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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

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.

After enduring their worst two weeks of the year, the U.S. stock markets should try to get back to basics and support the trend of the results to be published in burst from Monday.

Alcoa opened last Monday the new earnings season, reporting an unexpected benefit as investors anticipated a loss from the U.S. aluminum specialist.

In the wake of Alcoa, the few groups who have also published their quarterly in the vast majority pleasantly surprised: the approximately 32 companies listed on the S & P 500 , almost three quarters exceeded the consensus. 

But these ads have not had the desired effect on equity markets, the return on the center stage of the crisis of sovereign debt, illustrated by the difficulties encountered es by Spain to finance themselves, having prompted investors to take profits and to favor the least risky assets.

According to Thomson Reuters data, not less than 86 U.S. companies in the S & P 500 in turn deliver their quarterly results to stakeholders.

Among them are ten listed companies on the Dow Jones: Intel, Johnson & Johnson, Coca-Cola, DuPont, Microsoft, Travelers Companies, Verizon, American Express, General Electric and McDonald's. 

Financials will be again this week closely followed the results delivered Friday by JPMorgan Chase. This week, are expected Citigroup, Goldman Sachs and Morgan Stanley.

The content of the figures however, will not only dictate the trend, investors keeping an eye on the developments on the forehead of European sovereign debt.

"The results are better than expected. The outlook is rather optimistic," said Jack Ablin of Harris Private Bank.

"Overall, the news is mostly good, but just a very poor information from Europe to forget all that," he said.

Friday, the U.S. stock markets have completed a second consecutive weekly decline. This correction was expected by many analysts after the 12% increase posted in the first quarter by the S & P 500.

The index, followed by most fund managers, however, remained close to its 50-day moving average.

"Technically, it was clear that there would be a correction," said Paul Mendelsohn.

"(…) How far will she? Remains to be seen. There is support in the region of 1,358 points and we turn around the 50-day moving average ….. ….

Chinese growth is below expectations and concerns about the situation in Spain prompted investors to shift from equity markets, the euro and oil, Friday. European shares have signed their fourth week of declines.

In Paris the CAC 40 index ended down 2.47% to 3189.09 points. A week shortened to four sessions because of Easter Monday, the 40 index values ​​have dropped an average 3.94%. The Ibex index of the Madrid Stock Exchange lost 3.58% Friday. In Frankfurt the Dax gave 2.36% and London, the FTSE dropped 1.03%.

The FTSEurofirst 300 index ended down 1.58% at 1027.73 points. It lost 2.4% on the week. This is the fourth consecutive week of losses.

The Bank of Spain announced that Spanish banks, in fact apart of wholesale funding markets, had borrowed a record $ 316.3 billion euros from the Central Bank (ECB) in March, data that has led to a further surge in yields Spanish and Italian.

In addition, growth of gross domestic product (GDP) of China first quarter, came out below expectations: 8.1% annual rate, or the worst in almost three years. 

The decline was accentuated Marchesa in the afternoon by an indicator of U.S. consumer sentiment slightly below expectations and statements of Klaas Knot , member of the Board of Governors of the European Central Bank, who hoped that ECB can avoid having to resort to new purchases of government securities.

"After rising yesterday as investors returned to the real problems of the Spanish debt. Klaas Knot statements have added fuel to the fire, "said Pierre Barral, portfolio manager at

. AM Convictions In Europe, banks, for the most vulnerable countries in the euro area's most indebted, have ended down over 3%

. U.S. banks JPMorgan and Wells Fargo, who published their results, yield more than 2% against each

. A- trend, L'Oréal has gained 1.15%. The cosmetics group announced a sharp increase in sales.

The euro is down against the dollar for the first time in three days and fell below $ 1.31, traders are concerned about the rise in borrowing costs of Spain .

The single currency is in the bottom of the range of 1.30 to 1.35 dollar in which it has fluctuated since January and that he should not go out, experts say.

With the return of risk aversion, the U.S. Treasuries are sought, the bond yield benchmark ten-year falling below 2%. In contrast, German Bunds are neglected.

The cost of insurance of Spanish debt against default rose 500 basis points for the first time Friday amid concerns about the high exposure of the banking sector to the country's sovereign debt. Markets fear that much of the funds borrowed by Spanish banks to the ECB has been placed in Spanish sovereign debt.

The performance of the Spanish government bonds to ten years increased by nearly 0.10 percentage point to 5.90%.

Credit default swaps (CDS) for five years on the Spanish government debt rose to 500 basis points, according to data from Markit. This means it costs 500,000 dollars a year to buy protection from $ 10 million against a debt default in Spanish using these contracts to five years.

