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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.

A budget of 50 billion euros to be invested by 2020 in transport networks, energy and communications to Europe to interconnect national networks and boost growth, according to a plan released Wednesday by the Commission European.

The plan, dubbed "connecting Europe" should not only help create the missing links between the networks of twenty-seven but also promote a greener economy, strengthen the internal market and reduce energy dependence of the EU.

The modernization of transport infrastructure in Europe should concentrate 31.7 billion euros, against 9.1 billion for energy projects and 9.2 billion pan-European networks for broadband communications.

These investments will cover the most important projects but the Commission consider that no less than 500 billion euros would be needed to build a European transport network worthy of the name by 2020.

To facilitate the financing of these projects, the Commission adopted an initiative to resort to bonds, to attract private funding and risk sharing investments.

The President of the European Commission said at a press conference that the European initiative was necessary to encourage states to take the plunge.

"This investment will stimulate growth and job creation, and simultaneously make the work simpler and transportation for millions of citizens and businesses in Europe," he said.

The G20 said Saturday that the next EU summit on October 23 would present a comprehensive plan that can make a "robust response" to the crisis in the euro area.

Gathered in Paris last Friday, finance ministers and central bankers from the G20 also reported progress in the definition of an action plan for coordinated policies to address the current crisis and strengthen global growth.

In a statement, they indicated that this plan will be discussed at the upcoming G20 summit in Cannes in early November, provided by the advanced countries the implementation of policies to promote domestic demand for those who are in surplus and the savings for those with large current account deficits.

Emerging powers in turn adjust their macroeconomic policies "to maintain the growth momentum to face downside risks," those who are in surplus pledging to accelerate "the implementation of structural reforms to rebalance the asked to give more room for domestic consumption. "

They will continue their parallel efforts "to move towards systems of exchange rates determined more by the markets and achieve greater flexibility in exchange rates to reflect economic fundamentals."

The deficit of the general social security will be reduced to 13.9 billion euros in 2012 due to measures announced in late August by Prime Minister François Fillon, to new efficiencies in health and pension reforms, according to the budget proposal presented Thursday.

The improvement comes mainly of sickness, the deficit will be reduced to 5.9 billion euros after -9.6 billion this year. The deficit in the pension industry (pensions) will be reduced to 5.8 billion euros from -6.0 billion in 2011.

"Our forecast for 2012 is 14 billion deficit.Fourteen billion euros when it was scheduled for 2015, so we have two years ahead, more than two years ahead, "said budget minister, Valérie Pécresse, on France 2.

The bill will be discussed on October 5 by the Cabinet and October 25 in the National Assembly.

The deficit of the family branch will be reduced to 2.3 billion euros from -2.6 billion in 2011 and the industry accidents, occupational diseases have a surplus of 100 million euros after a balance in 2011.

Saving measures and provided additional revenue for next year will reduce the deficit of the general system of 7.3 billion euros compared to the balance that would have been projected trend of -21.2 billion in 2012, says government.

Six billion on 12 billion of savings and additional revenue announced in August to reinforce the objectives of reducing the public deficit will improve in particular accounts for Social Security.

Weakening of the PROTECTION

The deficit of the Old Age Solidarity Fund will be reduced to 3.7 billion euros from -3.8 billion in 2011.

Objective National health insurance expenditure (ONDAM), the main instrument for controlling health care costs, will be set as expected to 2.8% next year against 2.9% in 2011. This objective requires to achieve 2.2 billion euros in savings.

The assumptions for calculating the 2012 budget are an increase in the wage bill by 3.7% next year and inflation of 1.7%.Economic growth is expected at 1.75%.

The projected savings for 2012 include new delisting, about 40 million euros, 620 million euros in savings on drug prices through reductions negotiated with pharmaceutical companies and 100 million by promoting generic drugs.

The financial statements included in the calculation of government deficit in France the government wants to reduce to 5.7% of GDP end-2011, 4.5% and 3% end 2012 end 2013, returning to the 3% limit of Stability Pact and European Growth.

The prospect of a return to balanced health insurance in 2015 is now "realistic," says the government.

