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Wall Street has ended in decline for the fifth straight session Thursday, its lowest level in four months, economic indicators considered disappointing in addition to concerns related to the crisis in the euro area.

The Dow Jones Industrial 30 yielded 1.24%, or 156.06 points to 12,442.49 points. The S & P-500, wider, lost 19.94 points, or 1.51%, to 1304.86. The Nasdaq Composite fell on its side of 60.35 points (-2.1%) to 2,813.69 points.

The index of leading indicators, which prefigures the evolution of economic activity in the United States, fell in April for the first time in seven months, while the conditions index of manufacturing activity in the Philadelphia Federal Reserve declined against all odds to reach its lowest since September.

In addition, weekly jobless claims remained stable last week, while a slight fall was expected, given that feeds a concern about the strength of the recovery of the U.S. economy.

The crisis in the euro area also continues to weigh on investor sentiment. 

Financing costs in Spain rose sharply at an auction took place in the morning. The journéea also saw confirmation that the country fell into recession and a newspaper article citing massive withdrawals of deposits from Bankia , the fourth Spanish bank recently nationalized.

In Greece, banks also suffer from massive withdrawals made by citizens and the rating agency Fitch downgraded the evening of the country's sovereign rating to CCC from B-, citing the increasing risk of the country out of the euro area.

Witness the excitement of investors, the CBOE volatility index has surged almost 10% and hit its highest level since early January. 

HOPE TO REBOUND

The S & P 500 fell more than 7% since the beginning of the month, and if volatility is expected to remain at the rendezvous, the duration of the decline observed in equity markets leads some analysts to predict a rebound in the short term.

"We're getting closer when people go back on the market and we do not think it will be much lower than where we are now," said Brad Sorensen for Charles Schwab. "The U.S. is still growing and seem to cope rather well with the rest of the world."

Providing respite on investors, gross domestic product of Japan third world economy grew by 1% from January to March compared with the previous quarter, ie gèrement more than expected. First announced in contraction of 0.2%, the economy has also finally stagnated between October and December.

But on Wall Street, the Nasdaq has suffered from the fall of technology stocks including giant Apple side (-2.9%) but Expedia (-4.4%).

Wal-Mart Stores has however gained 4.2%. The number one global retailer released a better than expected under its fiscal first quarter thanks to strong sales of its U.S. subsidiary.

Sears Holdings took 3% while the group said Thursday an adjusted loss of 31 cents per share in first quarter 2012, well below the loss of 67 cents expected by analysts.

Standard & Poor's and Fitch Ratings have been recalled in fond memory of Francois Hollande Monday stating that the member's election to the presidency of Corrèze of the Republic n 'had no implication on the sovereign rating of France, in the short term.

Francois Hollande since Sunday is the new head of state, elected with 51.62% of the vote against the incumbent President Nicolas Sarkozy.

S & P, which lowered a notch in January the French credit rating from AAA, the highest possible, to AA + coupled with a negative outlook, estimates there are at least three chance that the note against the subject of a further reduction this year or in 2013. 

"We will analyze the decisions of the French president and his new government, taking into account the results of parliamentary elections in June," said the rating agency said in a statement.

"The election of the candidate of the Socialist Party, Francois Hollande, President of the French Republic, has no implications for the AAA rating of France, currently in perspective negative ", for its part announced Fitch.

"However, his election victory marks an important change at the head of France and Europe. The new president faces the same challenges as its predecessor: the strengthening of fiscal credibility, improving the growth potential in the medium term France and the handling of the crisis in the euro area, "the text

. Fitch announced earlier this year not consider amending the note from France in 2012 but nothing prevents him to return to this position

. No one was immediately immediately reached Monday night at Moody's for a comment on France

. Francois Hollande has placed top priority European renegotiation of the treaty signed on budgetary discipline by March 25 of the 27 countries of the European Union in order to incorporate a component on growth. 

Meanwhile, the president plans a return to balanced budgets in 2017.

