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Unemployment rose again in October and the outlook is bad, said Sunday the Minister for Employment, Xavier Bertrand, on the eve of the publication of these figures.

The number of unemployed in September reached its highest level since early 2000 to 2,780,500 for category A, the most observed.

"The truth is that the employment figures will not be good," said Xavier Bertrand when issuing the Grand Jury RTL-Le Figaro-LCI.

"And everyone knows they can not be good due to a crisis which does not come out again and even a crisis, the field is growing."

"Unemployment will increase in October," added Xavier Bertrand."As long as the economic situation will not improve, I do not see how the employment numbers will really improve."

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The Spanish Sunday should inflict a severe punishment vote to the Socialists, in power since 2004, the balance comes down to an economy threatened by recession and record unemployment. The right has already promised the land of sacrifices to redress public finance. Nearly 36 million Spaniards to the polls Sunday, November 20 to elect 350 deputies and 208 senators. The People's Party led by Mariano Rajoy (poster at right) would deal a severe defeat for the Socialist Party of Alfredo Perez Rubalcaba (poster on left)

Nearly 36 million Spaniards to the polls Sunday to elect 350 deputies and 208 senators. These early parliamentary elections – the election was expected to take place in March 2012 – were called in July by Prime Minister Jose Luis Rodriguez Zapatero on the bottom of the debt crisis in the eurozone.The outcome is clear: the Popular Party (PP) would deal a severe defeat at the Socialist Workers Party (PSOE), in power since 2004. According to recent polls, the PP would win an overwhelming majority (between 190 and 198 seats out of 350). Its leader, Mariano Rajoy, 56, prepares to assume the costume of the Prime Minister.

The PSOE, led by Alfredo Perez Rubalcaba – Zapatero withdrew to represent – is credited with less than 30% of the vote, 115 to 120 seats. The Socialists are paying the price of painful austerity.

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Bank stocks weigh on the trend of European stock markets Tuesday morning, as yesterday affected by concerns over tensions on the rates of sovereign debt in the eurozone.

At 10:50, the index of European banks lost 2.48%, biggest drop sector in Europe, with a drop of 4.73% for BNP Paribas, the largest decline CAC 40 in Paris, against 2.49% for Credit Agricole and Societe Generale to 3.41%.

Meanwhile, yield spreads between bonds French, Belgian, Dutch and Austrian one hand and the Bund on the other have reached unprecedented levels since the inception of the euro.

"It's pure continuation of yesterday.

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At the opening of a new double top decisive in Brussels, with total uncertainty weighed on Wednesday night on the ability of European leaders to end the debt crisis that hit Europe for two years and now threatens to take Italy and throughout the euro area.

Providing some relief to markets, the future President of the European Central Bank (ECB), Mario Draghi, however, indicated that the central bank would remain present on the bond markets as they become unstable, a sign that was expected for several days.

"The Eurosystem is determined, with its unconventional measures to prevent the malfunctioning of financial markets and monetary block transmission (monetary policy)," he said while stating that these measures were temporary in nature, according the text of a speech in Rome.

This formulation of the transmission of monetary policy refers to the language chosen by the current President of the ECB, Jean-Claude Trichet, to justify the continuation of the redemption of bonds on the secondary market.

These statements are particularly important as they occur when the role of the ECB in managing the crisis is the subject of a debate between the leaders of the European Union.

At the insistence of Germany, a sentence stating that the Heads of State and Government of the single currency "fully supported" the ECB in its action to ensure price stability, "including through unconventional measures in the unique environment of the current financial markets, "was removed from the text of the conclusions.

However, several sources have indicated that the German opposition was less about a fundamental problem on the continuation of the SMP (Securities Markets Programme) as the Berlin will not be seen as giving instructions to the ECB.

GREEK DISCOUNT

A triple agreement must be ratified at meetings of Heads of State and Government of the EU and the euro area: a substantial reduction of debt through a significant effort Greek banks, a bank recapitalization plan and a proliferation of capabilities of the European Financial Stability Fund (EFSF).

But on these aspects, little or no progress has been made since the summit on Sunday.

The divisions are particularly important on the level of discount on securities considered Greek, which should amount to at least 50% but could go well beyond, according to German wishes.

In a speech to the Bundestag, Chancellor Angela Merkel said that the purpose of Europeans would be to bring the Greek debt to 120% of GDP by 2020.

"I will work to find a viable solution," she told the German parliament before they decide on a plan to strengthen the EFSF."We will probably accompany Greece for a period of time."

