The Top News

Orders for new cars in France fell 7% in February, according to trade publication The letter VN Auto K7, promotions manufacturers to limit the damage on the car market.

The decline, calculated from one year to another, has increased from January (-1%), but still very far from the collapse of 57% recorded in December, adds the letter published Wednesday VN Auto K7 based on a survey of 34 automotive distribution groups.

"The distribution started in January with order backlogs close to absolute zero. And partial reconstruction of the portfolios remain well informed of the Month: despite the winter holidays and bad weather, customers rather attend the showrooms, "writes the monthly publication, which Reuters obtained a copy

. registrations in March, which are an order of February leading indicators, will be published Monday 2 in April. After the collapse of order in November and December, registrations had tumbled 20% year on year in January and February.

According to La Lettre VN, orders for cars fell 18% last month, Renault, after a 6% decline in January, reflecting the destocking of the network that controls less than the manufacturer.

Peugeot and Citroen are better, PSA has redirected some of its financial resources to its offerings after the commercial disappointment of the end of 2011: Orders Peugeot fell 8%, after rising 12% in January, and those of Citroen were down 7% (after 10%). 

Asked about these trends, a Renault spokesman reiterated the group's estimate of a decline of 8% to 9% of its orders in France on the first two months of the year and a contraction of 9% to 10% for all brands in February.

In early March, Peugeot evoked a rebound for his share of 7% of its orders in two months. No details on the month of February could not be obtained immediately from the two brands of PSA.

March, CRITICAL MONTH

Among volume manufacturers is that Fiat has suffered the most last month (-25%), while VW has yet pulled out of the game with an 8% increase in orders of the Volkswagen brand last month.

According to La Lettre VN, distributors of the German mark displayed a very high portfolio of over 100 days of orders, against less than a month at Renault.

Most builders know that the first quarter will be mechanically difficult since at the same time in 2011, sales were still boosted by orders placed before the end of last cash for clunkers. 

Last week at the Motor Show of Geneva, the commercial director of Renault Jerome Stoll acknowledged that the year had started less than expected in Europe. March, one of the biggest months of the year for the sector before the arrival of spring will be critical to the sales and orders for the quarter, but Jerome Stoll and now believed to that already controls all brands could drop by 20% over the first three months of the year.

"The channel monitor is strongly Corporate Sales, PC and LCV," wrote The Letter VN. "For if the registrations still resist well to date, all professionals are finding a strong wait-and deferrals of purchasing decisions and an extension of many leases."

According to the publication, a reversal has taken place in this market during the second half of February and the wait has prevailed. The Committee of French Automobile Manufacturers (CCFA) expected throughout the year down 10% of the French automotive market, after falling 2.1% in 2011 .

Registrations of light commercial vehicles, which depend directly on local economic activity and who signed in January and February their first declines for several months, are also likely to remain misdirected. According to La Lettre VN, controls VUL in France fell by 8% in February.

The pace of job creation in the private sector accelerated in February in the U.S., according to the results of the ADP monthly survey released Wednesday.

Index futures on Wall Street have increased their rise after the announcement.

According to ADP, 216,000 jobs were created last month in the private sector, while the market expected 208,000 new jobs.

The figure for January was also revised upward, to 173,000 jobs created instead of the 170,000 initially announced.

These figures precede the monthly statistics of employment that will be published Friday. The markets expect the unemployment rate unchanged at 8.3% and 210,000 net new jobs in the public and in private but non-farm, after 243,000 announced for January.

"This suggests indeed that we are moving in the right direction," Beth Ann Bovino judge, economist at Standard & Poor's.

"This reinforces expectations of a new publication with over 200,000 (creations) in the employment statistics on Friday. The employment figures seem more robust."

Around 1400 GMT, futures on the major indexes on Wall Street progressed about 0.5%.

In the match to the distance on Friday opposed the defense of employment, Nicolas Sarkozy announced at the Petit Couronne do restart the refinery Petroplus temporary while Francois Hollande, in Florange, proposed a law requiring companies that do not want more than one site to appeal to a buyer.

Who will make the announcement the more sensational? How far will they go the candidates to win the labor vote? A new match is held at a distance between Nicolas Sarkozy, visiting the Petroplus refinery in Petit Couronne, and François Hollande, who moves in Florange to meet with employees of Arcelor Mittal. Two strategic locations in the field of employment, for a match that promises to be fierce. Follow live changes in the score.

