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During the Franco-German summit in Strasbourg, Angela Merkel has made the ECB does not undertake more to calm soaring interest rates, preferring a stronger fiscal discipline to the States. But it is not safe for the German economy … Chancellor Angela Merkel in Berlin.

Markets continue to worry for Europe. The Paris Stock Exchange (-0.18%), Frankfurt (-0.54%) and London (-0.24%) have once again closed in the red on Thursday night. Investors were disappointed by the Franco-Germano-Italian held in Strasbourg, and has not provided an answer to soaring interest rates of the states of the euro area. Italian and rates again exceeded 7% in late afternoon.At this summit, Angela Merkel and Nicolas Sarkozy said they would do "proposals to improve the governance of the euro", refusing however to include a reform of the European Central Bank to establish as lender of last resort and thus relieve the rates. It was the wish of the French president, but Angela Merkel is always hostile. She prefers to impose a priority in budget control by Brussels that would oblige member states to return quickly to the nails of the Stability Pact. But this strategy is not without risk for Germany itself, as shown by recent events.

Interest rates on the rise

This is not a fire, but heat stroke has occurred. The rates at which to finance Germany jumped to 2.26% on Thursday, the highest since late August after a failed fundraising in the bond market Wednesday.

This former railroad 55 years succeeds Jacques neighbor to the presidency of reformist union.

Louis Philippe, 55, Friday officially took the presidency of the CFTC, at the end of the 51st Congress of the Confederation of Christian, the union announced in a statement. Pascale Cotton, 47, including the issue of pensions specialist, became general secretary of the CFTC and Bernard Sagez treasurer.

Elected for three years, Louis Philippe, a former railroad worker in Alsace, succeeds Jacques Voisin, he was number two. The office has also confederal three Vice-Presidents Jean-Louis Deroussen, Michel and Joseph Thouvenel Coquillion and a deputy secretary-general Pierre Mencas. At this congress, the CFTC voted to maintain its independence and its Christian values ​​despite the law of representation that darkens the horizon.

"The CFTC because it is meaningful and that can provide the link to our society's social cohesion that is lacking becomes itself a credible solution for the workers and their families," argued Louis Philippe ended Congress.

The Tokyo Stock Exchange closed up 1.86% Friday, the Japanese financial sector has benefited, as Wall Street and European stock markets, the prospect of Athens abandoned its proposed referendum on the bailout of the country.

The Nikkei gained 160.98 points to 8,801.40 and the Topix, broader, took 13.44 points (1.82%) to 752.02.

Over the whole week, accusing the two indices, however, a decrease of 2.8% and 2.5%.

The beginning of the week had led to panic after Prime Minister George Papandreou had overtaken everyone by announcing Monday he would submit the bailout of Greece to a referendum.

The Markit PMI fell below 50 in October, indicating a contraction in activity. View of the Port of Marseille

The French economy contracted in October, according to the PMI index released Monday by the firm Markit, which fell to the lowest in twenty-nine months, to 46.8 points in October against 50.2 in September. " The French private sector falters and comes into contraction zone at the beginning of the fourth quarter, "said Jack Kennedy, economist at Markit, said in the statement of the firm. "The impact of European debt crisis in the real economy may be felt, especially on trust and the level of demand," said Kennedy.

According to the study, the activity of the French private sector declined for the first time since the summer of 2009 in October.The 50 points, the index has gone down, marks the boundary between phases of expansion and contraction phases of the activity. The decline in the index below this threshold is the result of a sharp decline in activity in the services sector, the highest since 27 months, he said. Mr. Kennedy explained that the growth had so far relied on the services sector and noted that "manufacturing output declined for the third consecutive month."

The economist has estimated that these numbers could result in "a significant quarterly rate of contraction of gross domestic product (in the range of 0.5-0.6%)." "The curve is currently followed by the activity lets consider a recession, unless a quick turnaround." The PMI, compiled from a survey of 750 companies operating in France, is a leading indicator of economic conditions, considered reliable by analysts.The provisional figure released Thursday based on a percentage of responses from about 85%.

Emerging nations demand that the governance of the International Monetary Fund (IMF) be reformed before they inject new capital, said Friday the president of Brazil Dilma Rousseff.

