The fee will rise to 0.1% of the value of acquiring the shares. It must take effect in August.

Are concerned the major listed companies headquartered in France, "whatever the place of completion of the transaction."

The amount of another tax, which will focus this time on purchases of credit default swaps (CDS) sovereign "naked", will amount to 0.01% of the notional amount of the contract.

The text also plans to tax the transactions of high-frequency trading.

For the latter, the tax will amount to 0.01% of the amount of orders canceled or changed beyond a threshold may be fixed by decree. This threshold "can not be less than two-thirds of orders addressed and can be modulated depending on the size of balance sheet of the operators concerned," we read in the text.

To avoid penalizing the financing of companies and states, the obligations are not affected by these new taxes.

The government hopes these measures will yield one billion euros in a full year.

MORE EXEMPTIONS

The published document is described by BFM Business as draft article to be included in the draft amending budget presented Wednesday by the Cabinet.

Without commenting directly on this document, a source at Bercy said the bill was forwarded to the Council of State and it was not final. 

The document states that the tax on stock purchases is due on the first day of the month following the acquisition.

For 2012, the tax must be paid before November 30 for purchases made between August 1 and October 31.

Several exemptions are provided, especially for market-making activities, purchases made through a share issue, the operations performed by a clearing house or the acquisition of shares between companies within the same group.

The tax on sovereign CDS bare "applies to any purchase by an enterprise carried on in France," it reads in the text.

This tax will not be due if the taxpayer holds a long position in the debt of that State, he said. 

Again, the market-making operations are not affected.

As for the tax on high-frequency trading, it is clear that it will not affect the systems used to optimize the conditions to execute orders or to route orders to one or more trading platforms or affirm those orders.

The new car registrations fell 7.6% last month to 179,160 units, show statistics released Thursday by the Committee of French Automobile Manufacturers (CCFA).

They were up 2.8% in October, thanks to commercial offers to individuals.

The figures quoted in the November raw data and working day adjusted, in November 2011 that counted as 20 working days in November 2010.

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.

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.

At a meeting of European finance ministers on Saturday, the president of the new European Banking Authority (BEA) said the country under aid program accounted for 38% of the overall deficit in the European banking system capital, it was estimated at 110 billion euros, it was told Reuters.

Another source confirmed the European project to include 46 billion pledged by the European Union and the International Monetary Fund for Ireland, Greece and Portugal for their banks, part of which has already been paid in this recapitalization plan.

"All the needs of banks of all countries in assistance is taken into account," it was said.

The subject has yet to be discussed again before the EU summit scheduled for Wednesday but the markets, who want to see European banks have as much capital to withstand the current crisis could react badly to such ads.

It would also have the effect of a large share of the burden of the recapitalization of banks Spanish, Italian and French, which, according to one source, account for 45% of the capital needs identified in the EU in recent inspections.

"The problem is that when you view the numbers shock, it is believed that the money is there," said one source, referring to the reluctance of European central bankers to publicly display the goals of recapitalization."But governments have no money," says one.

At Saturday's meeting, the ministers prepared a document delivered Sunday to Heads of State and Government with options for banks to grant new state guarantees to facilitate their search for financing in markets very tight.

Among the models examined, which will complement the movement of recapitalization, one that would be to coordinate government guarantees under the auspices of the ABE, has a good chance of being approved.

"At this stage, the preferred model", it was insured.

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.

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.

The New York Stock Exchange ended down 1.03% Thursday, the Dow Jones industrial yielding 30 119.96 points to 11,493.57 points.

The S & P-500, wider, lost 14.47 points, or 1.19% to 1204.42 points.

The Nasdaq Composite Index was down 33.42 points for his side (-1.3%) to 2546.04 points.

Trading volumes were low, investors pausing after four sessions up and awaiting the U.S. employment figures on Friday.

The number of jobless fell by 12.000 last week, while the ISM manufacturing sector, albeit declining, remained in the growth area in August, while economists expected a contraction.

However, the decline in nonfarm productivity in the United States was larger than originally announced in the second quarter.It fell 0.7% annual rate instead of a decrease of 0.3% in the first estimate.

Construction spending in the U.S. have also declined by 1.3% in July, their biggest drop since January, according to figures from the U.S. Department of Commerce released Thursday.

President Barack Obama has also revised downwards its growth forecast as well as on the budget deficit.

As for values, title Ciena surged 20.18%. The manufacturer of equipment for telecommunications shows a profit for the first time in three years, while analysts expected a further loss.

Goldman Sachs has been unscrewed from 3.49%.The U.S. Federal Reserve demanded that the U.S. bank to make the services of an outside consultant to review the mortgages issued by one of its subsidiaries, to identify and compensate borrowers who have been victims of improper seizures .

Finally, as GM fell 4.16%. The manufacturer has not achieved the most optimistic of sales growth in the United States in August. Since the beginning of the year, the stock has lost about 36% of its value.

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If they speak of "historic" or "serious decision", they caution that it is not a surprise.

"This is the first country" AAA "to lose the top rating. It's not a big surprise given what has happened in recent days. S & P had prepared the ground for a breakdown of the note states United, "said Nicolas Forest, head of rates strategy at Dexia Asset Management.

"Even if it was half expected, it is a serious decision.The impact will be far reaching, "said Ciaran O'Hagan, rates strategist at Societe Generale who fears that we have opened a" Pandora's box ".

He said the decision will affect somewhat the "risk-free" (government bonds), "but the response will focus on the highest risk assets, including shares and agencies (including Freddie Mac Fannie Mae, Ed) directly guaranteed by the federal government. "

Nicolas Forest also expects initially a slight tension on U.S. rates and a more violent reaction on risky assets, including equities.

SHIP

For two weeks, the sovereign debt crises on both sides of the Atlantic and the economic downturn much stronger than expected, particularly in the United States, were plunging stock markets and interest rates propel fragile states the euro area to prohibitive levels.

Meanwhile, countries that have the best signatures, such as the United States, Germany and France, have seen their rates drop significantly.

"In recent weeks despite threats of debt, U.S. rates have never been so low, a sign of investor confidence," said Nicolas Forest.

Ciaran O'Hagan for, "the Treasuries (bonds, Ed) U.S. will remain a reference (benchmark)."

"It's a ship that takes time to tack," he said, adding that the stock of marketable debt U.S., excluding treasury bills (TBills) amounted to 17.234 billion dollars.

It removes the immediate possibility that other countries rated "AAA", including France, also lose the top rating.

Both strategies underscores the need to assess the decision of S & P over the long term, that is, the ability of the U.S. government to adopt a credible plan for financial recovery in the face of faltering growth.

Ciaran O'Hagan asks the other what will the large portfolios of investors required to have a certain proportion of securities rated "AAA".