The Paris Bourse ended with a gain of 0.46% to 3026.76. Other European markets end up in unison.

Values, Rémy Cointreau finished with a gain of 2.9%. The second group of French spirits saw its operating income rose 31% in the first half of 2011-2012 and intends to add a new brand to its portfolio of spirits.

The London Stock Exchange also ended up on a 0.46% to 5337.00 points.

The Nikkei gained 127.48 points to 8,287.49, after falling last week to a low of two and a half years.Government sources in Rome say they know nothing of any request for assistance from outside of Italy.

A trader in Tokyo noted, however, that markets remain very cautious about the debt crisis in the euro area.

"I thought that Italy would stabilize somewhat after the departure of (Silvio) Berlusconi, but the degradation of Belgium and the high yield suggests that Europe has entered a black hole," said Fumiyuki Nakanishi, strategist at SMBC Friend Securities.

"We do not know where is the next mine."

This week has the distinction of being a shortened session on Thursday is a public holiday in the United States where we celebrate the Thanksgiving holiday, which should result in reduced volumes.

The spotlight will be on Monday in Washington, where 12 members of the "super-committee" Parliamentary expected fiscal consolidation to make public their proposals Monday before the vote on November 23.

The latest negotiations skating at the risk of a new block.Now it supports more austerity measures, which may satisfy the investors.

A RALLY POSSIBLE?

The S & P 500 yielded 3.8% over the last five session, ending the week Friday night's most mediocre in two months.

If we add also the data from Iceland, Norway and Switzerland, the decline was slightly less marked, to -1.4%.

Over the period from January to October, registrations show a decline of 1.2% over the same period in 2010 (-0.9% with Iceland, Norway and Switzerland) to 11,126,000 units.

In Germany, the number of registered vehicles rose 0.6% in October compared to last year (9.8% over 10 months), while in France, sales were up 2.4% Last month, a slight increase of 0.4% over 10 months to 1.829 million units.

The number one European car Volkswagen rose by 3.7% of sales in October, all brands, while the runner, French PSA Peugeot Citroen, saw his fall by 6.4% the month last.

For its part, Renault has declined by 2.3% in October and Fiat a drop of 10.3%.

The Nikkei lost 34.31 points to 8,769.09 and the Topix, larger yielded 1.57 points (-0.21%) to 750.45.

Greek Prime Minister George Papandreou concluded an agreement with the opposition to form a coalition crisis supposed to approve the bailout of the country put together in late October in Brussels.

But in detail, both parties have provided little information on how this will unfold, including uncertainty about the identity of the future prime minister who will lead the coalition.

On the Nymex, the December contract on the U.S. light crude (WTI) ended on a loss of a dollar, or 1.07% to 92.19 dollars a barrel.

Meanwhile, Brent yielded 0.33%, 0.3 dollar to 109.23 dollars.

The announcement of a further slowdown in manufacturing activity in China and the United States has accentuated the negative sentiment in the markets. and

Already recapitalized in 2008 to 6 billion euros not the French public authorities, Belgian and Luxembourg, Dexia announced the beginning of October a new rescue plan led by the three countries.

The Prudential Control Authority (ACP) has sent two letters to Dexia Credit Local in the summer of 2010, copies of which were sent Thursday to Reuters by Georges Gilkinet, MP Belgian French-speaking Green party Ecolo.

"The College (CPA) found that the liquidity position of DCL, which does not comply with the regulations to the deadline of 30 June 2010 and also presents the risk of deterioration was particularly fragile," writing to the regulator DCL August 16, 2010.

"Under these conditions, it intends to place the institution under special supervision."

More detail in a letter sent Sept. 17, 2010, the CPA advanced many shortcomings in the management of Dexia Credit Local.

"In general, DCL is not or has not been always able to accurately determine the parameters of risk instruments markets," it said in the second post.

"The efforts of DCL and Dexia since late 2008 to address the weaknesses identified by internal audit group and this inspection mission are still insufficient to significantly reduce the risks, including counterparty and liquidity, and comply with prudential regulations and accounting, "the governor continued.

