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.

The Spanish Treasury had to agree to pay a return of around 5% and invest in bonds and three to four years, including an average yield of 5.106% for a security maturing in April 2016 against 3.374% in the last similar operation in March.

"This unfavorable trend seems well established. Ultimately, this increase in performance may lead to a form of intervention outside, "said Richard McGuire, an analyst at Rabobank rate

. Wednesday

, Spanish Prime Minister Mariano Rajoy said that the government may soon find it difficult to fund at acceptable levels …… On

… the secondary market, the yield on ten-year Spanish bonds is around 6.3%, far off the level of 7% who die gered the aid given to Greece, Ireland and Portugal. 

Madrid, however, can take advantage of a rare good news reached the end of the day: the agreement reached with Catalonia, a region that weighs up to 20% of gross domestic product ( GDP) Spanish, a reduction in public spending.

In addition to the current difficulties of the banks, debt regions is considered another major risk factor for Spain, some already see as the next victims of the crisis debt in the euro area.

Last week, the European Commission considered that this debt would be one of the regions of the reasons that would prevent Spain to meet its budget deficit target set for 2012, which is 5.3% of GDP. 

FALLING ACTION Bankia

Earlier in the day, the Spanish government had to disprove the existence of a movement of panic withdrawals from money deposited in the bank in difficulty Bankia, nationalized the week last, the title lost up to 30% following information along these lines.

"It is not true that there is now an exit monitoring Bankia chests," said Fernando Jimenez Latorre, Secretary of Economy, during a press conference. 

For its part, in a notice sent to the Spanish stock exchange authorities, Bankia emphasizes that movements of deposits recorded during the first half of May were seasonal, adding no substantial change in the balance of deposits was not expected in the coming days.

The title Bankia finally ended down 14.08% to 1.422 euro after falling to 1.171 euro in session. The index grouping the European banking stocks yielded 2.36% on its side.

Last week, Spain took control of Bankia, the fourth largest bank, hoping to reassure the markets and stabilize a weak financial sector made by the housing crisis.

In the wake of the nationalization, Madrid has imposed on its banks to increase their reserves to protect themselves from mounting losses on their toxic loans in real estate, while pledging to make a limited assistance to troubled institutions through loans at high rates. 

These measures, however, did not help to dispel investors' doubts about the ability of the Spanish government finally repair the financial system of the country, questions that have aggravated the back of concerns about ; the debt crisis of the euro area, heightened by the political stalemate in Greece.

According to El Mundo, Bankia clients withdrew a few days over one billion euros from their accounts. José Ignacio Goirigolzarri informed the Board of Directors met on Wednesday the funds are withdrawn, the newspaper said.

RECESSION THAT WILL EXTEND

The first quarter of 2012 resulted in a further economic contraction of 0.3%, which, after a decline of similar magnitude to the previous quarter, is officially back in Spain recession, which is technically defined as two consecutive quarters of falling GDP.

"The recession is advancing at a gradual pace, but if we take into account the latest surveys on activity, it seems that the economic contraction will continue into quarters come, "said Tullia Bucco, an economist at UniCredit. 

The Spanish manufacturing sector contracted at its fastest pace in almost three years in April, while the service industry fell for the tenth month of row, according to the purchasing managers' index.

The export sector, the only one that has progressed over the last two quarters, slowed from January to March, the main economic partners of Spain is also experiencing the recession or slowdown.

Although Spain was able to master its accounts, the country is at the forefront if ever Greece, currently in a political impasse, should leave the euro. 

"It's not totally Greece leaving the euro, which is the main issue is the domino effect," said John Bearman, Investment Officer at Thomas Miller Investment.

Start-ups fell by 9.8% in April compared with the previous month if one takes into account the self-entrepreneurs, announced Wednesday the National Institute of Statistics and Economic Studies (INSEE).

Excluding self-entrepreneurs, the balance of new firms declined 3.5%, adjusted for seasonal variations and the number of working days, INSEE said in a statement. A total of 46,042 enterprises have emerged in April, among which, when adjusted, 20,035 companies "classic". The self-contractors are responsible for more than a creation of two businesses (26,007 seasonally adjusted).  

