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After the improvement of labor market frameworks in 2011, the coming months are more uncertain, according to APEC. Companies are less likely to plan to recruit executives in the fourth quarter. The barometer of APEC are signs of loss of business confidence.

2011 promises to be a good year for executives with a job market that has "resilient" but uncertainties in 2012, with gloomy economic outlook, according to the quarterly barometer of the Association for the use of frameworks (APEC) on Wednesday. "The year 2011 will be a very good year. It is the certainty, it is behind us, as business investment have been supported," said the executive director of APEC Jacky Chatelain, at a conference the press.

"But at the end of this year there are also elements of uncertainty," he said.Thus, if a significant number of companies plan to hire at least a part in the 4th quarter, a smaller proportion than in the third quarter are in fact some of it. 53% of companies with more than 100 employees plan to recruit at least one frame between October and December, an increase of 4 percentage points year on year. But only 69% of these are certain to do so – against 75% last quarter.

In the third quarter, employment remained strong: 57% of companies with more than one hundred employees, or 3 points from the third quarter of 2010, recruited at least one frame. The job assigned to the Apec also increased by 59% over one year in the third quarter. Nearly 140,000 bids were entrusted to the association. "The engine of growth" was the area of ​​the Council and business services: 100% in the third quarter of 2011, against 73% over the same period of 2010).But since then, signs of loss of business confidence have emerged: in September 21% of companies felt that the economic situation had deteriorated over the past year, against 16% in June

Graduates most affected by this pessimism

This loss of confidence seems to work against graduates, for whom the "hiring intentions are down for the first time in two years," said Pierre Lamblin Director of Education and Research APEC.

In a context "uncertain", companies are looking more frames already trained more operational: 41% of companies planning to hire in Q4 target young graduates, a decline of six points in one year, according to the survey, result of telephone inquiries conducted by the company in September Gn operations, with a panel of 750 firms with over 100 employees, representing the private sector."This is not not a disaster," the proportion was only 22% in late 2008, said Mr. Lamblin. "But the question is: will it last and how long?".

While according to the INSEE, the overall unemployment rate in France could reach 9.2% of the workforce in the fourth quarter, the executive is now much lower, around 3.7 or 3.8%. But the conditions of re-employment of executives have deteriorated from the end of 2008 and the long-term unemployment has increased frames. Today, a third of managers are unemployed for more than 12 months.

The action EADS is among the largest declines in the CAC 40 index on Thursday morning at the Paris Stock Exchange, while concerns are emerging about a domino effect on aircraft manufacturers difficulties refinancing of French banks in dollars.

In a market that was down 3.93%, weighed down by the performance of particular financial and cyclical stocks, the parent company of Airbus shows a fall of 6.81% to 21.14 euros at 10:45.

"It lowers the title.This is the first strong example of the effects of the crisis of dollar liquidity for European banks on the real economy, "said David Thebault, head of quantitative trading at Global Equities.

"We must certainly take this into account (the difficulties of banks) in financing equipment for all aircraft manufacturers," judge his side an analyst based in London, in a note.

This risk is relative, however, under the control of German banks to lend and potentially U.S. institutions, said the analyst, who also refers to possible emergency measures on the part of the French state.

"There are ways to deal with it immediately: some will take the place of French banks – U.S. banks and Chinese – and there are other ways to finance an aircraft, especially to leasers (lessors ) and 'vendor financing' EADS ', also adds Christophe Menard, an analyst at Kepler.

These fears of financial difficulties echo the statements of some leaders of the aviation sector in the Istat, a conference on the financing of aircraft, held in Barcelona on Tuesday.

French banks, which accounted for about 31% in aircraft financing transactions in 2010, reduced their availability significantly, said on this occasion the chief financial officer of Ryanair, Howard Millar.

The five major central banks around the world, including the ECB, announced September 15 a coordinated commercial banks to offer loans in dollars in three months to prevent freezing of the money market which would be caused by the debt crisis sovereign in Europe.

European banks, particularly French, have seen their share price fall since the beginning of the summer on fears related to potential recapitalization needs and issues of liquidity in dollars, American money market funds and other traditional lenders Greek dollar fearing failure and potential devastating effects on the markets.

In this context, speculation saying that the French government could be forced to intervene to stop the bleeding is growing, especially as fears of a credit freeze remake regular surface due to the persistence of debt crisis in the euro area.

Politicians and bosses of banks took turns for several weeks to deny any need for new capital, but struggle to convince.