For its part, German Chancellor Angela Merkel, eager to pursue deficit reduction, on Monday reiterated its refusal to renegotiate the pact and posted its fiscal distrust vis-à-vis possible measures to support growth.

The rating agencies are concerned about several times of slippage in public finances in the euro area countries, while stressing that too restrictive budgetary measures were likely to weaken growth , itself considered essential to reducing deficits and debt. 

Francois Hollande announced that he would travel to Berlin very soon after taking office scheduled May 15

Lafarge announced Friday an increase in its turnover and its operating income in the first quarter thanks to emerging markets and improved pricing, allowing the world's leading cement to reduce its debt.

The group, which now generates 60% of its sales in emerging economies, achieved the first three months of the year sales up 5% to € 3.35 billion, slightly above the consensus reached by the editor of Reuters estimates from eight analysts who gave $ 3.3 billion.

Ebitda rose to its share of 8% to 516 million euros while operating profit rose 28% to 267 million. 

However, net income, group share, shows a loss of 44 million euros, against -29,000,000 a year earlier, reflecting restructuring charges corresponding in particular to the 500 job cuts engaged around the world as part of the reorganization of the group. Excluding these charges, Lafarge has emerged over the period with net income of 18 million euros.

"The group continues to anticipate an increased demand for cement, and maintains its estimate of market growth between 1% and 4% in 2012 compared to 2011," the group said in a statement .

"Emerging markets remain the main driver of demand growth (…) The prices should be up on the year 2012, and cost inflation more moderate e in 2011. "

CONTINUATION OF ASSET TRANSFERS

In the first quarter, net debt of Lafarge fell 13% year on year to 12.4 billion euros. One quarter to another, it is clear, however, up 3%, a trend linked "to normal seasonal variations in working capital (working capital needs)," said Lafarge.

The group's debt, inherited largely from the acquisition of Orascom in 2008, is still expected to decline "significantly" this year, without elaborating.

As part of its debt, Lafarge intends to limit to 800 million euros investment and reduce by at least 400 million euros in 2012 its costs. The group also maintained its target of over one billion euros of asset sales over the year, of which 71 million were made during the quarter.

Both activities are the subject of rumors of transfers, the plaster in North America, last active group in a trade which it is almost released last year, and cement in South Africa . The group must also achieve significant asset sales in Britain required by the Competition Authority to give its green light to the proposed joint venture between Lafarge and Anglo American.

"It is not impossible that these divestitures can be made in 2012," said the CEO of Lafarge, Bruno Lafont, during a teleconference.

The stock closed Thursday at 29.97 euros. Since the beginning of the year, the title took about 10%, after -42% in 2011.

Most European stock markets have turned downward early Wednesday afternoon, the ADP survey in the United States showing a number of new posts lower Interior expectations for the month of April.

At 14:25, the London Stock Exchange lost 0.98%, 0.66% that of Frankfurt as the place of Madrid plunged 3.25%. The pan-European Euro Stoxx 50 index, stable before the publication of the American Statistical, drops 0.93%.

The CAC 40 index, which gained almost 1% in mid-day, it is stable at 3,213.65 points (0.03%).

The private sector has created 119,000 jobs in April in the U.S., while the market expected 177,000 additional jobs, a figure that increased investor pessimism Friday before the publication of statistics improve ; Rican employment for the past month.

NYSE Euronext reported Monday a decline of one third of its first quarter results, citing "difficult operating environment" and the resulting costs of its failed merger with Deutsche Börse.

The exchange operator announced for the period net profit down 32% to $ 121 million (91 million), or earnings per share not -GAAP $ 0.47 against 0.48 expected by analysts, according to Thomson Reuters consensus I / B / E / S.

The total turnover declined 17% to 952 million.

"Our first quarter results reflect the difficult operating environment that continued in 2012 and will continue to be felt in the short term," said Duncan Niederauer, CEO of NYSE Euronext. 

The group said to include $ 31 million cost, including $ 16 million of costs associated with the aborted merger with Deutsche Börse.

