The French surveyed by INSEE in November have also never been more pessimistic about their future standard of living and are more likely to anticipate an increase in unemployment, which has already reached a peak of 11.

The composite indicator of consumer confidence stood at 79 on Friday in November and pushed a lowest since February 2009.

Floods in Thailand will also affect exports significantly in the last quarter, disrupting supply chains across Asia, warned the BoJ in its report of November.

"Exports and production should show more or less stable at the moment and then increase moderately, reflecting mainly an acceleration of the recovery of overseas economies," said the central bank, warning however that the economic outlook remained uncertainty.

The "blunder" by Standard and Poor's comes almost timely for the European Commission. Brussels Wednesday will unveil a range of measures to regulate rating agencies, and the announcement erroneous degradation of France by S & P should increase the willingness of European regulatory agencies. Details of the measures to be adopted.

Suspend a rating

The Commission will decide to suspend the rating of a State in case of excessive volatility or if the country is under European aid program. The decision can be explained by the previous in Greece.

Attack to justice agencies

Any investor can now sue an agency and ask for damages when it deems necessary. Brussels wants to create "a European framework of liability in case of serious misconduct or gross negligence." A new measure that should appeal to France after the "true-false" degradation Standard and Poor's.

Impose a turnover in the agencies

Brussels wants to put some competition in the "Big Three", Moody's, Standard and Poor's and Fitch Ratings. The idea of ​​creating a European agency was dropped, now Brussels wants to impose a rotation to the actors who are noted. Clearly, companies and states will be required to change agencies every three years, to encourage competition between agencies. But the idea is not only criticized by the rating agencies but also by some of their clients.

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.

More than ten hours of meetings were necessary to reach an agreement Saturday on a recapitalization of the banking sector to the tune of 100 billion euros, which was nevertheless widely agreed at the technical level this week.

The work, however, little or no progress on the form that is chosen to leverage the fund to support the euro and to reduce the mountain of Greek debt, even if a discount up to 60% of the shares held by investors Private is under discussion.

On his arrival in Brussels, where he was to dine with Angela Merkel, the ECB President Jean-Claude Trichet, the Executive Director of the International Monetary Fund Christine Lagarde and the President of the Commission and the European Council, José Manuel Barroso and Herman van Rompuy, Nicolas Sarkozy expressed his confidence in the outcome of discussions.

"There is progress (…) By Wednesday, we must find a solution, a structural solution, an ambitious solution, a final solution, there is no choice," he said in reference to the date of the second summit will bring together the leaders of the euro area.

The French president spoke by telephone with German Chancellor Saturday afternoon and, says one EU source, they should meet again Sunday morning at their hotel before joining their European counterparts.

Meetings could also take place with the Italian Prime Minister Silvio Berlusconi and Spanish Prime Minister Jose Luis Zapatero, while Italy and Spain are under peer pressure to reassure their determination to keep public finances under control.

BANKS

At the end of the agreement reached Saturday, about sixty of the largest European banks need to recapitalize by 30 June 2012 at 100 billion euros to hold at least 9% of equity "hard" core tier one .

Some 38% of this amount, which may not be officially published, should return to the three countries already under the aid program: Greece, Portugal and Ireland.

Banks will also mark their sovereign debt to market value and the institutions that will not comply with this set of rules will be banned from paying dividends to their shareholders and bonuses to their executives.

The bloc have also talked Saturday reactivation of the guarantees offered to banks in the fall of 2008 at the height of the crisis, enabling them to find financing in the medium and long term, said on the same source.

GREECE

Ministers also returned to the long record of Greek and how to make Greek debt sustainable in the long term.

According to a report that will serve as the basis for decisions of the leaders of the euro area, private creditors of Greece may have to accept a loss of up to 60% on their sovereign debt.

The EU finance ministers, however, remain divided on the voluntariness or otherwise of the private sector to the new rescue plan for Greece.

Fearing to trigger a credit event with unforeseeable consequences, France and several other countries are reluctant to go beyond the envelope of 50 billion euros negotiated last July 21 with the banks, as called for Berlin if necessary by forcing them to go the extra mile.

Friday night, Athens received a shot in the arm with the provisional go-ahead European payment by mid-November of the next tranche of international assistance by 8 billion euros, without which Greece would default on its sovereign debt in the coming weeks.

The IMF still has to validate itself as this payment, he conditioned ambitious decisions of Heads of State and Government of the euro area to reduce the mountain of Greek debt.

EFSF

The last part of the discussions – the multiplication of the European Financial Stability Fund (EFSF) – has so far been barely touched by the ministers, that would leave it to decide this question and leaders.

Friday night, Minister of Economy, Baroin, confirmed that France continued to believe that change the cash in bank was the best solution but it did not make "one final point of confrontation."

Granted a banking license in EFSF would allow access to funding from the European Central Bank to increase its capacity for action by a factor of up to five.

