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Unemployment in the UK fell to 8.2% in March after 8.3% last month. However, he could brush against 9% in 2013. Mervyn King, head of the Bank of England expects lower growth than expected.

Unemployment fell in March in the UK, according to official figures released Wednesday better than expected by economists, who provide a rare good news for UK economy into recession. Unemployment in the UK fell to 8.2% in March after 8.3% the previous month, while economists on average expected a rate of 8.4%.

The number of people looking for work fell by 45,000 over the three months ended in late March, reaching 2.63 million people, said Wednesday the Office for National Statistics (ONS). "The employment figures are remarkably strong." But they "really do not stick with the fact that the UK is supposed to be in recession," said James Knightley, an analyst at ING Bank.

The government, which expects an increase in private employment to offset job losses in officials as part of its austerity plan, hailed a "step in the right direction." But the general secretary of the union confederation TUC, Brendan Barber, for its part held that the figures were "mixed", with a drop in unemployment accompanied by the increase in part-time work and pressure on wages.

Observers of the coup remain cautious thereafter, believing that the upturn is unlikely to last, while the purchasing power of households remain under stress and that economic prospects in the UK as in the euro area are adjacent to the less mixed. "The labor market still does not come in support of a recovery based on consumption", and Judge Vicky Redwood, economist at Capital Economics. Howard Archer, economist at IHS Global Insight cabinet, table and on a peak in unemployment to 2.82 million people in the second quarter of 2013 with a rate of 8.8%.

These predictions stick with the diagnosis of the Bank of England (BoE). Economic growth in the UK in the short term will be "weaker" than expected, said Wednesday its governor Mervyn King at the presentation of the quarterly report of the institution on the economy. In this report, the Bank of England lowered its short-term forecasts, with an annual growth to below 1%, whereas in previous estimates, in February, she anticipated over the symbolic.

Societe Generale has succeeded in the first quarter to offset the impact of measures in its financial balance sheet reduction imposed by the crisis thanks to the good performance of its Activity s, mainly in banking and investment banking.

Committed since the fall of a larger plan to restructure its BFI, like many other banks in Europe, the French bank said Thursday it had sold to During the first three months of 6.4 billion euros in assets, continuing to strengthen its financial solvency. 

The group has subsequently confirmed its objective to achieve a capital ratio "hard" between 9% and 9.5% under the new prudential regime Basel III said, dismissing any increase again capital to achieve this.

"The group continues its transformation into an active and disciplined. There is a strong capital generation in the quarter," said Frederic Oudéa, the CEO of the SocGen, during a telephone press conference.

He spoke earlier this year a "strong" enabling "to look forward with confidence".

The net result of Societe Generale, the first French bank to publish its quarterly results came out at EUR 732 million, down 20.1% . According to the Thomson Reuters consensus I / B / E / S, analysts on average expected 748 million euros.

"These figures and the effort of deleveraging (reducing balance, Ed) a little more credibility to the group's ability to achieve its goal of Tier 1 common equity by 2013," said Alex Koagne analyst Natixis, in a research note.

16 BILLION IN ASSETS TRANSFERRED SINCE OCTOBER

In exchange, the action Societe Generale, which was displayed at the opening the largest increase in the CAC 40 index with a jump of nearly 5%, significantly reduced gains by midday. At 24:55, the title took 0.58% to 18.14 euros, underperforming the European sector index stroke (1.33%).

Since the beginning of the year, the stock rose more than 5%, against a 4% increase for the European banking index.

"The underlying results are very good. This happens mainly on the BFI, but retail banking in France has been quite stable," said one financial analyst based in London , who declined to be named.