China is behind the U.S., the second consumer of crude, the data worse than expected GDP of the country cause, not surprisingly, a decline in prices. In addition, the oil market also suffers from the reaffirmation by Saudi Arabia of its willingness to reduce prices of black gold.

GDF Suez said Monday he will propose to its shareholders to receive shares in a portion of the dividends for 2011 and 2012 to complete the refinancing of its tender offer to minority shareholders of Britain's International Power.

The group also said they received the unanimous support of its board of directors in the proposed bid at 390 pence per share, which values ​​the 30% stake in International Power holds that yet almost 7 billion euros.

GDF Suez said it offered its shareholder to receive the final dividend in 2011 (0.67 euro) in shares, the payment of the balance being shifted from April 30 May 24, 2012. 

The board of the group decided to offer the same option, subject to successful tender offer to minority shareholders of International Power, for any interim dividend for 2012 that could ê be decided.

"In this context, the French government and Groupe Bruxelles Lambert (GBL) have reported to GDF Suez of their intention to select the option in securities for their share of dividends," said GDF Suez said in a statement.

The State and GBL now hold 36% and 5% stake in GDF Suez.

The proposal aims "to complete the refinancing scheme of the proposed bid to minority shareholders of International Power, beyond increasing the previously announced divestiture program." 

GDF Suez said Thursday that he indeed could revise upward its program of asset disposals in case of completion of the transaction.

The GDF Suez closed Monday up 1.06% to 19.575 euros. The company said that the conditions of fixing the exchange value of the stock dividend would include a 10% discount on the average of the last 20 trading days before the general meeting of shareholders scheduled for April 23.

The Spanish government Friday presented a draft budget for 2012 draconian in the hope of reducing its budget deficit and to appease the bond markets.

The fiscal consolidation effort announced by Madrid plans to reduce the central government deficit of 27 billion euros for the rest of the year, representing 2.5% of gross domestic product (GDP).

This figure includes tax increases and spending cuts, totaling 15 billion euros already disclosed end-December.

Departments will have to cut spending by nearly 17% and staff salaries will be frozen in 2012. 

This budget "very severe", a term used Tuesday by Prime Minister, Mariano Rajoy, has been unveiled in the aftermath of a large strike gen ; eral against austerity that paralyzed part of the country and degenerated in Madrid and Barcelona.

Spain would be re-entered recession in the first quarter and shows the unemployment rate the highest in the EU, with 23%.

In this tense environment, the government is caught between the risk of plunging the country further into recession and that of seeing the cost of its debt soar if he does not control the public accounts. 

"Everyone knows the difficult problem the country faces, and which calls for special efforts of fiscal consolidation and structural reforms for growth and the creation of jobs, "said the vice president of government, Soraya Saenz de Santamaria, leaving the Cabinet.

"A destructive PACK"

The Conservative cabinet, took office in November peak of the larger majority in Congress of Deputies for thirty years, has already adopted reforms of the labor code and the banking sector in order to reduce the cost of employment and improving competitiveness. 

Mariano Rajoy last month won a grant from the European Commission, which agreed to reduce the public deficit target for this year to 5.3% of gross domestic product (GDP) against 4.4% previously.

But Spain, where the deficit reached 8.5% of GDP last year, is now being monitored markets, as illustrated by the tension on the performance of its long-term debt – and must always return to the threshold of 3% of GDP in 2013.

The government expects to reduce the central government deficit to 3.5% of GDP this year, the regions at 1.5% and that of other local authorities to 0.3%, announced the budget minister, Cristobal Montoro. The Social Security accounts will be balanced this year, he added.

Regions have announced a deficit of 2.9% of GDP in 2011, it will take a reduction of about 15 billion euros this year if they want to achieve the target by Madrid.

The government has hardly given any other details on his budget proposal Tuesday that he will present to parliament, but some economists are worried about these austerity measures , which may still stopping growth and as a consequence undermine the goals of deficit reduction.

"Spain is on a slope very, very slippery now (…) The risk specific country resurfaced, Spain is facing structural problems and it will take years and years to resolve. This tax package is self-destructive, "said Nicola Spiro, the consulting firm specializing in sovereign risk Sovereign Spiro Consulting

.

The unwritten rule in the United States reserving the presidency of the World Bank is questioning Friday after the appointment of a candidate by three emerging countries of Africa, paving the way the first truly contested election since the primary funder of developing countries.

Angola, Nigeria and South Africa supported the nomination of the Nigerian Minister of Finance, Ngozi Okonjo-Iweala, a respected economist and diplomat, to succeed the American Robert Zoellick, who is retiring in June 

"This designation stems from the belief that the executive appointments of the World Bank and its sister institution the International Monetary Fund, should be based on merit, open and transparent "say the three states in a statement.

