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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 .

Axa has launched the sale of its private equity, an assignment following the withdrawal of almost general banking and insurance sector made a not very attractive for future Solvency II prudential standards.

Two sources familiar with the matter told Reuters on Friday that the bank Credit Suisse had been mandated to look after the sale that occurs in the middle of financial turmoil.

"It's like any new process," said one of them, noting that the figure of one billion sterling raised in the morning by the British news channel SkyNews seemed high.

Many financial institutions are now trying to strengthen their balance sheets in order to reassure the markets and prove they can cope with the debt crisis in the euro area.

"It's not their core business or strategic asset," said one London analyst, who is likely Axa uses the proceeds from this sale to strengthen its capital rather than make acquisitions.

The impact of this withdrawal should be limited, because private equity is not an activity that consumes a lot of capital.

Management companies such as Axa Private Equity investing in unlisted companies for several years but do not with their own capital.They invest on behalf of institutional investors or wealthy families.

But even if Axa does not change his deep financial profile of the transaction, the sale could help convince its shareholders of its determination to go after refocusing.While the future of the subsidiary was never considered a major issue.

Reconquest

Axa has launched an operation in June "conquest" with its investors with the presentation of a strategic plan in 2015 whereby it has redeployed some of its capital to emerging markets and reduce its costs in mature markets.

The title Axa lost 33% since the beginning of the year, while the European sector index limit its losses to 27%.

Axa declined to comment on Friday to become its subsidiary AXA Private Equity which manages $ 28 billion in assets and was one of the most dynamic in its sector in France this year.

In particular, it acquired in May in tandem with Clayton, Dubilier & Rice (CD & R) and the Deposit Quebec electrical engineering group Spie for 2.1 billion euros.

Axa PE also announced the acquisition in August at HSH Nordbank

the bulk of a portfolio of 620 million euros, having already completed in June the acquisition of a portfolio of Citigroup for $ 1.7 billion (1.17 billion euros) and another Barclays for 740 million dollars.

Main engine of recovery of M & A in 2011, private equity, however, shows signs of weakness in France.

The closing of the market "high yield", these high-yield bonds that fund LBOs (financial arrangements based on significant debt leverage) points to a new lean times for the sector.

Equity markets fell to a low of 13 months Thursday, signs of slowdown in the industrial sector in Europe and China fueling fears of recession in the wake of alarming economic outlook given by the Federal Reserve of the United States.

Faced with the loss of investor confidence, the dollar, especially U.S. Treasury bonds, have emerged as the ultimate safe haven.Gold fell to the contrary.

The MSCI world equity index fell 4.5%, which pore its losses to 16% since the beginning of the year.

The three major indexes on Wall Street fell for the fourth straight session, as volume expanded to 13 billion shares traded.

The Dow Jones lost 3.51% or 391.01 points at 10,733.83 points, while the Standard & Poor's 500, part of fund managers, fell by 3.19% or 37.20 points, to 1129.56 points, after a moment passed down the line key 1,120 points. The Nasdaq Composite has given 3.25% or 82.52 points to 2455.67 points.

The CAC 40 index fell 5.25% to 2781.68 points, in a transaction volume of 4.27 billion euros.The day ended with a loss of over 40 billion euro market capitalization only on the values ​​of the benchmark index of the Paris Bourse.

The London Stock Exchange lost 4.67%, the Frankfurt and Milan 4.96% 4.52%.The pan-European Euro Stoxx 50 index dropped 4.9%.

The Fed on Wednesday raised "significant downside risks" to the economy of the United States, before announcing an "Operation Twist" 400 billion dollars to bring down long rates, and support activity.

But Wall Street estimates that only 15% chance that the "Operation Twist" gives a real boost to the U.S. economy, according to a Reuters poll of primary dealers of Treasury.

EURO, GOLD AND OIL DOWN

Fears of a relapse of the global economy have intensified Thursday with the contraction in private sector activity observed in the eurozone and in China and in the absence of affirmative action in economic from the political leaders .

