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The majority of the Greek people do not want to leave the euro, according to a survey published Sunday. Finance ministers of the euro area, they should endorse the new plan to rescue the country. Demonstration in Athens on Syntagma Square, October 19, 2011.

The Greeks are overwhelmingly in favor "of the European perspective" of their country, despite the austerity measures imposed by the EU and the IMF, which have raised new protests Sunday in Athens on the eve of a crucial meeting of the euro area.

Prime Minister Lucas Papademos went on Sunday night in Brussels Monday to participate in the meeting of finance ministers of the euro area, which is expected to endorse the second bailout of Greece, vital for the country risk that a bankruptcy next month, it was learned from European sources.  

While partners of Greece openly mention a departure from the country of the euro, only 19.6% of Greeks surveyed in a poll published Sunday by the newspaper Ethnos voted to return to the drachma, the national currency of the country before its accession to the eurozone in 2002. Three-quarters (75.9%) appear instead in favor "of the European perspective" of their country and two-thirds (66.5%) want the sanitation program dictated by the EU and IMF succeed. The publication of this survey comes after a week of racing against the clock to the Greek government, under intense pressure from Europe, finalized new austerity measures in Budget 2012, one of the preconditions for the outbreak of the second plan Rescue.

The plan includes an international loan of 130 billion euros and a restructuring plan and erasing debt. It is vital for Greece, threatened to default on March 20, at maturity of an obligation of 14.5 billion euros. But the drastic measures of rigor with it have led to new protests Sunday in Athens before Parliament where about 3,000 people participated in two different rallies, one in late morning to call the union and the second in 'afternoon organized by the radical left. Previous demonstrations of a week ago had been marred by violence.

The banners criticizing the wage cuts, especially the 22% decrease in the minimum wage (currently 740 euros), adopted by the coalition government the right (New Democracy) and the Socialists (PASOK). "The national consensus is a scam, poverty and hunger have no nationality" stated a banner subtitled in English: "All of us we are Greeks, Merkel and Sarkozy are freaks" (we are all Greeks, Sarkozy and Merkel are monsters). But while the survey found eight out of ten Ethnos assign responsibility for the situation of the country "to the Greek governments" and only 6.1% "to the Europeans and the IMF," some demonstrators expressed an awareness of changes considered necessary for the country.

New pension cuts

Phevos and Iliopoulos, consultant, said the measures "have a profound impact on how society functions." But he said "if the Greeks are finding ways to improve the way they work, then there is no doubt that they will be able to move and they will turn this dark page in their history." His comments echo those of the European Commissioner Viviane Reding Justice that Greece should stop looking for "scapegoats" abroad to explain his own problems and work harder to rebuild their state and get out of his disastrous economic situation. "I am hopeful that (finance ministers) reach agreement on the (rescue). But with certain conditions. Money should not be poured into a bottomless pit, "said the European official Austrian newspaper Kurier

. Saturday, the Greek Cabinet approved further cuts in pensions and additional principal to fill a hole of 325 million euros in the 2012 budget, as required by the EU and the IMF. A bill on the subject to be debated in parliament next week, the main pension exceeding 1,300 euros per month will be reduced by 12%. "There is optimism in that everything we asked for was done and the troika (EU-ECB-IMF), the 'approved', ruled Saturday the government spokesman Pantelis Kapsis. But he acknowledged that "the discussion would be very difficult because there are several opinions". "Last round for the agreement," warned his side on Sunday liberal newspaper Kathimerini

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The dramatic improvement of winning markets and credit rates in Euro for five weeks raise questions about its duration, especially as the underlying foundation to the crisis in the euro area are still in place.

Many professionals are that economic growth remains low, even zero or negative in the eurozone, and that risks such as governance, yet non-existent for the euro, the French elections and the potential frictions in the Franco-German couple remain. 

But they believe along with the upturn would last – and this became evident endlessly repetitive – the European Central Bank and its refinancing operation long-term (LTRO) three years after which it lent in December nearly 500 billion to European banks, which have escaped and a liquidity crisis.

LTRO a second, scheduled for 29 February should further inflate the first balloon of oxygen.

Under the title "Too good to be true," strategists rate Societe Generale stressed that "illusions are not yet on the brink of extinction, a good amount good news is already in progress ". 

Vincent Chaigneau, head of rates strategy at SG, estimates that the market behaves as if the Greek problem was solved, as if the banks would buy sovereign debt, as if the U.S. economy had gone out of business and even as if China was to be the turbo world.

But it does not exclude the risk appetite remains largely intact over the next two weeks.

This return to the active risquésa permits, among other things, to rate countries 'peripheral' in the euro area to relax dramatically (-170 basis points to 5.6% Italian for 10 years from its high of November, -135 bp for the 10-year Spanish). 

