"The PMI data are currently consistent with a negative growth rate (of about -0.5 or -0.6%) for the third quarter," that is the beginning of a recession, worries Jack Kennedy, economist at Markit. The French government, which still formally table a growth of 1.75% in 2012, suggested Friday that it has revised downwards this goal.

The contraction in activity has particularly affected the service sector. He has recorded its sharpest fall for 27 months, 46 points, against 51.5 in September. The industry is not much better.Despite a slight improvement, she underwent her third consecutive month of decline, to 49 points against 48.2 the previous month.

"The impact of European debt crisis may be felt on the real economy," says Jack Kennedy. Markit Economics and recorded "a further decline in confidence in the services sector." "The growing uncertainty surrounding the evolution of the economy leads in fact companies to revise downward its business prospects to twelve months, the optimism of the service providers also display its lowest level since April 2009" , notes the Institute for Financial Studies.

Very little sign of hope for a quick turnaround the economy, companies have seen a decline in the volume of new business, "the highest in almost two years," notes Markit Economics.Especially in services, providers are concerned about "the largest decline in new contracts since July 2009." In industry, the decline in sales is that alarm. A trend in both export and domestic market.

Slowdown in Germany

The slowdown in activity is not only France, but also German industry. For the first time in two years, the PMI for the sector fell to 48.9 points in October, against 50.3 in September. Unlike the Hexagon, however, services are able to climb out of the area's 50 points marked a growth in sales, to 52.1 points, 49.7 points against the previous month.Overall, notes Tim Moore, economist at Markit, "uncertainty about the euro area largely explain, according to the companies, investment reports and cuts in non-essential spending."

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According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

• Banks recapitalized to the tune of 100 billion euros

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders, Belgian Finance Minister, before a meeting with his colleagues throughout the European Union on Saturday. These discussions, held in Brussels with representatives of the Institute of International Finance (IIF), the banking lobby, "still, there is no agreement yet," said a source told AFP familiar with the matter.

In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros. The subject was Saturday in the agenda of the ministerial meeting. According to sources cited by Reuters, an agreement in principle was reached by European finance ministers on the recapitalization. European diplomats interviewed by AFP were less categorical in the late afternoon. "There is no agreement on the recapitalization, it gets stuck a little." According to one of these diplomatic sources, "Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF). " On the other hand, "the ministers are trying to agree on the minimum capital."

The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012. A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances.

• The Fund will not support a bank

Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank "is no longer on the table," said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday.These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source. But there is "significant differences between countries" on the issue, said Jan Kees de Jager.

How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are "triple AAA" prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe.France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain. She was supported by Spain, Italy or Belgium.

The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies.European countries negotiate so hard for weeks on the best way, via a "leverage" to multiply by up to five response capacity of the Fund's financial debt of fragile countries.

(With agencies)

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The system set up involves monitoring remote computer. But not to frighten the people involved, the main unit is television, connected to the Internet. "The equipment costs about 6,000 euros full, two months' rent in a nursing home," said Philip Bell, general manager of Toshiba-Cebea, a subsidiary of Toshiba dedicated services.This includes television and home automation equipment, including a smoke detector, a wristband alarm in case of fall and appliances suitable for pathology (blood pressure, diabetes control …). Then, the service costs 200 euros per month, including Internet access.

"This allows medical personnel to perform remote controls, but also the patient to easily get in touch with family members through a videoconferencing system on the TV," said Philip Bell. Medical staff and the senior may also contact by mail, through an electronic pen. Just write on a single sheet, the text is automatically entered and the e-mail sent when the pen is rested on its base free business cards. Forms to the attention of nurses and doctors have also been developed: just check the right boxes with the electronic pen and they are added to the medical record.It also allows for monitoring of medication, food … "We found that health staff was not comfortable with a keyboard, where the idea of ​​electronic pen, said Philip Bell . We are also working to develop a speech recognition system. "

Recurring revenues

For Toshiba, the objective is to develop this service at the national level but also in other countries. Japan pays attention to the experience of Alsace. Beyond the societal issues related to aging, a new economic model that is emerging. This type of service should allow the manufacturer to generate recurring revenue through subscriptions.

"The rise of the TV connected through the development of local services," added Philippe Delahaye.Most TVs sold today by Toshiba can be connected to the Internet, or consumers do not always use this function. By bringing seniors to the technology, Toshiba is not only the population but also those around them: Health care workers, children and grandchildren.

