The problems of sovereign debt, however, should hang over the markets. The pressure rises in the euro zone since Moody's announced that the triple A French was threatened. Spain and Italy are always attacked in the bond markets. Finally, Germany is in the viewfinder of many observers who believe the country could experience a domino effect on the market.

But Europe is not the only one to raise the nervousness of the operators.

For now, the rating agencies Standard & Poor's and Moody's reported that U.S. credit rating would not be affected by the failure of these discussions. Fitch, however, said it could revise its outlook on maintaining its AAA rating assigned to the United States. It recalls that it had warned in August that "a failure of the super committee to reach an agreement would likely have a negative result on the rating" of the country.

This news has already had the effect of falling Wall Street yesterday and the stock markets in Asia this morning, confirming the prediction of Japanese Finance Minister, Jun Azumi, said this morning that fearing "a big disappointment in the markets."

Oil rises

Under the spotlight, the United States must deliver on Tuesday the second reading of GDP in the third quarter.

Occupation: the red lantern of Europe

This is the black point of the Spanish economy.

In this context, the Japanese Nikkei ended the session down 0.72% to 8541.93 points.The broader Topix index has in turn reduced by 0.67% to 730.91 points. "We need to stabilize the situation in Greece, Italy and Spain for the Nikkei rebound," said Fumiyuki Nakanishi, a broker at SMBC Friend Securities. The export sector has been especially battered because of the renewed weakness of the dollar against the yen. The greenback fell in the early morning under the threshold of 77 yen before slightly recover. Elpida unscrews to 8.54%, 1.46% of Sony and Sharp 1%. Bank stocks are also in the red in the image of Resona (-1.45%) and Aozora (-3.13%). Only Olympus has distinguished himself on the rise: the title continued to climb started the day by winning 18.51%, the maximum allowed for the day.

In China, Hong Kong and Shanghai respectively unleash 19,295 points to 1.09% and 0.23% to 2522 points. Spirit takes the rating down (-3.10%) in Hong Kong, as Foxconn (-1.37%).

The government should give priority to savings at risk for unpopular measures. The legal age of retirement could be increased to include 62 years from 2016 or 2017, when the reform was originally scheduled for 2018.Prime Minister Francois Fillon will return to this plan tonight during the 20-hour television news on TF1.

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"Austerity: new tracks government

The tax is also debate. Political issue, it will be based on the outcome of presidential elections next year. But whatever the future tenant of the Elysee, the necessary fiscal consolidation will make more bitter potion tax in France and elsewhere. This fall, several large employers, Maurice Levy (Publicis) to head, seized of the matter, declaring themselves willing to pay more, in the wake of U.S. financial guru Warren Buffet.Went to war for the tax to China with Bill Gates, the investors have called "the sage of Omaha" and admits that pay less tax proportionately than his secretary did not meet with success expected in the Middle Kingdom.

Tax loopholes less generous

In some banks, asset management, however, we feel that the climate is changing. Faced with the country's debt, attitudes are changing. "Taxes will go up, most of our customers are aware of, said Philippe Vayssettes, the president of the bank Neuflize OBC. The crisis has raised awareness to wealthy clients need to solve the problem of public finances, and his reactions to the tax increases are less epidermal few years ago.Many say they would pay more taxes, but only if the load is evenly distributed and that addresses the spending. "

France, in recent years sought to rebalance the tax burden on labor and the heritage. And tax loopholes were made less generous. Yet the French are addicted to the means to reduce their taxes. "Everyone is struggling to pay less tax, but push the system too far is destructive of social cohesion," says Mathilde Lemoine, director of economic research and market strategy of HSBC France. Investors rushed last year on investment in rental real estate law Scellier, which allowed them (for investments made in 2010) to obtain a tax reduction equal to 25% of their implementation, a limit of 300,000 euros.This year, the percentage of tax reduction increased to 22% for purchases in buildings BBC (low power) and uncertainty hovered for months about the future of the device. Result, the French have been slow to invest. The ax has fallen at the presentation of the Finance Act 2012: tax reduction Scellier expected to increase to 18% next year. Individuals tempted by a real estate transaction in the nine have a vested interest to act quickly if they want the rate of 22%, although an amendment could, if adopted, to take into account the sales agreement and not just the final act signed before the end of the year.Better yet avoid precipitation because tax savings does not always mean good business.

