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Apple resists the action notwithstanding the death of Steve Jobs

"The news of my death are greatly exaggerated," joked Steve Jobs when Bloomberg had his obituary published in error in August 2008. Nevertheless: the stock market, Apple had lost the title on the day 2.42%.

Announced tonight the death of the charismatic leader will Apple does the same concerns in the markets? It is no surprise to Apple's shareholders. The charismatic leader had prepared his departure, giving the reins of his company to Tim Cook. But his death marks indeed the end of an era for the firm at the apple.

Thursday morning, investors still seem uncertain: New York, the title is almost stable at the opening to 377 dollars (-0.33%). But in Frankfurt, where the action is also listed, the decline is more pronounced: just after 12 o'clock, the title loses 2.75% to 272.51 euros after touching a low of 270.50 euros.

The title after the stand 4S iPhone

Steve Jobs as a CEO was not like the others. Associated with the image of the company he co-founded, he was also in stock bad credit personal loan lenders. Apple has become the first in the world market capitalization, elbow to elbow with Exxon Mobil.

As Steve Jobs made Apple, Steve Jobs's health was reflected in the title. Suffering from cancer since 2004, the group leader had to leave several times, until he left there just over a month, on August 25. Each announcement related to his health problems, the markets feared for the future of the group and the title suffered large fluctuations.

Two days ago, the title fell by 5% during the session along with the presentation of the 4S iPhone. The latest version of Apple's flagship phone, slightly different from the previous one, was disappointed the markets, hoping to iPhone 5.But the title was returned to the balance at the end of the session and finished on a moderate loss of 0.56% to 372.50 dollars. Sign that investors want to believe in the capacity of Tim Cook to keep the group at the top.

Slight improvement in the morale of cadres

After an unprecedented drop in September (-30 points), who dropped to its lowest historical, the composite index of moral frameworks in October recorded a very slight improvement (4 points, -51) . This is reflected in the latest wave of eco-Baro Viavoice for HEC, Le Figaro and France Inter. "After a very bad score in September, but rather the beginnings of a correction than a real improvement in the bottom," said François Miquet-Marty, president of Viavoice.

At the macroeconomic level, white-collar workers remain pessimistic.Seven in ten think that the standard of living in France "degrade" in a year and almost eight out of ten (77%) and unemployment "increase" in the coming months.

Vicious circle

These concerns are largely fueled by doubts about "the ability of France to reduce its deficits" (47%) and the anticipation of the impact "of austerity on growth" (39%). "The magnitude of the deficits may impose stronger discipline, which could restrain growth and thereby compromising deficit reduction," the president of Viavoice analysis. For managers, this vicious circle, deficits, rigor, decay, now appears more menacing that "commodity prices" (28%), "the future of the euro" (22%) or "the changes in stock prices "(16%).

Amid this gloomy picture, however, some glimmers of hope.If the problems banks are now in the news, the difficulty for companies to find financing worries only 18% of managers. Then they are less likely to feel that their financial situation "will deteriorate" (44%, down 4 points) and almost as many think that it "will remain stationary" (43%, six points). Their employees are more motivated (36%, +4 points).

As for opportunities for a career, if they are deemed "weak" by an overwhelming majority of executives (79%), the percentage of those who disagree (17%) improved by 4 points. Finally, the question "do you think Greece should leave it to devalue the euro?", A framework of two answers "no" and nearly one in three "yes."

Optimism in the Paris Bourse

Monday's rebound continues Tuesday in the Paris Bourse. The CAC 40 has started on a flying then accelerated pace. Mid-session, he climbed 3.55% to 2960 points. Elsewhere in Europe, the Frankfurt Stock Exchange is 3.36%, London and Milan 2.22% 2.79% while the pan-European Euro Stoxx 50 index 3.09% wins.

Since the beginning of the week, investors won over by a wave of optimism about the outcome of the debt crisis in the eurozone. The spokesperson of European Commissioner for Economic Affairs Olli Rehn Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble said that Europeans had "no intention of bailing out" the EFSF.

The Spanish Minister of Economy Elena Salgado also said Tuesday that an increase of two thousand billion euros in the capacity of the European Support Fund "was not on the table." Political leaders are clearly divided on the concrete responses to the debt crisis, while discussions on the payment of a new international loan to Greece, vital to enable it to avoid bankruptcy dragged on. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.

