Half an hour after the bell, stock markets were slightly widened their losses after the President of the European Central Bank (ECB) Mario Draghi said the downside risks to the economy increased. Investors are waiting to learn more about a response of Europeans to the debt crisis to position.

"The increase related to the decision of central banks yesterday allowed (market) to heal his wounds with a high gain of the euro and stock markets.The real question is: this rule does the real problems in Europe? No, not at all, "Judge Michael Hewson, an analyst at CMC Markets in London." This makes the return to the competitiveness of European peripheral countries due to the strengthening of the euro.

The President of the New Centre, Hervé Morin, future presidential candidate, said Sunday during his campaign that he would defend the idea of ​​an increase in working hours, with a 37-hour week, that France found its prosperity. "We constantly talk about the restoration of public accounts and the return to a balanced budget.

Europe

– Provide Europe with a single presidency created by the merger of the European Council President and the President of the European Commission

– Making of the European Commission the true government of the Union

– Provide the euro area economic governance: generalization of qualified majority voting, can create Eurobonds to communitarise part of European debt, creation of a Monetary Fund and a European rating agency.

– Establishment of a European reindustrialisation.

Around 4:05 p.m. GMT, group, owner of the trademarks Corn Flakes, Frosted Flakes and Rice Krispies, lost 7.00% to 50.25 dollars while the S & P 500 advanced 1.04%.

In 2010, the company had to recall millions of boxes of Froot Loops, and other cereal brands, due to suspicious odor.

She reached the third quarter net earnings of $ 290 million (211 million) or $ 0.80 per share, against 338 million ($ 0.90 / share) a year ago.

The announcement comes as pressure intensifies on European banks to increase their own funds.

In a document addressed to the regulators, the largest bank in the euro area states want to increase its capital by about $ 1.5 billion in Santander Consumer States.

The transaction values ​​Santander Consumer United States to four billion dollars, according to estimates by the bank.

Last month, its chief executive Alfredo Saenz was, however, said the bank did not plan to raise equity.

The consortium Sponsor Auto Finance Holdings Series subscribe to the capital increase up to a billion dollars and Dundon DFS up to $ 150 million.

Santander will retain a majority share of 65% in Santander Consumer United States after the operation, Sponsor Series Auto Finance Holdings will own 25% and 10% DFS Dundon.

The consumer credit in the United States is one of the most profitable activities of Santander, analysts said, and generated a net profit of $ 455 million in 2010.

Around 8:45 GMT, taking 2.73%, outperforming the IBEX simultaneously up 1.13%. The Stoxx Europe 600 bank and earned 2.02%.

The rating agency Moody's Investors Service gave the first Monday penknife to the sacrosanct "AAA" rating of France, announcing that it gave three months to determine whether his perspective "stable" was still justified in view of the deteriorating economic situation."Over the next three months, Moody's will monitor and evaluate the stable outlook (the note of the country) in the light of progress made by the government to implement" the measures announced to reduce the budget deficit, said the agency rating in a statement.

France has currently the highest rating possible from Moody's (a "Aaa"), as from its main rival Standard & Poor's and Fitch Ratings. This high rating allows it to borrow on the markets in very favorable terms to finance its budget deficits. If the prospect of this note should be revised to "negative", this would imply that Moody's would likely reduce the medium-term (usually for a term of three to twelve months).And France would become the new big country, after the United States to lose the precious talisman financially.

The agency is careful to note that this review is part of its annual study on the accounts of France and that it is not – at this stage – a decision on the note country. But it is the first of three major rating agencies and to cast a shadow on the "Aaa" French. Last week, Moody's had yet to confirm the strength of the French note, after the announcement of the restructuring of the bank Dexia.

Keeping the promise of deficit reduction

In addition to the ability of the French government to meet its budget commitments, Moody's says it will consider in its deliberations "new negative developments in the economy or financial markets."In its statement, Moody's notes that the financial strength of the French government, although still very high, "has weakened, as is the case for other countries in the euro area, as the economic and financial crisis in the world has led to a deterioration in its debt ratios, which are now among the lowest rated countries Aaa + + ".

For Moody's, so it is "crucial" for France to maintain "investor confidence in its ability and willingness to deal with unforeseen challenges."Or "France could face a number of challenges in the coming months – such as the need for additional support to other European countries or its own banking system, which could increase so significant commitments that must support the country's budget, "said Moody's.

