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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.

The U.S. places have opened sharply lower Monday, in the wake of the decline in European markets, amid fears of an outflow of Greece in the euro area and a more pronounced slowdown than expected in the Chinese economy.

In early trade, the Dow dropped 0.72% to 12,728.27 points. The Standard & Poor's, wider, yielding 0.86% at 1341.80 points while the Nasdaq composite lost 0.81% to 2910.32 points.

The "radical left" Greek refused to participate in new negotiations to try to form a coalition, which reinforces the scenario of a new legislative elections in June, that would extend political instability.

Moreover, the Chinese authorities' decision to lower this weekend reserve requirement ratio of banks is once again came illustrate the uncertainties on the growth of the second world economy.

Faced with the withdrawal movement of investors in risky assets, the S & P 500 could return to test an important technical support to 1,340 points, which, if broken, could bring down the index even lower. 

Values, JP Morgan fell 2.3% to 36.11 dollars. The bank announced changes in management after the loss of at least $ 2 billion related to a hedging strategy risky.

In contrast, Yahoo progressed from 1.84% to 15.47 dollars. The group will have to find a new CEO for the third time in three years Sunday after the resignation of Scott Thompson, pushed initially after the controversy surrounding by a fake university degree in computer science listed on his resume.

Avon Products jumped 4.06% to 21.01 dollars. The cosmetics group said Sunday he informed Coty

he would study the takeover offer of 10.65 billion dollars (8.27 billion euros) launched by the latter, adding that he should respond within a week.

The Cypriot Panicos Demetriades, a new member of the Governing Council of the European Central Bank, pleaded Saturday for a stimulation of growth when the European Commissioner for Economic and Monetary Affairs, Olli Rehn , repeated his opposition to any stimulus funding from public funds.

"A strong safety net for employment and living standards of citizens will stop the decline in state revenues and consequently an increase in deficits (budget)", has estimated the new Governor of the Central Bank of Cyprus during his first press conference in Nicosia. 

Panicos Demetriades ruled in favor of adding the European fiscal pact "a framework of measures to stimulate growth", making its contribution to the debate that has accelerated ; within the European Union since the election of French President Francois Hollande and before the EU summit of 23 May

In Tallinn, where he participated in a conference, the European Commissioner for Economic and Monetary But he reiterated his opposition to the financing of measures to support growth by more dice ; public spending. 

"We can not solve the crisis by adding debt to debt, which is already affecting our growth forecasts", argued Olli Rehn, who called Tuesday in Brussels "false debate" the opposition between consolidation and growth.

"AUSTERITY NOT ENOUGH"

"In the current economic situation, low growth and high debt, we have no choice: we must do one or the other," he explained.

"We need to continue fiscal consolidation because we suffer from a very high level of public debt, which increased on average by 60% to 90% in Europe," he insisted Saturday during his presentation.

Panicos Demetriades has said his side that fiscal austerity was not a quick fix. 

"Preserving the fiscal pact adopted by EU leaders is an important step towards restoring fiscal balance, but a recession exacerbated by austerity rity feeds a vicious circle between declining production and a heightened lack of budgetary resources, "said the member of the Governing Council of the ECB.

"We now understand, in Cyprus and in the rest of the euro area, that austerity is not enough alone to clean up the finances of a country, especially when all other countries of the EU apply the same policy, "he concluded. 

Panicos Demetriades had held before his appointment as governor of the ECB should reassess its monetary policy too focused, he says, on controlling inflation, the model the German Bundesbank.

Santander said Thursday net profit down 24% in the first quarter as a result of provisions for bad and doubtful debts up to 3.1 billion euros.

The largest bank in the euro area has reported a net profit of 1.6 billion euros, which is beyond the consensus of analysts.

What wealth conceals the nest egg of presidential candidates? All contenders at the Elysee are required to communicate their heritage to the Constitutional Council. For now, only that the candidate Nicolas Sarkozy has been officially released. Here are pictures, information available on the richness of the main contenders at the Elysee. Fifth

Previous Previous PauseSuivant Nicolas Sarkozy: 2.7 million euros Next Photo 2/5

Previous Previous PauseSuivant Francois Hollande: 1.17 million euros (property) Next Photo 3/5

Previous Previous PauseSuivant Bayrou: 836 881 euros Next Photo 4/5

Previous Previous PauseSuivant Jean-Luc Melenchon: 760 000 Next Photo 5/5

Previous Previous PauseSuivant Marine Le Pen: Heritage not found Next

Between 1999 and 2011, real disposable income of SMIC employees has increased by over 10% while the net minimum wage increased by only 5%, according to a study by the Treasury. This increase is due to PEP and RSA. The minimum wage (SMIC) increased from 8.86 to 9 euros gross time to reach 1,365 euros for 35 hours, or about 1,073 euros net per month.

