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The pan-European Stoxx 600 index is expected to grow about 4% from its current level and the end of next year, a growth limited by fears about the financial situation of Europe and the United States, according to a Reuters poll published Thursday.

The quarterly survey of more than 40 analysts and fund managers over the past week shows that the index comprising the 600 major European cap should come out to 250 points at the end of December 2012, against 240.08 points at the close on Wednesday and 265 , 25 points late July summer before his fall (-15% in August and September).

"The factors (rebound, Ed) largely concern the ability of the industrial states to bring order into their finances, whether it's debt management or the needed balance between spending and revenues "said Christian Jimenez, president of Blue Diamond Management.

"So the emergence of a new method for solving the debt crisis which should allow the return of confidence.

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According to a survey, less than a third of French say they are willing to buy the French public debt. The survey refers to the success of the "day Treasury Bills" in Italy where the people were invited to invest in government debt. It goes from 8.86 to 9 euros gross time to reach 1,365 euros for 35 hours, or about 1,073 euros net per month.

Less than a third of French say they probably or definitely willing to buy the French public debt if they were given the opportunity, according to a Harris poll for the site information and the agency Jolpress Image & Strategy to be published Tuesday in the Tribune . Only 6% of French people would buy "certainly" the debt of the country at rates comparable to those charged by banks, and 24% would buy "probably" of such bonds, said the survey.

GDF Suez confirmed Friday its target dividend for the period 2011-2013.

The CEO of energy company, Mestrallet, said at a conference organized on the occasion of the exhibition that the group was Actionaria for the next two years a dividend at least equal to that of the previous year.

"We commit not to lower the dividend," he confirmed.

Asked about the debate on nuclear energy in France, Mestrallet declined to take a stand.

"We have no nuclear power in France, we have in Belgium.

Generali, the third European insurer, reported Friday a 37% drop in net profit over nine months under the influence of losses on its debt investments and Greek stock market.

The group, which has had to face write-downs of 824 million euros, 329 million at its own Greek bonds, is now anticipated for all of its fiscal operating profit in the lower range of 4.0 to 4 , 7 billion previously announced.

Its net profit for the first nine months of the year stood at 825 million euros, against 840 million expected by analysts polled by Reuters.

Operating income for the period it is in line with expectations, down 1% to 3.1 billion euros.

The European Central Bank (ECB), against all odds, cut interest rates a quarter point Thursday, saying its new president that the eurozone could enter a recession "moderate" in late 2011.

Mario Draghi took office Tuesday, right in the maelstrom of the euro area with the return to the front of the stage of the Greek crisis and growing concerns about the ability of Italy, his home country, to take action necessary consolidation of public finances.

However, it has made no commitment on increased purchases of government bonds on the secondary market by the ECB under the repurchase program (SMP) to provide assistance to countries such as Italy Spain.

"What we see now …

Santander said Thursday that the European Banking Authority (EBA) had identified a need for her own fund of 6.474 billion euros.

She also said she would meet the new European capital adequacy without increasing its capital or reduce its dividend.

The largest bank in the euro area indicates that it is a hard capital ratio of 10% by June 2012 against 9.42% at the end of the third quarter.It notes that marking to market its portfolio of European debt would have an impact of 1.5 billion euros on its balance sheet.

BBVA, Spain's second largest bank, said Thursday that same EBA had identified a need for equity of 7.1 billion euros, 1.9 billion related to sovereign risk.

Santander has also reported net income down 13% over nine months due to an exceptional charge related to insurance policies in Britain.

Net income totaled 5.3 billion euros, while the Reuters gave 5.5 billion.

Santander's equity investors make conscious, due to the exposure of the bank in the Spanish property market and the local sovereign debt, while debt in the euro zone device undergoes a crisis of confidence.

Spain remains a weak point in the bank, which has embarked on a policy of international expansion.

But nevertheless agreed last week to sell a 25% stake in its U.S. consumer credit for a billion dollars, hoping to increase its capital in this way.

The action is gaining 3.73% in the morning.

The French authorities are willing to lower their growth forecast for 2012, considered too high against the global economic slowdown, and thus provide for other relief budget for next year.

Widely expected, the prospect of saving measures or additional revenue in 2012 is only anticipating the re-shaping of the budget after the scheduled presidential and parliamentary elections of spring, whatever the outcome.

The government was caught in August, choosing to keep its forecast of growth of 1.75% next year, while lowering its forecast for 2011, a decision that French officials were justified by the desire not to show a "pessimism" excessive, in an atmosphere of high anxiety related to the sovereign debt crisis in the eurozone.

For comparison, the Reuters consensus of economists sees French growth to 0.9% or 1.0% in 2012, Deutsche Bank provides such a very low 0.3%.

The finance minister, Baroin, acknowledged Tuesday that the current target is "probably too high" and it expressed its readiness to further action to meet commitments to reduce the public deficit.