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An internal document in German Ministry of Finance, taken by the newspaper Handelsblatt, illustrates the degradation of the opinion of the Germans against the Greeks: "The Government will further Papandreou promised much to its partners, to access a new tranche of credit, but it will not happen, "it said. And his conclusion is clear: Germany is preparing seriously to stop helping Athens.

In fact, Berlin is now considering a very real insolvency of Greece.Finance Minister Wolfgang Schäuble is no longer small sentences like this weekend when it was hammered out of the question to continue paying for Greece as it does not fulfill the conditions set by its creditors.

The post-bankruptcy in the study

In gray and cream long corridors of the Ministry of Wilhelmstrasse, the teams of the latter were already working on the management of post-bankruptcy. According to Spiegel, two scenarios are discussed – the output of Pure and simple in the euro area. The Department neither confirms nor denies. But in an article published yesterday, the Minister of Economy, Philipp Rösler, openly spoke of a possible bankruptcy of Greece.

Yet next scene, the CDU denies pessimism. For the president of the parliamentary group in the Bundestag Volker Kauder, "an exit from the euro area is not a solution."The party's general secretary, Hermann Grohe, Cassandra pin that inflame the debate: "We need to encourage the Greeks. We help are people in this way. "

Chancellor Angela Merkel sticks, meanwhile, delivered the remarks Sunday in an interview with the daily Tagesspiegel, saying that one can not "fix overnight what is not done for years" . On Monday, after his meeting with José Manuel Barroso, it simply just a terse statement on the importance of the euro.But if his spokesman said that the government's official position is to rely on the conclusions of the troika (EU-IMF-ECB), which experts arrive Wednesday in Greece for a thorough audit, he added that Germany Greece would not help that "in very strict conditions."

Ruling coalition isolated

Within the ruling coalition in Berlin, the Christian Democrats are isolated. The brothers enemies of Free Democrats and the Bavarian CSU common cause. When Philipp Rösler, also chairman of the FDP and thus vice-chancellor, said that one should "refrain from further consider an orderly insolvency of Greece", the patron of Christian social applauds Horst Seehofer, "content that these thoughts are expressed out loud. "

The CSU has also adopted an important resolution yesterday internally.In fifteen pages, it will detail the conditions it deems necessary to accept in the future to vote on plans to assist countries in need. It says this sentence murders: "States which are not able to stick to common rules, and put the euro area in difficulty should expect to leave the currency area." In Germany, the time of indulgence is over.

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Another element reassuring: the announcement of an increase, the first since May, the U.S. ISM non-manufacturing index. Good news that comes at a time of doubt about the growing economy of the United States. Moreover, investors who are eagerly awaiting the president's speech Barack Obama on jobs Thursday, learn this morning by CNN that he should propose to spend $ 300 billion to new posts.

Japanese exporters straighten the head

In Tokyo, the Nikkei, which was closed yesterday's session at its lowest for two years, started the day with a gain of 1.54%. It accelerated progression in the morning and was up 1.93% to 8756 points in a half hour of closing. The index is particularly driven by the weakening of the yen against the dollar yen trading at around 77.50 this morning, less than 77 against yen during most of the previous days. The Japanese currency fell after the decision of the Swiss central bank yesterday set a floor rate of 1.20 Swiss francs to one euro.The dollar and the euro are raised in the process, vis-à-vis the Swiss franc as well as the yen.

Also note the decision unanimously, the Bank of Japan (BoJ) to keep its key rate in the range of 0 payday loan lenders.0% to 0.1%, in order to fight against the effects of deflation and the high price of yen. The National Bank has also indicated that he still hoped a return of the Japanese economy to moderate growth between the end of the year and early next.

Side values ​​result: operators take the opportunity to return to the export sector had been battered in recent days.Among the largest increases are as Mazda Motor (3.40%), Sony (3.09%), Sharp (1.52%) and Panasonic (1.31%).

The title Yahoo Japan Corp. also climbed 1.92%, buoyed by the announcement last night of the ouster of the CEO Carol Bartz, in office less than three years, replaced temporarily by Tim Morse, current chief financial officer.

