International Business News

European shares ended Friday declined, while Wall Street turned down, in a context that is marked by fears about the crisis in the eurozone.

In Paris the CAC 40 finished down 0.13% (3.99 points) to 3,008.00 points. The Paris index lost 3.89% on the week and 4.8% since the beginning of the year.

The UK FTSE dropped 1.33% and 0.60% the German Dax, while the pan-European FTSEurofirst 300 index ended down by 1.18% to 969.81 points, at lowest since December.

Going against the trend, some banks have rebounded, including Santander (2.97%) and BNP Paribas (2.94%), supported by the rumor of a reintroduction of the ban on sales to die covered on banking stocks.

Fitch downgraded the ratings on Thursday night in Greece, citing the growing risk of leaving the country monetary union, while Moody's has downgraded 16 Spanish banks, citing the ability reduced by the Spanish state to help them. 

On Wall Street, the entrance of Facebook on the Nasdaq has temporarily obscured the uncertainties created by the political situation in Greece. But the market turned downward, and the action of the first global social network, which debuted at 42.05 dollars, quickly erased its gains to return around its IPO price of $ 38.

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Wall Street fell more than 1.2% Friday, accusing them of this fact its worst weekly performance since the beginning of the year, within the scope of the announcement of a number of new jobs for the month of April far below expectations.

The Dow Jones Industrial 30 yielded 1.27%, or 168.32 points to 13,038.27. The S & P-500, wider, lost 22.47 points, or 1.61%, to 1369.10. The Nasdaq Composite fell on its side of 67.96 points (-2.25%) to 2,956.34.

On the whole week, the Dow has sold 1.4%, the S & P 500 2.4% and Nasdaq 3.7%. The latter two had their worst week since November and December respectively.

Some 115,000 people were recruited in the nonagricultural sector last month, announced Friday the Labor Department, against 154,000 in March and 259,000 in February, two figures it is true revised ; s up (for a cumulative total of 53,000).

Economists anticipated 170,000 net new jobs for the month of April after the 120,000 originally announced for March.

The unemployment rate, calculated from a separate survey, returned to 8.1% of the workforce, against 8.2% in March and 8.3% in February, a level not seen since January 2009 when it was 7.8%. 

Despite this recent positive development, the market players have mostly retained the figure for job creation, which leads them to fear a slowdown in U.S. growth.

At its current level, it is already considered insufficient to significantly reduce unemployment.

The approach of elections in Greece and France and any uncertainties they may have a Europe which still has not put the debt crisis behind it also contributed to stopping the coast.

"Market participants liquidated their positions after the employment figures and should not change posture throughout the weekend," said Frank Lesh, an analyst at FuturePath Trading LLC. 

The energy values ​​were strongly accused the coup after the employment statistics, due to fears of a possible slowdown weigh on demand black.

Because of these fears, the price per barrel of U.S. light crude also fell 4%, from below $ 100 for the first time since February. The S & P compartment of the energy of Wall Street has sold 2.17%.

The action Exxon Mobil sold 1.26% to 84.57 dollars and Chevron that of 2.14% to 103.72 dollars, the two values ​​are among the largest declines in the Dow Jones .

The area composed of values ​​related to utilities, considered defensive in times of uncertainty, is the only one that ended in the green, with a gain of 0.16%.

The action Estee Lauder has lost 5.35% to 60.72 dollars after the U.S. cosmetics group announced earnings guidance deemed disappointing for the fourth quarter of fiscal year and expressed his concerns about the slowdown in China. 

The way LinkedIn has instead won 7.21% to 117.30 dollars after the professional social network has raised its annual results after better than expected first quarter, supported by strong growth in business services.

The action took Dole 7.69% to 9.39 dollars after the distributor of fruits and vegetables said he could split some divisions following a strategic review its activities.

Pierre Mariani, the Group CEO, denied Wednesday it had set conditions for his eventual departure of the head of the Franco-Belgian bank being de mantling, ensuring that no decision had been taken on his replacement.

Several Belgian newspapers reported that the Belgian government would like to replace Pierre Mariani by Karel De Boeck, former CEO of Fortis.

According to these newspapers, the current Group CEO would be willing to leave his position as number two in the bank if they receive a severance package of 1.2 million euros stipulated in its contract. 

"The Group CEO has made no request to the Belgian and French about the conditions of his eventual departure contrary to news reports published so far," re ; Pierre Mariani is in an email to Reuters.

"No decision on the replacement of the CEO and President (Jean-Luc Dehaene, Ed) Board has been taken to date" he continues.

Dexia Bank, already saved from bankruptcy in 2008 by Belgium, France and Luxembourg, was forced into last fall due to the dismantling of sovereign debt crisis. 

