The monetary institution observes that the business climate has deteriorated slightly in October in the industry (-1 point 96) and in services (1 point 95). In industry, the factories do not increase the use of production capacity. In addition, the order books are somewhat empty. In services, "the outlook is geared towards a stable activity in the short term," analyzes the Bank of France us fast cash.

The monthly survey of the Bank of France confirmed the slowdown in growth by some economists. In view of the evidence advanced PMI, France would be even already in recession, say the economists at JPMorgan. Another U.S. institution, BofA Merrill Lynch, believes that France is expected to decline 0.3% of its activity in the fourth quarter compared to the previous one, and not resume growth until late 2012.

So, if the average of analysts' forecasts remains at 0.9% growth for the euro area in 2012, large banks have seen their shelves these days. On the downside. Exane BNP Paribas has drastically revised its analysis and expects zero growth next year to France, while in September it still expects growth of 1%.

For 2011, the Greek government had already recognized that the deficit could not be reduced to the initial target of 7.6% of GDP: this will ultimately be 8.5%, a "hole" of 18.7 billion euros. For next year, the forecast is 6.8% or even 14.6 billion euros spent too (against a deficit of 6.5% planned in the plan concocted by his creditors).Difficult, indeed, to restore the country's finances when the recession is severe: 5.5% contraction in 2011 and another 2% expected next year.

30 000 employees laid off

In response, George Papandreou has put together a budget under the sign of austerity providing a saving of 6.6 billion euros in 2011 and 2012. This draft must be submitted to Parliament today.

Under pressure from the troika of envoys in Athens for four days, and on the eve of the Eurogroup, Luxembourg, the Greek government wants to show his voluntarism in order to obtain payment of an $ 8 billion of loans on the 110 billion allocated by the countries of the euro area and the IMF."As we make these decisions so difficult and that the Greek people made such great sacrifices, yes, the sixth installment is assured," said the Sunday newspaper To Vima the finance minister, Evangelos Venizelos free credit score online.

In particular, very unpopular decision in a country where the employment of public employees is guaranteed for life by the Constitution, the government decided to set the layoffs of 30,000 employees close to retirement by the end of the years. These employees "set aside" will be paid 60% of their wages, before being fired after one year. Social discontent swells accordingly. Public transport again observe a work stoppage this afternoon, before the strike of the entire civil service and state agencies and the general strike Wednesday 19 October.One in five employees in Greece is official.

German debate

While surveys conducted in the country reveal that two out of three Greeks want to stay in the euro area, the debate rebounded this weekend after the statements of one of the allies of Angela Merkel. "I think a solution, if we want Greece again become competitive in a stable manner is that it does so outside the euro area," said Alexander Dobrindt a radio, the general secretary of the CSU. Thursday, Philipp Rösler, the German Minister of Economy, will be in Athens for talks with his Greek counterparts.

The capital is always full of visitors. While George Papandreou received Saturday the Emir of Qatar's sovereign wealth fund Qatar Holdings has committed to invest $ 1 billion in operating a gold mine in Greece.

This counter communicator, which allows to know its power consumption in real time and thus better control, will be installed progressively from late 2013-early 2014. A five-year period is planned to equip 35 million consumers, knowing that the European directive assigns a target that 80% of users are in possession of this tool in 2020. "This counter is a future asset for the modernization of the electricity distribution network.It will particularly help to end the current system of estimated bills, sources of discussions, said one industry player. In addition, the meter installation will require the creation of over 10,000 jobs. "

Throughout the past few weeks, a severe battle was between ERDF – a subsidiary of EDF in charge of distribution – and local authorities about the property counters Linky. Upon arrival, the government has not decided to change the current law, which states that the networks, which include counters, belong to communities. In support of its reflection, the government relied on the report of "Committee Linky" on the generalization of communicating electricity meters in France easy payday loans.The report, led by parliamentarians Ladislas Poniatowski and Jean-Claude Lenoir, was sent Sept. 21 to Eric Besson.

According to the overall pattern was retained, ERDF will be responsible for ordering and installation of new meters. These will be installed free of charge, the government decided that not considering either a tax increase for network use, one of the elements of the bill paid by customers.

