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Standard & Poor's and Fitch Ratings have been recalled in fond memory of Francois Hollande Monday stating that the member's election to the presidency of Corrèze of the Republic n 'had no implication on the sovereign rating of France, in the short term.

Francois Hollande since Sunday is the new head of state, elected with 51.62% of the vote against the incumbent President Nicolas Sarkozy.

S & P, which lowered a notch in January the French credit rating from AAA, the highest possible, to AA + coupled with a negative outlook, estimates there are at least three chance that the note against the subject of a further reduction this year or in 2013. 

"We will analyze the decisions of the French president and his new government, taking into account the results of parliamentary elections in June," said the rating agency said in a statement.

"The election of the candidate of the Socialist Party, Francois Hollande, President of the French Republic, has no implications for the AAA rating of France, currently in perspective negative ", for its part announced Fitch.

"However, his election victory marks an important change at the head of France and Europe. The new president faces the same challenges as its predecessor: the strengthening of fiscal credibility, improving the growth potential in the medium term France and the handling of the crisis in the euro area, "the text

. Fitch announced earlier this year not consider amending the note from France in 2012 but nothing prevents him to return to this position

. No one was immediately immediately reached Monday night at Moody's for a comment on France

. Francois Hollande has placed top priority European renegotiation of the treaty signed on budgetary discipline by March 25 of the 27 countries of the European Union in order to incorporate a component on growth. 

Meanwhile, the president plans a return to balanced budgets in 2017.

For its part, German Chancellor Angela Merkel, eager to pursue deficit reduction, on Monday reiterated its refusal to renegotiate the pact and posted its fiscal distrust vis-à-vis possible measures to support growth.

The rating agencies are concerned about several times of slippage in public finances in the euro area countries, while stressing that too restrictive budgetary measures were likely to weaken growth , itself considered essential to reducing deficits and debt. 

Francois Hollande announced that he would travel to Berlin very soon after taking office scheduled May 15

The country should emerge from recession in 2013, but its growth will be zero this year after a fourth year of heavy contraction in GDP. Greece is not yet out of the woods.

Greece continues its transformation and intends to turn its back on the crisis. The rescue plan reassured the markets, so that rating agencies could in a few weeks, increasing the Notes for the country's debt. On a political level, the lines also move. Evangelos Venizelos – the only candidate for the leadership of the Greek socialist PASOK – Sunday night announced his election as party leader, succeeding George Papandreou.

Side of the economy, however, the changes are slower. Greece will return to growth "in less than two years" and is determined to avoid a new debt restructuring and exit from the euro, the Greek Prime Minister assures Lucas Papademos in an interview with the Financial Times on Monday.

"I am convinced that we made more than half way to economic recovery, even if the fiscal consolidation process will take longer. Positive growth rates should be achieved by less than two years," says Greek ruler business daily. He said "great silent majority" of the Greek people will do anything to stay in the euro area, despite the almost daily demonstrations against the drastic program of austerity adopted by Athens under pressure from the International Monetary Fund (IMF) and the European Union.

The IMF once again revised downward its forecast last week for the Mediterranean countries: according to the institution, Greece should emerge from recession in 2013, but its growth will be zero this year after a heavy fourth year of contraction GDP, from 4.8% in 2012. Despite the crisis, "we will do whatever is necessary to ensure that it was the last Greek sovereign debt restructuring," said Mr. also Papademos Monday.

A new report from the Troika of its creditors (EU, European Central Bank and IMF) released last week, Greece will have to make further budgetary adjustment efforts in the next two years to achieve the goals set in the second exchange assistance plan.

Greece on 12 March an exchange of unprecedented debt, the first step in the restructuring of its heavy liabilities budget, with a target return on financial markets in 2015. This restructuring, which should remove a total of some 105 billion euros of debt held by private creditors is to shrink the country's total debt at 120.5% of GDP by 2020, against 160% of GDP at present (more 350 billion euros).

The Tokyo Stock Exchange ended higher Friday in small, signing its fourth straight session of progression through encouraging statistics from the U.S., but gains were limited by profit taking on export values.

The Nikkei gained 0.06% (6.55 points) to 10,129.83 points and the Topix broader, took 0.36% (3.12 points) to 866.73 points.

