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.

Bouygues was competing with Vinci for this major project, to be confirmed by the signing of the PPP expected by February 2012, says in a statement.

This signature will then make public the architectural design of the book, which will be built on the ZAC Clichy-Batignolles, north of the capital, said the board of the Public Corporation of the courthouse in Paris (EPPJP ).

The project, presented as the window of a modern justice in France, was announced by Nicolas Sarkozy in April 2009 as part of his speech to the Greater Paris.

It will be completed before the end of 2016 for a 2017 start-up current, said the EPPJP.

The state and the city of Paris for a long time felt that the current courthouse in Paris, located in the Ile de la Cité in the heart of the capital, had become too dilapidated.

In addition, the premises of the High Court of Paris and the regional judicial police are now scattered over six different sites.

At a height of 160 meters, the new building will bring together on a single site all services of the Tribunal de Grande Instance of Paris and the police court.

Research firm, which also reported a slowdown in activity in the third quarter, does not mention in its press release of a forecast growth in sales for 2011.

The group had said previously a target organic growth of over 6%.

"However, this reduction in growth prospects do not undermine the objective of Ipsos – Synovate out – to reach a record operating margin of at least 11% in 2011," the company said in a statement .

Ipsos, which became the third largest global market research industry by closing early October the acquisition of Synovate, said that the activity of the new entity should return to a normal rhythm "no later than summer 2012 ".

The third quarter sales of Ipsos, Synovate out to be consolidated from 1 October 2011, was $ 287.6 million, up 5.4% at constant scope and exchange rates, while Analyst estimates ranged from 5.6% to 6.0%.

It reflects a slowdown after growth of 6.4% announced in the second quarter and increased 6.2% over the first three months of the year.

The first nine months of the year, organic growth stood at 6.0% for sales to 845.8 million euros.

"The operating margin was up compared to the same period of 2010," said the company in a statement, without providing any figure indicated.

The French research company was particularly penalized in the third quarter by the slowdown in its business market research and advertising associated with a reduction in the number of client projects, Ipsos said.

Emerging economies, however, take the pace, with organic growth of 17% over nine months.

In its statement, the company said that the merger of the teams Synovate and Ipsos should be effective from January next year before the launch of a new integrated offering scheduled for February 15.

But if the decision of the rating agency to assess the stable outlook of the French financial risk rating to weigh on confidence vis-à-vis the currency area in the coming weeks, there is little chance that the risks associated materialize in the short term.

As for the long term, permanent mechanism for stability, which could take effect in July 2012, will shield the single currency which will have a solid capital structure and legal personality, making it impervious to turmoil on the notes of the national constituent countries.

Moody's justified its decision Monday night focusing on the risks to French growth and the potential costs of bank recapitalization and support to troubled countries in the euro area.

The news comes at the worst time when the leaders of the euro area, meeting Sunday in Brussels to agree on a strategy for Greece and their banks, already suffering from a lack of confidence from investors after almost two years of delay and 14 peaks that have failed to stem the crisis in Greece.

The risk premium associated with the French bonds jumped to a record since the inception of the euro after this warning, which now places a sword of Damocles over the Franco-German couple, the backbone of the currency area and the ultimate guarantor its stability.

Franco-German

The consequences could be felt this week and affect the contours of the European plan to reduce Greece's debt consistently, reinforcing the strength of the euro area banks by recapitalizing and maximize "the firepower of the fund to support the euro area (EFSF) by using leverage.

"The French are clearly vulnerable.It becomes difficult for them to talk on equal terms with Angela Merkel in terms of spreads (the spread between yields on French and German-Ed), "said Ludovic Subran, chief economist at Euler Hermes.

Philippe Waechter, director of economic research at Natixis Asset Management, for its part considers that the new could curb the ability of Europeans to use the EFSF to relieve the ECB in resolving the crisis.

"It's true (that announcements by Moody's) can weaken the EFSF, debts are guaranteed by France to the tune of 158 billion euros, which is significant.It could create a doubt, "he says.