The Court of Auditors, an independent certifying the public accounts, said in early September that the deficit of the parent threatened the very survival of social protection in France.

It recommended in a report to increase revenue and curb spending, especially health, by cutting including "niche" social, who amputated the Public Accounts for efficiency often discussed.

"The finding of the Court is of the extreme fragility of our social protection", said its first president, Didier Migaud."The sustainability of social deficits now calls into question the sustainability of our welfare system."

The draft budget law (PLF) for 2012, which will detail the steps outside Social Security, will be presented next Wednesday by the Cabinet and October 18 in the National Assembly.

Hochtief Wednesday reported a pretax profit of 10.2 million euros in the second quarter, exceeding market expectations with new orders rising.

Analysts polled by Reuters on average expected a loss before tax of 7.46 million.

The first group of German construction industry reiterated its annual forecast 2011-2013 and said to expect Leighton, its Australian subsidiary in trouble soon finds a solid performance.

"Our Australian subsidiary is in a very stable trend.Leighton will quickly find his usual good performance, "said in a statement Chief Executive Frank Stieler.

He still says "not satisfied" the consolidated net loss recorded by Hochtief in the second quarter, which grew to 155.6 million euros, largely because the group's activities in the Asia- Pacific, against a net profit of 88.1 million a year earlier.

Hochtief, including Spanish ACS took over in June, has also seemed pleased with the progress of the sale of airport assets, which he hopes will close by the end of the year.

"The offers are significantly higher than the figures in the media for tactical reasons," said Frank Stieler.

Jose Manuel Barroso, President of the European Commission, on Thursday called for a reassessment of all components of the European Financial Stability Fund (EFSF) to convince the markets that the euro area may resolve the debt crisis.

"I (…) calls for quick re-evaluation of all elements related to EFSF and MES (European Stability Mechanism, which will succeed the EFSF) to ensure they are equipped with tools to address the risk of contagion, "he said in a letter to EU leaders.

A spokesman for the Commission stated that this reassessment included a reflection on the size of the bailout fund.

European shares have increased their decline after these statements, losing between 0.4% and 1% by 11:00 GMT.

The German conglomerate Siemens, often presented as a barometer of the German economy, reported Thursday results well below market expectations due to weakness in its medical segment and an exceptional charge.

In the third quarter, net income from continuing operations plunged 47% to register for 763 million euros, while the Reuters expected a little more than a billion.

The turnover stood at 17.84 billion euros, up 2%.The consensus expected a CA to 17.802 billion.

The group confirmed its forecast of annual results, while cautioning against the upside risks to the state of the global economy.

Siemens continues to expect an annual profit from continuing operations of at least 7.5 billion euros.

Vinci said Tuesday a record order book and robust business in the first half, allowing it to confirm its anticipated growth of over 5% of its turnover in 2011.

The world of construction and concessions achieved a turnover of 17.3 billion euros in the first half, up 17.3%, or 8.6% on a comparable basis.

The Thomson Reuters consensus I / B / E / S, prepared from the responses of four analysts, highlighted a turnover of 16.78 billion euros.

Vinci displays a record order book of 30 billion euros at June 30, incorporating the agreement of the high-speed line (HSL) between Tours and Bordeaux signed with Réseau Ferré de France (RFF) June 16 and whose share group approach 4.2 billion euros.

"Activity remained strong in the second quarter, confirming the recovery in growth since the second half of 2010, particularly in the contracting business," said Vinci in a statement.

Owner motorway networks ASF, Cofiroute and Escota Arcour, Vinci in 2010 has expanded its pole "contracting" (construction and energy) with the acquisition of Cegelec electrician.

This activity, which raises most of the turnover of Vinci, shows an increase of 19.9% ​​of sales in the first half, with organic growth of 9.5%.

The group made no mention of its previous target of growth in net profit in 2011 close to the rate of at least 5% expected turnover.

The action Vinci closed down 1.22% to 40.60 euros before the ads, giving a market capitalization of 22.9 billion. Since the beginning of the year, the title is relatively stable (-0.2%) after a gain of 3% in 2010.