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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.

EADS said Wednesday that its subsidiary Airbus had found a solution to cracks on the wings of its A380 superjumbo, a problem which cost more than doubled and that is expected to weigh on for two years a program already tumultuous history.

The European Group of aerospace and defense, however, said he was confident for 2012 despite a concern increasingly keen on the economic situation in Spain, one of its shareholders.

The action has one of the few increases in the CAC 40, with a gain of 1.22% to 29.385 to 10:50, as against a decline of 0.4% of the index in Paris at the same time, under driven by quarterly earnings well above expectations thanks to the performance of Airbus. 

EADS announced a charge of € 158 million to cover repair costs of 71 A380s delivered in late March, in addition to an initial estimate of the cost already announced 105 million.

"There's probably some relief due to the fact that they have solved the problem quickly. This removes the uncertainty," said Sandy Morris, analyst at Jefferies. "The 'bulls' will have something to put in their mouths, but this is only the quarter and the road is still long."

These cracks, discovered for the first time in early January on Singapore Airlines A380 and Qantas Airways, are a new damage to a program that has accumulated delays in its development.

"We will apply the repair of each delivery as we have not built the permanent solution (…), which should probably still look after this year and next," said EADS CFO Hans Peter Ring during a conference call. 

CONCERNS ON SPAIN

EADS, which will renew his leadership after the general meeting on May 31, judge now "more ambitious" goal of delivery of 30 A380s in 2012 due to many of delayed deliveries, without compromising the objective of balancing the program by early 2015.

By virtue of maintaining a balance between Paris and Berlin in EADS, the German Tom Enders will succeed to the presidency Louis Welsh executive of EADS, while the Translation ais Bregier takes the helm of Airbus, which is the current number two.

Hans Peter Ring said EADS adapted management of its cash and its coverage because of the crisis in the euro area, now with "real problems" in Spain, one of its shareholder countries. 

"This is one of our big puzzle today because we have seen a sharp deterioration of our partners, that is to say banks, for two years and became much more difficult to cope with such a context, "he said.

EADS has reached a first quarter EBIT of 343 million euros, up 79% and a turnover of 11.404 billion, up 16%, and net income of 133 million in instead of a loss of 12 million a year earlier.

Analysts polled by Inquiry Financial Europe on average expected a first quarter revenue of 10.636 billion and an EBIT of 331 million. 

The group confirmed for 2012 include an EBIT before nonrecurring items above 2.5 billion euros – against 480 million for the first quarter alone – and a greater than 6% of its turnover.

EADS 'order intake almost doubled last year to 12 billion euros through the A320neo, the improved version of the Airbus Single Aisle.

The aircraft manufacturer has reaffirmed aim for about 570 deliveries this year, indicating that the number of gross orders should be higher deliveries. In January, the aircraft manufacturer said it expects 600-650 aircraft gross orders in 2012, after a record 1,608 in 2011.

Boeing's rival garnered 112 gross orders during the period from January to April – a total of 95 net after cancellations – and has delivered 183 units in January-April, including five A380s.

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.

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 ….. ….

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 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.

The Tokyo Stock Exchange closed up 0.01% Wednesday, the benchmark index of the Japanese financial market has erased almost all of its gains late in the session while e ; silent during the meeting on track to achieve its best February since 1991.

The Nikkei gained 0.72 points to 9,723.24 and the Topix broader, yielded 2.52 points (0.3%) to 835.96.

Investors have finally opted to take profits pending the outcome of the second injection of cash to three years by the European Central Bank.

GDF Suez plans to hire nearly 10,000 people in France this year, says its CEO Mestrallet in an interview with Le Monde, published on Monday.

"In 2012, we will hire 7,600 people in CDI and CDD in 2500," he said.

Since the merger between Suez and Gaz de France in 2008, the group has invested "more than 10 billion euros in France, employed 30,000 people and 7,000 signed contracts alternately," added Mestrallet.

"Globally, the group will maintain its investments to the tune of 30 billion euros over 2011-2013, while maintaining a sound financial structure to prepare for recovery."

GDF Suez will publish its 2011 results on Thursday.

One third of these assets was deposited in banks in the UK, 10% in Switzerland. In total, the Greeks withdrew their banks 65 billion euros since the beginning of the debt crisis. The facade of the National Bank of Greece after a demonstration.

A total of 65 billion was withdrawn from banks in Greece since the beginning of the debt crisis in 2009, of which 16 billion was legally transferred to banks abroad, said Friday the Greek Minister of Finance Evangelos Venizelos, before Parliament, in response to questions from MPs in terms of debt restructuring and the new Greek EU aid, still under negotiation with creditors.

According to the minister, "32% of the 16 billion euros have been deposited in banks in the UK, and less than 10% in banks in Switzerland". According to figures from the Bank of Greece, deposits at end December 2009, banks in Greece, amounted to 237.3 billion euros, and in June 2011, they amounted to 188.1 billion euros. With a shortage of liquidity in the country, Evangelos Venizelos defended the new plan of European aid to Greece, which is to strengthen the capital of banks with 40 billion euros, and "ensure the economic recovery".

The recapitalization of Greek banks must intervene in the erasure under 50% of the nominal value of bonds held by private creditors to ease the debt burden of countries, which must pass 160% of GDP currently at 120% in 2020. The minister stressed the "importance" of the finalization of the agreement on debt relief and the payment of the new international loans to countries € 130 billion, agreed in October in Brussels by the euro area, to that the country avoids default in payment by March 20, when Greece must pay 14.5 billion euros of bonds due.

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.