Rebound of the Australian economy

Elsewhere in Asia, is also the time for optimism. The Stock Exchange of Hong Kong and Shanghai respectively, earning 1.20% and 1.32%. The Korean Kospi flies of 2.71%, driven by the technology sector. Samsung Electronics is 4%, LG Electronics and Hyundai Motor 5.3% 2.6%. The Indian Sensex gained 1.03%.

In Australia, the S & P grants itself 2.30%. Operators have learned that the national economy, weighed down earlier this year by natural disasters, experienced a sharp rebound in the second quarter.GDP shows an increase of 1.2% over the period and 1.4% year on year, said Wednesday that the Bureau of Statistics (ABS). These figures exceed the consensus expected a 1% increase in the second quarter and 0.7% year on year.

LE FIGARO. – The bidding on licenses 4G is attacked. Will you give up?

Eric Besson. – The State Council will vote Wednesday. Expect. But thanks to this call for nominations, France will be part of the forefront of the mobile broadband Internet. The government is selling rare frequency of the highest quality, which all countries say they are strategic. We do this with the twin goals of coverage and stimulating competition, the benefit of consumers. Traders feared that a monopoly or duopoly is not recreated.But this call for applications is the first to include criteria as pro-competitive: the creation of four lots so that all current operators can expect to find their place, creating a criterion favoring offers to host virtual operators. We have gone as far as possible to encourage competition. But we also need strong operators, able to achieve very significant investment for years to come, both for the deployment of mobile broadband as that of the optical fiber.

How will you deal with interference of DTT by 4G?

As has always been the case in all countries of the world, a trader who buys frequencies is liable for any interference that they can generate. We assess that risk to less than 2% of households.To facilitate the processing of any such interference, the government will establish a single telephone number, with a small call center, so that individuals can report any such interference on their TV and get the linkage with operator responsible. This device will be funded by all operators at a rate of 2 million euros per year for five years.

You advocate for changing the standard of TNT. Chains bonus going to be frozen, and consumers will they have to buy a TV?

I am not campaigning for anything, and there will be no change in standard of TNT in the coming years. The French continue to receive 19 free channels and 10 pay channels of TNT, with no changes.What we're talking about is the next step, and new services to be launched in the coming years: new TV channels, personal mobile TV, 3D TV … The question is whether these new services will use the older DVB-T or the new DVB-T2 which allows to get 70% extra services. Chains on bonus, not the government that calls into question, but the European Commission, which initiated proceedings no teletrack payday loans. It would be irresponsible to issue permits for them to be canceled two years later, and that the state is then ordered to pay $ 800 million to 1 billion euros in compensation.Let the president of the CSA put its proposal and the prime minister officiate.

Packages Unlimited Internet at home are at risk?

The unlimited plans are at the heart of the development of the digital economy and are not threatened, quite the contrary. New unlimited call plans appear almost every week. Some operators have started to consider to better segment their offer, which does by no means the end of the unlimited. With the development of very high speed, there will be even more unlimited in the months and years to come.

How do you protect consumers?

We have set up with the social tariff Frédéric Lefebvre mobile phone, which allows 40 minutes to communicate and send 40 SMS for less than 10 euros per month.We will implement in the coming days the social tariff of the Internet, or 20 euros per month for telephone and broadband Internet, plus 3 euros per month for a box. We will sign an initial agreement on September 13. The order that I issued on August 26 also includes important measures as the establishment of an impartial mediator to each operator, the requirement to obtain consent from consumers for the automatic sending of commercial messages or for the establishment of witnesses navigation.

What are the issues you organize inter-ministerial seminar on October 21?

This is progress in the implementation of the declaration of Deauville.Networks (both funding and security), protection of personal data and the fight against the digital divide will be on the agenda.

What do you think of socialist proposals on digital?

The project of the PS is archaic. It is based on a tax Internet access, known as "socially progressive". Internet access will be paid based on their income! The PS also wants to abolish Hadopi and create a global license. This proposal has been accepted anywhere in the world. This would be the end of copyright in the land of the cultural exception! The PS also provides for the creation of a single public operator for the deployment of high-speed fixed and mobile. He still has not understood that the introduction of competition was the key factor in broadband deployment and growth of the digital economy.

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The Frankfurt Stock Exchange also closed up sharply Monday after meeting exceeded the 3%: the DAX index of thirty blue chips gained 2.39% to 5670.07 points, also carried by the speech of Friday Federal Reserve Chairman Ben Bernanke, who was reassuring on growth.

