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The Tokyo Stock Exchange started the week up Monday, the speakers are partly reassured about the evolution of the European debt crisis even if they prefer not to push the market too high before an auction to be held in Italy later of the day.

The Nikkei gained 89.23 points (1.05%) to 8,603.70 and the Topix has taken 6.72 points (0.92%) to 735.85.

Italy must award five-year bonds, a first test for the new Chairman Mario Monti.

The market has not reacted much to the publication before the opening of Japan's GDP for the quarter July to September.

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.

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.

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.

Ecology-The Greens Europe calls for repeal of the 64 oil and gas exploration permit in France after the removal of three allowed by the government. A manifestation of anti-shale gas in the National Assembly, 10 May 2011.

Pascal Durand, spokesman for the European Greens-Ecology (EELV), on Wednesday asked for the repeal of the 64 oil exploration permits in force in France, ironically on the cancellation "surmédiatisée" permit for three gas shale by Nicolas Sarkozy. The head of state said Tuesday, in a speech in Alès (Gard), there would be "no exploitation of shale gas in hydraulic fracturing" in the south of France, as Government had announced the previous day.

"As it stands, clearly we must stop all" even permits aiming of conventional oil or gas, and not just the gas and oil shale and other unconventional gas, told AFP M . Durand. The repeal of all permits would mean the abandonment of all the research for oil and gas in France, including the coast of Guyana where just made a discovery.

Of the 64 permits currently in force in France, 49 relate to conventional oil and gas, and 15 concern the so-called non-conventional oil: the three that will be canceled in the shale, four for oil shale and the eight coal gas, according to the Department of Energy.Yet according to the Government for 61 permit still valid, "the owners have no plans to search for gas and oil shale or have renounced to be limited to conventional fields." On coal gas, the holders have waived all hydraulic fracturing, which is prohibited by law.

But according to Mr. Durand, the holders of licenses, even those who say the conventional target, may have other purposes. "(…) It is likely that there are fictitious applications," he said. "So there is a real danger, it is not at all reassured about the nature of the current permit. We must allow time to investigate and verify," he argued.

Hypothesis rejected at the Ministry: "We can not do anything quietly, either a conventional drilling or a fortiori of hydraulic fracturing.There are statements of work and there is a prefecture government control anyway so it's not possible to do so in secret. "" All the less the sly as hydraulic fracturing, these are very heavy interventions ", argued an expert from Bercy AFP. Mr. Smith nevertheless praised the cancellation of three licenses," illustrates the need for citizen mobilization "and" fieldwork associations " . But "it is far from won," he said.

Decline in new orders, production and employment: the French industrial activity is in contraction. Activity in manufacturing contracted in France in September.

Activity in the manufacturing industry in France has again contracted in September, with a decline in new orders, production and employment, according to the final estimate of the PMI released Monday by the company Markit. The manufacturing PMI fell back 49.1 points and 48.2 points in August, its lowest level since July 2009. The decline is less marked announced at a first estimate published on Sept. 22. An index below 50 points signals a contraction in activity.

"The debt crisis of the Eurozone and the deteriorating economic conditions have led to a sharp decline in demand," notes economist Jack Kennedy Markit, said in a statement."The manufacturing sector may well have slowed the quarterly GDP growth, the survey data suggesting a decline in industrial production for the entire third quarter."

The decline in the PMI reflected a sharp decline in the volume of new orders, domestic and export markets, sales declined for the third consecutive month and decreased production. "As a result of the current weakness of the sector, the French manufacturers are downsizing for the first time in a year," said Jack Kennedy. The PMI, compiled from a survey of companies operating in France, is a leading indicator of economic conditions, considered reliable by analysts.

The bankruptcy of Greece is now openly considered by the Minister of Economy and the finance. Wolfgang Schäuble, the German finance minister, by the Bundestag in Berlin September 14, 2010.

