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.

Orbeo, based in Paris, was founded in 2006 at par by the bank and the French chemist, in the context of the creation of carbon markets in 2005 and the implementation of the Kyoto Protocol in Europe.

The Solvay has already acquired half of this year by acquiring Rhodia Orbeo.When it has, by January 1, acquired the participation of SocGen, it will therefore control the whole.

"Rhodia Energy wishes to strengthen its commitment to the fight against climate change by making full use of industrial know-how of Rhodia and Solvay and expanding its offering in the integrated management of energy and CO2 emissions," said Solvay in a statement.

The terms of the agreement were not disclosed

An analyst with SocGen said the agreement had no connection with the collapse in prices of units of certified emission reductions, which reached Friday morning a new record low of 4.40 euros.

Berlin has been sold for 3.644 billion euros in loans to ten years against 6 billion expected, so that the Bundesbank, the German central bank, had to buy the remaining 39% to avoid failure of the operation.

The very low yields offered by the Bund have dampened the appetite of investors, already concerned about the cost that will impose on Germany a spiral of debt crisis in Europe.

"This is a complete disaster, absolute," said Marc Oswald, strategist Monument Securities in London.

"If we find that (effective) our work is undermined by a lack of efforts of national governments, then we must ask us to question the effect (of interventions)," said he in an interview published Sunday by the newspaper La Stampa.We discuss all the time. "

This is partly because the yields of Spanish and Italian sovereign bonds in early August had reached a level considered difficult to sustain over the long term for these countries to more than 6%, the ECB had resumed its buyback program obligations.

Since the last three months, it bought for about 100 billion shares, of which over half were Italian government bonds.

Friday, the yield on Italian 10-year loans reached a new high since the creation of the euro area, 6.43% due to the distrust inspired investors in the country, where a vote of confidence in the House planned Tuesday could bring down the coalition government led by Silvio Berlusconi.

What is a happy retirement? For a large majority of French people (seven out of ten) is to be financially secure before health, reveals a study by HSBC on the future of pensions published Wednesday. The survey found that 42% of French people associate retirement with financial difficulties, against 38% in the UK and 35% in the United States. 70% think that their standard of living in retirement will be worse than their parents, against only 37% of Americans and 22% of Britons. "Overall, in all developed countries, where growth is low, assets are worried about their retirement, said Jean-Pierre Wiedmer, Chairman of HSBC Insurance.But the extreme pessimism of the French! "

How to explain it? "There is a structural reason, argues Jean-Pierre Wiedmer: French are world champions of pessimism, according to a BVA poll published earlier this year. And one reason more cyclical: the public debate on pension reform in 2010 has alerted the French that the future of the PAYG was not insured. In fact, the ratio between active and inactive will worsen in the coming years. Today, France has 2.1 active Inactive for 60 years and over. In 2060, the ratio will be 1.5 or 1.4 for an idle asset, according to INSEE. This is because the number of seniors in the labor market does not increase enough to offset the increase in life.

Especially as senior on the labor market does not mean senior employment.The crisis and the deterioration of the labor market have indeed violently hit the elderly: the number of registered employment center for over 50 grew by 60% since 2007. The employment rate of older workers in France (41%) is thus one of the lowest in Europe. And the French questioned by HSBC do not envisage improvement: only 8% believe that the pension reform of 2010, which pushes two years the legal age of retirement, will solve the problem of unemployment of more than 55.

Increase the contrast level of pensions

That's why 57% of the French think that the amount of pensions paid by the system of national solidarity (general system of pension insurance and supplementary pensions Agirc-Arrco) will decrease in coming years.Yet in 2030, pensions paid by the general will average above 2% to 2.5% they would have been without the pension reform of 2010, according to a study of NACHA. Indeed, the decline in the age of retirement will allow some policyholders to increase their pension rights, with more qualifying period and new wages, generally high end of their career and therefore probably included in Top 25 annual salaries used to calculate the pension.

The average percentage, however, masks significant heterogeneity according to the profile of the insured. If nearly 35% of the insured should receive a higher pension than 6% on average, 18% have a pension lower by about 5%. In fact, an insured who left at age 63 with 3 years premium before the reform would leave always at the same age but with only one year of premium.In addition, almost half of the insured would see their pension amount unchanged with the reform. These are mainly inactive.

Finally, the most interesting in this study HSBC is the paradox between fear and actions. As they anticipate the majority of financial difficulties in retirement and they are concerned about a decline of public pensions, only 30% have set up a financial plan to make additional income in retirement, against 50 % in the rest of the world. And when we ask the French what they will do if the level of public pensions decline, 43% say they are willing to work longer and 27% to take additional paid work.

