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The Competition Commission (Competition Commission) Switzerland announced Friday the opening of an investigation of several international banks suspected of having entered into agreements to influence interbank reference rate and marketing of certain products.

The Competition Commission said in a statement that an institution is denounced by stating that several banks have influenced the benchmark Libor (London Interbank Offered Rate) and Tibor (Tokyo Interbank Offered Rate ) for certain currencies.

Libor is used worldwide as a benchmark to set rates on transactions whose total amount is estimated at 350,000 billion. 

The slightest change in these rates calculated daily based on data from a selected group of banks may have a significant impact on rates charged by banks.

"For these behaviors, traders could obtain a distortion of the reference rate in their favor," said the policeman of the competition in a statement.

The Competition Commission is also suspected that brokers will be concerted on the differences between the buying and selling (spreads) of derivatives products, allowing them to sell financial products to ; disadvantageous terms for their clients. 

Investigations of the Competition Commission with respect to 12 major European institutions, U.S. and Japanese: UBS and Credit Suisse, Bank of Tokyo-Mitsubishi, Citigroup, Deutsche Bank, HSBC, JP Morgan Chase, Mizuho Financial Group, Rabobank, Royal Bank of Scotland, Societe Generale and Sumitomo Mitsui Banking Corporation.

INVESTIGATIONS IN EUROPE AND THE United States

U.S. authorities, European and British also seeking banks have underestimated the interbank rates to reduce borrowing costs and try to ease market tensions during the financial crisis.

At the time, Libor rates had increased, but some had found that this increase was insufficient to reflect the actual prices in the interbank market. 

"We are in contact with the U.S. Department of Justice and the European Commission," said Reuters on Friday Olivier Schaller, Deputy Director of the Competition Commission. "Our focus for now on the problems appeared on the Swiss market. We're just beginning our investigation. "

" We take these surveys very seriously and cooperate fully with the authorities, "said a spokesman for UBS and Credit Suisse

. RBS have refused ; s to comment while no one was immediately available in other institutions for a position

……. .. Suspicions had already emerged in 2011 when a European asset manager sued a dozen international banks, accusing them of understanding to manipulate Libor …… Charles Schwab Corp.

… has also instituted proceedings against eleven major banks for the same reasons. 

In July, UBS announced it had granted immunity in a case of suspected manipulations to Libor in exchange for his cooperation with certain authorities.

Antonio Borges, director of the Europe Department International Monetary Fund (IMF), has resigned with immediate effect, the Fund announced Wednesday, while the euro area hit by the debt crisis for over eighteen months.

The IMF notes that the Director General intends to appoint Christine Lagarde Reza Moghadam, Director of the current strategy to succeed Borges, effective Thursday.

This decision was welcomed by analysts who see a clear change of policy that could result in greater IMF involvement in the management of sovereign debt crisis that threatens to plunge the world economy into recession.

Exchanges in the euro area have closed down Tuesday, still hurt by the crisis of sovereign debt and the risk to the region from falling into recession.

Sign of the serious concerns surrounding the monetary union, the euro is less resistant to storm the previous day. He fell under $ 1.35 and was trading around 1.3497 dollars in late afternoon.

In the wake of the countries now in the crosshairs of the markets, Italy and Spain, whose 10-year rates and spreads (spreads) performance with Germany were strained, France saw its 10-year spread with the Germany to a new high since the launch of the euro in 1999 to 190 basis points (the nominal rate of 10-year OAT standing at 3.68% against 1.77% for the German Bund).The historical record of the spread (250 bps) above the euro and goes back to January 1990.

The Paris Stock Exchange ended down 1.92% to 3049.13 points, those in Frankfurt and Milan, down 0.87% and 1.08% respectively. The index of the principal values ​​of the euro area, the Eurostoxx 50, lost 1.32%.

Outside the euro area, London has resisted (-0.03%).

Financials (banks and insurance) (-1.4%) (-1.85%) and construction (-2.12%) recorded the largest falls in Europe and sector weighed on the stock exchanges, including in Paris.

Ryanair said Monday it has increased by 10% its profit forecast for 2011-2012, the high fuel costs to be offset by higher revenue per passenger per kilometer.

The first airline to European low-cost, which reported a quarterly taxable income above expectations, said not having seen virtually no impact of the decline in consumer confidence.

The Irish company added, however, she anticipated a decline in traffic in the coming months due to his decision to nail to the ground some aircraft in response to the high cost of kerosene.

Of the three months to September, the taxable income stood at 404 million euros against an average forecast of six analysts polled by Reuters de393 million.

Lufthansa and International Airline Group (IAG) both announced last week the results strongly affected by rising fuel costs.