Luc Coene, the Governor of the Central Bank of Belgium (NBB) said Monday that the bank, which enjoys state guarantees for its refinancing needs, would probably need to be recapitalized again e.

The group has since seen its market capitalization crisis collapse. Currently, the bank is valued at about 350 million euros on the stock market with a share price at only 0.18 euros.

"CONFIDENCE TO PETER MARIANI"

Asked by Reuters, Michel Bouvard, president of the supervisory board of the Caisse des Depots (CDC), Dexia's largest shareholder with 17.7% stake, has in turn brought ; support for Pierre Mariani.

"Personally, I have every confidence in Pierre Mariani," said Michel Bouvard. "When you are in managing a complex issue, which is the case, it is better that he who began managing the file management ends until one goes to the next step. "

"I did not speak on matters of internal governance of Dexia," he nevertheless wished to emphasize.

Since the decision late last year to dismantle Dexia, the Belgian authorities have carried out the nationalization of retail banking activities in Belgium while the France has decided to return via the CDC and the Postal Bank, the activities of local government financing.

The European Commission must still approve the plan and set the price that Dexia will have to pay in exchange for 90 billion euros of state guarantees provided. 

Dexia posted a net loss of 11.6 billion euros in 2011 and some analysts said the bank could continue to generate losses in the coming years.

Although in sharp decline, the size of the stock of Dexia is considered by some analysts as a systemic failure to pay the bank would have incalculable consequences for the entire system European banking.

Deutsche Bank announced Thursday a decline in taxable profit in the first quarter, to 1.9 billion euros, due to exceptional charges and trading activity subdued.

A year earlier, taxable income was three billion. The Reuters poll gave it to 2.4 billion euros for the period under review.

The taxable profits of the corporate and securities division, usually the main generator of profits of the bank, declined to 1.7 billion euros against 2.3 billion a year earlier.

The sanitation system of pensions and social benefits is underway. The state expects to save over 800 million euros a year. Three of the four ministers of the Greek far-right party Laos opposing the new austerity measures demanded by the creditors of the countries presented their resignations Friday, February 10

The Greek authorities have discovered two years about 200,000 cases of fraud and pension benefits, and expect the fight against these practices an annual saving of over 800 million, sources said Tuesday the Ministry of Labour.

Taking advantage of the carelessness and corruption of large parts of the administration, this large-scale fraud was on a range of schemes, pension after death that relatives of the deceased continued to receive disability pensions granted to Greeks perfectly valid, said the same sources. A total of sanitation system of pensions and benefits, via a generalized computerization underway, should allow Greece to save more than 800 million euros a year.

Assisted by police, the Ministry of Labour now back as a new track, that of firms reporting imputed social contributions – some 4,000 cases have already been identified – to sell at full price coverage for uninsured assets, nearly third of the workforce. About sixty of these companies is currently in the crosshairs.

With some 7 billion euros of social benefits per year, including $ 2 billion for unemployment benefits, Greece is the European average, but the effectiveness of these funds in the fight against poverty and exclusion is less to that country partners. Over the revelations of fraud have occurred in recent months, including the Greeks had discovered the case of the island of Zante in the Ionian Sea, showing an abnormally high rate of blind or that of the island of Kalymnos (southeast ), which appeared afflicted with high rates of mental illness.

The Tokyo Stock Exchange ended down 1.7% Monday as investors attempt to hedge against new fears about the crisis in the euro area, after the publication of data that emphasize the dependence growing Spanish banks vis-à-vis the European Central Bank (ECB).

The Nikkei lost 167.35 points to 9,470.64, dropping below the psychological threshold of 9,500. The Topix broader, sold 1.4% to 803.83 points.

The unemployment rate in Greece has reached a new record in January to 21.8% against 21.2% in December, said Thursday the department of statistics Elstat, confirming that the measures austerity and the debt crisis continue to weigh on the labor market.

The budget cuts imposed by the European Union and the International Monetary Fund (IMF) to bail out the country has sparked a wave of closures and bankruptcies.

Beginning in April, the unemployment figures are Greek seasonally adjusted.

The average unemployment rate in the euro area was 10.7% in January against 10.6% in December.

European shares declines sharply at mid-session Tuesday, after a long weekend by Easter, the statistical disappointing U.S. employment numbers in March and in Halftone China's foreign trade darkening global economic outlook at the time opens in the U.S., the earnings season.

In Paris, shortly before 13h, the CAC 40 lost 1.43% (47.37 points) to 3,272.44 points. In Frankfurt the Dax gave 1.06% and London, the FTSE fell by 0.95%. Pan-European Eurostoxx 50 index gave up 1.31%.

The Euro Stoxx 50 index of volatility, the main barometer of investor nervousness in Europe jumped 12% to its highest in five weeks.