NYSE canceled the merger to $ 7.4 billion in early February after the agreement was rejected by the European antitrust authorities, making this operation the fourth merger canceled since early last year.

Since the failure of this transaction, NYSE Euronext has refocused on the opportunities presented by new markets such as the creation last month of its own clearing house for transactions and eventually moved away CHL. Clearnet, its supplier to date.

This creation comes as its main rival the London Stock Exchange plans to finalize the acquisition of LCH in the fourth quarter of this year.

The European equity markets finished the session higher Friday while Wall Street was progressing very slightly, the encouraging results published on both sides of the Atlantic blackout fears related to the situation in Spain, engaged in an unemployment rate rising to a high of 20 years and a severe recession.

This context was unfavorable to an issue of Italy's public debt whose yields are the highest income not seen since January, although the Con sor has managed to place all of the amounts described. 

The publication of figures of U.S. gross domestic product, less robust than expected, supported the trend, investors saluting the resilience of consumption in the world's largest economy.

"The markets were supported by good numbers of U.S. consumption and an award of Italian debt which was not too bad, they have weathered the announcement of U.S. GDP growth a bit disappointing, "said Joffrey Ouafqa analyst manager at Convictions AM.

The CAC 40 was 1.1%, 36.95 points to 3,266.27 while the Dax was up 0.91%, the FTSE gained 0.49%. The Euro Stoxx 50 gained 0.92%. For the week, the Paris index sign up 2.44%.

Values, financials recovered some lost ground Thursday. FARM CREDIT wins the largest increase in the CAC 40 (4.46%), while SOCIETE GENERALE took 3.06% and BNP Paribas gained 1.49 %.

VINCI (4.24%) boosted the construction sector after announcing expect a slight increase in activity in 2012 when he foresaw stagnation so far .

On Wall Street, the Dow advance of 0.22%, while the S & P 500 is 0.14% and the Nasdaq gained 0.43%. AMAZON.COM jumped 14.80% after its results. Against the trend, Procter & Gamble was down 3.5% after lowering its annual results.

Zodiac Aerospace has shown more optimistic on Tuesday its forecast for the current fiscal year thanks to the dynamism of aviation activity, likely to gain market share and revenue that draws lucrative after-sales services.

The equipment manufacturer, which provides Boeing, Airbus and Embraer, said in a statement it expects now to the 2011-2012 fiscal year, which runs until August 31, on a double-digit organic growth in its turnover and an operating margin of at least 14%, despite the negative impact of non-aeronautical activities.

The group had so far committed to a growth in sales and improved profitability over the period. 

Zodiac announced in the first half (ended in late February) an operating profit (ROC) of 223.8 million euros (+20.3% excluding IFRS 3) and a result net 152.4 million (+33.3%).

Its turnover reached 1,567.3 million euros in the first half ended in late February, up 19.7%, with organic growth of 15.9%.

Its operating margin was thus established to 14.3% in first half 2011 to 2012 against 14.2% a year earlier.

The football game is played Saturday night between Real Madrid and FC Barcelona looks exciting. If the sporting challenge is enormous, it is primarily economic, pitting the two most powerful clubs in the world. Sport, the rivalry between FC Barcelona and Real Madrid is also economic.

FC Barcelona hosts Real Madrid in the 35th day of Liga on Saturday. This is called in Spain the "Clasico". Several hundred million télespacteurs be in front of their screen to see compete much of the world's best players. The meeting promises to be decisive in the title race, the people of Madrid with four points ahead of the Catalans with four rounds of the championship. L'Expansion. Com plays the game between these two economic giants of world football.

