Italy has a bond issue passed Monday by taking test 5.25 billion euros in the medium and long term interest rates steady at almost three years, despite strong investor concerns for the euro area due to blockage policy in Greece.

The total demand of investors amounted to 9 billion euros, allowing the Treasury, which were up between 3.5 and 5.25 billion euros, reaching its maximum target, announced the Bank of Italy . As part of its main issue, the Italian Treasury has raised 3.5 billion of securities maturing in 2015 at a rate of 3.91% against 3.89% in the last similar operation on April 12. He also issued 542 million of securities due 2020 at a rate of 5.33%, 651 million of securities due 2022 at a rate of 5.66% and € 557 million of securities due 2025 at a rate of 5.90%.

The Bank of Italy does not compare the rates of these bonds with those recorded during previous shows. "The show went well overall," said Elia Lattuga, bond strategist in the bank UniCredit. "The maximum was reached," a "particularly good result" that the market was marked "by difficulties this morning," added Chiara Manenti Intesa Sanpaolo.  

The political stalemate in Greece, which still has no government more than a week after the parliamentary elections, has plunged European stock markets Monday and caused a fever in the bond market.

Despite the success of this program by Rome, the Italian market also remained very tense. Secondary market, where exchange debt already issued, the rates in Italy were part of ten years at 5.724% to 5.495% cons 10:25 GMT Friday night while the Milan Stock Exchange 2.90% let go.

Friday, Italy, which faced since mid-April to a sharp rebound in rates after a strong expansion in the first quarter, recorded a great success on the debt market by placing 10 billion shares to three months and one year at declining rates.

Axa has confirmed the end of September to have committed "a strategic review" for the national champion of private equity but talks with potential buyers seem to have since stalled. (And see)

"A priori the outcome and the results of this strategic review, it is hoped that this will be completed before the end of the year," said Chief Financial Officer Gerald Harlin at a conference call to discuss the indicators of activity of the group for the first three months of the year.

The fate of this subsidiary represents some economic issue for France, say some observers.

Axa Private Equity is indeed a major investor in the territory and its French base becomes even more desirable for new financial rules could scarce investment capital in companies. 

The essential part of its business, the French insurance giant announced a turnover up 0.8% to 28.056 billion euros for the first quarter.

The growth in business damage (3.3% to 9.973 billion euros) offset the virtual stagnation of the life segment and Savings (-0.2% to 15.956 billion of euros) and a lower turnover in the management of assets (-9.6% to 827 million euros).

Gérald Harlin said these results were in line with the strategic plan for 2015 presented by Axa last year.

This plan would redeploy some capital to the group of high-growth markets and, more generally, to focus on margins and volumes. 

The CFO also said that the situation in Greece and the euro area was creating a climate of "volatility" in financial markets but in Axa took full account.

"It positions itself especially on segments that are least sensitive (…). This is why we are fast growing activity on the protection, welfare," at he said.

He nevertheless admitted that the life insurance segment continued to suffer from macroeconomic conditions in Europe.

"We're in a world of low interest rates and are done with," he concluded.

This is an above analysts' forecasts, who on average expected a profit decline to 2.7 billion euros.

Around 8:10 GMT, action Volkswagen earned 4% to 131.25 euros, while the European sector index gained the automotive 1.6%.

The Paris Stock Exchange closed sharply lower Friday amid concerns persist about the situation in Spain and Italy, and while the slowdown in Chinese growth is stronger than expected. The CAC 40 gave 2.47%, passing under the 3200 points to 3189.09 points, in a trade volume of 3.697 billion euros.

On other European markets, Frankfurt fell 2.36% and 1.03% of London. The Eurostoxx 50 index lost 2.58% on its side. "We broke a very important technical level, that of 3200 points, this does not bode well. We will start next week in very bad disposition, "warned Frederic Rozier, manager of equities at Messchaert Private Banking Growth Slows

.

The Chinese trend has been sealed, early interactions, confirmed by the slowing of Chinese growth, which reached its lowest level in almost three years (+8.1% yoy in the first quarter). "Investors not expect a downturn as fast. It should be remembered that any slowdown in China has a strong impact on the global economy, "said Mr. Rozier. However, for Renaud Murail at Barclays Bourse," it is almost certain that stakeholders would not reacted so negatively to this statistic a few weeks ago. Currently, less bad news is amplified. "  

The climate has been sealed by the blood of net borrowing rate of Italy and Spain in the bond market, yields on 10 year Spanish flirting again with 6%. Rome suffered a further decline in industrial production in February, while economists were betting on a rise, while the debt of Spanish banks to the ECB in March smashed the record already history for the previous month. "This suggests two disturbing elements: access not only of the Spanish market remains difficult, but they still have a strong need for short-term liquidity," said Alexandre Baradez at Saxo Bank.