The weekly jobless claims in the U.S. fell last week to their lowest in four years, while manufacturing activity in New York and re Philadelphia region rose more than expected.

In this context, cyclicals have drawn their own in the game The manufacturer of construction machinery Komatsu took 1.71%.

The rebound of the yen, which resumed colors Thursday after touching a low of 11 months against the dollar has pushed some investors to take their gains in export values. Nissan, Honda and Toyota have yielded between 0.1% and 0.6%.

March is the end of the fiscal year 2011-2012 in Japan and many players prefer to ensure their profits for this date.

Orders for new cars in France fell 7% in February, according to trade publication The letter VN Auto K7, promotions manufacturers to limit the damage on the car market.

The decline, calculated from one year to another, has increased from January (-1%), but still very far from the collapse of 57% recorded in December, adds the letter published Wednesday VN Auto K7 based on a survey of 34 automotive distribution groups.

"The distribution started in January with order backlogs close to absolute zero. And partial reconstruction of the portfolios remain well informed of the Month: despite the winter holidays and bad weather, customers rather attend the showrooms, "writes the monthly publication, which Reuters obtained a copy

. registrations in March, which are an order of February leading indicators, will be published Monday 2 in April. After the collapse of order in November and December, registrations had tumbled 20% year on year in January and February.

According to La Lettre VN, orders for cars fell 18% last month, Renault, after a 6% decline in January, reflecting the destocking of the network that controls less than the manufacturer.

Peugeot and Citroen are better, PSA has redirected some of its financial resources to its offerings after the commercial disappointment of the end of 2011: Orders Peugeot fell 8%, after rising 12% in January, and those of Citroen were down 7% (after 10%). 

Asked about these trends, a Renault spokesman reiterated the group's estimate of a decline of 8% to 9% of its orders in France on the first two months of the year and a contraction of 9% to 10% for all brands in February.

In early March, Peugeot evoked a rebound for his share of 7% of its orders in two months. No details on the month of February could not be obtained immediately from the two brands of PSA.

March, CRITICAL MONTH

Among volume manufacturers is that Fiat has suffered the most last month (-25%), while VW has yet pulled out of the game with an 8% increase in orders of the Volkswagen brand last month.

According to La Lettre VN, distributors of the German mark displayed a very high portfolio of over 100 days of orders, against less than a month at Renault.

Most builders know that the first quarter will be mechanically difficult since at the same time in 2011, sales were still boosted by orders placed before the end of last cash for clunkers. 

Last week at the Motor Show of Geneva, the commercial director of Renault Jerome Stoll acknowledged that the year had started less than expected in Europe. March, one of the biggest months of the year for the sector before the arrival of spring will be critical to the sales and orders for the quarter, but Jerome Stoll and now believed to that already controls all brands could drop by 20% over the first three months of the year.

"The channel monitor is strongly Corporate Sales, PC and LCV," wrote The Letter VN. "For if the registrations still resist well to date, all professionals are finding a strong wait-and deferrals of purchasing decisions and an extension of many leases."

According to the publication, a reversal has taken place in this market during the second half of February and the wait has prevailed. The Committee of French Automobile Manufacturers (CCFA) expected throughout the year down 10% of the French automotive market, after falling 2.1% in 2011 .

Registrations of light commercial vehicles, which depend directly on local economic activity and who signed in January and February their first declines for several months, are also likely to remain misdirected. According to La Lettre VN, controls VUL in France fell by 8% in February.

Groupama will raise 1.8 billion euros through asset sales, including a 44% stake in the group of real estate Silic and Eurocourtage GAN insurance broker, said on Monday in a source familiar with the matter.

The French mutual insurer wants to raise 800 million euros by the end of the year by selling its share in silica, which is now the subject of preliminary discussions with several companies of real estate and insurance, said the source.

Groupama is also looking to sell its subsidiary GAN Eurocourtage, which he expects at least one billion euros, she said.

The U.S. economy has created a little less than expected jobs in October, but the unemployment rate returned to 9.0%, its lowest level in six months, and the upward revision of new posts of August and September suggests that the labor market found some strength.

The number of jobs created was 80,000 last month, showed the statistics released Friday by the Labor Department, while economists predicted 95,000.But the months of September and August, that number was revised up and give 102,000 more jobs than previously announced.

