Monday, Greece had not yet given its response to the drastic conditions imposed by the European Union and the International Monetary Fund in return for a second plan help, and the meeting on that leaders of the major Greek political parties has been postponed until Tuesday.

In early trade, the Dow Jones lost 0.5% (64 points) at 12,798 points. The Standard & Poor's, wider, yielded 0.5% (7 points) at 1,338 points while the Nasdaq composite fell by 0.59% (17 points) to 2888 points.

"After a robust start to the year, investors take a break to reassess the drivers of the market," said Andre Bakhos to Lek Securities.

Values, Hasbro drops 2.7% after posting a fourth quarter earnings just above the expectations of analysts, who themselves had been lowered .

Lazard loose more than 7%. The investment bank posted a quarterly profit below expectations, hurt by lower commissions received as a financial advisory segment, which has not prevented ; to raise its dividend.

While consumption in électricté soaring these days, the automatic assignment of social tariffs for electricity is still conspicuously absent. Yet, the measure should come into force on 1 January. This had been announced in the autumn Eric Besson, Minister of Energy. Indeed, he had promised for this winter complete automation of the procedure for awarding the tariff of primary necessity (TPN), commonly called the social rate of electricity

This delay, which should continue for several more weeks, is because the "last formal consultations" between government and industry must always be held together with a notice of the State Council, said the Ministry of energy, confirming the information of the Parisian …

These special rates are reserved for beneficiaries of the Universal Health Coverage (CMU) or any person whose monthly income is below 634 euros a month (for a single person). Entered into force in 2005 for electricity and for gas in 2008, social tariffs were previously allocated on demand to beneficiaries (the limit is 7800 annual revenues of approximately EUR for a single person and 11,700 for a childless couple, ed), but by lack of information or administrative complexity, many do not demand.

Only 600,000 households currently receive social tariffs so that 1.5 to 2 million are eligible, a situation that had prompted the government to promise its automation. The reduction is estimated by EDF and GDF Suez at about 90 euros per year for electricity and 140 euros for gas.

"The decree is under review by the State Council, it should be able to give its opinion in the coming weeks, as he will have the last formal consultations that are normally involved in early (February Ed.) . The decree will be published in the coming days, "the ministry said in a

. commmuniqué, president of the Syndicat Intercommunal the Outskirts of Paris for Electricity and Communication Networks (Sipperec) Catherine Peyge noted that there was "urgent." Some 3.8 million households, or 14.4% of French households in the metropolis, are currently considered in fuel poverty, c 'ie they spend more than 10% of their budget for their energy bills, says she. "What do the government to publish the decree and to end this anomaly is that a tariff, decided in 2000, implemented in 2005, still unable to protect families who need it? Meanwhile the electricity prices rose 6% in two years, and the bill could rise by 30% by 2016 ", criticized Ms. Peyge

.

The Minister of Labour Xavier Bertrand said on Sunday that the unemployment figures of the month in October would be "not good", asked the Grand Jury RTL / Le Figaro / LCI. The figures, to be published Monday, "will not be good and everyone knows they can not be good due to a crisis which does not come out yet and even in the field is growing," he the minister said."When we decided to discontinue its business relationship with a subcontractor and that is a very large group, we must notice," he said, adding also want to "support the employees of these subcontractors."

A permanent contract for temporary

Xavier Bertrand was also suggested to create a permanent contract in the agency sector. "I'm going to suggest to all companies in this sector to set up a permanent to temporary," he said, saying it might interest between 15 and 25% of the 500,000 temporary workers. The minister also stressed the need to improve the system's return to work after periods of unemployment.

Referring to the future of 35 hours, including the UMP says it wants "out", Xavier Bertrand said that France was already "out of 35 hours." He ruled out any "revenge" and "ideological approach" that "would penalize employees."

These reductions, announced in conjunction with the release of third quarter results will speak mainly in Switzerland and the United States, and will be offset by the creation of 700 jobs in low cost countries and other countries, Novartis said in a statement.

The group also plans to close two locations in Switzerland and Italy. Part of the research will also be transferred from Switzerland to the United States.

For the third quarter, Novartis presented figures in line with market expectations.Revenues totaled $ 14.8 billion, up 18% in dollars and 12% at constant exchange rates.

Net income reached 2.49 billion dollars, an increase of 7% a year in dollars and 15% at constant exchange rates.

Analysts polled by Reuters on average expected a turnover of 14.86 billion and a net profit of 2.84 billion.

At 9:25, the title yielded 1.64% to 50.95 francs, while the European Health Index fell back 0.4%.

The German Finance Minister Wolfgang Schaeuble said Thursday a "total agreement" between France and Germany on measures to resolve the crisis in the euro area, but warned that this did "not yet a European solution. " Asked about the outcome of consultations on Wednesday with Chancellor Angela Merkel, French President Nicolas Sarkozy and other senior EU officials, the minister said that the positions of France and Germany were "total agreement" but suggested that differences remained with other members of the euro area.

Earlier in the day, the Secretary of State for Finance Steffen Kampeter had, in a letter to German MPs, acknowledged the persistence of differences on certain issues, including the exact definition of the skills fund to support the euro area The EFSF. These differences do not seem to be the result of the two largest economies in the euro area. They "have a responsibility to control Europe, but it does not replace the negotiations of the 17 countries" in the euro area, found Mr. Schäuble.

