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Wall Street opened lower Monday as investors feared a disorderly failure of Greece in the absence of early agreement on the terms of its bailout.

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.

UBS continues to share roles at the top after the final appointment of Sergio Ermotti to the post of CEO in mid-November.

Maureen Miskovic, the risk manager questioned after the scandal caused by the loss of 1.85 billion francs resulting from unauthorized transactions of one of its traders in London, left the group she joined in January.

It will be replaced as director of risk by Philip Lofts, currently director of UBS Group Americas.He had previously held that position at UBS between 2008 and 2010.

Robert McCann, who joined the group in 2009, will serve as the head of UBS Group Americas in addition to his duties as head of wealth management Americas.

Ulrich Körner takes the former position of Sergio Ermotti at the head of the Europe, Middle East and Africa (EMEA) and keeps his position as Chief Operating Officer (COO) and Director of the Corporate Center.

The director of investment bank Carsten Kengeter is kept at his post, although it has been heavily criticized after the scandal losses brokerage in London.

European shares closed sharply down, the uncertainties surrounding the announced departure of Silvio Berlusconi has pushed the Italian rate of the loan to 10 years in excess of 7%.

The CAC 40 index ended down 2.17% to 3075.16 points in the wake of the fall in Milan instead of 3.78%.

The London Stock Exchange was down 1.92%, the Frankfurt 2.21% and the Eurostoxx 50 index of 2.34%.

The Stoxx European banks index (-3.67%) and insurers (-4.38%) signed the two largest declines sector in Europe.

Silvio Berlusconi said Wednesday he would resign the Presidency of the Italian Council once approved emergency economic reforms demanded by the European Union.In recent years, Greece, Ireland and Portugal have each in turn been forced to call for international help after seeing the cost of their debt to cross that threshold.

Most European stock markets had yet opened in the green, in the wake of positive fences in New York and Tokyo after the announcement Tuesday night, next to the resignation of Prime Minister Silvio Berlusconi.

But doubts about the timing of his departure, the identity of the successor and the risk of political instability continue in the third-largest economy in Europe have quickly gained the upper hand, replacing Italy Greece at the forefront of topics concern.

Time for the cons-offensive for the UMP. Ousted from the media spotlight by the success of the Socialist primary, the majority party holds a High Mass on Tuesday to "dismantle" the draft Francois Hollande. Main angle of attack: the cost of its proposals. Francois Hollande won Sunday, October 16 the PS primary for the presidential election with 56.6% of the vote.

Francois Hollande will be the main opponent to Nicolas Sarkozy in the battle of 2012 to the Elysee. The presidential majority, ousted the media for several weeks because of the primary PS, is preparing to make a bitter attack on the Socialist candidate and designated program. The first will be chopping Francois Fillon Prime Minister was the guest log 20 hours tonight on France 2. And tomorrow, the UMP holds a convention on the PS project.The main points on which the tenor of the majority party will attack Francois Hollande.

Tax increases

According to the draft of the PS, François Hollande wants to tackle tax loopholes. Of the 70 billion niches created since 2002 and consists cancel 50 billion, including tax exemption for overtime or reduced VAT in catering. The UMP will not fail to note that with the PS to power, the French will see their taxes increase by $ 50 billion. Unlike Nicolas Sarkozy, who has hammered throughout his five-year that he was not elected to raise taxes, Francois Hollande has already announced that there will be increasing the tax burden .The member from Corrèze is this view more honest than the head of state since the past two years, the main conservation measures taken by the government are deletions, and movement of the plane on tax loopholes. The draft budget for 2012 also provides for the creation of five new taxes. Result: The tax burden in France next year will reach 44.5% of GDP, exceeding the level at the beginning of the quinquennium of Nicolas Sarkozy. The other project in Holland, is a major tax reform: it proposes to merge the income tax and the CSG, to tax capital on a par with the work and to broaden the base of this new tax . For businesses, it supports a higher tax rate on companies that do not invest. We can therefore speak of a general increase of the capital tax, businesses and households. François Hollande will struggle to pretend otherwise.He must convince them that these increases are fair and equitable.