Friday, after a negative early trading, Wall Street has indeed ended the session on gains of 1.2% for the Dow and the Nasdaq 2.5%, investors focusing on positive ads during the next meeting Federal Reserve in September, Ben Bernanke hinted at the conference of Jackson Hole.The anticipation of a further intervention by the Fed puts the dollar under pressure against a basket of currencies: the dollar is trading at 1.4507 dollar per euro to 17 hours. On Monday, the U.S. indices still show green, reinforced by the recovery in consumption of U.S. households in July.

And always in the context of the general economic meeting in Jackson Hole's new Executive Director of the IMF, Christine Lagarde, has urged this weekend to recapitalize banks. She said that the European institutions "need of urgent recapitalization." The former Minister of Economy and Finance believes that these measures are the "key to cut the chain of contagion." So new fears for the banking industry, already largely weakened during the summer.

Pending on the details of the background of aid to Greece In Greece, aid modalities are not yet fastened.Negotiations were slowed by the requirements of Finland and the new challenges of Athens, whose stock rebounded strongly on Monday, however, and accounted for up to 9% increase on mid-term, on the bottom of the side of mergers expected Greek banks, in the early afternoon.

In addition, investors seemed to adhere to about Laurence Parisot. And referring to the financial crisis, the president of the employers' association (MEDEF) estimates for its part, that "if Europe were attacked, not because it is weak but because it is strong, and if it is envied, because it is enviable, "In an interview with Le Figaro, the boss of the bosses denounced a U.S. plot against the euro area.

Irene reduced cost

Other news of the weekend: the passage of Hurricane Irene passed through New York without drama. He also was demoted to a tropical depression.U.S. markets should open smoothly and Monday. Hurricane Irene would have between 500 million and one billion dollars in damage in the Caribbean and the United States, according to catastrophe modeling firm EQECAT. A figure below the most pessimistic forecasts considered before the hurricane.

The price of Brent was down, refineries and oil terminals on the East Coast of the United States seem not to have suffered major damage, easing fears of a supply disruption. In addition, Libya resumes oil exports within a month, according to the spokesman of the Arabian Gulf Oil Company (Agoco), controlled by the rebels. Crude oil production will resume in mid-September on two deposits in the country.A barrel of "light sweet crude" for delivery in October takes the field, to 85.46 dollars per barrel of Brent North Sea crude for October delivery stabilizes at 110 make quick cash.8 dollars.

Among the statistics expected Monday in Wall Street, the surprise came from consumer spending. The Americans have in fact spent more than expected in July. Up 0.8% on month, consumer spending across the Atlantic more than 0.3 percentage points the level expected by analysts. The promise of home sales have, they, down 1.3% in July compared to June, as the market expected, according to figures released by the National Association of Realtors. They increased by 2.4% in JuneOver one year are up 14.4%.

The bank bounce despite the warning Lagarde

As for values, on the eve of the biannual publication of trucks from the coast (Bo uygues, Carrefour, L'Oreal, Vinci …) at the end, only two cuts were regrettable among the 40 largest capitalization on Paris: the Danone (-0.35% to 45.57 euros) and Essilor (-0.68% to 52.61 euros).

In addition, about Christine Lagarde did not prevent banking stocks to rebound.A technical rebound is sustainable, while the sector was the most attacked in recent weeks: Société Générale (3.61% to 22.10%), Natixis (3.72% to 2.78 euros) Crédit Agricole (3.37% to 6.63 euros) and Axa (2.30% to 10.47 euros) and BNP Paribas up the rear with a more moderate increase (2.49 % to 34.39 euros).

In addition, Ingenico (2.49% to 27.55 euros) announced that it had repurchased TNET, an Italian company specializing in payment terminals, for an amount that was not disclosed. According to Ingenico, TNET manages an installed base of 45,000 terminals in Italy.

APRR (0.13% to 52.32 euros) will observe the re-opening until September 9 of the OPR launched by Eiffage (2.22% to 31.36 euros) and Macquarie.The toll road was also noted Friday that the evolution of traffic early in the second half was mixed for light vehicles, but remained well oriented for heavy vehicles.

Capgemini (3.96% to 27.95 euros) announced it has signed a five-year contract with the company's payment service EnterCard Scandinavian. The group of consulting and information services will pocket 30 million euros as part of this agreement.