Among the factors explaining these statements, confirmation of the global economic slowdown is reflected in recent indicators and the announcement by Moody's estimated that the stable outlook associated with the French sovereign rating, the famous "triple A".

Germany this week it lowered by almost half its growth forecast for 2012, waiting now 1.0% instead of 1.8%. The German Minister of Economy, Philipp Rösler, explained that "the pace of expansion slowed, as expected."

PRESSURE INCREASED MARKET

The pressure of financial markets has intensified significantly over France since the announcement of Moody's.

The yield on government bonds to 10 years rose sharply, exceeding 3.2% Friday while it was 2.6% in early October.The yield spread with German debt (the "spread") has further increased to over 120 basis points (or 1.2 percentage points) during the meeting, beating the highest in 19 years recorded this week.

No leads have yet been revealed on possible additional measures to keep the deficit reduction promised by France, 4.5% in late 2012 after 5.7% in late 2011. The government has just promised not to touch the devices that it considers useful to support employment, consumption and hence growth.

Baroin said that "we still have enough tax loopholes, if necessary, we will remove them."Hundreds of derogating tax revenue amputate the tens of billions of euros each year.

Personalities of the majority, the rapporteur of the Committee on Finance of the National Assembly, Gilles Carrez, one of the leading experts of the budget in Parliament, to find out that 5 billion or more next year on a public expenditure of about 1,000 billion euros, would not be a problem.

Members who are currently discussing the draft budget for 2012, however, rejected amendments socialists who cut 10 to 15 billion euros of additional tax loopholes next year.

A study by rating agency Standard & Poor's issued Friday said the risk posed to the States a possible return of the recession in the euro area.The scenario of a dip recession could well lead the agency to downgrade two notches notes Portugal, Italy and Spain, the French note of it from AAA to AA +.

A senior Fitch meanwhile said Friday that the agency did not intend to lower the sovereign rating of France. "We have no plans for decommissioning of France," said David Riley, responsible for scores of sovereign debt, to reporters.

Countries in the euro area will require banks to accept losing up to 50% of their holdings of Greek debt, officials said Wednesday the euro area, as part of a larger plan to avoid defect in the disorder and to end the crisis that threatens the economic health of the planet.

Before an EU summit last chance scheduled October 23, during which a new plan to attack France and Germany should be discussed, four of the euro zone officials told Reuters that a discount of between 30% and 50% for private holders of Greek bonds was now proposed instead of the 21% forecast.

The second bailout of Greece finalized July 21 by the leaders of the euro area provided, in addition to 109 billion additional financing, a restructuring of the Greek debt on a voluntary basis.

In this context, private creditors – banks, pension funds and other financial institutions – had to accept a discount valued at 21% of the equity in their assets Greek bond, which represents a contribution estimated at 50 billion euros up in mid-2014.

Since then, the recession deepened in Greece, fueling fears of a defect in proper form and forcing the leaders of the euro area to consider a much more radical action to stem the crisis.

To restore confidence in the banking system, they also work on how to strengthen banks in the euro area in the recapitalization.

The President of the European Commission Jose Manuel Barroso has called Wednesday for a coordinated approach to the question bank, calling to use the bailout funds in the euro area, the European Financial Stability Facility (EFSF), as a last resort, as desired by Germany.

He also asked that the replacement of a permanent fund EFSF be brought forward to mid-2012 instead of 2013.

FINAL ENTRY LEVEL NOT FIXED

The amount of the Greek debt to reach 357 billion euros this year, 162% of its gross domestic product (GDP).For now, the Government of the euro area have failed to produce a convincing plan to reduce it.

"We negotiate every day to reduce this debt. This is the great trading and this is where lies the big problem," said Greek Prime Minister George Papandreou at a meeting of the Council of Ministers.

An official in the euro area told Reuters that the final level of participation of the private sector had not been fixed and was expected to see the reaction of banks to these new demands.

"It's still very open. You have to see what the initial reaction of investors.Voluntary participation is the goal, at least for now, and many feel that we must avoid the risk of total failure, "said one of them under the seal of anonymity .

"The discount will be set at levels consistent with the voluntary nature of participation of the private sector," said a second charge.

An official of the Institute of International Finance (IIF), the association that helps set up the agreement with the private sector, said Wednesday that the discount for private investors would be 39% when used the current market prices.

The second funding program of Greece to replace the top 110 billion euros funded through bilateral aid.

The new tranche of eight billion euros during the release will probably be the last under the old program. The 37 billion euros in funds not disbursed in the first plan will be integrated into the background.

The major European stock markets closed up Monday, with the financial sector, driven by speculation about lower interest rates by the European Central Bank (ECB) and new measures to support banks.

But without confirmation and the face of inconsistent statements by members of the ECB, markets and particularly the banking sector have gradually reduced their earnings later in the afternoon.