A cost of 4.3 billion euros

To support ERDF therefore, which plans to spend 4.3 billion euros to widespread program Linky, to compensate for this investment by productivity gains achieved through this tool. For example, the new meter will perform many interventions that will distance the presence of agents of ERDF to the customer will no longer be necessary."But whatever the gains, a system of passing on costs is possible sooner or later," suggests an industry expert.

As for local, they indicated that the expected effectiveness of the new meter is fully proven. In other words it is shown that consumers can realize significant energy savings. Widespread Linky is a crucial element of energy efficiency policy of the government at a time when energy prices rise.

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Moreover, the triggers of the tax should evolve in the parliamentary debate in the fall. MPs and senators want to hit the contribution of lower incomes.Bercy seems willing to compromise around an entry threshold to 250,000 euros per person (and 500,000 euros for a couple).

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Concerns about the hypothesis of a failure of Greece are likely to weigh even the morale of investors, like those of Asian stock markets on Monday. Friday and Saturday together in Wroclaw, Poland, EU finance ministers have decided to postpone their decision in October on a loan of 8 billion euros in Athens, pending the outcome of a "troika" of the state progress of promised reforms.In addition, they have made little progress on the second aid plan for Greece, nearly 160 billion euros including the private sector, pledged in principle last July 21. Greece should show its good will, while his government is accused of delay in implementing measures to reduce the deficit. This Sunday, Athens has announced in the wake of new economies to reassure its European partners.

It must be said that in Europe, solidarity with Greece began to annoy the majority of people. Evidenced by this poll Ifop for Sunday Ouest France, which states that 68% of the French disapprove of the increase in French contribution to the rescue of Athens.And while "divisions" have emerged among governments and the European Central Bank, as noted by Timothy Geithner, U.S. Treasury Secretary, on the sidelines of the meeting of European finance ministers that he was invited .

To fill a deficit in the U.S. To this must be added the concerns about the U.S. economy, which pose a risk to global growth. Markets await including many of the plan for the use of 447 billion dollars of Barack Obama. The U.S. president, anxious to see his program pushed by Congress, has called this weekend to support the Republicans, to avoid "dead end". Moreover, he warned the Americans Saturday that they would provide "pull their weight" to reduce the country's budget deficit, while the United States must find 1.2 trillion dollars in savings by the end of the year.Thus, Barack Obama will propose to Congress Monday a tax on the income of taxpayers earning over a million dollars a year.

Analysts and investors are also awaiting a meeting of the Federal Reserve on Tuesday and Wednesday on interest rates in the United States. The feeling now is that the U.S. central bank will launch a new version of "Operation Twist" program to exert downward pressure on interest rates over time. Such a prospect would be a tasteful for scholarships, especially as the Fed pledged to keep rates low until mid-2013 at least.

Macroeconomic side, Great Britain, the Financial Times this fall could be a gap of 13.8 billion euros in public finances, or 25% more than expected.Such an amount would extend the austerity policies adopted in Britain.

United States, the NAHB housing index will be released in 16 hours.

On the foreign exchange market, the euro appears sharply lower at 1.366 dollar (-0.94%) on Monday morning. Oil prices are also in the red in Asia, with uncertainty about the U.S. economy and the delay in the euro area in the management of the Greek crisis. In early electronic trading, a barrel of "light sweet crude" for October delivery gave up $ 1.12 to 86.84 dollars per barrel of Brent North Sea crude for October delivery gave 81 cents to 111.41 dollars .

Values ​​to follow

• Banks

Societe Generale, Credit Agricole and BNP Paribas will be particularly scrutinized by investors on Monday.Doubts about their strength threatens the economy by depressing household and pushing companies to delay their hiring and investment, analysts and professionals. French banks have agreed to exchange more than 90% of Greek bonds they currently hold in the second aid package to Greece decided in late July, said Friday the Minister of Economy, Baroin.

• EADS

Qatar is interested in buying Daimler a 7.5% stake in EADS, according to the enactment of Der Spiegel Sunday.

• Technip

The group said it had been awarded by a contract Petobras provision of basic engineering and detailed design for a new fertilizer complex to be located in Uberaba, in Minas Gerais, Brazil.

• Sanofi

The pharmaceutical giant said Monday it has obtained from the American justice the right to maintain exclusivity until August 2012 U.S. sales of Eloxatin, a drug against colorectal cancers.