INSEE said do not know enough about the seasonal pattern of self-entrepreneurs, the regime created relatively recently (January 2009), to correct the number depending on the season. The cumulative number of creations in the months of February, March and April 2012 is up slightly over the same period last year (0.8%).

The sectors contributing most to this increase were information and communication and construction. The number of start in the 12 months ended in late April is down from the previous 12 months (-4.0%).

The election of Vladimir Putin in March may have ended the political uncertainties but not the flight of private capital observed for two years in Russia. "Capital flight continued in April, to $ 8 billion, according to our preliminary estimates," said Monday the Deputy Economic Development Minister Andrei Klepach was quoted by RIA Novosti news agency. And the Russian official expects a continuation of mouvenment in May.

"Capital flight is much stronger than expected," added Mr. Klepach. In April, the Russian Central Bank (BCR) had indicated that net private capital flight from Russia had reached nearly $ 35.1 billion in first quarter 2012. In 2011, she had more than doubled compared to last year, to $ 80.5 billion, against $ 34.4 billion in 2010.

To explain this phenomenon, the leaders of the Russian Central Bank has repeatedly complained of the poor investment climate in Russia. The acceleration of this phenomenon is also due to the global financial crisis, making loans harder to obtain, put a stop to capital inflow in Russia, according to rating agency Standard and Poor's. The agency had also discussed the "political uncertainties" that weighed before the presidential election of March 4, won by the country's strongman, Vladimir Putin.

The turnover of the insurer fell 12.9% during the first three months of the year, to 7.028 billion euros.

The action CNP Assurances signed Friday in early trading shrinkage greater than that of the sector to 9:50, the title lost 2.27% to 9.7330 euros, while the European index limited its losses to 1.35%.

"There is a wait due to the structure of taxation and savings in general," he said during a conference call the Director Financial Group, Antoine Lissowski. 

He explained that it was difficult to assess the impact that doubling the ceiling of the Livret planned by President-elect Francois Hollande on appetite of French for life insurance.

It is currently suffering from competition from banks, seeking to attract customers and their deposits with savings accounts attractive.

The persistence of low interest rates also makes traditional life insurance products unattractive in terms of yield.

Despite a set back, CNP Assurances has managed to generate a first quarter net profit up 1.8% to 275 million euros through improved financial markets. 

The group took advantage of the upturn to continue its program of disposals of risky assets, particularly in Italy and Spain.

"The improved market conditions in the first quarter allowed us to record an increase in our earnings while actively pursuing our strategy of selling risky assets," said the director gen ; eral, Gilles Benoist, in a statement.

Antoine Lissowski said his group no longer had to date of Greek sovereign debt and had reduced its exposure to equity markets.

The CFO did not want to comment on the planned replacement of Gilles Benoist.

NOC has postponed its annual meeting from 7 to 29 June, after the parliamentary elections. 

At that time a new boss of the Caisse des Depots (CDC), the majority shareholder of NOC, should have been appointed.

Director General of the CDC until early March, Augustin de Romanet applied for membership to the estate of Gilles Benoist as Director General of NPC.

BT, which has relied in recent years of spending cuts and efficiencies to power its cash, has also pledged that his dividend increased by 10 to 15% per year over the next three years.

"In what remains a difficult environment, we recorded another year of earnings growth and free cash flow," said CEO Ian Livingston. 

BT, which competes with Virgin Media and TalkTalk, shows a steady improvement in its performance since the profit warnings issued in 2008 and 2009, and because of the strict control its costs.

The full year, earnings from main businesses grew 3% to 6.1 billion pounds despite a 4% drop in sales , to 19 billion pounds (23.65 billion euros).

The cash flow appears considerably higher than projected at 2.5 billion pounds.

BT results were supported by an agreement in March to fill the deficit of 4.1 billion pounds pension fund's staff decided more quickly than before. The announcement was relieved investors by opening the door to a potential increase in dividends.

From January to March, Toyota has increased its quarterly profit more than fivefold to 238 billion yen, while analysts expected 223 billion yen.

This increase is partly explained by a gradual return of the group's production to previous levels to natural disasters that have disrupted last year.

