Italian bond yields to six months jumped to 6.504% against 3.535% in a similar operation on October 26 while rates at two years have soared to 7.814% against 4.628%, unheard of since the creation of the euro area. These levels are considered unsustainable over time to the peninsula awash in a huge debt representing approximately 120% of its GDP.

The Treasury, however, managed to raise as planned EUR 10 billion with a demand remains strong make quick cash.

At the head of the country for less than two weeks, Mario Monti said on Thursday during a mini-summit in Strasbourg to the French President Nicolas Sarkozy and German Chancellor Angela Merkel, that Italy would "do its homework "and take the objective of a balanced budget in 2013. A goal that will require the rapid adoption of new austerity measures.

Tackle pension reform

The draconian austerity plans adopted in July and September will indeed not sufficient when the latest statistics (consumption, industrial production) fuel fears of a recession into the third largest economy in the euro area.

The idea is to partially fund the social security system with a consumption tax us fast cash. In return, the employer contributions would be reduced, to reduce labor costs. The scenario, long taboo in 2007 as mentioned awkwardly between the two rounds of parliamentary by Borloo, brings together more and more supporters to the right and center, but not unanimous. The reluctance address the risk of inflation, so drop in purchasing power.

This drop in sales spares no distributor:

-Department stores as well accuse a sales decline of 7% in value in September, compared to the same period in 2010,

-Chains saw sales backward 10%

-The decline in sales is 12% for independent multi-brand and 14% for Monoprix.

Monoprix, it was confirmed that the "weather is unfavorable, has had an impact on sales", but also justifies the bad news by the fact that the month of September 2010, compared, was a great month, "sales were then actually up 7%, "says the distributor is.The postponement of a commercial called "The nine days', held in September last year but this year is set astride September and October, may have also contributed to falling sales, recognizes we also Monoprix.

The worst September for a long time …

As for independent multi-brand, the drop in sales was certainly 12% in September, but the segment of the lingerie was displayed, according to the IFM, the best resistance (+ 0.3% in value in September).

All distributors alike, sales began to level off in the summer, the balances have been very disappointing for retailers.During the period January-August 2011, they had already declined by 1.7% in value over the same period last year.

The downward trend has clearly intensified in September, which is the worst for the industry for a long time: according to the IFM, clothing sales in France had indeed increased 2% in 2010, which was a good year, after falling 8% in 2009. But they climbed 1.2% in 2008 and even 8.3% in 2007.

The outlook for the month of October are not provided completely obscured: true, according to Franck Delpal, an economist at the IFM, a slight improvement in weather clothing is not excluded in October, with relapse of temperatures .Already, the last weekend of September would, he said, was marked by an upturn in sales, including warm clothing.

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Unmistakable sign that it is mainly the models of small and medium sizes that are popular, "our best sales affect the coffers of 20 cm by 30 cm, ranging in price from 200 to 400 euros depending on the sophistication of the product" confirms Bruno Franche. Easy to slip into a closet or beneath a desk, the boxes would welcome armored jumble "of gold, silver or jewels" in the words of professionals who see the consequence of the current enthusiasm for the yellow metal, coupled with a distrust vis-à-vis a moribund banking sector.

Banks, market catalyst

In fact, gold continues to attract investors considering it as a safe haven of choice when financial markets have long faces no fax cash advance.Evidenced by the increasing demands in this regard on the Web, like Gold by Gold, which recently launched the sale of ingots 50 and 100 grams from the melting of jewelry at the end of life of individuals. As for banks, they increasingly worry: according to a survey conducted in early September for JDD.fr, nearly one in two French (48%) has no confidence in the strength of French institutions.

True indicator of crisis, the health of the market for security containers and reflects the current economic gloom, after echoed in 2005 urban riots that had hit the Hexagon. "At the time, we have never sold as many cabinets inifuges (to protect from heat, ed)," recalls Hervé Rizzato, product manager for Papillon security.But paradoxically, if the sector is doing well, it's also thanks to orders from banks! In fact, most of them now are reviewing their security standards. "With the arrival of new players in Eastern Europe on the market ten years ago, banks have a long snubbed the French coffers, more expensive but safer, decrypts Hervé Rizzato. But last year, these facilities come to us, fearing for the safety of their brands. "

Silvio Berlusconi wants the recovery plan accounts, announced on August 12 but already relaxed, be adopted urgently by senators to advance to the European Central Bank (ECB), which meets on Thursday that the commitments requested by the 'Europe "were held." But the only way to meet this deadline is likely to engage the confidence of his government, he has not yet decided to do. Some in his party, invite him to seek dialogue with the opposition.