The bank attacked very

The banking sector in the fourth largest economy in the euro area of ​​particular concern for investors because it is very exposed to the real estate market in the doldrums in the country. In this context, anxiety, low morale of U.S. households has compounded the disappointment of stakeholders.

As for values, the banking sector has been particularly attacked, Societe Generale yielding 5.79% to 17.80 euros, BNP Paribas 5.22% to 30.40 euros and Credit Agricole 5.08% to 3.91 euros. More cyclical stocks have suffered heavily from the slowdown in China, the image of Peugeot (-5.15% to 9.84 euros), Lafarge (-4.94% to 30.88 euros) or Vinci (-4 , 21% to 34.83 euros). L'Oreal was the only value of the CAC 40 close to achieving in the green (1.15% to 92.14 euros) after the beginning of 2012 found "promising" with sales up sharply in the first quarter.

Capgemini (-5.12% to 29.92 euros) suffered from lower sales forecasts for 2012-2013 the number two Indian IT Infosys Technologies. Atos took to 2.31% to 44.37 euros, while a note from Morgan Stanley suggests the establishment of "strategic options" for the group if the title is still low. Stallergenes has granted 3.34% to 42.66 euros after confirming its annual growth target following an increase of 7% of its turnover for the first quarter. Finally, Gold by Gold unscrewed from 6.01% to 6.72 euros in its first day of trading on Euronext Paris.

This initiative can in theory lead to penalties amounting to billions of dollars imposed on EU products.

"We refuse to remain inactive while companies and American workers are disadvantaged," said Ron Kirk in a statement. 

The text clarifies the intent of the United States to ask the WTO to say whether the EU has complied with a previous decision of the organization de ; favorable state aid to Airbus.

Over the whole of 2011, the bank shows a loss of 9.2 billion euros, a result of massive writedowns in the third quarter, primarily goodwill.

Italy's largest bank by assets had already passed the annual dividend.

Earnings in the fourth quarter, beating consensus giving 30 million, compares with a profit of 321 million euros a year earlier. 

The ratio of Tier 1 capital was hard to 9.97% on a proforma basis, taking into account a difficult capital increase of EUR 7.5 billion performed in January 2012.

Former analysts rating agencies testified Wednesday in the Senate on their working conditions, reporting a dire shortage of manpower and intense competition among agencies that sometimes pushed to note without sufficient data .  

The Senate on Tuesday launched a mission of information on credit rating agencies and which audition until July consult experts, former employees of agencies, debt issuers and investors in France and abroad.

"Your question is daunting, watermark, you ask us: + Did you know what you did? +, Told senators who questioned Anwar Hassoune, who spent seven years at Standard & Poor's and three years at Moody's. "The answer is + not + always. There is never enough analysts, "responded Normale Associate Management, a graduate of HEC and Sciences Po, who says he experienced analysts for 35 to 45 cases each

. "It is humanly impossible, we had to follow two Credit Agricole, it is not possible!", he said. For him, the analysis of Crédit Agricole would require "a battalion of a dozen analysts with 15, 20, 30 years of experience, knowing all the ins and outs of each business" of this banking giant. "But this is not sustainable economically because each entry will cost 500,000 euros and 600,000, including bonus" and your "business is dead," he said.

Behind this problem is the business model of agencies, the high margins they achieve for their shareholders, analysts have estimated the former. "It is rightly said that it is outrageous that agencies emerge as significant margins," said Catherine Gerst, who worked at Moody's Paris from 1991 to 2000, first as an analyst before becoming CEO.  

Agencies who had "no obligation to reinvest in people," Ms. Gerst suggesting to create constraints of this type, for example to limit to 10 the number of entities to be processed by analyst. As for subprime ("subprime"), the agency had only two years of decline on these new products and noted "knowing full well they had no data" necessary, she lamented, explaining this fact by "too much competition between agencies."

This is a record. China recorded in February its largest trade deficit in over a decade, from 31.48 billion dollars, due to a surge in imports, particularly oil, according to figures reported Saturday by China Customs.

Imports jumped 39.6% year on year to 145.96 billion dollars, while exports rose 18.4% to 114.47 billion USD, have detailed the Customs on their website.

Imports grew far beyond the expectations of economists polled by Dow Jones agency, who on average expected 26% increase, while exports are well below their forecasts, which were 28.8% increase.

The expected deficit by these economists was 8.5 billion only. This is the largest trade deficit ever recorded in a single month by China since at least 2000, according to Dow Jones agency.

