The New York Stock Exchange closed up 0.71% Monday, the Dow Jones 30 Industrial winning 85.15 points to 12,068.39 points.

The S & P-500, wider, took 7.89 points, or 0.63% to 1261.12 points.

The Nasdaq Composite was up on its side of 9.10 points (0.34%) to 2695.25 points.

Values, Best Buy has lost 3.11% after announcing it would pay 838 million pounds (977 million) in the UK Carphone Warehouse to buy back its share in their joint venture in mobile phones in the U.S. .

Tekelec has jumped more than 14%. The technology provider networks agreed to be acquired by a consortium of investment funds led by Siris Capital for about $ 780 million.

General Motors has announced the retirement of Nick Reilly, current head of the European activities of the group and its replacement next year by Karl-Friedrich Stracke.

Net income for the Swiss reinsurer has more than doubled in the third quarter to $ 1.35 billion (988 million) against 618 million in the comparable period in the previous year.

Swiss Re said the performance by "a moderate level of natural and unique effects positive."

Premium income rose to 5.74 billion against 5.05 billion a year earlier.

The combined ratio, a key indicator of operating profitability in the sector, however, has deteriorated to 80.8% against 76.4% last year.The combined ratio was expected at 89.7%.

The world's second largest reinsurance confirmed its medium-term objectives, for an ROE of 700 basis points above the average over five years and an average annual growth of 10% of earnings per share.

"Our financial targets in 2011-2015 reported in February 2011 is our top priority and we are fully dedicated," said CEO Stefan Lippe in a statement.

The group also expects a modest turnaround in the market but general damages, liability and accidents.

According to a survey conducted in June 2011 for the Circle Health and Europ Assistance, 29% of French say they have postponed or abandoned medical care because of financial difficulties during the past year. This is one of the highest rates in Europe: in Germany, they are only 15%, UK 6%, Spain 5%. Only Poland is less (36%). In the U.S., they are 25%.

Worse, the number of people have waived medical care in France has more than doubled in two years. In 2009 the ratio was only 11%.In three quarters of cases, these waivers or deferrals are for dental or optical care, routine care 12%, 6% of drug purchases and 5% of heavy operations.

In addition, 51% of French respondents believe that equality in access to care is not guaranteed, 53% fear a lack of public money in the future and anticipate a 50% increase in the price of medical procedures. To cover the increase in health spending, 33% of French people favor the increase in contributions and 26% are willing to pay more deductible per medical procedure.

At the Paris Bourse, the fall of the SocGen action sailed around 18.5% to 16.15 after exceeding 20% ​​temporarily. BNP Paribas

Abandoned agricultural credit and 15.68% 12.52% to 16.15.

The indices also dug their losses in the wake of a drop of around 3% of Wall Street opening.

"When we see how things have changed, there is now a lot of pressure on France.It's pretty focused, "said one London-based analyst who declined to be named, about the fall of the French bank.

"It's a little to challenge the French system:" you promise to reform.It's good but now we need concrete announcements ", he adds.

The French government announced late this morning that France would take 24 August the necessary steps to ensure that its objectives of reducing public deficits are met regardless of changing economic conditions.

CONCERNS IN ITALY

French banks are also under attack because of their high exposure to Italy, a country under pressure from European leaders to address its budgetary situation.

According to figures from the Bank for International Settlements (BIS), the French banks are exposed to the tune of 410 billion euros to Italy, followed by German banks with an exhibition of 165 billion.

BNP Paribas and Credit Agricole are especially vulnerable to Italy because of their local branch, respectively Banca Nazionale del Lavoro and Cariparma.

At the Milan stock exchange, securities Intesa Sanpaolo and UniCredit were reserved for the decline in the afternoon due to excessive volatility.

The market is concerned about the ability of Italian banks to refinance.In response to these rumors in the market, the ABI, the Italian Banking Association, said Wednesday morning that Italian banks had no difficulty at this time to refinance.

"Italy seems to be what worries that the market returns (the Italian debt) have fallen after the intervention of the ECB", noted earlier in the morning a trader in Paris.

EXTENSION OF AID TO GREECE?

In addition to these fears also reports that the European Union and the Institute of International Finance (IIF) would think an expansion plan for the exchange of Greek sovereign debt to include obligations maturing in 2024 instead of 2020.

To some analysts, this could result in the sudden depreciation of the most important for banks that hold the Greek sovereign debt beyond 2020.

"Banks that have not depreciated 100% of their positions could have an additional impact," said an analyst based in Paris. "This is true for BNP."