• Natixis and Saffron

The bank released the CAC 40, replaced by the industrial and technology group, previously listed on the SBF 120.

• Airbus

The European aircraft manufacturer will present its global market forecast to 2030 in London.

On the occasion of the publication, the Chief Executive Jean-Bernard Levy said he "confirms the outlook annual adjusted net income in excess of 3 billion euros" against 2.69 billion euros in 2010, which will increase the dividend per share. The businessman says he is confident because of "operational indicators on the rise, despite a financial and economic disruption."

In the first six months of the year, the group has doubled its net profit after minority interests of 2.6 billion euros with a net gain of $ 1.2 billion related to the settlement of a dispute in Poland.Adjusted net income shows him up by 20.2% to 1.83 billion euros. As for the EBITA (operating income, net of amortization of goodwill), it stood at 3.36 billion euros, up 4.6% at constant exchange rates free online credit report. Group sales reached 14.25 billion, up 2.4%. The market on average expected a turnover of 14.24 billion euros, an EBIT of 3.31 billion and adjusted net income of 1.73 billion, according to estimates by seven analysts quoted by Reuters.

For businesses, the group's results were supported by the performance of Activision Blizzard and GVT. The developer and publisher of French-American game has achieved an operating profit of 833 million, up 34.4%.Over the past twelve months, the portfolio means of Canal + France recorded a net growth of 96,000 subscriptions.

Asked about the proposed IPO of 20% of Canal + agreed by the other shareholder of the group, Lagardère, and rejected the first time in March due to the nervousness of the markets after the earthquake in Japan, the CEO of Vivendi, Jean-Bernard Levy, kicked into touch. "As we all know the ball is in their court," he said. "We expect the recovery Lagardère decides whether or not what is now the right according to our agreements.

It is precisely here that the speech of the day was to shed light.Investors hoped a higher profile, particularly on the implementation or not of a third program of monetary easing (or quantitative easing EQ3), after two other applications since 2008.

Ben Bernanke returns the ball in the political

"The Fed has a range of instruments to provide economic stimulus," said Ben Bernanke, however, supported. Insufficient to convince. For the other hand, the Fed chairman said that U.S. politicians had more room for growth, calling for fiscal stimulus. A sentence which leaves in doubt the ability or willingness-to-the Fed to reignite growth overseas.

"The Fed will certainly do its utmost to help restore growth rates and employment rates in an environment of price stability.However, most of the economic policy measures to support the long-term growth is a spring outside the central bank, "said Ben Bernanke.

The Fed chairman has confirmed rely on weak economic growth in the short term, after the Fed revised its growth goals of the U payday loans with no fax.S. economy, but did not specify the extent of this reduction.While recognizing that the crisis is more difficult than expected a few months ago, Ben Bernanke refuses to show alarming: he predicts that U.S. GDP "should improve" the second half and that inflation will gradually subside, and return to less than 2%.

He said he was also confident "in the fact that [his] colleagues in Europe have completely aware of what is at stake in the difficult problems they face today and that over time it will take all necessary measures and appropriate to address them fully and effectively. "

Deception temporary markets

Initially, this lack of concrete measures to try to revive an economy whose recovery is "much less robust than expected" in the words of Ben Bernanke, has dampened market expectations, suspended for two days this intervention .Sign of these expectations, the U.S. indices, already feverish, have widened their losses immediately after the announcement of the postponement within a month of discussions at the Fed on possible support measures. Similarly, in Paris the CAC 40 index plunged more than 3%.

But an hour after the intervention, investors rallied. The index in Paris reduced its losses, while on Wall Street, the Dow returned to the same balance. The markets have indeed put their disappointment. If the hope of a decision of intervention by the Fed was huge, the probability that a major action plan to be presented today was very thin, many commentators had warned in recent days.

Yesterday, as elsewhere, the New York Stock Exchange closed down a massive, affected by disappointing indicators released during the meeting confirming the poor performance of the U.S. economy. Moreover, operators, already worried by the economy of the euro area, were cooled by the large loan dollars awarded by the European Central Bank (ECB) to a bank in Europe, whose identity has not been revealed.This action has reinforced doubts about the ability of banks to refinance the region. The euro also declined against the dollar and is trading around 1.4290 dollars against 1.4319 on Thursday.

