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The second Japanese bank, Mizuho Financial, reported Tuesday a fall of 80% of its net quarterly profit, mainly due to a decline in the value of his stock portfolio. </ p> Net income for the quarter October to December fell to 16.3 billion yen (162 million euros), against 80.3 billion yen in October and ; December 2010, according to Reuters calculations based on the results of nine months. </ p> Nikkei index falling by over 13% between April and ; December, banks have had to spend significant provisions on the value of its shares in listed companies. </ p> The results are also affected by a charge related to a change in tax law.</ P> For the year, Mizuho maintains its net profit forecast to 460 billion yen, up 11% over the period 2010-2011 while the market expects 427 billion yen, according to the consensus Thomson Reuters I / B / E / S. </ p> The first Japanese bank, Mitsubishi UFJ Financial, is to publish its results on Wednesday. </ p > <p> third Japanese bank Sumitomo Mitsui Financial Group (SMFG) said Monday net income stagnant under its third quarter. </ p> Action Mizuho has gained 17% since its low point of eight years moved in November, while the Nikkei index gained 8% at the same time. Mitsubishi UFJ Financial Group (MUFG) is up 10% and 20% of SMFG. </ P>

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U.S. inventories of crude oil fell against all expectations last week, said Thursday the U.S. Agency for Energy Information (EIA).

Crude inventories fell 1.37 million barrels to 338.09 million. Economists on average had expected a rise of 400,000 barrels.

Gasoline inventories fell 2.11 million barrels (consensus: 300,000), to 204.17 million.

The reserves of distillates, which include heating oil, fell by 6.02 million barrels (consensus: -2.0 million) to 135.87 million.

The rate of capacity utilization of refineries dropped 2.7 points to 82.6%.

Around 3:50 p.m. GMT, U.S. crude reduced its losses, yielding 1.3% to 95.80 dollars a barrel.

Objective: six to eight billion euros in additional savings.The French government Monday unveiled new measures to contain its deficit and preserve its sovereign rating as part of a budget among "the most severe since 1945."

Prime Minister Francois Fillon, who will present the plan in mid-day after the cabinet meeting, prepared the minds saying Saturday that there was no alternative to the reduction of public spending.

The executive, who proceeded to the final Sunday arbitration, fails to speak always of "rigor" or "austerity" but "the moment of truth" announced by the prime minister sounds like this six months of the presidential election.

Thirty-six, 38, 42 and maybe tomorrow as 50 per month when Airbus increases production rates of its single-aisle aircraft, it's party time for subcontractors in the aerospace industry.Unless the funds to finance the necessary investment will come running out.

These suppliers, some of which also work for Boeing in the interest of diversification, are technically ready to follow the ups cadence, but sometimes have difficulty obtaining financing from their bankers, actors and observers believe the industry.

Driven by the boom in Asian demand swells order books, manufacturers accelerate the pace, especially in the aisle – the segment of medium-haul flights of 150 seats – the most lucrative and most promising of the civil aviation with a value estimated at some 2,000 billion over the next 20 years.The 'supply chain' will fit, maybe it will grind a bit in the ramp-up, but we adapt, "he told Reuters Jean-Claude Maillard, CEO and founder of Figeac Aero, under contractor to Airbus, which finds that up to 48 or 50 units per month is "quite possible".

He echoed the statements of President of the Group of aerospace equipment and defense (GEAD), Olivier Zarrouati – also CEO of Zodiac Aerospace – who recently told Reuters that a growing number of production plants for OEMs keep up the pace aircraft manufacturer was not required.

"You can go to heaven, there is no limit", says David Bonnus, aerospace expert with the firm Step Consulting.

Moody's is more secure than the debt of France still deserves the highest rating possible. Degradation could occur in the next six months. The consequences for France and the euro area would be dramatic. The budget minister Valérie Pécresse and the Minister of Economy and Finance Baroin

The sacred triple A of France is under pressure: the rating agency Moody's announced Monday night that it planned to lower the perspective of the note lights. A warning to potentially dramatic consequences for France and for the euro area. Explanations.

Our triple-A is really threatened?

For now, Moody's said it just gave himself three months to determine whether his perspective "stable" was still warranted.The agency is careful to note that this review is part of its annual financial statements for France and it is not yet at this stage, a decision on the rating of the country. However, if the prospect of this note should be revised to "negative", this would imply that Moody's would likely reduce the medium-term (usually for a term of three to twelve months). France, would become the new big country, after the United States to lose the precious talisman financially.

This warning is justified? The presidential campaign hostage rating agencies?

The possibility of a deterioration in France is not a surprise. The warning from Moody's, yes. Rating agencies usually just an opinion or negative stable and degrade or maintain the rating. This is especially the timing is symbolic in three months, the campaign for the Elysee Palace in full swing.A negative outlook on the triple A French will become a major issue of debate. The presidential campaign of 2012 will therefore be under supervision of rating agencies. Read about the blog corridors Bercy.

