The Top News

In March, exports totaled 36.5 billion euros and imports 42.22 billion, a shortfall of 5.7 billion euros, against 6.4 billion in February. This decline reflects the drop in energy imports. View of the port of Marseille

The trade deficit of France, which had widened substantially in February because of the cold wave had boosted energy imports fell in March to 5.721 billion euros, the Customs said Wednesday. "Trade interrupt their progress in March. The decline is more pronounced for imports after major energy purchases in February (cold snap), so that the trade deficit reduced by more than 500 million euros," explained Customs in a statement.

Exports totaled 36.491 billion euros and imports at 42.212 billion. "The exports of manufacturing industries are marking time, after their sharp increase earlier this year," commented Customs. Monthly data are seasonally adjusted and the number of working days. The deficit of 12 months completed end of March stood at 68.597 billion euros, a figure to compare the record reached 70.671 billion in calendar 2011, whichever is again revised by Customs.

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.

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.

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

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 ….. ….

Sony announced Thursday the outlines of a recovery plan providing for the elimination of 10,000 jobs worldwide, representing 6% of its workforce, hoping to return to profit despite the difficulty ; s division of his television.

Led by its new chief executive Kazuo Hirai, the Japanese manufacturer of consumer electronics said he wanted to strengthen its business in mobile telephony, digital imaging and gaming while seeking strategic investments in medical equipment and batteries for electric vehicles.

Sony suffers from declining demand for its televisions to compete more innovative rivals such as Apple or the American South Korea's Samsung Electronics. 

"We heard the many voices calling for change of investors," said Kazuo Hirai, the new boss at a crowd of journalists gathered at Sony headquarters in Tokyo.

"Sony will change," he promised, adding that he intended to become a key player in the global market for mobile telephony.

Kazuo Hirai, who took office as head of Sony last month, said the group aimed for a total turnover of 8,500 billion yen (80 billion euros) in fiscal 2014 – 2015 and an operating margin of over 5%.

Eventually, Sony also hopes to increase to 100 billion yen in sales in the medical field, has indicated Kazuo Hirai. 

In a statement released before the press conference, Sony said, anticipating a restructuring charge of approximately 75 billion yen (705 million) in fiscal year which ends March 31, 2013 .

The group intends to reduce its fixed costs 60% and 30% of its operating costs in televisions in 2013-2014 compared to this year.

Prior to these announcements, action Sony closed up 0.86% to 1,528 yen in Tokyo Stock Exchange. The Group's market capitalization has shrunk by almost 20% over the last month. Samsung is now ten times, while Apple – some Sony executives were considering buying in the early 90s – now represents 30 times its market capitalization.

Sony, like its Japanese rivals Sharp and Panasonic, has suffered in recent years a decline in demand for televisions, fierce competition and competitiveness weighed down by the strong yen.

The group said Tuesday forecast a record annual net loss of 520 billion yen (4.88 billion euros) for its 2011-2012 fiscal year, which is more than double the expected loss in February.

With the exception of Frankfurt, the main European stock markets ended slightly higher Thursday, but on the whole a week cut short due to Easter weekend extended, they show a marked decline, with such a decline of 3.04% for the CAC 40 in Paris, mainly because of concerns about the financial situation of Spain.

In Paris the CAC 40 closed up 0.19% (6.34 points) on the day at 3319.81 points. The UK FTSE gained 0.35% while the German Dax has sold 0.13%. The pan-European FTSEurofirst 300 index took 0.12%.

The exchanges were volatile throughout the session, which ultimately resulted in a slight gain thanks to a surge in mining stocks, which sector index jumped 1.82%, by far the best performance of the session, before the oil (0.81%).

The resilience of these compartments highly cyclical, which had suffered heavy losses during the previous two sessions, is partly explained by the anticipation of positive numbers in employment to United States.

"The markets are closed tomorrow, so if you are an investor and you think that this statistic will be better than expected, then you buy. This indicator should reflect a further improvement in the labor market in the U.S. and the good employment figures in recent months have helped fuel the stock market rally in progress, "said a broker based in ; London

. Due Friday, all major stock exchanges, except for the Asian markets will be closed Friday and some (Euronext, London, Frankfurt , Madrid, Zurich and Hong Kong among others) will not reopen until Tuesday due to Easter Monday

. This long weekend will not prevent chera, however, the U.S. Department of Labor to publish Friday's monthly employment figures, always eagerly awaited by investors

. Economists polled by Reuters expect March to 203,000 jobs created outside the agricultural sector from 227,000 in February. 