"Debt device should begin to run out of fuel," said Vincent Chaigneau, who feels that if there is agreement on the Greek case, it will be difficult to implement: "The devil is in the dice ; details. "

He advocates an easing of positions on the 'peripheral', as Hans Lorenzen, credit strategist at Citigroup, for whom this "rally will likely continue, and probably reach a level that does not fundamentals. "

The ECLIPSE EUPHORIA Do NOT NEED SECURITY

"Thus, we estimate that over this rally progresses, more investors will take the opportunity to take a stand on quality," says Hans Lorenzen. 

This relaxation of the assets risquésa the distinction of not having removed the need for security and has therefore not resulted in massive outflow of low-risk assets such as loans German government (Bund). The 10-year Bund yield has evolved over the first six weeks of the year between 1.79% and just over 2%.

Hans Lorenzen advises on the market for corporate bonds (corporate credit), to phase out of cyclical sectors and sensitive sectors 'peripheral' to defensive sectors and less exposed to risk device.

Particularly sensitive to the crisis of sovereign debt in euro, the market for bank debt, almost closed in the second half of 2011, walked away on top speed, with premiums (spreads) that have contracted considerably and a primary market that is out of his coma to find a form insolent to the point of welcoming new financial institutions in Italy and Spain. 

Citigroup said that the bank maintains growth forecasts 2012 and 2013 significantly below the consensus.

"This will translate over time by a sharp rise in corporate default rates. Risks Greece, Portugal, the risk of failed auctions or even the French elections may harbor a negative scenario, "he says

. "A victory of Francois Hollande would create great uncertainty in the markets about the commitment of France to the (new) pact in the European budgetary its current form, "he wrote in a note

. However, he said, as quantitative easing (QE) in the United States, the positive effect on asset prices could last well beyond the second LTRO

.. Assuming that ……. this second operation leads banks to borrow as much as in the first, the total would be around € 1.0 billion, enough to provide much the liquidity needs of banks in 2012, of around 800 billion euros

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Hermèsa saw its sales climb 18.3% in 2011 and has said it expects a large increase in margin for the current year.

Sales of luxury group reached 2.84 billion euros last year, higher than the consensus Thomson Reuters I / B / E / S, which was 2.81 billion.

The maker of Kelly bags and silk scarves in a financial notice indicates that the operating margin should exceed 30% of sales in 2011.

Profitability is expected to reach a new record, after 27.8% in 2010.

The saddler, in which LVMH acquired a stake of 22.3%, said it had operated in the fourth quarter share repurchases totaling 54,926 shares for $ 12.7 million, bringing 1.3 million shares repurchased in 2011 to 286.0 million euros. 

With these figures, Hermes will pay its shareholders an interim dividend of 1.5 euro per share, paid on March 1.

In exchange, with a floating reduced to less than 4%, changing the title at the option of more speculation than on fundamentals of the group. He finished at 263.00 euros Wednesday, signing up 14% since early January, for a market capitalization of 28.4 billion euros.

The new home sales fell 13% in the third quarter. At the same time, housing starts increased by 11%. Professionals denounce the consequences of the austerity measures the government. An employee on a construction site offices and accommodation in Marseille.

The new home sales by developers are still down in the third quarter. They fell in France by 12.9% yoy in the third quarter, according to the Ministry of Housing, which reported Tuesday alongside a 11.4% increase in housing starts and permits 22.6% built between August and October 2011.

For all of 2011, the number of new homes sold by developers to fall, according to Michel Mouillart, professor of economics at the University of Paris X-Nanterre, between 97,000 and 98,000 against 115,000 in 2010, a down 15%, far from the record 127,000 in 2007. In 2012, Mr. Mouillart expects a further decline to 85,000, far off the figure of the previous crisis (79,000 in 2008). "The year 2012, with 340,000 starts in 2012 against 350,000 in 2011 should mark a decline that feeds the decline in demand. To reverse this decline, it will be tough in the absence of public support for devices private construction, "said Michel Mouillart.

The private owners of Greek sovereign debt have formed a committee of creditors in the hope to start as soon as possible discussions on the implementation of a 50% discount on Greek paper, said Thursday Charles Dallara, President of the Institute of International Finance (IIF).

The owner of this association, which represented the banks in the negotiations on a new aid to Greece, said he expected the discussions to a conclusion within a few weeks.

In late October, leaders of the euro area reached an agreement on a 50% discount on the shares of Greek debt and a new tranche of 130 billion euros.

In the previous agreement of July 21, this discount was only 21%.Charles Dallara said the figure of 50% was "final".

The government crisis Lucas Papademos has passed Wednesday without a surprise first hurdle in getting the trust of the Greek Parliament but dissension arose in the coalition could complicate the implementation of reforms to save the country from bankruptcy.

The lessor of aircraft Kuwaiti ALAFCO has increased to 50 copies, $ 4.6 billion (3.4 billion), its order for Airbus A320neo at the Dubai Airshow.

