The British public sector employees are on strike on Wednesday against pension reforms, a move that will disrupt schools, airports, hospitals and municipal services, including trade unions and expect that it will be the "most important in a generation." More than a thousand events are planned across the country and the organizers hope that two million people observe this work stoppage, more so than during the previous day's strike in June for the same reason.

The government wants to delay the age of retirement in the public sector to 66 years in 2020 – against 60 for the most current, and increase contributions, as part of its austerity plan. Negotiations taking place for several months are currently at an impasse, the government citing the increase in life expectancy and the need to restore a balance with the private sector. In an attempt to limit the nuisance caused to users – a particularly sensitive subject in the UK – the Conservative Prime Minister David Cameron has asked companies to accommodate employees with exceptional children.

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.

The turnover of the world's number one industry, owner of Louis Vuitton leather goods, Hennessy cognac and Christian Dior perfumes, rose 17.6% in the third quarter to 6.01 billion euros, higher than the consensus of analysts polled by Reuters (5.8 billion).

Organic growth for its part maintained at 15%, as in the first half, while analysts expected a slowdown to 12.5% ​​and the comparison base last year was already high (14%) .

"The numbers are good, they show that the industry does not undergo the expected slowdown," said one analyst who requested anonymity.

After last week Burberry, LVMH confirms the strength of the luxury sector the slowdown in mature economies, driven by tourism flows in Europe and an application that does not weaken in the high-end department stores in the United States.

At the Paris Stock Exchange, after opening slightly down, the title LVMH sells 1.8% to 111.40 euros by 10:05, in a market down 1.7%.

Having been overtaken by fears of recession and slowdown in the Chinese engine, the values ​​of luxury have suffered a significant stock market correction in late September, before regaining lost ground, with the general recovery of the markets.

To date, the limit value share of 7.8% since the beginning of the year, compared with a decrease of 15% for its rival Swiss Richemont, but increases of 12.3% for Burberry or 16 % for Tiffany.

DECELERATION IN WINES AND SPIRITS

On the sidelines of Paris Fashion Week ready-to-wear at the beginning of the month, industry leaders have also said they see no signs of slowing demand in the third quarter.

Still, many analysts expect a slowdown in the global luxury goods market in 2012 and have already revised down their forecasts for growth for luxury groups for next year.

"Sales growth continues to be strong in Asia, Europe and the United States, while Japan sees a return to growth," said LVMH in a statement.

With these figures, the group's "confidence" for the full year 2011, without elaborating on its expectations for sales season, a crucial period for the sector.

He also indicated it will pursue a policy of targeted geographic expansion "in the most promising markets."

The fashion and leather goods division saw its organic growth accelerated slightly to 15% over nine months after 14% in the first half, driven by Louis Vuitton nugget.The latter mark, the main profit center of the group, could have exceeded 15% growth estimated by some analysts (LVMH never disclose the figures of Louis Vuitton).

The market is waiting for clarification during a conference call scheduled for 3:00 p.m. on any price increases that could be spent by the end of the year in the leather.

In contrast, sales of wines and spirits have had their organic growth decelerated to 11% over nine months and investors await guidance on inventory levels of distributors.

Sales of selective distribution (DFS, Sephora) have accelerated the pace with organic growth of 19%, while rate was slightly compacted in perfumes and cosmetics at 10%. Recent statements by Clarins to leave Reuters anticipate difficult year 2012 in Europe.

In watches and jewelry, which now include Italian Bulgari, growth remains very strong, like the Swiss watch exports to 26%.

The numbers of PPR, which owns Gucci, are expected on October 26 and those of Hermes (which LVMH owns 21.4%) on November 4.

According to the median forecast of 27 analysts and fund managers polled by Reuters in a week, the Cac 40 should be at 3200 points by the end of December, up 6.8% from its closing level of 2995 points Wednesday.

If this forecast proves accurate, the CAC 40 will be charged with a loss of about 16% for the year 2011.

At the end of June 2012, analysts see the CAC at 3450 points, an increase of over 15% at the end of Wednesday.

Both projections are down sharply compared to the last survey conducted in late JuneWhile analysts expected a CAC at 4160 points at the end of the year and 4,350 points in mid-2012, before a series of bad economic indicators and renewed concerns about the Greek debt will make the markets fall .

"We believe that Greece will experience one eventually default 'ordered' but if policymakers are able to reduce the risk of contagion," said Patrick Moonen, responsible for investment strategy at ING Investment Management. For its part, sees the CAC 40 to 3100 points at the end of 2011 and 3200 points in mid-2012.

"To achieve this, banks will be recapitalized.And the European Central Bank will continue to buy the debt device. "

The CAC 40 has lost more than 20% since the beginning of the year, driven lower mostly by the questions of the market exposure of banks BNP Paribas, Credit Agricole and Societe Generale in the Greek and Italian sovereign debt .

The three banks have lost about two thirds of their market capitalization since mid-February, investors feared the damage that would cause a default Greek. The difficulties in obtaining bank financing in dollars on a tight money market are also the disadvantage of the Exchange.

Because of the rout in stock markets, the valuation ratios of the three major banks are found very low.Their price / net assets is approximately 0.3 and 4 of the PER, is one of the lowest in Europe.

