium led by EDF Energies Nouvelles, a subsidiary of EDF.
While Alstom plans to invest 100 million euros and generate up to 7.500 jobs with its partners, the challenge will be for the group to impose its new generation of turbine Haliade, inaugurated on March 19 to book (Loire-Atlantique).
Alstom, which confirmed Friday the establishment of four plants in Cherbourg and Saint-Nazaire for its wind Haliade says that orders, amounting to over two billion euros, will occur by field field from 2014.
Areva has now put forward his experience and that could create 4,000 jobs in France, including 1,000 in its single perimeter, while GDF Suez has raised up 'to 6,000 direct and indirect jobs.
Interviewed by three regional newspapers, Nicolas Sarkozy accused of "permanent CFDT" having "betrayed the trust of employees" in Florange. It was already taken last month at the SGC. President and candidate for reelection Nicolas Sarkozy (here Aytre February 21, 2012)
The bridges are cut between Nicolas Sarkozy and some unions. In an interview with three regional dailies – Eastern Republican, Rep. Lorraine and Vosges Matin, the presidential candidate accused of "permanent CFDT" of having "betrayed the trust of employees Florange", an attack that responds to criticism against the SGC in March, accused of trying to "play a political role". In fact, the CFDT and the CGT do not hide their anti-Sarkozyism.
Read also: Why the unions have lost their neutrality in 2012
When asked by the newspapers to "anger rising in Florange," Mr. Sarkozy responded: "Let's not confuse the workers, and worried that I got for 17 million euros investment and staff of the CGT or CFDT, two million of work done on the liquid phase immediately-this-works started, 7 for coke, 8,000,000 to the manufacturing plant of automotive products. " "This investment is for Florange! It is decided. If this work had not been committed, it was certain that the blast did not return," added the incumbent.
"As for the permanent of the CFDT," he added, "they betray the trust of employees. They came to insult me and try to break my campaign headquarters. Do not confuse the employees of Arcelor-Mittal, which I will not let go, and trade unionists who cheat their members by making policy instead of defending the interests of employees ". Mid-March, about 200 steelworkers steelworks Florange had come to Paris with the intention to go before the campaign headquarters of Nicolas Sarkozy as a large police had been deployed. Brief scuffles had broken out then with law enforcement.
Increasing the number of unemployed is expected to slow in February, according to the head of state. He sees a sign of economic recovery. For the month of February, Nicolas Sarkozy expected to increase "quite moderate" unemployment.
The president candidate unveils unemployment figures in February. Nicolas Sarkozy says the monthly unemployment statistics, which will be published on Monday evening show "a fairly moderate increase" the number of job seekers for February.
"The numbers tonight will demonstrate an improvement in the situation with a declining trend in increasing the number of unemployed. This increase is quite moderate," Sarkozy said on France Info. He said it "reflects a significant economic recovery since we tried to solve the financial crisis in Greece, this financial crisis that created a crisis of confidence, which itself creates an economic crisis".
In January, the number of unemployed rose by 0.5% compared to December, a rate cut in half compared to previous months, the total number of unemployed at 2.8 million people.
The rating agency Standard and Poor's downgraded Monday the credit rating of Greece to "SD", a level corresponding to "selective default. Anti-austerity protesters in Parliament in Athens on 7 February 2012.
. The rating agency Standard and Poor's downgraded Monday the credit rating of Greece to "SD", a level corresponding to "selective default", to reflect the restructuring of government debt launched Friday. S & P said in a statement it plans to raise the rating of the country to CCC rating assigned to issuers of poor quality with a real risk of default, when this operation has been fully carried out, probably around mid- in March.
The decision of the U.S. Agency was expected since it had indicated in the past it would raise the note by Greece SD begin as soon as the implementation of the Agreement on Cessation of Athens claims made by private financial institutions. However, "if a sufficient number of bondholders (public) Greek did not accept the exchange offer," wrote S & P said in a statement, "we believe that Greece would present an imminent risk of default characterized payment "to the extent that the release of the rest of the assistance promised to the country by the euro area and the International Monetary Fund is subject to the successful debt restructuring of Athens.