More good news, the constraint on bank lending is beginning to loosen.The private sector credit grew by 2.6% year on year in August in the euro zone, against 2.4% in July. Loans to households grew by 3% in August, while consumer loans to individuals have declined only 1.6% against 2% last month according to figures released Tuesday by the European Central Bank (ECB) . Moreover, housing starts for new homes in France, climbing 8.1% year on year for the period from June to August. However, they mark a slowdown from earlier this year: the pace of growth in the first quarter was still 35.5%. The number of building permits for new homes has increased its share by 9.8% year on year for the same period.

The euro was weakening on Tuesday to below $ 1.35. At midday, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1 paydayloans.3363 dollars, its lowest level since mid-January, prior to recover. As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions.

Values ​​follow:

The banking sector is driven by rumors of recapitalization.BNP Paribas advance of 9.25%, largest increase in the CAC 40 7.46% Credit Agricole and Societe Generale 8.55%.

Total (2.97% to 32.25 euros) reduced the number of banks in which it deposits funds for fear of a credit crunch in the euro zone, but remains confident in the French settlements, said its chief financial officer the agency Dow Jones and The Wall Street Journal.

The CEO of Renault (4.20% to 25.30 euros), Carlos Ghosn, said on Monday to Reuters that he saw no sign of slowdown in global demand despite the debt crisis in Europe and economic uncertainties in the United States.He expects an increase in car sales in the United States in 2012.

The title of the French automotive supplier Aries (18.64% to 7 euros), specialized in the production of aluminum parts, flew Tuesday in the Paris Bourse, with a net income higher than expected in the first half (6.7 million euros, up 31.3%).

Thales (2.08% to 24.58 euros) for its part plans to sell part of its services activities, according to Les Echos on Tuesday. The division, which last year made 81 million euros in sales, employs approximately 500 people. Logica names and GFI Informatique circulating among potential buyers.

Dexia (6.09% to 1.48 euros) is facing a complaint from the town of Rosny-sur-Seine (Yvelines), which has borrowed toxic.The mayor filed a complaint for "organized fraud" and "deception" with a civil court of first instance of Versailles against Dexia Credit Local.

Ipsen (3.56% 22.57 euros) was acquired from the Norwegian pharmaceutical company Photocure marketing rights of Hexvix, its flagship product for the diagnosis of bladder cancer.

The retailer Casino (2.29% to 57.13 euros) saw its price target reduced from 81 to 74 euros by HSBC. Land areas (4.54% to 50.73 euros) for his part saw the recommendation on its title upgraded to "buy" against "hold" earlier by ING.

Neopost (4.05% to 57.23 euros) will release its results for the first half after market.

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The CAC 40 expected sharply lower after Fed

Concerns about the health of the U.S. economy may once again to weigh on the markets in Paris. In the wake of Wall Street the day before and Asian stock markets this morning, the CAC 40 is expected to open sharply lower at least about 2%, according to forecasts, having already fallen by 1.6% in the previous session.

Markets should sanction and the decision of the U.S. Federal Reserve (Fed) on Wednesday. In fact, the Central Bank of the United States announced new measures to support the U.S. economy. It will sell well here in late June 2012 for $ 400 billion of treasury bills and short-term buy for the same amount with a longer maturity in an attempt to lower interest rates in the long term (an "Operation Twist").To support the mortgage market, it will also acquire real estate securities without increasing the size of its portfolio, according to the Committee.

However, markets did not appreciate his verdict on the economy, noting the "continuing weakness" of the labor market, with an unemployment rate of "high" of 9.1%, coupled with "significant risks "related" tensions in global financial markets. " "The opinion of the Fed on the economy is deteriorating a lot and it seems it can not do much with the Republicans (he) asked not to intervene," says Yutaka Miura, analyst at house brokerage Mizuho Securities, the Dow Jones Newswires.

Thus, the market had expected better, especially after worrying about the International Monetary Fund.The day before, the institution headed by Christine did not hesitate to raise the specter of a global recession and launched at policy makers in the world "a fervent call to action". At the same time the institution has significantly downgraded its growth forecasts for the global economy. This is expected to grow 4% in 2011 as in 2012, 0.5 points below its previous forecast of 4.5% last April.