The German Minister of Economy Philipp Rösler n'exlut more orderly bankruptcy of Greece to save the euro, in a commentary published Monday in the German daily Die Welt. "To stabilize the euro, it should no longer be short-term no-think about some options. Among them, there is an emergency orderly insolvency of Greece, if one has available the instruments necessary, "he wrote, according to a statement. The Finance Minister also proposed this scenario the newspaper Der Spiegel. Wolfgang Schäuble would have referred to two solutions for the future of Greece. The first is when the country in the euro area and the second when he returns to the local currency, the drachma.

Mr.Rösler is the Vice-Chancellor of Germany, as chairman of the Liberals, small partner in the governing coalition with the Christian Democrats of Angela Merkel. But he that really gives the tone in the economic in the country is the finance minister, Wolfgang Schäuble, a member of the Conservative Party.

According to M. Rösler, austerity measures are in some countries, like Greece, still insufficient. "The Greek government must know that the aid provided depends on the commitment by Greece to reform," he adds.

And call for the establishment of an automatic sanctions "in case of breach of the rule, there must be consequences for such a payment subject to approval of the aid from structural funds of the EU.In case of persistent breaches, an early termination of voting in the Council of Ministers of the EU should no longer be a taboo. "

Ultimately, bankruptcy ordered state should be possible with the aim of "restoring the ability to operate in the State concerned, if necessary by temporarily limiting its rights of sovereignty," he adds.

It also calls for substantial involvement of private creditors. Europe needs a "code of stability that Member States would apply in accordance with their national and their own economic and financial policy," continues M. Rösler.

Wall Street opened sharply lower Thursday, weighed down by fears of contagion from the crisis of European debt to U.S. banks and the threat of a relapse of the economy after the disappointing figures on the employment front United States.

In early trade, the Dow gave 2.45% (281.13 points) to 11,129.73 points. The Standard & Poor's 500 broad, abandoned 2.51% (30.72 points) to 1163.17 points while the Nasdaq composite market lost 3.22% (80.29 points) to 2430.32 points.

Facing the room nervously, the New York Stock Exchange NYSE and Amex Cash Markets announced shortly before the bell they would invoke Rule 48, which allows information to suspend the course to ensure a smooth opening.This rule is sought only when there is a risk of extreme market volatility.

The macroeconomic picture was further clouded Thursday after jobless claims in the U.S. rose more than expected last week to 408,000, while economists surveyed had forecast 400,000.

In addition, Morgan Stanley lowered its growth forecasts for the global economy for the years 2011 and 2012, the revision is stronger for developed countries.

Wall Street is also hit by concerns surrounding the U.S. banking sector.

The Wall Street Journal reported Thursday that the Federal Reserve Bank of New York accentuated his investigations on the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe will be transmitted to the U.S. economy through them.

Around 1:35 p.m. GMT, the S & P financials unscrewing of 3.51%, while the KBW bank index fell 3.3%.

Bank of America, JPMorgan Chase, Goldman Sachs and Morgan Stanley posted declines of between 3.33% and 6.43%.

In this context aversion to risky assets, gold hit a new record of 1,817.90 dollars an ounce.

The cost of the 26th World Youth Day is the last straw for many Spaniards who face for months to fiscal austerity. But Catholics say pay the entire event. A pilgrim is to confess to Madrid, the opening day of the 26th World Youth Day.

At a time when the global economy trembles, when stock markets falter, and where all fears are focused on Europe and the debt crisis, hundreds of thousands of Catholics converge on Spain for the 26th World Day of youth. They meet from Tuesday to Sunday and until 21 in Madrid, to face another crisis, that of spirituality. But once will not hurt, the rally in a traditional Catholic strongholds in Europe stirs controversy.In the media and Spanish society, the debate over the cost of World Youth Day is certainly the one that generated the most feedback.

On Thursday, the 450,000 officially accredited youth-organizers expect at least one million participants – await the arrival of Pope Benedict XVI. The reception will be perhaps not as warm as expected. For several weeks, many associations, including the unworthy – movement born in mid-May of fed up with the crisis, have called for demonstrations on the eve of his arrival, to protest against public spending related to WYD. And despite the summer, their movement known as M-15 (named after his birthday, May 15, 2010), does not seem ready to falter.