A default is characterized reflected in the note "D" in the notation of S & P. "I take note of the decision" S & P, said the leader of Finance Ministers of the euro zone Jean-Claude Juncker, in a statement released in Luxembourg, adding that he expected a "strong participation "of private creditors in the operation launched Friday.
This exchange transaction should allow Greece to obtain a cancellation of debt of 107 billion euros. Greece aims to give private creditors participating in the operation of shares worth 53.5% less than those they currently hold. A quarter of those titles that creditors will receive bonds from the European Stability (EFSF), presumably with a maximum maturity of two years. The rest will consist of new Greek bonds with maturities ranging from 11 to 30 years, a period much greater than those they replace.
The goal is to push the repayment schedule of Greece on the amounts it still accepts honor, for giving him time to recover. If successful, "we should consider that the incident of the partial failure of Greece belongs to the past," wrote S & P, for which the possible increase of the rating to CCC would then account "the economic growth outlook uncertain of the country "and its" public debt remains strong ", even after restructuring.
After the Senate Friday, the Italian Chamber of Deputies adopted late Saturday afternoon the law of financial stability, a step that paves the way for Berlusconi's resignation and the formation of a new government.
Berlusconi, who was unable to obtain an absolute majority Tuesday, promised to resign after the Italian parliament have endorsed the law of financial stability, requested by the European partners of Rome to restore market confidence in public finances Peninsula.
Silvio Berlusconi is expected to recover in the next few hours his resignation to President Giorgio Napolitano. It is the former European Commissioner for Competition Mario Monti should succeed him.
All eyes are on Berlin where German parliamentarians must vote on a proposed reform of the European Financial Stability Fund (EFSF) earlier this afternoon after a speech by Angela Merkel.The Chancellor will then travel to Brussels for EU summits and the euro area, which should provide practical solutions to the debt crisis.
At 9:30, the CAC 40 lost 0.35% to 3163 points while the Eurofirst 300 was almost stable.
European markets are down, investors holding their breath awaiting the outcome of the day announced as crucial for the future of the euro area.
"It is expected that the Bundestag decides on reinforcements EFSF and the role of the ECB in managing the crisis," said a trader based in Paris.
Values, PSA fell sharply under the influence of lowering its forecast for 2011 after a third quarter marked by lower volumes and increased competition on prices in Europe.The group is likely to reduce its workforce by 10% in Europe.
Ingenico, in contrast, was part up 5% in early trade Wednesday of the Paris Bourse, the manufacturer of payment terminals has published the day before its sales for the third quarter.
The euro remains firm and resolutely clings to a level above $ 1.39, while the German Bunds are hesitant, waiting for a clearer trend in equity markets.
Spot gold rose 1% touching a high of more than a month, reflecting investor fears that the crisis drags on still.
The new acting director general of the Swiss bank UBS, which replaces Oswald Grübel after the latter resigned in the wake of the scandal of unauthorized transactions, must now face the difficult task of setting back on their feet.
Saturday, Sergio Ermotti said that the case had uncovered an exposure "totally unacceptable" and said his priority would be to review the control procedures of the bank and conduct an internal investigation into heavy losses.
Sergio Ermotti, a Swiss Ticino aged 51, joined UBS in April from the Italian bank UniCredit.
According to the group's president, Kaspar Villiger, it would be a good candidate to permanently replace Oswald Grübel.
"We are aware of facing a difficult time externally, and this latest incident only makes more imperative still a reaction from us. Let us not, however, UBS is one of the best banks capitalized in the world, "said Sergio Ermotti.
Since the announcement of the losses on September 15, the title UBS has sold more than 10%.However, it has taken 4.8% Friday on hopes that the Board of Directors of the bank agrees major restructuring.
The internal investigation into the loss should result in a delay of 10 to 14 days, but because of external investigations, UBS will not necessarily reveal the findings, said Sergio Ermotti.
The Board asked the latter to accelerate the reduction of investment banking activities.The process must be detailed on November 17 in New York.
According to Kaspar Villiger, the future director of investment banking, Carsten Kengeter, is not threatened, the latter having already worked with a "great job" to limit losses from unauthorized transactions.
However, he did not mean to say if it would make a good candidate for Director General, who shall be provided with permanently within six months.