The President of the European Central Bank (ECB) Mario Draghi Friday defended the independence of the institution subject to strong pressure to intervene financially better deal with the debt crisis, stressing that it was his "credibility" was at stake . "Our credibility implies the success of our monetary policy (consisting of) anchor the inflation outlook in the medium and long term (…) to sustain growth, job creation and financial stability.

A nearly six months of the presidential election, the French authorities have once again assured Tuesday that they would do anything to keep the maximum score, which allows the country to finance at low cost, and promised new measures if needed.

But their room for maneuver seems limited because growth such as trust are affected globally in a context of anxiety in financial markets.

Bank stocks have fallen to the Paris Stock Exchange after the announcement of Moody's, while the yield on the French debt and insurance against the risk of default (CDS) rose, the yield spread between French and German debt (spread ) reaching a high for 16 years.

Moody's does not mention specifically the possibility of a perspective "negative" on the Aaa French, but if it were to lower the perspective, a downgrade could occur over the next two years.

"The 'triple A' is not in danger because we will answer these and we will be even ahead of the goals of deficit reduction," said French Finance Minister, Baroin, on France 2."If necessary, we will take steps for the appointment."

"We will make every effort not to be degraded," he added, noting that "we still have enough tax loopholes, if necessary, we will remove them."

GROWTH flu

The rating agency said in a statement: "In the next three months, Moody's will review and assess the stable outlook against the government's progress in the implementation of these measures (fiscal consolidation-Ed), taking into account all economic and market potential negative. "

Moody's also refers to the likely increase in the French contribution to the rescue of Greece and the prospect of a recapitalization of banks in the country, to which the State may need to participate.

"The deterioration in the debt figures and the possible emergence of new financial commitments put pressure on the stable outlook of the Aaa rating of the state" French, says the agency.

Engine of French public deficit, the country's growth next year should be much lower than the 1.75% forecast by the government, which may influence the path that should lead France to a deficit of 4 , 5% of GDP in 2012 and 3% in 2013, after 5.7% this year.

According to the survey conducted by Reuters with a score of economists, and they expect an average growth of 1.0% next year.

Baroin has for the first time said Tuesday that the objective of 1.75% was "probably too high."

Economists polled by Reuters Tuesday, believe that the economic downturn is the first threat to France and its sovereign rating, a threat reinforced by the possibility of further government intervention to resolve the crisis in the eurozone and strengthen the banks.

"The Triple A French is a little on the hot seat, especially if the French economy was facing a shock much deeper than what we anticipated," said Jean-Christophe Caffet, an economist at Natixis.

For Gilles Moec, an economist at Deutsche Bank, "the issue of growth is most important because it constitutes the core of the macroeconomic strategy of France.""The engine stalled, forcing more likely to act on the structural deficit."

Philippe Waechter, director of economic research at Natixis Asset Management, for its part said that "if growth is not expected robustness, the objective of reducing the budget deficit will not."

Jean-Louis Mourier, economist at Aurel Leven, said meanwhile that "bank recapitalization would impact the debt but the real problem is the trajectory of public finances and therefore growth."

PUZZLE AND EUROPEAN PRESIDENTIAL

Moody's notes that the level of debt of France is among the highest Aaa rated countries, while remaining content with a relatively low weight of the interests of debt to government revenue.

But the ability to fund high levels of debt "is based on investor confidence in the government's ability and willingness to cope with unexpected challenges," the agency said.

A situation even more critical that the chronic current account of France requires it to obtain financing from foreign investors.

François Fillon on Tuesday urged members to refrain from bidding on the draft budget for 2012, including the examination begins on Tuesday, with specific reference to the warning from Moody's.

"In this context, the budget debate must be exemplary," said the head of government before the UMP group, reported a number of members present at the meeting.

A weakening of the "triple A" French further complicate the resolution of the crisis in the eurozone, France, with Germany being the main contributor to the European Financial Stability Fund (EFSF), the European support fund, whose rating depends part of those of its contributors.

Beyond the EFSF, the European dynamic could be profoundly affected if the second largest economy in the euro area clinched the best student, Germany.

The threat of a possible negative watch placement of Aaa, should also limit a little more room for maneuver of the candidates in the presidential election of April-May

The Socialist candidate Francois Hollande and his family have announced that their action, if they win the presidency, will be dictated by the need to preserve the confidence of creditors of France.

Import growth as exports slowed last month.The accentuation of the debt crisis in Europe and the slower growth in the U.S. explain this trend, which could enhance the Chinese authorities in the conflict on the level of the yuan.

"The rising exchange rate of the renminbi could limit the margin of export growth", has also speedily regretted Lu Peijun, deputy director of China Customs, at a press conference.

"China still faced inflationary pressure imported relatively strong and the terms of trade deteriorate as well," he added.

Exports grew by 17.1% last month compared to September 2010, after a growth rate of 24.5% the previous month, according to data released Thursday by the Office of Customs.