BNP Paribas, which has undertaken to strengthen its equity more quickly, said last week it would reduce the size of its balance sheet of about 10% by the end of 2012 and it would also reduce its needs funding dollar.

Societe Generale for its part intends to strengthen its capital of four billion euros by 2013, including asset sales and reducing their activity.

Wall Street closed down Tuesday for the third straight session, concerns about the debt crisis in the euro area has once again taken an advantage over all other considerations.

The Stock Exchange, closed Monday for Labor Day, but ended above its low of the session.

The market questions the desire of Italy and Greece on the path of austerity, even in Germany voices are heard in protest against the aid given to countries in the area Euro trouble.

The Dow Jones lost 100.96 points (0.90%) to 11,139.30. The S & P 500 drops 8.73 points (0.74%) to 1165.24. The Nasdaq Composite Index gives 6.50 points (0.26%) to 2473.83.

Banks in particular have suffered and KBW index yielded 1.68%.So far only the German Dax and the Nikkei Japanese have sunk.

In terms of statistics, the growth of services sector in the United States has stepped up against all odds in August, ending three successive months of slowdown in the sector.

Sprint has taken legal action because it believes that the transaction will result in higher prices and create a duopoly between AT & T and Verizon Communications.

Sprint lost 4.5%, while AT & T has sold 0.78%. Verizon Communications fell almost 1%.

Total is about to sell its assets in the exploration and production in France, wrote Friday the Bulletin of the Oil Industry (BIP).

According to the daily newsletter, the fields of oil should be sold in Paris Vermilion Canada, which had resumed in 2010 the assets of Esso and is the first French producer with 46% of oil extracted in the country.

The BIP adds that the deposits Aquitaine, Total would be transferred to Vermilion and French Geopetrol, while the Lacq gas field should also be transferred to Vermilion in 2013.

"The sale transaction is being finalized.But the final disposal will take place before the end of 2012 in accordance with French law the transfer of mining assets, "said the newsletter.

A spokeswoman for Total declined to comment on this information.

French production of 21,000 barrels represented Total oil equivalent per day in 2010, world production of 2.378 million barrels throughout the year.

The daily Les Echos that writes the total in the fall should submit a reorganization of scale of its operations downstream, with a planned merger of its refining and petrochemical industries. The group did not want comment on the report Friday morning.

Berlin has revised down its forecast of budget deficit to 1.5% of GDP in 2011. The German Minister of Economy, Wolfgang Schauble, also removes any risk of recession. Wolfgang Schäuble, the German finance minister, by the Bundestag in Berlin September 14, 2010.

Germany has lowered its forecast of budget deficit to 1.5% of Gross Domestic Product (GDP) in 2011, in a monthly report of the Ministry of Finance released Monday. April 13, Berlin table again a general government deficit (which includes the accounts, the regional states and municipalities) of 2.5% of GDP. In 2010, public deficits were 3.3%.

"The positive development this year will continue through 2015, which will have balanced accounts in 2014," the ministry's report posted on its website.Public debt "will drop by the end of this year to 80% of GDP and thus be about three percentage points less than last year," the ministry. He expects public debt to about 71% of GDP in 2015. In 2010, public debt was 83.2% of GDP.

"There are no signs of recession in Germany," said also on Monday antenna Deutschlandfunk the German Finance Minister Wolfgang Schäuble. "The development of the labor market remains very positive," he said. "In Germany, as in the rest of Europe, the second quarter was worse than expected," admitted Mr Schäuble, while ensuring that there was "no reason to worry" and that the country would reach a growth of 3% of its Gross Domestic Product (GDP) in 2011.

German growth in the second quarter has seen a brake sharper than expected, the German gross domestic product (GDP) increasing by 0.1% over the first quarter, according to figures released Tuesday by the Office for Statistics (Destatis). The growth of gross domestic product (GDP) in the euro area it has slowed to 0.2% in the second quarter, after 0.8% in the first, according to data published by the EU statistics office Eurostat.

Demand for gold has declined in the second quarter, but would still mark an increase over the entire year, said Thursday the World Council of gold, an organization funded by the gold industry.

The overall increase is mainly due to the increase in reserves of Asian buyers, as well as the safe haven appeal of this enhanced by the debt crisis in Europe and the United States.

The quarterly report issued by the Council indicates that the gold market is particularly active in India and China, while purchases of coins, bullion, jewelry and asset-backed gold are down in Europe and the United States.

Globally, demand for gold rose to 919.8 tonnes during April-June quarter, a decrease of 17% over the same period the previous year.

The trend is explained by the sharp decline in investment demand, which has erased the recovery in purchases of jewelry in the world, says the Council.

