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.

Germany was sought on all sides Friday to find a solution to the crisis of the euro which extends dangerously threatening the most stable countries in the area, with a visit by British Prime Minister in Berlin and a call from Japan to act. European shares opened lower in the wake of Wall Street the day before and the Tokyo Stock Exchange, also sharply lower at the close Friday (-1.23%). "Markets should be penalized again by fears about the contagion of the crisis of sovereign debt," analysts have estimated the Saxo Bank.Chancellor Angela Merkel refuses steadfastly calls to relax the policy of the ECB to let him play the role of lender of last resort to the Europeans the most indebted. According to many economists, this calm speculation about the debt of European countries, which are dangerously increase the cost of borrowing. But it is considered unthinkable in Germany, viscerally attached to the independence of the European Central Bank, for fear of inflation. By receiving early afternoon British Prime Minister David Cameron supports greater involvement of the ECB, Merkel should renew his calls for fiscal discipline and structural reforms in the countries affected by the crisis.

These will begin in the evening and will begin with interviews with the presidents of the Senate and the Chamber of Deputies, Gianfranco Fini and Renato Schifano, sources said political sources.

In a brief speech following his nomination, Mario Monti said that Italy had "overcome the challenge of redemption" in a "troubled European and global context."

"The country must become a pillar of strength, not a weak link in the European Union that we were among the founders," said the former European Commissioner.

The euro area, you love it or leave it. This was essentially the message from Nicolas Sarkozy and Angela Merkel George Papandreou yesterday evening after a mini-crisis summit in Cannes. French President and German Chancellor had laid their conditions in the referendum decided by the Greek Prime Minister: consultation should not include the bailout of the euro but on the desire to remain or not in the euro area. And it should take place before Christmas.

From that moment, George Papandreou began successive setbacks leading to consider later in the day to withdraw its proposed referendum."One of the benefits for Greece out of the euro area is to default on its debt of 100%, but funding needs remain still very important," Jesus Castillo analysis, an economist at Natixis. Indeed, if it defaulted on its debt unilaterally and not coordinated with its creditors, Greece will be banned for a long time in financial markets. But the Greek public deficit, excluding debt burden, reached another 2.5% of GDP. To provide for turning the machine, the Greek state will have to reduce spending by 3 billion euros.

Moreover, the main losers of a total failure would not be French or German banks, but banks Hellenic, which hold a total of 52 billion Greek bonds, 15% of the debt. But the margin of Greek banks is very limited, if not nonexistent.

The Nikkei lost 62.08 points to 8,988.39 and the Topix, larger yielded 7.37 points (0.96%) to 764.06.

The Bank of Japan intervened in foreign exchange markets to counter speculation that makes the yen to rise and threatens to seal the country's recovery after the earthquake of March, announced the Minister of Finance Jun Azumi.

The Nikkei took up 1.1% immediately after the announcement, which reduced the yen against the dollar, and some investors doubted that the yen could remain permanently low, took the opportunity to pocket their profits.

Honda Motor, Toshiba and Panasonic have lost respectively 3.68%, 3.86% and 2.06%, while their results were expected after the close. The three exporters are not only affected by the force of the Japanese currency but are in addition to their production in Thailand affected by the floods.

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 deficit on trade in goods fell to 5.2 billion euros, against 6.4 billion a month earlier.

Trade in services have stabilized, generating a surplus of one billion euros.

The income balance has reached $ 3.5 billion from 3.6 billion in July while the current transfers deficit was unchanged at 2.2 billion.

The financial account showed a net outflow of direct investment of 800 million euros from 8.5 billion in July.

French direct investment abroad stand at 4.6 billion against 4.3 billion a month earlier.

Portfolio investment recorded net inflows of 21.7 billion euros residents increased their holdings of 34.6 billion while non-residents making sales of French securities to 12.9 billion.

Other investment posted net outflows of $ 4.9 billion after limited net outflows of 5.3 billion.

For the presidency of the last Board of Governors of the ECB, Jean-Claude Trichet, however, disappointed part of the market hoping the announcement of a rate cut by the end of the year as the economy slows and the Bank of England injected 75 billion for his part in pounds sterling (86 billion euros) in cash.