But Berlin rejects this possibility, which would be to accept that the institution of Frankfurt finance the countries of the euro area, one of the dogmas explicitly excluded by the European treaties since the creation of the euro.

The other members of the euro area are also divided, Belgium and Spain having voted for a reconciliation BCE-EFSF while Slovakia and Austria have indicated that this solution was not studied.

European leaders are under intense pressure by their international partners to take decisive action against the crisis, less than two weeks of the G20 summit in Cannes, where they planned to hold them accountable.

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.

According to the Sunday Telegraph newspaper and television channel Sky News, up to 3,000 employees, all British, could lose their jobs.

The Sunday Telegraph said that the announcement could take place next week.

BAE has 33% of the joint venture Eurofighter, as EADS and Finmeccanica.Some 550 fighters have been ordered by the four countries involved in the project: UK, Germany, Italy and Spain.

A BAE spokesman described the articles of speculation.

"As a company, we have not officially announced.We expect when this will happen, to inform staff first, "she said.

In a statement, the group said to be in the process of "review (its) operations in various sectors of activity" to help secure future contracts.

The first UK manufacturing group attributes his difficulties to a lack of command of combat aircraft in the world.

The main union in the country, Unite, said he would seek clarification as soon as possible from BAE to determine which sites would be affected by job cuts and to call for a voluntary redundancy plan .

Rumors that Moody's had placed the sovereign rating on negative watch Italian Aa2 June 17, could reduce an imminent, also weighed on French banks.

The CAC 40, which had jumped ahead of 3.27% on Thursday and spent most of the session in the green, was down 0.48% to 3031.08 points after three sessions of up to row. Since the beginning of the week, it took 1.9%.Elsewhere in Europe, Frankfurt and London took 1.18% 0.58% while the pan-European Eurofirst 300 index gained 061%.

Rumors that Germany would have postponed discussions on the European Financial Stability Mechanism (EFSF) also weighed on bank stocks.

Among the French banks, BNP Paribas lost 7.56% to 28.195 euros and Credit Agricole, which leaves the EuroStoxx 50 Monday, 10.97% to 4.917 euros.Natixis, which is outside the CAC 40 Monday, gave up 4.41% to 2.387 euros.

The week was marked by renewed optimism about the willingness of political and monetary authorities to engage in concerted action to contain the crisis of the euro.

The announcement Thursday afternoon by the major central banks of their intention to cooperate to ensure dollar liquidity of European banks had largely confirmed the return to cautious optimism.

"Everybody was worried, thinking that the politicians were not on red alert, and this week we learned that they were.This was the real positive surprise, "said Franz Wenzel, head of investment strategy at Axa Investment Management.

"The market does not expect necessarily a revolution that would change the scenario for the future, but is reassured to see that central banks are there to do what is necessary," he said.

However, this does not solve the central problem of the euro area, the crisis of sovereign debt, noted speakers, who do not expect a resolution of the Greek question at the meeting of finance ministers the Eurogroup in Wroclaw, Poland.

The market remains divided between those who believe in the rescue of Greece and those who think it will not be able to meet the requirements for better management of public finances, said a Paris-based dealer action.

Patrice Pérois, sales trader at Kepler Capital Markets, said that the meeting was disrupted by purely technical factors, with the expiration of futures and options on stock indices and the restructuring and re-weighting of the three indices: Euro Stoxx 50, Stoxx 600 and CAC 40.

The performance of the German government bond (Bund) is relaxed to 10 years of seven basis points to 1.86% while the euro weakened against the greenback and traded around the 1.3780 dollar against 1.38% on Thursday.

The Spanish socialist government announced late last week an agreement with the Conservative opposition for in the Constitution the principle of limiting the public deficit.

The agreement between the parties will allow the Chamber of Deputies to vote the new limit Friday by an overwhelming majority.The Senate vote is expected Sept. 7.

Parliamentary elections are scheduled Nov. 20 in Spain.

Angela Merkel welcomed the decision and called on other members of the euro area to even dd.

"Spain now has determined the maximum debt in its legislation, in its constitution.Many countries would do well to follow this path and should address the problem at its roots, "said German Chancellor during a visit to Slovenia.

"All members of the EU and Europe as a whole must improve their competitiveness and, through strict fiscal discipline to ensure strong and sustainable funding of their budgets under the terms of the Stability and Growth reformed" she said.

Spain has committed to taking unpopular austerity measures to reduce its budget deficit limit of 3% of GDP in 2013 as required by the Pact for the countries of the euro area.It has soared to represent 11.1% of GDP in 2009.

It will be only the second time that Spain change its constitution developed in 1978 during the return of democracy in the country after years of dictatorship of Francisco Franco.

The total turnover of the group rose to 903.5 million euros, an increase of 1.2% over the same period last year.

Revenues generated by tourism increased by 6% to 891.8 million euros while the real estate development activities fall of 77.7% to 11.7 million.