Between 1999 and 2011, real disposable income (taking into account inflation) paid to employees the minimum wage has increased by over 10%, reflecting gains in purchasing power, while the only net minimum wage No ' increased by only 5%, according to research revealed by Treasury Les Echos on Friday. "The disposable income of a single person without children, who have worked full time and paid at the hourly minimum wage increased 12%, while that of a single person inactive decreased by 2% in real terms," ​​said the study.

This "strong growth in household disposable income at minimum wage over the last decade is mainly due to the introduction of measures to support activity that are PEP and RSA," say the authors. The employment bonus (PPE) was created by Lionel Jospin in 2001. This is a tax credit enjoyed by tax households where at least one spouse works. It is reserved for lower wages. On the RSA (RSA) came into force in 2009. It replaces the RMI and provides additional income to the working poor.  

Both devices are often criticized because they have their faults, most prominently the fact that they coexist and are therefore redundant. The candidate Nicolas Sarkozy wants to also remove the PPE, to fund relief from social security contributions on wages els between 1 and 1.2 Smics.

Read about: Winners and losers of the elimination of the earned income tax

However, the assistance provided by these devices is "between half and all proceeds of purchasing power" of SMIC employees, the study says the Treasury, according to family structure and working hours. The RSA and PEP have particularly benefited one-income couples and part-time. This has resulted, says the Treasury to reduce the share of earned income in the household disposable income at minimum wage. The net salary represents only 56% of disposable income at the minimum wage for a single half-time, against 73% in 1999, and 93% for a single full-time.

Another contribution of the study population is very heterogeneous smicards. Only 45% are employed full-rate all year. 30% have owned a standard of living above the median, with the income of their spouses. The more modest 25% have a lower standard of living to 12 000 per year, against 19,400 euros for the 25% most affluent.

Figures solid vehicle shipments posted since the beginning of 2012 show that Volkswagen is able to achieve its objectives for 2018, said Monday the president of his Executive Martin Winterkorn.

"During the first two months of the year, vehicle deliveries show convincingly that VW has the resources," he said from Geneva, where stands a Motor Show.

In January, the group recorded a record number of 652,500 deliveries. This trend continued in February, he said without giving figures.

VW, already Europe's number one automotive, intends to sell more than 10 million vehicles by 2018 and achieve a pretax profit margin of around 8%.

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.

Member States of the European Union plan to withdraw from the future European Stability Mechanism (MES) the possibility of involving the private sector in the financial rescue of a country, said Friday four sources familiar with the matter.

Ongoing discussions are taking place in the broader context of trade reform on the European Treaty, on which Nicolas Sarkozy and Angela Merkel agreed Thursday in Strasbourg, it was said the same source.

This does not however affect the participation of banks and insurers in the second EU aid package to Greece, where they pledged to remove 50% of their claims to the country.

"France, Italy, Spain and the peripheral countries are in Germany, Finland and the Netherlands are against," said one source.

"(The first) say that Greece is a unique case in terms of private sector participation (…) He felt that if it is a unique case, then do not include in the text (the European Stability Mechanism).

Between 2005 and 2010, they have jumped nearly 22%, while inflation rose only 8.05%, according to the National Union of ownership. It is Paris that has seen the largest increase. A jump of 72%. Paris won the prize for the largest increase in property tax with a jump of 71.97 between 2005 and 2010.

The National Union of property (UNPI) denounced Wednesday again a sharp increase in property taxes that it believes strongly amputates the purchasing power of the landlords. "Landlords have a lower purchasing power of 10% in 5 years because of the different measures that strike, including sharp increases in property taxes," said Jean Perrin, president of the UNPI, presenting the fifth edition of the Observatory of property taxes.

According UNPI, property taxes rose nearly three times more than inflation between 2005 and 2010.Total contributions from property tax on buildings increased by an average of 21.94% while inflation increased by only 8.05% between January 2005 and January 2010, according to UNPI. "To this we must add a small increase in rents, an increase of the tax and regulatory obligations as expensive diagnostics and new safety standards for elevators," says Perrin.

The amount of property tax is calculated on the basis of the rental value of the property on which the shares are perceived regional, departmental and municipal levels and, where available, for the shares of municipalities and city.