However, U.S. consumers flocked to the doors of department stores, which opened earlier this Black Friday, traditionally the day that launches shopping season in the United States.

The markets were closed yesterday for Thanksgiving. The "Black Friday" is traditionally one of the least active day on Wall Street.

The S & P distribution, up much of the session ends with a loss of 0.84%.Wal-Mart has taken all the same 0.44% to 56.89 dollars.

The Dow Jones lost 25.77 points (0.23%) to 11,231.78 points. The S & P-500 loose 3.12 points (0.27%) to 1158.67 points. The Nasdaq Composite yield 18.57 points (0.75%) to 2441.51 points.

On the whole week, the Dow lost 4.8%, the S & P 4.7% and the Nasdaq 5.1%. This is the largest weekly loss in the S & P in two months.

"It's hard to say we had a session today, since there was virtually no one," said Kevin Kruzenski (KeyBanc Capital Markets).

"The market is oversold and some based on the hope the holiday season, but the general sentiment remains weak.

The U.S. operator and Deutsche Telekom, parent company of T-Mobile, ensured continued efforts to obtain the green light by U.S. antitrust authorities to repurchase $ 39 billion, which could threaten thousands of jobs but they withdrew the case filed with the Federal Communications Commission (FCC), the regulator of the sector in the United States.

"This formal approach is taken today by the two companies to consolidate their forces and focus their efforts to obtain antitrust approval from the Department of Justice", said the companies.

"AT & T and Deutsche Telekom keep the goal in the sale of AT & T, Deutsche Telekom's mobile operations in the United States," said the statement, published on Thanksgiving Day, a holiday in the United States.

The Department of Justice (DOJ) and the FCC opposing the operation, which could only be reduced to three the number of national mobile operators.

A green light from the FCC would be useless without the DOJ.

The commands in French industry, including export, fell sharply in September after several months of growth, even if they were up all over the third quarter, INSEE said on Friday. The industrial new orders (excluding transport equipment but including automotive) were down 3.1% from the previous month after rising 0.8% in August.

Those from abroad also recede, 2.7%, says the National Institute of Statistics and Economic Studies in a statement. The decrease is very strong in the automotive (-6.9%), pharmaceuticals (-8.3%), chemicals (-2.7%), paper and cardboard (-6.2%) and textile (-3.2%). Electrical equipment, electronic and computer were down 1.6%.

"In the second half, the impact on the luxury industry of the economic challenges the world faces and the high comparison base to which the measure group sales we suggest caution," said Johann Rupert, the chairman CEO of world number two luxury.

"Given the performance achieved to date, and despite these challenges, the operating profit of the year should be significantly higher than that of 2010-2011," he added.

Even as Richemont is known for prudent forecasting, these words echo the comments of all other major luxury groups, which have recently published quarterly defying the economic crisis.

Last week, the leather Hermes said he was hampered in its growth by its production capacity which does not allow it to meet demand, given the popularity of its handbags and famous silk scarves.

Mid-October, LVMH had also published quarterly strong despite the vagaries of the economy.

The euro area has suddenly plunged into turmoil Tuesday after the surprise announcement of a referendum in Greece, Prime Minister George Papandreou playing his all facing strong internal opposition, the risk of default in payment of his country .

Around 1:45 p.m., here is what the state of European stock: -5.07% for the CAC 40 in Paris, -5.32% in Frankfurt, -6.26% in Milan, -3.09% in London .. . To monitor in real time here.

After the lull that had received the results of the EU summit last Thursday, which gave birth to a debt reduction plan for Greece, the announcement of a referendum in Greece has "taken the market by surprise and shocked," said the broker IG Markets in Paris.

According to a government source, the referendum, the first organized in the country since the one that abolished the monarchy in 1974, will speak "about January."Papandreou had raised vertiginieusement setting, wondering if he had at least warned its major counterparts, first and foremost the German chancellor Angela Merkel.

In Paris, the French presidency announced that the head of state Nicolas Sarkozy would call Merkel in mid-day.