Concerns about a possible deterioration in the sovereign rating lights are not new. France shows the worst ratios of budget club triple A. Government deficit (5.7% this year) exceeds the level of other triple-A in the euro area (Germany is 0.9%, Denmark 4.8%, Netherlands 3.9% Austria 3% and Sweden has a surplus of 1.5%). France, also displays a primary deficit (excluding debt burden) twice (3% of GDP) than its neighbors (1.6% in the Netherlands, Austria 0.9%, 0.5% Luxembourg, while Germany and Finland should generate a primary surplus this year).Finally, France is also one of the few members of the Triple A club to suffer from a deficit in its trade balance. Also, since the deterioration of the U.S. Standard & Poor's this summer, the French note seems undeserved. However, all agencies – including Moody's – had denied market rumors in August, reiterating that they maintained their confidence in the Triple A of France.

The context was it damaged?

Since this summer, nothing goes to France: there was no growth in the second quarter and looks just as sluggish by the end of the year, the euro area is still mired in the debt crisis and banks French are in the financial market turmoil. This is precisely what worries Moody's. It is "crucial" for France to maintain "investor confidence in its ability and willingness to deal with unexpected challenges," noted the agency in a statement.Or "France could face a number of challenges in the coming months – such as the need for additional support to other European countries or its own banking system, which could increase so significant commitments to be borne by the budget of the country, "she adds. In short: France has more financial flexibility. We understand better the current government reluctance to recapitalize its banks with public money and increase the discount to private creditors of Greece.

What consequences for France if they lose their triple A?

The fact benefit from the best possible rating allows France to borrow in the markets on very favorable terms to finance its debt. Lose this note would increase interest rates, so an increase in the cost of borrowing of the French state.The difference between the rates of French government bonds to 10 years (OAT) and German government securities of similar maturity (Bund) has also passed on Tuesday for the first time, a percentage point. At the same time, insurance against a default on the obligations of the French state (CDS) increased by 10 basis points. Currently, it costs 194,000 euros to insure against exposure to 10 million euros in French government bonds. France must make 8.6 billion euros of bonds by December and 179 billion in 2012 to renew its stock of debt. Direct consequence for the first time, the debt burden will be the first budget item next year, on top of School. According to government projections, it will amount to 48.77 billion euros. If France is losing its triple A, it could be more.Because unlike the United States, whose Treasury bills are still considered a safe haven, the obligations of the French state is not immune to a general distrust of investors, because of the context of European crisis.

And for Europe?

The loss of the triple A French would not be good news for the euro area. This would call into question the quality of borrower of the European Financial Stability (EFSF, which currently enjoys the highest rating possible), because France is the second largest guarantor. Now this tool is the cornerstone of the plan to end the crisis in the euro area. Moreover, France would potentially the camp of countries to aid those who need help.This would call into question the relationship quickly the Franco-German motor of advances in European governance, as both countries do more than talk on equal terms (triple A to triple A). The temptation would be great for the best students in the euro area to operate in a vacuum and cease to be in solidarity with the lower-rated countries. This would result in the breakup of the euro area.

Can we avoid losing our triple A?

"The continued commitment to implement economic reform measures and budget, and visible progress in the goals" for reducing debt "will be important for maintaining the stable outlook" of the note of the country said Moody's. The Minister of Economy and Finance Baroin said Tuesday that Paris would "do everything possible" to keep its deficit reduction targets.For 2011, the deficit target of 5.7% seems achievable. He enrolled in the draft budget law in 2012 (4.6% of GDP), that MPs prepare to vote today, the state seems inaccessible, because built on a growth assumption of 1.75 %. However, most forecasters expect at best a GDP growth of 0.9% next year. That means ten billion euros in additional savings to identify. Last night, Prime Minister Francois Fillon acknowledged that it will take "new measures" austerity if growth is not at the rendezvous. At the risk of bringing France into the spiral-rigor recession in Greece and Portugal for two years.

Standard & Poor's Tuesday lowered a notch credit rating of ten Spanish banks, including the two largest in the country, pointing to the darkening economic prospects and a housing market still depressed.

Fitch Ratings has reduced its share shortly after the note of six banks in the wake of its decision, announced Friday, to lower the rating of Spain by two notches to AA-.

Among the banks downgraded by S & P are Santander and BBVA, key institutions of the country.Their two notes back from AA to AA-and carry a negative outlook.

S & P also revised the rating outlook for four banks, reducing it from stable to negative, and placed the bank under review with negative implications.

The prospect of all banks rated by S & P is now negative, meaning that further declines are possible notes.

Fitch, Banco Santander fell from AA to AA-and Banco Bilbao Vizcaya Argentaria (BBVA) from AA-to A +.

Other banks involved include Banco Popular Espanol to BBB +. This note is placed under review with negative implications because of its exchange offer launched on Banco Pastor.

Industrial production in France rose by 0.5% in August after rising 1.8% in July, against 1.5% in the first estimate, show statistics released Monday by INSEE.

Manufacturing output, which is to say, but including non-energy food, rose 0.7% after rising 1.8% the previous month, against 1.4% initially estimated.

Economists polled by Reuters on average expected a 1% drop in industrial production in August.

At three months, "the production is increasing (2.2%) in electrical, electronics, computers and machines and relatively stable in the other positions," said INSEE said in a statement.