Thus, it is not surprising that analysts and fund managers surveyed expect to see the bank at the forefront of the stock market rebound expected.

The rebound, however, should be limited by a darkening economic outlook.

"The possibility of resolving the crisis of sovereign debt in Europe reminds us that European indices could rebound, driven by banking stocks and insurance.However, the global economic slowdown is already evident in the macro, and distribution of credit will slow because of the willingness of banks to improve their balance sheet, which will impact more global growth and therefore limit the initial bounce, " Joffrey Ouafqa comments, Convictions manager at Asset Management.

He sees the CAC 40 to 3200 points by the end of the year and 3,300 points in mid-2012.

Excluding a $ 10.6 billion paid for the Irish banks, the deficit was reduced by about two billion euros a year, the ministry said.

Tax revenues reached 20.5 billion euros, representing an increase of 8.3% over the previous year and slightly above the target of 20.3 billion set by the Ministry for the end of August.

Expenses amounted to 29.2 billion euros in the first eight months of the year.

Although it remains optimistic about the long term, the Fed chief has said that some changes were still troubling.He particularly said that the Fed would meet two days in September, instead of originally planned to study, among other things, the possibility of providing the economy with a new monetary stimulus.

The central bank lowered its growth outlook for the U.S. economy, Bernanke continued, noting that the policy of the central bank had a priority to boost growth, without going into details his intentions.

"It is clear that the recovery after the crisis was much less robust than we had hoped," he said in a speech he was to deliver at the annual meetings of the Fed's Jackson Hole ( Wyoming).

The dollar rose and the stock market increased its losses in reaction to his comments, some stakeholders have hoped for something more clearly in favor of further monetary easing.

"The fundamental growth of the United States appear to have been permanently affected by shocks of the past four years," said Bernanke."The economic recovery will take time and there may be setbacks wipes along the way (…) However, the treatment should not leave large scars."

Bernanke stressed that most of the work to establish a solid foundation supporting growth in the long term was within the White House and Congress.

"The financial stress have been and continue to be an obstacle to the resumption of importance here, as elsewhere," he said."It is difficult to assess how these developments have affected economic activity so far, but it is almost certain that the confidence of households and businesses has been altered and that this poses risks for growth well represented" .

"Small Steps"

The Fed said earlier this month that it would leave close to zero its intervention rate for two more years at least and it was reviewing what steps it might take to further boost growth.

Bernanke has only repeat the last monetary policy statement the Fed after which it examines the choices available and ready to act if necessary.

Some markets have began to hope that it will launch a new wave of quantitative easing (EQ3), having already repurchased 2,300 million of bonds.Many analysts see the Fed act more modestly, for example by reconstructing its asset portfolio to longer maturities.

"Monetary policy must respond to economic changes and, in particular, the prospects for growth and inflation," he said Bernanke, reiterating that lower commodity prices would bring inflation back to 2 % or slightly less, which are the target of the central bank.

In an interview with CNBC is published before Bernanke's speech, Charles Plosser, president of the Philadelphia Fed, said buying more bonds would be of great help to an economy that has grown only 1% in the second quarter, after 0.4% the previous quarter.

Plosser is one of the champions of the fight against inflation in the Fed and had objected to what it decides to inform the market of its intention to let the ultra-low rates for two more years at least.

Some at the Fed raised the possibility of buying more debt to sell long and short instruments, which could generate a downward pressure on long rates even without inflating the balance sheet of the central bank.

Apart from the psychological effect, a decline in long rates might encourage purchases of homes and automobiles, and business investment.

"These are small steps," said John Silvia, economist at Wells Fargo. "This is not the time to forge ahead under full sail."

Some members of the Fed saw no great merit in the attempt to influence long rates."This would not have much effect, we've long been analysts for the show," said Reuters and James Bullard, president of the St. Louis Fed.

The joint statement of the French Presidency and the German Chancellor, however, evokes not the situation of the United States, including the deterioration in the sovereign rating by S & P is another point of tension over the burning.

A conference call for members of the G20 finance officials was held Sunday morning, according to South Korea, while a British source deemed likely a conference call of G7 finance officials in the evening before the opening of markets Asia at 0000 GMT.

Sources close to the European Central Bank, the institution had to share a conference call held Sunday on the outstanding issue of possible purchases of debt securities Spanish or Italian, the rates jumped to their highest levels in 14 years.

"The president and German Chancellor reiterate their commitment to implement fully the decisions taken at the summit of Heads of State and Government of the euro area and EU institutions July 21, 2011," we read in the joint statement.

Leaders of the two largest economies in the euro area "welcomed the decisions taken in Italy and Spain (…) In particular, the Italian authorities' objective of achieving a balanced budget with a year ahead is of fundamental importance, "a reference to announcements made before the weekend by Silvio Berlusconi.

"They point out that a rapid implementation and complete the measures announced is essential to restore market confidence," it said.

Confirming their support for changes in the European Financial Stability Fund (EFSF), they point out that one of the news – its possible involvement in the secondary market – will be "based on an analysis of the ECB on the existence of an exceptional situation on financial markets and risks to financial stability. "

"In line with the decisions of 21 July, France and Germany are confident that the analysis of the ECB will be the basis for appropriate interventions in the secondary market since it will help to determine if there is a risk to financial stability in the euro area as a whole, "it said.

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