"The deterioration of debt ratios and the ability to see new potential liabilities are putting pressure on the prospect of stable rating Aaa + + of the country," said the agency. For Moody's, the French government now less room for maneuver in 2008 (…) "during the crisis of" subprime "." The continued commitment to implement economic reform measures and budgetary and visible progress in the goals "for reducing debt" will be important for maintaining the stable outlook "of the note of the country, the agency warns.

Four in ten French believe that "the euro has been quite a handicap over the last three years of financial and economic crisis," according to a survey conducted for the FIFG UMP and made public Friday. Only 26% of respondents believe the euro has been "an asset", against 40% who describe it as "handicap" and 34% for whom it was "neither one nor the other," according to the survey presented at the parliamentary days of the UMP.

In August 2010, only 34% of French people saw the euro as a handicap, according to a survey conducted then FIFG for Humanity.Similarly, 37% of respondents wish that "France gives up the euro and the franc back," against 63% for the maintenance of the euro. Last June, in another survey FIFG-L'Humanité, only 29% were in favor abandonment of the single currency.

The French are divided into two camps face almost equivalent to European integration, "given the current crisis", 51% are for "a strengthened European integration with a unique economic and fiscal policy", against 48% preferring "less European integration and economic and fiscal policies of each State "(1% undecided).

Do you agree with these opinions? Do you think the single European currency is an asset or a liability in times of crisis? A return to the franc is it possible and desirable? Give us your opinion in the comments.

Survey conducted by telephone Sept. 23 to 26 among a sample of 964 individuals, representative of the French adult population for the UMP group in the National Assembly, Senate and Parliament.

The benchmark Shanghai Stock Exchange has sold nearly 17% since the beginning of the year in part because of fears of monetary tightening and a slowdown in the Chinese economy.

The purchase of shares started Monday is the first undertaken by Central Huijin Investment since the financial crisis of 2008-2009 and are the first step to support the stock market officially recognized by the authorities.

Huijin is a subsidiary of sovereign fund China Investment Corp, rich $ 400 billion, already the largest shareholder of the first four banks.It began on Monday to buy back shares in the past, reported the official news agency Xinhua after the closure of local markets.

"In fact, the government acts to show his confidence because he believes that current valuations are a bit below the reasonable level," said Victor Wang, a Chinese banking analyst for Macquarie Securities.

Agricultural Bank of China and Industrial and Commercial Bank of China stated later that Huijin had bought 39.1 million and 14.6 million respectively of their shares listed in Shanghai.

HONG KONG ENDS IN NET INCREASE

Huijin intends to continue increasing its investments within a year, said the two groups in the stock exchanges of Hong Kong.

The Hang Seng Index in Hong Kong, where stock markets close later than those in Shanghai and Shenzhen, has made significant progress in recent trading following the announcement of investment Huijin.

Beijing authorities had already been used to support Huijin over the banks in September 2008. At the time, the Shanghai Stock Exchange had rebounded 9.5% after the announcement of these purchases, a field it had abandoned over the following weeks.

Last month, Chinese media had reported that the public pension fund received approval to invest 10 billion yuan (1.6 billion dollars) on the local stock market.And in August, official media had reported that Chinese insurers mostly controlled by the state had invested billions in the stock market.

Some analysts believe that the government could also hinder the IPO, as it did in the past in times of stock market slump.

Saab, which has hardly produced a car for six months, is in receivership.A loan of EUR 70 million guaranteed by the Chinese Zhejiang Youngman Automobile Lotus is still not activated.

According to Dagens Nyheter, Youngman would withdraw and abandon its commitment to put money into Saab over the long term.

"But Geely is interested in everything, in terms of production and development," one told the newspaper.

Geely, which acquired another Swedish Volvo cars in 2010, approached the administrator of Saab, is there still told the newspaper.

But Lawrence Ang, executive director of Geely Automobile Holdings, a subsidiary of Hong Kong-listed Geely, denied the information.

"As far as I know, we do not have that kind of project," he said, stressing that Geely was very busy after its acquisition of Volvo cars.

A Saab spokesman declined to comment.

Ian Fletcher, automotive analyst at IHS, sees no interest in such an alliance.

"Volvo and Saab, in fact, fighting for the same space for years. I think in the end, Volvo would be happy with the release of Saab."

He recalled that Geely does not need additional production capacity in Sweden and he can do without technology from Saab.

"I see simply no reason they could intervene," said the analyst.

Saab has gone from crisis to crisis this year.It closed in April, unable to pay its suppliers to whom he owes more than 150 million euros. In August, it was no longer able to pay salaries.