BNP Paribas said last week it held the Greek sovereign debt beyond 2020 on which it has not applied a 21% discount.

Societe Generale has however indicated that it did more than government debt after 2020.

The Nikkei, however, able to remain above the threshold of 10,000 points with expected positive results of Japanese companies.

The Nikkei lost 50.53 points to 10,047.19 and the Topix, broader, sold 7.09 points (-0.82%) to 859.11.

The ball of the quarterly results of companies backed the Japanese market, attracting groups in the solid results to investors, but exporters could suffer from the rise in the yen against the dollar.

The results were boosted by a recovery faster than expected in the supply chain and consumer demand after the earthquake that hit Japan on March 11, according to analysts.

This should help the private sector to the tune of 17 billion euro rescue of Greece.

According to the document, the plan of IFI cause "almost certainly" a selective defect of Greece.

With this exchange of debt, the euro area and the International Monetary Fund (IMF) should finance 71 billion euros in the second bailout of Greece.

The cost of bank recapitalization Greek is also estimated at 25 billion euros in total, we learn at last in the document.

A few minutes after the opening, the Dow Jones gained 0.5% (62.28 points) to 12,499.40, the S & P 500 took 0.6% (7.87 points) to 1,316.74 and the Nasdaq Composite progressed from 0.97% (26.67 points) to 2789.34.

Citigroup opened up 3.45% after an increase of nearly 24% of its net profit in the second quarter.

Google jumped more than 13% the day after publishing an earnings per share excluding items of 8.74 dollars for the second quarter, while analysts on average expected 7.85 dollars.

Movement on the front of M & A also provides support to markets.

The gas producer Petrohawk American flies more than 63% since that is the subject of a friendly takeover of mining group BHP Billiton to $ 12.1 billion.

"The market has generally focused on the problems of debt, but we got good results from big names," said Peter Cardillo, chief economist at Avalon Partners in New York."If we see decisions on the ceiling of the debt, the market will focus more on results."

After Moody's, Standard & Poor's Thursday has warned the U.S. federal authorities about the risk of deterioration in the "AAA" rating from the United States in the absence of agreement on raising the ceiling on the national debt.

Barack Obama has suspended negotiations on the budget Friday to allow time for congressional leaders to concoct an "action plan" to break the deadlock and avoid a default.

At the macroeconomic level, the U.S. indicators released Friday are broadly consistent with expectations.U.S. industrial production rose 0.2% in June after contracting 0.1% in May

Manufacturing output in the region of New York (Empire State Index) has in turn contracted again in July while showing a slight improvement over last month.

Consensus, however, still far from taking shape among members of the euro area over the contours of a second aid package to Greece on the issue of private sector participation and a possible "selective default "the country as well as on the date of a summit of European leaders.

But the ongoing discussions suggest a change in approach from the countries using the euro to a broader solution than a new bailout Greek.

"It is positive that the last few days discussing our partners in Europe and push more for a comprehensive solution," said Greek Prime Minister George Papandreou during a cabinet meeting in Athens.

A banker, the fact that discussions continued Thursday in Rome under the auspices of the Institute of International Finance (IIF), considered on its side it was possible to find a solution in the next major weeks.

A third source explained that the difference from the previous day was that "a reduction of the Greek debt is now seen as possible".

"This is one of the options," said the source, explaining that less radical solutions were also being discussed.

The International Monetary Fund Wednesday gave its support to the German demands of a substantial private sector to reduce the debt Greek participation in finding "appropriate given the size of financing needs and the need to share the efforts ".

SUMMIT?

According to several diplomats, two terms are the subject of further study: that of a "swap" between Greek bonds existing and new securities to maturity lengthened and the one on which a consensus is emerging of a redemption of its own obligations by the Greek state with the help of funds "euro area" (EFSF).

Under this arrangement, the EFSF would use some of the 400 billion euros at its disposal to lend again in Athens to the Greek government buys back its debt at a price well below their face value.

Either alternative could lead rating agencies to declare the country in "selective default", a situation that the European Central Bank considers dangerous because it could undermine investor confidence in the euro.

But after the failure of a French proposal to avoid default, members of the euro zone agreed last Monday to leave the door open to this option, as Germany, the Netherlands and Finland consider inevitable.

Beyond the measures taken to reduce to an acceptable level of 345 billion euros of Greek debt, as the Europeans seek to revive the Greek economy by committing to provide public financial support over the long term – can be up to 30 years – in the form of a "Marshall Plan" for the country, say some sources.