The report on the sustainability of the Greek debt presented by the troika of international donors – European Commission, ECB and IMF – as a goal of reducing debt through a 50% discount on Greek sovereign debt and public support reassessed to 114 billion euros.

At the summit of July 21, EU leaders had agreed with the banks on an aid in Athens providing a discount of 21% of the securities and public participation of 109 billion euros.

THE CASE OF ITALY

The framework set Saturday on the recapitalization of banks is projected to be endorsed in the same form, that is to say, leaving open the possibility of government guarantees and financing without disclosing the total number of needs of banks – expected around 100 billion euros – according to draft conclusions that Reuters has obtained.

The third and final part of the European response, namely the formula to multiply the capacity of EFSF, however discussions remain open even if the bases of an agreement are there.

France and Germany have agreed to work on a dual mechanism of partial insurance of sovereign debt issued by troubled countries and the creation of a new "special vehicle" that would raise funds with the guarantee for the EFSF repurchase of debt of these countries on the secondary market.

Such a formula would, however, not to communicate a clear figure on the new strike force of the Fund, a sign, however, expected by the markets to judge its ability to help countries like Italy, which threatens to lead to his downfall the euro area as a whole.

European leaders, led by Angela Merkel and President Nicolas Sarkozy, have called on Sunday to present Silvio Berlusconi at the European Council on Wednesday a plan to correct the strong growth and reduce the debt of Italy, of the order of 1,800 billion euros.

But the Italian Prime Minister should finally make only vague promises of economic reform, far from the expected firm commitments.

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AvtoVAZ, the first Russian car manufacturer, 25% owned by Renault, reported Tuesday a net profit increased more than two in the first six months of 2011, thanks to higher sales of Lada .

The net half-year stood at 6.4 billion rubles (151 million) for sales of which increased from 40% to 82.2 billion.

AvtoVAZ, generally considered a good barometer of the Russian car market has elapsed Lada 291,540 over the period, representing an increase of 31.3%.

According to the Association of European Businesses (AEB), the Russian market as a whole is expected to reach 2.45 million new cars sold in 2011, continuing the recovery from a 2009 that resulted in a division by two of the market.

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The Dexia shares fall nearly 10% Monday on the stock market in large volumes, uncertainty around the Franco-Belgian bank cornered the dismantling continues to affect the value.

At 10am, the title fell by 11.38% to 0.615 euro in volumes already exceeding the number of transactions carried out on average over an entire session at the last three months (119% of average volumes).

The title shows the largest decrease of the SBF 120 and Stoxx index of European banks, up 1.37%, respectively, and 1.48% at the same time.

"Dexia drops due to information from the Belgian press this morning, the website relating rtl.be the communal Holding would still not immune from bankruptcy," said an executive of a brokerage firm.

Holding Communal, which includes local Belgian, holds just over 14% of Dexia.

Analysts point out that the title should remain volatile as long as there uncertainty about the fate of the bank.

In addition, the European Central Bank (ECB) said on Friday that guarantees that Belgium intends to make to the bank Dexia are too broad in time and must be amended.

"At the moment there are still uncertainties about the finalization of the plan of buying assets, the title will remain very volatile," observes one financial analyst based in Paris.

"It's a record that was treated in an emergency.There are a lot of 'wait and see' on Dexia, "he adds.

Dexia had lost up to 36% on October 10 before ending on a 4.73% decline in its first trading session after the presentation by Belgium, France and Luxembourg plan to dismantle the bank.

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Three days before the second round, the two finalists of the primary PS tried, during a final debate, to differentiate themselves from each other. In fact, they have few substantive differences on most subjects. Martine Aubry and Francois Hollande, both finalists for the PS primary, clashed in a final televised debate Wednesday, Oct. 12.

Wednesday night was held the final televised debate between Martine Aubry and Francois Hollande. The challenge for each of the two finalists of the primary PS was to hold sway over the other, to ensure victory in the second round of voting, Sunday, October 16. They therefore tried to stand on the issues discussed, but not really succeeding. For if their positions differ in the details, they converge on the merits.Decryption.