2:05 p.m.: Arcelor Mittal is dismissed by the High Court of his application for entry ban to anyone outside the service in its application was primarily site.Cette the many journalists covering the occupation of the site by employees.

14:00: "There are 3 or 4 buyers interested [...] So far we have not yet found"

1:52 p.m.: regarding the financing, the president ensures that for two months of work needed to restart the refinery, "was 50 million. The 20 million were transferred to the state, 10 million will come CO ² through quotas, and another 20 million in Schell avanace cash "

1:50 p.m.: "Last night later, we signed a processing contract, which guarantees refining activities for a period of 6 months. If there was no contract, it was over.

1:40 p.m.: Francois Hollande reacted to the news of Nicolas Sarkozy: "It is in fact only get the former owner of the site. This is going to the most urgent."

1:20 p.m.: "I am a word. It is signed" with Shell, said Nicolas Sarkozy, adding: "I'm not saying it saves the refinery, but it is signed, it makes the job for six months ".

1:18 p.m.: Holland wishes to clarify that he came as an MP, and is prepared to file a bill: "When a large firm does more than one production unit but does not give the, we will do a bill that will force him to appeal to buyers. " Another proposal: the businesses that use too much to pay the interim benefit of unemployment contributions. He is applauded by employees.

1:10 p.m.: The Socialist candidate speaks. He says he wants to defend the steel industry, "sector of excellence". "I come before you to make commitments. I am aware of the anguish that is yours." He adds, to the attention of its competitors: "There are candidates and candidates of the people who claim to serve the people"

13.00: Francois Hollande arrived at the plant Arcelor Mittal, where he has not spoken yet. It stands in the middle of union representatives, who express their demands, after climbing a truck.

12:45: The president finally arrives on the site. Francois Hollande, is always expected Florange.

11:45: Nicolas Sarkozy will meet in closed session with the staff representatives and administrators of the Petroplus refinery.  

Faced with a record unemployment rate since 1999 that is almost symbolic of the 3 million people, the head of state has recently invested personally in two emblematic cases of companies threatened: the Lejaby lingerie factory Yssingeaux (Haute-Loire) and the solar panel manufacturer Photowatt to Bourgoin (Isère). Candidate since Feb. 15 to a second term, Nicolas Sarkozy made a record of his two electoral argument to illustrate his determination to protect "the France of the factories". "If I had said as they (the Socialists) + we + can not do anything, Alstom would no longer exist, Photowatt we do speak of it and Lejaby would have been wiped off the map", he said Thursday at a public meeting in Lille.

The agency Fitch upgraded the credit rating Friday from Iceland to BBB-BB + cons, welcoming the country's progress in restoring macroeconomic stability after the financial plunge of 2008.

Note Reykjavik thus leaves the speculative grade and is endowed by Fitch with a stable outlook.

"The restoration of long-term sovereign rating of Iceland investment grade reflects progress in restoring macroeconomic stability, implementing the re ; structural forms and restore the solvency of the country after the financial and monetary crisis of 2008, "Fitch wrote in a statement. 

In late 2008, the three main Icelandic banks collapsed under the weight of their debts accumulated during a decade of aggressive expansion abroad. Their fall has plunged the Icelandic economy, which had to call using the International Monetary Fund.

Relatively untouched by the debt crisis of the euro area, it is not, Iceland is expected to grow by 2% to 2.5% in 2012-2013, Fitch believes.

The rating agency stresses, however, that private debt remains high, that of households above 200% of salary available and the business up to 210% of GDP.

Iceland is rated BBB-by Standard & Poor's and Baa3 by Moody's. His outlook is stable from S & P, but negative by Moody's.

BNP Paribas said Wednesday net profit halved in the fourth quarter, to 765 million euros, mainly because of a new provisioning on Greece and a significant contraction of its profits in corporate banking and investment because of the crisis in the euro area.

The French bank said in a statement it had spent an additional charge of 639 million euros in its accounts for the last quarter of 2011 on government debt, bringing its funding to 75% on Greece. 

The CEO of BNP Paribas said to be confident that the group will not have to place new provisions on Greece negotiating a new bailout with the International Monetary International Monetary Fund, the European Union, the European Central Bank and its private creditors.

"It's the visions that we have," said Jean-Laurent Bonnafé in an interview with Reuters Insider.

Despite being down sharply, the results of BNP Paribas, however, reveal higher expectations of analysts polled by the editor of Reuters.

The latter on average expected higher losses in market activities and investment, just like what came out of the results of Deutsche Bank. 