ECB and Bank of Italy, however, urged governments to take responsibility for reducing the public debt.Saturday, Cernobbio (northern Italy), Jean-Claude Trichet has urged Italy not to "waste time" to adopt structural reforms "strong and decisive." Monday, his designated successor, the head of the Bank of Italy Mario Draghi, has called on Europeans to "not assume" that the ECB will continue to buy "temporary" sovereign debt. Hans-Werner Sinn, president of the German Institute for Economic Research (IFO), the ECB made a mistake by buying Treasury bills Italian: "Only she started doing that the government of this country backtracked on its policy rigorously, "he lamented in the daily La Stampa.

The assumption that the ECB will reduce or cease its purchases of government securities alarm the Italian political and economic circles of the peninsula. On Monday, the short rate differential between Italy and Germany has set a new record to 327 basis points (3.27%).It was 160 basis points in late May. This means that investors demand a risk premium higher and higher to accept to lend to Italy.

This first day of examination of the text will be marked by a general strike launched by the CGIL. The main union in the country – 5.8 million members – calls for a tax on wealth which the government objected. He denounces a rigor that the popular classes are the costs, while the highest incomes are relatively spared. The abandonment of a levy "solidarity" of 5% on incomes over 90,000 euros and 10% in excess of 150,000 euros adds water to his mill.

Possibility of waiving the rules for dismissal

But most importantly, credible reforms, the government promised to amend the Labour Code a very rigid dating from 1970.Sunday, the Senate Budget Committee gave substance to this commitment by adopting an amendment that relaxes the conditions for termination. If he were finally voted, it would be possible to derogate from labor law, by agreement or even industry company, signed with the unions. Welcomes the employers, but for the CGIL, it is a "diktat intolerable." Other confederations welcome the amendment with more philosophy. For the ICFTU, Catholic, the measure is "inappropriate", but should not overly concerned, "What the union allow a dismissal?" Asks she.

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Gilles Carrez also wants to restore rebates on real estate gains for second homes and rental investment flexcheck cash advance. The reduction would be 5% per year after five years in prison, resulting in a total exemption after 25 years. In its austerity plan, the government abolished the previous reductions (10% per year after five years). MP seeks action to offset the cost that would be generated by the new allowance of 5%.

All these measures are only proposals. They can not see the day that if affirmative vote of deputies and senators at the meeting.

The Nasdaq, even punished, won 6.90% to 2357.69 points, while the S & P tumbles 6.66% to 1119.46 points.On Monday, European markets have dropped out late in the session, while the Asian markets, have also, finished the day on heavy folds.

When Barack Obama spoke in an attempt to reassure the markets, investors do not stop selling. Worse, they pressed the pedal and drop is even more markets. "The United States still deserve note 'AAA'," said Monday night during a speech Barack Obama, on the downgrade of U.S. debt Friday by the rating agency Standard and Poor's. The U.S. president also defended the credit of the United States but acknowledged a deficit problem. Barack Obama, however, that the economic challenge was surmountable but require political will.

Nothing to do."The deterioration in the rating of the United States is clearly the catalyst for the drop in markets today, but is not the reason, according to Michael Sheldon, chief strategy officer at RDM Financial. Degradation is simply evidence that the U.S. has problems. "

Gold still a step higher, oil falls below $ 82

Witness the panic in the markets, gold has posted yet another record high and rose 4.25% to 1722 dollars an ounce at 20:30, before returning to 1717 dollars to 22 hours. Oil, however, has dropped by more than 6% Monday in New York, their lowest levels since November.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery finished the session at 81.31 dollars, down 5.57 dollars or 6.4% on Friday.

Paradoxically, U.S. bond rates continue to decline, those same 10 years falling by 8.5% melting at 2.339% against 2.558% Friday. Good to 30 years returned to 3.663% against 3.823%. However, after degradation much faster than expected by Standard & Poor's sovereign rating of the United States, which had never been subjected to such a penalty could have been expected to climb pay day loans. Sign that investors still believe that the U.S. still refer to the bond market.

Moody's said Monday it could, too, by 2013 reduce the debt rating of the United States if the fiscal and economic outlook deteriorated sharply.But she considers it possible in the meantime a new agreement in Washington to reduce the deficit.

Menu macro loaded, with the FOMC in dish

This week, the lower macroeconomic indicator to take the pulse of a threatened U.S. growth will be expected to turn to investors.

From Tuesday, the productivity of U.S. companies in the second quarter and will be scrutinized closely. The risk is to see it getting more than expected, resulting in a logical breakdown of the job. Consumer confidence is also on the menu. But the final communique of the Monetary Policy Committee of the U.S. Federal Reserve (FOMC), from that Tuesday night will go to the most crucial.

Analysts and investors are wondering already if further monetary easing, (3 or quantitative easing "EQ3") can get out.Unless it is an aid to banks, which could begin to experience problems of interbank liquidity, which is preferred. "In all cases, the reaction of short-term market is very uncertain …" says it does at Aurel BGC.

