The annual result of the German reinsurer, before deduction of minority interests, is significantly higher than the 590 million euros expected on average by four analysts polled by Reuters, while being significantly lower than the net profit of 2.43 billion euros achieved in 2010.

"Munich Re expects for 2012 a return to results equivalent to those recorded before the year 2011," we learn in a statement. 

The world of reinsurance also announced in a statement that it intends to maintain its dividend for 2011 to 6.25 euros per share.

The title Munich Re was stable around 13h00. He lost nearly 12% of its value in one year as a result of earthquakes that hit Japan and New Zealand and storms in the United States.

After months of negotiations, the operation of a $ 4.1 billion, will allow the two stock exchange operators to pool their complementary strengths in a rapidly consolidating industry.

The Tokyo Stock Exchange (TSE) controls 90% of equity trading in cash while the Osaka Securities Exchange (OSE) attracts the largest volumes of futures contracts on the Nikkei and other derivatives.

The combined value of these securities listed on stock exchanges comes behind that of NYSE Euronext (12,000 billion) and Nasdaq OMX Group (close to 4.000 billion), according to figures from the World Federation of Exchanges (WFE).

Over the past five years, mergers and acquisitions announced in the stock sector operators accounted for about $ 83 billion, the players wanting to reduce costs and diversify the face of weak revenue from the traditional trading of shares.

The TSE will offer 480,000 yen per share OSE, a premium of 14% over the closing price on Monday.

The entity formed by the merger will remain as a vehicle listing title OSE, which gained up to 5.5% after the announcement, before closing up 4.6%.

The ratio of the TSE merger valued at approximately 1.7 times the OSE, whose market capitalization reached $ 1.5 billion.

The European equity markets and U.S. signed remarkable performance under the agreement Wednesday night in Europe on Greek debt restructuring, capacity building fund to support the euro and the recapitalization of banks in Europe.

European authorities have in fact agreed to recapitalize the banking system of the European Union to the tune of 106 billion euros and received in exchange for bankers they divide by two the value of government debt securities held in their accounts to try to stem the debt crisis in the eurozone.

The Regional Council of Poitou-Charentes, headed by Ségolène Royal, the Socialist Party candidate in the primary, formalized Monday the creation of a regional investment bank for SMEs, said the community in a statement. "With the bank, SMEs can now apply to a single paperless service, managed by the region, common to all funding partners," says the region is now arguing that "SMEs will benefit from consulting and a more simple, faster and more relevant. "

With the help of European Regional Development Fund (ERDF), € 33 million of regional funds will be made in two years, available to the bank. The region also hopes to get input from the Deposit or private investors to "finance EUR 280 million investment and activity in the territory."

This initiative was announced September 12 by Ségolène Royal, along with five other actions for SMEs. The primary candidate for the PS but noted that "starting a business is not valued in France," and expressed his "firm belief" that it was necessary to ensure that France "is recovering from tissue SMEs ". It was also suggested to "reserve a portion of public contracts to SMEs".

The region has also announced that it creates a semi-public company, ESTER (Solar Electricity Territories) Poitou-Charentes regional development of solar power. ESTER Poitou-Charentes "aims to invest in making solar power plants with an investment program of 200 million by 2015, representing 120 megawatts of power, or one and half times the power currently installed Poitou-Charentes, and 500 permanent jobs, "the statement also indicates the regional council.

In Paris, the CAC-40 ended up on 3.27% to 3045.62 points.

The European Central Bank (ECB) has also helped to sustain the upward movement of European stock. She said Thursday that it would conduct operations at a fixed rate to three months from October to December, offering to banks as many dollars as they want.

These operations are intended to amortize any drying up of liquidity that could occur later this year.

Banks in the euro area show a gain of 6%.BNP Paribas in particular gaining 13.4%, after surging 22% to the announcement of the ECB.

However, UBS ended the day on a loss of 10.8%.

A trader suspected of being linked to losses of some $ 2 billion announced Thursday morning by UBS was arrested in London, said on Thursday from several sources.

The sixth largest global advertising did not provide forecasts for the full year 2011 in a statement.

In the first half, the group recorded organic growth of 5.6% of its turnover to 765 million euros, while analysts' estimates ranged from 6.0% to 6.5% organic growth in a range between 767 and 776 million euros turnover.

For comparison, the worldwide WPP grew 6.1% while the French Publicis rose 7.1%.

The second quarter alone, Havas rose by 4.5% after 6.8% in the first three months of the year against 7.6% and 7.2% for Publicis to the American Omnicom.

The group suffered from particularly persistent problems in Southern Europe, including Greece, Spain and Portugal.

Throughout the first half, the group, including Vincent Bollore is the chairman and largest shareholder, has recorded 940 million euros in net gains budgets, against 1.2 billion during the same period last year.

Preliminary estimates of the survey Thomson Reuters / University of Michigan released Friday, the index fell to 54.9, the highest since May 1980, after 63.7 in July. Analysts on average expected 63.0.

