"We note the intention of the Greek authorities to hold a referendum," write the European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso in a joint statement.

"We believe that this agreement is the best for Greece.We have every confidence in Greece to honor the commitments made to the euro area and the international community. "

José Manuel Barroso and Herman Van Rompuy added that they spoke with Greek Prime Minister George Papandreou and said that the referendum question would be discussed on the sidelines of the G20 summit in Cannes, which runs from November 3 to 5.

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%.

"The economy as a whole has continued to grow in September, although many districts described the pace of growth as" modest "or" low "and contacts have generally found a weakening outlook," says the Fed This situation report.

Wall Street and oil prices went up in free fall as a result of this paper while the price of Treasuries rose.

The memo on the economy the Fed is based on data collected before October 7 and deals with all the economic conditions in the 12 Fed districts, which cover the entire United States.

According to the Beige Book, consumer spending rose slightly in most districts, thanks to the automotive industry and tourism.

There was also an increase in business investment, particularly in construction and mining.

While a number of districts have experienced some recovery in construction activity, "the general conditions of real estate – residential as commercial – are still depressed."

Also according to the survey, several districts noted that many retailers are reluctant to build up stocks despite the approach of the holiday season, reflecting a decline in consumer confidence.

This holiday season – which runs from Thanksgiving to Christmas – is at least half the annual turnover of many stores.

Interviewed on CNBC, the president of the Boston Fed Eric Rosengren said the Fed may have to increase support measures if the U.S. economy weakened further or if it was affected by a new shock.

While being held in Paris the meeting of G20 Finance Friday and Saturday, the market hopes to see political leaders overcome their differences to meet a debt crisis that threatens the stability of the euro area and the strength of the European banking system.

"For now, investors give them the benefit of the doubt," said Patrick Moonen, strategist at ING Investment Management, in a note entitled "Good luck to political leaders."

Pending the outcome of the meeting of finance ministers and central bankers of the G20, the surveillance by Fitch notes several banks – including Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Deutsche Bank or Societe Generale – show the difficulties faced by banks today.Difficulties that have driven the last weekend the French-Belgian Dexia decommissioning.

In exchange, the banks Friday was the only sector to finish down in Europe (-0.59%).

The President of the Eurogroup Jean-Claude Juncker reiterated Friday that several European banks needed to be recapitalized.

The crucial step remains the European Council of 23 October at which Germany and France will unveil their proposals for overcoming the crisis. Both countries said they already sealed their agreements without specifying its content.

"We have never been so close to a solution (to the debt crisis, Ed). But this is not done," warns David Thebault, head of quantitative trading at Global Equities."There is concern that the market takes it badly if there is no announcement of precise and detailed plan on October 23 and November 3 (G20 Cannes, Ed).I remain cautious. "

The Franco-German proposals will include a bank recapitalization and strengthening the response capacity of the European Financial Stability Fund (EFSF).

SIX MONTHS to recapitalize

In preparation for the European Council, the European Banking Authority (EBA) provides a new set of stress tests of the banking sector.

Stricter than the previous year this time should include a valuation of sovereign debt, particularly that of Greece, at market value, and the EBA should require banks a minimum capital ratio "hard" ("core tier one") of 9% and not only by 7%.

According to European sources, the weakest banks will then have six months to build up their capital.

"The only real justification for recapitalization would be to reassure the markets," said Laurent Quignon, head of economics at BNP Paribas bank.

"But in terms of economic fundamentals, there is no more reason than all the banks are recapitalized today than yesterday."

According to Goldman Sachs, at least 50 out of 91 European banks could fail the new stress tests, indicating a need for 139 billion euros in fresh capital.

The terms of a bank recapitalization on the Old Continent will be the subject of intense negotiations from Monday, said President of the Eurogroup.

"LESS DIVIDENDS, BONUS UNDER"

The French government has already said that the State was ready to help banks, but for now it emphasizes the strengthening of capital by private capital, unlike what was done in 2008 and 2009 under the plan to help French banks after the collapse of Lehman Brothers.

"Banks will have to recapitalize on the basis of their results by distributing less dividends and less bonus," said Friday morning the Minister of Economy Baroin, Europe 1.

"If they can not, they will do in the markets.If markets are not sufficient, they will find partners and, ultimately limit, there will be an opportunity for European coordination. "

"For France, I want to say that I am confident in the ability of our banks to raise their profits and all means at their disposal to strengthen their capital base," added the Prime Minister Francois Fillon, in the afternoon during the parliamentary days of the UMP.