Slowdown

For the first two months of the year, China has a trade deficit of 4.25 billion. In January, it had a surplus, but the volume of China's foreign trade had shrunk because of the impact of Chinese New Year celebrations. The high level of imports is mainly due to oil imports, which hit last month to a record volume of 23.64 million tons, amounting to 19.47 billion dollars.

China recorded a trade deficit frequently earlier this year, but in 2011 it had only reached $ 890 million for the first two months of the year.

The deficit in February in addition to other economic indicators released reflecting a slowdown in the second world economy.

"Overall, we see an acceleration of deteriorating economic conditions," responded Zhang Zhiwei, an economist at Nomura Securities agency quoted Dow Jones. "The slowdown occurs more rapidly than expected in the government," he said.

The record trade deficit could prompt Beijing to further relax its monetary policy to support economic activity, while Chinese exporters are suffering from the impact of the debt crisis in Europe and weak economic growth in the U.S. .

In the beige book of the U.S. central bank, released Wednesday, the Fed also notes some improvements in the property sector although, overall, the tone is as careful as in the pre ; cédente edition of this document.

"The conditions in the housing market have improved somewhat in most districts," we read in the paper.

Manufacturing is one who is doing best, with most of the 12 Fed districts with a rise in new orders.

This afternoon, a new match was held at a distance between Nicolas Sarkozy, visiting the Petroplus refinery in Petit Couronne, and François Hollande, who moves in Florange to meet with employees of Arcelor Mittal. Two strategic locations in the field of employment. The outgoing president has announced a 6 month contract with Shell and restart the refinery. The Socialist candidate, himself, proposed a law requiring companies to find a buyer when leaving a site. Back to the duel of "saviors of plants".

2:05 p.m.: Arcelor Mittal is dismissed by the High Court of his application for entry ban to anyone outside the service in its application was primarily site.Cette the many journalists covering the occupation of the site by employees.

14:00: Nicolas Sarkozy said that would be discussed next week in Parliament a bill to prevent the diversion of assets of a failing firm, regarding the Petroplus oil declared bankrupt since late January.

14:00: "Now we need you to fight for the more difficult is that the buyer", said also the head of state. There are 3 or 4 buyers interested [...] So far we have not yet found "

. 1:52 p.m.: With regard to the financing, the president ensures that for two months of work needed to restart the refinery, "was 50 million. The 20 million were transferred to the state, 10 million will come through quotas CO ², and the other 20 million cash avanace Schell in "

1:50 p.m. "Last night later, we signed a processing contract, which guarantees refining activities for a period of 6 months. If there was no contract, it was over. The oil company will provide the gross pay and the cost of processing.

1:40 p.m.: Francois Hollande reacted to the news of Nicolas Sarkozy: "It is in fact only get the former owner of the site. This is going to the most urgent."

1:20 p.m.: "I am a word. It is signed" with Shell, said Nicolas Sarkozy, adding: "I'm not saying it saves the refinery, but it is signed, it makes the job for six months ".  

Holland made two proposals

1:18 p.m.: Holland wishes to clarify that he came as an MP, and is prepared to file a bill: "When a large firm does more than one production unit but does not give the, we will do a bill that will force him to appeal to buyers. " Another proposal: the businesses that use too much to pay the interim benefit of unemployment contributions. He is applauded by employees.

1:10 p.m.: The Socialist candidate speaks. He says he wants to defend the steel industry, "sector of excellence". "I come before you to make commitments. I am aware of the anguish that is yours." He adds, to the attention of its competitors: "There are candidates and candidates of the people who claim to serve the people"

13.00: Francois Hollande arrived at the plant Arcelor Mittal, where he has not spoken yet. It stands in the middle of union representatives, who express their demands, after climbing a truck.

12:45: The president finally arrives on the site. Francois Hollande, is always expected Florange.

11:50: The PS deputy for Seine-Maritime, Laurent Fabius, was invited by surprise on the Petroplus refinery site to welcome Nicolas Sarkozy.

11:45: Nicolas Sarkozy will meet in closed session with the staff representatives and administrators of the Petroplus refinery.

Faced with a record unemployment rate since 1999 that is almost symbolic of the 3 million people, the head of state has recently invested personally in two emblematic cases of companies threatened: the Lejaby lingerie factory Yssingeaux (Haute-Loire) and the solar panel manufacturer Photowatt to Bourgoin (Isère). Candidate since Feb. 15 to a second term, Nicolas Sarkozy made a record of his two electoral argument to illustrate his determination to protect "the France of the factories". "If I had said as they (the Socialists) + we + can not do anything, Alstom would no longer exist, Photowatt we do speak of it and Lejaby would have been wiped off the map", he said Thursday at a public meeting in Lille.