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European shares widen their losses Wednesday in early afternoon, while the German rate in 10 years fell to 1.51%, the situation of Spanish banks stepping up worrisome Market studies on the future of the euro area related to political instability in Greece.

Around 13:00, the CAC 40 index, which lost 2.8% Tuesday, 0.92% to 3096.18 abandons points after winning 0.4% in early trade.

The London Stock Exchange 0.95% yield, the Frankfurt 0.42% while the fall of Madrid up 3.3% with its banks. The pan-European Euro Stoxx 50 index was down 1.18% after a decline of 2%.

Illustrating the risk aversion of investors, the German 10-year yield fell to nearly 1.51% in the morning before rising to 1.52, against 1.55% the day before Closing.

The head of the Coalition of the Radical Left Greek, Alexis Tsipras, charged with forming a coalition government, will visit on Wednesday the leaders of major political forces without credible hope to break the deadlock that threatens up to membership of Greece in the euro area.

In Spain, the government will ask banks exposed to the property sector to provision additional 35 billion euros, it was learned from sources close to the financial negotiations. 

The Stoxx European banks grouping loses 2%, biggest drop sector in Europe.

One of the most cost-effective forms of marketing today is the business card. It is an inexpensive, easy to use, and usually welcome advertising medium.

American Diversified industrial manufacturer United Technologies on Tuesday released a quarterly profit above consensus citing better than expected demand of heating and cooling market ; North America.

Carrier and its subsidiary shows a 19% increase in orders for residential air conditioning systems with a sharp improvement in demand in late March. And this demand has remained strong since the beginning of April, said chief financial officer, Greg Hayes.

"The warm weather in March helped but it is also due to low inventory on the market", which has forced distributors to increase their orders, he said during a teleconference ; reference.

Excluding the accounts of three subsidiaries that were sold by the group, quarterly earnings totaled $ 1.26 billion, or $ 1.31 per share, up 19% year on year. It thus clearly exceeds the Thomson Reuters consensus I / B / E / S, which gave a profit of $ 1.19 per share.

After consideration of past depreciations on affiliates to sell and other special items, net income was down 67.4% to 330 million dollars.

The quarterly revenue fell 2% to 12.42 billion against $ 12.71 billion expected.

Outside the U.S., the economic situation is more mixed, said Greg Hayes.

"Europe is horrible, I think it's the simplest way of saying things. Construction contracts have been really anemic and there they remain, so we do not see many signs of recovery in Europe. "

.. In emerging ……, sales remained strong in the first quarter, except in China, where the decline of commercial real estate construction has weighed on demand for elevators, has continued CFO

. United Technologies, the world of elevators and air conditioners, has confirmed its forecast for the entire 2012 , ie an EPS of 5.30 to 5.50 dollars for a turnover from 61 to 62 billion, up about 10%

A

. the New York Stock Exchange, under the United Technologies gained 1.12% to 80.64 dollars around 1300 GMT while the Dow Jones took 0.83%. 

The group will finalize in the coming months its largest acquisition with the purchase of Goodrich aerospace equipment for $ 16.5 billion.

It seeks to give three parallel activities in the smaller sector of capital goods-Rocketdyne, Hamilton Sundstrand and Clipper Windpower.

Wall Street opened sharply lower Monday, as foreshadowed future, weighed down by the constant concern that represents the European debt crisis and by poor statistics in the euro area.

The result of the first round of French presidential and the imminent resignation of Prime Minister of the Netherlands with the prospect of early parliamentary add a touch of additional uncertainty coming from Europe.

The contraction of private sector activity in the euro area has increased more than expected in April, which could jeopardize the upcoming release of the region of the recession.

In early trade, the Dow Jones lost 0.9% to 12,909.08 points, the S & P 500 drops 1% to 1,364.87 and the Nasdaq Composite 1% to 2969.65.

Pfizer lost 0.66%. Nestle said Monday it agreed to buy child nutrition activities of the pharmacist to 11.85 billion U.S. dollars (8.99 billion euros) in cash, beating well on Danone.

Hasbro reported Monday a net loss of $ 2.6 million in the first quarter, amid lower sales in North America. The action yields 2.87%.

Xerox has released a quarterly earnings decline, investment in services has weighed on its margins. The action still earns 2.8% after the maker of copiers and printers has said it expects a rise in profit in the second quarter.

McDonald's has published quarterly results rise, driven by strong sales in its restaurants in the United States.

Net income for the world's largest fast food reached $ 1.27 billion, or $ 1.23 per share, in the first quarter against $ 1.21 billion, or $ 1.15 per share, a year earlier.

Sales at restaurants open at least 13 months rose 7.3%, while analysts polled by Consensus Metrix had forecast 6.7%.

At the New York Stock Exchange, McDonald's action progressed by 1.8% in pre-market trading.

The International Monetary Fund (IMF) said Wednesday the payment of 5.17 billion euros in Portugal under the assistance program recovery of public finances.

The IMF cites recent progress in budget reforms including the restructuring of public sector enterprises.

The Fund and the European Union have set up an aid to Portugal over three years totaling 78 billion euros.

