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At 9:03, the CAC 40 index advance 1.37% to 2935.01 points after falling 3.41% yesterday.

The Milan Stock Exchange gained 1.35% (-4.74% Monday), the London 0.83% (-2.62% yesterday) and the place of Frankfurt 1.1% (-3.35% Monday ).

The commitments offered by Italy Wednesday to clean up its finances were judged "satisfactory" with its partners in the euro area, provided they are implemented, but this success was overshadowed by a controversy with Germany. "The EU summit welcomed the commitment of Italy. These ambitious measures to liberalize the economy must be applied," said the President of the European Union Herman Van Rompuy, after a summit of the area euro in Brussels.

"Yes we are happy," confirmed the Head of French State Nicolas Sarkozy during his press conference. "But we expect their achievement," he warned.Silvio Berlusconi has assured of his intention to run. "If we do not respect our commitments, we will no longer credible," he admitted leaving the summit. He promised to present a timetable for the adoption of the measures announced by the Italian Parliament. The head of the Italian government has incurred the wrath of Chancellor Angela Merkel ensuring obtaining apologized for his behavior at the EU summit last Sunday, what curtly denied the spokesman of the Chancellor.

"There was no excuse because there were no grounds to apologize," said Steffen Seibert on his twitter account. When asked about confidence in Silvio Berlusconi, Angela Merkel and Nicolas Sarkorzy had exchanged amused smiles before answering. The film of this scene of 19 seconds was repeatedly broadcast in the media and Italian Silvio Berlusconi had felt humiliated.The conclusions of the detail a series of measures to be implemented in two years to reduce the huge debt of 1,900 billion euros, or 120% of GDP currently to an amount representing 113% of GDP in 2014.

The Italian leader is now under surveillance by the European Union. The Commission is invited "to monitor in detail the measures and monitor their implementation," said Merkel, adding that Rome had committed to provide "all information in detail." A balanced budget will be achieved in 2013 due to austerity measures totaling 60 billion euros by 2014. Italy has pledged to outline a plan to revive growth by 15 November.The retirement age as part of "old age" will be raised to 67 years from 2026 and a plan for disposal of public assets for at least five billion per year will be conducted over three years.

The growth plan aims to liberalize the Italian economy by opening markets to competition and to support business and innovation through tax deductions. The labor market will be reformed including "new rules of dismissals for economic reasons in the employment contracts of indefinite duration." All these commitments are recorded in the summit conclusions.The head of the Italian Government had been put up against the wall Sunday by its European partners, which required firm commitments on reform and a clear timetable for implementation in order to reassure the markets and to ensure that Italy is the next victim of the debt crisis, which would jeopardize the entire euro area.

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.

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.

Transport Minister Thierry Mariani said he wanted "a general file of recipients' social, in order to fight against fraud, in an interview with the Sunday Journal dated August 7.

Founder of the Right People, bringing together some forty members embodying the right of the UMP, Mr Mariani says that the group will present "a couple of proposals on sovereign issues, employment and social justice" in the future presidential campaign.

He said these include "fight against the profiteers of + down + and + top + profiteering of the social ladder.Against fraud, I support the creation of a file which lists recipients of general all benefits received. This will see the abuse. One person can affect unduly the RSA in several departments, as none of them does not cross the records, "said he.

Regarding those "from above", Mr. Mariani is in favor of the taxation of "very high financial returns," while "the difference with the contractors, who, themselves, are advancing the country. Against these abusive situations, in top and bottom, our position is balanced, "says he. The Minister also ensures that "security must be a campaign theme" but "it must be accompanied by a stronger justice."

Fitch Ratings has taken the first. Following the announcement of the bailout European Greece, Franco-rating agency in New York said Friday that it would put the note in default part of the country.

The agency, which considers "important" and positive "the agreement reached by the countries of the euro area to hold the debt crisis shaking the monetary union, says that Athens will default on its old bonds, according to its criteria . In effect the new rescue plan involves a contribution from private creditors, which amends the original terms of their loans.

A new note will then be attributed to the Greek sovereign debt, but probably in the bottom of the speculative grade by Fitch Ratings.

According to the document that Reuters was able to consult, the maturity of the loans will be extended from 7.5 years at least fifteen years, while interest rates will be lowered to about 3.5%, against around 4 , 5% today in the case of Greece and Portugal.

"We will provide loans to EFSF interest rates equivalent to those of the ease of using the balance of payments (currently approximately 3.5%) without falling below the cost of financing the EFSF" can we read in the project.