Beijing sees its manufacturing activity deteriorated

To this must be added the emergence of concerns about the economic situation in China. Manufacturing activity in the country has deteriorated in September, reaching its lowest level in two months, according to preliminary PMI bank HSBC said on Thursday. PMI Purchasing Managers calculated by HSBC in September reached 49.4 against 49.9 in August, knowing that a figure below 50 means contraction."We are seeing a moderation in growth as in the past two months. Fears of a hard landing of the Chinese economy are unjustified, "said in a note Qu Hongbin, the chief economist for China at the bank.

In addition, investors are increasingly worried about the evolution of the crisis of public finances in Europe no fax cash advance. Greece announced Wednesday its intention to launch new austerity measures to convince the Troika and obtain payment of a new tranche of 8 billion euros in October that will allow it to avoid bankruptcy.

On the foreign exchange market, the dollar was up against the euro. It was worth 1.3544 dollars per euro, against $ 1.37 the day before in Asia.Oil falls as himself down under the effect of a rise in the dollar and pessimistic forecasts from the U.S. Federal Reserve (Fed) for the world's largest economy.In early electronic trading, a barrel of "light sweet crude" for October delivery gave up $ 1.21 to 84.71 dollars per barrel of Brent North Sea crude for October delivery lost $ 1.26 to 109, $ 10.

On the macroeconomic front, France, the index of labor costs in industry, construction and service sector in the second quarter will be released at noon.

In the U.S., the weekly claims for unemployment benefits will be unveiled at 14.30, and the composite indicator of economic activity for the month of August in 16 hours.

Earlier this afternoon, the markets also expect the statements of Robert Zoellick and Christine Lagarde, respectively president of the World Bank and IMF Executive Director, at the opening of the annual meetings in Washington

Values ​​to follow

• Banking

BNP Paribas, which has seen its share price unscrew more than 50% in three months, may request assistance to private investors understood the Financial Times. Analysts said that the institution may seek to raise up to EUR 2 billion from investors from Qatar and Abu Dhabi. However, an assumption that sweeps by the Director General of the bank Baudoin Prot.Investors also will keep an eye on Societe Generale and Credit Agricole.

• Saint-Gobain

The group has conducted Wednesday through placement of a bond issue in two tranches for a total of 1.75 billion euros with an average maturity close to six years and an average coupon of almost 4% in the refinancing of debt specialist construction materials. The transaction was heavily oversubscribed as the order book has reached the aggregate for the two tranches over seven billion from nearly 400 investors.

• Danone

The company launched its next bond issue of € 500 million due 2016.

• BioAlliance

The group announced Wednesday the confirmation of the clinical trial schedule Livatag against the primary liver cancer, starting with the pivotal Phase III in 2012.The company also reported a residual income of 1.02 million euros in the first half.

Wall Street resumes height

The day after a session in the red, the U.S. stock markets end up the way to higher Tuesday. In early trade, the Dow gained 0.37% to 11,446 points, the Nasdaq advance of 0.45% to 2625 points and the S & P is 0.40% to 1209 points.

The progresison remains very cautious. U.S. operators, like their counterparts in Europe and Asia, remain very concerned about the issue of sovereign debt in Europe. They fear a contagion to other countries considered fragile in the euro area.The decision of Standard & Poor's lowered by one notch to "A +" to "A" note of Italy, due to low growth prospects, has just added to the failure of the meeting this weekend of European Ministers of Finance have failed to agree on a new loan to Greece, still under the threat of default.

The question of the future of Greece will remain central today. In Athens, after an initial conference call Monday night, a new meeting between the Greek Finance Minister Evangelos Venizelos and representatives of the troika of the country's creditors, European Commission, European Central Bank and International Monetary Fund, to be held tonight . Their verdict depends on the payment in October of $ 8 billion from the loan made last year in the euro area country and the IMF.Manna vital for the country to the brink of bankruptcy.

Pending around the Fed meeting

Hopes for recovery of the market, worried about the economic downturn hitting the United States and Europe, are now placed in the meeting of the Federal Reserve (Fed) which starts today and will end tomorrow.

The fears are in fact more and more vivid on the other side of the Atlantic, where Barack Obama announced a plan to further reduce the deficit of 3000 billion Monday, financed half by an increase in taxes for the rich, did not produce any relief.

On the macroeconomic front, the U.S., housing construction has increased its decline in August, falling to its lowest level since May, according to official figures published Tuesday in Washington.

