In Paris the CAC 40 index managed to stay above the threshold of 3,400 points, taking 0.14% to 3,409,90 points after spending much of the session negative territory. In Frankfurt the Dax gave 0.16%, while the FTSE in London lost 0.03% Pan-European and Euro Stoxx 50 index has been 0.25%.

A Greek government official reported that Athens was finalizing a document that outlines the reforms demanded by its lenders in exchange for the payment of the second plan bailout of 130 billion euros.

On currency markets, this information has boosted the euro, which reached its highest since mid-December.

The Stoxx Europe 600 bank of erased its losses to finish up 0.47%, with gains between 1.2% and 2.1% for BNP Paribas, Societe Generale and Credit Agricole.

Conversely, UBS fell 1.44% in volume fed. The Swiss bank fears a difficult start after reporting lackluster figures for its fourth quarter 2011.

Swatch has lost nearly 4% after announcing an operating profit of 1.61 billion Swiss francs in 2011, slightly below expectations.

On Wall Street, the Dow, the S & P and the Nasdaq composite earn around 0.2% to 1630 GMT.

Bunds have erased their gains on the information of progress towards a political agreement with Greece on the financial rescue of the country.

The Euribor fell to new lows of 11 months in prospect of another massive injection of liquidity into the banking system by the European Central Bank, at its next auction paper to three years scheduled for late February. 

The euro has climbed more than 1% to 1.32708 to the dollar on the electronic platform EBS, its highest level since mid-December.

"The information from Greece to Athens remove an obstacle to alleviate short-term and massive credit risk, which is positive for the euro," noted Boris Schlossberg director of currency research at GFT.

Brent crude rose around 116 dollars a barrel, still carried by the cold wave in Europe, tensions on Iran's nuclear program and turmoil in Syria.

According to figures released Friday by the Commerce Department, orders for manufactured goods rose 1.1% in December.

Market economists polled by Reuters had expected, however, an average increase of 1.5%.

The November figure was however revised upwards and shows an increase of 2.2% instead of 1.8% initially announced.

Over the full year 2011, industrial orders rose 12.1%, against an increase of 12.9% in 2010. 

Excluding transportation, orders rose 0.6% in December after rising 0.5% (revised) in the previous month.

Orders for nondefense capital goods and aircraft, considered a barometer of morale of entrepreneurs and their investment plans, surged 3.1% after falling 1.5% in November.

Sales of specialist technology consulting totaled 1,419.5 million euros last year, growing "economy" of 8.1% (on a comparable basis excluding the impact of exchange and changes in working days).

This publication dope title to the Paris Bourse, where the action is gaining 4.18% to 3.96 euros, shoulder to shoulder with Plastic Omnium top of the largest increases in the SBF 120 (+ 0.35%). 

"We are convinced and seduced by the strategy and decisions implemented by the new management group," says a note in CM-CIC Securities, the purchase value.

"Certainly, the current should not favor the rapid improvement of the fundamentals of Altran, but we believe that the work done by the new CEO of the group should begin to bear fruit in 2013, both in terms of operating performance and cash as corporate culture, "said the intermediary.

The fourth quarter alone, sales of Altran amounted to 370.6 million euros, increasing by 6% and an "economic growth" of 8, 6%. 

"Despite an uncertain macroeconomic environment, the Group is reasonably confident for 2012," he said in a statement its CEO, Philippe Salle.

Philippe Salle had told Reuters in October Altran, a deficit in 2010 would remain negative in 2011 but would profit in 2012.

In its "beige book" summary of economic conditions in the 12 districts of the U.S. central bank, the Fed also notes that the pressures on consumer prices remained moderate and some cost pressures had decreased.

This finding is likely to give more leeway to the Fed in terms of monetary easing if growth were to weaken in early 2012 because of the consequences of global activity in the European debt crisis.

For now, the report confirms what had already been said in the latest "Beige Book" dated: the growth of the economy is not threatened, but the conditions underlying depression can not lower the unemployment rate, currently 9%.

"Overall, economic activity grew at a slow to moderate pace since the last report (…) except the district of St.

Benedict heart, which should become the representative of France to the Executive Board of the European Central Bank (ECB), is a senior specialist in international finance, who was previously the number two position of the Treasury. Coeuré Benedict, 42, was appointed Thursday by Paris to serve on the Executive Board of the ECB, which will replace Italy's Lorenzo Bini Smaghi, who resigned.

