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.

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.

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.

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 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.

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 government must announce tomorrow new fiscal austerity measures, more drastic than expected. Already a victim of fiscal tightening in 2010, tax loopholes will again suffer a serious movement of the plane. And this time, the exemptions from the overtime will not be spared. A tax on the richest households is also on the agenda.

Objective: To reduce the public deficit to 5.7% of GDP this year, 4.6% next year and 3%, the threshold set by the European treaties, in 2013. The government says the effort is to achieve additional savings of 4 billion this year and 10 billion next year. It is our view, far too optimistic. The magnitude of the austerity plan will have to be revised upwards.

And for good reason: the poor performance of the French economy in the second quarter, completely destroys the government's projections of 2% growth this year, which was built on his first budget proposal in 2012. After the 0 points of GDP growth between April and June, it would rise 0.7% of GDP in the third and fourth quarters to take this objective, a performance ever during the last decade. In other words mission impossible.

More than 30 billion euros in savings expected in 2012

Especially there is no reason to expect that the economy re-accelerates in year-end: the investigation of activity, Markit PMI and business climate of INSEE for the month of July, are even more alarming. Entrepreneurs morale in the socks. Their margins are low, production capacities are still under-utilized while the stock market meltdown currently affecting the French banks could lead to restrictions on credit terms.

Result: the investment projects are likely to remain in the bottom of the barrel. And not just in these circumstances, to expect pay increases or massive reflux of unemployment. Clearly, the two main drivers of growth hexagonal, investment and growth will remain depressed.With the global economic slowdown is expected to continue until the end of the year, including the Atlantic, it is certainly not foreign trade, which will take over to give a boost to the French business.

This is why the Centre does Prévisionsde Expansion table on 1.5% growth this year. Under these conditions, an increase of 2.25% of GDP in 2012, as planned by the government, becomes completely unrealistic. Indeed, it would mean that the French economy repeats his feat of the first quarter of 2011, that is to say 0.9% GDP growth over the four quarters of 2012. A feat never achieved since the war boom. The CPE does so more than 1% growth next year.

Impact on the budget debate: it is not 18 billion euros in 2012 it will find a commitment to meet commitments to reduce the deficit but more than 30 billion euros, 13 billion more than expected . And not 10 billion. Between exercise fiscal discipline to reassure financial markets and avoid alienating voters with too severe austerity measures in less than a year of presidential elections, the balance is more difficult than ever to find the government.

The third global brand PC has been driven by strong sales in China and other emerging markets but faces the risk of a collapse in demand in Europe and the United States as it embarks on the tablets (Lepad) and smartphones (Lephone) alongside giants Apple and Samsung.

Lenovo's net income nearly doubled in the first quarter ended in June, standing at 108.8 million dollars against 54.9 million a year earlier.Analysts polled by Thomson Reuters I / B / E / S on average expected 78.6 million.

Lenovo makes 48% of its sales in China, where it is the industry leader with a market share of 31.7%, according to its own figures and those of IDC.

Worldwide, the market share of the group jumped to 12.2% against 9.9% in the first three months of the year.

"(…) The challenges facing the global demand for personal computers remain, such as the pace of recovery in the global economy and the continuing crisis of debt in Western Europe ", stressed, however, the group in a statement.

By 0700 GMT, the action Lenovo fell by 7.76% at the Hong Kong Stock Exchange, while the Hang Seng index feature yielded 1.25%.

Wednesday on Wall Street, Dell unscrewed from 10% after the world number two sector published a quarterly revenue slightly below expectations and said a stagnation in sales for the quarter.

Since the collapse of large U.S. investment bank Lehman Brothers in September 2008, CDS, hitherto limited to the insurance of corporate debt, have expanded and have become a kind of justice, to the point of fuel the rumors about a possible deterioration in the "AAA" of France.

"Buy CDS in France awaiting an imminent breakdown of 'AAA' is totally unfounded," said Eric Oynoyan, rates strategist at BNP Paribas in London.

Professionals are asked if the decision of the European Central Bank to buy in the market for sovereign debt Italy and Spain this week has loosened the pressure on rates and CDS of the two countries, the 5-year CDS of France peaked around 170 basis points. Before the summer, the CDS of France was below 100.

But in parallel on the spot market, the yield on French government bonds greatly relaxed, the 10 years falling under 3% on Friday, its lowest level since November 2010.

The 10-year yield had fallen German and French at the end of August 2010 lows, respectively 2.11% and 2.51%.

"The rates on the spot market remains the most important.They are the ones that determine the cost of financing state, "said David schnautze, rates strategist at Commerzbank in London.

THE CDS IS NOT A FINANCIAL INSTRUMENT

"Bonds are traded continuously, they are highly liquid, which is not the case of CDS. At the end of the day is the rate that matters for Mr. Baroin (Minister of Economy) and French taxpayers.Person uses the CDS to finance, "said Ciaran O'Hagan, strategist at Societe Generale rate.

"I tend to be very careful not to give too much importance to CDS or what they mean," he adds.

Oynoyan Eric, who has just published a study on the CDS in France, said that among the countries "AAA" in the euro area, the gap between the level of the cash market (the standard rate) and the CDS is much more higher than for France to Austria, the Netherlands and Finland.

He said since the collapse of Lehman Brothers, the CDS of France does not follow the cash and incorporates a risk premium of 60 basis points "too high".

The strategist at BNP Paribas believes that the CDS in France since 2008 includes "the amount of sovereign risk, liquidity risk and a risk premium linked to the banking system."

The increase of 30 basis points of the component of the liquidity risk premium, which explains the surge in CDS of France in recent weeks is far too high in relation to the CDS of French banks and the rise of market volatility shares measured by the VIX America.

"A risky"

The professionals interviewed recalled that after the breakdown in "AAA" rating from the U.S., Standard & Poor's confirmed the "triple A" of France with a stable outlook.Fitch and Moody's, which kept the "triple A" in the United States, have also confirmed for France with a stable outlook.

CDS play in anticipation of a deterioration in France as "AAA" is "a risky given the difference between the CDS and the cash rate (the highest among the" AAA ")," said Eric Oynoyan.

David schnautze highlights the "lack of transparency" of the CDS market, which is an OTC market.

According to estimates provided by BNP Paribas, the net notional amount of CDS sovereign in the world stood at the end of April to nearly $ 150 billion, while the stock of marketable debt of France was about 1300 billion euros at the end of June and the U.S. 17,000 billion, excluding treasury bills (short-term debt) for the two countries.

Ciaran O'Hagan and David schnautze focus on legal issues of contracts related to the onset of CDS. The question was raised in the event of a default of Greece. They note that in this case, it would not result in the onset of CDS.

"The committee (of the ISDA, the association of professionals in the derivatives markets, Ed) in charge to decide is so restrictive that the trip is very unlikely," said Ciaran O'Hagan.

Standard CDS contracts have a maturity of five years and involves 10 million euros. The cost of protecting against a default for a CDS estimated at 170 basis points is 170,000 euros per year.