"AHEAD" ON RECAPITALIZATION

BNP Paribas, which has decided to maintain a dividend despite the crisis, also estimated to have reached six months ahead with the recapitalization objectives set by European regulators, with a ratio capital of 9.6% at end 2011.

The European Banking Authority (EBA) has indeed demanded of European banks they reach at least 9% of equity by the end of June 2012.

In BFI, where the bank has suffered for 510 million euros in losses on disposals of sovereign debt in the fourth quarter, BNP Paribas expects this year on new recurring expenses of 850 million euros related to asset sales and restructuring of its operations. 

"The beginning of yeara been strong enough in the investment bank", indicated Jean-Laurent Bonnafé.

Hired as many European banks in a plan to reduce stock and asset sales, the CEO of BNP indicates that he had "no plans" regarding a sale of its im ; Rican BancWest. He also rejects any sale of its land Klépierre which the bank holds 51% stake.

"This unit is not for sale. (…) We have to pursue our plan to reduce balance sheet, we're working on," said Jean-Laurent Bonnafé.

At the Paris Bourse, the stock has increased 10% since the beginning of the year after falling 36% in 2011.

Wall Street closed higher Monday, after the vote of austerity measures by the Greek Parliament, investors wanting to believe that this new step will move towards a resolution of debt crisis in Greece.

Wall Street has won over 20% since its lowest recorded closing early October, driven by optimism, that of seeing the debt crisis in Europe finally resolved.

"Whether the agreement was approved really reduces the tension on the euro area but it was expected and, in the short term, we went down the upside potential," said Yu -Dee Chang (ACE Investments). "I'm careful because there could be a short-term correction."

The Dow Jones gained 72.81 points (0.57%) to 12,874.04 points. The S & P 500 is 9.13 points (0.68%) to 1,351.77 points. The Nasdaq Composite gained 27.51 points (0.95%) to 2,931.39 points.

Analysts feel that the level of 1355 for the S & P is likely, if achieved, result in a reversal downward after its peak reached seven months last week.

Financials in particular stood out. The KBW index of bank gained 0.83% and 0.95% in financials. Bank of America acquired 2.23% but Citigroup, up much of the session, ended on a modest decline of 0.12%.

The high techs, Apple has for the first time exceeded $ 500 during the session and finished up 1.86% to 502.60 dollars.

Apple has stepped up its offensive against Monday Samsung Electronics in the patent war between them, by attacking the Nexus range of smartphones equipped with the latest version of Android, the system Google's operating.

Google takes him 1.04% to 612.20 dollars. The European Commission authorized Monday the search engine to buy the mobile handset manufacturer Motorola Mobility, while that it would monitor the use made of patents acquired.

Monsanto, the American giant of pesticides, was sentenced Monday for the first time in France, for the poisoning of a Charentais farmer. But the action is gaining 0.76% to 77.93 dollars.

General Mills has agreed to buy the food company for two Brazilian Yoki billion reais (880 million), an operation that marks his return to the first Latin American market, e crivait Monday the daily O Estado de S. Paulo. The action is gaining 0.64% to 39.34 dollars.

Otherwise, Obama pleaded Monday for important stimulus for growth and for raising taxes on high incomes, at the presentation of its draft budget for 2013.

The U.S. trade deficit widened slightly more than expected in December and the negative balance of trade between the U.S. and China on a new record the entire 2011-295500000000 dollars.

The monthly deficit in the overall balance of trade stood at $ 48.8 billion, showed the statistics released Friday by the Commerce Department, as imports reached their highest level since July 2008.

Analysts polled by Reuters on average expected a figure of 48.0 billion. The November deficit was revised to $ 47.1 billion against 47.75 billion originally announced.

U.S. exports rose slightly in December (0.7%), but nearly two times less than imports (+1.3%).

Over the full year 2011, the trade deficit increased by 11.6% to 558.0 billion, a level not seen since 2008.

Exports grew by 14.5%, exceeding for the first time the threshold of 2,100 billion, while imports recorded an increase of 13.8%, to nearly 2700 billion.

The European Central Bank will keep interest rates in March and may well leave them unchanged for the rest of the year, according to the latest survey by Reuters Aupre ; s economists after the last monetary policy decision of the ECB.

During the press conference that followed the decision of the central bank in the euro area to keep its key rate to 1%, its chairman Mario Draghi gave no indication of a possible reduction in the cost of money at the next meeting of the Central Bank in early March.