Mergers and acquisitions continue

The side of values, the French computer group Bull and American Technologies CA (0.09% to 21.24 dollars) Tuesday announced an alliance to facilitate the switching of heterogeneous enterprise IT infrastructures to the Internet and the "cloud" ( cloud computing).

The Internet giant Google (-0.10% to 546.12 dollars) bought DailyDeal, German site group purchasing established in 2009 business cards design. Google, which offers this service for U.S. consumers, seeking to expand its presence outside the United States to reach the largest number of users and compete with its rivals in the field as Groupon.The amount of the acquisition were not disclosed.

The U.S. stock market watchdog, the Securities and Exchange Commission (SEC) encourages U.S. companies to transparency regarding their income abroad, reports the Financial Times. The SEC, which has made this his new battle cry, drew particular groups such as Dow Chemical (-0.73% to 27.54 dollars) or Caterpillar (-0.28% to 84.36 dollars) share more information with investors.

After the close of Wall Street, Air Products (0.10% to 81.66 dollars) has announced a new share repurchase program of $ 1 billion.

The mergers and acquisitions also continue to multiply.According to reports the Times, Blackstone (-0.45% to 13.26 dollars) would buy with Prestige Brands of America (-0.73% to 9.46 dollars), a portfolio of non-prescription drugs worth £ 2 billion, owned by GlaxoSmithKline (0.07% to 41.54 dollars).

Jazz Pharmaceuticals Inc. (0.90% to 44.13 dollars) and Azur Pharma Ltd. (will merge to create Jazz Pharmaceuticals Plc, a pharmaceutical company based in Ireland and listed on NASDAQ.

Also in the pharmaceutical sector, Varian Medical Systems (1.16% to 53.05 dollars) will buy Calypso Medical Technologies, a company specializing in monitoring tumors during operations radiosurgery and radiotherapy for $ 10 million and contingent payments.

However, ConAgra Foods (0.21% to 23.44 dollars) withdrew its offer of Ralcorp Holdings (-0.23% to 75.06 dollars) due to "lack of constructive dialogue with Ralcorp."

Others are preparing to pass the act as Home Properties (-5.61 to 58.70 dollars) will conduct a capital increase of 5.25 million additional shares to finance "its external growth and new real estate development projects. "

Also note, a Court of Appeal in the United States lifted a court order blocking the payment of compensation of $ 18 billion by Chevron (-0.69% to 98.03 dollars) for environmental damage in the Amazon.

In addition, three complaints were filed against IBM (+0.11% to 173.32 dollars) from the European competition authorities, including one by a French company, have been abandoned, it was reported on Tuesday the European Commission.

Darty advantage of the web to gain ground

Darty seems to have found the parade. In France, the company has "re-recorded a performance superior to the commercial market," said the British parent company Kesa. In other words Darty has taken market share from its competitors. And thanks to strong growth in sales darty.com, which rose by 18%. "This growth is profitable," said Thierry Falque-Pierrotin, managing director of Kesa. The website, which became commercial in 1999, now accounts for 12% of the turnover of the group. Globally, sales of Darty fell 3.7% between early May and mid-August.

"The beginning of the year was difficult," says Thierry Falque-Pierrotin. Involved, the lack of major sporting event like the World Cup football last year which had boosted sales of televisions. "Conditions should remain still difficult for some time," added the CEO.According to GfK, sales of consumer electronic products fell 11.3% in the first half in Western Europe.

The distributor hopes to continue to succeed at the game perfecting his model. "We are professionals and will further improve in-store assisted sales and other services. We install, for example, listening zones in our stores to test the helmets, "says general manager. The company is also continuing successfully its growth in the kitchen. Market entry in 2007, Darty offers these products in 21 stores of 223 and plans to do the same in another 11 outlets by the end of the year. "As in our other segments, we want to offer good price and good service in the kitchen. This strategy has already allowed us to gain market share ", says Thierry Falque-Pierrotin.

French companies are socially responsible

"When we look at we are sorry but when you compare it to console," says the adage. A new proof of this is given with the release today of two studies on corporate social responsibility made by the social rating agency Vigeo.

This company, founded ten years ago by the former secretary general of the CFDT, Nicole Notat, analyzed the performance of 539 European companies listed on non-discrimination in employment.She also compared how these 363 companies had managed the restructuring that had taken during the crisis.

