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.

"There is progress," he said on his arrival in Brussels where he will hold talks with German Chancellor Angela Merkel began Sunday when the European Council considered a challenge for the future of economic and monetary union.

"By Wednesday (when a second Council, ed), we must find a solution, a structural solution, an ambitious solution, a final solution, there is no choice," he said when he arrived at the headquarters of the European Council.

Asked if he was confident in the outcome of discussions, the president replied: "Yes, otherwise I would not be here."

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.

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).

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.

Around 9:30, the CAC 40 index, which gained 2.89% Thursday, losing 1.65% to 3038.81 points after opening up 0.51%.

Very sensitive to changes in public debt crisis on both sides of the Atlantic, the big banks are making large losses. Societe Generale, biggest drop in the index, lost 2.78%, 2.33% Credit Agricole, BNP Paribas 1.89%.

The cyclical as Technip (-2.22%) head back down.Lafarge loses 2.21%, Goldman Sachs no longer purchase the title of the cement.

Carrefour (3.15%) is head increases the CAC 40. Wal-Mart Stores has hired UBS as the bank board in order to study a possible takeover of the Brazilian subsidiary of French group, a source familiar with the matter.

London yields 0.2%, 0.5% and Frankfurt Milan 0.9%.

The pan-European Euro Stoxx 50 index lost 1%.

In the bond market, all the 10-year rate in the euro area relax as investors seek the safety of government bonds.

The euro declined and traded around 1.4165 dollars against 1.4225 on Thursday.

The growth in activity in France was down in July, slower growth is especially confirmed in the French service, according to the final estimate of the PMI index released Wednesday by the firm Markit. The final composite index of overall activity in France fell to its lowest level in 23 months to 53.2 points against 54.9 in June. The decline was recorded in both industry and services.The slower increase in activity in the service sector "reflects a deterioration in demand," said Jack Kennedy, economist at Markit.

"However, signs of encouragement, such as the maintenance of employment growth and rising volume of cases pending, are noticeable," he added. Companies report having increased their numbers during the last survey period usually explain their hiring decisions by improving demand, according to Markit. The PMI, compiled from a survey of 750 companies operating in France, is a leading indicator of economic conditions, considered reliable by analysts.

The growth of private activity has also slowed further in July in the euro area, according to a second estimate Wednesday of the PMI purchasing managers, which fell to its lowest level in 22 months.The composite index, which summarizes the activity in the service sector and manufacturing fell to 51.1 points against 53.3 points in June, the company said Markit. The decline is less important than the first estimate, released Monday, which gave the PMI to 50.8 points but the value of the index is, however, the lowest since September 2009. An index above 50 points means that the activity progresses. When the index falls but remains above that threshold, as in July, this means that growth is slowing.

"While growth remains the best remedy for debt problems, new signs of weakness in domestic markets and a decline in exports in July are a major disappointment," said Rob Dobson, chief economist at Markit."The prospect of slower economic trends imply that these two could even encourage companies to restrict hiring, which would only further jeopardize the recovery in the coming months," he added. Growth slowed in both the manufacturing sector than in services and country data show a slowdown.

On the Nymex, the contract in August of U.S. crude (WTI) ended on a loss of 55 cents, or 0.6%, to 90.61 dollars a barrel.Brent has instead advanced 0.83%, or 87 cents to 105.99 dollars.

Brent benefits from the appreciation of the euro against the dollar as Europe tries to find a solution to the crisis in Greece.

The International Atomic Energy Agency (IEA), which represents consumer countries of the OECD announced that Europe would release most of the stocks of refined products, while the United States will draw on strategic reserves of crude As part of a coordinated consumer countries to prevent the oil price hike would put undermined economic recovery.

As expected, the U.S. will do in the market as crude oil dipped into reserves to the tune of 30 million barrels.

Europe will release 19.2 million barrels, or 15 million of refined products and 4.2 million gross.

The president of OPEC has in turn criticized the initiative of the IEA and maintained there is no need to put more oil on the market (IEA).

Citing sources close to the situation, Reuters announced that evening, before the information is later confirmed that an agreement had been reached in Athens between Greek government officials and inspectors from the International Monetary Fund and the European Union on an austerity plan for five years.and

"This is obviously good news for the market," said Mickey Cargile of WNB Private Client Services, explaining that with this announcement, the Greek problem out, at least temporarily, the sights of investors.

"This allows us to concern ourselves with hundreds of other things that challenge us every day, and it gives a reason to breathe."

The Dow Jones ended down 59.67 points, 0.49%, to 12,050.00 points while the S & P 500 lost 3.64 points, 0.28% to 1.2853,50.

Supported by Apple, up 2.67% to 331.23 dollars, which acted as a locomotive of technology, the Nasdaq has done much for his part in the green, and accounted for 0.66%, 17.56 points, to 2686.75.

Penalized by the decision of the International Energy Agency to release the equivalent of 60 million barrels of crude oil in order to promote growth stalled, a fortiori in the context of a crude price, the energy have pushed down the Dow and the S & P for most of the session.

This trend was the increase distrust of an already discouraged by the remarks made yesterday by the Federal Reserve chairman Ben Bernanke.

Wednesday the Fed cut its growth forecast for the United States, while remaining silent on the assumption of a new monetary support.

The announcement of an agreement in Greece pulled the Dow and the S & P 500 not a bad, the first having reached a low of session 1.1874.73, the second at 1262.87.

We do not know the price but decided, sources familiar with the matter had been quoted a price of around EUR 1.2 billion.

According to contract details received from the past, the market was on firm orders which were added two options for two additional buildings.

The two helicopter-carrying object of the agreement signed Friday will be built by French shipyard DCNS, contractor on the contract, and STX, in collaboration with the Russian public United Shipbuilding Corporation, OSK.

DCNS, a public company, is controlled 25% by the defense electronics group Thales. Korean STX Group, owner of the shipyards of Saint-Nazaire is also involved in the construction of the Mistral.

In a statement, the Elysee said that the achievement of two buildings Projection and Command (BPC) would provide over 1,000 direct jobs in France for four years.

Along nearly 200 meters and weighing 21,300 tons, the PCB can carry up to 16 helicopters and four barges transporting equipment or two landing craft and 900 men.It can also carry a forty heavy tanks and host a headquarters capable of conducting a joint operation of limited scope.

A spokesman said the DCNS Mistral is first delivered in 2014 and the second in 2015.