Net income for the fourth quarter of fiscal offset has meanwhile risen to 121 billion yen against 25.4 billion last year. 

At a press conference, CFO Satoshi Ozawa has stressed "the extraordinary contribution of cost reduction efforts."

Akio Toyoda, grand-son of the founder of the group, has embarked on a strategy to reduce costs in all segments, Japanese production lines to those of Mississippi, through the design and engineering involved in the creation of new vehicles and equipment.

IMPROVING MARGINS

The aim is to boost margins Toyota and ride the wave of recovery in sales. The group said it expects to improve its margin to 4.5%, against 1.9% last year, allowing it to move closer to its goal of 5% that he wants to wait until 2015.

It is however far from the 7.1% margin posted by Nissan or Honda's 6.5%. It is even less than half to more than 10% of South Korea's Hyundai.

In fiscal 2012/2013 in progress, the group expected to increase its operating profit to 1.000 billion yen, while analysts expect 990 billion. Toyota also predicted a net profit increase to 760 billion yen against 284 billion for the year 2011-2012.

These comparisons are favored by the difficulties encountered last year during which Japan was hit by an earthquake and a tsunami before Thailand, where lies much of its production line, is in turn affected by floods.

Despite the strength of the yen, the main obstacle to its exports, Toyota is committed to build at least 3 million vehicles this year in its factories in Japan, nearly triple production of its local competitors, Honda and Nissan. 

Toyota has also said that its sales in emerging markets were in line with its projects, particularly in China, where sales from January to April will allow him to imagine a million sold annually vee ; vehicles.

Toyota announced in April a new program to reduce development costs by more than 20%, with an emphasis on sharing components.

Action Toyota ended unchanged Wednesday, before the publication of its accounts. She won more than a third since the low hit in late November by the Exchange.

Germany has raised its conditions Monday to President-elect Francois Hollande, ruling out any renegotiation of the European fiscal pact and all initiatives "growth deficit".

"It is not possible to renegotiate the fiscal pact", which has already been "signed by 25 of the 27 member states of the European Union", which aims to strengthen discipline in public finance management, said the spokesman of Chancellor Angela Merkel, Steffen Seibert, during a press conference.

He was asked about the willingness of Mr. Holland to add a component to the pact on growth. In this regard, Mr. Seibert also reiterated the conditions of Berlin: Germany does not want "a growth deficit, but growth through structural reforms."

Clearly, there is no question for the Merkel government in Europe to promote recovery policies, but to promote the path chosen by Germany and the labor market reforms implemented by former Chancellor Gerhard Schröder .

French President elect had scored on his victory speech by his willingness to "give to the European dimension of growth, employment, prosperity, the future" and explain in Berlin and other partners that "the austerity could no longer be inevitable. "

A little later, Angela Merkel said that Francois Hollande is welcomed "with open arms" during his first visit to Germany, taking place after the handover. "We work well together and intensively," said Merkel at a news conference in Berlin, stressing that "the Franco-German cooperation is essential for Europe and we all want Europe to succeed" .

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.

In early trade, the Dow dropped 0.08% to 13,258.81 points. The Standard & Poor's, wider, yielding 0.11% at 1400.55 points while the Nasdaq composite lost 0.23% to 3052.65 points.

The number of jobless in the U.S. fell more than expected during the week to April 28, showed the figures published by the Labor Department.

But concerns over consumption weigh on the market, while according to data compiled by Thomson Reuters of 15 distribution groups that have published their sales figures, seven were worse than pre ; seen by consensus.

U.S. investors did not react to the announcements of the ECB and its president Mario Draghi. The central bank has maintained the status quo on rates.

Values, Costco Wholesale fell by 1.3%. The U.S. distributor saw sales grow by 4% in April on a comparable basis, while analysts expected a more pronounced increase of 5.1%.

In the same area, the retail giant Home Depot fell by 0.6%, the largest decline in the Dow Jones.

General Motors gave 0.7% after surging more than 6% in pre-market trading. The automaker reported earnings higher than expected in the first quarter, driven by strong demand in North America and a smaller loss than expected in Europe.

Kensey Nash Corp. soared 32.4% after the announcement of its acquisition by the Dutch group of food chemistry and DSM for $ 360 million.