Finally, Morgan Stanley confirmed the fears of a global economic slowdown by scaling back its growth forecasts for 2011 and 2012. The bank also said the United States and Europe were "dangerously close to recession."

Evidence that the operators' confidence is at its lowest, gold, a safe haven par excellence, is powered from yesterday to new heights. On Friday, an ounce reached a new record in 1864 dollars after jumping up to 1867.30 dollars in the morning.For its part, a barrel of U.S. light crude oil, which fell 6% yesterday, lost another 65 cents to 81.73 dollars at the opening while Brent gives 62 cents to 106.37 dollars.

Values ​​of the day

On the corporate side, Hewlett-Packard tumbles to 18.74% to 23.98 dollars. The group published its results on Thursday 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 group, which has made a takeover offer for the British publisher of software Autonomy, has also announced plans to dispose of its business in personal computers.Another major surprise: HP goes out of business in the mobile, arresting the development of tablets and smartphones.

Autodesk (1.09% to 26.80 dollars) has reported a 6% increase in revenues in the second quarter and a net profit better than expected at 71.2 million euros, or 30 cents per share.

Gap (5.03% to 16.30 dollars) on Thursday posted a quarterly profit above analysts' expectations despite lower sales to a number of store. Net income for the group totaled $ 189 million (131.8 million), or 35 cents a share, against $ 234 million, or 36 cents per share a year earlier.

Bank of America (-1.07% to 6.94 dollars) will remove 3500 positions during the quarter, according to an internal document cited by Reuters.

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Nervousness investors won again a few hours of a meeting in Paris between German Chancellor Angela Merkel and French President Nicolas Sarkozy. The two leaders are to discuss ways to implement to improve governance in the euro area and contain the problems of sovereign debt. No decision is fundamental to expect from this meeting, warned a spokesman for Angela Merkel yesterday, let alone on the front of the Eurobonds claimed by many investors. The latter will not even up for discussion. And it is this fact which disappointed observers who expected progress on the subject.In Europe, markets are plunged into the red.

European growth disappoints

The bad mood is also expected to result from the publication of European indicators disappointing that send negative signals about the health of the euro area. Germany, European locomotive, reported a surprise slowdown and sharp growth in the second quarter. The entire euro area saw growth of 0.2% after increasing 0.8% in the first quarter.

On the positive side: the United States, industrial production came out on Tuesday rose higher than expected for the month of July. This indicator should be closely watched by the markets, as they are concerned more and more sluggish growth of the world's largest economy. The release of housing starts, however, confirmed the slump.Departures from construction sites are in fact started to fall in July, after surging in June. As for import prices, they recorded an unexpected rebound.

Values ​​to follow

On the corporate side, Home Depot (1.51% shortly after opening at $ 33) released better than expected earnings in the second quarter, while Wal-Mart (1.74% to 51.71 dollars ) recorded a further decline in sales over the same period. The retail giant has nevertheless issued a profit and a turnover up more than 5%.

Agilent Technologies (-0.04% to 37.46 dollars) reported Monday after-hours trading from a profit of $ 330 million, or 92 cents a share, in the third quarter, up 62% The number of Business was up to 1.69 billion.

Berkshire Hathaway (-1.4% to 107.17 dollars) would have taken a stake in the retailer Dollar General.

Dell (+0.14% to 15.65 dollars) and Saks (-0.12% to 8.95 dollars) must also publish their quarterly results on Tuesday.

If in June, the index of consumption has recovered, it is "largely by the increase in durable goods and textile and leather," says INSEE. The first of these two categories, rising 2.5% over the month, thanks to automobile purchases, which rose by 2.2%. But this increase does not offset the decline from 11.2% over the entire quarter.A figure beating down all durable goods, down 6 guaranteed approval cash advance loans.3% over this period, after rising 2.2% earlier this year.

The timing of sales, which began very early, has also supported consumption in June. Textiles and leather saw its sales jump by 4.3% over the month. Throughout the second quarter, this item was down 0.3%. Moreover, "the rebound in spending on household equipment (3.8%) bodes well for the construction Stirrers, even if denrier remains depressed," says Camille Williencourt, economist at Natixis.

Traditional engine of French growth, consumption at half-mast over the quarter bodes well for slower growth over this period, after the strong rebound early in the year (+0.9%). Societe Generale table for his part in an inert quarterly growth of 0.1%.