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%.

The Dow Jones lost 1.13% or 134.86 points at 11,770.73 points, while the Standard & Poor's 500, the reference fund managers, gave up 1.68% or 20.78 points to 1,216 , 13 points. The Nasdaq Composite fell 1.96% or 51.62 points to 2587.99 points.

There was no very obvious trigger for this downturn.

"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.

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Brussels wants farmers to "go green". The European Commission proposed on Wednesday to condition part of the aid to respect for the environment, and to the Common Agricultural Policy (CAP) fairer by capping subsidies, despite the reluctance of the industry. "A redefinition of the CAP is necessary," the MEPs tried before the Commissioner of Agriculture, the Romanian Ciolos, presenting the details of its proposals to reform the system of EU agricultural subsidies from 2014.

He has proposed to link some of the aid paid to some 12 million European operations "to a few simple agricultural practices whose effects are well established" crop diversification, maintenance of permanent pasture, and conservation of biodiversity reservoirs or landscape elements of at least 7% of arable land. The reform also aims to shift to a "sustainable production practices," while Europe has "for years" led the farmers "on the way to a stress-free productivity," noted Ciolos.

Another key measure for the capping of aid. These become progressively reduced from 150,000 euros per year per firm and will not exceed 300,000 euros.Germany, or the UK – where farms reap the crown of England every year hundreds of thousands of dollars – are opposed to the cap, brandishing the risk of fragmentation of their large holdings. These are always more numerous in Europe in seven years, the number of farms decreased by 20% for a reduction of only 2% of the agricultural area, is the statistical office Eurostat.

France is the first bénéficière envelopes States

Criticized by the European Court of Auditors to have paid aids golf clubs or airports, the CAP will also be reserved for the future to "active farmers".Calling for a change of "paradigm", Ciolos also called for a more equitable CAP with the introduction of a single payment per hectare for each State and each region, which should balance out subsidies to benefit of extensive agriculture.

However, it is still far from a fair rebalancing envelopes allocated to each state. France continues to be the first beneficiary and lose relatively little, while the countries of Eastern Europe continue to receive bonuses per hectare well below the European average. In Brussels, a Baltic hundred farmers have agreed to meet Wednesday to protest against this compromise deemed disadvantageous to farmers Baltic. "Politics, more at European level is the art of the possible equilibria," agreed Ciolos."The most important is to stimulate a movement in the right direction," he said, promising to continue this trend toward more balance beyond 2020.

The proposals of the Commissioner Ciolos will now be subject to approval by MEPs and the 27 Member States, and negotiations promise to be difficult. For the main organization of farmers in Europe, Copa-Cogeca, the principle of ecological fallows is "illogical, while global food demand is expected to increase 70% by 2050." Greening is also criticized by the German Green Häusling Martin, for whom he does not go far enough, or the French Socialist Stéphane Le Foll, who lampooned the "weaknesses" of agri-environmental measures proposed, such as fallow "too rigid" .

At 9:15, the CAC 40 was down 2.92% at 2894.91 points, starting the last quarter backwards, after falling 25% in the third quarter, its largest quarterly decline since 2002.

Other major European markets, London lost 2.53%, 3.5% and Frankfurt Milan 2.4%. Of the European indices, the EuroStoxx 50 and yields 2.7% Eurofirst 300 lost 2.3%.

The European banking stocks index drops 3.5% and 4.5% the car.

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."

The crisis of sovereign debt continues to weigh on European shares and heckle banking stocks, particularly the French – the most exposed to Italy and Greece, two countries that capture these days the attention of market.

The CAC 40 index lost 1.62% to 2935.82 points, after rising 1.5% Tuesday in closing.

London has yielded 1.4%, 2.47% Frankfurt, Milan 1.65%.The index Pan-European Euro Stoxx 50 lost 1.96%.

European banks, including the French, have been buffeted in the red and the green at the mercy of rumors, including whether or not to recapitalize, and news about the crisis in the area.