"This will be accompanied by a mechanism that will ensure appropriate incentives for the implementation of the program, including if necessary through collateral arrangements," the document, responding to requests by Finland on collateral to make for new credits.

The EFSF will also be allowed to provide preventive lines of credit to any country in the euro area, including those that are not subject to an assistance program of the European Union or the International Monetary Fund (IMF).

The paper added that discussions with the private sector participation in the second bailout of Greece is continuing and that all options are considered in the study.

"The financial sector has shown its willingness to support Greece on a voluntary basis through a list of options (exchange of debt rollover and redemption) on terms comparable to the support of public debt with the guarantee associated with higher credit "reads the project.

The EFSF was established in June 2010 to ensure the soundness of the single currency by giving states troubled loans guaranteed by member countries of the euro area.

Last month, 18,000 non-agricultural jobs were created, according to official statistics released Friday by the Labor Department. Economists on average had forecast 90,000 jobs created.

The labor market has experienced growth in June, the slowest since September 2010, when 29,000 jobs disappeared.

"This indicates that the sluggish economy continues.Revenue growth is marginal and there is no evidence so dynamic, "said Pierre Ellis, an analyst at Decision Economics in New York.

The news has a bitter taste for the markets after Thursday's hope born of good numbers of private sector employment and jobless.

These figures are from their publication had a significant impact on the markets, especially in the course of the euro.

Futures contracts on U.S. indices fell sharply, and over Treasuries rose.

A 9.2%, while analysts expected a rate unchanged from one month to the other 9.1%, unemployment reached its highest level since 9.4% in December 2010.

RUDE COUP FOR OBAMA

The Labor Department also revised down figures for April and May, which now show 44,000 fewer jobs created than originally announced.

The only private sector created 57,000 jobs in June, and contributes to the overall monthly increase since the public has in turn eliminated 39,000 jobs.

Economic activity in the first six months of the year was tempered by higher raw material prices and supply chain disruptions caused by the earthquake of March 11 in Japan.

These numbers are a harsh blow to the government of Barack Obama, who tries to revive the economy to reduce unemployment, which affects 14.1 million Americans.

Just to absorb new entrants into the labor market would require between 125,000 and 150,000 jobs created per month.

And it is difficult to expect the Federal Reserve to lend a cup since it was completed last week its second program of quantitative easing, which has passed through the purchase of $ 600 billion of bonds.

The working week fell to 34.3 hours on average, against 34.4 hours.Employers reluctant to work more in view of the uncertainty surrounding the recovery.

The average hourly wage fell by a penny, a sign that wage inflation is not a real problem.

Because the investment, which should have been the main driver of growth in the U.S. this summer will be much less dynamic than expected. Lack of cash to finance it. Indeed, corporate profits fell by almost 5% in the first quarter. Involved, soaring commodity prices and declining productivity have resulted in a sharp increase in production costs.Now companies can not afford to pass this increase on their sales prices, households are already reluctant to spend right now. As a result, profit margins are squeezed. At the same time, banks increasingly reluctant to lend. If in the investigation, they ensure that they have not tightened their credit terms, it is not the claims of the business owners. And we tend to believe them. Deprived of their main sources of funding, companies must limit their investment projects but also recruitment. Consequently, the labor market continues to deteriorate, which weighs the purchasing power of households, already well under way by inflation, and thus on consumption. It's a vicious circle.

Why the activity distribution at the end of the year?

With the decline in commodity prices.According to our calculations, even if oil prices remain at current levels until the end of the year, U.S. inflation would fall by two percentage points to 1.5% in December against 3.5% today ' hui. A real breath of fresh air for households. It will also be a relief for companies that can rebuild their margins and thus boost their investment projects.

What could stop the recovery?

A new wave of default on housing loans. The housing market remains depressed and overseas should continue to deteriorate. Many loans in 2006 and 2007 should be revised in coming months. And should be revised upwards due to the degradation of the risk posed by each borrower. As a result, households may no longer be able to pay their credit.This new series of default would be costly to the U.S. banking sector still very fragile. And for good reason, the increase in profitability seen to date is mainly due to a sharp decline in provisions for losses, banks anticipate a decline in default rates. But as we explained earlier today that optimism is not justified. Banks could then be unpleasantly surprised by the end of the year and fully close the valve of credit, thereby blocking the resumption of the activity.