The group had signed a memorandum of agreement for 30 aircraft at the Paris Air Show in June.

The president of ALAFCO Ahmed Al Zabin said not to be particularly concerned about the potential impact of economic turmoil in Europe on demand for aircraft, including the Middle East.

"We talk about the long term, what is happening right now on the short term," he said at a news conference.

The AMF said Thursday it had opened an investigation following the release by the rating agency Standard & Poor's erroneous information suggesting that the French sovereign rating was lowered.

The AMF said in a statement it had contacted the European financial supervisory authority (ESMA), under its powers of scrutiny of rating agencies.

The French finance minister, Baroin, had previously requested the opening of the investigation into the causes and possible consequences of the mistake, which he described as "quite shocking rumor of information that do not match any foundation" .

"We will not leave any negative message through.It was a strategy, we have an appointment in terms of deficits that is fixed. It will not change one iota, "he said in Lyon on the sidelines of a conference on the economy.

As investors worried about a possible spread of the crisis in the euro area to the major European economies, the error of S & P was able to accentuate the room nervously.

The yield of the loan to ten years jumped by about a quarter point, its largest increase since the launch of the euro in 1999.

Clarification of S & P was issued in English in Paris at 17:40 (16h40 GMT), after the market close.

SAP, the world of enterprise software, announced Friday a higher-than-expected results for the third quarter, resulting in strong growth in the German action.

By 11:25 GMT, the action of SAP advanced 2.21% to 41.44 euros, making slightly better than European technology index values ​​(2.18%) boosted by the good results of Google.

"The backlog of SAP remains available and the companies continue to invest in IT," said SAP in a statement, responding to those who fear a decline in spending.

During the third quarter, the group recorded a turnover of 3.41 billion euros against consensus of 3.32 billion analysts according to Thomson Reuters I / B / E / S.

Operating profit rose 23% to 1.13 billion euros, against one billion expected by analysts.

SAP confirmed that, for all of 2011, he was counting on the top of its forecast range for growth in sales of software and related services, ranging from 10% to 14%.

The operating profit of the group should also be near the top of the range of 4.45 to 4,650,000,000 euros.

"We are positively surprised by the level of licensing. We believe that new products have enabled SAP to grow its revenues," said Oliver Finger at DZ Bank.

The European Commission gave its approval Friday to a provisional government assistance of 4.75 billion euros to recapitalize three Spanish banks created this year as part of a restructuring of the network of savings banks.

The three banks are Banco NCG, Catalunya Unnim Bank and Banc.

The EC added that its final approval depended on a restructuring that ensures sustainability over the long term.

"Strengthening the capital of these banks is crucial in their ability to continue to lend to the real economy and to implement the restructuring they will suffer as a result of large subsidies received," said Competition Commissioner Joaquin Almunia in a statement.

The Bank of Spain said on Friday that 96.4% of banks had completed their recapitalization.

She added that the recapitalization had cost 13.4 billion euros, while the initial estimate given 15.2 billion. All banks are now in compliance with minimum solvency ratios, she said.

The turmoil on Wall Street is beginning to weigh on earnings forecasts of U.S. companies and more broadly on the real economy, with increasing likelihood of a return to recession.

Market confidence was severely undermined by the problems of debt and stagnant growth in the world, and only the results of companies strong despite the crisis, came to bring some relief in recent months.

However, analysts are revising down their earnings estimates up for the rest of 2011, after a strong second quarter.

The logistics group FedEx sent an alarming signal this week by lowering its profit forecast for the year, because of high fuel costs and global economic difficulties.

FedEx, the world in its sector, is seen on Wall Street as a barometer of global economic activity.

Since July, the S & P 500 fell 15%. The forecast rise in corporate profits in the index fell 17% to 13.7%, according to Thomson Reuters data.

FINANCIAL CONTROL TECHNOLOGY

According to analysts, this estimate is too high.In recent weeks, they have lowered their earnings forecasts on all sectors except technology.Financials are the most affected.

They represent over 13% of S & P-500 and form the most influential sector in the index after the technology.

"They are clearly the Achilles heel of the market," said Robbert Van Batenburg, analyst at Louis Capital in New York.

Banks are also penalized by the prospect of possible cuts on the sovereign ratings of European countries, and lending a less profitable because of the actions of the Fed to lower interest rates over time.

Insurers are also likely to be affected by this context.

The technology sector, however, is where the prospects are rising, thanks to the locomotives such as Apple, whose title this week hit a record high.

Forecasting earnings growth of the sector in the year 2011 is 16.6% compared to 2010. In July, an increase of 13.7% was expected.

But even in this sector clearly healthy caution signs have emerged. The chip maker Xilinx has lowered its sales forecast due to weak industrial markets.

Markets await further various indicators on the housing market, industrial activity and consumer spending, among others.