Washington must nominate its candidate on Friday, which will remain the favorite for the position despite the African initiative: the U.S. president traditionally the World Bank since the inception of it the day after World War II, while the general direction of the IMF amounts to a European.

Brazil, meanwhile, would defend the candidacy of former Colombian Minister of Finance, Jose Antonio Ocampo, but can not do without the support of Colombia, as now seems likely. 

Bogota has indeed said Thursday its preferred candidate for the presidency of the International Labour Organization (ILO), recalling that a Colombian already held the presidency of the Inter-im ; American Development.

Russia, she refrained from supporting a candidate who is not American and pleaded for a greater role for emerging leaders in the organs of international financial institutions.

DECISION BEFORE APRIL 21

The Board of Directors of the World Bank, the United States holds the largest number of voting rights and can expect support from European countries and Japan. Africa occupies only three of 25 board seats.

The secret of the candidate that Washington will support far remains guarded. And Nancy Birdsall, who chairs the Center for Global Development in Washington, it is precisely the delay in the appointment of the American candidate who has paved the way for his rivals.

"For the first time, there is competition, or at least it seems at first glance that there is serious competition. And the only way for this to be open, merit-based and transparent, is that there is competition, "she said

.

Sources close to the Obama administration have said the list of possible candidates include Susan Rice, U.S. Ambassador to the UN, Indra Nooyi, the Director General eral of PepsiCo, born in India, Senator John Kerry and Lawrence Summers, former economic advisor to President

. A name Additional emerged in recent days: that Laura Tyson, professor at the University of California at Berkeley and a specialist in international trade and competitiveness …….

.. The State Department has ruled that Hillary Clinton will be leading the World Bank but it remains a possible candidate in the eyes of some observers. 

The deadline for applications is 18:00 Washington time (2200 GMT). The board must then publish a list of three candidates and make a final choice before the general meetings of the IMF and World Bank, April 21.

Standard & Poor's said Thursday it would keep the note of the long-term sovereign debt of Greece to a level of "selective default" as the bond exchange the country will not be completely finalized.

Fitch Ratings released Tuesday Greece in category "selective default", assigning the country a rating of "B-", while stressing that the risk of default of Athens could be excluded.

Last week, Greece Friday dismissed the risk of imminent default, thanks to the strong participation of private creditors to exchange bonds that allows the country to reduce its debt and get a second international aid plan. 

S & P has assigned a grade "CCC" – notes belonging to the highly speculative category – the new obligations created by the exchange but expects to raise the sovereign rating of the Gre ; it at that level, that the obligations do not fall under Greek law are also exchanged.

"Our sovereign rating on Greece to remain selective default until the debt does not fall under Greek law are exchanged, which should take place April 11, 2012 "S & P said in a statement.

According to S & P rating of "CCC" reflects the uncertainties on economic prospects and political consensus for reform that seems to be weakening.

Moody's also expected to publish shortly a statement on Greece.

The vast majority of job losses have affected the interim with 21,100 fewer jobs (-3.6%). Excluding temporary, employment remained stable with 4,900 more jobs in the tertiary sector. Will be waiting at a trade show on the campus of Virginia Tech.

INSEE, which revised its figures on Thursday paid employment, has announced that the economy had destroyed 22,600 jobs in the 4th quarter and 31,500 in the third, breaking with a positive trend since late 2009. Data from the third quarter were revised sharply since the National Institute of Statistics was counting so far on a slightly positive balance of 3,600 jobs created over this period. Data from the fourth quarter, however, been reviewed more positively INSEE had advanced since mid-February figure of 31,900 job losses. Ultimately, the economy lost jobs for two consecutive quarters rather than one as they were led to think the preliminary data.

France had lost more jobs since late 2009. INSEE regularly reviews its data base "for additional information" including administrative, says Frederic Tallet, responsible and synthesis conditions of employment. But "it's true that the revision of the third quarter was usually stronger than average" and involved mainly non-temporary employment in the market, he noted. For the fourth quarter, INSEE noted that the vast majority of job losses have affected the interim with 21,100 fewer jobs (-3.6%). Excluding temporary, employment remained stable with 4,900 more jobs in the tertiary sector.

Sectors of industry and construction, however, are in the red for the last quarter of 2011 respectively 1700 posts in less (-0.1%) and 4600 (-0.3%). Over one year, payroll employment remains modest increase (0.4% with 67,300 jobs created). For 2012, INSEE maintains its forecast of 61,000 job losses in the first half, which may be corrected at the next memo on the economy in late March, said Mr. Tallet. The ACOSS has released its share of the different figures Thursday morning. For the bank of Social Security, employment is in fact remained virtually stable in the fourth quarter with 9,300 net jobs created over three months. INSEE "may be small deviations from quarter" with ACOSS but the figures are smoothed in general over the year, says Mr. Tallet.