After Wednesday largely cooled the heat of the European Council President Herman Van Rompuy to hold a summit in the euro zone on Friday on these issues, Angela Merkel said Thursday that the meeting should take place only when an agreement was found .

She has received support from the Dutch Prime Minister Mark Rutte and Irish Finance Minister Michael Noonan.

Still, time is running out for the euro area, while countries of much larger, such as Italy and Spain, are now in the eye of the storm and that the rating agencies have again deteriorated this week Notes of Greece and Ireland.

Thursday, the Italian Senate Thursday passed an austerity budget over four years which provides 48 billion euros in savings and the joint EU and the IMF Ireland gave a good report on the country implementation reforms under the aid plan approved late 2010.

But on Friday the long-awaited results of stress tests European bank may again raise tensions in the markets.

We still rocking illusions about the quality of French research. While the university reform initiated by Valérie Pécresse was in the right direction, but it is still very low. We have to realize that French research is a worrying delay and a significant financial and immediate effort is required. The differences between the financial resources of institutions of higher learning French and U.S. reach levels of concern.The budget per student in French universities is close to 10 000 euros, against 40,000 euros on average in the U.S. institutions and nearly 200 000 euros in the best universities, where research is concentrated in the United States. In this global competition to attract and retain the best faculty and best students is the financial effort that makes the difference.

The State should he do more to financial?

In France, nearly all of university income comes from the state budget, the U.S. is less than half of public universities and only a quarter in major research institutions to private structure. We can not ask for more to the French state. We must therefore take on other drivers.

Or find the money?

It must first play on the registration fee.It is a kind of hypocrisy in France is that the fees are very low for the sake of equality. In reality, it is well aware that only children of middle and upper classes benefit. We must therefore increase costs of entry for wealthy families and develop scholarship that would cover all expenses for the most disadvantaged. Second source of financial income: raising funds from private companies. If this business is more professional, we can reasonably hope to bring hundreds of millions of euros each year. Still, if these means are sprinkled on all the institutions, their impact will be negligible. They must focus on a handful of institutions of excellence to have a significant impact on projects to fund.Let's get the homogenization of management and with the non-competition between schools!

The pace of housing starts and building permits for new housing in France is slowing and the launch of work should reach 360,000 in 2011, a level insufficient to cover the deficit accumulated over many years. "It's not great news when the housing shortage has worsened since the 2008 crisis," told AFP Mathilde Lemoine, Director of Economic Studies of HSBC France.

The number of starts of new homes rose 11.4% to 89,837 units a year for the period from March to May while the number of building permits for these homes increased by 4.3 %, to 105,548, according to figures released Tuesday by the Ministry of Housing. In late April, the rate of increase was still 30.4% for starts (after 35.5% at the end of first quarter) and 9% for building permits.

Over the last twelve months (from June 2010 to May 2011), the number of starts, with 345,407 units, an increase of 15% over the previous twelve months while the number of building permits granted (417,106) is up 14.3% over the previous 12 months. "France is out of the crisis but the pace of growth is slowing", says Michel Mouillart, professor of economics at the University of Paris X-Nanterre.The year 2011 should end at about 360,000 housing starts, an increase of 16% over 2010 but still far from strong year in 2007 (415,000), the last before the crisis, Mr. Mouillart prognosis.

The situation is very different in different regions. While the total number of starts (including the construction of an existing building) experience a surge of 26.2% in Rhône-Alpes, from 20.8% in Lorraine, Alsace and 16.8% of 15 , 6% in France-Comte, several regions have now declines. This is the case of Picardy (-9.7%), Burgundy (-6.6%), Lower Normandy (-3.5%).The health of Rhone-Alps leads to the paradox that this region started during the period June 2010 to May 2011, the construction of more housing (49,095, including those of an existing building) and the Ile de France (41 427), yet much more populated and with a deficit of housing even higher.

New clouds on the horizon accumulate. Boosted last year by the tax system "Scellier" to investors buying to rent, sales by developers of new housing (22,200) had an "air pocket" in France in the first quarter with a drop of 17 2%. In addition, the "commercial offer" (the number of dwellings proposed on the plan or completed) with 48,000 housing is "one of its lowest levels in 20 years," said Guy Nafilyan, CEO of Kaufman & Broad, a leading French property developers, which will also influence the future starts.

However, the Secretary of State Benoist Appeared believes "the growth of housing supply will be facilitated in the coming months" by the measures taken in the context of the reform of urban planning. "Demand will continue to be supported by the PTZ (interest-free loan) +, the diffusion continues on a very good pace," he says in a statement to AFP.