The bailout and the austerity measures that accompany it are beginning to bear fruit: Wednesday, Portugal was able to borrow on the market 18 months, the maximum term Long since his ouster issued the bond market in March 2011. 

According to Nemat Shafik, Deputy Director of the IMF, Portugal will ensure a vigorous implementation of the program to regain market confidence. She adds that the deficit target for 2012 should be achieved.

"The implementation of policies under the program has progressed well and the first signs that the economic adjustment required is taking place," said Nemat Shafik.

The IMF has established an Extended Fund Facility (EFF) for Portugal, which allows faster access to credit. The fund said to have distributed 18.56 billion in this context.

Europe is ready to support Portugal in the implementation of economic reforms necessary for the country, said Thursday Olli Rehn, Commissioner for Economic and Monetary Affairs .

"To me, the solidarity of its European partners in Portugal gives the time required for the implementation of reforms," ​​he told the Portuguese parliament after he has e ; tee Lisbon asked if he needed a second aid plan after the first, 78 billion euros, decided last year.

Olli Rehn that he was not constructive to discuss the possibility of a second plane for Portugal, adding that the country should focus on its program of fiscal consolidation and re ; structural forms. 

Some economists believe that Portugal, like Greece, will need a second international aid plan.

Wednesday, Olli Rehn had felt that the situation in Portugal was not comparable to that of Greece.

He also said that Portugal was on track to achieve the goals set by the bailout of 78 billion euros.

The boards of directors of Dexia and the Post have agreed in principle on the folder Dexma, the subsidiary responsible for refinance loans to communities by Dexia Credit Local, have de ; clared Reuters on Friday two sources familiar with the matter.

"This has been approved," said one of these sources.

The French state and the Deposit will each take a stake of 31.67% stake in Dexia Municipal Agency (Dexma), equivalent to that retained Dexia Credit Local, while that the Post Bank, the banking subsidiary of La Poste Group, will take the balance amounting to almost 5%.

Another source added that the Post Bank would also have the option of a further climb in the coming years with a capital of Dexma, resuming participation of DCL. 

In the initial plan of dismantling, as announced last fall, the Deposit should take only 65% ​​of Dexma. But, fearing that such an operation too mobilizes capital, several French parliamentarians have liked to see the state intervene directly in the recovery of Dexma.

The recovery of Dexma, according to two sources valued at about EUR 380 million, comes as part of the decommissioning plan for the Franco-Belgian bank Dexia, a former world leader in financing local governments.

Since the collapse of Dexia, local authorities are subjected to a drying up of funding, freezing a portion of economic activity. 

To cope with this "credit crunch", the Prime Minister

Francois Fillon said on Friday the release of an envelope of two to five billion euros in loans to be paid from the savings funds managed by the Deposit.

The recovery of the loan portfolio of Dexma, estimated at 80 billion euros, is critical to local communities face a drying up of bank loans to finance their projects investment.

Many of them are now forced to postpone or abandon some projects, many banks deserting the market because of the financial crisis and new regulatory constraints. 

Estimates of Dexia Credit Local, between 10 and 12 billion euros will miss this year to local authorities to achieve their investment programs.

It is in this context that the Post Bank and the Deposit should be launched by end of June a new joint structure dedicated to financing local government.

This structure, which will take over from Dexia, will be owned 65% as provided by the Post Bank and 35% by the CDC.

The year 2011 has been that of all records on the art market, marked by the dramatic emergence of Asia, led by China. The 10 digit extraordinary auctions selected by the data specialist on art, Artprice. By a sale at Sotheby's in New York.

11.5 billion USD: world product auctions. Time high this year, sales revenue for the first time exceeds the 10 billion USD, up 21% over the last twelve months. After a record first half, to 6.5 billion, the second half was equally outstanding, to $ 5.1 billion.

41.43%: the market share of China. China, the first country on the global art market since 2010, consolidated his lead. With auctions of $ 4.79 billion, up 38%, the country has a market share of 41.43%. Other Asian countries are also seeing strong growth. This is the case of Singapore, up 22%, or Indonesia, with a jump of 39% for example. And Asia as a whole now realize 43% of the art market.

4th: the position of France. France, third in 2006, is found from 2007 to fourth in the art market. This year again it keeps this place despite an erosion of its market share to 4.5%. Paris is now not only behind London and New York, but Beijing and Hong Kong. While Shanghai, with a growth of 21%, reduced the gap by half and heels less than $ 50 million the French capital.

$ 57.2 million: the price of a work record in 2011. This record does not belong to Pablo Picasso, Alberto Giacometti or, or Andy Warhol, but Qi Baishi who picks the best auction of the year for the work Eagle Standing on Pine Tree, Four-Character Couplet in Seal Script awarded $ 57.2 million 22 May 2011 in Beijing.

$ 272 million: the largest auction of the year. This is a sale by Christie's Contemporary Art in Post-War, New York on November 9. She has received two new records for Clyfford E. Still, as a record for the artist Gerhard Richter. Only 17% of the lots remained unsold, and 41 have gone over $ 1 million.