As a result, economists who anticipated an easing credit costs next month, reviewed the consensus that prevailed around this prediction. 

On Thursday the 57 economists surveyed, only 14 felt that the ECB will lower its refinancing rate it next month. Last week, they were 41 to 71 to estimate that the central bank would decrease rates before the end of the quarter.

Mario Draghi said that the economic situation in the euro area had recently stabilized, while stressing that there were still risks.

"It is difficult to assess the thinking of the ECB," said Greg Fuzesi, economist at JPMorgan.

"Many other central banks have already lowered their rates again today. After all, the 'signs of stabilization' are not the same as a prolonged period of increased growth likely to generate inflationary pressures, "he argued …. The

….. Reuters survey shows that the probability of lower interest rates by the end of year is very low in the eyes of economists

.

Values ​​to follow on Wednesday at the Paris Bourse, where the CAC 40 advances 0.57% to 3,430.96 points at 12:15, investors hoping that in Greece, leaders policies validate the draft agreement on the reforms demanded by its lenders in exchange for the second aid package of 130 billion euros.

* THE BANKING among the main beneficiaries of the market in hopes of a solution in Greece, while the European Financial Stability Fund (EFSF) will, according to Director General ral Assistant Christopher Frankel, probably have to play a key role in restoring the situation of the Greek debt.

FARM CREDIT advance of 3.74%, 2.91% BNP Paribas and Societe Generale 2.48%. The Stoxx sector index was 1.25% grants.

* The CYCLIC also benefit from the possible impact on growth in the euro area of ​​a favorable outcome to the crisis in Greece. ALCATEL-LUCENT rose 1.86%, 1.78% of Renault and Lafarge of 1.33%. The Stoxx auto sector is 1.21% and the resource base 1.33%.

* ArcelorMittal (4.25%) is ahead of increases in the CAC 40, the value advantage as the eve of its earnings forecast for 2012, and its solid fundamentals judged by the market ;.

* VINCI (1.79%) said Tuesday night expect a stabilization of its operating margin in 2012 to its 2011 level, in a context of expected stagnation in activity due to uncertainties in Europe.

* TF1 (7.29%) is ahead of increases in the SBF 120 and M6 earns 2.51%, Bank of America Merrill Lynch has raised its recommendation on the two values ​​of "neutral" to "buy" . 

* NEXANS (6.98%), the world of cable, said he was confident for 2012 after a year 2011 marked by strong organic growth but also by a net loss of 178 million euros, a result of provisions related to an investigation of European competition authorities.

* KLÉPIERRE (1.84%) will propose for 2011 a dividend up 7.4%, to 1.45 euros per share, after last year's growth of 3 , 6% of rent, but the land has made no comment on the possible reduction of the participation of BNP Paribas.

* A reverse trend, SANOFI (-1.75%) shows the largest decrease in the CAC 40, 2012 announcing the exercise more difficult than last year with the loss of patents of several of its major EM ; medicines, including its anticoagulant Plavix. 

* EADS lost 1.24% while the euro rose against the greenback in morning its highest level since mid-December to 1.3290 dollars.

* BOURBON (-2.49%) signed the largest decrease in the SBF 120 on profit-taking, analysts said, after rising 29% since the beginning of the year . The group reported an acceleration of growth in the fourth quarter of 2011, which allowed him to cross the symbolic milestone of one billion euros in annual sales, and pre see a continued improvement in 2012.

* FAURECIA lost 1.32% after a gain of 37% between late December and February 7. The supplier has confirmed its 2015 target of sales after a strong 2011 for the automotive supplier, with North America and China and despite an expected slowdown in 2012 in part because of Europe.

PSA Peugeot Citroën, which owns 57.4% of Faurecia, gaining 2.08%.

* THALES (-1.36%) has published an annual turnover down 1% and slightly below market expectations, but confirmed its operating margin targets for 2011 and 2012.

* ADP was down 1.04%. HSBC lowered its guidance on the title to "underweight", against "neutral".

Groupama will raise 1.8 billion euros through asset sales, including a 44% stake in the group of real estate Silic and Eurocourtage GAN insurance broker, said on Monday in a source familiar with the matter.

The French mutual insurer wants to raise 800 million euros by the end of the year by selling its share in silica, which is now the subject of preliminary discussions with several companies of real estate and insurance, said the source.

Groupama is also looking to sell its subsidiary GAN Eurocourtage, which he expects at least one billion euros, she said.