The composite indicator of consumer confidence stood at 82, up two points from September.

The 17 economists and analysts polled by Reuters on average expected a figure of 79 and the most pessimistic estimates gave it to 78.

Fell to 77 in October 2008, the barometer of consumer sentiment had risen to 91 in early 2010.It evolves from September 2007 below its historical average of 100.

"The opinion of households on their personal financial situation, past and future progress: the corresponding balances each earn two points and households are also more likely in September to consider as appropriate to make major purchases" (3 points), INSEE said in a statement.

"Households feel the time is more favorable than in September to save. After the sharp drop in the summer (-8 points between July and September), the corresponding balance increased by 2 points," said INSEE.

In October, households are also less likely to anticipate an increase in unemployment.This indicator loses 12 points after a sharp rise this summer (23 points between July and September).

The INSEE survey is conducted each month (except August) by telephone from approximately 2000 households.

Concerns are growing stronger with the approach of the EU summit to be held this Sunday. Around 10 am, Paris lost 1.6%, London 1.3%, Frankfurt 1.5%. At the same time Milan fell by 1.8% and 1.3% in Madrid. The Nikkei of the Tokyo Stock Exchange finished Thursday's session lower by 1%, investors fear that the summit of the European Union this weekend does not solve the crisis in the eurozone.

These concerns were reinforced by the Wednesday night meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel.The two leaders met for nearly two hours in Frankfurt around the future of the euro area. Nothing filtered out of the interview but the discussions have included the lending capacity of EFSF, the relief fund in the euro area, which must be set up to help countries in trouble. According to the German press, Berlin would be in favor of strengthening the EFSF to 1.000 billion euros, but more like Paris. In addition, Nicolas Sarkozy wants to transform this new instrument in the bank, which refused Angela Merkel and Jean-Claude Trichet, President of the European Central Bank (ECB).

Rumors about the amount of its capacity should continue to circulate in the markets, which should make the stock markets volatile."As we approach the summit, nervousness increases and investors away from equity markets," said the note IG Market Analysis, adding that the latest results of companies from the United States are often disappointing and not conducive for optimism.

China First is an economic interest: Europe is the largest market in terms of sales outlets abroad (22% of its exports against 17% for the U.S.). Therefore, it is important for China and European countries are in good economic health, they continue to consume and import products. Second, that it affirms its support for European sovereign debt "secure" as the outstanding debt that has already purchased. Finally, China's increasing diversification of its foreign exchange reserves in terms of currencies and assets, now dominated by U.S. treasuries. Now we have seen with the debt crisis in the United States, the issue of trust may arise.It is to avoid putting the eggs in one basket.

Is not it also an opportunity to do good business, interest rates on these bonds of sovereign states in difficulty in the euro area is currently very high?

It's a financial reason can be considered, but I do not think too much. When you look at the policy of managing its foreign exchange reserves practiced by China so far, this is not to make gains in the short term but to invest its huge – about 3.2 trillion dollars – exchange reserves. As such, the Italian debt buy – one of Europe's most liquid debt – would be beneficial for China.

And a way to strengthen its presence in Europe?

She was already, through direct investments in European industrial groups.Many economic actors in China are now present in Europe.

How much has China bought sovereign debt problems of countries in the euro area over the past year?

Unfortunately, we do not have any statistics on that. And we do not know the timing of the concrete after (or before!) Official statements of support from Chinese leaders.

The rumor – later denied – of an agreement between Beijing and Rome on the redemption of government bonds have been bouncing the exchanges. China Is the savior of the euro area in crisis?

Markets are currently very sensitive and tend to overreact to good news. Or do not deny it: the fact that China buys the debt of power markets is good news because it offers a breath of fresh air to these countries issuers seeking to raise money.But it is a short-term response in no way a solution to end the crisis in the euro area. China can not and will not redeem all the debt of European countries. This does not solve the structural problems of funds from European countries.

In return for its investments in Europe, China calls on EU to recognize his status as a market economy in the World Trade Organization (WTO). What would change for her?

Recognize China as market economy in the WTO will facilitate the resolution of anti-dumping investigation on behalf of China. Since this is not the case for China, the benchmark cost to complete an anti-dumping is the price of a country and not like that of China. China loses more "easily" anti-dumping investigations in the WTO because it is impossible to use its own production costs to assess the existence of dumping.