As for Alex Koagne, an analyst at Natixis bank, it is estimated that the bank recapitalization component that is affected first.

"The message from Moody's equivalent to saying that France can not help its banking sector.It's a way of saying: 'If your bank should be recapitalized, they will do in the markets,' "he said.

CALENDAR

Beyond the impact on trust, risk, however, are limited in the short term.

The "multiplier" of EFSF, which could be decided on Sunday, will have no impact on the sovereign ratings of countries in the euro area and could increase the response capacity of the fund to some 2,000 billion euros in guarantees, which does not weigh on the public accounts.

The recapitalization of banks should in turn be primarily via internal reserves and facilities through the market, with limited impact on finances.

Above all, the European Stability Mechanism (MES) could start operating sooner than expected

Legal personality of international institution and its 500 billion euros in capital, which can be more easily "multiplied", will make it impervious to changes in national sovereign debt notes.

The date is now planned on 1 July 2012 but some call for further accelerate this timetable.

Moody's has on its side no plans to go as fast and was given three months to choose whether or not the French note on negative outlook, before eventually withdrawing its maximum score within two years.

The trade balance posted a deficit of 45.61 billion dollars, while the market was expecting a hole of 45.8 billion.

In July, the deficit eventually amounted to 45.63 billion (44.81 billion in the first estimate).

Exports were down 0.1% from July to 177.61 billion dollars while imports remained unchanged at 223.22 billion dollars.

The United States has accused a record trade deficit in relation to China, to 28.96 billion dollars against 26.96 billion the previous month.

In the morning, China announced that its trade surplus had declined in September for the second consecutive month, a statistic that reflects the weakness of the global economy and the slowdown in China itself, thus being factor decline in world stock markets.

"The cost of support for the Belgian Dexia is not insignificant, and highlights a weakness of the note of Belgium, including a large banking and financial commitment that implies for the state," said Douglas Renwick, one of the leaders of the team responsible for Fitch's sovereign ratings, told Reuters in an email.

Monday morning, Standard and Poor's and Moody's confirmed or repeated Monday that they give full marks to the French public debt and its stable outlook, hours after the announcement of the public bailout of Franco-Belgian bank Dexia.

This plan includes 90 billion of government guarantees to ensure the financing needs of the public entity that will remain after decommissioning. Belgium will provide 60.5% of these guarantees, against 36.5% in France, the remainder returning to Luxembourg.

Suspended since Thursday, Dexia shares plummeted to its resumption of trading at 14.30, losing up to 36% before recovering an hour later to earn 8.88% to 0.92 euro. She eventually finished down 4.73% to 0.805 euro.At its highest in late May 2007, the action was still worth 22.56 euros.

Maria Malas-Mroueh, who is also one of the leaders of sovereign ratings, said that 36.5% of 90 billion of guarantees accounted for at most 1.6% of French GDP."For Fitch, Dexia exposure is small compared to the French GDP and it is not in itself a significant risk to the French note," she said in an email.

This view is shared by Moody's which held that the dismantling of Dexia would, for now, no impact on credit ratings of France.

Some concern weighing on the credit rating due to a share of the debt of France and also the country's banks' exposure to debt in the euro area device.

Second largest economy in the euro zone, France is the country whose deficit and debt are the highest in six countries in the euro area still rated AAA.

This tax will be sitting on their sales-tax at a rate of between 0.08% and 0.12% and is expected to bring nearly 250 million euros, the newspaper said on its website. Electricians (mainly EDF) will pay the third party, says he.

The government source confirmed the creation of this tax and its rates, but not the expected return.

Wednesday the government will introduce the draft budget for 2012 which aims to reduce the public deficit of France to 4.5% of GDP at the end of next year.

Standard & Poor's downgraded Friday the long-term rating of Groupama, a decision to which the French group had prepared internally by announcing Thursday a savings plan and measures to strengthen its financial profile.