Retirement at age 60

Despite the embarrassment caused by the words of Pascal Terrace, retired adviser, François Hollande promised to restore the legal age of retirement at age 60, against 62 years since the reform of 2010. "The first decision that I will take on the issue of pensions is to allow those who have paid 41 years and have 60 years to leave," he said at the last televised debate against Martine Aubry. Employees who have accumulated 41 years can retire at 60 "but they will have a discount," he said. Still: this is where the majority of the risk to most door overhang, while life expectancy is increasing and all European countries have rejected the legal age of retirement at 65 or 67 years.Especially since the measure would cost about 25 billion euros by 2014, and much more en suite. François Hollande, however, can meet that beyond the boundaries of age, he advocated a systemic reform of the pension system to ensure the long-term funding, which will focus more on wages alone, and its support for an increase the contribution period.

The creation of 60,000 jobs in Education

François Hollande announced its desire to recreate the 60,000 job cuts in Education since 2007. The President of the General Council of Corrèze said that 12,000 jobs would be created per year for an annual cost of 500 million euros, 2.5 billion euros over five years.The faculty, which had partially detached from the PS in 2007 to vote Bayrou, and parents, frustrated with deletions of classes in September, will certainly appreciate this proposal. The UMP for its part will not fail to note the exorbitant cost – 100 billion euros over a period of full activity, or 40 years – this measure, and the question of its funding in times of reduced deficit. And here, Francois Hollande has remained unclear. These new posts will be offset by redundancies in other departments, he said. The member from Corrèze drew a parallel with the plane of 3 billion euros announced by Nicolas Sarkozy for the renovation of prisons.Does it mean that François Hollande give it up, while the number of inmates incarcerated in France reached a record? It is soft to the right stick to be beaten …

Youth employment and contract generation

Francois Hollande supports the proposal dear to Martine Aubry to create 300,000 jobs for the future. He wants the focus on youth in the neighborhoods where unemployment this population exceeds 40%. This represents a cost of three to four billion euros a year. It will be financed by eliminating exemptions on overtime. The UMP will scoff beautiful on the use of old recipes, François Hollande will always remember that the youth employment in 1997 have three-quarters of them to get a firm foothold in the world of work.And do not forget that the government does not hesitate, either, to use the weapon assisted contracts: 500,000 are budgeted in 2011. However, Francois Hollande will be more difficult to defend its contract generation – the possibility for an employer who hires a young and maintains a senior employment in the same position to be exempt from charges for three years. I must say that Martine Aubry has given the right arguments to criticize the measure: during the primary campaign, the mayor of Lille pointed to the cost -8000000000 euros – and windfall – the companies, which in any case need to hire, will turn to the cheap solution for them. Even the unions are not convinced. Francois Hollande wants to fund it by redeploying 25 billion euros of social contribution exemptions provided to enterprises.Jobs few or no qualifications will therefore suffer the consequences. Still give a response argument to Francis Holland exempts the government today to payroll companies that hire young apprentices or alternately.

The nuclear

If Francois Hollande says it wants to free itself of nuclear, he refused to submit commitments total output. The member from Corrèze has however promised to spend 75% of nuclear electricity to 50% by 2025. He says that the plan is financially sustainable: the necessary funds will come from cuts in tax loopholes and the introduction of a carbon tax on industries that emit lots of greenhouse gas emissions. This remains unclear. The UMP retorted that out nuclear power will be very expensive – € 750 billion at least according to the owner of the Atomic Energy Commission.No one would deny that the output of nuclear power has a price. This is a societal choice. The Germans themselves are willing to pay for it. The French, if they elect Francis Holland in 2012, will also.

Inflation in the euro area in September rose abruptly and unexpectedly to 3.0%, its highest level in nearly three years, greatly undermining the chances of the European Central Bank cut rates in October .

Inflation reached 2.5% in August, is already well above the objective of the ECB, whose primary mission is to maintain price inflation slightly below 2%.

Economists polled by Reuters were expecting a figure of 2.5% in September as in August. However, they believe that inflation will fall soon because of the economic downturn.

"It's not a good figure, but I do not panic.That said, I think these figures imply that the ECB will not lower interest rates next week, "he tempered Martin Van Vliet, economist at ING, who said that inflation will decline in coming months because of lower oil prices and supply.