In addition, ING has lowered its board to maintain, against purchase, the title Arkema (1.39% to 50.62 euros) and reduced its price target on the value to 55 euros (as against 85 euros).

Channel (1.29% to 4.406 euros) could push his plans for the IPO. While the ACC has lost nearly 20% of its value during the summer, analysts are skeptical of an imminent public offerings of media group, reports Les Echos.The listing of the 20% held by Lagardère has already been de-programmed, it could eventually sell its stake in Vivendi, the majority shareholder.

For its part Orange (France Telecom 2.08%, to 13.01 euros) would be in conflict with the American Cogent. The U.S. operator has, according to La Tribune, filed a complaint against his French counterpart to the competition authority for "abuse of dominant position." Orange is accused of preventing users from accessing the site MegaUpload. The conflict dates back to January so that Orange had decided to grant the account drop traffic from Cogent.

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The famous vision of the convergence of content and pipes dear to Jean-Marie Messier is totally outdated. Today, a group that controls a movie studio and a telecom operator has only his eyes to cry.The new Web giants like Google and Apple do not control any of this. They just developed a huge platform of exchange on the Internet on which they aggregate to music, movies, television series, electronic books, newspapers, video games and entertaining thousands of small applications. The challenge for them is to distribute such content on devices (mobile phones, tablets, PCs, TVs connected) and to levy a tithe in the process. But to control the distribution, they need three pieces of the puzzle: the platform, the terminal and finally the software that connects the platform and the terminal.

This is Steve Jobs, the genius head of Apple, who developed the concept cash advance. His platform called iTunes and Apple Store. Its terminals are called iPod, iPhone and iPad. Finally, the software that links is called IOS.Engineering is to develop an easy to use and so user friendly that consumers choose to voluntarily shut themselves in a world of Apple and even give him the credit card number! A dream!

Next step: the network

In this strategy, Google has a delay time. But in the world of technology, the positions are turning very quickly. The platform called Google and now Google + YouTube, social networking competitor Facebook, which has already gathered more than 25 million users. Google has also developed its software: Android. Used by 150 million mobile phones and hundreds of thousands of tablets, Android than Apple the IOS.

However, Google has never succeeded in producing a terminal. His first mobile, the Nexus One, was a failure.Its case for Google TV connected TV is not taking off and there is still no tablet Google. A huge hole in the strategy. Larry Page, Google CEO, knows that to win against Apple, it needs to control the terminals. Motorola is a strong brand and its laboratories are full of excellent telecom engineers. Specifically, the next battleground may be the control of telecom networks. In 2007, Google was a candidate for the purchase of mobile frequencies in the United States. Without success. But this is only a postponement.

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In the wake of the Asian stock markets, down sharply this morning, the benchmark index in Paris has started his week on a further decline (-0.74%), but avoid the dreaded crash in the markets.After a brief stint in the green, he never stopped to dig its losses since mid-day. Around 16:30, while Wall Street sinks into the red, the Cac 40 falling 4.14% to 3142.99 points, its lowest level since July 2009. The nervousness and volatility are the watchwords of the meeting. It has traded more than 4.2 billion euros on the CAC to 16.30.

Even renewed concern elsewhere in Europe. In Frankfurt, the Dax and retreated more than 4%. Less for London where the FTSE 100 lost more than 3%. The Swiss stock exchange plunges 3.19% to 5007.18 points. The Milan Stock Exchange falling more than 2.5% in the wake of Wall Street

Relaxation rates in Spain and Italy

Yesterday, Angela Merkel and Nicolas Sarkozy reiterated their determination to ensure that the bailout of Greece on 21 July be adopted before the end of September.They also praised the efforts of Spain and especially those of Italy, two weak links in the euro area at present. Indeed, Rome has advanced by one year (from 2014 to 2013) the goal of return to balance its accounts. In addition, the European Central Bank (ECB) said it would implement "active" its buyback program obligations. This measure, taken and announced last week by Jean-Claude Trichet, president of the institution, had absolutely convinced investors. On the contrary … But this morning, the Italian and Spanish bond yields relaxed, investors are more confident in an intervention by the ECB on the secondary bond market in both countries. Rates in ten years Spanish and Italian are ironed on Monday under 6%.Relaxation is expected to continue, while the French Minister of Economy and Finance Baroin confirmed on Europe 1 that the ECB was ready to buy the Spanish and European debt, if investors withdrew.