The unemployment rate also fell to 9.0% against 9.1% in September, even though entered the labor market became more numerous.

"This is a step in the right direction," said John Canally, an economist at LPL Financial.

France and Belgium flew Tuesday to rescue Dexia, while the scenario of a dismantling of the Franco-Belgian bank, weakened by the financial crisis and in particular its exposure to Greece, is gaining credibility.

Placement, the day before, on negative watch Dexia's debt by Moody's, due to concerns of rating agency on the group's liquidity and access to bank refinancing, has accelerated the process.

Dexia shares had lost up to 38% in Tuesday morning, reaching its lowest historical levels, then some limit its losses in the afternoon.

The stock closed lower by 22.46% to 1.01 euros while the index of European banks, although hit by new fears over Greek sovereign debt, has limited its losses to 4.02%.The stock has lost nearly 60% since the beginning of the year, bringing its market capitalization to less than two billion euros.

Emergency meeting, the board of directors of the bank commissioned the night of Monday to Tuesday the CEO, Pierre Mariani, so that it addresses the structural problems of the group, three years after a first plan Rescue audience of over six billion euros, which enabled Dexia to avoid bankruptcy.

The National Federation of Belgian union employees (CNE) said Tuesday it had learned of a decommissioning project at Dexia in several separate entities, which would threaten 150 jobs within the bank holding company.

Several French and Belgian politicians spoke publicly on Tuesday proposed creation of a "bad bank", a separate defeasance structure where the bond portfolio would be stationed at risk for the bank, amounting to some 100 billion euros .

"We need to look at how to change this group.We must remove all the dangerous parts of the bank, this is where the state guarantees come into play – that's what we call a 'bad bank' – then we can give guarantees to customers that if they are depositors or solicitors credit, "said Belgian Finance Minister Didier Reynders in an interview with television channel RTL.

SUPPORT OF CENTRAL BANKS

In a joint statement, Didier Reynders and his French counterpart Francois Baroin committed and that the two states make "their guarantee to funds raised by Dexia."Central banks in both countries have also made their support for Dexia and stressed that the bank's customers had no reason to withdraw their money at the box office.

The creation of a new French bank – which would lean part of the portfolio of loans to local Dexia to those of the Deposit and the Post Bank – is also under consideration.

This funding could be organized in partnership between the Deposit and the Postal Bank."This may in particular through the resumption of activities of Dexia in this area," he told Reuters a source close to the CDC.

A meeting of the Investment Committee of the Supervisory Board of CDC to be held Wednesday, but there is no evidence that the project is complete enough to be formally introduced.

According to the rapporteur general of the UMP Senate Finance Committee, Philippe Mariani, confirming that such a project is under consideration for funding local government does not inject money directly in the operation .

However, the hypothesis of a sale to another Dexia European banking group, on the model of Fortis sold to BNP Paribas, has not favored by analysts, investors, stressing that Dexia is not salable in the state.

The Dexia Group is mainly composed of a retail bank in Belgium, a private bank in Luxembourg, the pole of financing local authorities in France and banking Denizbank in Turkey.Maintaining this "nugget" of Turkey within the scope of the bank as well as the division's management, may seem equally uncertain.

THE FATE OF MINORITY

The question of a recapitalization by the States, would constitute a de facto quasi-nationalization has not been formally excluded.

"Everything will depend on the scheme presented by the management of Dexia," said the Belgian Minister of Finance.

Barely mentioned, the new rescue plan for Dexia, which would be the first bank in Europe victim of the crisis of sovereign debt, has prompted reactions from representatives of minority shareholders of Dexia.

The consulting firm shareholders Deminor has insisted in an open letter to shareholders to be consulted before any decision..

A speech relayed by the chairman of the Finance Committee of the French National Assembly, the Socialist Jerome Cahuzac, who also considered that the shareholders of the Franco-Belgian bank should be involved in resolving this crisis.

The European Banking Authority (EBA) has announced that it would discuss at its meeting Wednesday of the situation of Dexia and, more generally, problems of financing in the euro area.

The airline Lufthansa has announced it will order 12 new aircraft, two Airbus A380s and one Airbus A330-300 for about $ 1 billion at list prices.