After this publication, the major indices on Wall Street erased some of their gains and the Nasdaq fell even in the red, before resuming their advance.In Paris the CAC 40 also briefly reduced his earnings.

The high unemployment, stagnant wages and the interminable debate between Democrats and Republicans over raising the debt ceiling weighed on consumer sentiment, who were interviewed before the downgrade of sovereign states United by Standard & Poor's.

"In the history of this survey, we have never had so many consumers who spontaneously mentioned the negative role of government," said in a statement the director Richard Curtin of the investigation.

"It's more than just the recognition that traditional monetary and fiscal measures are exhausted in large part, it is the realization that the government was unable or unwilling to act to do so."

Bitterness and CONCERNS

The Obama administration is reaping the negative opinions of 61% of respondents, the worst score among all the previous presidents.Two thirds of respondents felt that the economy had deteriorated recently.

And 75% are expected in early August in difficult times for the economy, a ratio approaching the historic peak of pessimism hit 82% in 1980.

The component of current conditions index fell more sharply than expected to 69.3, its lowest level since November 2009, after 75.8 in July and while the market awaited 74.3.

The expectations fell to 45.7, also unheard of since May 1980 against 56.0 in July to 55.3 and consensus.

Inflation expectations one year were flat in August to 3.4% last month compared with July, as well as expectations to five years, to 2.9%.

"The surprise is the sharp decline" of consumer sentiment, said Stephen Stanley, Pierpont Securities.

"Some numbers are even lower than what was seen during the recession and financial crisis. The fall in expectations appears to be due to the bitterness of the people on the political situation and their concerns about the financial markets. "

However, this study concern was partly minimized markets after the release of a 0.5% increase in retail sales in July in the United States, or their biggest increase since March.

"The expenses of people do not always match their mood. I doubt that things are as bad as what is suggested by the index of consumer sentiment," said Stephen Stanley.

9:41: The main European stock markets have not collapsed Monday in the opening. The interventions of the G7 finance leaders and the European Central Bank appear to have prevented a panic. After opening lower, most European markets are ironed in the green a few minutes after the first exchanges. Shortly before 9:30 (7:30 GMT), Paris was up slightly (0.15%), London climbed 0.35% and Frankfurt did not lose more than 0.20%.Madrid (2.6%) and Milan (3%) were very relieved by the announcement of an intervention by the European Central Bank (ECB) on the bond market.

9:36: rebound in financial stocks. Bank stocks offered a strong rebound on Monday in early trade on the Paris stock exchange, through the redemption of bonds of fragile by the European Central Bank (ECB). There are some over 6%, after losing considerable ground in recent sessions because of the debt crisis. At 9:32 (7:32), BNP Paribas gained 5.85% to 42.99 euros and Societe Generale 5.47% to 28.93 euros, totally ignoring the loss of triple-A by the United States.

[See also: The United States lost their triple A, what consequences?]

9:21: Shanghai ended down.The composite index of Shanghai Stock Exchange lost 3.79% Monday, giving up 99.6 points to 2526.82 points to fall, due to the loss of triple A U.S. revives fears of global crisis dealers said.

9:18: The Paris Stock Exchange returns in the green in early trade Monday, taking 0.15%, ignoring the loss of the triple A of the United States for a rebound s'offir careful after ten days of declines.At 9:14, the CAC 40 gained 4.77 points to 3283.33 points.

9:17: The London Stock Exchange opens down, the FTSE-100 index lost 24.09 of the key values ​​points, or 0.46%, about 10 minutes before the start of trading at 5422.90 points.

[See also our file: What you should remember the debt crisis of the U.S.]

9:06: The index of the star Dax Frankfurt Stock Exchange at the opening down 1% to 6170.69 points against 6236.16 points at the close Friday, limiting losses after a week where he lost over 13% of its value.

9:03: The ECB is willing to buy the Spanish and Italian debt, announced the French minister of Economy Baroin.

9:00: Paris opens down. The Paris Bourse opens a moderate decrease of 0.74% to 3254.36 points. The CAC 40 index 24.20 points to 3254.36 let loose points. It is a historical series of 10 sessions of consecutive decline, unheard of.

In London, the FTSE-100 opened down 1.15%. Madrid opens up 0.63%, Milan 0.09%.

8:50: The G7 to preach a "strong international financial Systel." Before the opening of the Tokyo Stock Exchange, the finance ministers and central bankers from the G7 issued a statement in which they pledged to take "all necessary measures" to support financial stability and growth. They reaffirm "our common interest in a strong and stable international financial and [reaffirm] our support for the exchange rate determined by the markets." They point out that excessive volatility and disorderly movements in exchange rates has negative implications for economic and financial stability.

8:38: Moscow down. Moscow stock exchanges are down over 2.5% at the opening.

8:30: Sharp drop expected in Paris. The Paris Bourse is expected to open sharply down Monday.The futures contract on the CAC 40 lost 2.53% forty minutes before the opening of the session.

8:28: Relaxing expected in Spain and Italy. The 10-year rate Spanish and Italian relax strongly Monday in the bond market after the announcement by the European Central Bank that it would buy back bonds in the euro area.

