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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.

U.S. stocks closed up again Friday, the adoption of reform measures by the Italian Senate calm investor concerns about the euro area.

The Dow Jones gained 2.19% or 259.89 points to 12,153.68 points. The Standard & Poor's has been 1.95% or 24.16 points to 1263.85 points while the Nasdaq composite advanced 2.04% or 53.60 points to 2678.75 points.

For the week, the Dow Jones gained 1.4% and the S & P 0.8%. The Nasdaq lost 0.3%.

In Italy, the Senate passed the law of financial stability, a set of austerity measures demanded by the European Union to deal with the crisis. The Chamber of Deputies will vote Saturday on the text.Bank of America gained nearly 3% to 6.21 and JPMorgan Chase & Co 1.65% to 33.28 dollars. The KBW index of bank has been awarded 2.1%.

Nvidia has awarded 3.52% to 14.98 dollars. The graphics chip maker reported quarterly results better than expected thanks to its diversification in semiconductors for mobile phones and tablets.

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.

Traders are on alert Monday morning after the warning of the Japanese Finance Minister Jun Azumi, who warned that Tokyo might intervene in the foreign exchange market to try, once again, to halt the rise of the yen that threatens the recovery of the Japanese archipelago.

Japanese export growth has certainly slowed less than expected in September, showed figures released Monday by the Ministry of Finance, but economists warn that the combination of a strong yen and the persistence of the crisis debt in Europe pose high risks to external demand.

The Bank of Japan (BoJ), which meets Thursday, is likely to cut its economic forecasts because of slowing global growth while keeping intact its monetary policy.

The status quo in Japanese monetary policy, however, may not be sufficient to contain the rise of the yen, the latter continued to figure as a safe haven in times of uncertainty.

"The dollar / yen fell sharply, to a range between 75 and 76 yen in a very short period of time. This is completely speculative and does not reflect at all the fundamentals.This is unfortunate, "said Jun Azumi reporters.

"If this path becomes excessive, we will take tough decisions."

The strong yen will have a major impact on the Japanese export sector, he added, especially for the automotive industry.

Jun Azumi's remarks came after the dollar hit a record low Friday at 75.78 yen on EBS platform.

Since September 2010, the government intervened on two occasions, once alone and once together with the G7, in an attempt to weaken the yen, but the effect of these interventions did not last.

Japanese exports rose 2.4% in September from the previous year, against 1.0% expected, supported by higher sales of automobiles and automotive equipment.In August, they had increased by 2.8%.

Imports on the other hand increased by 12.1% last month, instead of the 12.6% forecast.

Japan posted a trade surplus of 300.4 billion yen (2.8 billion euros), a deficit in August, against a forecast surplus of 198.8 billion yen.

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.

The New York Stock Exchange finished up 1.68% Thursday, the Dow Jones Industrial 30 183.38 points to 11,123.33 winner. The S & P-500, wider, took 20.94 points, or 1.83%, to 1164.97.

The Nasdaq Composite Index was up 46.31 points for his side (1.83%) to 2506.82.

The bank denies a report in the daily Libération, which amounts to 25 billion euros the amount of toxic loans granted to local authorities. Dexia release accused of selling to local governments 25 billion euros of toxic loans.

Dexia bank said Wednesday as "unacceptable" an article published by Libération on toxic loans sold by such bank to local communities. The newspaper, citing "a confidential document to Dexia," the amount of loans taken out toxic amounts to 25 billion euros. "Erroneous and truncated data have been used for this article that calls into question the competence and integrity of Dexia employees and elected officials and administrative officers of local authorities, which is unacceptable," said the bank in a statement."Not only the challenges but Dexia reviews all legal consequences to give to defend the interests of its employees and its customers," she adds.

According to the bank, "the article likens improperly structured credits to 'toxic loans' and reported that fanciful figures do not reflect reality." According to Liberation, 5500 local governments and public institutions have signed French toxic loans between 1995 and 2009. The bank contends in particular that "it is totally unfounded and irresponsible to suggest that 'thousands of French municipalities are bankrupt because of the structured credit underwritten by Dexia".Dexia also disputes the number of the additional cost of these loans valued at 3.9 billion euros, "unfounded" and denied as having "captured the towns."