A Spanish Treasury auction Wednesday marked by weak demand and yields to rise, despite the austerity budget presented by Madrid, has revived tensions over the debts of pe riphériques the euro area and fueled a movement of flight to quality benefiting in particular German bunds.

To questions from investors on the viability of public accounts of some countries in the euro area was added Thursday to the disappointment of indicators (manufacturing in Germany and Britain) worse than expected, underlining the weakness of activity in Europe. 

Even if they did not quite meet the expectations of economists, weekly jobless claims in the U.S., touching a low of nearly four years, illustrate the gap between the two sides of the Atlantic in terms of conditions.

Inflation, excluding tobacco, should register at 1.8% in 2012, Bercy announcement Wednesday after the meeting of the Economic Commission of the Nation, a group of economists that advises the Minister of Economy.

The last update of the multi-year strategy of public finances envisaged inflation excluding tobacco to 1.7% this year.

"Based on an inflation forecast of 1.8% excluding tobacco for 2012 adopted by the Economic Commission of the Nation, Baroin (Minister of Economy, Ed) and Xavier Bertrand (Minister of Labour) indicate that a 2.1% revaluation of pensions will be applied from 1 April next year, "the Ministry of Economy said in a statement . 

"At the 2012 inflation forecast, is added the difference between the inflation recorded in 2011 (2.1%) and the initial forecast for 2011 (1.8%) or 0.3%. Such adjustment ensures complete the purchasing power of retirees, "it added.

The Tokyo Stock Exchange ended higher Friday in small, signing its fourth straight session of progression through encouraging statistics from the U.S., but gains were limited by profit taking on export values.

The Nikkei gained 0.06% (6.55 points) to 10,129.83 points and the Topix broader, took 0.36% (3.12 points) to 866.73 points.

The weekly jobless claims in the U.S. fell last week to their lowest in four years, while manufacturing activity in New York and re Philadelphia region rose more than expected.

In this context, cyclicals have drawn their own in the game The manufacturer of construction machinery Komatsu took 1.71%.

The rebound of the yen, which resumed colors Thursday after touching a low of 11 months against the dollar has pushed some investors to take their gains in export values. Nissan, Honda and Toyota have yielded between 0.1% and 0.6%.

March is the end of the fiscal year 2011-2012 in Japan and many players prefer to ensure their profits for this date.

Credit Agricole said Thursday a net loss more severe than expected in the fourth quarter of 2011, to 3 billion euros, due to heavy writedowns related to the crisis area euro and restructuring costs of its banking and investment banking (CIB).

The bank, listed vehicle Crédit Agricole group, said in a statement it had also passed a new supply of government debt, 220 million euros, bringing the discount on debt public of this country to 74% against 75% for BNP Paribas and Societe Generale.

The last three months of 2011, its provisions have generally been multiplied by 2.5, while its net banking income rose 4%. 

As announced in December, Crédit Agricole has recorded for 2.5 billion euros of writedowns in the fourth quarter 2011.

The bank also said that apart from these impairments, restructuring costs amounted to 482 million euros.

"Net banking income was impacted by EUR 258 ​​million in corporate and investment due to the disposal of portfolios," said she.

According to the consensus reached by the editor of Reuters, analysts on average expected a loss of 2.7 billion euros.

For the full fiscal 2011, the bank falls into the red with a net loss of 1.47 billion euros. 

Taken together, the Crédit Agricole group, however, shows a net profit of 812 million euros, which compares to a profit of six billion euros for BNP Paribas and 2 , 4 billion for Societe Generale.

Like many other institutions, Credit Agricole, already enmeshed in the difficulties of its Greek subsidiary Emporiki, has launched a restructuring of its BFI that includes: the removing more than 1,700 positions.

At the Paris Stock Exchange, the shares finished agricultural Wednesday down 3.76% to 5.01 euros. The title has nonetheless gained nearly 15% since the beginning of the year after plunging more than 50% in 2011.