Yves Mersch, Luxembourg member of the Governing Council of the ECB, said it was "outrageous" speculation about a sharp drop in rates while his Austrian colleague Ewald Nowotny said a rate cut in general should not be excluded.

The announcement of a decline in home sales in the United States in August also contributed to dampen the enthusiasm of buyers on the cheap end of the session.

The CAC 40 index closed up 1.75% to 2859.34 points, after gaining 3.8% up in mid-session. The Office of Technical Analysis Day By Day remains neutral on the CAC 40 as it is between 2,720 points, near the low point of the year, and 2,908 points, the top of the "gap" bearish opened last Wednesday.

Elsewhere in Europe, the London Stock Exchange gained 0.45%, Frankfurt took 2.87% and 3.32% Milan.The pan-European Euro Stoxx 50 index has earned 2.83%.

The volatility index has further increased to 2.89%.

The European banking index, which jumped more than 5% at mid-session, finished with a gain of 3.81%, continuing the rebound in the sector began Friday.

Apart from the Greek banks, most of the values ​​in the sector have finished sharply higher, with a gain of 6.85% for Barclays, the General Company for 5.44% and 3.99% for BNP Paribas.Insurers (6.37%) led the increases, including a gain of 10.15% to 8.18% for Allianz and Axa.

"The feeling that the state is there to support banks if necessary, said the rebound, although bankers say they do not need it," said Frederic Rozier, manager at Meeschaert Private.

He added that the movement was technical and short-term, given that French banks are trading at extremely low levels that match 20% to 30% of their equity.

In the context of economic stagnation, cyclical stocks have remained away from the rebound, with auto index down 1.02% and commodities rose by only 0.19%, the lowest sectoral performance.

Corollary of the stock market rebound, the performance of the German government bond (Bund) was extended to 10 years, is attending to 1.82% against 1.75% late Friday afternoon.

At the close of exchanges, the euro was stable and was trading at 1.3517 / $ 19 after touching a low of 1.3361 to eight months in the early morning.

Jörg Asmussen should be more pragmatic than Jürgen Stark, the man he will replace in the European Central Bank, and his appointment could mark the end of a long line of German central bankers have only one obsession: the fight against inflation.

Even those familiar with Jörg Asmussen describe him as an enigma when it comes to monetary policy.His colleagues also highlight both its competence and its ability to remain calm when under pressure.

Barely 44, he crossed the ranks of the German Ministry of Finance, at breakneck speed from a position of youth advisor in 1996 as vice finance minister 12 years later.

Over the last three years, he was one of the key players of the answers Berlin has made both the global financial crisis as the debt crisis in the euro area.

Intimate knowledge of Jörg Asmussen of the economy and international finance, but also the banking sector or issues of regulation and bailouts, led Finance Minister Wolfgang Schäuble to keep him as number two after the election of 2009, despite its membership in the SPD party in opposition for two years.

He has since assumed the role of the German sherpa meetings of the G20 and represented the first European economy at large international financial summit.It has also been acting as head of the Department of Finance when Wolfgang Schäuble was hospitalized several weeks ago about a year.

That said, these various functions, Jörg Asmussen was mostly a behind the scenes negotiator, someone responsible for resolving problems in sight the official position of Germany.

During this period he has very few expressed his own opinions.

Rather a 'FALCON'

"How he will think and act is still a mystery.Personally, I think we can store more in the category of hawks than in doves, but I imagine it will take a mediator, "said Manfred Neumann, a professor emeritus who has known Jörg Asmussen as economics student in Bonn.

Jürgen Stark, Jörg Asmussen replaced on the Executive Board of the ECB, was an advocate of hard line in terms of monetary policy, embodying the German Orthodox tradition in this area.

Exceeded by the buyback program sovereign bonds led by the ECB, Jürgen Stark resigned Friday, two and a half before the end of his term, a decision that caused shock waves in the markets.

This departure was reached seven months after the equally unexpected, Axel Weber for the same reasons. Both resignations have shown how the proponents of orthodoxy for inflation were now isolated within the ECB.

Because of his membership in the SPD, some conservatives fear that German Jörg Asmussen making too many concessions to the 'doves' in Southern Europe.

"He certainly has the qualities and profile for the position.But I wonder if he will play the same role Otmar Issing (former chief economist of the ECB), Stark and Weber in the defense of the stability of monetary policy, "Klaus-Peter questioned Willsch, a elected to the CDU.

Others believe that, as president of the Bundesbank and member of the Governing Council of the ECB Jens Weidmann, Jörg Asmussen, a native of the city of Flensburg, close to the Danish border, to flow into the mold of tradition German once it arrives in Frankfurt.

Jens Weidmann and Jörg Asmussen, who both had Axel Weber as an economics professor at Bonn, has for three years worked hand in hand in the answers given by Berlin to the financial crisis.