He assured that the draft prepared by the Tax Commission in Brussels would be considered by the Heads of State and Government of the EU "at the beginning of this year," and promised that France "will fight" in order to so that it is put into service by the end of next year.

The Head of State expressed satisfaction that now "a number of countries have joined the battle of France", quoting indiscriminately the European Commission, Germany, Spain, Argentina, African Union, Ethiopia, South Africa and Secretary General of the UN, which he said Brazil "who said his interest in the process."

Default, return to the drachma, massive devaluation, hyperinflation, recession … out of the euro could well lead the Greek economy to disaster. Demonstration. Of "indignation" burn Greek euro banknotes to the Bank of Greece in Athens, October 17, 2011

The euro area, you love it or leave it. This is essentially the message from Nicolas Sarkozy and Angela Merkel George Papandreou yesterday evening after a mini-crisis summit in Cannes. French President and German Chancellor asked their conditions in the referendum decided by the Greek Prime Minister: consultation will not include the bailout of the euro but on the desire to remain or not in the euro area. And it must take place before Christmas.

"It is clear that the question that is posed is that of the European future of Greece.Her outfit is however conditional on the vote of confidence in Parliament of the Greek government policy and the possible holding of early parliamentary elections, but if this referendum does take place, that meet the Greeks? "The Greek people will not come out of the single currency, says political scientist Georges Sefertzis expansion. Com. It is not against the euro than the Protestant population. It is against the decisions of austerity and hard above all very unfair. "

Yes, but in these times of severe political instability and confusion of the population, no one can say that the ras-le-bol massive Greeks will not materialize by a protest vote at the polls. That is to say no to the euro area. In principle, no country can leave the euro area. Neither the release nor the only possible exclusion from the European treaties. However, nothing seems to prevent it if a country so requests.

The new car registrations in France rebounded in October, supported especially by the commercial offers to individuals, announced Wednesday the Committee of French Automobile Manufacturers (CCFA).

After declining 1.4% in September, new registrations in the Hexagon rose 2.8% last month to 176,203 units. The change means in raw data and adjusted for working days in October 2010 and October 2011 were both counted 21 working days.

The PSA Peugeot Citroën registrations fell by 4.5% in October, after -18.4% in September, while those of Renault continued to rebound with an increase of 11.3% last month.

The first ten months of the year, the French market is growing by 0.4%.

French deputies adopted Tuesday by 308 votes against 203, majority against opposition, the first part, the recipes, a draft budget law for 2012, which already seems overwhelmed by the failure of growth.

The Senate will consider this text as from 17 November.

At the end of this reading by MPs, the projected deficit for 2012 amounted to 80.321 billion euros, a reduction of 1.451 billion euros compared to the initial deficit was expected to 81.772 billion euros.

But the draft budget for 2012 is built on a growth assumption of 1.75% which, because of the crisis, is considered "optimistic" by many and the government has already announced that new measures would be taken if necessary.

Prime Minister Francois Fillon praised Tuesday the UMP group for his "outstanding work", reported a number of members present at the weekly meeting of the majority group.

"You have been consistent. What you have done is remarkable," he said, referring to the group's decision not to practice in bidding and its amendments have made nearly $ 1.5 billion 'savings.

"This is a true and budget.It is solid, serious and responsible, "said Jerome Chartier UMP.

A BUDGET FOR EVER CADUC PS

But the spokesman of the Socialist Group in this debate, Pierre-Alain Mute, called the budget "to the list of measures which emerges Prévert no other logical that blind and massive austerity."

"It's unfair and a budget already spent," he said.

For Pierre Moscovici, a relative of the Socialist candidate for president in 2012 François Hollande, "It's surreal."

"We vote on figures known to be counterfeit," he told reporters.

Among its main measures, the Finance Act 2012 provides for taxation of high incomes, a tax on drinks containing added sugars and artificial sweeteners, a reduction of real estate gains in some cases for the sale of a residence secondary school.

After this vote, Members should begin to review the draft law on financing of Social Security (Social Security Financing Bill) 2012.Only 2 November they will begin to discuss the second part of the budget, the expenditure.

The Assembly will vote Nov. 16 by a solemn vote of the entire draft budget law for 2012 that the Senate will consider from the day in public.

The final vote on the draft budget for 2012, the last of the five-year term and is expected by mid-December.

Bic confirmed on Wednesday its major predictions for 2011 despite the economic downturn and increased competition, both of which affected its sales in the third quarter.

The group aims for its Consumer division (pens, lighters and disposable razors), which generates 85% of sales, growth in annual sales on a comparable basis over 5% and a margin increase from the last year.

But the prospects for the division of advertising and promotional products (APP) are darker: Bic expects a decline in sales on a comparable basis "just under 10%" and a line "similar to that of 2010 ".