Turnover: The Real Madrid takes the ascendancy

On this ground, the Madrid club takes advantage of his rival Catalan. With 479 million euros over the 2010-2011 season, Real preserves for the seventh consecutive season in first place worldwide, according to research firm Deloitte. Results in increase of over 40 million euros compared to last year. The capital club Iberian approach and the symbolic barrier of 500 million euros, mainly due to increased revenues from broadcasting games (24.8 million Euros compared to the previous season ) and trading income (up 21 million euros, 16%). Real Madrid is not just a club, it is primarily a mark capable of generating over 170 million euros of profit. With the latest project to create an amusement park in the UAE, the "Island Resort".

FC Barcelona is not left out: it achieved a turnover of 450 million euros over 2010-2011. An increase of 52.6 million euros that Barca has several elements. First, thanks to jersey sponsorship, contracted with the foundation of Qatar, who paid a cool $ 165 million to appear on the jersey Catalan. A historic agreement that breaks with tradition. In recent years, the club had banked on the associative bearing the UNICEF logo on his jersey. Barcelona is the club that collects the most revenue for the retransmission of games. For his last European campaign (with a new success in the Champions League in the key), it has received 51 million euros. He thus maintained easily in second place worldwide.

Indebtedness: Barça (slightly) less debt

In the midst of crisis, the issue of debt clubs turns to the controversy. Spain is the country whose clubs are the most indebted in the world, with over 3 billion euros of debt. Besides the $ 752 million they owe the IRS Spanish. Attract players at a high price with money we do not have on hand has become common for Spanish clubs, if not a national sport. And our two heavyweights are champions of the discipline, combining alone over one billion euros of debt. Remains to be seen whether the rules laid down by UEFA to eradicate the phenomenon will contribute to real change. Especially since a law passed in January in Spain La Liga allow clubs to downgrade in case of termination payments. Real Madrid's debt rises to € 590 million. Club Jose Mourinho has however reduced its debt by 93 million over the previous season. FC Barcelona's debt rises for its 479 million euros.

The net result: Madrid back on top

Real Madrid finished last season with a profit of 31.6 million euros. The situation is more delicate for FC Barcelona, ​​with 9.6 million euros in losses. For the upcoming season, the Catalan club expects earnings of 20 million euros. A goal that can not be achieved only if the following sports scores. Hence the importance of finishing the match with a positive result tomorrow night …

Salaries: Take Charge balance

The Barcelona, ​​despite a considerable debt, however, have paid 163 million euros in total for the season-2011-2012, against 130 million paid to Madrid. With regard to each of the stars, Messi and Ronaldo, the Portuguese ahead of Argentina in terms of net salary: 13 million euros a year against 10.5 million. But the triple Golden Ball is getting on advertising contracts: it perceives as 21 million euros annually through advertisers, against 15.5 million "only" for Ronaldo. In total, with 33 million, including bonuses, Lionel Messi is the highest paid footballer, before Ronaldo (29.2 million). Between the two coaches, the Madrid Jose Mourinho won the showdown with the financial Barcelona Pep Guardiola: 14.8 million euros a year against 9.5 million.

Number of socios: Madrid Barcelona ahead

By paying a certain sum each year, the socios have a real decision making power within the club, winning a vote. Each year, they elect and the club president. In these elections, all votes have equal value, they are lovers of their favorite club, handed down from generation to generation titles. And it is Barcelona who matters most, according to accounts Francefootball, exactly 175,000. The Réal is a tone lower, with 96 000 socios.

Result: Real Madrid 2-2 FC Barcelona

Score parity economically, is to be hoped that both teams can be separated on the pitch Saturday night.

Heineken, the world's third largest brewer, said Wednesday an operating profit down slightly in the third quarter due to cost increases greater than the increase in sales and that the effects of her last savings program.

Revenues increased 6.8% over the period from January to March, up more than expected, thanks to a 4.7% increase in volumes sold to pe rimètre constant over two times higher than analysts' expectations.

Operating profit before exceptional items decreased due to higher fixed costs in some markets with high inflation and production costs associated with, eg barley. 

Quarterly sales stand at 3.834 billion euros against a Reuters poll of 3.729 billion.

Quarterly net income totaled 175 million euros against 151 million a year earlier.