Deficit reduction

Martine Aubry attacked Francois Hollande on the golden rule budget, accusing him of wanting to take the measure proposed by Nicolas Sarkozy, while the PS is opposite from the beginning. Holland defended himself by explaining that the next president will have to give a clear strategy for fiscal consolidation. "The deleveraging is necessary if France wants to keep its triple A and independence," said the Correze elected. He promises to bring the budget back to balance by the end of the quinquennium. Martine Aubry, she will not commit to zero deficit in 2017. "The lack of growth and employment is equally important that the public deficit, said the mayor of Lille." If you put everything on reducing the deficit, we will have no balls to boost growth. "The two finalists, however, undertake to reduce the deficit to 3% of GDP in 2013 and master of public debt.

The tax reform

Until the tax reform presented in the socialist project, whose implementation can take time, Martine Aubry proposes to create an additional income tax to 50% in excess of 100,000 euros per unit tax. It also promises to lower the threshold of the ISF, the government increased this summer from 800,000 to 1.3 million euros as part of the reform of the heritage. François Hollande he does not want to hear about these "crafts". "Tax reform must be done right away to apply from 2013. It will be a comprehensive reform of tax on income, capital and assets," said he.Apart from these differences of opinion on the calendar, the Netherlands and Aubry adhere to the same tax reform, ie a merger of the income tax, the CSG, the earned income tax and capital income and broadening the tax base. They also both agreed that there will be increasing the tax burden with them in power.

Youth unemployment

This is the flagship proposal of François Hollande: contract generation, or the possibility for an employer who hires a young and maintains a senior employment in the same position to be exempt from charges. So it is on this that Martine Aubry decided to attack his opponent more strongly. "Today, companies benefit from 25 billion euros per year to reduce charges for nothing. I find it normal to ask them," defends the member for Corrèze."Any action based on exos charges for young people has never worked, Martine Aubry replied. It still does not create a new tax shelter!" It will be understood, the agreement between the two candidates on the contract generation is impossible. However, the creation of 300,000 contracts for the future is consensus. François Hollande just wish the focus on young people, especially in areas where unemployment this population exceeds 40%.

Banks

What about the proposed Arnaud Montebourg to trust the banks? Both candidates responded obliquely, that is to say, emphasizing the need for recapitalization of financial institutions. "Yes assistance to banks, but with an entry of the state capital, the separation of banks and deposits", explained Martine Aubry. "We will see a default part of Greece. As a result, banks will have to be recapitalized.They need public money. We need a presence in the capital with veto power, "added Francois Hollande. The two candidates are in agreement on this issue.

Retirement

Martine Aubry has tried to attack Holland, citing about a Pascal Terrasse, an adviser to the Correze elected, who would have spoken of retiring at 65. Holland denied. "The first decision that I will take on the issue of pensions is to allow those who have paid 41 years and have 60 years to leave," he said. "It means we will restore the legal age." Employees who have accumulated 41 years can retire at 60 "but they will have a discount," he said. Martine Aubry went a law giving the opportunity to go to 60 employees who have had difficult jobs.The mayor of Lille would also restore the retirement age at the full rate at age 65, against 67 years in the reform of 2010.

The public service

Apart from their differences on the proposal from Holland to recreate 60,000 jobs in Education, the member for Corrèze and the mayor of Lille are both willing to remove the principle of non-replacement of an employee out of every two retirement and to go further in the decentralization of public services. However, when it comes to answer more sensitive questions, such as maintaining a minimum service during strikes and upgrading of salaries of civil servants, they kicked into touch: these issues will be decided through negotiations with the social partners.

Protectionism

That was the trick question of the debate: the de-globalization, a theme dear to Arnaud Montebourg.Martine Aubry response: it is a "regulation of globalization" and "Europe stops being naive in globalization, which protects". The mayor of Lille defends 'fair trade'. "If China prevents us to invest at home, we stop too. If China does not respect the social and environmental rules, we taxa." Francois Hollande said the same thing: "an uncontrolled globalization crushes the weak," "I am for an open economy not available." Both are in favor of introducing a tax on social and environmental EU borders. They have however made their proposal by Montebourg to give France a mechanism for unilateral ban certain products to market "in case of aggression by trade unfairly low prices."

The debt crisis in Europe

On European issues, Martine Aubry and Francois Hollande are on the same wavelength.They are for a default RECORDED part of Greece on a portion of its debt, the cost would be borne by the banks to give Athens time to resume growth and emerge from the spiral austerity / recession. Both believe that Europe should move towards greater economic and political federalism. Concerning the entry of Turkey into the EU, they are in favor of continuing negotiations, but state that is a long way to Ankara.

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The contract of insurance against default (CDS) of France reached a record high with 203 basis points on Oct. 6, against 180 points last month. However, long-term rates were not affected. The CDS of France is to set a new record.