"Investors realize that one side, the economy slows down and across the developed countries like the United States and Europe have more and more difficult," said Michael Sheldon, market specialist at RDM Financial.

"As a result, investors out actions to rush on U.S. Treasury bonds, which only seem to represent security today."

In this unfavorable context for risky assets, return on German government bond (Bund) was relaxed to 10 years of nine basis points to fall to 1.68% – a new record low – and that of the French OAT ten basis points to 2.52%.

In the U.S., the yield on Treasuries of ten-year benchmark fell to 1.72%, its lowest level in at least 60 years, against 1.87% late Wednesday. The paper at age 30 has fallen below 2.8%, the lowest since January 2009.

The euro fell below 1.35 dollars, its lowest in seven months and was trading around 1.3430 / 34 vis-à-vis the ticket to Wednesday night against 1.3584.

The dollar's gains have led to the decline in raw materials. Even gold, considered a safe haven, lost nearly 5% to hit its lowest level in nearly a month because of the rising dollar.The spot gold was trading in the last place around 1737 dollars per ounce.

In fear of a recession, investors sold mainly cyclical stocks, as European car (-6.67%).

Similarly, banks, weighed down by an endless debt crisis in the euro area remain under pressure, including the French institutions. BNP Paribas lost 5.70%, 9.57% Societe Generale and Credit Agricole 9.49%. U.S. banks also lost ground. Citigroup has lost more than 6%.

Oil prices also ended sharply lower, on expectations of lower energy consumption in a recession.

The ECB president, Jean-Claude Trichet, said Saturday that the budgetary situation in the euro area was better than elsewhere. A response to criticism from the United States on the European management of the Greek crisis. The ECB President Jean-Claude Trichet reiterated, at a summit of the Eurogroup Saturday, September 17 in Wroclaw, the budget situation in the euro area was better than in other rich countries.

The Europeans responded Saturday to criticism by the United States on their management of the debt crisis, saying that the budgetary situation in the euro area was better than other major industrialized countries.Against the attack came from Jean-Claude Trichet, president of the European Central Bank (ECB), following a meeting of European finance ministers in Wroclaw, Poland.

"Taken together, the EU and the euro area are in a situation probably better than the economies of other major developed countries," he said to the press. Proof of this is: the deficit (public) of the euro area is expected to grow by about 4.5% of GDP this year, said the head of the Mint. The United States, which are struggling under a huge debt, expecting a deficit of 8.8% this year.

Disagreements over the financial tax

His comments appear as a response to statements on the eve of U.S. Treasury Secretary Timothy Geithner, who came to Poland to lecture Europeans on how to deal with the debt crisis that worries the world now. Mr.Geithner urged the euro zone to end the divisions on how to resolve this crisis, particularly between the ECB and European governments, warning against the risk "catastrophic" of disunity.

EU ministers have not enjoyed these recommendations. In contrast, Germany has suggested the United States to support the idea of ​​a tax on financial transactions, which would release the necessary funds. What the U.S. Secretary flatly refused, according to comments reported by a minister.The subject of the tax is divisive within Europe itself, since France and Germany are in favor while the British, worried about the future of the City of London, are opposed.

20,000 march against austerity

"There are significant divisions on this issue," acknowledged the Polish Finance Minister Jacek Rostowski, explaining that many states fear that a tax on financial transactions confined to the European Union "to succeed simply that transactions move outside the area. " The Belgian Finance Minister Didier Reynders, defended the tax Saturday. Failing to implement it globally, "we will do in the European Union, and if not possible, in the euro area," he said."It's a technically simple, economically viable by the financial sector, financially productive and politically correct", pleaded for its part the European Commissioner for Financial Services, Michel Barnier.