Before embarking on an operation of tax exemption must make an effort not to be blinded by the tax sirens and see the economic benefit of investment. And its output. With these precautions taken, why not kill two birds with one stone? Build wealth, comfort and reduce the income tax it will pay next year. For this, we need to invest before the end of the year. The tax paid in 2012 will focus on the income received this year. So it also charges, expenses and investments made in 2011 that will reduce the tax liability next year.

Individuals familiar with the outline of the 2012 budget, a few caveats about. We must also wait for the vote of the National Assembly and Senate to get the specific details of the measurements.On some points, arrangements are already being considered. The slowdown in growth means fewer tax revenues, will require to find recipes. The tax may be more severe in the coming years and levers to reduce fewer. One more reason to enjoy the levers that exist today.

Avoid the pitfalls of tax exemption

But the string of investments and existing mechanisms, it is often difficult to find your way. The folder you now offers Le Figaro Magazine, with the teams of the Particular (group Figaro), is designed to help you reduce the tax burden without falling into the pitfalls of tax exemption.So we sifted through real estate investments, financial products, including FIP, the FCIC and Sofica and investment overseas and work to achieve in its housing, which can afford to pay less tax next year, whether the income tax or, in some cases (direct investment in SMEs, gifts, etc..), the ISF. And to reduce taxation intelligently, we give you other ways to reduce the tax burden, such as investing in the forest or going into debt. Have a ball. –

Limit spending to curb the increase in taxes

We too often forget: you pay taxes to finance public spending. One way to limit the tax increase is to reduce them. It will do so, and ask what the costs really useful, "said Mathilde Lemoine.In a report last July, the Economic Analysis Council considers necessary and tax reform advocates an overhaul of the system of tax loopholes. To restore confidence in the fairness of our tax system, he advises to "better link the tax to ability to pay."But he warned: "To encourage investment guess you do not make the mistake in the name of the simplification of our tax system, a confiscatory taxation of capital income." Fiscal policy is a delicate, because ultimately, too many taxes kill taxes.

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1 – Choosing to let investment in direct

2 – Diversify investments with the stone paper

3 – New Development with French SMEs

4 – Focus on non-listed companies with the FIP and FCPI

5 – Acquire shares Sofica and finance the film

6 – Investing overseas with the industrial Girardin

7 – To carry out work for Energy

The attacks of this magnitude are fortunately minimal. But officials complain, according to unions, to address a growing tension in the workplace. "For several years the violence they face every day progresses," says Philippe Berhauld, national secretary of the CFDT employment center. "The insults to home are becoming more frequent.Accusations of incométences have become commonplace. Accidents of this kind, we are about two a day just in my area, Midi-Pyrenees, "said Diane Gastellu, employment center agent and member of the HSC.

"We are ill-equipped to respond" Unemployment, which is struggling to recede, contributing to frustration and sometimes despair of the unemployed. The share of those seeking work for over a year, in particular, continues to grow. As for the merger of the ANPE and Assedic, made a forced march at the height of the crisis in 2009, workers often feel that it has exacerbated the situation. By increasing the pace of work – each manages a portfolio average of 110 to 120 job seekers – and requiring most agents they are versatile, transfer of public service employment has made their task particularly arduous.

"If the relations are more strained with the users, it is often because we are ill-equipped to answer them, says Diane Gastellu. The officers present at the reception may not have the dual responsibility on compensation and job search faxless pay day loans. Colleagues who have dual training are far from being the majority. " Result, when a job applicant has a question about computing the allowance, "it happens very quickly, we swim," says Councillor example. A situation reinforced by the fact that many agents are welcome CSD, and employment center of recent date.