"At the initiative of local communities"

Loans "were made in response to tenders issued on the initiative of local authorities who asked explicitly, often accompanied by external consulting firms," ​​said she. The toxic loans are considered more speculative and riskier to the family of structured products. These have varying degrees of risk on a scale of 1 to 5. The toxic loans represent the highest risk, rated 5.They are based on variable interest rates, indexed values ​​as highly volatile exchange rate fluctuations, differences in interest rates or a barrel of oil, which can decrease or increase in significant proportions and impossible to master.

For its part, the Royal Commission on toxic debt, created in June, entered the heart of the matter by addressing the situation of Saint-Etienne, a city whose mayor, Maurice Vincent, was one of the first to denounce the dangers of such financial products. "The Audit Office estimates that one hundred the number of communities affected by toxic chemicals," recalled Maurice Vincent before the commission. "For my part I consider that there should be 200 if we take into account hospitals and housing associations."Maurice Vincent also reminded the court ranged between 7 and 12 billion euros the amount of toxic loans, a total stock of 160 billion euros.

The Italian government has denounced the "political considerations" after the fall of his sovereign rating by Standard and Poor's. The agency refers to "independent analysis".

The Standard and Poor's (S & P), which downgraded the sovereign rating of Italy, on Tuesday rejected accusations by the Italian Government and was told that his assessment was "apolitical". "The sovereign ratings by S & P ratings are apolitical," based on the evolution of "credit risk, provided to investors," insisted the agency in a statement released in Italy.

S & P ensures that its evaluation is based "on independent analysis and detailed economic and fiscal outlook in Italy and on assumptions about the expected evolution of the debt (as has been amply illustrated in published reports).""The ratings indicate how the various policy initiatives may impact on the financial reliability and to hear any suggestions on policies that a government should or should not continue," he told the agency.

On the night of Monday to Tuesday, Standard and Poor's downgraded by one notch to A + against A note of Italy due to low growth prospects and the "fragility of the ruling coalition." And pinned, the government has denounced a decision in a statement "more driven" by media reports as "the reality of things" and "distorted by political considerations."

Nestle, the world leader in food, will continue to invest in Switzerland, his home country, although the appreciation of the franc makes it less attractive.

"There are now many questions regarding the crisis in Europe, low consumer confidence and the rise in the Swiss franc. Uncertainty is high, but growth is still possible in Europe," said Director General Paul Bulcke at the inauguration of a factory near Berne.

Asked if the group of Vevey to postpone or cancel investment projects in Switzerland due to the appreciation of the franc, Paul Bulcke said "that the Swiss franc has no impact would be quite incorrect.But as a multinational, we have a natural protection. "

"This is not the Swiss franc is strong, it is the other currencies that are weak.I hope one day there will be a return to reason, "he said, adding that Nestle invests in the long term.

Nestlé inaugurated Thursday a new production facility in Konolfingen, the site of its oldest plant, where it will produce next generation probiotic foods for babies.

"Obviously the strong Swiss franc does not help the production of Nestlé in Switzerland," said Paul Bulcke, repeating that the currency had only a limited impact on the operational performance of the group.

The franc has strengthened its final months against the euro and the dollar, prompting the Swiss National Bank (SNB) to increase liquidity in the money market in France to fight against the strength of the Swiss franc, which makes Swiss exports more expensive abroad.

Two thirds of the outgoing products of the ten Swiss Nestle factories are exported to the euro area.And with a resounding as loudly it is more difficult to remain competitive, said Eugenio Simioni, the head of Nestlé Switzerland, adding that the capacity for innovation and service quality can offset this appreciation.

Nestlé has invested 400 million francs in the Konolifingen site over the past four years and doubled the number of jobs to 770.

The nutrition business of Nestlé produce about 90% of sales of baby formula and Paul Bulcke said the group plans acquisitions to his unit, who directed last year's sales of 10.4 billion francs.

He declined to comment on a possible interest in the activity of infant formulas from Wyeth, a subsidiary of Pfizer, which is on sale and is valued at approximately ten billion dollars.