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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.

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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.

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 ….. ….

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.

This device has not reduced CO2 emissions, however. Concerned, the greatest number of vehicles purchased, and higher mileage. In 2008, emissions of CO2 from cars rose by nearly 170 kilotonnes per quarter.

On 1 January 2008, the ink of the Grenelle Environment barely dry, the bonus-malus ecological comes into force. His goal: reduce the amount of carbon dioxide (CO2) emitted by the French fleet, by encouraging financially the purchase of low emission vehicles. "This is to give a competitive advantage to virtuous products," brags Borloo, Minister of Ecology.

Las … Researchers at the INSEE recently shown that the device had actually resulted in higher total CO2 emissions. Yes, the French began to buy greener cars: average emissions of new vehicles increased from 149 grams of CO2 per kilometer in 2007 to 130 grams in 2010. But this performance was not exceptional: the period, France ranks only sixth European countries where such discharges have declined most. And, above all, it is not enough to say that the measure has actually rendered service to the environment. "The fleet size, composition, mileage per car [...] and the effect on sales of new vehicles must also be taken into account," insists the study.

Measure the effects of mixed origin CO2 (1) short-term (2) long-term (3) releases due to the "greening" of cars – from 80.4 to 155.0 releases due to the increase in the number of kilometers traveled per vehicle + 6.1 + 73.0 releases due to the construction of additional vehicles + 232.1 + 29.0 releases due to the rising number of automobiles in circulation + + 10.4 + 9.5 Total 168 , 2 to 43.8% in total emissions (actual or projected) + 1.2% – 0.4%

All this put together, emissions of CO2 from cars have actually increased by almost 170 kilotonnes per quarter for 2008 alone. The French, encouraged by the extent and fearing it disappears, bought more cars: the overall volume of sales in early 2008 was 13% higher than expected without the device. Hence an increase of the mechanical quantity of CO2 emitted. Besides the automobile manufacturing industry is very clean: from the Environment Agency and energy management, it generates 5.5 tonnes of CO2 per tonne produced. Added to this is finally a "rebound effect": the households buying more economical vehicles may tend to use it more.

The device has boosted sales of diesel, more polluting

In the longer term, the INSEE experts are somewhat less negative about the bonus-malus. Admittedly, the government tightened the device in 2010 because it was too costly for public finances (1.5 billion euros in cumulative). The new scale would push manufacturers to innovate and bring to market cars less polluting. Over time, this would offset the negative effects already mentioned.

But this is an argument "all things being equal". In real life, the economic crisis has pushed the State to establish, shortly after the creation of no-claims bonus, a "cash for clunkers". According to the Court of Auditors, the two measures, together, have had "a positive effect on purchases of smaller vehicles, to the detriment, at least temporarily, public transport". With, ultimately, a zero profit for the environment.

Worse, if one takes into account all of the pollution emitted by cars, the impact is even strongly negative. Also according to the Court of Auditors, it is unfortunate that "the bonus-malus system based on the single objective of reducing carbon dioxide emissions, without taking into account [...] nitrogen dioxide, fine particles or nitrogen oxides ". This led to a postponement of buyers to diesel vehicles, more efficient in terms of CO2 emissions, but much less regarding these other pollutants. But these are very harmful not only for the planet, but also for the health …

Caisse des Depots (CDC) has designated Monday's Deputy Director General Antoine Gosset-Grainville for the interim Augustin de Romanet until the e presidential election.

The mandate of Augustin de Romanet, CEO of the public institution since 2007, expires on March 7. President Nicolas Sarkozy had warned earlier this year that he would take no appointment as head of public institutions play a vital role in economic and social policy of the government before the presidential election of April-May

"Augustin de Romanet today informed its Executive Committee and staff of the Deposit of its decision to designate Antoine Gosset-Grainville, Deputy Director General of the Deposit, as director and acting in the absence or incapacity of the CEO, "says the CDC said in a statement. 

Appointed general manager of the Deposit by Jacques Chirac two months before he left the Elysee, Augustine had said in early January Romanet be candidate to succeed himself. Under its mandate, with the financial crisis, the Deposit has intervened on many fronts, including participation in the rescue and the dismantling of Dexia or bailout of insurer Groupama.

The name of the secretary general of the Elysee, Xavier Musca, circulated as a possible contender for the post of CEO of the CDC.

Augustin de Romanet denied on Sunday evening as a candidate or being approached in the event of a replacement for Mr. Frérot at the head of Veolia Environnement.

The levy of tax on the payroll, reform often cited in France, no advantage, the Council believes the tax burden. Explanations. The fight against tax evasion has allowed the state to recover 16 billion euros in 2010

The levy of tax at source (on payslip) exists in many countries (Germany, Spain, USA, UK, etc..). In France it's a bit of Arles: often mentioned, defended by many supporters, the reform has never been implemented and taxpayers continue to pay tax on income in a timely manner and shifted by a years. Francois Hollande envisioned as an outcome of its fiscal revolution, before abandoning it.  

The levy of income tax at source has three advantages in theory: the employee has a better vision of what he actually earns (net income after tax), it lowers collection costs for administration tax (third-party payers, most companies are much less likely than individuals) and it improves the collection of taxes (making more complex optimization and tax evasion).

But it also has disadvantages. In addition to the difficulty in managing the transition year – in particular limiting behavior of tax evasion – the levy would involve considerable cost to the companies in charge of collecting taxes, the Council believes the tax burden (CPO , attached to the Court of Auditors) in a report released today. This cost could reach 2 billion euros per year. The risk that the bosses decide wages or layoffs, based on tax rates for their employees should not be underestimated, particularly in SMEs, says the CPO. Besides the companies would have to tax data, so confidential, on their employees.

Bridge the gap between perception and the taxation of income

"The balance between the advantages and disadvantages does not justify such a shift in the current state," said Didier Migaud, First President of the Court of Auditors, in an interview with Les Echos on Thursday. He said some of the arguments for withholding have "aged". The "relationship between the tax authorities and taxpayers have been modernized," argues Didier Migaud. The CPO. First, because nearly half of the taxes levied in France are now instantly (CSG, taxes on capital income, etc..).  

Secondly because the reporting of income (pre-filled since 2006) and the tax payment (monthly payments, direct debit) are now much more automatic. The idea that the withholding tax would simplify life for taxpayers is obsolete. The tax collection is, itself, become much more efficient: the recovery rate is 99% or as much as in countries that levy the tax at source, as the CPO.

However, the CPO grade, this measure can be considered, but as part of a comprehensive tax reform and deep income taxation. That is to say, provided it is carried in advance to a simplification of massive income tax (abolition of tax loopholes, end the family income, etc..). And meanwhile, the CPO suggested deleting the one-year lag between perception and the taxation of income, especially for 40% of taxpayers who see their revenues decline one year and must wait until next year to see their tax decline.

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.