The CAC 40 index ended up 3.41% to 3075.37 points, following a rebound of 4.33%.Other major European markets, London was up 3.71%, 3.15% Frankfurt and Milan to 3.55%. The pan-European Euro Stoxx 50 index rose 3.18%.

"While the speech of Jean-Claude Trichet has disappointed some investors but remains on a positive note and not only to the ECB to intervene to improve the current situation," said Bertrand Lamielle, Director of Management mandated at B * capital.

INVESTORS MORE OPTIMISTIC

"Some had anticipated a rate cut and an increase in the size of EFSF (European Financial Stability), it was not the case.But we must remember that the mandate of the ECB is not the same as the Fed, and that it focuses only on inflation, which is why it has kept its rates unchanged, "he adds .

As before, the cyclical and financial stocks helped support the trend. The automotive sector grew by 4.3% and the construction of 4.04%.

Stoxx index of European banks has provided 4.18% and 5.08% of the insurers, the European Commission has announced that it would propose a coordinated action to recapitalize banks.

However, Dexia has also marked the session, the title having been suspended in the afternoon at the request of the Belgian authorities when he fell over 17%.Belgian regulators have indicated they wanted more details on the ongoing negotiations on the takeover of the Luxembourg subsidiary of Dexia in Luxembourg.

Except for the difficulties faced by the Franco-Belgian bank, investors want more optimistic about the European situation, as illustrated by the award of Spanish debt carried at rates much lower than this summer when the fears were strong to see the country contaminated by the debt crisis in the eurozone.

The yield on government bonds to 10 years is Spanish and dropped below 5% in session before recovering to 5.01% against 5.092% at the close Wednesday, while the Bund yield the same maturity is 1 , 95%, against 1.84% yesterday and nearly 1.72% on Tuesday.

Similarly, the euro was up 0.64% against the greenback at 1.3422 dollar.

François Hollande is widely considered more credible than its rival in the primary Martine Aubry on economic issues, according to a BVA poll showed that these two socialist leaders outweigh Nicolas Sarkozy to manage the crisis.

According to this opinion poll conducted for BFMTV BFM Challenge.fr and Business, published Wednesday, before the last debate between six candidates broadcasting the primary member for Corrèze is considered much more credible than the mayor of Lille for growth economic (60% against 22% and 18% not ruling).

Ditto for the debt (59% against 23% and 18% NSQ), taxes (55% against 27% and 18% Aubry NSP) and the purchasing power (50% to him 32% to her, 18% undecided). Domination yet Mr. Holland to the fight against unemployment (48% against 34% in Aubry (18% NSP).

The latter prevails, however, by 45% against 37% (18% NSP) regarding the fight against poverty and insecurity. If a financial crisis "of the magnitude of 2008" is declared, the French are much more confidence to deal with, the two socialist leaders as outgoing president: 54% Netherlands, 39% against Sarkozy (7% DK), 50% against 42% Aubry Sarkozy (8% DK).

A huge majority, the French are "somewhat less confident" in September to face the economic situation: 82% against 17% of an opposite view. There were only 65% ​​rather less confident about a month ago.

Survey by telephone and internet on 29 and 30 September 1215 from people aged 15 and over (representative sample, quota method).

The composite indicator of consumer confidence stood at 80, down five points from July, and is now the lowest since February 2009.

Economists and analysts polled by Reuters on average expected a figure of 84 and the most pessimistic estimates gave it to 81.

Fell to 77 in October 2008, the barometer of consumer sentiment had risen to 91 in early 2010.It evolves from September 2007 below its historical average of 100.

In a context dominated by the debt crisis and falling financial markets, households' opinion about their personal financial future down quickly, Insee said in a statement: the balance corresponding yield six points in September compared to July.

In addition, households consider that the time is much less favorable to spare, leaving the balance corresponding back and forth eight points below its historical average.

Fears of changes in unemployment are soaring while the balance of opinion on the development of future standard of living fall.

The INSEE survey is conducted each month (except August) by telephone from approximately 2000 households.