The demand for asset-backed gold has fallen particularly, falling from 82% to 51.7 tonnes, compared to historically high levels in 2010.

The trend seems already back on the rise, according to Marcus Grubb, Executive Director of World Gold Council.

"We will clearly see a large amount of investments in the third quarter because of problems in the euro area sovereign.We know that asset-backed gold hit a new record high in tonnes in July and August, as the demand for jewelry, it does seem to have wavered from its sharp rise in the second quarter, " he said.

"It is difficult to see what might initiate the request at this time."

Job creation has accelerated more than expected in July in the U.S. and the numbers of May and June were revised up significantly, restoring hope in the ability of the U.S. economy avoid a recession.

According to figures released Friday by the Labor Department, the U.S. economy created 117,000 non-farm jobs in July, against an average of 85,000 expected by economists.

Job creation may have been revised to 53,000, more than double the previous estimate, and those from June to 46,000 against 18,000 initially announced a month ago.

The unemployment rate also fell by 9.2% in June to 9.1% in July against an expected stability by economists.

This decline can be explained by the abandonment of some research discouraged job seekers, but these figures are encouraging in the difficult economic environment facing the United States.

"In the context of a normal recovery, not a solid figure, but given the fear that gripped the markets, it is not catastrophic," he added.

In a context of strong market declines related to fears about sluggish growth in the United States, statistics allowed the stock markets and oil to make a brief rebound, while Treasuries retreated.

But the enthusiasm was short-lived, as Wall Street and European stock markets were quickly re-directed downward, as the dollar and oil.

European shares suffered Friday their largest decline in a week for almost three years.The pan-European FTSEurofirst 300 index lost 1.78% to 975.02 points, closing at its lowest for 13 months, down 9.8% on the week.

Among the exchanges of the countries 'peripheral' to the euro area, already proven on Thursday, have fallen by 1.2% and 2.25% in Lisbon to Athens, Milan and Madrid but ended up on declines lightest 0, 70% and 0.18% respectively.

Wall Street was changing also down sharply in mid-session, the Dow Jones yielding 1.62%, the S & P 500 fell by 2.21% and 3.02% for the Nasdaq.

PUBLIC SECTOR JOBS STILL DESTROYED

"These are good figures. The revision was made up and with a magnitude greater than expected.I do not think it will be enough to get us out of the economic downturn, but these figures do at least not a recession, "said Jay Feuerstein, chief investment officer at 2100 Xenon Group.

But other economists temper this optimism.

"It does not solve anything. Consider this instead as an opportunity to sell, rather than as a reason to get involved again in the long term.The upward revisions of previous figures are encouraging, but ultimately, we will retain only the number of low GDP last Friday, the ISM report on Monday and companies are starting to say that we are moving perhaps to a recession or that we are already there, "said Michael Marrale, RBC Capital Markets in New York.

All the creations of non-agricultural jobs is a credit to the private sector, which created 154,000 jobs in July against 115,000 expected from 80,000 in June.

The public sector has eliminated 37,000 jobs, however, after having already destroyed 39,000 in June.This further decline, the ninth in a row is mainly due to the temporary closure of public institutions in Minnesota, leaving thousands of employees of their wages.

In July, 24,000 manufacturing jobs were created, while 11,000 were expected. Most of the increase comes from the automotive sector. Employment in construction increased by 8,000, following a decline of 5,000 in June.

The average workweek was unchanged at 34.3 hours, but the average hourly wage increased 10 cents.

Bond rates to 10 years in Greece fell to 14.208% 15.988% Thursday against the closure. Their level of mid-April. Those of Portugal and Ireland also relax.

Greek bond rates fell Friday in a debt market that breathed, benefiting from the introduction of a bailout of the country also aims to prevent any risk of contagion in the euro area.

At 18:00, the rates of Greece in 10 years fell to 14.208% (15.988% Thursday against the fence), reaching the level of mid-April. 2-year rates fell to 26.304% (32.214% against), yields seen since early June. They moved again to 40% on Thursday morning before the summit. For their part, the 10-year rate fell back from Portugal to 10.506% (against 11.236%) and from Ireland to 11.636% (12.090% against).

The bond market has relaxed Globle Friday, although the announcement of Fitch on the failure of Greece weighed. The rating agency will place Franco-American debt in default part of Greece in the wake of a new European plan to help nearly 160 billion dollars going to save Athens from bankruptcy. "We knew it was going to result from the rating agencies put in default," notes Cyril Regnat, bond strategist at Natixis, while private creditors are the people involved to the tune of 50 billion euros.