European leaders have promised solutions to the debt crisis at the latest at the EU summit scheduled for Sunday, and negotiations for this purpose are underway. On the issue of a "lever" that would allow the EFSF to help European countries to the penalty beyond a volume of 440 billion euros, "we have no joint proposal" for the moment, a recognized the

The hotel group is still operating income in 2011 of between 510 and 530 million euros on the table and continued work "sustained in the fourth quarter 2011," we read in a statement.

During a conference call, the CFO of the group, Sophie Stabile said he had found no signs of slowing reservations by the end of the year.

"It has always been a positive trend and no signs of slowing down in terms of bookings at the end of the year.On October, there has been good predictions in terms of bookings, "she said.

Accor has reaffirmed its goal of opening 35,000 rooms in late 2011 after having already commissioned 28,000 at the end of September.

The company, which counts among its brands Ibis, Novotel and Sofitel, achieved sales of 1.623 million euros in the third quarter, against 1621.8 million expected by analysts according to Thomson Reuters consensus I / B / E / S .On a comparable basis to rise is 5.8% (4.52% expected) and 2.7% as reported.

In high schools and mid-range, sales for the third quarter rose 5.3% on a comparable to 907 million euros in the third quarter of 2011

In Economy Hotels (outside the U.S.), the increase on a comparable basis was 7.5% to 516 million euros in the third quarter of 2011.

On this last segment, hotels in the United States conducted its largest increase since the beginning of the year (5.1% organically) to EUR 153 million.It is linked to higher occupancy rates (+1.8 point) and the improvement in average prices (+1.7%).

The action of the fourth global hotel group behind InterContinental, Marriott, Hilton and Starwood, closed Tuesday at 22.07 euros (-0.14%) showing a market capitalization of five billion.

The Dow Jones has given 2.36% or 258.08 points at 10,655.30 and the S & P-500, wider, fell 2.85% or 32.19 points at 1099.23 , a low of thirteen months.

The Nasdaq meanwhile lost 3.29% (79.57 points) to 2335.83.

The financial sector was particularly hard hit, after the 10% decline marked by the Franco-Belgian bank Dexia. The group very exposed to the Greek debt, illustrates the risk posed by the financial situation of Greece in the European banking sector.

Bank of America has dropped from 9.64% to 5.53 dollars per share, its lowest level since March 11, 2009.Morgan Stanley has in turn yielded 7.63% to $ 1.03.

Both banks have also seen prices soar credit default swaps on their bonds, in part due to speculators betting on a deteriorating situation.

Citigroup and Goldman Sachs have respectively dropped by 9.8% to 23.11 dollars and 4.7% to 90.08 dollars.

The KBW bank index plunged 4.78%.

In addition to the fears of Europe, analysts fear that the poor state of the U.S. economy does reduce bank profits and thus would reduce even more their ability to absorb losses related to mortgages.

"Fear and uncertainty will guide these values ​​until we find the clarity in one way or another," said Jason Ware, of Albion Financial Group.

The index of manufacturing activity in the United States had temporarily supported the meeting before the downturn in the wake of financial resources.

The disappointment with the decisions and statements pessimistic about global growth of the U.S. Federal Reserve made the day before the European stock markets fall heavily at the opening Thursday, banking stocks again touching the bottom.

The Paris Stock Exchange opened down 2.66%, 3.22% from Frankfurt, London, 2.75%, Milan 3.02% and 2.43% in Madrid.The modesty of the support measures announced and pessimistic about the future of the global economy expressed by the Fed had pushed the European stock markets Wednesday, as Wall Street. The measures taken by the Fed do not forget to markets that "the crisis in the euro area remains at a high level," noted Padhraic Garvey, ING in Frankfurt.

"The Fed gave up stronger measures" that would have reassured the markets noted for his part Berenberg Bank. Wednesday morning, Asian stock markets have also accused the coup and Tokyo ended its session on a net decrease of 2.07%. Always at the forefront, banking stocks fell sharply. In Paris they yielded between 3% and 5% in Frankfurt, they were the red lanterns, Deutsche Bank and Commerzbank losing 4.81% 4.19%.

After two days of meetings, the outcome was awaited eagerly by investors, the Fed announced it would sell by the end of June 2012 for $ 400 billion of treasury bills and buy for the same amount with longer maturities. The purpose of this measure, dubbed "Operation Twist", is to lower interest rates in the long term to support the activity.

The evolution of the situation in Greece is also still followed by the markets Thursday. The Greek government resigned Wednesday to take further austerity measures in 2011 and 2012, under pressure from its creditors, the EU and the International Monetary Fund (IMF).

Apple had filed a complaint with the ITC in May 2010 and accused of infringing Kodak's patents on digital cameras and related software.

ITC Monday upheld the decision of the Monday one of its administrative law judges, who had held two months ago that Kodak was not at fault.

The action Kodak briefly took more than 5% Monday on Wall Street after the decision, before catching his winnings and complete down 8% to $ 2.52.

The ITC is currently considering another lawsuit Kodak, filed in January 2010, which in turn accuses Apple and Research in Motion to have violated, to BlackBerry, the patent of its technology for image previews.

Apple declined to comment. The stock ended Monday up 2.43%.

The group must also publish its quarterly results the day.