Lufthansa, which has already ordered 15 A380 a unit list price of € 275 million, is the most important Airbus customer for this type of very large aircraft.

The command of the German company also includes four Airbus A320 and five Embraer 195.

The Lufthansa share closed up 2.54% to 10.11 euros.

Dexia Bank has distributed to 25 billion euros of toxic loans to municipalities, departments, regions or hospitals according to a confidential listing revealed by Liberation. The additional cost for local governments amount to 3.9 billion.

1500 Five local authorities and public institutions have signed French toxic loans, according to a confidential document which the bank Dexia reported Wednesday Liberation.

The newspaper has obtained "a confidential file of the bank Dexia Credit Local (DCL) which lists 5,500 local governments and public institutions that have subscribed the famous toxic + loan + between 1995 and 2009." "This listing …certify that at the height of the bubble, DCL had distributed 25 billion euros for its customers, "said Liberation, which states that" as estimated by the bank, the additional cost of these loans was estimated at 3.9 billion at the end of 2009 "." This means that communities should pay a penalty of this order, "he says.

Dexia document "shows that everyone is involved: communities of both right and left large urban communities such as towns," said he. The newspaper cites the example of Antibes ", which had borrowed 60 million would pay 21 million in addition to that amount." "The department of the Loire regulations, provide a slate of 22 million in excess of 96 million of loans and toxic Dijon hospital should pay 31 million of interest on a loan of 111 million toxic," writes release. The site of everyday has posted the map of France of Commons infected.

The mechanisms of these toxic loans, the newspaper quoted the party loans to fixed rate and part variable rate "that is, for example indexed to the euro-Swiss franc." "When parity goes below a certain threshold, the rate increased in proportion," says Liberation. "With the crisis of the summer … because of the rise of the Swiss franc, many municipalities have seen their rates rise to 10 or 15%," he writes.

"The addition could still climb with loans running until 2025 or 2030," said Libe which concludes that "these toxic loans have not finished rotting community life. And the taxpayers, who bears a double threat: the increase of local taxes and a deficit of public services ".

U.S. stocks ended sharply lower Tuesday as investors questioned the economic growth in the United States and fearing to see the country lose its triple A rating in spite of the vote in Congress compromise on raising the debt ceiling.

The Dow Jones has given 2.19% or 265.87 points at 11,866.62 points. The Standard & Poor's 500 largest, lost 2.56% or 32.89 points to 1254.05 points and the Nasdaq Composite 2.75% or 75.37 points to 2669.24 points.

The S & P, the reference fund managers, has accused its seventh session straight decline, falling under the moving average 200 days, a bad omen for the markets.This is the longest drop in the S & P since October 2008, at the height of the financial crisis.

Investors wonder whether the compromise budget passed by Congress adequately reduced the deficit and are worried about the latest economic indicators.

Barack Obama signed the text on Tuesday raising the ceiling of the debt of the United States, adopted shortly before the Senate, which prevents the country to end up in default.The president added, however, that other measures would be needed to revive the U.S. economy.

Shortly after the vote, Fitch Ratings, however, said the agreement to raise the debt capacity of the United States involved a risk of default "extremely low" and was consistent with a three-note "A", the best possible.

"I would have expected a rebound in stock relief shortly after the passage in the Senate. This does not happen," said Fred Dickson, market specialist at Davidson. "Investors went from Washington to what I call economic realities."

The Commerce Department on Tuesday released a new statistic that could support the hypothesis of a slowdown in U.S. growth.Consumer spending of U.S. households fell against all odds by 0.2% in June, posting their first decline since September 2009.

This bad news follows an unexpected slowdown in U.S. manufacturing activity, which according to the ISM index on Monday reached in July the lowest pace in two years.

Hyatt Hotels has lost nearly 6% to 36.44 dollars. The hotel group has reported a profit for the second quarter better than expected, but data on the decline in consumer spending have weighed on the title.

As for values, Pfizer has lost 4.6% to 18.14 dollars.The world of pharmacy has reported a decline in sales of prescription drugs.

Trade volumes were fed: 9.5 billion shares changed hands on the NYSE, the Amex and Nasdaq, while the average for this year is 7.5 billion shares.