The meeting of European ministers, which began Thursday, ended on Saturday against a backdrop of protests against austerity in Europe, the appeal of the European Trade Union Confederation (ETUC). Polish police counted 20,000 demonstrators. Organizers were expecting more than 30,000. The event took place while the situation in Greece empire every day and the meeting of Wroclaw has failed to progress whatsoever on the implementation of the second aid plan in the country.

Monday teleconference between the troika and the Greek Minister of Finance

Without this rescue plan of nearly 160 billion euros, the country is threatened by a default. Mr.Reynders has predicted that the rest of the debt crisis in Europe would last for "one or two years" and that a legal guardianship of Greece – already well underway – will probably be necessary. The file blocking Greek in particular the requirement Finnish financial guarantees in exchange for new loans. "We negotiate continuously, but there is nothing new for now," said Saturday the Finnish Minister of Finance, Jutta Urpilainen.

Another source of uncertainty, the troika of donors of Greece (EU, IMF, ECB) does not return date in the Greek capital, while its presence in Athens was announced for those days.It must decide the payment of an installment loan of 8 billion euros, which is essential for financial survival of the country, according to the efforts of the Greek government.

The finance minister, Evangelos Venizelos, but officials said Saturday that the troika would meet with him Monday via teleconference. Greek Prime Minister George Papandreou has also postponed a scheduled visit to New York, "because next week is particularly crucial" for the implementation of European decisions on the Greek crisis.

Contrary to popular belief, teachers do not run on gold in France. They earn less than their counterparts in rich countries. Above all, their pay has fallen since 1995, according to the OECD. A class of primary Vincennes

A few months before the presidential election, it's a stir of Education launched by the OECD. In its Report 2011 "Education at a Glance", released Tuesday, the organization that brings together the richest countries of the world considers "alarming" the wages of teachers in France.

First, the average statutory salary (excluding bonuses and overtime) of primary teachers or secondary school is less than the average of OECD countries, both for new teachers (25% approximately), for those with 10 or 15 years of professional experience (from -14% to -17% depending on the level of education).Only late-career salaries are slightly above the OECD average.

"This is a first criterion quite alarming, but also, when you look at the evolution of the statutory salaries between 1995 and 2009, France with Switzerland is one of the two countries that have had a steady decline of teacher salaries ", commented at a press conference Eric Charbonnier, education policy analyst in the OECD. In fact, the evolution of the salary of a teacher of junior high school with 15 years of experience has gone from an index 110 to index 95, according to OECD criteria.

"These OECD statistics merely reflect a sad reality that French teachers are paid less than their counterparts in developed countries and their standard of living has steadily deteriorated over the past ten years, says the expansion. com Daniel Robin, secretary general of the SNES-FSU, the main union of Education.It is even worse for two years: the freezing of the index point in the civil service and the increase in pension contributions and CSG [through the pension reform of 2010, Ed] result in a net loss purchasing power for teachers, "he adds.

1666 euros early career

According to INSEE, the average monthly income of a primary school teacher was 2367 euros in 2008, 2423 euros for professors, certified teachers in higher education. This is slightly higher than the average wage of a civil officer of the State (2328 euros net per month). But it is almost two times less than a part in the private sector (equal status with certified teachers and aggregated), who earns an average of 4081 euros per month.

According to the compensation schedule of the Ministry of Education, a school teacher earns 1666 euros early career and 3026 euros in late career. Same salary scale for certified teacher. The aggregate earn more: 2032 euros in early career after Euro 3722 30-year career. For secondary school teachers (secondary schools), in addition to such remuneration bonuses, miscellaneous allowances and overtime. All of which can reach 200 to 250 euros per month depending on the SNES-FSU.

Levels well below other major economies. In Germany, the average monthly salary of a certified teacher of over 15 year career amounts to 5,400 euros, according to OECD data. United States, the same teacher earns 4150 euros a month.In France, it affects only 1913 euros and 2540 euros (after 20 year career) to finish at 3,000 euros.