At the same time, imports increased by 20.9% yoy against 30.2% in August.

The surplus in the trade balance of China and stood at $ 14.5 billion in September, against 16.3 billion average expected by economists and after 17.8 billion in August.This represents less than half of the surplus in July, which amounted to 31.5 billion.

Year over year, the trade surplus appears to 180.3 billion dollars.

"Export growth in September was much lower than the expectations of the markets, reflecting the global economy coughs, and we expect this trend to slowing exports will continue in the coming months" , Analysis Wang Hu, of Guotai Junan Securities in Shanghai.

"The narrowing trade surplus and a slowdown in imported inflation could ease the pressure on Beijing to accelerate the appreciation of the yuan," said Du Zhengzheng for its part, an analyst with China Development Bank Securities.

Economists, relayed by western politicians, believe that the Chinese currency is undervalued, giving an advantage to the products 'made in China' on the international markets.

In Washington, the Senate passed a bill Tuesday that could force Beijing to raise the price of its currency under penalty of imports of Chinese goods taxed. China denounces protectionism in disguise and an obstacle to world trade rules. (See)

The trade surplus of China vis-à-vis the United States, however, remained unchanged from August to September, 20 billion.

Vis-à-vis the European Union, it decreased to $ 12.9 billion against 14.8 billion in August.

The euro, which rated approximately 1.3350 dollars, is notably supported after the commitment by Germany Wednesday to help its banks if necessary.

Be announced by the ECB at 24:45 GMT at the end of the meeting of its board of governors for the last time led by Jean-Claude Trichet? The issue is discussed.

The market economists expect a simple majority in monetary status quo – the main rate by the ECB would remain at 1.5%.But the voices of a growing number were heard to ask for a lower cost of money while the signs are increasing of a faltering economic recovery and as the financial crisis – bonds and bank – escalates .

However, inflation continued to rise in September in the euro area. It reached 3.0% annual rate, its highest level in nearly three years, against 2.5% in August, is already well above the objective of the ECB. However, the essential mission of the Central Bank of 17 countries in the euro area is to maintain prices at a level slightly below 2%.

If the ECB does not reduce the cost of credit, it could announce other support measures.Among the measures expected by the market, increased liquidity, recovery of tenders 12 months used for the last time in late 2009, handed to the current tastes of the program to purchase bonds (covered bonds).

According to a Reuters poll conducted last week, 56 of 75 economists said to anticipate a continuation of interest rates, but 13 anticipate a decline of 25 basis points in September and even predict a reduction of 50 points.

For example, JP Morgan Chase is expected to drop 50 points in the cost of money.

The single currency has lost about 10% against the greenback since its peak of 1.4550 dollars in late August, but is above the low point of his nine-month dollar hit 1.3145 this week.

Carmignac Gestion WANTS THE RATES TO ZERO

After raising rates twice this year in April and July, the ECB changed its stance at its September meeting and opened the door to future cuts.

She said that the risks to inflation were no longer on the upside but were "broadly balanced".

Since then, inflation was announced at 3%, but the signs of a slowdown have been confirmed.The U.S. investment bank Goldman Sachs and others now provide even a "mild recession" for the eurozone in the fourth quarter.

Economist Oxford Economic Forecasting (OEF) Tom Rogers believes that the ECB will reduce its rate to less than 1% if the economy falls into recession.

In a full page advertisement in the Financial Times on Wednesday, the French manager Carmignac Gestion, with assets under management amounted to 55 billion euros, asked Jean-Claude Trichet to go further and to reduce rates to zero.

"Goodbye, we do not regret it!" We read in the box presented in the form of a letter to the President of the ECB."This is your last chance to leave on a positive note."

According to many economists, it would be the next President of the ECB, Italian, Mario Draghi, Jean-Claude Trichet decides to lower the house money before taking office.

They feel that if Mario Draghi had to take such action in its first monetary policy meeting in November, it might then be portrayed as a supporter of lower rates.

This would imply, however, that Jean-Claude Trichet left as the last measure of his eight-year term rate cuts in a context of high inflation: such a decision contrary to fundamental principles of the ECB, would be enough to ruffle the supporters of the 'budgetary orthodoxy.

Some as Carmignac criticized the ECB for not doing enough to fight against debt crisis in the euro area, but others, like the Bundesbank, the ECB's view that has already gone beyond its limits and it puts independence at risk.

The euro area may therefore have to await further signs of a slowdown, or a decline in inflation, to get a breath of fresh air in the form of lower rates.

The number of building permits issued for housing shows a parallel increase of 10.5% over the last 12 months to 490,620 and an increase of 10.6% over June to August, to 133,169.

"Over the past twelve months, new construction, representing over 87% of homes, rose 9.8% over the previous twelve months," the ministry said in a statement.

In the non-residential housing starts were up 7.3% over the past year to 25.35 million square meters, and 26.2% for the three months to 6.18 million m2.