American borrowing rates have, in turn, not move, indicating that the debt of the world's largest economy remains an attractive investment, against the loss of the triple A of the United States.

Next on the list?

However, uncertainty should remain in force on the European markets at the beginning of the week. The decision of Standard & Poor's in the United States continues to claim haunt the minds of the markets, despite a weekend to "digest" the news.Now that the world's largest economy, long considered one of the most reliable borrowers, is not as well marked, which could consider itself safe from degradation? In France, this concern should be limited, however, the chief economist for Europe, Standard & Poor's Jean-Michel Six, who said Saturday that the agency maintained the "AAA" of France, in a stable outlook.

The announcement of the ECB on repurchase of bonds was initially supported the euro against the dollar. At 7 o'clock this morning, the euro was worth 1.4321 dollars, against 1.4281 dollars on Friday night, after the dollar rose to 1.4370 on Sunday night.The European currency is, however, decreasing again around noon to 1.4268 dollar.

But above all concerns macroeconomic benefit to gold, which recorded a new record Monday on the market in Hong Kong, dying for the first time the maximum 1700 dollars an ounce, and benefiting fully from his safe haven status.

The sharp drop in oil

Instead, the side of the oil, oil prices continued to tumble on Monday. Result of numerous concerns about a possible global recession, prices show a sharp decline. To 13 hours, a barrel of "light sweet crude 'lost 3.64% to 83.67 dollars.

Finally, the political mobilization should remain in force throughout the day, and guide the trend in European markets as U.S.. For the side of the macroeconomic data, the news will remain low in the first day of the week.Unlike last week, no statistics across the Atlantic will not give further details Monday about the health of the U.S. economy or the risk of a possible recession in the country. In France alone were expected business surveys of the Banque de France, unveiled on Monday its growth forecast for the third quarter. For the period, the institution expects an increase of 0.2% of French GDP, the same pace as in the previous quarter.

As for values ​​to follow, business publications are scarce this week.

Battered last week after interim results affected by exposure in Greece, banking stocks were offered a nice rally this morning before falling unevenly mid-term.BNP Paribas wins again in mid-session, 1.01%, to 41.025 euros, but Credit Agricole (- 0.27% to 7.14 euros) and Societe Generale (-2.95% to 26.625 euros ) drop out. For its part, Axa sells 1.13% to 11.425 euros. The insurer CNP Assurances is however still 3.02%, to 12.265 euros, the head of the SBF 120 index increases by mid-day.

Peugeot (-7.45% to 20.745 euros) and Renault (-6.95% to 29.125 euros) recorded both the largest declines the CAC 40. The two automakers are penalized by the broker Morgan Stanley lowered its price target on the two values. Alcatel-Lucent also drop 6.66% to 2.298 euros. Technip meanwhile lost 5.97% to 58.71 euros.

The manufacturer Archos tablet that will detail its annual accounts after market, accounts 4.77% to 8.35 euros this morning before falling heavily to 6.78% to 7.43 euros.

Carmat (5.56% to 98.70 euros).The total artificial heart specialist said on Sunday evening the success of its capital increase launched from July 13 to 29. The former subsidiary of EADS has raised 29.3 million euros, which will fund the first clinical trials on humans.

GDF Suez (0.73% to 20.56 euros). The group of energy and services has sealed, according to Les Echos, a strategic Partenaris with the Chinese sovereign wealth fund CIC, which would lead to an acquisition of a 30% interest in the exploration and production arm of French.

Specialist catering Sodexo (-1.84% to 49.075 euros) announced that it has won a contract worth 766 million dollars (535 million) to provide the basics of feeding twenty Marines, the United States.

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On other European financial centers, the Footsie-100 from the London Stock Exchange 0.97% to 5663.10 loose points, the DAX 30 Frankfurt Stock Exchange lost 0.83% to 6740 points. But stock markets in the South, the more destabilized the previous day to resume mid-term: 20 PSI of the Lisbon Stock Exchange will stop over as well, only 0.05%. Milan bounces more frankly about 1.15%, and Madrid, 1.59%.