These remarks came as some voices in the G20 countries that the IMF to receive new funds to help Europe in particular.

Brazil is prepared to increase its contribution to the IMF, but he wants in return, emerging economies have more a say.

"Emerging markets may be asked to participate in the capitalization of the Fund (…) But for this they need to be more involved in managing the Fund, "said Dilma Rousseff at an event held in Porto Alegre in southern Brazil.

Last month, Brazil, combined with all other countries of BRIC – Russia, India, China and South Africa – had tried to coordinate support for the euro area.

Brazilian policy makers hope that the meeting of G20 finance ministers and central bankers held in Paris on Friday and Saturday leading to action.

The number of unemployed in Britain at the highest since 1994, the private did not offset the losses of public sector jobs, a statistic that feeds a little over fears of a recession.

The number of unemployed increased by 17,500 in September, announced the National Statistics Office Wednesday, however, below the 25,000 expected by economists.

But according to the methodology of the International Labour Organization (ILO), the number of unemployed increased by 114,000 over a period of three months to August, to 2.57 million, the highest number since October 1994.

Always within the meaning of the ILO and the period from June to August, the unemployment rate rose to 8.1%, the highest since October 1996, compared with 8.0% giving a consensus.

The Bank of England last week launched new measures to support growth, but Spencer Dale, a senior economist, told Reuters that the economy weakens more likely in the fourth quarter.

The Tokyo Stock Exchange ended down 0.86% Wednesday after clearing its initial gains, foreign investors still selling, especially as Fast Retailing, a title traditionally enjoyed, fell sharply after the publication by the distributor disappointing numbers.

The Nikkei lost 73.14 points to 8,382.98 and the Topix, broader, sold 9.93 points (1.35%) to 726.25.

At this level the two indices are close to the lowest reached in March after the earthquake and tsunami.

Fast Retailing finished down 4.03% after announcing that sales on a comparable basis of Uniqlo, knew fell 10.7% year on year in September.

The markets also reacted to the presentation to the United States to the new version of Apple's iPhone.

Softbank and KDDI, which will market the new Apple smartphone, finished in decreases of 4.42% and 0.9%, outweighing the disappointment after the presentation of the new general manager of the Apple brand Tim Cook .

The European Union will set up a system of tougher sanctions against countries that allow spinning deficits. View of the European Parliament.

The European Union will significantly tighten its budgetary discipline to learn from the debt crisis, following a vote Wednesday the European Parliament which provides for sanctions easier to take than in the past against states that allow spinning their deficits. This vote will allow the entry into force of a device to strengthen the European Stability Pact, discussed for nearly a year and already agreed by member states of the European Union.

In the future, financial sanctions will fall faster and easier, in the form of cash deposit in blocked accounts can be converted into fines against countries deemed to be lax. This mechanism is intended as the consideration for the implementation of the Financial Assistance Fund for countries in trouble in the euro area.Reform – called "6 Pack" because it's actually six pieces of legislation-was originally proposed by the European Commission to draw lessons from the debt crisis in Greece.

Reform had become necessary as the Stability Pact, as it was originally designed has proved largely ineffective as too little deterrent. Governments have spent their time in ten years around it. The reform will allow the Commission to seek remedies and even punish states that move away from deficit criteria (3% of GDP) and debt (60% of GDP) by claiming that the State would make the ignore the deposit of a sum equivalent to 0.2% of GDP. The six pieces of legislation received the support of conservatives and liberals.

The left has denounced reform too focused on rigor and not enough on the recovery.The reform "is good news for the EU", welcomed the President of the European Parliament Jerzy Buzek after the vote. "Reform is an austerity pact that is based on cuts and penalties. It leaves no flexibility to EU states for spending smart, targeted investments," he regretted the contrary, the socialist Stephen Hughes .

Several countries opposed to the maintenance of European budgets that fund free meals for more than 13 million people. With 80% of EU funds within the associations could distribute 130 million meals in less than in 2012.

A meeting of the "last chance" is scheduled in Brussels on Tuesday to prevent a drastic reduction of a European food aid to the poor from agricultural funds. If no agreement is reached, the program will increase from 480 million euros per year to 113.5 million euros in 2012.Currently several European states form a blocking minority which opposes the continued existence of the annual budget of the European Programme of assistance to the poor (MDP) – funded by the Common Agricultural Policy (CAP) – the result of a decision of the European Court of Justice in April.

