In a "special comment" on European countries published Sunday, Moody's says it still considers that the euro area will maintain its unity without any fault as that of Greece, but notes that even this' scenario 'positive' carries consequences very negative for the notes "of European countries. The U.S. rating agency, recently warned that France could lose its "triple A" allowing it to borrow at favorable rates in the markets, and clearly indicates that no country, even among those considered most solids, such as the Netherlands, Austria, Finland or Germany, is immune to a lowering of note.

Given the events of recent weeks, Moody's said have to consider "the likelihood of a scenario even more negative." She said "the probability of multiple failures (…) States in the euro area is no longer negligible" and continues to grow in the absence of solution to the crisis. If this probability were to materialize, it would increase the likelihood that one or more countries leave the euro area, the agency said, for whom this scenario of a "fragmentation of the euro" would have "negative repercussions for all countries the euro area and EU. " For Moody's, the situation is constantly evolving, and new "shocks" (new rescue or rising interest rates which states borrow) while policy makers define new measures are "likely to lead to changes of note in case by case "for some countries.

The debt crisis in Europe has almost been forgotten that the U.S. also face their great difficulties on their debt. European stock markets closed sharply lower on Thursday. Paris (-3.4%, below 2900 points), Frankfurt (-3.5%) and London (-2.6%) fell sharply in the wake of Wall Street lost more than 2% at the end of the afternoon. Democrats and Republicans should agree on a plan to save 1,200 billion over ten years to hold their huge debt. But after two months of negotiations, they were still far from an agreement a few hours from the end of negotiations scheduled for Monday evening.

Congress had in effect established a commission to decide on a plan to reduce debt. Composed of twelve members of Congress – six Republicans and six Democrats – the "super-committee" was intended to relieve an abysmal debt that comes to exceed 15,000 billion (you can see it evolve in real time on the www . usdebtclock.org). The six Democrats proposed a plan for 2900 includes 1,300 billion billion tax increase, the six Republicans on the other hand opted for a plan of 2,200 billion euros, with "only" 200 billion of tax increases. Without ever reaching a consensus.

Why the lock?

This blockage occurs less than a year of presidential elections scheduled for November 2012.

Solidarity Minister Roselyne Bachelot on Wednesday presented the new contracts for seven hours to eleven recipients of RSA representatives of councils willing to experiment with this device, it was learned from the department. Departments candidates to experiment with these contracts, reserved to the people furthest from the labor market, are the Maritime Alps, Savoie, Haute-Savoie, the Vendee, the Channel, the Rhone, the Upper Rhine, the Lower Rhine, the Gold Coast, the Marne and Haute-Marne.Tuesday in Bordeaux, President Nicolas Sarkozy said that the contracts were intended to "restore dignity" to the beneficiaries of RSA.

Objectives, duration and the choice of the directing personality similar government must be acquired before the start of the power of the current prime minister, said on national television MP Telemachos Hitiris.

"Just wait for the announcement of the (selection) Prime Minister in the cabinet. Everything must be done in the day, otherwise it will be hell tomorrow," he warned.

With demand strong, the world's largest earth-moving machinery and equipment for the mining industry posted net earnings of $ 1.14 billion, or $ 1.71 per share, against 792 million, or 1.22 dollar per share, a year earlier.Analysts polled by Thomson Reuters I / B / E / S on average expected $ 1.54 per share.

In pre-market, the title earned 3% after these announcements.

The turnover stood at 15.72 billion dollars between July and September, up 41%, the group called a record, as the market anticipated 15.03 billion dollars.

For all of 2011, Caterpillar said he expected sales to about $ 58 billion, including its recent acquisition of Bacyrus, whereas previously anticipated sales of between 56 and 58 billion.

Earnings per share are now expected to 6.75 dollars for the year, on top of an initial forecast range from 6.25 to 6.75 dollars.

For 2012, Caterpillar expects its sales climbed 10% to 20%.

Meeting in Brussels, they also discussed at length the contours of the new rescue plan for Greece and the participation of banks capable of reducing the Greek debt to sustainable levels.

A report prepared by the "troika" – IMF, ECB and European Commission – representing the international donors, a 50% discount on Greek bonds held by private investors is necessary to reduce the debt to 120% of GDP against 162% today.

If it was intended to reduce debt below 110%, a discount of 60% would be necessary, the report says, as a basis for decisions of Heads of State and Government of the euro area summits on Sunday and Wednesday.