Building permits granted for industrial or commercial premises are up 7.2% over the last 12 months to 36.22 million m2, and 2.8% over three months to 8.95 million m2.

Citing unnamed sources close to banking and the Elysee, the Sunday newspaper added that this proposal was made at a meeting on September 11, between the Director of Treasury and leaders of BNP Paribas, Societe Generale, Credit Agricole, People's Bank, Savings Bank, and Credit Mutuel.

Approached by Reuters, the Treasury has made no immediate comment. The governor of the Banque de France, Christian Noyer, assures him in an interview with JDD that "there is no plan.And besides we do not need. "

He emphasized that "the only thing that exists is the mechanism 2008 of a public company may purchase securities in the capital of banks if they express a need. So if there was an extraordinary event, this mechanism is place, "a statement which does not seem inconsistent with the alleged proposal of the French authorities cited by the JDD.

According to the JDD, "the state has offered to support French banks in the same way in 2008.""The pattern was to inject this time between 10 and 15 billion euros of public money to strengthen their capital base."

"Many intervention schemes were under consideration, simple loan to the issuance of preferred shares with warrants," the paper said.

Societe Generale, whose share price tumbled, accepted this solution provided all the French banks involved but "BNP Paribas declined to be supportive, burying the project immediately," the JDD.

Contacted by Reuters, BNP Paribas and Societe Generale had no comment.

To address the financial crisis following the collapse of U.S. bank Lehman Brothers, the French government established in the fall of 2008 a plan to help the banking sector by mobilizing a budget of 360 billion euros, including 40 billion to build equity and 320 billion to help banks refinance themselves via the Company's financing of the French economy (SFEF).

To counter the aims of LVMH, who had taken a surprise 17% stake in Hermes October 2010 (which has since increased this stake to 21.4%), the family shareholders of Hermes had opted for the creation a privately held holding company comprising 50.2% of the capital.

Legally obliged to launch a takeover bid for the balance, they had requested a waiver that had been granted by the AMF in January and has been an appeal by the Association for the defense of minority shareholders ( Adam).

The trading of the Hermes is suspended on Thursday.It will resume Friday.

The agreement, signed in the presence of Russian Prime Minister Vladimir Putin, includes assets that BP expected use and thus reduces to nothing the hopes of British oil to boost its own agreement with Rosneft, which was blocked in May by its partners in a Russian joint venture.

Exxon and Rosneft will invest $ 3.2 billion in the development of Prinovozemelski blocks is 1, 2 and 3, located in the Kara Sea and the Black Sea Tuapse block.

Rosneft will be offered in exchange for participation in various exploration projects Exxon in North America and elsewhere.

It said Beijing had "nothing to fear" regarding the safety of its investments in the massive U.S. sovereign debt, while Premier Wen Jiabao praised the resilience of the U.S. economy.

Joe Biden is visiting China as it seeks to blur the differences between the two largest economies in the world and connect with the current and future leaders of the country.

Wen Jiabao said he was optimistic about the chances of the U.S. economy to get back on track, echoing comments made earlier by Vice President Xi Jinping, who should theoretically succeed Hu Jintao as President of countries.

"It is particularly important that you have sent to the Chinese people a very clear message that the United States will hold their word and meet their responsibilities for external debt.It will preserve the safety, liquidity and value of U.S. government bonds, "said Wen Jiabao to Joe Biden.

This is the first time a top Chinese leader expressed directly and publicly about the crisis in the U.S. debt since Standard & Poor's downgraded the sovereign rating of the United States.

Joe Biden said that Washington appreciated and rejoiced Chinese investment in U.S. Treasury bonds."Quite honestly, I want to assure you that you have no reason to worry," he said.

"Nobody ever won money by betting against the U.S.," he said earlier during a meeting with his counterpart Xi Jinping, according to a transcript of the interview.

Xi Jinping was in turn reported that the caller had informed him Thursday "the efforts undertaken by the U.S. government to boost growth and employment, reduce the budget deficit, properly manage debt and maintain the confidence of global investors."

"The U.S. economy is highly resistant and has a large capacity self-perpetuating.We believe that the U.S. economy will expand to even better in dealing with its challenges, "said Xi Jinping.

He reiterated the need for cooperation between Washington and Beijing to restore confidence in markets, and stressed that "confidence is more precious than gold."

After his visit to China, Joe Biden is scheduled to visit Mongolia and Japan.

Sales on a comparable basis rose 4.5% in the second quarter in the U.S., 5.9% in Europe and 5.2% in Asia Pacific, Middle East and Africa.

The first global chain of hamburger announced a net profit of 1.41 billion, or $ 1.35 per share, against 1.23 billion and $ 1.13 a year earlier.

These results exceed the expectations of analysts polled by Thomson Reuters I / B / E / S, which on average expected earnings per share of $ 1.28.

Turnover reached 6.91 billion dollars against 5.95 billion a year earlier.

The title was up over 2% in pre-market at 88.50 dollars, after finishing Thursday at 86.54 dollars.