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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.

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 new team will implement the agreement bailout $ 130 billion spent with the European Union and will be sworn in Friday at 24:00 GMT.

"I am convinced that the country's participation in the euro area is a guarantee of stability. We should all be optimistic about the outcome as we will show unity," said Prime Minister-designate.

He said no specific date had been arrested on early parliamentary elections in 2012, being that of 19 February, he said, that a preference.

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 …

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 banking sector soared after news reports citing additional support by the ECB to financial institutions. BNP closed up nearly 10%. Initials of the BNP on the Place de la Bourse in Paris.

The Paris Bourse rebounded on Friday and took 1.02%, after a volatile session, helped by the rise of the banking sector on information suggesting actions in support of the ECB, which reduced fears about the global economy.

The CAC 40 gained 28.43 points to 2810.11 points, in a trade volume of 4.082 billion euros. The day before, he had lost 5.25%.

The Paris market, which fell more than 3% in session on fears about the global economic outlook owes its rise in banking stocks that have ended on a sharp rise.

BNP Paribas gained 9.78% to 2.32 euros, Crédit Agricole 4.78% to 4.43 euros and Societe Generale 8.76% to 16.65 euros. Thinning came from a member of the Board of Governors of the European Central Bank (ECB), Ewald Nowotny, who suggested that the institution "could reintroduce refinancing operations a year for banks," according to information Press.

These words have to take second place to concerns about the risks to the global economy, particularly in the United States and Europe, as the lack of policy responses. The central bankers of the leading countries in the world, gathered in Washington for a summit of the G20, are committed to preserving the stability and liquidity of the banking sector, but no specific action has been announced.

Several values ​​highly dependent on conditions ended up as Alcatel-Lucent (0.28% to 2.18 euros), Bouygues (4.03% to 24.90 euros) and Renault (0.59% to 24.65 euros).

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.

Wall Street opened down by more than 1% Monday, fears of political deadlock facing the debt crisis in Europe, prompting some investors to take profits after five consecutive sessions of gains.

In early trade, the Dow was down 1.42% (163.25 points) to 11,345.84 points.The Standard & Poor's, largest, lost 1.36% (16.54 points) to 1199.47 points while the Nasdaq Composite drops 1.62% (42.46 points) to 2579.85 points.

The market is showing more and more skeptical about the ability of the euro area to provide a remedy to the crisis after an unsuccessful ministerial meeting in Poland this weekend.

The decision of the Greek Prime Minister George Papandreou to abandon a visit to the United States to chair an extraordinary cabinet meeting Sunday has also fueled the concern, and a new electoral setback in the ruling coalition in Germany.

In this context of aversion to risky assets, an ounce of gold rose to 1814.70 dollars in the spot market, 1,810.73 on Friday night against New York.

Caution should remain in force at the approach of the presentation by Barack Obama on Monday a plan to reduce the U.S. budget deficit.

In addition, the prospect of the meeting of the Monetary Policy Committee of the U.S. Federal Reserve (FOMC) on Tuesday and Wednesday encourages investors to carefully.

Values, the action Netflix gains 1.5% against the current trend. The Director General of the movie rental service announced on the blog of the company splitting its activities on the internet streaming movies and delivery of DVDs by mail.

Refuse registration of the golden rule in the Constitution, without posing as supporters of fiscal laxity, is the tight play that engage the candidates for the primary socialist. In some links, their alternative proposals to the text of the government. François Hollande, Ségolène Royal and Martine Aubry oppose the rule of thumb budget that the government wants in the Constitution.

Manuel Valls: "supports the principle of a golden rule." Unlike the left, opposite to the "golden rule" supported by Nicolas Sarkozy, the deputy mayor of Evry takes a stand in favor of this measure but criticized the handling of the president who, with this project aims to set a trap over the Socialists to balance the budget.In an open letter to other socialist candidates in the primary, published on Sunday, Manuel Valls called for a binding commitment to progressive return to equilibrium enrolled in a five-year law and not in the Constitution as requested by the President. "It is useless to set constitutional objectives that can not be respected with regard to the degradation of our finances," said he. And he said that "the goal of a debt ceiling of 60% of GDP is 'constitutional' (Maastricht Treaty) and yet it will take a generation to fall within this ceiling …."."We need to propose a supplementary budget before any discussion on any golden rule." He concluded his open letter calling the Socialists to review their project "in the light of this crisis and its impact on our financial".