CONTROL OPERATIONS failing markets

He also noted the lack of control of Dexia Credit Local of its foreign subsidiaries' consolidated supervision of market transactions was deficient at the time of the survey, DCL not knowing the transactions initiated by its major subsidiaries including Spanish and German."

For the ACP, Dexia Credit Local had failed to mid-2010 to regain control of the risks taken by its various subsidiaries after its first rescue in 2008.

"This situation, similar to that already encountered in 2008 on the activities of the Slovak subsidiary, is not admissible in view of the notional amounts involved and the risks involved," he is also indicated in the report, in which the ACP doubt on the ability of Dexia to "effectively control the activities of its subsidiaries and branches."

A spokesman for the Prudential Control Authority declined to comment.

"This is a report on the consequences of the first banking crisis, we can not correct the story in a snap," Pierre Mariani defended himself in the newspaper De Standaard Dutch, noting that 'no sanctions had been taken against DCL.

A Dexia spokesman declined to comment further.

Dexia has given Thursday launched the final phase of its dismantling by validating the sale of subsidiaries whose Franco-Belgian bank must dispose as part of its rescue plan October 10.

First victim of bank scale of the crisis of sovereign debt in the euro area, Dexia should exist only as a holding company listed in Brussels which will combine the activities of financial services to the public sector in France, Spain, Italy and Germany.

Recapitalized on the basis of 9.9 euros per share in 2008, the Dexia share is worth more today than 0.61 euro. She lost three quarters of its value since the beginning of the year after falling nearly 39% in 2010.

The Greek Secretary of State at the Ministry of Finance, Ilias Plaskovitis, will meet next week the Swiss government officials to advance an agreement between the two countries on the Greek capital flight, said Friday the Minister Evangelos Venizelos. "The Greek government is negotiating with the Government of the Federation Helvetic to develop a model agreement on the Swiss-German-Swiss or helvéto so that Greece can have the tax revenues of the Greeks deposits in Swiss banks," Venizelos said in Parliament during a debate on this subject.

"Mr.Plaskovitis will meet next week in Switzerland Swiss officials on this issue, "said the minister who hopes that" this agreement is ready by the next day. "" We need the Greek parliament is ready to accept such an agreement as did Germany and the UK, "said the minister. The Greek Socialist government has launched several months in a fight against tax evasion, but without much success so far.

"In 2009, capital flight amounted to 5.4 billion euros, 4.9 billion relate only 8,667 Greeks, including 42% say less than 20,000 euros in revenues," said Mr. Venizelos. The Minister reiterated that "tax evasion was a national crime, a national disaster" and described as "Kafkaesque" procedures for fiscal control.

He pledged to publish next week the names of taxpayers who have large debts vis-à-vis the state to force them to pay. "We have identified those who need more than one million euros to the state and we have requested assistance from private companies to collect these debts in cooperation with the tax officers," the minister said adding that " 15,000 individuals and companies need 37 billion euros, of which 32 billion are due by companies. " According to experts, Greek banks suffer from a significant lack of liquidity and considerable leakage of capital, totaled 70 billion euros since 2010.

Against the backdrop of the debt crisis, the activity of services in the euro area, representing about two-thirds of the economy of the 17 countries using the euro, fell into contraction in September for the first time in two years, according a flash estimate published by Markit.

The index of manufacturing it has continued to decline for the second consecutive month, following the lead of HSBC PMI index of Chinese industry, reflecting a narrowing of the event for the third consecutive month.

By mid-day, European stock markets were digging their losses, also depressed by the bleak diagnosis of the Federal Reserve on the U.S. economy.

"There is a global slowdown (…), the Fed took note of yesterday (Wednesday), and the Bank of England raised the possibility of a new round of quantitative easing," notes Lolay Jeavons, responsible research world at Lloyds Banking Group.

"There is no doubt that the risks of a global recession have increased."