Absenteeism on the rise

The use of telephone platforms, to relieve the agencies, does not help. "We refer more users to these platforms. This is resented, they feel taken for a ride. Their instinct is often to seek to impose the contact, "says she again."Before the merger, we had more time to spend in conversation with each job seeker. It's frustrating for everyone: for employees who feel they do not do a good job, and for users who feel abandoned, "said another officer, former Assedic, who has in the Centre region. Work overload, poor management of priorities, setting targets unrelated to the quality of service: agents are not left out of arguments to explain the increasing frustration of users.

Many strains on the health of employees and the social climate of the public institution. According to a Senate report released last July, absenteeism has increased by over 20% in five French regions and from 15% to 20% in five others. Urban areas, where the density of job seekers is important, are particularly affected."The medium and long stops diseases have increased significantly, says John Montero, TF delegate employment center. We deplore more depressions. More and more agents are taking psychotropic drugs, neuroleptics, have addictive behavior. It is time to do something. "

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Investors have not long welcomed the determination shown by European finance ministers at the G20 Finance last weekend. At this meeting, the central bankers of the EU porutant promised to bring an answer this week "comprehensive and lasting peace" to the debt crisis at the G20. "Advanced countries will adopt, taking into account their respective national circumstances, policies to strengthen the confidence and support growth and implement measures clear, credible and targeted to rebalance public finances" stressed ministers in statement.

Above all, they promise to make a decision at the European Summit of October 23, described as "decisive" on Saturday by Minister of Economy Baroin. For its part, the ECB President Jean-Claude Trichet said the euro was "not threatened", but called on all Europeans to be "extremely vigilant" with regard to public finances.

Attempted to reassure the ability of the International Monetary Fund (IMF) to support countries in difficulty, Christine Lagarde, the Executive Director, has determined that the resources of the institution for the time were "appropriate" and "fit" to Micro Europe 1.And, while many European countries are considering to use the Fund to prevent contagion of the crisis in the euro area in case of bankruptcy of Athens.

Measures of expected savings on the U.S. side

On the other side of the Atlantic, U.S. President Barack Obama must include measures of fiscal consolidation through a savings plan. Last Friday, the country's budget deficit reached 8.7% of GDP in 2010-2011, 0.3 points less than in the previous year, according to the Treasury. In absolute terms however, the fiscal gap widened slightly compared to fiscal 2010, 0.4%, from the threshold of 1.299 trillion dollars, making it the second biggest deficit of the History of the United States.Concerns also weigh on U.S. growth, after the deterioration of consumer sentiment surprise U.S. beginning in October, falling incomes leading consumer expectations to their lowest level for over 31 years.

Following the announcement of the failure of 20% of the 360,000 small businesses in Zhejiang Province since the beginning of the year, Beijing also pledged to "rebalance" its growth engines through a battery of measures this week.

The euro retreated slightly

On the foreign exchange market, the euro fell slightly against the U.S. dollar on Monday morning at 1.284 dollars (-0.21%). While oil was up in Asia after a barrel of "light sweet crude" for November delivery clinching 35 cents to 87.15 dollars in early electronic trading.Barrel of Brent North Sea crude for December delivery gained 18 cents to 112.41 him dollars.

In terms of indicators, the United States, industrial activity in the region of New York (October) and the country's industrial production are expected in early afternoon.

In Europe, a speech in London Wolfgang Schäuble, German Minister of Finance, on financial regulation and fiscal consolidation is expected.

In Japan, industrial production for the month of August will be published in the day.

Banks remain top values ​​to follow this Monday

• Banking

Standard & Poor's (S & P) announced Friday it lowered the long-term rating of BNP Paribas (-1.47% to 31.77 euros) from "AA" to "AA-" and the Bichri (Banking Industry Country Risk Assessment) of France in Group 1 Group 2.In this context, investors will keep an eye on Societe Generale (-1.46% to 20.53 euros) and Credit Agricole (-1.52% to 5.11 euros).

• Dexia

The National Assembly will consider the draft supplementary budget by establishing a government guarantee.

• Air France-KLM (2.79% to 5.68 euros)

A special board meets Monday for the start RECORDED Pierre-Henri Gourgeon, as revealed by Le Figaro yesterday. In addition, three cabin crew unions (PNC) filed a strike notice for the weekend of All Saints to protest job cuts.