"The fact that they sold in the quarter of the assets of poor quality, most penalizing under Basel III, is rather good news. In one quarter, they save 600 million (euros) in capital, "he says

. In the end, between October 2011 and March 2012 , SocGen sold for more than 16 billion euros of assets

. Constraints by the European Banking Authority (EBA ) to improve their financial solvency to cope with the crisis of sovereign debt in the euro area, European banks must always increase their equity by the end of June, the objective being a minimum ratio of 9%

. At the end of March, one of Societe Generale was 9.4%. Asked about

asset sales, Frederic Oudéa declined to make any comment on e ; ventuelles sales entities or subsidiaries. 

PERFORMANCE OF THE BUSINESS RATE

Particularly monitored by analysts, the activities in which BFI SocGen makes significant job cuts recorded a net decline of nearly 41%.

The bank manages to generate income up 39% in its interest rate, currency and commodities. For comparison, in this sector, the Deutsche Bank had revenues down 8% and Barclays saw its own increase by only 9%.

This performance of SocGen is also welcomed by several analysts.

"The performance of the BFI is remarkable with a decrease in revenues limited to 8%," said Alex Koagne, at Natixis. "This good performance is mainly supported by the FICC (fixed income, currency and commodities, Ed)."

"The activity rate is a surprise," said Tom Van Kempen, an analyst at ING. "They may have reallocated resources in these activities."

After benefiting from a rebound in the stock market earlier this year, the French bank stocks have returned an intense volatility for a month because of a renewed 'concerns about the debt crisis in the euro area.

Investors are also left out of the French banking stocks due to uncertainties related to the presidential election in France, the Socialist candidate Francois Hollande providing sector reform to protect customer deposits and make activities less risky market.

European shares fro up slightly at mid-session Friday, good earnings reports of companies that are somewhat forgotten the downgrade of Spain by S & P the day before.

Caution is especially appropriate that investors expect this afternoon the publication of the first estimate of U.S. GDP in the first quarter and the confidence index of Michigan on consumer sentiment.

In Paris the CAC 40 rose 0.29% to 3238.62 points. In Frankfurt, the Dax gained 0.08% and London, the FTSE is 0.31%. The pan-European index Stoxx 50 was stable (0.04%).

The construction industry supports the European equity markets, the index Stoxx600 of construction and materials climbing 1.7%. The fund is boosted by the good results of Vinci, whose title climbed 3.7%.

The cost of insuring against a default of Spain was up after a deterioration of the country's rating by S & P. CDS (credit default swaps) and five years on Spain took 12 basis points to 480.

Sign of tensions in the bond market of the peripheral countries of the euro area, the Italian Treasury has had to endure, during a broadcast of € 6 billion of sovereign debt, the expensive ts funding for bonds to five and 10 years at the highest since January.

Down against the dollar after the announcement of the degradation of Spain, the euro resumed in mid-day, to 1.3179 dollar.

The yen, it weakened against the dollar and the euro after the decision of the Bank of Japan to increase its program of asset purchases to support the economy.

Sodexo announced Thursday for its first half 2011-2012 sustained growth in results due to the dynamism of Latin America and North and its recent acquisitions.

The group, whose results are in line with expectations, remains cautious, confirming its overall annual forecast, but tightened its organic growth target of sales around a range of 6 to 7% against 5-8% previously.

Beyond this internal growth, acquisitions should make an additional contribution of about 4% in consolidated sales, said Sodexo, which has also maintained its aim of increased about 10% of operating profit for the year. 

"We must be cautious in a macroeconomic climate remains uncertain and is still marked by inflationary pressures on food costs," he said during a conference call on Group CEO, Michel Landel.

The growth of continental Europe should remain "soft" by the end of the year, he added.

In the medium term, the world number two behind the catering Compass UK confirms its objective of achieving average annual growth in its consolidated turnover by 7% and reach an operating margin ; rational consolidated 6.3% at the end of the fiscal year 2014-2015. 

Operating income increased 14.5% to 559 million euros in the first half of the year based on a turnover of 9.07 billion euros, up 6.4% organic. This result reflects a favorable accounting adjustment of EUR 26 million related to the cost of pension plans of the group in the UK.