Markets anticipated more rate cuts key ECB, in support of the European economy and to offset the fiscal restraint measures introduced by most European countries.

The investment bank JPMorgan said last week anticipating a 50 basis point ECB rate to 1.0%.

According to a survey this week by Reuters, 56 of 76 economists surveyed felt that the rates will be unchanged at the monetary policy meeting in October, which will be the last of the ECB President Jean-Claude Trichet.

However they planned a rate cut in early 2012.

THAT WILL LOWER RATES?

After raising rates twice this year, the ECB changed its attitude at the September meeting and opened the door to future cuts.

According to many economists, it would be the next President of the ECB, Italian, Mario Draghi, Jean-Claude Trichet decides to lower the house money before taking office.

They argue that if Mario Draghi had to take such action in its first monetary policy meeting in November, it might then be portrayed as a supporter of lower rates.

This would imply, however, that Jean-Claude Trichet left as the last measure of his eight-year term rate cuts in a context of high inflation: such a decision contrary to fundamental principles of the ECB, would be enough to ruffle the supporters of the 'budgetary orthodoxy.

The euro area may therefore have to await further signs of a slowdown, or a decline in inflation, to get a breath of fresh air in the form of lower rates. However, such signals may soon appear.

"The slowdown has driven down commodity prices.Therefore, we should observe a slowing of inflation in energy prices, which was the main driver of core inflation in recent months, "warned Clemente De Lucia, an economist at BNP Paribas.

The title UBS has lost 2.17% this morning at the opening after the resignation of Oswald Grübel Saturday. The former CEO left the bank following a fraud of $ 2.3 billion by a trader. The CEO of UBS Oswald Grübel could be landed in the management of the bank after losing $ 2 billion by a trader.

The action of the first Swiss bank UBS has opened lower Monday after the surprise resignation of CEO Oswald Saturday Grübel after the scandal caused by the massive fraud by a trader who cost the institution $ 2.3 billion . After falling 2.17% at the opening, title UBS limited its losses, down 0.40% to 10.08 Swiss francs in a market down by 0.35% at 7:13 GMT.Sergio Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa and a former leader of the Italian bank Unicredit, will assume the position of interim CEO with immediate effect, UBS had said Saturday.

Gruebele Oswald resigned after the spectacular case of fraud which cost 2.3 billion dollars and another blow to the reputation of the first bank Helvetic. "The Board of Directors of UBS has accepted the decision of Oswald Grübel to withdraw from his duties" the bank said in a statement. Kaspar Villiger, President of UBS, said in the statement that "The Council regrets the decision of Oswald Grübel.The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. "

"This decision reflects the strength of its principles and integrity," added the president of UBS, adding that "during his tenure, he managed to turn the company around and increased impressively in the UBS base ". M. Gruebele, 67, was taken from his retirement two years ago to address the UBS, after leading the rival bank Credit Suisse. Taking the head of UBS in the midst of the financial crisis during which the bank had lost billions of francs and posted record losses, Gruebele M. had returned to profit in 2010.

Oswald Grübel "retires from office after having helped UBS to become one of the best capitalized banks in the world" acknowledged Saturday the chairman of banking giant Helvetic.Kaspar Villiger said shortly after during a conference call that the board of directors of UBS did not want to see Oswald Grübel leave immediately and would have preferred to keep jusqu''à the shareholders' meeting in spring 2012. But Oswald Grübel, abandoning his position as Chairman of the Executive next year would not have constituted a strong enough signal, said Chairman of UBS from Singapore. UBS disclosed last week have suffered a loss of $ 2.3 billion (1.7 billion) after one of its traders had made "unauthorized trading".

A broker of 31 years, Kweku Adoboli on suspicion of fraudulent transactions, was charged and detained in London, as part of this young man will affaire.Le jailed at least until his next hearing on 20 October.The largest shareholder in UBS, the Singapore sovereign fund GIC, had reacted severely after the discovery of the fraud, calling the Swiss bank "to react firmly to restore confidence in the bank."

