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.

In a joint statement the leaders of the MEDEF French, German BDI and Confindustria Italian call for an early implementation of agreements reached in recent months to increase the efficiency of European Financial Stability Fund (EFSF) and strengthen the Pact stability and growth.

"The devices are not already considered, however, the 'leap' required to overcome current deficiencies in the euro area," they add.

"That can be established the foundations for a Europe of the XXI century prosperous and politically strong, we ask the EU to launch the construction of a new treaty, which will be a new step towards a political union and closer economic ".

BDI and Confindustria Medef particular wish that the future treaty changes the future European Stability Mechanism (to take over the EFSF in 2013) by granting an independent fund support only under strict conditions.

They also called for member countries of the Union "structural reforms oriented growth to enhance the competitiveness of their economies."

"Member states should focus their reform programs along the lines of the best examples and not to the EU average," said the appeal co-authored by Hans-Peter Keidel, president of the BDI, Emma Marcegaglia, president of the Confindustria and Laurence Parisot, MEDEF their counterpart.

"There is no reason for the real economy plunged into crisis again. The global real economy is intact," they say.

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.

The number of job applicants in category A (those who carry on any business during the month) in France rose by 36,100 (+1.3%) last month to $ 2,756,500.

This is the highest figure recorded for that category since February 2000, according to ministry statistics.

In one year, the number of unemployed in category increased by 2.8%.

By adding the persons engaged in small (B and C), the increase in the number of job seekers is reduced to 0.6%, or 24.300 more people in one month, reaching 4,128,000. On an annual basis, growth for these three categories is 4.3%.

Labour Minister, Xavier Bertrand, said earlier in the day to expect the numbers "bad as were those of the previous two months."

At 9:09, the CAC 40 index lost 0.05% to 3015.37 points after opening down 0.85%.

London lost 0.21% and 0.44% Milan wins while losing two exchanges respectively 0.9% and 1% on opening.

Place in Frankfurt lost 0.88% and the pan-European Euro Stoxx 50 index drops 0.44%

More bad news fueled risk aversion, inflation in China emerged as stronger than expected for the month of July."The current situation could be seen as a rapid loss, and total confidence unexpectedly strengthened in recent weeks," said BNP Paribas in a note published in reaction to falling Asian markets.

"As the global economic recovery remains fragile, the rapid loss of confidence is disturbing and leads us back into a vicious circle of falling market feeds the pessimism."

Investors in Asia believe that the region will inevitably be drawn into the economic slowdown already evident in the West and also hope further steps of the Federal Reserve of the United States, which meets Tuesday, to stimulate growth.

In Tokyo, the Nikkei index ended down 1.68%, reducing its losses in the afternoon in favor of buying cheap. The index ended below 9000 points to 8944.48 points, after losing more than 4% at the meeting in large volumes and falling to 8656.79 points, just above an intraday low hit the March 17 at 8639.56.

In Seoul, the Kospi index fell 3.64% after losing almost 10% during the session.

At the end of these places, the Hang Seng Index gave up 3.05% in Hong Kong, near its lowest level in over two years.The composite of the Shanghai Stock Exchange resumed after losing 0.33% to 3.5%.

At the same time, the Moscow stock exchange opened in turn and started the session at its lowest since November, down 4.8%.

In Europe, major exchanges, however, rebounded at the opening as they were expected sharply down in early trade.

In this context, gold hit a new record above 1,770 dollars an ounce.

In terms of oil, the continued slump. Brent crude lost $ 5 in Asia up to 98.74 dollars, its lowest since Feb. 8 meeting. In April, he still reached 127 dollars.

This agreement would cover a total of 3000 billion, he said, expressing confidence that he would not raise taxes.

It also provides that the proposal won the support of a "significant percentage" of Republicans.

* STMicroelectronics announced second quarter sales in line with analysts' expectations, but said that they could fall during the current quarter.

* TF1 reported a strong improvement in operating profit in the first half thanks to further cost reductions and a rise in advertising revenue from its flagship channel in the second quarter after a difficult start.

* LVMH said keep to 12.25 euros per share price of its tender offer to purchase the remaining shares of the Italian jeweler Bulgari and denied having purchased from the family part of the shares at a higher price.

* FAURECIA raised its 2011 targets after a first half marked by strong growth worldwide automotive supplier that will maintain the second half.

* VEOLIA / EDF. The city of Warsaw has chosen Dalkia, Veolia and controlled by EDF, to buy the operator of its district heating network, the company SPEC, according to sources familiar with the matter.

* CASINO. The Brazilian distributor Grupo Pao de Acucar (GPA), an ally of Casino, has published a net profit up 64% in the second quarter.

* Maurel & Prom has announced a positive drilling the second and third stratigraphic wells (drilled with a lightweight camera like mine) on the exploration permit CPO17 in Colombia.These wells have demonstrated the presence of oil.

* KLEPIERRE reported, against all odds, a growth of almost 4% of its rental income, supported by the increase in rents in shopping centers in an economic context, however, marked by the slowdown in consumption in Europe.

* INTERPARFUMS has seen growth slow sharply in the second quarter, due to lower sales of Burberry and unfavorable exchange rates.

* MERCIALYS noted Monday its growth target for this year after reporting a growth of over 9% of its rental income in the first half and its Board of Directors decided to distribute an interim dividend for 2011 .

* SEB published Monday interim results up, thanks to its good performance in emerging countries, and expressed confidence for the entire year.

The manufacturer of small appliances is a press conference on results at 11 am.

* Faiveley Transport has confirmed for 2011 predict a slight increase in sales, just over a month after a warning about shifts orders.

* APRIL GROUP has increased by 1.3% of its turnover to 377.8 million euros, a jump of 8.2% in brokerage on which the group has refocused more than offsetting the down 9.6% in insurance premiums.

* ORPEA.The investment company has taken FFP 6% stake in Orpea, a specialist in the management of addiction, to 88 million euros.