"We will now give priority to profitability rather than market share gains (…) Also, we do not expect to make acquisitions in this period (2012-2015), "said Jean Azema, CEO of Groupama, in an interview published Monday.

"The stock market listing of Groupama is reported at period end, that is to say more towards 2015," he adds.

The Director General further states have no particular concern about the solvency of Groupama by the end of the year and believes that a solvency ratio below 100% is not part of the scenarios to the agenda 2011.

"I will not deny that the situation is a bit tense, because we used to be far in excess of 150%. But it is only due to the collapse of financial markets.I have no concern for the end of the year, "he says.

"The measures we are taking should gradually return to our solvency margin to 150%. They should also allow us to improve our underwriting results with a combined ratio (total claims and expenses to premiums) around 98%" , says he.

Asked about the participation of Groupama, including the capital of Societe Generale, Jean Azema said that the investments of his group were part of the long term.

He also stressed the strength of French banks.

"Let us not forget that they have very strong fundamentals.This is what I see, especially as a director of Societe Generale. "

Groupama is exposed to the European sovereign debt to the tune of 770 million euros at end-June in Portugal, Greece and Ireland, as well as $ 1.5 billion to Italy and 670 million for Spain detailed the CEO.

A 31 year old man was arrested Tuesday morning in London to a folder on unauthorized transaction, which could result in a loss for UBS in the third quarter.

The case falls even worse for UBS as the number one in the banking industry in Switzerland had worked hard to restore confidence undermined after being rescued from bankruptcy in 2009.

"This is all the more surprising that UBS had installed a system of tighter controls to address the problems that the bank had recorded with the subprime affair in the United States," said an independent analyst in Geneva.

"It's amazing that such a case could happen again after what happened with Société Générale and Kerviel affair," he adds.

In January 2008, Société Générale announced extraordinary transaction carried out by Jerome Kerviel.The unwinding of these positions had cost the French bank nearly $ 5 billion and was caused by departure of CEO Daniel Bouton.

The criminal case also reduces to naught the efforts led UBS to reduce its cost base. The bank had announced in late August it would cut nearly 3,500 jobs to save about two billion francs by the end of 2013.

This fraud could spell the end of investment activities, already under fire since the beginning of the financial crisis in 2007 because of huge losses it has caused within the group.

The investment bank has accumulated between 2007 and 2009 pre-tax losses of almost 57 billion francs.It has started its recovery in 2010 with a pretax profit of 2.2 billion.

HEAVY DAMAGE IMAGE

Fraud will provide arguments to those who argue for a scaling of the investment bank. "This case gives a new reason to significantly reduce this business and joins a long list that already exists," said another analyst.

Act that is all the more necessary as money management, which has kept afloat while UBS investment bank was taking on water, could be affected by the turmoil. "There is the risk of a material influence and affect future operating trends."

Others are more relentless."UBS will probably sell the investment bank, Oswald Grubel has no real choice, the credibility of this division is at its lowest. Reputational risk could affect the private bank in the short term," said Guy de Blonay in Jupiter Asset Management.

For most analysts, the investment bank will struggle to restore his aura. "The damage is sensitive to image," said a trader based in Zurich.

He added that the fraud case could result in a change of management, while Axel Weber, former president of the Bundesbank, to join the board of UBS in 2013 before taking over as President Kaspar Villiger;

An opinion shared by Peter Thorne, an analyst at Helvea. "Gruebele saved the bank and its task is done.It is a matter of time before his departure. But investment banking is a disaster and some will ask the head of Carsten Kengeter. "

Carsten Kengeter leading investment bank since November 2010 after being named co-director in April 2009. He joined UBS in December 2008.

The car, based on a flexible architecture provided by the partner Daimler, will probably not built by Daimler plants nor by those of Nissan.

Besides the goal of exceeding the Lexus brand of Toyota in Europe, Infiniti also hopes to avoid the effect of a strong yen.

"Lexus is paralyzed by the yen to 77 per dollar, that puts them on their knees," said one source.