In both cases, France takes the lead of countries that best meet the basic standards set by the International Labour Organization (ILO) concerning freedom of association, prohibition of forced labor and child employment seniors … "This does not mean that French companies have no way to go, but just that they behave better than others," Nicole Notat nuance.

Danone number one

To note the management of corporate restructuring and practice of non-discrimination, the bloodhounds of Vigeo analyzed their managerial systems based on three items: the relevance of political behavior, the consistency of their deployment and effective results.Finally, French firms are better informed and consulted, where social, employee representatives "before and during the restructuring process."

No fewer than four of them are in the top 10 most responsible companies: Danone (ranking first), PSA Peugeot Citroën, Bonduelle and Total. French companies are also those who have best implemented "effective measures to prevent and limit layoffs" and made "steps to mitigate the negative effects of layoffs on employees, including measures to return to work" . Better than their German or Dutch, who monopolize the second and third places on the podium, and Austrian firms, Irish and Greek … that close to the bench.

Issue non-discrimination (access and job retention of the most vulnerable, improving working conditions, training, career …), French companies are doing just as well with no fewer than four of them also in the top 10: PSA Peugeot Citroën again, Rhodia, EDF and TF1. By country, France is ahead of Belgium and the Netherlands, far ahead of Ireland, the UK and Denmark … that appear at the end of ranking. "We knew that the behavior of firms are influenced by national legislation and sectoral affiliations, note Benseddik Fouad, director of Vigeo methods. But this study shows that social responsibility is the leadership position and ability to dialogue that make the difference. "In short, the involvement of the entrepreneur.

Michelin speeds in the low-cost China

Revolution in Clermont-Ferrand. To conquer China, Michelin, the tire specialist high-end, the gum is in the low-cost. The manufacturer yesterday signed a definitive agreement with two Chinese groups to create a joint venture that will produce and market products for passenger cars and light trucks under the brand Warrior. The principle of this agreement was announced in April. It must still be approved by the Chinese authorities.

The new company is 40% owned by the French and 60% by local partners, Double Coin and Huayi. The plant, under construction, will be located in Wuwei, about 400 kilometers west of Shanghai. The project, costing about 390 million, is intended to eventually produce 15 million tires per year, for the Chinese market.The operation was hailed by the Paris Bourse, where the title Michelin jumped 5.3%.

Double in size

The group, whose main production facilities located in markets "mature", had already started the construction of three giant plants in China, Brazil and India. In the Middle Kingdom, where it is installed since 1988, the company has four factories and employs over 6000 people.

Michelin, who wants to double in size in developing countries by 2020, up particularly in Asia, where he says the market should grow by 9 to 10% annually over the next few years. In the first half, he realized, however, still 75% of its sales in Europe and North America.

To succeed in Asia, including China, the French had no choice but to face the players in the middle and entry-level, such as the Korean Hankook, which hold 40% of the world.And that growth has come at the expense of leaders Bridgestone, Michelin and Goodyear. Between 2004 and 2009, global market shares of French are well past 19.4% to 15.5%. "It is very important to have a presence in this niche" of low-cost, recently explained Jean-Dominique Senard, the new managing partner of the group. "We can not leave the field open to our Asian competitors, more and more aggressive." Michelin will instead expand the availability of its distribution network in order to "meet all customer demands." So far, "we were not able to do so profitably," says Jean-Dominique Senard.

Prior to the signing of the agreement, Michelin Warrior Tire already manufactured at its plant in Shanghai Double Coin brand which had given him to use.The French had created a joint venture with the Chinese group in 2001 which he had bought the shares in 2010. The goal now is to dedicate the site of Shanghai to the Michelin brand, and "to increase greatly the production of the Warrior brand" with the new joint venture, said Bibendum.

Relations with Double Coin had not always been in good shape, since 2007, Michelin had accused its Chinese partner to produce in its plants counterfeits of its truck tires.