There are less than a week, however, Oswald Gruebele, had told the Swiss Sunday newspaper Sonntag, he did not feel guilty in the fraud case and had no intention of resigning. "I am responsible for what happens in the bank. But if you ask me whether I feel guilty when I say no", said the banker, Sergio P. Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa, will assume the position of interim CEO with immediate effect, said UBS."The Board is deeply disappointed by the loss from unauthorized trading operations and will fully support the independent investigation," said UBS also in a statement.

Swiss bank UBS had started Wednesday in Singapore where one of its largest shareholders, a series of meetings of its Board of Directors, held in the utmost secrecy. Friday, Oswald Grübel, continued to assert that he had always trusted the board of the group, despite the fraud and rumors of his imminent departure, according to a Swiss newspaper. Réagisssant the shock wave caused by the announcement of fraud, UBS decided to suspend all advertising campaigns.

The trader UBS appeared Friday in London after being charged Friday in connection with the investigation of a loss of two billion dollars in the markets found in the Swiss bank.

Kweku Adoboli, 31, was charged with false accounting and fraud.Wearing a light blue sweater and a white shirt, the trader, in tears, was served that he would remain incarcerated until next Thursday.

It is defended by the British cabinet Kingsley Napley, who had advised Nick Leeson, the British trader who caused the collapse of Barings Bank in 1995.

Kweku Adoboli, son of a Ghanaian UN official retirement, had specialized in index funds.

Fraud is a blow to the new director for risk management at UBS and has ruined the banking industry's efforts to convince that this situation could happen again.

Market rumors suggest the hypothesis of a foreign exchange loss resulting from the decision of the Swiss central bank set a floor for the franc-euro parity, which has pushed the Swiss currency and the stock market bounce.

UBS said losses related only to the shares. She did not comment on the indictment of the trader.

A trader at UBS in London said he expected further job cuts in the next two weeks.

"In my team people are afraid and are low profile. The idea is to remain here and keep his job.In the current situation, it would be difficult to find work elsewhere, "said the trader told Reuters on the condition of anonymity.

UBS INVESTMENT INDUSTRY THREATENED

A senior UBS said that the meetings and other meetings were canceled because he said the crisis experienced by the bank or an appointment with the financial regulators.

"The morale is abysmal," said the banker."It's very bad for our reputation."

The bank has dropped the stock market Thursday, having reported that it could record a loss in the third quarter as a result of these uncontrolled transactions.

The loss erased in fact the two billion Swiss francs ($ 2.3 billion) of savings that the bank hoped to release as a result of a cost reduction program announced in August that will result in the elimination of 3,500 jobs .

It also threatens the future of investment banking, which is evaluated by the CEO Oswald Grübel as part of restructuring.

UBS, which says that no position of customers were affected, held on November 17 a day for investors to probably announce the restructuring of the investment bank.

"I would not be surprised that we have a preliminary confirmation of a reduction (of staff) major, perhaps as early as this weekend," said Matthew Czepliewicz, an analyst at Collins Stewart.

"This announcement can not wait for the third quarter results and Investor Day," he added.

The first two political parties the Swiss People's Party and Social Democrats, called for separating UBS's investment banking arm of its asset management.

Rating agencies Standard & Poor's and Moody's placed the credit rating of UBS on negative watch.

European shares surged Thursday for their third straight session, boosted during the afternoon by the announcement of a coordinated recovery operations contributed dollar to three months in the fourth quarter.

The markets showed positive trends at the opening, the unit displayed the day before by Angela Merkel and Nicolas Sarkozy have partially reassured investors about the impending failure of Greece.

The CAC 40 has pressed the bar of 3000 points and finished with a gain of 3.27% to 3045.62 points.The index was pressed from the opening above a key technical resistance close to 2,950 points, which could lead the benchmark index of the Paris to its next significant resistance located nearly 3,120 points, analysts say techniques.

Investors are nevertheless concerned about the Greek case and a possible contagion of debt to other countries in the euro area, some traders felt that the current phase of increase is just a technical rebound.

"In our scenario, China is a bumpy landing, the euro survives, growth in the United States is at a new pace disappointing, but still positive, and central banks keep rates low for a while really, really long , "wrote strategists from Societe Generale."Meanwhile, risk indicators show that fears of a catastrophic scenario are already circulating."

Other European markets, London has gained 2.11%, 3.15% Frankfurt and Milan 3.55%. As for the pan-European Euro Stoxx 50 index, it took 3.47%.