Heineken, which generates 45% of its billings in Western Europe, has also confirmed its targets for this year.

The action has risen sharply, from 4.3% to 44.13 euros, in the course of the morning.

The Dutch brewer said in February is expected to grow in emerging markets where it is growing in Africa, Latin America and Asia.

Heineken was also anticipated marketing costs and marketing for this year equivalent to those of 2011 due to its efforts to develop its brands Desperados, Strongbow, Amstel and Sol. The increase in barley prices will contribute to an increase of around 6% of input costs.

Heineken plans to offset the spiraling costs by higher sales volumes, an increase of its price and a new savings program of 500 million euros which will run until 'in 2014.

Heineken is the first major brewers to publish its results for the first quarter. The world number two SABMiller will make a point on its activity on Thursday and another one of its joint venture MillerCoors in the U.S. on May 8

The world's number one beer Anheuser-Busch Inbev will release its results for the first quarter on April 30 and Carlsberg, May 9

A few days before the first round, the International Monetary Fund forecasts sound like a call to order. With 0.5% growth expected in 2012 and just 1% in 2013, the flexibility is low for the successful candidate. The Fund estimates that the target of 3% deficit in 2013 will be missed. View of the Ministry of Economy and Finance at Bercy.

The International Monetary Fund will indirectly invite the presidential election, five days of the first round. By publishing its forecast of global growth, it is a reminder to candidates how their room for maneuver is narrow. Because growth in France should be lower than expected by next year's presidential favorites, said Tuesday the IMF, which could complicate the task of the future head of state to meet its commitments to reduce deficit.

The Financial Institution of Washington raised its estimate for this year, from 0.2% to 0.5%, that is to say as much as expected by the Socialist candidate Francois Hollande and not far from the goal of Past President Nicolas Sarkozy, who expects 0.7%. But that's for next year that things get complicated. The IMF growth would remain soft, with only 1%. This is slightly better than average in the euro area (0.9%) but worse than Germany (1.5%), Europe's largest economy and principal partner of France.  

However, Nicolas Sarkozy and Francois Hollande have both built their program and their path back to balance public finances on a more optimistic assumption of 1.7% growth in 2013. Beginning in 2014, they hope to even a minimum of 2% per year.

However, both candidates seem aware of the fragility of their forecasts. While the Socialist has long argued for a renegotiation of the European Pact for Fiscal Stability – also praised by the IMF – to add a growth component, the UMP candidate in now called the European Central Bank to it gives a boost to activity.

Far from the goals of deficit reduction

Former Socialist Prime Minister Laurent Fabius admitted on Tuesday that "if ever there was additional shocks" should be "obviously taken into account." For a less intense recovery is likely to complicate their task to bring the public deficit of 4.4% or 4.5% of gross domestic product (GDP) expected this year to 3% next year, as both candidates s' are engaged with the European partners of France.

The Fund also think, in his "Public Finance Monitor" also released Tuesday, the government deficit in France is forecast at 4.6% of GDP in 2012 and 3.9% in 2013, far from the 3% target set by the government. International experts estimate that the country nears the symbolic threshold of 3% in 2014. These projections mean that the next president, whoever he is, will soon adopt a new fiscal tightening after the election of May 6

For its part, the public debt of France is expected to increase next year the symbolic threshold of 90% of GDP to 90.8%, while all candidates hope to contain it to below this threshold. It would commence thereafter a slow reflux. But France is among the states where the debt stabilization could be jeopardized by any "little shock", especially if interest rates they pay for borrowing were to increase, warns IMF.

If the situation has "stabilized" since early January in the euro area and the activity sends "encouraging signs", a cover of the debt crisis remains a "major risk", stresses the Fund. It calls on members of the monetary union to strike a balance between supporting economic recovery and deficit reduction, especially as a "greater fiscal consolidation will weigh on growth in some cases." Experts point out that Paris has already made efforts on pensions, pushing the retirement age, but explain that rich countries also face the challenge of controlling public expenditure on health.