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Banks back into the market turmoil

The respite will not last long: after a week of relative calm, the European banking sector has again stumbled in the stock market Monday. Britain's RBS, French Societe Generale, Deutsche Bank or German for example, have dropped out of respectively 12.32%, 8.64% and 7.53%. Even the champion of Frankfurt stock exchange now weighs less than half its book value! This increased tension is supplied from Friday with a new bundle of anxiety on the macroeconomic front. Investors fear that gives that summer debt crisis in Europe and the United States against a backdrop of slowing growth, worsening. The European foot-dragging on the Greek case illustrates the difficulty of political reassurance. Terms of private sector contribution in the second rescue of Greece, to be completed at the root end of August and early September, and still raises many questions.The debates are multiplying on the accounting treatment of such assistance, and the right level required for impairment of securities Greek, while the economy sinks further into crisis.

200 billion euros in recapitalization

Asked about the idea of ​​requiring banks assessment of sovereign debt in the market, the CEO of Deutsche Bank, Josef Ackermann, said Monday that "it was forcing an open door to say that many banks Europe would not survive. " Especially since the doubts about the ability of Italy to keep its austerity plan and that of France to absorb a succession of shocks without further tighten the screws are becoming more vivid.The CDS on the two countries, these insurance policies that protect a non-payment, Monday reached a record high.

Under these conditions, the crusade of the new Executive Director of the IMF, Christine Lagarde, against the underfunding of the European banking sector is gaining credibility. According to the Financial Times, its equipment valued at 200 billion euros on equity gap for the entire industry. The chairman of BNP Paribas, Michel Pebereau, said Monday: "The stress tests in Europe (…) suggest that it is not so obvious that today the European banking system as a whole may need to be recapitalized.Some banks, no doubt. "Boss BPCE, and past president of the French Banking Federation (FBF), François Perol, said he did not think" that (statement of Christine Lagarde) was referring to French banks. "

On the other side of the Atlantic, the signals are no more reassuring. The disappointing U.S. employment published Friday that result in maintaining a high unemployment rate to 9.1%, have cast a chill on the market. The same day, Washington expressed its willingness to prosecute seventeen banks for selling its agencies refinancing, without the correct information, asset-backed mortgages, subprime. The legal battle casts a new threat to the sector.

Bank: call to order de Lagarde

Declarations of Christine Lagarde at the Jackson Hole conference in the U.S. have caused confusion. Concerned about the deteriorating global economy, the executive director of the International Monetary Fund said before the central bankers that European banks' need urgent recapitalization. " The former economy minister added: "This is the key to cut the chain of contagion."

Thus, for the IMF, "the most efficient would be a substantial recapitalization mandatory European banks with private funds in the first place but also of public funds if necessary." Christine Lagarde has called for research by the policies of a common vision for the future of the continent.

But the executive director of the IMF gave no indication about how to get there.Thus, Sebastian Bartholomew, credit analyst for Louis Capital Markets believes that the statements of Christine Lagarde is "a call to order IMF but do not provide concrete solutions." The specialist also wondered what private funds would be inclined to give money to banks, "who wants to bring money to the banks unless the States?" Support from private funds, wanted by the former tenant Bercy seems to be excluded.

Regulators want details

Thus, fearing that such a disadvantage about the banking sector already affected by the stroke of tobacco stock this summer, some regulators would consider asking the IMF chief to clarify his remarks, reports the Financial Times.Indeed, while Europe is mobilizing to try to reassure investors on the health of major institutions of the old continent, reports Christine Lagarde could undermine their efforts credit reports free. The stress tests were particularly aimed at reassuring the financial community. French Banking Federation (FBF) was also stressed that French banks "have passed the stress tests in July European and ACP, the national supervisor, performs regular checks to ensure the smooth operation of banks' .

As such, the FBF reiterated this morning that the French system has full confidence. The Federation reiterated, like what she wrote on August 19, that 'capital levels are well above regulatory requirements and programs for refinancing in the medium and long term are conducted under conditions quite satisfactory. "

And the banks themselves have reiterated they do not need to raise new money. In early August, to mark the publication of its results, Societe Generale has reiterated that it has strengthened its financial strength, and for BNP Paribas. August 25, Crédit Agricole has also sought to reassure. The bank, whose accounts the second quarter suffered a heavy burden to Greece, said it had to end in July of more than 120 billion of liquid reserves immediately available. Jean-Paul Chifflet, general manager of the bank, had also told the BBC: "We have no difficulty in funding us."

In exchange, banking stocks are holding up well CAC40.Credit Agricole advance of 1.1%, 1.3% BNP Paribas, Natixis and Societe Generale 1.7% against an increase of 1.3% for the CAC 40.

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