Parallel to the industrial sector, construction activity rose 3.2% in August after rising 0.3% the previous month, against 0.1% originally announced.

Belgium, Luxembourg and France came Thursday to the heart of the negotiations on their respective participation in the rescue of a new Franco-Belgian bank Dexia, expected to lead discussions in a few days to a dismantling of the group ordered.

The Belgian government has warned Paris that Belgium did not intend to bear alone the financial burden of the rescue of the old world leader in financing local authorities, the first victim of the banking crisis of sovereign debt in the eurozone.

"It is clear that a very sensitive and crucial element in the negotiations, it is fair burden sharing," said Yves Leterme, Belgian Prime Minister in charge of current affairs, radio RTL.

If he declined to go into details of the negotiations, he recalled the nature "systemic" Dexia for the banking system.

His finance minister Didier Reynders also stressed the need for a balanced sharing of effort."Yes, we do not want to be alone with the whole group on our hands," he told reporters before a meeting of a small cabinet in Brussels.

"Do not forget that not only support the Belgian bank but it must continue to fund all the past, and we will not do it alone," said Didier Reynders, stating that it would begin negotiations with France after obtaining a government mandate.

In France, neither the Ministry of Finance or the Treasury or the Bank of France was immediately available to comment on the progress of negotiations on Dexia, whose board of directors to be held Saturday .

REDEMPTION FOR DEXIA BIL

Luxembourg has for its part that it was negotiating the acquisition of the Luxembourg subsidiary of Dexia, Dexia Banque Internationale à Luxembourg, with the help of an international investor.

The Minister of Finance of the Grand Duchy, Luc Frieden, said that negotiations on the resumption of Dexia BIL were in an advanced stage and could be finalized before the end of October, without specifying the identity of the investor.

With the statements of the Luxembourg authorities, the Dexia has suddenly turned down.

At 13:00, the action gave up 0.90% to 11.66 euros after

open up like other European banking shares.The European banking index progressed by 3.2%.

"This should generate a capital gain, which is positive.However, Dexia BIL is certainly rich in deposits, the sale of the blow will not ease the problems of financing the group, "said one trader in Paris.

The rescue plan could weigh on public finances of France and Belgium, already undermined by the crisis, and trigger negative reactions in public opinion.

The scenario being considered involves a backing of the main activities of Dexia in France at the Caisse des Depots (CDC) and the Postal Bank.

In Belgium, the plan could be realized by a partial nationalization of the retail or split it into a separately listed entity.

For the rest of the group, a "bad bank" would be set up to manage a large bond portfolio and an asset disposal program would be launched.

France and Belgium must commit to provide guarantees for the financing of the bond portfolio.

Dexia shares on the stock market plunged Monday after the decision of the rating agency Moody's placed the debt rating of the Franco-Belgian bank on negative watch.

Moody's justified its decision by concerns about the liquidity of the group while the refinance market conditions remain very tight.

A Dexia spokesman declined to comment on the decision of the agency.

On Tuesday, Fitch Ratings had already announced that it lowered its rating.

At 11:15, Dexia signed the worst performance of the European sector index banks – down by 4.11% – a decrease of 8.43%.

The announcement Sunday that Greece would not take the objectives of fiscal consolidation has aroused the distrust of investors and markets.

The decision by Moody's is also involved as speculation about the future of Dexia in full swing.

The institution admitted consider options to strengthen its balance sheet but has ruled out any split in the group.

Finance ministers Belgian and French are to meet Monday night and Tuesday as part of the European meetings of the Eurogroup and tell the Ecofin.

If some press reports indicate that Baroin and Didier Reynders must address the issue, a spokesman said it no special meeting was scheduled between the two men.

Scenarios ranging from the sale of assets to a breakdown of the group were mentioned in the press in recent days.

Dexia, which was saved from bankruptcy in fall 2008 after the collapse of U.S. bank Lehman Brothers, in the second quarter 2011 loss of four billion euros, the heaviest in its history.

French household consumption of goods increased by 0.2% in August after a decline of similar magnitude in July, show statistics released Friday by INSEE.

Economists polled by Reuters on average expected a stable consumption in July and up 0.3% in August. The growth in consumption in June was revised down to 0.9% against 1.2% originally announced.

"The slight decline in July due mainly to a decline in purchases of cars and housing equipment," INSEE said in a statement."The recovery in consumption in cars and rising energy costs contributed to the slight increase in consumption in August."

Spending on durable goods rose 0.8% in July but remained stable in August. Purchases of automobiles rose 0.9% last month after falling 1.5% in July, according to Insee attributable decline in second-hand market.

"However, note INSEE, after the sharp increase in June (+3.9%), purchases of equipment housing down again in July (-0.7%) and August (-1.7% ).The decrease concerns in particular the purchase of furniture. "

Purchases of textiles and leather rose 1.0% in July after rising 3.6% in June but fell 2.3% in August.

Consumer spending in other manufactured goods rose 0.2% in July but fell even in August.

Meanwhile, household consumption of energy has accelerated markedly in August (+2.6% after +0.2% in July), a movement linked in particular to fuel costs.