Around 9:25, the title showed a slight decrease (-0.5% to 60.07 euros). Revenues rose 8.3% since the beginning of the year for a market capitalization of 9.4 billion euros.

The activity of Sodexo was supported in the first half by a series of acquisitions in France, Brazil and the United States (with Lenotre respectively, Puras do Brasil, Broset Roth) and by the services provided by the group during the Rugby World Cup.

The group, whose rate of net debt to equity is 38% against 26% a year earlier, will continue to focus on organic growth but did not exclude small acquisitions.

Crude prices have come down on Friday, announcing a slowdown in Chinese economic growth led investors to harbor doubts about the changing demands of the consumer of the second pe PETROLEUM.

On the Nymex, the May contract on U.S. crude (WTI) ended on a loss of $ 0.81, or 0.78%, to 102.83 dollars a barrel.

For the week, a barrel of WTI lost 48 cents, 0.16%, recording a fourth weekly decline in the space of five weeks.

Analysts warn, however, it is still too early to suggest a downward trend, especially as several geopolitical files remain on the table, including Iran.

Key values ​​to follow Tuesday on Wall Street.

* GOOGLE. The Android mobile operating system Google has been the most widely used in China last year, far ahead of that of Apple, according to the firm Analysys.

In late December, controlled 68.4% of the Android market in number of smartphones sold, against 33.6% at the end of first quarter 2011. The market share of Apple rose more modestly, from 4.1% to 5.7%.

* Chevron discovered a leak in the Roncador oil field, off the Brazilian coast, 500 meters from the deposit Frade, already responsible for a tidal Black in November. The leak occurs at the ocean floor and no trace is visible on the surface of the water, say the Brazilian authorities.

Leaks were detected in November and March to deposit Frade, which led to it suspend the activity and triggered lawsuits against Chevron and its contractor Transocean .

* ALCOA. The aluminum giant, often presented as a barometer of the U.S. economy, starts the earnings season after the close, with its e financial statements for the quarter January to March.

The budget deficit of the French state stood at 24.2 billion euros in February against 28 billion a year earlier, according to data released Friday by the Budget Ministry.

Expenses (general budget and levies on revenue) reached 63.6 billion in February against 57 billion a year earlier.

Revenues (net of refunds and rebates) totaled 45.4 billion euros against 40.2 billion a year earlier. 

"The positive trend (from February 2011-Ed) is mainly in respect of expenses, for a faster pace of expenditure recognition, and respect revenues, for the record, in January 2012, an exceptional product for the allocation of authorizations to use radio frequencies, "the ministry said in a statement.

"The net tax revenues come up from one year to another," he says. "This positive development is consistent with the forecasts used in the last supplementary budget."

As for spending, their progress "is consistent with the prediction of the supplementary budget for 2012".

The government deficit is the main component of the public deficit, which also includes financial statements and those of local communities.

In 2011, the deficit has been 5.2% according to the first estimate published by INSEE.

France has committed to reducing the public deficit to 4.5% of GDP in late 2012 to return in 2013 to the EU limit of 3%. The government recently revised its 4.4% target for this year.

The Socialist candidate for president, Francois Hollande, currently leading in the polls, has also committed to reducing the deficit to 3% in 2013, after s 4.5% in late 2012. He plans to balance the public accounts in 2017.

PSA Peugeot Citroëna unveiled Tuesday the terms of the capital increase of about 1.0 billion euros related to its alliance with General Motors, an operation marked by a substantial discount to the American group that will take 7.0% stake.

This capital increase, announced last week at the presentation of the alliance between the two automakers, will open on Thursday and until 21 March inclusive.

The operation with maintenance of preferential subscription rights will be on the basis of 16 new shares for 31 existing shares, said in a statement PSA. 

The subscription price is set at 8.27 euros, showing a discount of approximately 42% over the closing price on Monday (14.2050 euros), and 32.4% compared to the theoretical subscription right off (12.23 euros).

Discount as the French group finance director, Jean-Baptiste de Chatillon, a relativized in a teleconference with reporters.