Friday, retail sales will be the second major economic meeting a week at high risk on financial markets worldwide. "The sales figures published by the values ​​of the S & P 500 were clearly disappointing July, underline in this respect analysts Aurel BGC. But the report shows significant employment job creation in the distribution. A figure that looks very uncertain. "The trade balance in June should also be well attended.

Bank of America falls 20%

Meanwhile, the business side, the publications of interim results are less numerous and can only remember very little attention to markets, obsessed by the European and U.S. sovereign debt. Walt Disney reveals in particular accounts on Tuesday, ahead of Cisco in the matter and News Corp (Wednesday) and Nordstrom, Sara Lee, and Kohls (Thursday), and finally JC Penney (Friday).

American International Group (AIG: -9.92% to 22.61 dollars) continues Bank of America (-20.07% to 6.53 dollars), calling him more than $ 10 billion (7 billion euros) losses related to mortgages, it said in the text of the complaint.According to this document, which Reuters obtained a copy, AIG believes it was misled by the bank about securities backed by mortgages, which caused losses. The insurer wants to sue Bank of America to the Supreme Court of the State of New York in Manhattan.

The decline in hiring of more than a month was mainly observed in the very small (- 2.9%). In companies with more than 20 employees, these hires were stable (- 0.3%), supported by the CDI (6.5%).In one year, reports of hiring more than a month increased by 2.0% in TPE and 8.5% in companies with more than 20 employees.

To date, over 100,000 microloans (the original financing plan must be less than 8000 euros) have already been granted to entrepreneurs or unemployed recipients of social minima. Catherine Barbaroux estimated that the 12,000 annual cases followed today could be doubled by 2015. It has to be founded on the 130 and 190 antennas permanence of the association spread over the territory. "Our statistics show that the entrepreneurs that we support have the same success rate as other entrepreneurs," she says.

Forums in France

These microentrepreneurs also create jobs other than their own, since the average is 1.38 jobs per company, says she.Finally, if the major projects on trade and personal services, Catherine Barbaroux believes that microenterprise is perfectly suited to innovative services such as on sustainable development.

To popularize microcredit, the forums will be held in Paris, Bordeaux, Lille, Lyon, Nantes and Marseille. But it is especially the testimony of microentrepreneurs that mark the minds about the effectiveness of this boost. "I needed 3,000 euros to complete my file and start my cycle shop in Paris, remembers Jean-Pierre Gestin, the RMI at the time, with two dependent children. Impossible in a traditional bank. In Adie, I was just received, warmly, and it was resolved in a fortnight. And since I work. "As for Dominique Voisin, she was able to launch its activity nursery collection in the Nantes region thanks to the credit that's nearly seven years."It's difficult to be supported by a traditional bank when we launched over 40 years and that there is no regular income," she admits. Today she put on her new website to market more widely rare plants they have.

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For their part, the emissaries of the "troika" (EU, IMF and ECB) gave the green light Friday to pay "probably early July," the fifth installment of the loan of 110 billion made last year or 12 billion euros. Troika calls in return an "acceleration of structural reforms and budget."

Details of the new support plan for Greece were not disclosed, but the broad outlines are known.Half of the envelope will come from new loans in the euro area (20 billion) and IMF (10 billion). A quarter of the effort will fall to Greece. The rest will be borne by the private sector "on a voluntary basis," said Jean-Claude Juncker Friday.

Clearly, banks will, as requested by Germany, commit to maintain their exposure to the country's debt, probably by buying securities with the maturity of their loans. The financial effort required for the private sector will not be minor. It should be about 15 to 20 billion euros, according to European sources.

Expected new sacrifices in Greece

"On this basis, it is clear that there will be no exit from Greece to the euro area, there will be no default," assured the head of the Eurogroup.On Friday, the markets welcomed the news: Greek bond yields were down sharply, the Athens Stock Exchange hit a record high at over 4.42% in the afternoon, while the euro climbed to $ 1.46, the highest since the beginning of the year.

Financiers, however, remain cautious, particularly about the involvement of banks forced march. "It is unclear what kind of incentives will persuade investors to buy debt Greek long-term interest rate close to that of Greece itself does not," note analysts at Capital Economics . Friday, Jean-Claude Juncker has ensured that Greece was ready to create a privatization fund, which should give lenders insurance on collateral.

Greek side, the counterparty to the new rescue plan is far from painless. The state has undertaken to save 6.4 billion euros more by the end of 2011.These include new sacrifices, among others, greater downsizing in the public service cuts on wages, hardening the fight against tax evasion, the VAT increase from 13 to 23%.

If the government breathing, public opinion, she continues to cry out his despair. "New loan means more rigor" resumed Yannis Panagopoulos, the union president of the private (GSEE). "We sell the country's heritage and we bled the people is a crime. And this is only the beginning. The consequences will be terrible "carried away there. Several thousand people are expected in the streets of Athens on Saturday.

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