The outcome of these meetings, which should lead to a new Greek plan, a formula to maximize the funds to support the euro area and a wide recapitalization of banks on the continent, is considered crucial for the single currency.

"We decided to authorize the payment of the next tranche of financial assistance to Greece in the context of the current program of economic adjustment.The disbursements must be made in the first half of November, once approved by the International Monetary Fund, "said the finance ministers of the euro area in a statement.

Athens immediately welcomed the European decision, saying it was "a positive step."

The decision "provides the fiscal targets in 2012 and paves the way for necessary structural reforms," ​​said Greek finance minister, Evangelos Venizelos, in a statement.

CONTINUATION OF DISCUSSION ON EFSF

According to several sources, the Europeans, however, remain largely divided on the level of the discount to be applied to Greek bonds as well as the voluntary and non-bank participation.

The German authorities, in particular Finance Minister Wolfgang Schäuble, insist that the envelope of 50 billion euros negotiated on July 21 is significantly revised upwards, if necessary by forcing banks to make an extra effort.

Paris is reluctant for fear of triggering a credit event with unpredictable consequences.

The ministers, however, only discussed the various options available to "maximize" the firepower of the EFSF, which also divides Paris and Berlin.

The Minister of Economy, Baroin said that France continued to believe that the conversion of cash in bank was the best solution but it did not make "one final point of confrontation."

"What counts is what works.And what works is what will go towards deterrence and effective firewall and it is around this that we try to work, "said the Minister after the meeting.

Granted a banking license in EFSF would allow access to funding from the European Central Bank to increase its capacity for action by a factor of up to five.

But Berlin rejects this possibility, which would be to accept that the institution of Frankfurt finance the countries of the euro area, one of the dogmas explicitly excluded by the European treaties.

The other members of the euro area are also divided, Belgium and Spain having voted for a reconciliation BCE-EFSF while Slovakia and Austria have indicated that this solution was not studied.

The countdown has started, however, for not only the peaks of Sunday and Wednesday but above the summit of Heads of State and Government of the G20 in Cannes in early November.

Thursday night, U.S. President Barack Obama spoke on the economic situation in Europe with his French counterpart Nicolas Sarkozy, German Chancellor Angela Merkel and British Prime Minister David Cameron.

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 British news channel SkyNews had indicated this morning that the French group insurance decided to sell its subsidiary AXA Private Equity, adding that it could be worth one billion pounds (1.15 billion euros ).

"It's like any new process," said one source, noting that the figure of one billion sterling mentioned as selling prices seemed quite high.

Axa and its subsidiary did not wish to make comments.

A spokesman for Axa said Axa Private Equity, an AXA IM managed $ 28 billion in assets.

Axa PE announced in August with the acquisition of HSH Nordbank much of a portfolio of 620 million euros, having already completed in June the acquisition of a portfolio of Citigroup for $ 1.7 billion (1, 17 billion) and another from Barclays for 740 million dollars.

In April 2010, AXA Private Equity acquired for $ 1.9 billion of private equity investment in Bank of America, when signing the largest-ever by a single buyer in this market.

Greek Prime Minister George Papandreou would explore the possibility to consult the public in a referendum on how best to tackle the debt crisis, or remaining in the euro area, either by abandoning the single currency, a Greek daily said Tuesday.The Prime Minister would be based on a favorable outcome for the euro to continue its drastic austerity policies applied at the request of the creditors of the country, the euro area and the International Monetary Fund (IMF), the daily Kathimerini said, Citing "sources" unidentified.

A text of the bill was under development, understands the everyday., No confirmation could be obtained from official sources on Tuesday morning. The Greek Ministry of Finance on Tuesday denied that information. "It makes no sense," said a source at the Ministry of Finance told AFP. Given the scale of protests in Greece last spring, Mr.Papandreou announced June 19 the holding of a referendum in the fall to concentrate on "the great changes that the government aims for the country", including political reforms as the functioning of parliament, the electoral system as well as an overhaul of the judicial system.

According to opinion polls, the Greeks have lost confidence in their political and judicial system, which has never been able to stem the endemic corruption in the country. The information on a proposed referendum on the euro are published at the time the Minister of Finance negotiates fiercely with the troika of the country's creditors seeking the implementation of austerity measures decided in July (fewer staff, reducing public expenditure) before paying the next $ 8 billion euros of the loan in May 2010 to avoid bankruptcy the country.