FLIGHT OF BANKS IN THE AFTERNOON

The renewed optimism, even relative market has benefited particularly to financial and cyclical stocks.

The indices of banks (4.08%) and insurance (4.23%) topped the increases in perspective of a coordinated intervention by central banks to address the problem of liquidity of European banks.

"They have to do something. We saw the announcement yesterday that banks had asked for two dollars to the ECB.We are again in the dollar shortage. They are forced to address this problem.If they do not, everything stops, "said Philip Lawlor, strategist at Smith & Williamson.

Beyond the risk of losses from their exposure to sovereign debt vulnerable countries in the euro area, especially Greece and Italy, the market fears that European banks, French banks in mind, are facing problems refinancing if the market of bank financing to complete paralysis.

BNP Paribas has finished well ahead of increases in the ACC and the index of banks in Europe, with a gain of 13.38% to 30, 500 euros, after gaining up to 22% shortly after the announcement by the ECB the resumption of contributions in dollars.

UBS, however, ended in a fall of 10.8%, the Swiss bank has suffered from the revelation of a loss estimated at two billion dollars (1.46 billion) related to transactions by a trader.

The pressure to sell the investment bank will increase further after the discovery of the fraud in the Swiss financial institution.

Among the cyclical sectors, the European car gained 3.18% and the construction took 3.22%.

Some brokers are beginning to find that the decline in the prices of cyclical stocks has been excessive, including a false scenario of deep recession as the fall of 2008.Citi went to buy ArcelorMittal, saying it is time to buy the title, whose prices anticipate "the end of the world."

The action of the steelmaker gained 4.31% to 13.400 euros.

Illustration of a slight relaxation, the performance of the German government bond (Bund) and 10 years went back around 1.93% against 1.87% on Wednesday and that of the Greek debt to trade around 23.15 % against 25.15% the previous evening.

The euro also regained some ground against the greenback and is trading around 1.3860 dollars, against 1.3741 the previous day.

The Spanish Treasury has issued on Thursday to 3.95 billion euros in three auctions, reaching the top of the range expectancy of 3 to 4,000,000,000 euros, but at a high cost, despite the support of the Central Bank Europe in the context of fiscal crisis.

European shares open higher Wednesday in cautious market a range of key statistics this week in the U.S., which will be critical to any stimulus from the Fed.

Around 9:35, the CAC 40 index 0.63% to 3189.33 wins points after nibbled 0.18% yesterday. Since the beginning of the benchmark index in Paris lost more than 13%.

Other major European markets, London ahead of 0.37%, 0.91% of Frankfurt and Milan by 0.33%.The pan-European Euro Stoxx 50 index was up 0.61%.

Investors will alert Wednesday in the investigation of private U.S. employment ADP, at 14:15 (Paris time), pending the official statistics of employment, much needed on Friday.

The U.S. Federal Reserve may engage in a third program of quantitative easing if economic indicators point to a deteriorating economy, said in Tokyo James Bullard, president of the St. Louis Fed, after publication of the minutes of the Fed meeting in early August.

"Although the publication of the minutes of the meeting of the Fed's monetary policy does not produce clear consensus on what the bank account specifically to do now, it leaves the door open for a new action, which should continue to support the feeling market, "said Cameron Peacock, market analyst at IG Markets.

The announcement that retail sales in Germany remained stable in July, while economists expected a 1.6% decline, also supports the trend.

BOUYGUES JUMPS, CARREFOUR DROP

From a graphical point of view, the Drogoff Alexandre, an analyst at Aurel BGC, said the "timing" the market continues and the EuroStoxx 50 should continue to hover around the psychological threshold of 2200 points.

As for values, Bouygues rebounds over 10% and tests its moving average 50 days after the announcement of a repurchase plan of action and its goal of raising revenues.

Carrefour (-4%), however, wipes the largest decrease in the CAC 40 after finally revised down its forecast for annual results, as expected.

The performance of 10-year Bunds is treated around 2.17% against 2.15% the day before the end of the day.

The euro is trading 1.4434 / 38 dollar against 1.4436 the previous day in the afternoon, while U.S. crude was steady at 88.86 dollars a barrel.