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Three of the 17 autonomous regions of Spain announced Friday that its budget deficit for 2011 were higher than the figures originally published.

The Madrid region, the second of Spain by the gross domestic product (GDP), said he finished 2011 with a deficit representing 2.2% of GDP and not 1.13% as first announced. The budget deficit of Valencia, the fourth autonomous community, stood at 4.5% instead of 3.78%.

The deficit of Castile and Leon has also been slightly above expectations.

The new figures, which were published in the areas of budget plans for 2012 are likely to weigh on the overall figure of Spain's public deficit for 2011, while the country is struggling to restore confidence in its banks and to convince investors that it meets its objectives.

The government of Mariano Rajoy promised to bring its public deficit to 5.3% of GDP in 2012, after missing its target last year, mainly due to higher spending es than expected regions. Last year the government deficit totaled 8.5% of GDP, but it should be 6%.

Thursday, the government approved the plan of the autonomous communities to reduce their spending by 13 billion euros and increase revenues of five billion.

Of the 17 Spanish regions, only one of Asturias in the northwest of the country, had its budget rejected.

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.

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 ….. ….

Foreign trade continues to be a real asset to the German economy. The raw data published today in fact an upward trend in exports, which should enable him to escape recession early this year. Volkswagen new models ready to exported waiting in the port of Emden in Germany

Foreign trade is a safe bet for the first European economic power. The increase in exports has enabled Germany to enhance its growth ambitions, avoiding a recession that some economists feared. The trade surplus of Germany has reached 14.7 billion euros in February, against 13.2 billion in January, according to raw data released Tuesday by the Federal Statistical Office Destatis. Exports on the other hand reached 91.3 billion euros, against 86 billion in January, still raw data, according to a statement.

In data adjusted for seasonal and calendar followed by most economists, the German trade surplus has instead declined in February compared to January, to 13.6 billion euros against 15.1 the previous month millliards . Blame it on the highest increase in imports than exports (+3.9% against +1.6%). This decline did not stop Carsten Brzeski, economist at ING, to judge that exports remain "faithful friend" of the German economy and that they had "defied the cold of February".

The statistics released Tuesday are all the more reassuring to economists that they contrast with previous indicators rather bleak, especially concerning the production and factory orders. "Finally a good number", and exclaimed Ulrike has Rondorf, bank Commerzbank. Unlike some other economists predict that in Germany a short recession, it has "the hope that the German gross domestic product in the first quarter increased, if only modestly."

Mr. Brzeski underlines that the fate of Germany depends increasingly in the hands of partners outside the euro area, which will not make the rebalancing (in EMU) easier. According to the Statistical Office, German exports accumulated since the beginning of the year to the member countries of the euro area increased 4% year on year, against an increase of 8.5% to the countries members of the European Union which have not adopted the single currency, and 14.4% to countries outside Europe.

This trend was confirmed today by President of the Federation of German Wholesale and exporters (BGA) Anton Börner: "outstanding for the year, we see again and foremost a good chance of growth in Asia South and East, Latin America, North America and the Middle East, "he said at a news conference. Despite the debt crisis and austerity plans that discourage orders in the euro zone, Mr. Börner table for 2012 on "a trade surplus of 159 billion euros against 158 ​​billion last year." Exports are expected to increase by 6% to 1.124 billion euros in 2012, and imports by 7% to 965 billion euros, while the nominal data, he said.

The social network Facebook will stop next week's trading in its shares on secondary markets as part of preparations for its IPO in May, officials said a source familiar with the matter.

The American group has recently asked the companies that manage the transactions on its capital outside regulated markets to suspend them, a decision to re ; reduce distortions of value that might disrupt the binding of its IPO price, said another source.

Facebook plans to raise five billion dollars (3.75 billion euros) in its IPO. This could add value to the $ 100 billion, which would make it the largest IPO in the history of Silicon Valley.

The possibility of such an operation in May depends on the decision of the Securities and Exchange Commission (SEC), the authority of the U.S. equity markets, the prospectus filed by the group, noted the first source.

Facebook this document amended three times since its initial filing in early February.

A Facebook spokesman declined to comment.

Some investors are challenging the group's choice of a capital consisting of two classes of shares that would give the Chief Executive Mark Zuckerberg effective control of 56.9% after the company entered e stock exchange. 

Despite these criticisms, the demand for securities and promises strong action Facebook shines on secondary markets.

SharesPost Financial, a company specializing in capital transactions in unlisted companies, said Wednesday it would no longer intervene in the equity trading Aftern Facebook s Friday "to help ensure the orderly transition of society towards regulated markets".

SecondMarket, an intermediate competitor, declined to comment.

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.

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".

The pan-European Stoxx 600 index is expected to grow about 4% from its current level and the end of next year, a growth limited by fears about the financial situation of Europe and the United States, according to a Reuters poll published Thursday.

The quarterly survey of more than 40 analysts and fund managers over the past week shows that the index comprising the 600 major European cap should come out to 250 points at the end of December 2012, against 240.08 points at the close on Wednesday and 265 , 25 points late July summer before his fall (-15% in August and September).

"The factors (rebound, Ed) largely concern the ability of the industrial states to bring order into their finances, whether it's debt management or the needed balance between spending and revenues "said Christian Jimenez, president of Blue Diamond Management.

"So the emergence of a new method for solving the debt crisis which should allow the return of confidence.

GDF Suez confirmed Friday its target dividend for the period 2011-2013.

The CEO of energy company, Mestrallet, said at a conference organized on the occasion of the exhibition that the group was Actionaria for the next two years a dividend at least equal to that of the previous year.

"We commit not to lower the dividend," he confirmed.

Asked about the debate on nuclear energy in France, Mestrallet declined to take a stand.

"We have no nuclear power in France, we have in Belgium.

The U.S. economy has created a little less than expected jobs in October, but the unemployment rate returned to 9.0%, its lowest level in six months, and the upward revision of new posts of August and September suggests that the labor market found some strength.

The number of jobs created was 80,000 last month, showed the statistics released Friday by the Labor Department, while economists predicted 95,000.But the months of September and August, that number was revised up and give 102,000 more jobs than previously announced.

The unemployment rate also fell to 9.0% against 9.1% in September, even though entered the labor market became more numerous.

"This is a step in the right direction," said John Canally, an economist at LPL Financial.