8:21: The euro rose. The euro firmed on Monday morning in Tokyo against the dollar after the shock wave over the weekend by the downgrade of U.S. sovereign debt. Around 6:00 GMT, the European currency was worth 1.4337 dollars, after falling to 1.4055 dollars in Asia Wednesday – its lowest for three and a half weeks.

8:20: The plan of the European Central Bank BCE.La announces that it wants to calm the fire in the markets by buying more government debt of countries in the Eurozone in trouble on the secondary market.She did not say which country the debt it had redeemed, but markets expect it to intervene on the obligations of Italy and Spain, which bond yields are at record levels both recent weeks.

7:30: China accuses Europe and the United States. The United States and Europe are endangering the economic recovery in the world "does not assume responsibility" in the sovereign debt crisis, on Monday accused the People's Daily, official organ of the Chinese Communist Party. The newspaper called the West "to take their courage to cut the ties that bind their policies and strengthen coordination with developing countries."

7:05: The gold through the roof. Gold recorded a new record Monday on the market in Hong Kong. It through the roof of 1700 U.S. dollars per ounce for the first time, because of its safe haven status."People withdraw their money (in other markets: ie), including the dollar and euro, to put it in gold and the Japanese yen," he told Dow Jones Newswires the agency broker based in Tokyo .

7:00: Asian stock markets down. They also suffer the blow. Asian stock markets started falling Monday morning, the first markets to open after the downgrade of the United States. The leaders of major economies in the world have mobilized until the last moment to prevent a global crash. The Tokyo Stock Exchange lost 2.18%, for example at the end. The Seoul stock exchange closed down about 3.82%, 2.56% of Sydney. Hong Kong widened its losses, with -4.04% and Shanghai lost in the morning to more than 4%. Bombay lost 3.08% one hour after opening.

The President of the French Football Federation (FFF) The Christmas Graët found an agreement with Raymond Domenech procedure for turning off the Labour Court, for 1 million gross, which must be ratified on August 4 by the executive committee of the FFF, said Friday familiar with the matter.

The former coach of the Blues, sacked for gross misconduct after the fiasco of the 2010 World Cup and claimed 2.9 million euros, thus specifically affect 990 000 euros gross, said the same sources, refining information published Friday in the newspaper Le Parisien.Lawyers for the FFF and Domenech's advice could not be reached Friday morning by AFP.

This agreement is the schedule given by the Christmas Graët, who had indicated on July 13 at the exit of an executive committee (new decision-making body) of the FFF that he hoped to find a "final solution" in early August with Domenech to avoid the final review of the case, scheduled January 13, 2012 before the Labour Court of Paris.

The Graët did not want the file poisons 3F. Ila then took matters in hand. "I got Raymond Domenech, explained the president of the Federation on July 13. If we can find agreement, I would prefer that the case be closed in coming days. Life is full of hope.I hope to find a definitive solution in early August I hope. "

The Graët Domenech and know each other well

As he had promised upon his election as President of the 3F June 18, the former president of the En Avant Guingamp (EAG) gives the order so quickly in the affairs of the proceedings to avoid unpacking the large industrial tribunal. A conciliation hearing in April between the two sides failed to Labour Court and the issue kept coming back in the debates. With this agreement Graët The image shows a 3F that captures files immediately, without giving in completely to the demands of the opposing party.For Domenech, it is to turn the page Knysna humanely, but draw the line entirely on the damage he claims to have suffered as an employee after 17 years of service.

The opening of direct negotiations The Graët-Domenech marked a break with the former president of the FFF, Fernand Duchaussoy, who refused and was in favor of a hard line. The Graët Domenech and know each other well. The Graët had shown its support for Domenech after the failure of the Euro-2008. "You do not win all the time, but also the friendships they have, and I may be a tendency sometimes to support when the pack is unleashed, he had entrusted the end of May on the subject. The protection is needed.Raymond Domenech of France has called three times for the finals, and in the past, it was not the case. "

This does not mean, of course, The Graët, formidable negotiator, to give gifts to the former national technician. "I am president of the Federation and it is necessary that he (Domenech) said that it was an employee of the FFF, I'm not ready to satisfy every whim of lawyers (the 2.9 million claimed ) ", and had stressed the head July 13.

The CAC 40 index gained 1.6% or 59.65 points to 3754.60 points.

Other major European markets also finished up: London and Frankfurt gained 1.10% 0.40%. Of the European indices, the Eurofirst 300 took 1.32%.

The banks have benefited from news that the European Financial Stability Fund (EFSF) could be used to redeem bonds on the secondary market. Societe Generale gained 5.14%, to 36 euros.Dexia jumped nearly 9% to 1.8910 euros and Commerzbank of 6.31% to 2.51 euros.

Stoxx index of European banking was up 3.69%, its highest gain since Jan. 12.

An authorized source in the euro area reported that the euro area was discussing the possibility of allowing the fund to rescue the euro zone to extend credit lines to countries and to redeem bonds on secondary markets.