• Renault (+0.02% at 27.48 euros)

The new organization called the head of the manufacturer after the false spy case will come into force on 2 November as planned and strengthen the power of the CEO Carlos Ghosn with the aim to avoid the fiasco of the early recurrence in 2011.

• Axa (0.82% to 11.02 euros)

The French insurer Axa wants to eliminate by 2015 about 1,500 jobs in Germany, or one sixth of its workforce in the country, the Financial Times Deutschland on Monday.

• Eurosic (-0.68% to 32.27 euros)

The group has completed the acquisition of 22 office buildings with GE Capital Real Estate valued rights included 340 million euros.

• Edenred (-0.26% to 19.10 euros), Guyenne Gascogne (0.62% to 81 euros), Mercialys (-0.58% to 27.37 euros) will release its third quarter results after market close.

The dismantling of Dexia revolve around two main axes. First part of the device, sales lead to much gnashing of teeth. Side France, the discussion focuses on the sale of a portfolio of over EUR 70 billion – mostly loans to local authorities – an entity owned 65% by Caisse des Depots, which drags its feet. Until more details, the Investment Committee of the CDC has just issued an advisory opinion but negative according to our sources.La Banque Postale will take a minimum the job of funder community, hitherto devoted to its competitor.

At the same time, Dexia will sell its retail banking subsidiary in Belgium, Dexia Bank Belgium, the Belgian partner probably common across the Quiévrain. The Wall Street Journal, Price, hotly debated, could turn around 4 billion euros, well below the value expected by shareholders. As Fortis sold to BNP Paribas in 2008, the Belgian government's goal is to lean then the network to a private actor. For its part, Luxembourg completes its participation in the recovery of BIL through a consortium led by Qatari investors. Denizbank, the Turkish subsidiary, is also about to be sold.

The second component of dismantling the management of residual interests.While the Spanish or Italian Sabadell Crediop seem almost impossible to sell, will remain at Dexia a portfolio of nearly 95 billion euros in loans, of which 12 billion of government bonds devices in Europe. It is this "bad bank" guarantee promised by France and Belgium will apply. Sunday, the two countries should share the burden away. In 2008, Belgium had made to their account 60% of the security so much higher than 150 billion euros. This time, the camp Yves Leterme wanted to reduce its share of the bill, arguing that the French management had little Belgian interests associated with the management since 2008.

Impact rating

Signal of the high stakes, Prime Minister François Fillon had made the trip to Brussels on Sunday to meet with Belgian prime minister Yves Leterme.The talks, which have been associated with Jean-Luc Dehaene and Pierre Mariani, President and Group CEO, helped lead to a solution "fruit of intensive consultations with all partners involved," insisted the two sides.

The two countries share a triple objective: secure banking on their own territory, without violating the rights of minority shareholders, and while limiting the cost of this debacle for public finances. Friday, Moody's had also placed the rating on negative watch Belgium. Council of Ministers to be held in Belgium on Sunday night, after the Board of Directors of the bank.

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Achieving this goal will require new efforts, however. According to estimates published by the Commission alongside the accounts of the social security system, the "hole" would amount to 21.2 billion more next year, if nothing new savings or revenues were taken ("trend ").This is despite rather favorable macroeconomic assumptions adopted by the government (1.75% growth, 3.7% increase in payroll).

Patchwork savings

To do better, the government is "primarily on cost containment through structural reforms," ​​pleads one in the entourage of the Minister of Public Accounts, Valérie Pécresse. There's no question for the industry pensions. The second step of delaying the legal age (60 years and eight months from 1 January), listed in the reform of Sarkozy, Woerth 2010, 1.2 billion will reduce the total pension paid in 2012, says Bercy. And this effect will intensify over the years, until 2018, when the legal age will reach age 62.However, for the health branch, the major economies announced for next year are less than a fundamental reform of a traditional patchwork (lower prices of drugs or radiological, snacking benefits of sick leave …).