12,400: the number of artists who have set new records. More than 12,400 artists saw their auction up to new heights with Qi Baishi (57.2 million this year against 12.5 before 2011), Clyfford Still (55 million against 19), Roy Lichtenstein (38.5 million against 38), Egon Schiele (35 million against 20), Salvador Dali (19 million against 5), Gerhard Richter (18.5 million against 13) …

1688: the number of million. The auction for more than a million dollars jumped 33% in 2011. Unsurprisingly, it is China that holds the record for most number of works of art auctioned at above one million dollars, with 774. Hong Kong alone, he has won twice as many bids as millionaires in the entire euro zone!

58.5%: share of turnover achieved by the 1% most expensive lots. The remaining 99% of auctions share less than half the art market. And unsurprisingly, the "1%" are traded mostly in China, 50%, then the United States, 23%, and the United Kingdom to 20%.

34%: the rate of returns. Since 2007, never a sales ratio was spent below 35%. It's done this year with a sales ratio of 34.8%. And while the number of lots available for purchase at auctions rose 7%.

69%: the percentage of lots sold at less than 5000 dollars. Only 69% of the lots were auctioned in 5000 dollars. While in 2009/2010 this rate reached up to 74%. This year the number of lots does not diminish affordable, it actually increases by 4.5%, but less rapidly than the number of high-end lots. Asia, which now carries 43% of art market wins 19% of its lots beyond the $ 100 000.

ECB expected to leave interest rates unchanged after its policy meeting Thursday but could pave the way for a decline in March, while the Eurozone recession is threatened by the fallout from the debt crisis and the situation in Greece.

If no agreement is reached by Thursday on the austerity program needed to allow the raising of the Greek State, the President of the European Central Bank, Mario Draghi, will probably be attacked questions about the possibility that the institution waives its potential profits on Greek bonds it holds.

And if an agreement is reached by then, it must explain its terms, its consequences and the precedent thus created. 

Financial markets will also be on the lookout for clues that the ECB expects its second refinancing operation three years, scheduled for 29 February.

The first such operation in late December, allowed him to inject 489 billion euros into the financial system and to push at least temporarily the pressure on the banks of the euro area.

The latest Reuters poll forecast of professional money markets, the ECB could allocate additional 400 billion to banks at the end of the month.

Regarding rates, the threat of increasing net of a relapse into recession in the euro area has increased the likelihood of an easing in March, especially as inflationary pressures have receded ;. 

THE SITUATION Degrades

The ECB has never cut its refinancing rate, the main instrument of monetary policy, under 1% and some members of the Governing Council are reluctant to make it fall below this threshold.

In March, the new forecasts for growth and inflation teams of the central bank could give additional reasons to take the plunge.

"The March forecast will be worse than December," predicts Christian Schulz, an economist at Berenberg Bank. "It can be estimated at 60% probability of a rate cut in March because their growth forecast is too high."

In December, the ECB economists predicted further growth of around 0.3% in the euro area this year.

For Padhraic Garvey, head of rates strategy at ING, the ECB can afford to wait to learn more about the changing conditions before changing its rates.

"The next fall does not need to take place in March. We think it will take place during the first half," he says, adding that the decline in Euribor interbank rates is at least as important as rates of the ECB.

"The most important is that Euribor rates are trending down. The evolution of the Euribor for a month is equivalent to an actual reduction in rates, "he says

. The three-month EURIBOR , regarded as the main barometer of the market for interbank loans, dropped 26 basis points since January 1, to return as 1.1%, the lowest in 11 months … INFLATION RISK It

……

reflux reflects the efficiency of the operation refinancing to three years of the ECB, which has become the main weapon to combat the crisis of the ECB since its purchases of government bonds are now running in slow motion

…… Mario Draghi said … expect the transaction to three years late creating demand "significant". And some bankers expect to see the ECB banks allocate an amount higher than EUR 400 billion provided for traders polled by Reuters.

Christian Schulz estimates that more than 1000 billion injection on Feb. 29 could create inflationary pressures.

"The ECB should react very vigorously, by raising rates," he adds.

On the Greek chapter, the ECB is under pressure from certain creditors of Athens who wish to see transferred to the Hellenic State will generate profits that the debt Greek it has acquired since the beginning of the crisis.

According to sources from the ECB, it spent 38 billion euros to acquire these bonds, 12 billion less than their face value. 

Retroceding in capital gains, the ECB would contribute to the restructuring of the Greek debt finance directly without a state, which prohibit its statutes.

To do this, it could sell the shares at the European Financial Stability Fund (EFSF) at their purchase price, on condition of surrendering the EFSF away in Athens.

"I do not think the ECB will try to keep its obligations at any price," said Christian Schulz. "I think it would be quite happy to get rid of."

The rating agency Moody's warned Monday about the risks posed by the rise in yields on French government bonds on the rating of sovereign debt of France in a context of uncertainty on growth.

"The sustained high funding costs amplify the fiscal challenges facing the French government in a context of deteriorating growth prospects, with negative consequences on credit", written Kockerbeck Alexander, an analyst at the agency.

Moody's announced in mid-October that it would monitor and assess the stability of the perspective of the French Aaa rating within three months.