"From my taxes, zero for the pope. Secular state", is the most characteristic slogan of the movement. Officially, the indignant are not anticlerical."We are not against the Pope, we are against public funding of World Youth Day," explain the posters who swarm the streets of the capital. Mobilized against the austerity and the inability of governments to respond to the crisis, they are defined as non-partisan and apolitical.

Cost strongly criticized

According to the organizers of the Days, which deal with the controversy were forced to peel their budget, the event will cost only 55 to 60 million euros, or 20% below the latest edition of World Youth Day in Sydney, 2008 . According to them most, all expenses will be funded by the pilgrims, and not by taxpayers. "Our revenues are $ 50.5 million, they come to 70% of donations of the pilgrims," ​​insists the chief financial officer of World Youth Day, Fernando Giménez Barriocanal. The rest must be financed by the patronage of large companies.For the organizers, who succeeded the microphones of television and radio, the message is clear: "The World Youth Day will have a zero cost to the taxpayer." Even better, the event should reap 100 million euros for Spanish companies and shops in the capital.

But lay associations, they remain skeptical. They believe that the regional governments and town halls spend "more than one hundred million euros" for the event. "Public works and the safety device will assume costs. The public buildings will also be available to the pilgrims," ​​denounces Rosario Segura, collective Europa Laica. 10,000 police must indeed be sent into the streets of Madrid, and makeshift shelters have been installed in public schools and gyms.

Pilgrims advantage

Some measures proposed by the government are also cringe.Recently it announced a 80% reduction in the price of public transport for the pilgrims, while at the same time, users have had their Madrid metro ticket increase by 50%. Obvious awkwardness of the authorities last May adopted a drastic plan of 15 billion euros in savings. Very angry, some associations have therefore called for a boycott of subway tickets, and the hundreds of participating companies, including McDonald's, Coca-Cola or large groups such as Telefonica and Spanish bank Santander. They criticized in particular the reductions in charges that these companies have benefited since the government has classified the WYD event of "exceptional public interest".

More ideological than economic controversy?

Catholic side, all the arguments are good to calm the controversy."Nobody gets upset when there are football matches, which requires a very large deployment of police and all taxpayers pay," denounces, Fernando Gimenez Barriocanal. "Certainly there is public spending, (…), but at the same time there is also a contribution to this country, an undeniable contribution to the people, for culture, for the trust. Madrid which hosts a million and a half of young people worldwide, is also a return that I find invaluable, is not just a financial matter, "said Bishop Bernard in turn Podvin spokesman of the Conference of Bishops of France on RMC . But for the associations, "The problem of this event is its ideological side, we can not compare it to a cultural or sporting event," said Francisco Delgado, president of the secular Europe.Evidence that ultimately the debate is not only economic …

And you what do you think? In times of crisis, should stop this type of event? The State Should not spend money for WYD?

Very quickly, most places of the Old Continent are ironed into the red in the expectation of the crucial meeting of the Fed. The trading floor in Frankfurt

The major European stock markets rebounded Tuesday at the opening as they were expected down sharply in early trade in the wake of the Asian markets, down with the fear of relapse into recession in the U.S. economy. Paris rebounded strongly over 2% in early trade. Very quickly, however, the trend has reversed the decline in oil prices on the global economic slowdown leading financial centers in negative territory.

Yo yo

At 9:39, the CAC 40 index lost 1.3% to 3084.68 points after pressing the threshold of 3100 points, the benchmark index of the Paris and preparing to sign its twelfth session consecutive decline.The London Stock Exchange lost 1.68% and 1.77% in Frankfurt. Eurostoxx 50 indices pan-European FTSEurofirst 300 and receding 2.03% and respectively 2.09%.

A barrel of U.S. crude drops 1.9% to 79.77 dollars.

The asitiatiques limit their losses

For their part, Asian markets limited their losses, after opening a free fall as leaders and central bankers are mobilizing to try to calm the markets, distressed by the specter of a new crisis.

After plunging in early trading – the Seoul stock exchange has lost up to 10% – Asian stock markets limited their losses, even managing to ironing Sydney in the green, with a "bargain hunting" which sees investors advantage of low prices to buy.