Saab was bought by Spyker, now Swedish Automotive, General Motors in early 2010, as he was leaving another period of bankruptcy.

The sale of the Spyker sports cars in the Swedish Automobile Vladimir Antonov Russian investor has also failed. These cars must now be sold to a private equity investment.

The CSF was commissioned by the G20 coordinate a global response to the financial crisis.The idea of ​​this overhead capital was advanced last July by the FSB.

Mario Draghi, who chairs the CSF, confirmed that "Sifi" (systemically important Financial Institutions) will be subject to the requirement to raise their capital from 1 to 2.5% from 2016, showering the hopes of some actors who would have preferred this solution to be buried.

The name of his successor will be announced at the G20 summit held on 3 and 4 November in Cannes, also announced the secretary of the CSF Svein Andresen.

Mario Draghi will replace the current president in October the European Central Bank (ECB) Jean-Claude Trichet.

The Canadian Finance Minister Jim Flaherty said his government was defending the candidacy of Governor of the Bank of Canada, Mark Carney.

RISK CONTROL GROWTH

If the reform was implemented today, the overhead would be required to 28 banks including, most likely, HSBC, JPMorgan Chase, Goldman Sachs and Barclays or BNP in France.

The banks say that this, combined in January 2013 the Basel rules on capital III, penalize growth.

The CEO of JPMorgan, Jamie Dimon, found the idea "anti-American."

Faced with these criticisms, the impact study conducted by the FSB argued that the desirability to reduce the danger of a systemic crisis far exceeds the cost in terms of GDP growth.

In the opinion of Mario Draghi, it is clear that banks have a funding problem, it is still unclear whether it comes from a liquidity shortage or lack of confidence in the banking system.

"Risk aversion has increased dramatically in recent months and as it increases, the interbank market is one of the primary sources of funding to dry up," said the next president of the ECB.

Strengthen standards of liquidity and capital should reduce risk aversion, he added.

The report of the "troika" (European Union, European Central Bank, International Monetary Fund) should be completed in two to three weeks.

It will determine whether the release of the sixth tranche of eight billion euros is possible under the current aid package, without which the country will fail next month.

If the report is lowering growth forecasts, while revenue projections will be.

As a result, the financing needs of Greece will be greater than expected on July 21 when the leaders of the euro area had agreed to a new rescue plan 109 billion euros and a program debt exchange where the private sector contribution is made by accepting a loss of 21%.

"The general may have changed since the last overhaul and the forecast on growth also Greek," said an official of the euro area.

If Greece was facing greater financial needs, the States of the euro area would probably not bear alone the extra cost.They could ask the private sector to contribute that would be greater than the expected 21% discount.

"This is a discussion that takes place," said another official of the euro area.

Greek Finance Minister Evangelos Venizelos said in Parliament last Friday that he saw only three scenarios to resolve the crisis of sovereign debt. One of them involves a defect ordered at a discount of 50% of the debt obligations held by investors.

"The question is whether the current approach leads to a yes or no viable solution.So far, there is no definitive opinion on it (…) it is the Commission, the IMF and the ECB to decide whether possible or impossible, "the official added the euro area.

GROWTH WEAKER THAN EXPECTED

The representatives of the troika have planned in June that the Greek economy would contract by 3.8% in 2011, but growth would then resume at a rate of 0.6% in 2012 and 2.1% in 2013.

However, Evangelos Venizelos said on September 15 in Parliament that Greece is still in recession in 2012.

"If the troika think that Greece will not experience growth through 2013 and 2014, the assumptions of the second rescue plan will be changed," said a third source.

"The additional funds can either be borne by governments, which would be very difficult politically, and then shared with the private sector," they added.

The report of the troika should probably coincide with the completion of the ratification process of the parliaments of member countries of the eurozone about expanding the powers of the European Financial Stability (EFSF).

The Austrian parliament on Friday approved the extension of the European Financial Stability Fund (EFSF) a large majority.

Slovakia, which is expected to approve the strengthening of EFSF by 14 October, along with Malta and the Netherlands, one of three countries in the euro area does not yet have approved the reform agreed at EFSF EU summit on 21 July.

Under the reform EFSF decided at the EU summit on 21 July, the fund will have new powers "preventive" allowing him to purchase obligations of Member States of the euro area, to issue a precautionary credit lines and to lend to states in the region to recapitalize their banks.

"A deeper discount could be considered by the rating agencies as a default or selective default," said another respondent.