Read here: Open letter to Manuel Valls candicats socialist "Propose a true golden rule"

Segolene Royal: 7 rules for a "just social order." After the declaration of François Fillon has called the Socialists, on Saturday, to show "responsibility" on behalf of the "sense of national interest", and adopt the "golden rule", Royal replied on the offensive mode. In addition to the "golden rule", it proposes to add seven other rules, diamonds, silver, iron … to achieve a "just social order." It lists the rules that would halt all "unfair disorders" that currently prevail, she said.'The rule of diamond: the principle of fair taxation is also enshrined in the Constitution, the rule of money: that equal tax should be made between the CAC 40 companies and SMEs, the rule of iron that are prohibited stock options and over-compensation of traders. " "The rule of respect: that human values ​​outweigh the financial values ​​(…); the rule of common sense that a euro spent is a useful (…) euro, the growth rule: that is created a public bank financing of SMEs and industrial strategies that can generate jobs and increase wages. "Involving government policy for 4 years, the president of the Poitou-Charentes François Fillon asked if he could "say that if this rule controlling the public deficit was laid in 2007, you could hire the following expenses: tax shield, the ISF relief, exemption from overtime, creating tax loopholes and social? "

In response to the call for national unity, the Prime Minister: The 7 rules of Ségolène Royal against injustice

François Hollande, a planning law after the presidential 2012.Face to the call for national unity, the Prime Minister for the "golden rule", François Hollande offers, in an interview with JDD Sunday, a planning law after the presidential election. It highlights the management skills of its project."I trust that we all have the same goal of controlling public debt but we do not offer the same path to reach it. My approach is to make voting after the presidential law programming respect our European targets for reducing deficits. " He continues "The famous and controversial if rating agencies do not require a golden rule but concrete actions that may give lasting confidence."To overcome the crisis, he settled three objectives:" growth, without which there will be no return to balance accounts, under the budget, without which there will be no trust and tax reform, without which there will be no justice. "

For the position of François Hollande on the golden rule: his interview in the JDD

Martine Aubry: removal of 50 billion niche fiscales.Ce Sunday, the mayor of Lille hammered once again its opposition to the project of Nicolas Sarkozy. It calls on the government to adopt the 2012 budget measures to reduce deficits. Martine Aubry for the inscription of the golden rule in the Constitution is pure slogan. "For me, politics is not slogans, you know the slogan" work more to earn more. "Today is" changing the Constitution to do nothing ", she says .To reduce deficits, in addition to the renewed growth, it advocates the removal of much of the tax loopholes. "Today we have margins, these margins are these tax loopholes." And, "We want to remove 50 billion on 70 billion," she announces. Freed resources were intended "for half the decline in the deficit and half" to "priorities" that are "jobs, school safety."

Martine Aubry's arguments against the golden rule in his interview on BFM-TV

The PS trapped by the golden rule. The opposition socialists for the inclusion of the golden rule in the Constitution may bring into the hands of the government of Nicolas Sarkozy.The letter from the president to all parliamentarians, and the appeal of François Fillon, yet this weekend, so that members adopt a socialist attitude "responsible", the Socialist leaders are in a very difficult position. By refusing to vote the text of the government, MPs PS may move in the eyes of the public for proponents of fiscal laxity. The opposition is in a posture more and more complicated to take, while the market turmoil does not augur a crisis easy nor quick. The track is close to the PS, which is sticking to its position, homis Manuel Valls said that "not be hostile to the principle" to the regeneration of gold, while denouncing "communication operation" of the head of state.

To understand why the socialist position seems untenable, read: The Golden Rule, the trap to the left by Sarkozy

Oil prices rebounded Thursday, benefiting from the rebound on Wall Street and the encouraging figures of employment in the United States.

On the Nymex, the contract to September U.S. crude (WTI) finished with a gain of 2.83 dollars, or 3.41% to 85.72 dollars a barrel.

Brent crude was up 1.2%, or $ 1.34, to 108.02 dollars after going below the threshold of 106 dollars earlier in the day, on fears of an extension of the crisis debt in Europe.

Oil, which had closed up sharply Wednesday, continued to rise Thursday, after temporarily declining trend early in the day.

Since the rating agency Standard & Poor's downgraded the sovereign rating of the United States, Friday, Brent fell by about 4%.

Despite the deteriorating economic outlook, which reduces the prospects for growth in oil demand, declining U.S. inventories unexpectedly announced Wednesday came to support prices.