The services index in the euro area stood at 49.1 after 51.5 in August, while analysts on average expected a 51.0 index.Manufacturing activity has contracted it to 48.4 against 48.5 expected and 49.0 in August.

"The numbers are consistent with continued growth in gross domestic product (GDP), so it does not show even a recession," said Martin Enlund of Handelsbanken.

GOVERNMENT CALLED TO ACTION

"That said, (…) the credit crunch in the euro area could lead to another recession by Christmas if governments do not act quickly and vigorously."

Tuesday, the International Monetary Fund (IMF) has warned Europe and the United States against the threat of a relapse into recession next year because of rapidly addressing economic problems that could contaminate the rest of world.

The European Central Bank (ECB), which was the first major central bank to raise rates after the financial crisis, may have to lower them again in the near future, especially as anti-inflation rhetoric has subsided with the decline in price pressures.

"Under these conditions, the ECB could cut the refi rate to 1% by the end of the year," Judge Clemente De Lucia, an economist BNP Paribas.

In Germany, driving the economy of the euro area, the private sector activity in September rose at its slowest pace in over two years and new orders declined for the third consecutive month.

The composite PMI, which includes industry and services, stood at 50.8 version of "flash", its lowest level since July 2009, against 51.3 in August.

"We could see very little growth (of German GDP) in the third quarter and perhaps even a contraction in the fourth," warns Chris Williamson, economist at Markit.

"A BAD NUMBER OF GDP TO PROFILE" IN FRANCE

Moreover, the growth of private sector activity in France in September fell to its lowest level since the beginning of the recovery in 2009, accentuated the decline in the industry while expanding services was weakening.

The composite PMI fell to 50.7 in version of "flash" against 53.7 the previous month.

"The results of the PMI for the entire third quarter involve a considerable loss of the underlying dynamics of the French economy, which means a bad figure for quarterly GDP growth is emerging from stagnation in the second quarter" said Jack Kennedy, senior economist at Markit, which links with the escalating debt crisis in the eurozone.

In China, HSBC index of purchasing managers in the manufacturing sector fell to 49.4 this month, against 49.9 in August, the third consecutive month that figure below 50 points , which separates expansion and contraction.

The contraction in manufacturing activity, against a background of decline in new orders and new export orders suggests that the second largest economy in the world will perhaps not a replacement locomotive to address the "continuing weakness" found Fed by the United States.

Economists and Chinese leaders expected that the country's growth slowing, largely because of declining exports.

"The export sector seems increasingly threatened since the global fundamentals are reeling," said Connie Tse, an economist at FORECAST in Singapore.

But even if the prospects darken abroad, domestic demand should continue to maintain growth in China over 8%, even if it fuels inflation and may complicate the task of the Chinese central bank to contain rising prices without undermining activity.

The world number two services for conformity assessment and certification, which has already almost doubled its turnover since its IPO in October 2007, intends to repeat this performance with an average growth of 9% to 12 % per year of its activity on the duration of the new plan.

In 2010, its turnover stood at 2.93 billion and surpasses three billion in the latter part of 2011.

"The 2012-2015 plan is a plan for development and growth rather ambitious in a difficult economic environment," said Frank Piedelièvre, CEO of Bureau Veritas, during a media teleconference.

"Especially because the trends of the markets where we operate are supported by fundamentals have not changed, including regulations and standards for safety and environment, which are deployed in particular in emerging countries."

The group estimates that the high-growth areas will weigh about 55% of its turnover within five years, against just under half now.It does however make a third of the growth target in the plan through acquisitions turned primarily to the mature markets.

Bureau Veritas has also set a target increase of 100 to 150 basis points of operating margin adjusted, stood at 16.3% on average over the last twelve months to June 30, and annual growth in its adjusted EPS 10% to 15% over the plan period.

The action group, held March 31 to 51.2% by Wendel, took 1.16% to 54.22 euros at 9:25 after advertising in a market generally downward trend, showing a market capitalization of 5 , 92 billion euros. At this price level, the title lost 4.4% since the beginning of the year, after rising by almost 56% over the whole of 2010.