Four charities have warned Monday in Paris that the decline of European funds allocated to the poor could cause a "tsunami food" in countries of the European Union. Les Restos du Coeur, Secours populaire, the Red Cross and the French Federation of Food Banks (FFBA) have called on ministers to "take responsibility" to find a solution quickly and avoid a "humanitarian crisis" in 2012. "We are facing a new situation (…) While there has never been more demand, there has never been so many threats on our action," said Olivier Berthe, president of the Eating Heart.With 80% of European funds and less, "the associations are likely to distribute 130 million meals in less than in 2012," said Didier Piard, head of advocacy at the Red Cross.

According to one European diplomat, Germany, the United Kingdom, the Netherlands, the Czech Republic, Denmark, and Sweden have so far opposed a transitional formula that would overcome the objections of the Court of Justice and maintain the MDP at current levels for 2012 and 2013."We have nothing against helping the needy, but this is social policy, which is the responsibility of Member States," said a diplomat from one of these states.

13 million people in need

This program, established in 1987 under the leadership of the President of the European Commission at the time, Jacques Delors, in response to the call of the founder of the "Restos du Coeur" Coluche, helps distribute through 240 charitable organizations, support of European stocks pulled the CAP to more than 13 million people. Nineteen of the 27 EU states benefit, at whose head Italy, Poland and France.

But the last two years, the inventory level was so low that the EU had to compensate for large purchases of food destined for food banks.Following a complaint from Germany, the European Court of Justice in Luxembourg in April estimated that these purchases were incompatible with the CAP, requiring the Commission to bring the envelope for years to come at the existing stocks, or 113.5 million euros.

A prospect that provoked an outcry. The European Commission has finally found a way around the objections of the Court, but now faces the blocking minority. In recent days, several states in favor of maintaining the program at its current level have engaged in intense lobbying skeptical countries to try to convince at least one, and thus to shatter the blocking minority, explained diplomats.

European shares ended sharply higher Wednesday for the President of the European Commission José Manuel Barroso to present options for the introduction of euro bonds that endorsed a market, which remains concerned about the exposure of banks to sovereign debt.

The CAC 40 index ended up 1.87% to 2949.14 points, after opening down nearly 1.5%, confirming the already observed high volatility the day before.

Other major European markets, London was up 1.02%, 3.36% of Frankfurt and Milan to 2.69%.The pan-European Euro Stoxx 50 index gained 2.29%, but its implied volatility index remains at levels close to those recorded in August despite a decrease of 4.86% on Wednesday.

"The configurations of the lowest values ​​make you want to buy for those who like to put in front of the trend. Oversold is strong, with significant support.In the medium term, we begin to address our exposure, "said Valerie Gastaldy, an analyst at Day By Day graphic.

"In the short term, the market tent up, but nothing is well established," does nuance.

BACK safe havens

European banks (0.51%) continue to worry investors, especially with Moody's downgraded a notch notes of Societe Generale (-2.88%) and Credit Agricole (1.22%).

Swedish bank Swedbank lost 5.55% and the Belgian KBC 4.29%, while BNP Paribas, she was accused (-3.93%), the largest drop in the CAC 40 after announcing a reduction size of its balance sheet by about 10% by the end of 2012.

"The theme of the rulers continue to pollute the market environment.Within the European indices, banks once again accuse the largest declines due to exposure to sovereign debt.We also see that the volatility particularly for banks, "said Benedict Peloille, equity strategist at Natixis.

The real estate industry has accused the only sector down (-0.72%), penalized by several downward revisions of earnings estimates by analysts for several days.

However, the automobile (5.08%), including the Frankfurt Motor Show opens its doors to the public from September 15 to 25 after two days reserved for the press, the best performing European sector, supported in particular by redemption with it, the sector still showing a decline of more than 31% since July 22.

The relative optimism of investors has resulted in a marked rise in the performance of the German government bond (Bund) to 10 years to around 1.88% against 1.79% the day before closing. The other safe haven, gold, for its part has given up 0.88% to 1,817.15 dollars per ounce.

The euro, which was passed under $ 1.36 in the morning, rose against the greenback around 1.3706 dollars (0.17%).