The CDS of France beat a record high, long rates remain unaffected (ecf) Debt-EU-banking-finance-markets, the CDS (credit default swaps), insurance against non-repayment of debt of France defeated Thursday a record high, but rates of French government bonds to 10 years did not react to this movement.

To 24:00 (10:00 GMT), the CDS on the debt of France has reached 203 basis points before retreating slightly. This means that to ensure 10 million euros of debt of the French state to expire five years, an investor should carry out 203,000 euros each year.

The price of insurance against a default of France is now higher than in several large French companies, which account for almost half of the CAC 40.

These include Air Liquide (83 basis points) Sodexo (94), EDF (111), Suez Environnement (144), Danone (78), Accor (189), Publicis (150), Vivendi (152 ), Total (93), Sanofi-Aventis (57), Carrefour (182), Auchan (96), Capgemini (181), STMicroelectronics (167), GDF Suez (141), Veolia (184).

Despite the rising price of CDS on the debt of the French government, French government bonds to 10 years (OAT or Treasury bonds) were, again, the favor of investors on Thursday. The rate, which evolves in the opposite direction of prices, was down to 2.544% by 1:00 p.m. (11HOO GMT), against 2.611% the day before closing. It was close and its lowest level ever, reached on September 3, at 2.425%.

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Finance ministers and central bankers of the G20 countries, meeting Thursday in Washington, pledged in a statement to prevent the debt crisis in the euro area would undermine banks and financial markets, but they have not announced new measures to reinforce confidence in the global economy.

"We will take all necessary measures to preserve the stability of banking systems and financial markets, as appropriate," reads the statement issued after the dinner of the ministers and central bankers devoted to much of the debt crisis in Europe.

"We act decisively to maintain financial stability, restore confidence and sustain growth," reads well.

Several European banks have seen the share price drop and their financing costs rise, as investors worried about their exposure to debt of Greece and other European countries heavily indebted.

World stock markets fell Thursday to their lowest level in 13 months, facing the risk of another recession in the United States and because of Chinese economic statistics disappointing.

The ministers and central bankers gathered in the U.S. capital before the general meetings of the World Bank and IMF.

Sign that the euro area could seek to strengthen its disaster relief fund, the G20 communiqué indicates that members of the euro area "will be implemented by our next meeting (Note in October) the necessary measures to increase the flexibility of the European financial stability and maximize its impact to prevent contagion. "

Asian stock markets down sharply

The G20 also states in its press release that "We will ensure that banks have adequate capital and adequate access to funding to address current risks (…)".

"Central banks will continue to stand ready to provide the necessary liquidity to banks," then we read in the press release.

Illustrating the growing role of the BRIC countries (Brazil, Russia, India and China) in the world, the director of China's central bank, Zhou Xiaochuan, said the economies of emerging countries should boost their demand to compensate part of the slump caused by the economic slowdown in the U.S. and Europe.

"In the current crisis period, domestic demand in each economy is important and we must find ways to increase domestic demand for our economy," he said.

Asian markets were driven down significantly on Friday. Around 3:50, the Hang Seng Index of Hong Kong Stock Exchange yielded 1.60%, the Seoul Stock Exchange 3.79% and 2.80% in Taipei.The financial center of Tokyo was closed for holiday. Thursday night, Wall Street had closed in very sharp decline, the Dow ended down 3.5% and the Nasdaq Composite 3.25%.

At the Paris Bourse, the CAC 40 was closed Thursday falling 5.25%.

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The British low-cost airline easyJet said Thursday it raised its forecast for annual profit in light of the increasing number of business passengers on its flights, while reports of a special dividend to its shareholders.

Not surprisingly, these statements are easyJet jump title at the London Stock Exchange.By 10:45 GMT, he won 7.05% to 334 pence while the index grouping the values ​​of travel and air transport in Europe is losing more than 3% in a new rout in equity markets.

"Our performance continues to be strong (…) As a result, the Board now expects taxable income for the year ending September 30, 2011 between 240 and 250 million pounds, against a previous estimate of 200 to 230 million, "he told reporters Carolyn McCall, CEO of easyJet.

So far, the Thomson Reuters consensus I / B / E / S was a pretax profit of 208 million pounds.

The airline also said it would pay a dividend of 9 pence per share for the year plus a special dividend of 35 pence decided in the name of good business performance.

And it will pay a total of 190 million pounds in dividends.

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