These statistics will not run out of the debate for 2012 election, while the right plans to increase the time spent by the course teacher, for a fee (the "work more to earn more" dear to Nicolas Sarkozy ), as Martine Aubry proposes to take into account the number of hours team meetings and meetings with parents, and Francois Hollande is prepared to recreate the 70,000 positions eliminated in five years. Alas, none of the candidates meets the wishes of the unions, "an appreciation of teachers' salaries at a level at least as high as the average of rich countries," explains Daniel Robin.

DIA, the company split from discount stores with Carrefour, reported Tuesday a 10% increase in underlying profits in the first half, strong growth in emerging markets offsetting difficulties in its main markets of France and Spain.

The Spanish group, which made its IPO last month, has reported a gross operating profit (EBITDA) of 233.8 million euros.

The eight analysts polled by Reuters expected a profit of between 217 and 236 million euros.

The action DIA opened up 3.18% to about 2.73 euros.

The stock fell nearly 23% since the IPO of 5 July, amid fears about consumer spending in Spain, France and Portugal, where the group achieved in 2010 over three quarters of its sales.

Sales of DIA, which operates over 6,400 stores in eight countries, emerged up 2.5% to 4.79 billion euros in the first half.

Sales at stores open at least a year jumped 14.4% in emerging markets and increased 0.2% in Spain and Portugal, offsetting a decline of 6.4% in France.

The EBITDA margin increased 30 basis points to 4.9%.

The group said it maintained its full-year, which increased sales by 4% and an increase of 6.5% of adjusted earnings.

Carrefour, the first European distributor, launched last month a warning on its earnings because of its poor performance in France. It must publish its interim results on Wednesday morning.

The Paris Bourse and all European markets opened lower on Monday after the limited engagement of the ECB to "actively implement" its bond buyback program to counter the debt crisis in the eurozone.

The CAC 40 index opened down 0.76%, while the pan-European Eurofirst 300 Index yielded 1.13%.

But minutes later, the CAC 40 has returned and posted a 0.6% increase to 9:10.

Exchanges of Milan and Madrid s'adjugent more than 2% in 9:10, the market anticipation of bond purchases in Italy and Spain from the ECB.

Asian markets tumbled after lowering them Friday night in the sovereign debt rating by Standard & Poor's.

European shares ended Tuesday's session on their largest decline in 11 months, progress on the U.S. debt was largely overshadowed by fears of a slowing global economy and the contagion of the debt crisis to Italy.

The pan-European FTSEurofirst 300 index fell 1.80% (19.26 points) to 1048.71 points, its lowest closing level since the end of August 2010.

In Paris the CAC 40 index yielded 1.82% (65.26 points) to 3522.79 points, its lowest closing level since Aug. 31, 2010.

The benchmark index of the Milan stock exchange has meanwhile dropped 2.53%, reaching its lowest level in 27 months in the wake of the banks heavily exposed to the Italian debt, including UniCredit, which lost 5.77% and Intesa Sanpaolo, which lost 5.24%.

"The fear is that the market returns to the world recession in the euro area, it is the peripheral markets will suffer the most," said Alessandro Giansanti, strategist for ING in Amsterdam.

Cyclical stocks have accused the heaviest losses.The Stoxx European banking stocks fell 2.54% and 2.61% mineral.

BNP has come down by 2.46% after announcing a profit below expectations in the second quarter, particularly penalized by a provision of 534 million euros in Greece's debt.

Bulgari, being acquired by LVMH the French, reported Monday a net profit in the first half and confirmed the offer price of the French group.

The Italian jeweler posted a net profit of 9.1 million euros against a loss of 7.7 million in the first half of 2010.

Turnover appears to 548 million euros, up 23.3% at constant exchange rates.

Bulgari said that its board of directors has confirmed the fairness of the price of 12.25 euros per share offered by Bulgari

LVMH.

According to a report Sunday, the Italian stock market is considering a complaint from an investment fund over the price offered by LVMH.