The sectors most dependent on exports to emerging markets, including automotive and mining, are among the largest declines under the impact of slower growth in Chinese imports. Peugeot lost 3.7%, 3.6% Renault.

Wall Street is expected to rebound in the opening in the light of index futures in New York advancing 0.1% to 0.35%.

The government deficit in France amounted to 5.2% of GDP in 2011 against 5.7% forecast in the Finance Act, prompting the government to ; improve its forecast for 2012 to 4.4% against 4.5% previously.

The public deficit, which includes state, local and social security funds, totaled 103.1 billion euros last year, according to preliminary results of the national accounts published by INSEE Friday.

The public debt amounted to 85.8% of GDP at end 2011, to 1.7173 trillion euros, up 122.1 billion in one year, and this leads to a more e ; up 84.9% as expected.

The deficit was the end of 2010 to 7.1% or 137.0 billion. 

Armed with this result, "we expect to accelerate our progress in reducing the public deficit to 4.4% of GDP, and keep the 3% in 2013," said the budget minister, Valérie Pécresse, in interview published Friday in Le Monde.

At 5.2% end of 2011, "it's 10 billion better than the objective of which France had undertaken", welcomed the Prime Minister, Translation ois Fillon.

"France has done much better thanks to the efforts of the French," said President Nicolas Sarkozy.

The Socialist Francois Hollande, favorite in the polls for the presidential election, pledged to cut the deficit to 4.5% end 2012 and 3.0%, the limit the European Stability Pact, the end of 2013. 

BOOST FOR 2012

The lower deficit in 2011 will ease the task of the next president, provided that economic growth does not collapse, the effort is less important.

But the trend was poor in January and a sharp economic slowdown is expected for all of 2012, likely to derail the accounts if it were larger.

Last year, the tax burden increased by 1.3 points to 43.8% of GDP, due to higher taxes (+ 7.8%).

Spending continued to decelerate, with growth of 2.1%, a rate lower than GDP growth in value, after 2.3% in 2010 . Public spending accounted for 55.9% of GDP in late 2011 after 56.6% in late 2010.

Revenues have increased it by 5.9% after 3.3% in 2010, and accounted for 50.7% of GDP from 49.5% in late 2010.

Interest paid by France to its income increased 9.5% due to increased debt and the impact of the acceleration of inflation on compensation of indexed bonds.

Operating expenses slowed, wages rising by 1.6%, after 2.1% in 2010, and intermediate consumption decreases by 1.5%.

Social benefits have remained the same dynamic in 2010, up 3.1% after 3.2%. Public investment increased by 1.6%, after falling 8.0% in 2010.

On the revenue side, taxes on income and wealth grew by 10%: the increase in tax revenues from both the corporate income tax (8.7 billion ) than the general social contribution (5.2 billion) and income tax (3.6 billion), note INSEE. Taxes on products and production are up 5.8%.

Social contributions have accelerated (+4.1% after +2.0%), in connection with the resumption of payroll and annualized general relief contributions social.

DEBT NOT ALWAYS CONTROL

The State contribution to the debt ratio increased from 90.3 billion euros last year, a somewhat larger variation than its financing needs.

The difference results from an increase in cash (5.9 billion) and loans to troubled countries in the Euro zone (10.4 billion). Conversely, the State shall be reimbursed a portion of loans to the automotive sector (4.0 billion), note INSEE.

The debt of central government bodies amounted to 10.4 billion at end 2011, down 3.7 billion, due to the deleveraging of the Company's equity participation of the State (-3.5 billion).

The contribution of local government debt reached 166.3 billion against 161.1 billion in late 2010.

The contribution of social security funds to the debt increased 30.4 billion to $ 205.4 billion. The change in debt, larger than the deficit resulted mainly from the increase in cash of social security funds (12 billion), said INSEE.

Banca Monte dei Paschi di Siena suffered a net loss of 4.69 billion euros last year and said Thursday it would pay no dividend for fiscal 2011, which is tumbling the stock exchange.

The market was expecting a loss twice as heavy, according to Thomson Reuters consensus I / B / E / S was -2.13 billion.

The third Italian bank, which is restructuring and has also undertaken to reduce the size of its balance sheet, recorded in its accounts for 4.51 billion euros of writedowns in total.

The capital ratio "hard" was 8.5% at end-2011 excluding 1.9 billion euros of bonds guaranteed by the state written in 2009 to strengthen its capital.

At 10:45 GMT, the share was down 8.2% to 0.3314 Euro, by far the worst performance of the European banking sector index (-1.37%). 

The competitors UniCredit and Intesa Sanpaolo also recorded huge writedowns on their fiscal 2011.

But analysts say Montepaschi particularly vulnerable because it has to find 3.3 billion euros of capital by June to comply with new European regulatory requirements.