Germany is she about to let go of Greece? While Athens is struggling to secure new loans from its international creditors (EU, ECB and IMF), Berlin board behind the scenes on a possible bankruptcy of the country. "To stabilize the euro, it should no longer be short-term no-think about some options. Among them, there is an emergency orderly insolvency of Greece," he told the daily Die Welt Philipp Rösler published Monday, German Economy Minister and leader of Free Democrats, a partner of the CDU Angela Merkel in the ruling coalition. And these are not empty words.According to the German magazine Der Spiegel, the teams of the finance minister, Wolfgang Schäuble, are working on the subject. The three options now to Greece.

Scenario rose: Greece gets new funding

In early September, the unexpected departure of Greece by the "troika" – the expert mission of donors to oversee the national accounts – has reinforced concerns about the country's ability to meet its commitments to reduce the deficit . Especially as social protest against the structural reforms is increasingly strong. Monday, taxis, tax agents, and customs were on strike. Despite the anger of the street, the Greek Prime Minister George Papandreou pledged Saturday to hold unswervingly the rigorous efforts.Sunday, the Greek finance minister, Evangelos Venizelos, introduced new measures to save two billion euros, which will limit the country's deficit to 17.1 billion euros.

Satisfecit of Europe has announced the return in the coming days of the troika. It could agree to the payment of a further $ 8 billion of loans in the first bailout of Greece in 2010. Without this loan, Athens was bound to default. In addition, many uncertainties in the second aid plan of 160 billion euros to Greece, adopted on 21 July: the expected participation of the private sector is not yet defined, Slovakia is reluctant to vote for this agreement while Finland wants guarantees.And even if the finance ministers of the Eurogroup manage to overcome them Friday at a summit in Poland, Greece is by no means out of business. The new rescue plan is supposed to stabilize the economy until late 2014 that Hellenic. Or Greek debt is considered "out of control" … Greek by economists themselves. An opinion shared by many economists and political leaders in Europe. For them, bankruptcy is inevitable for Greece.

Scenario gray Greece bankruptcy but remains in the euro area

"With a debt of more than 160% of GDP in 2012, structurally high levels given the sustainable enhancement of sovereign risk, low growth potential and flexibility of the economy limited, the requirements of the budget surplus are presented in Greece just out of reach ", wrote in July in the magazine L'Expansion Jean-Pierre Petit, president of the Journal of the green economy. According to experts of the think tank Open Europe, Greece must be missing at least half the debt that it once again become unsustainable. Such a bankruptcy would obviously have implications for the country's major creditors, namely the Greek banks themselves, the ECB and European banks.

Hellenic banks hold about one quarter of the Greek public debt.As for European banks, including the French, they should be able to absorb the shock, as they are offloaded heavily in recent months of their assets Greek rulers. A partial default of Greece certainly provoke a violent shock to the world economy, but would be "easier to care" that if Lehman Brothers, said Patrick Artus, director of economic research at Natixis, quoted in an article in Le Monde dated June 22. The question is how the country itself can survive such a scenario.

Black scenario: Greece is bankrupt and out of the euro area

Certainly, a partial default of 50% would make government debt more sustainable. But in parallel, while the Greek banking system is likely to collapse. Not to mention that the decision would be evidence of lack of solidarity that exists in Europe. Under these conditions, we do not see why Athens would remain in the euro area.With a return to the drachma, the Greek government could use the weapon of devaluation, thus restoring its competitiveness in the export and thus revive its economy. It is also a way to reduce significantly the debt of the country, since the value of the assets would be reduced by 55% according to Natixis. But it will not be without negative consequences for Greece: the devaluation of the drachma and the need for monetization of public debt will create a persistent inflation, while the interests of sovereign debt markets will soar.

For the euro area, the cost seems a priori limited: Greece is only 2% of GDP. And now, the country in recession tend to dampen growth in Euroland. The output of Greece alone does not change much to the economic situation in the euro area including the "economic quality" could even be strengthened.Except that the event would undermine the ability of European leaders to manage economic crises through its members. Therefore, the markets would have no reason to believe in the financial strength of the euro. They will not hesitate to attack the debt of other countries considered fragile – Ireland, Portugal, Spain, Italy and even France, pushing up their borrowing interest rates to unsustainable levels. One by one, these countries could also be forced to leave the eurozone. Eventually, a failure of Greece could therefore lead to an outright explosion in the euro area. What would be worse for the world economy that the bankruptcy of Lehman Brothers.

"It is clear that the recovery after the crisis was much less robust than we had hoped," he said in a speech he was to deliver at the annual meetings of the Fed's Jackson Hole ( Wyoming).

He added that the Fed would meet two days in September, instead of originally planned to study, among other things, the possibility of providing the economy with a new monetary stimulus.

Reduce unemployment long (more than six months) that a record will achieve stronger economic growth.

"In these exceptional circumstances, a policy that promotes a stronger recovery in the short term could also serve the long-term goals."