For political scientist Nikolapopoulos Ilias, this gamble is a decision potentially "suicidal for the country," jeopardizing the delicate negotiations that began after the Brussels agreement with the holders of private debt to Greek they erase nearly a third cheaper for them a loss of 50%.

"It adds to the uncertainty, which is never good for markets, wondering if all the scaffolding assembled by the euro area may collapse if 'no' to the referendum," commented echoing Michalis Matsourakis, chief economist at the Greek bank Alpha Bank.

He said Mr.

Europe is the threshold of a decisive week that will culminate with a summit of its leaders on October 23, where they plan to give a blow to a debt crisis that has lasted almost two years and threatens their common currency but also the global economy.Following a meeting Saturday in Paris with his G20 counterparts, the French Minister of Finance Baroin promised the rest of the world, worried about a financial tsunami, the Europeans would make October 23 an answer "decisive "to the debt crisis, both" comprehensive and lasting. "

Since the beginning of the turmoil in late 2009 in Greece, the fire has continued to spread in the euro area. Often divided on how to proceed, European leaders have most often plug the holes that never make a convincing answer. After multiple missed appointments – the decisions taken at a previous summit on July 21 are still not in place – this time they intend to operate a turning point.

The idea is to present a set of steps to the top of the top twenty rich and emerging countries (G20) on 3 and 4 November in Cannes.Objectives: stopgap stabilizing Greece will receive a loan vital to 8 billion euros, strengthening the firewall finance in the euro area to prevent Spain and Italy will follow suit – which would doom the euro – bail out weak banks and improve governance of the monetary union.

The Europeans plan contains "appropriate elements" and "encouraging things," Saturday welcomed the U.S. Treasury Secretary Timothy Geithner, who with President Barack Obama has stepped up pressure in recent weeks. Why Europe must decide on several issues.Prior to the summit of 23 October, preparatory meetings of finance ministers are scheduled Friday and Saturday as the task is immense.

What discount on Greek debt?

Among the key issues: the percentage of Greek debt that creditors will have to give up the degree of recapitalization of banks to absorb the shock or the arrangements to enhance the firepower of the Relief Fund of the euro (EFSF) via a "leverage". In detail, the figure of 21% "haircut" for holders of Greek debt, decided July 21, is now obsolete and considered the percentage may reach up to 50% now, according to a European government. Problem: you have to reach a negotiated solution with the banks at present are praying.To address the risk of default Greek, European Commission President Jose Manuel Barroso, also announced he would propose a recapitalization of banks so that their own funds "hard" reach 9%.

And the leader of the Eurogroup Jean-Claude Juncker even considered to force the banks that do not play the game to contribute more to the debt relief of Athens. It will also expand the capacity of intervention of the EFSF, beyond what was already decided in July and approved this week by Slovakia, the last country the green light was still pending. The option to leverage its efforts by making it grants not loans, but guarantees to holders of debt seems fragile hold the rope, according to European sources.An alternative, favored by France, which would be transformed into the EFSF bank to borrow from the European Central Bank, seems ruled out because it violates the EU treaty.

The euro crisis has also reinforced the urgency of a paradoxically greater integration of driving the euro area. The subject will also be discussed at the summit. Under the anxious eyes of the European Commission which fears being marginalized, Paris and Berlin want to give more backbone in the Monetary Union with peaks at least twice a year of its leaders under the leadership of Herman Van Rompuy, which chairs have those of any European Union.It is also about strengthening fiscal discipline, creating a position of "super-commissioner" European dedicated to this task, or to place trust countries formal budgetary difficulty or to allow the European Court of Justice to punish States too lax.

Both ministers, however, did not disclose the concrete modalities of this cooperation, referring implicitly to announcements by the Meeting of Heads of State and Government of the G20 November 3 and 4, as offered by the French President and German Chancellor Angela Merkel on Sunday.

"We will over the coming days to continue our discussions but we already have on contractual agreements that will be very important," said Baroin.