This brilliant economist and author of numerous articles and a graduate of Japan, has spent most of his career at the French Treasury. He led a parallel career as a teacher and researcher in the circle of economists, an influential economic think-tank. From 1997 to 2002, he holds the office of Chief Economic Adviser to the Treasury.Heart is a graduate of the Ecole Polytechnique and the Ecole National Statistical and Economic Administration (ENSAE).

The group, which owns Gucci, Puma, Fnac and Redcats, saw sales grow by 8% to 3.86 billion euros, higher than the consensus of analysts polled by Reuters (3.8 billion).Organic growth stood at 7% instead of 5.4% expected.

Especially, the group surprised by organic growth well above the expectations in luxury (Gucci, Yves Saint Laurent, Bottega Veneta and Balenciaga), where it reached 25% (23% after the first half) instead of the anticipated 19% .

The only Gucci brand, which accounts for nearly 60% of operating profit of the group, grew by 21% (22% in first half).

The Chief Financial Officer, Jean-François Palus, said during a conference call that the dynamics remained equally strong in luxury in October and was confident for 2012.

In contrast, the performance degradation of Fnac and Redcats has accelerated.Sealed by the drop in consumption in France and Southern Europe, the distributor's sales of cultural products were down 4.2% on a comparable basis. Those of the cluster distance selling (La Redoute, Vertbaudet and Cyrillus) fell 5.6%.

PPR, which wants to focus on luxury and sports fashion by selling its retail brands, was forced, with the deterioration of access to credit due to the crisis, to postpone the sale of Redcats.

The group, which has designs on Brioni, continuing discussions with the Italian tailor, said Chief Financial Officer without elaborating.

The sporting goods company Puma, which released its figures on Tuesday reported a 10% increase in sales in the third quarter.

Saturday, more than ten hours of meetings were needed to reach an agreement on a recapitalization of the banking sector to the tune of 100 billion euros, which was yet largely gained 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 Greek mountain of debt, even if a discount up to 60% of the shares held by investors Private is under discussion.

These discussions are held with their eyes on the economic situation in Italy which puts the Europeans against the wall because the current instruments to support the single currency are not powerful enough to rescue a country of this size .

As a prelude to the European Council, Nicolas Sarkozy and Angela Merkel met with Italian Prime Minister Silvio Berlusconi for half an hour Sunday morning.

Diplomats said the meeting was organized to increase the pressure on it so that it implements a more resolute reforms announced in September and reassures markets on its ability to maintain control in the Italian debt, which exceeds 120% of GDP.

A German government source said the head of the French state and the German chancellor had stressed "the urgent need for concrete and credible actions in the countries of the euro area", otherwise the decisions taken in the coming days n ' will have no effect.

Angela Merkel had insisted on Saturday that Italy would reduce its debt so as not to jeopardize the support mechanisms for the euro, "regardless of the height of these walls of protection."

BANKS

On his arrival in Brussels, the Chancellor warned that one should not expect final decisions at the EU summit and the euro area held Sunday.

It must now rely on the consent of the German parliamentarians to any reform of the fund to support the euro, making it difficult European negotiations.

Following an 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.

According to this, three models are being studied, with varying degrees of coordination between European security mechanisms.

GREECE

Ministers are also extensively revenues Saturday on the back 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 Athens 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 such payment, subject to his ambitious decisions of Heads of State and Government of the euro area to reduce the mountain of debt indefinitely.

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 even if Paris does not make a red line.

According to several sources, Nicolas Sarkozy hopes to build on a broad international support to try to convince Angela Merkel, less than two weeks of the G20 summit in Cannes where international partners in Europe hold them accountable.

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.

He is the man most courted of the week. With over 17.2% of votes in the first round of the Socialist primary, Arnaud Montebourg can tip the vote of the electorate to the left in the second round, Sunday, Oct. 16, in favor of either Francois Hollande (39, 2% of the vote) or Martine Aubry (30.7%). The deputy of Saone-et-Loire is also raising the stakes: the champion of de-globalization conditioned its support for consideration by the two contenders of his campaign themes.He waits, before deciding to know the positions of mayor of Lille and the member for Corrèze on four themes: "industrial protectionism, financial control, the Fifth Republic and the fight against corruption," Does detailed it in an interview with Liberation. The ideas of Arnaud Montebourg can they find their place in the curricula of Martine Aubry and Francois Hollande? In part, yes.