In the third quarter, sales of Consumer division rose 3.3% on a comparable basis (exchange rates and constant perimeter) but decreased by 2.1% as reported at 391.6 million euros .The PPA has fallen 10.0% compared to 76.6 million (-17.4% as reported).

The total quarterly revenue and a poster-like growth limited to 0.8% (-5.0% as reported).

In the first nine months of the year, sales to 1.354 billion euros, up 3.8% on a comparable basis (+6.8% for the consumer division, -10.1% for APP ), but fell back by 0.3% as reported in 1354.3 million.

Gross margin for the nine months rose 1.8 points to 49.1% of net sales and operating margin reached 23.5% standard, 3.2 points higher than last year.

"The Consumer activities remains strong despite a challenging economic environment and, most importantly, the group's profitability remains above historical levels," said in a statement the Director General, Mario Guevara.

About APP, he added that "the continued economic downturn and the challenges of integrating this activity was delayed more than we had originally anticipated, a return to growth" and evokes " necessary adjustments, "without elaborating.

In exchange, the action Bic ended Tuesday 65.61 euros. The stock has gained 2.1% since the beginning of the year while the CAC 40 index yields 17.44%.

The stock market rally seen since early October, which is largely based on the feeling that Europe has finally committed to the implementation of sustainable solutions to the debt crisis, seems to be over in fear that the ads promised by early November are not up to expectations.

The German Finance Minister Wolfgang Schäuble, who warned Monday that the European Summit of October 23 would not produce a definitive solution to the debt crisis in the eurozone, has dampened the enthusiasm in the marketplace.

Around 16:30, the CAC 40 and Eurostoxx 50, which is still evolving in the green in the morning after a G20 finance considered rather promising Saturday, both lost about 1.6% as a result of these statements.

Noting that the increase of over 12% in 10 days is largely based on hopes and was made in limited volumes, leaving the door open to great disappointment when announcements, investors do not exclude relapse of the markets in the coming weeks.

"The meeting of G20 finance ministers this weekend confirmed the hopes of the market for the rapid implementation of a plan to end the crisis", says Franklin Pichard, director of Barclays Bourse France.

"Politicians have no room for error in communication.The slightest disappointment lead to a violent reaction to the decline in equity markets. "

Buyers expect the ads to be made after the G20 summit on 3 and 4 November in Cannes: strengthening the capacity of the European Financial Stability Fund (EFSF), bank recapitalization European responses to the financial situation worse than expected from Greece and reform of European governance.

"Although we have a constructive long-term vision of the evolution of sovereign risk in the euro zone, the political difficulties to be expected before reaching a final solution we ensure that the road is bumpy markets," said BNP, however, Paribas Investment Partners.

The management group, which benefited from the rebound to move to underweight on equities, does not "further price drops, as we had this summer seem possible."

ING Investment Management also remains on the defensive, a position with "underweight" on the stock markets in Europe, as well as financial and cyclical stocks.

His actions strategist Patrick Moonen is especially before the uncertainties not only about the size of the bank recapitalization program, but also on the quarterly results, which could also disappointed with the economic slowdown and exchange rate volatility.

"The month of October started a rally based on hopes (…) and positions, but few facts," he said.

Strategists market rate of Societe Generale also believe that "the latest developments are a supporting factor for the risk appetite, although the markets think differently this time."

CONSOLIDATION AT THE OPTION OF ADVERTISING

Investors are more reserved vis-à-vis the commitment shown by Saturday the finance ministers of the G20 to support and rebalance the global economy – with a fiscal consolidation in advanced countries and support for domestic consumption in emerging markets.

"If these promises are interesting, they are very similar to previous ones.There are many positive intentions but little detail on implementation, with the exception of Europeans advancing at a rapid pace, "said François Duhen, strategist at CM-CIC Securities.

From the graphical point of view, analysts estimate that the CAC 40 should stumble on key areas of resistance around 3280-3300 points, then from 3450 to 3500 points, and the Eurostoxx 50 on the area of ​​2450-2460 points.

"The movements (up to last week) could be extended a little longer, but we expect corrections, or at least consolidation in the coming days," said Valerie Gastaldy, Analyst Day By Day.

Alexandre Le Drogoff, Aurel BGC, agrees that current levels of the market should be the starting point for a correction, to a resistance threshold of 3.060 points for the CAC 40 and 2230 points for the Eurostoxx 50 … unless it announces a new downtrend.

"I see the French market up against the 3280-3300 and consolidate the liking of ads before leaving, especially since we do not see a buying spree at the moment. It's going a little too fast. This is probably not sustainable, "said Frederic Rozier, manager at Meeschaert Private.

However, despite the dismantling forced Dexia, some speakers stressed that the "worst is over", confident in the ability of policies to avoid a systemic crisis as in 2008, after the bankruptcy of Lehman Brothers.