"We have made good progress (today) on the path defined by the Chancellor and the President to find the terms of a comprehensive and sustainable package," he added.

The ultimate goal, he said, is to respond to markets on the stabilization of the euro area, the situation in Greece, the "maximization" of the European Financial Stability Fund (EFSF) and a capital contribution the weakest banks.

The hope for an early resolution of the crisis of sovereign debt in Europe has boosted the morale of the financial markets.

Around 3:40 p.m., the pan-European FTSEurofirst 300 index of 1.65% progressed.

In the United States, Wall Street opened up, supported by this perspective, the operators seemed not to worry, for now, a sovereign downgrade of Spain by Standard & Poor's.

"We have never been so close to a solution (the crisis)," responded David Thebault, head of quantitative trading at Global Equities.

"But this is not done yet.There is concern that the market takes it badly if there is no announcement of precise and detailed plan on October 23 (date of the next European Council-Ed) November 3, "he qualified.

PROTECT PRIVATE EURO

Wolfgang Schäuble has in turn ensured that France and Germany had a "common position" and expressed confidence that both countries can "protect the euro area".

Nicolas Sarkozy said Sunday that the compromise between Paris and Berlin on how and where the process was considered "complete", denying the reports of differences over the use of EFSF, now ratified by all member states of the area euro.

While the capital needs of European banks were estimated between 100 and 200 billion dollars by the International Monetary Fund, Angela Merkel stated that the new European Banking Authority and the IMF would be asked to ensure that what is proposed is "durable and strong."

Nicolas Sarkozy also said France and Germany were preparing a number of adaptations of European treaties to strengthen the integration of economic and monetary union.

Former director of cabinet of Nicolas Sarkozy during his visit to the Department of Budget from 1993 to 1995, Pierre Mariani, however, has worked hard over the last three years by taking the uniform fire to extinguish the fire and Dexia lead a restructuring forced march.

"Mariani is a very fast," said a banker close to Dexia in Paris on condition of anonymity.

"Professionally he is a fairly effective and very familiar with his subjects," recalls a former associate who declined to be named. "Humanly by cons is not always obvious. It is hard enough with his team."

Yet some wonder now if not just too late to restructure Dexia staying too long in a position of crisis management, even if not necessarily liable for the current situation.

"Mr. Mariani is a fireman," said Michel de Herde and for the Budget of Schaerbeek, Brussels and a joint shareholder of Dexia."He fought hard but failed to escape the flames."

Others accuse him an authoritarian style that led to the departure of several senior bank officials, such as Stefaan Decraene, the Chairman of the Management Board of Dexia Bank Belgium, last month.

AFTER NEGOTIATIONS WITH BRUSSELS

In 2010, after months of tough negotiations with the European Commission, there is no exception, with his right arm Alexandre Joly, the weight loss abroad imposed by Brussels in return for aid received during the financial crisis .But the two men managed to save some furniture.

If Dexia undertakes to sell certain subsidiaries of the bank abroad, including Spain, Italy and Slovakia, however, the bank saves its Turkish subsidiary Denizbank considered the "nugget" of the bank.

Pierre Mariani will recognize later that the party was far from over.

Fort recovery accounts in 2009, the Group CEO opposes any subsequent split of the Franco-Belgian bank even if it is given in the wings behind rumors of merger with other banks, late as 2008 with the Postal Bank with which Dexia has an agreement for funding.

However, the debt crisis in the euro area continues to worsen.The Management Board of Dexia has no choice but to accelerate disposals last spring in its portfolio of toxic assets.

Eventually the bank will sign the second quarter of 2011 the heaviest loss in its history with a net loss of four billion euros.

But nothing works.With the crisis and tensions in the interbank market, Dexia sees its liquidity situation deteriorate, leading the bank in a bind.

RUMORS OF DEPARTURE

Pierre Mariani, who had set out to reduce the size of Dexia's balance sheet, however, had tried last year to convince markets of the ability of the bank to remain independent and living independently at the cost of a radical refocusing its activities in retail banking based on the Belgian and Turkish.