The Stoxx European banks index ended down 1.6%.

In Paris, BNP Paribas has finally dropped 1.85% after gaining over 2% in the afternoon.Societe Generale, having also made the yoyo, ended in the red (-1.28%) as well as Credit Agricole (-2.38%).

Many professionals emphasize the link of "inbreeding" among European banks and the debt of the euro area and say that as governments will not put out a general settlement plan, financial stocks continue to suffer.

"So things are moving in all directions according to rumors," said a vendor noting the "fragility" of the market.

In this context of flight to quality, Germany awarded for the first time in its history of Bund 10 years at an average rate below 2%.

The performance of the Bund, part of the euro area, the market remained unchanged at 1.77% and that of the French OAT maturing as well, to 2.62%.

The euro gained ground and was trading late in the day around 1.3723 against the dollar around 1.3675 this morning.

In Paris, Alcatel-Lucent (0.85%) was the only value of the CAC 40 to finish in the green while cyclical as PSA (-5.70%) and Vallourec (-4.61%) suffered the largest declines in the index.

Inspectors from the International Monetary Fund and the European Union will hold a conference call Monday with Finance Minister Evangelos Venizelos to learn what steps will be taken Greece to meet its budget deficit in 2011.

And what a view to release a new bracket with a first bailout of eight billion dollars, an amount that Athens needs by October before being run out of money.

Papandreou has canceled a visit to the United States Saturday to dedicate himself to this task."The board must consider measures ranging from further job cuts in the public sector to new demands on pensions," said a senior government official.

The government attributed the deficit to a deeper recession than expected and decided to impose a new tax on real estate in hopes of gathering around two billion euros annually.

But the "troika", nickname for the inspection mission from the IMF, the EU and the European Central Bank (ECB), doubt that this one-time tax on and requires more information on how the government intends to s 'take to begin to redress the public accounts this year and next.

"The troika believes that the recently announced property tax alone will not bridge the budget deficit and press for action on spending or reduce the use and treatment of the public sector," said a second senior government official.

The formation of opposition New Democracy accuses the government to overtax the economy.Its leader Antonis Samaras called Saturday for early elections, saying that the policy takes no action despite the sacrifices required of the population.

"A renegotiation with our donors to stimulate the economy is a condition to get out of this crisis," he said Sunday at a news conference.

"NO ILLUSION"

The international lenders are also concerned about the lack of political consensus on measures to end the crisis.Thus the Conservatives, spurred by a growing popular discontent after two years of austerity, offer them tax cuts and measures for employment development.

Papandreou's Socialists have a majority in parliament, but political scientists say that the quarrels and disturbances may lead to early elections.

The international lenders are skeptical of the effectiveness of an ad hoc measures and tax increases.They are calling for urgent reform, privatization and a slimming the public sector.

In an interview published in the Bild am Sonntag, the German Finance Minister Wolfgang Schäuble said that Greece must have the clear mind about his future in the euro area and must have no illusions about its obligations.

"Belonging to a currency union is an opportunity but also a heavy burden. The measures to align its very difficult and the Greeks must decide whether to bear this burden," he said.

"No one should kid ourselves: without a positive assessment by the troika of the commitments of Greece, the next installment will be paid.So the Greeks must have numbers proving that they stick to the plan. "

The Minister of Economy Baroin recalled his part that the plan of aid to Greece was a loan, not a gift, save for the euro.

"The observers are in place, they continue their work.Greece knows what she has to do it we have said, she has commitments, she has duties vis-à-vis its creditors, it has the requirement to provide answers. "

In the meantime, the Greek newspaper Kathimerini writes that Greece intends to make the country's banks credit guarantees of up to about thirty billion to enable them to access the emergency stop of the central bank.

Excluded from the interbank market, Greek banks have become dependent on the ECB for their refinancing, borrowing in its operations in the money market, in exchange for guarantees in the form of sovereign bonds and other assets.