Mr. Regnat regrets, however, "yet few details of the private sector. Certain terms must be defined." But "the contents of the plan is more favorable to the debts of the periphery (those of the most fragile, ie) as addressing the risks of contagion.Greece also has more time to repay debt and will receive support to its economy. "The bond market should return to more normal, although the rate of borrowing the most fragile countries remain very high , but away from their record high.

Overall, "the improvement in the securities bonds devices is expected to continue. The potential for lower rates is still significant," they said. They consider possible next standardization of the bond market, but warn that a return to levels much lower rates will take time.

Meanwhile, rates on 10-year bond retreated German and French as well, not undergoing correction that these securities have played their role as a refuge until the Europe Agreement reassure the markets.The German Bund was 2.826% (against 2.876%) and the French OAT at 3.415% (against 3.448%).

Outside the eurozone, the UK Gilt dropped to 3.106% against 3.173%. In the U.S. market, the yield on the 10-year Treasury was up to 2.980% against 3.014% Thursday evening, and the good relaxed to 30% against 4.312 to 4.277% yesterday. The three-month rate grew at 0.03% against 0.04% on Thursday.

On the interbank market, the three-month Euribor, the main rate in the euro zone rose to 1.611% against 1.608% Thursday and the three-month Libor in dollars remained stable at 0.253%.

The three major rating agencies, Fitch, S & P Moody etb are all Anglo-Saxon. They are accused of making the law on the financial world and aggravate the debt crisis in Europe. German Chancellor Angela Merkel (here in Berlin in March 2011) criticizes the center holiday and retirement in the South of Europe

German Chancellor Angela Merkel said it was "important in the medium term" that Europe has its own rating agency, in an interview with public broadcaster ARD on Sunday. "It is important in the medium term that Europe has as a rating agency," she said, estimating that such an agency would be created by "the European economy" and not by States. "Alas, there is not so far had interest in the economy" to create such an agency, and "it is a lack," said Angela Merkel. "The Chinese are now also a rating agency.We can not of course create one through the states. But I really would welcome the fact that the economy manages to create a European rating agency, "she said.

Charged to the law on the financial world, the three major rating agencies are all Anglo-Saxon: Moody's, Standard and Poor's and Fitch (which is, however, a French group Fimalac). Europe has committed early July a showdown with these agencies and called for the creation of a European body after the dramatic reduction in Portugal's sovereign rating by Moody's, relegated to speculative grade, which may worsen crisis debt in the eurozone.

The German finance minister, Wolfgang Schäuble, said at the time that it was necessary to "break the oligopoly of rating agencies" and "limit their influence," while the President of the European executive, Jose Manuel Barroso, had been more further by ruling indirectly to the creation of a rating agency based in Europe. European Commissioner Viviane Reding of Justice has threatened a few days ago to dismantle the great Anglo-Saxon: "I see two possibilities: either the states of the G20 (note: the richest states in the world) decided to dismantle the three agencies. The U.S. would then have to turn the three agencies in six companies. Or European and Asian competitors are created, "said Commissioner Reding to the newspaper Die Welt.

Angela Merkel said that the rating agencies were not "bad in themselves" but "they act at times sensitive, and we currently have such a sensitive time with the euro, and they (…) absolutely do not consider what is reasonable. " According to the German chancellor, "we must think to see if we should believe everything they say." Following the financial crisis, Europe has adopted two laws in 2009 to strengthen the regulation of rating agencies, including requiring them to register and follow certain rules in order to practice in the EU, and placing under the direct control of the European financial markets.

The businessman Carl Icahn proposed Friday to $ 10.2 billion on the table to buy Clorox, a maker of bleach.

The offer represents investor 76.50 dollars per share, a premium of 12% over the closing price of Clorox Thursday night. He already owns 9.4% of the company.

In a letter to the CEO of Clorox, Carl Icahn said he had great confidence to see other groups for Clorox to purchase at a higher price.

Carl Icahn offerings have traditionally a positive impact on share prices of groups in which it invests.

He said companies specializing in consumer products would make interesting synergies if they were to acquire Clorox.He said not to exclude offers $ 100 representing the action on the part of groups such as Procter & Gamble, Unilever, Colgate-Palmolive, Reckitt Benckiser, Kimberly-Clark, Henkel or SC Johnson, an unlisted group.

Analysts industry experts question the advice given by Carl Icahn, holding that the Clorox product line is not necessarily the most attractive for groups that already have a foothold in the consumer products.