But analysts also had several occasions to question his real commitment to stay in control of Dexia.

In 2010, the press and echoed rumors that he could have replaced Claude Gueant as Secretary General of the Elysee.

The rumor also gave it as a possible successor as CEO Baudouin Prot, BNP Paribas in place of any dolphin named Jean-Laurent Bonnafé.

Born in 1957 in Rabat, Morocco, the man knows the house where he led retail banking abroad before moving Dexia.

A graduate of HEC, technocrat and inspector of finance, he joined the bank in the rue d'Antin in 1996 after starting his career in senior management.

He then played a leading role in the acquisition of the Italian BNL, the first major foreign network acquired by BNP Paribas in 2006.

But then he had to give way to Jean-Laurent Bonnafé, then head of the network in France which, after assuring the successful integration of BNL, has been promoted to chief operating officer of the group.

Note of Italy fell from AA-to A + and that of Spain AA + to AA-.The prospect of the two countries is negative, suggesting that further downgrades are possible.

Italy and Spain are directly affected by the crisis in the euro area in that they depend on the European Central Bank (ECB) to place their bonds and avoiding the yields demanded reach unmanageable proportions.

"A comprehensive and credible solution to the crisis in the euro area is politically and technically difficult and will take time to implement," said Fitch.

Italy has recently been downgraded by Moody's and Standard & Poor's.Market sentiment towards the country was affected by the hesitant reaction of the government, initially, to higher yields.

The euro fell to the announcement of downgrades, as Wall Street.Analysts say, however, that the decision on Italy was entirely predictable.

"The reasons for Fitch are not so different from the other two agencies, I do not think the markets will react a lot," said Alessandro Tentori (BNP Paribas).

Paolo Pizzoli, an analyst at ING, sees the decision of Fitch additional pressure on the Italian government to adopt structural reforms that could boost growth, reforms that are missing in the recent austerity plan intended to balance the budget in 2013.

The Berlusconi government intends to introduce such initiatives in the month but the ruling coalition is so weakened and divided as few analysts see it join forces to give carte blanche.

In Spain, the government reduced the deficit with a series of austerity measures, but most of the country's debt is regional and autonomous regions are still practicing their own cuts.

"We respect that decision but we disagree," said a spokesman for the Spanish Ministry of Economy.

The Italian Foreign Minister Franco Frattini was much drier, arguing that "markets have little to do with Fitch, Moody's and company."

Fitch also announced Friday it was maintaining Portugal under review with negative implications, it intends to resolve status in the fourth quarter.Portugal is rated BBB-by the agency.

Regarding the latter, the European Commission said it will send a team of experts to assist the authorities to redirect funds from the EU to the economic reforms agreed with the troika (EU, International Monetary Fund, Central Bank European).

In case of extraordinary event, the public support mechanism used in France in 2008 is in place, says Christian Noyer, a member of the Board of Governors of the European Central Bank (ECB).

Several major banks in the world, including major French institutions, saw their market value melted in recent weeks as fears grew of deepening crisis of public debts in the euro area.

"There is no plan.And besides we do not need, "said Christian Noyer, when asked about a possible support mechanism examined by the French authorities.

"The only thing that exists is the mechanism 2008 of a public company may purchase securities in the capital of banks if they express a need," he says.

"So if there was an extraordinary event, this mechanism is in place."

To address the financial crisis following the collapse of U.S. bank Lehman Brothers, the French government established in the fall of 2008 a plan to help the banking sector by mobilizing a budget of 360 billion euros, including 40 billion to build equity and 320 billion to help banks refinance themselves via the Company's financing of the French economy (SFEF).

Christian Noyer said he has asked banks to speed up the process of strengthening their capital of schedule III of Basel, the international agreement designed to make banks more resilient."They will be ready by 2013," he said.

French banks "are very strong," repeated the governor of the Banque de France, "none cache of toxic assets."

"We know they can cope with risk less than a Greek half of profits," he says. "For other countries such as Italy, the risk seems totally excluded."