The fight against corruption

Behind the term corruption, Arnaud Montebourg is of course the dirty business of French politics – the case Karachi, suitcases and of course Ziad Takieddine Guerin splashing the PS of the Bouches-du-Rhone, but also tax havens. The deputy of Saone-et-Loire wants to dismantle tax havens. To do this, he advocates a ban on transactions originating in or destined for the territories.He wants to force French companies have subsidiaries in tax havens to be closed and will repatriate "hidden money" in these territories. It also promises to "severely punish" evasion.

If they have not been a major theme of their campaign, Francois Hollande and Martine Aubry are widely separated positions Montebourg in this area. The two finalists in the primary would also like to strengthen the fight against tax havens. The project also calls for the PS to prohibit banking secrecy within the European Union.

Financial control

Throughout his campaign, Arnaud Montebourg has been the voice of the struggle against "financial chaos". He argues for "dirigiste measures and prohibition." He wants to dismantle such rating agencies and offers in return for establishing a European public rating agency.He also advocated the establishment of an authority markets at European level and the merger of European stock exchanges to avoid unnecessary competition. Montebourg also argues for a 0.1% tax on financial transactions European … being adopted in Europe For banks, the deputy of Saone-et-Loire wants to "put under trusteeship." This would, he said, with an entry "authoritarian" state to the board of financial institutions, with a veto. The first act of the state would force them to separate their banking and retail banking.

Martine Aubry and Francois Hollande agree to force banks to split their activities. However, they are less enthusiastic about the proposal to enter without consideration to their governing body. This can be done, according to two candidates, if the State recapitalize banks.The tax on financial transactions in Europe and the creation of a European public rating agency proposals are included in the proposed PS. No word, however, on a possible merger of the exchanges.

Industrial protectionism

It's his hobby: the "de-globalization" – even if it does not use that word in the letter he sent to Martine Aubry and Francois Hollande. Arnaud Montebourg advocates the introduction of a carbon tax outside the borders of the EU imported products reflect "fair carbon cost, health and social", coupled with a carbon tax "within the Union European "encourage" companies to change their ways of producing. "The deputy of Saone-et-Loire advocates also provide France with an anti-dumping: a mechanism for unilateral ban certain products to market (non-EU) "in case of aggression by trade unfairly low prices."

On this subject, Martine Aubry and Francois Hollande are more cautious. The mayor of Lille prefers to speak of "fair trade" and "globalization safer." Specifically, it supports the creation of a tax "social and environmental planning at the entrance" of the products manufactured outside the EU. François Hollande speaks for his "new rules" of world trade, negotiated with other European partners, with "taxation" or "entry ban" of certain products, particularly from China. But according to the member of Corrèze, protectionism and autarky are not adequate responses.He believes that restoring the competitiveness of lights and the establishment of a genuine industrial policy are the best weapons against the adverse effects of globalization.

The Sixth Republic

For ten years, Arnaud Montebourg defends a change of constitution. The Sixth Republic is calling for that allocate roles between "a president who will, a government with the fullness of his powers and a Parliament with enhanced supervisory powers including the opposition." It would be a strong focus on popular initiative referendum, would end the impunity of the head of the state and would prohibit multiple directorships.

Martine Aubry and Francois Hollande do not return to their account the change of Republic but are in favor of a "modernization of political life." The mayor of Lille is to prohibit multiple directorships.She wants to introduce more proportionate in the national and local elections. Francois Hollande said that he will "put the institutions on their feet" "with a president who presides over a government that governs, a parliament that legislates." PS The project also plans to set up popular referendums.

Finally, proposals for Arnaud Montebourg are certainly more radical but not so far removed from those of Martine Aubry and Francois Hollande. "Do not overestimate the differences between Arnaud Montebourg and the other candidates. Arnaud used a more aggressive tone, but it is not necessarily become global justice. The measures that are advocated in the socialist family," concludes Olivier Ferrand, president of Terra Nova, the think tank of the PS.

The revelation of the existence of a project to create a "bad bank" to manage public the twilight of the 17 German nuclear power plants causes a controversy surrounding the funding of the output of nuclear power. In its edition of Friday, October 7, the business daily Handelsblatt confirmed that it held the plans for such a project. Developed by the investment bank Lazard, it is currently under discussion between government and big energy companies.According to the newspaper, the Bad Bank would take the form of a foundation to which we would transfer the management of power plants owned by EON, RWE, Vattenfall and EnBW, the four major German operators of nuclear power. The ultimate goal would be to delegate the responsibility of dismantling the foundation to restore financial credibility of their owners and thus increase their ability to invest in renewable energy.