Juncker meets with Italian Minister of Finance

The European sovereign debt and U.S. continue to weigh heavily on the trend.Yield spreads between bonds to ten years Spanish and Italian over German bonds widen. They stood at 402 basis points respectively (13 bps) and 386 basis points (12 bps). Italy and Spain are again under pressure from the markets fear a contagion of debt. Their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries. The Italian Finance Minister Giulio Tremonti and the leader of the euro zone, Jean-Claude Juncker, today concluded their discussion by considering that the reflection on the debt crisis was to continue "calmly."For its part, the Spanish Prime Minister Jose Luis Zapatero on Wednesday convened a meeting on "market movements".

China increasingly perplexed vis-à-vis the dollar

Investors also remain worried about the strength of U.S. growth. And, although the Senate has ratified Tuesday the plan to raise the debt ceiling. Insufficient agreement by Moody's which could lower the rating of the country. The closing down sharply on Wall Street Tuesday night also confirms the markets in their choice to continue to withdraw.

China, for its part welcomed the adoption of very hard this plan. Beijing said it would continue to limit its dependence on the dollar, whereas the U.S. has failed to defuse "the bomb of debt." The rating agency Dagong China in the wake downgraded American.Wednesday morning, Asian stock markets, with the exception of Shanghai, changing all down sharply.

Eurozone: activity in services slows further

On the macroeconomic front, the growth of activity in the services sector continued to slow in July to register their slowest pace since March 2010. The PMI index reached 54.2 against 56.1 in June.

The same goes for the euro area and for Germany: the composite index stood at 52.5 against 56.3 respectively in June and 51.1 against 53.3 in June.

For the euro area, retail sales rebounded 0.9% in June compared to May, where they had fallen by 1.3%, said Wednesday the EU statistics office Eurostat.Eurostat revised down its initial estimate for the month of May, initially announced at 1.1%.

In the U.S., investors will also pay attention to employment figures in the private sector in July (2:15 p.m.), the industrial orders in June (16 hours), the ISM services in the month July (16 hours) and weekly inventory of crude oil (16.30).

Bic flies, Societe Generale sinks

Air France-KLM: + 0.38% to 7.86 euros

The airline plans to delays or cancellations of flights, from Paris, following a strike by technicians responsible for maintenance of its aircraft.

Total: -0.64% to 36.56 euros

The oil company and its CEO Christophe de Margerie were returned to correctional late July for "active corruption" in the investigation into the UN program "Oil against food" in Saddam Hussein's Iraq from 1996 to 2003 officials said a judicial source.

Danone: + 0.01% to 49.51 euros

The dairy group has unveiled a proposed acquisition of 250 million euros in nutrition in India to expand into the Indian markets for infant nutrition and medical purposes.

Societe Generale: -6.91% to 30.26 euros

The bank chaired by Frédéric Oudéa posted net income down 31% to 747 million because of writedowns on loans Greek past.Greece forced Societe Generale has given up its goal of net profit of 6 billion euros in 2012.

Crédit Agricole: -1.53% to 7.87 euros

The bank said it had sold its commercial finance Eurofactor in Britain to GE Capital.

Suez Environnement: + 1.87% to 12.82 euros

The group specializes in water management and waste released on Wednesday a net profit down 43% to 221 million euros in the first half. Suez Environnement, however, reaffirmed its financial targets for 2011-2013.

Bic: + 4.62% to 64.34 euros

Bic raised its growth target for the division of pens, lighters and disposable razors, to "greater than 5%" against up to 5%.Instead, the group anticipates a decline of about 10% growth for its advertising and promotional products division against 5% previously.

Hermes: -2.50% to 237.50 euros

The Association for the Defence of Minority Shareholders (Adam) wonders why the saddle spends as much to buy back its own shares, whose price has reached a new record this week, said Tuesday its president Colette Neuville.

Renault: -0.06% to 35.34 euros, Peugeot: + 0.66% to 24.43 euros

American manufacturers have announced their sales figures on Tuesday night. Chrysler reported a 20% increase in sales of new cars in the U.S. in July, while Ford saw its own increase by 9%.French car values ​​rebound sharply in mid-session.

Accor: -0.80% to 28.59 euros

Accor announced the signing of the sale of catering group Lenôtre Sodexo following the favorable opinion of the works councils of both groups.

After-hours trading, Vilmorin and Cegedim must publish their annual turnover for the first and second quarters respectively.