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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.

The European equity markets finished the session higher Friday while Wall Street was progressing very slightly, the encouraging results published on both sides of the Atlantic blackout fears related to the situation in Spain, engaged in an unemployment rate rising to a high of 20 years and a severe recession.

This context was unfavorable to an issue of Italy's public debt whose yields are the highest income not seen since January, although the Con sor has managed to place all of the amounts described. 

The publication of figures of U.S. gross domestic product, less robust than expected, supported the trend, investors saluting the resilience of consumption in the world's largest economy.

"The markets were supported by good numbers of U.S. consumption and an award of Italian debt which was not too bad, they have weathered the announcement of U.S. GDP growth a bit disappointing, "said Joffrey Ouafqa analyst manager at Convictions AM.

The CAC 40 was 1.1%, 36.95 points to 3,266.27 while the Dax was up 0.91%, the FTSE gained 0.49%. The Euro Stoxx 50 gained 0.92%. For the week, the Paris index sign up 2.44%.

Values, financials recovered some lost ground Thursday. FARM CREDIT wins the largest increase in the CAC 40 (4.46%), while SOCIETE GENERALE took 3.06% and BNP Paribas gained 1.49 %.

VINCI (4.24%) boosted the construction sector after announcing expect a slight increase in activity in 2012 when he foresaw stagnation so far .

On Wall Street, the Dow advance of 0.22%, while the S & P 500 is 0.14% and the Nasdaq gained 0.43%. AMAZON.COM jumped 14.80% after its results. Against the trend, Procter & Gamble was down 3.5% after lowering its annual results.

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.

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.

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.

The bankruptcy of four daily Normandy, Paris-Normandie, Havre Libre Press Havre, Fécamp and progress of their two weekly supplements was announced Monday at an extraordinary works council, officials said a union source.

The Tribunal de Commerce of Le Havre (Seine-Maritime), which is based the headquarters of the League of Norman Press, Publishing and Advertising (SNPEI) that has these newspapers will be asked to rule next Wednesday on February 29.

Martin-Benoît Curtoud, representing the National Union of Journalists (SNJ) in the EC SNPEI, said that the direction of the latter and that of the Hersant Media Group (DRG) which it is subsidiary "hope the appointment of agents for assistance." 

The decline in circulation and advertising is the main reason for the bankruptcy filing.

The estimated turnover of SNPEI settled for 2011 to 39.6 million euros and its net loss was $ 2.2 million.

The draw of the four daily newspapers and their supplements was just over 75,000 copies paid last year, including 52,606 in Paris-Normandie, the main newspaper of the pole. The SNPEI employs 365 employees.

The European Central Bank will keep interest rates in March and may well leave them unchanged for the rest of the year, according to the latest survey by Reuters Aupre ; s economists after the last monetary policy decision of the ECB.

During the press conference that followed the decision of the central bank in the euro area to keep its key rate to 1%, its chairman Mario Draghi gave no indication of a possible reduction in the cost of money at the next meeting of the Central Bank in early March.

As a result, economists who anticipated an easing credit costs next month, reviewed the consensus that prevailed around this prediction. 

On Thursday the 57 economists surveyed, only 14 felt that the ECB will lower its refinancing rate it next month. Last week, they were 41 to 71 to estimate that the central bank would decrease rates before the end of the quarter.

Mario Draghi said that the economic situation in the euro area had recently stabilized, while stressing that there were still risks.

"It is difficult to assess the thinking of the ECB," said Greg Fuzesi, economist at JPMorgan.

"Many other central banks have already lowered their rates again today. After all, the 'signs of stabilization' are not the same as a prolonged period of increased growth likely to generate inflationary pressures, "he argued …. The

….. Reuters survey shows that the probability of lower interest rates by the end of year is very low in the eyes of economists

.

According to a survey, less than a third of French say they are willing to buy the French public debt. The survey refers to the success of the "day Treasury Bills" in Italy where the people were invited to invest in government debt. It goes from 8.86 to 9 euros gross time to reach 1,365 euros for 35 hours, or about 1,073 euros net per month.

Less than a third of French say they probably or definitely willing to buy the French public debt if they were given the opportunity, according to a Harris poll for the site information and the agency Jolpress Image & Strategy to be published Tuesday in the Tribune . Only 6% of French people would buy "certainly" the debt of the country at rates comparable to those charged by banks, and 24% would buy "probably" of such bonds, said the survey.

Generali, the third European insurer, reported Friday a 37% drop in net profit over nine months under the influence of losses on its debt investments and Greek stock market.

The group, which has had to face write-downs of 824 million euros, 329 million at its own Greek bonds, is now anticipated for all of its fiscal operating profit in the lower range of 4.0 to 4 , 7 billion previously announced.

Its net profit for the first nine months of the year stood at 825 million euros, against 840 million expected by analysts polled by Reuters.

Operating income for the period it is in line with expectations, down 1% to 3.1 billion euros.

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.