The dismantling will cost 28 billion

The plan, which is still called "secret", poses the problem of financing the abandonment of nuclear energy in Germany. This abandonment, which requires to increase the share of renewables in the energy mix currently 20% German and 35 in 10 years, should cost around 250 billion euros, according to estimates by the state bank KfW.In ten years, Germany will therefore have to adapt its grid to the mode of decentralized production of renewable energy. Expensive sites such as strengthening the north-south but also the construction of many regional lines to low voltage are on the program, as well as the construction of new gas power plants and cogeneration and the erection of multiple wind farms and PV. Meanwhile, companies but also individuals should invest more in equipment and housing less voracious.Moreover, the cost of phasing out nuclear power plants was assessed at least 18 billion euros, which will add at least 10 billion for reprocessing and storage of radioactive fuel not included.

The development bank KfW has provided 100 billion euros over the next 5 years to meet the needs of corporate finance. But they and their shareholders, will also participate to a large extent these investments. However, the financial position of the four major energy producers in Germany has not improved since Angela Merkel urged the country to the output of nuclear power. The cessation of all nuclear power plants by 2022 will deprive them of lucrative profits. They also will have to invest heavily in non-polluting power plants and the production of renewable energy.

A very controversial Bed Bank

The predicted fall in profitability is not made to attract investors. Already, rating agencies have downgraded to EON and RWE, which in future will have to pay more for the money. Hence the idea of ​​the foundation. In the scenario described, operators freely transfer their plants in the foundation. It would become responsible for their management and their dismantling and storage of fuel. In return, the Foundation would benefit from the income generated by the plant operating until 2022. Nearly 15 billion euros. Or 13 billion euros less than the cost of decommissioning.The difference would be borne by the state in exchange for a recognition of debts that can not be deleted if these companies are investing in renewable much higher.

This is only for the moment that the outline of an unofficial plan but some find difficult to avoid. Michael Vassiliadis, president of the powerful union IG BCE Energy, believes it will be difficult to meet the challenge of phasing out nuclear power by passing capacity of large energy companies. But Ms. Bärbel Höhn, vice president of the Bundestag parliamentary group environmentalist, does not share this view: "I have rarely seen a plan as naive and transparent.This project led to the foundation of the risks that outsourcing will return to offer a lot of money to EON and RWE, "she said by stating that the plant operators had long been provisioned as are needed to decommissioning. As for Hermann Albers, President of Federation of the main companies in the wind (Bundesverband Windenergie), it considers that these plans are outrageous because again, "they are negotiated in secret" and "it is the consumer who will costs ":" The turning point energy can do without monopolistic structures. Its interest lies in the fact that it will promote a decentralized supply and promote competition, "he said.

The lack of progress on the issue continued to Greek drive down European shares Tuesday, all seats have opened lower. After closing sharply down Monday already, Paris began a decline of 1.44%, 1.72% Frankfurt, London and Milan by 1.40% to 1.43%.

Monday the New York Stock Exchange finished at its lowest for over a year: the Dow Jones lost 2.36% and the Nasdaq 3.29%. The Tokyo Stock Exchange ended Tuesday for his part still down (-1.05%), investors also feared a worsening crisis of the Greek debt and worried about the fall of the euro vis-à-vis the yen.

Meeting in Luxembourg, the finance ministers of the euro zone on Monday night decided to postpone decisions regarding new loans crucial to Greece, to which they have requested additional budgetary efforts. "European officials have once again been unable, despite the urgency to take concrete measures, merely simple ideas," said one Paris-based analyst who requested anonymity. "The increasing uncertainty about Greece feeding the search for security" in the financial markets, analysts have estimated the UniCredit in Frankfurt.

More contributions to banks to help Greece

The Paris market was also affected by a precipitous decline in Dexia, which reached up to 37% in early trade, after an extraordinary board left open the possibility of dismantling the Franco-banking group Belgian overtaken by the crisis.

The only concrete step: the second aid plan for Greece, 109 billion euros promised July 21, saw down an obstacle to its implementation. The members of the euro area reached after weeks of procrastination to a compromise on the guarantees requested by Finland in Athens. The new plan could also be modified to be greater involvement of banks, which suffer a discount greater than 21% so far on their claims considered Greek. But those ads were still insufficient to investors.The rest of the Asian stock markets were moving sharply lower Tuesday morning, the euro continued its decline, falling to its lowest level in a decade against the yen.

The market will follow the meeting on Tuesday, from 09am, finance ministers of the entire European Union. No major announcement is expected at the meeting mainly aimed at preparing the summit meeting between finance ministers of the G20 countries scheduled October 13 to 16.