In line with the German position, France has already ruled out recourse to EFSF to recapitalize its banks.

"Policies must resolve the dilemma between the private shareholders of banks that do not want to hear about dilution and the market which requires recapitalization," said Christophe Nijdam, an analyst at AlphaValue.

"The calls for recapitalization by the European authorities can be cons-productive to the extent that they contribute to fuel concern for all banks," warns Laurent Quignon, at BNP Paribas. "What can paradoxically make raising capital more difficult for institutions that need it."

Deutsche Bank, which would need to raise 9 billion euros according to sources, has made it clear that it would avoid any forced recapitalization.

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.

Fininvest had taken control of the publishing group of Arnoldo Mondadori Editore in early 1990 at the expense of the CIR group with a court order. The judge responsible for this decision was later convicted of corruption.

In 2009, a Milan court sentenced him at trial Fininvest to pay 749.9 million euros in damages to the CIR but Fininvest group had appealed the decision. The group of Silvio Berlusconi would also appeal the decision on appeal.

"The discussions between the Icelandic authorities and the IMF mission have been productive for the sixth and final review of the agreement," said Julie Kozack in a statement.

"Discussions will continue in the coming weeks, for approval by the Board of the IMF in late August."

The IMF approved in early June a payment of $ 225 million on 2.1 billion program, awarded in 2008 after the collapse of Icelandic banks.

Julie Kozack emphasized that the Icelandic economy was recovering gradually, with growth of gross domestic product expected to 2.5% for 2011, but stressed that inflation was also up, reflecting in particular the depreciation of the Icelandic krona.

Aegis said this month to negotiate for the sale of Synovate, which analysts value at around 500 million pounds (556.7 million euros). According to sources familiar with the matter, Ipsos had taken the first step.

A sale of this subsidiary would provide a spotlight on the activities of Aegis, presented long as acquisition targets of Havas.

These two groups have common shareholder as the businessman Vincent Bolloré. The latter suggested in May that it would be willing to sell its share of Aegis.

World number two clothing was up 11% of its sales at stores open at least a year, exceeding analysts' forecasts, which projected 9%.

A particularly hot weather in many European countries – where H & M makes most of its sales – seems to have encouraged clients to renew their wardrobe summer with lots of sandals, swimwear and light combinations.

But monthly sales figures can be volatile and the good performance of April succeeding drop in sales of 5% in March, analysts are cautious about the outlook for the Swedish group this year.

At 11:10 GMT, H & M posted a 1.08% increase to 233.70 kronor (25.85 euros), against a European sector index distribution down 0.67%.

"For apparel retailers, the situation will remain difficult because of low growth" in Europe, said Anne Critchlow, analyst at Societe Generale, highlighting the challenges faced at the periphery of the eurozone, such as Greece, Spain and Portugal.

The strength of the recovery in France and Germany has certainly helped the growth in the euro zone to exceed expectations in the first quarter, but it remains low (0.8%) and threatened by a possible contagion of the crisis debt.(See:)

Sales of H & M in April also exceeded expectations in the U.S., but retailers are concerned about consumer caution and higher cotton prices.

Anxious to preserve its cheapness, the brand announced in March its decision not to pass on higher cotton prices on its collections, tightened its gross margin to 57.8% against 61.9% a year earlier and 58 , 3% expected.

Including the recent openings, H & M, the number two global industry behind his Spanish rival Zara, owned by Inditex, is up 21% of its total sales compared with April 2010, while analysts expected an increase of 17%.

H & M does not publish the amount of monthly sales but only their percentage change in local currencies and does not comment on the figures it publishes.

On the New York Mercantile Exchange, crude for June delivery finished at 99.65 dollars a barrel, up 68 cents, or 0.69%, after hovering between 97.09 and 100.70 dollars.

For the week, U.S. crude oil gained 2.47 dollars or 2.54%, after the record loss of 16.75 dollars recorded last week.

Brent finished at the same maturity 113.83 dollars a barrel, up 85 cents, or 0.75%, after having moved between 111.72 and 114.92 dollars.

For the week, Brent crude gained $ 4.70, or 4.31%, having tumbled 16.76 dollars last week.

Despite the denial of Tripoli, the Italian Foreign Minister Franco Frattini reiterated Friday that Muammar Gaddafi had probably been wounded by NATO raids and it was probably more in the Libyan capital.