"What must be considered as haircuts, the calculation is compared to the theoretical price after issuance of one billion, ie about 32%, and this de ; rating is quite usual in the market, "he said. "What matters now is the time and size of the capital increase."

The action PSA yielded 2.56% in pre-market transactions in Frankfurt after the announcements.

For analysts at CM-CIC Securities, "this discount is explained by the fact that the success of the capital increase would condition the entry of GM capital of PSA and thus the birth of the alliance ".

PRIORITY INVESTMENT

The Peugeot family, the largest shareholder group, 45.4% exercise of his rights for $ 140 million and sell its remaining rights to General Motors. The latter will invest a total of 304 million euros in the operation, including the purchase of these rights and the acquisition of treasury stock (4,400,000 shares).

Following the capital increase, the Peugeot will own 25.2% stake in GM and PSA 7.0%.

"This round of money for PSA Peugeot Citroën will fully intended to fund our strategic projects with General Motors," said Jean-Baptiste de Chatillon.

"These investments will enable us to accelerate our globalization strategy and go upmarket, and (…) access to technologies and projects much faster and mania re wider ", he added.

Priorities for which he also argued for the decision of PSA do not pay a dividend this year. 

"We need our cash to fund these investments," he summarized.

Last month, SAP announced a major plan asset sales totaling 1.5 billion euros after the publication of annual results marked with an operating margin born NEGATIVE activities in the automotive industry, a "free cash flow" negative EUR 1.6 billion and a doubling of the debt in six months.

The New York Stock Exchange opened slightly lower Friday, the market pausing after rising last days in the absence of indicators and key results.

In early trade, the Dow Jones yielded 0.06% (7.80 points) to 12,972.50 points. The Standard & Poor's, wider, fell by 0.06% (0.83 points) to 1,373.26 points while the Nasdaq composite lost 0.05% (1.50 points) to 2,987.47.

The S & P 500 should still show on its third consecutive week.

Among the values ​​for the power group Sara Lee earns more than 4% after the announcement of the demerger of its activities next coffee and tea, along with a special dividend.

Natixis reported Thursday a net profit above expectations in the fourth quarter of 2011, the bank is able to compensate for the decline in revenues in market activities s by controlling its expenses.

The bank, a subsidiary of BPCE (People's Bank-Saving), reports that fourth-quarter net income of 302 million euros, down 32% compared to last quarter of 2010.

According to the Thomson Reuters consensus I / B / E / S, analysts on average expected a net profit of 263 million.

In FY 2011, net income stood at Natixis 1.56 billion euros, down 10% compared to 2010. There is $ 2.6 billion for its parent BPCE.

Relatively less exposed than other French banks to sovereign debt crisis in the eurozone, Natixis said to have yielded in the last quarter of 2011 to 1.6 billion euros in assets in his bank Financing and Investment Banking (CIB) and two billion euros in assets in its portfolio of toxic assets.

In exchange, the Natixis shares gained 7% to 2.50 euros to 10.30, outperforming the European Banking (0.74%). At this price level, the title wins 28.5% since the beginning of the year after falling 41% in 2011.

In a research note, CM-CIC Securities said the "resilience of the economic model" of Natixis.

In corporate banking and investment income of Natixis were down 20% in the fourth quarter. However, they grew 6% in the Investment Solutions division and 2% in specialized financial services.

Constraint as the other banks to adapt its activities to the crisis, Natixis plans to eliminate nearly 280 positions in the BFI. It takes the same time be more selective in choosing clients and wants to stop certain activities of non-strategic markets.

Natixis will pay a dividend of 0.10 euro per share for 2011.

For comparison, BNP Paribas and Societe Generale have finished 2011 with profits of respectively 6 billion and 2.4 billion euros. Net income for the Crédit Agricole group stood at 812 million euros.

In late 2011, the capital ratio of hard Natixis, said core tier one, stood at 10.2%.