European markets open with little direction

European shares opened Thursday with little direction, investors conducting buybacks on the cheap while nervously awaiting an Italian sovereign debt issue and the numbers of industrial production in the euro area.

In Paris, around 9:35, the CAC 40 gained 0.21% (6.93 points) to 3,244.62 points. In Frankfurt, the Dax is 0.5% but in London, the FTSE was down 0.13%. The pan-European index Stoxx 50 is almost unchanged (0.09%).

Investors are worried that financial troubles are spreading from Spain to Italy, and little progress displayed by Rome in the implementation of structural reforms has revived the rising cost of financing its debt. Italian bond yields and ten years and is back above 5.5%.

While ramping up the "earnings season" in Japan, Europe and the United States, the day is also marked by the publication of the monthly bulletin of the European Central Bank (8:00 GMT ).

Operators continue to proceed cautiously buying cheap car values, banking and mining, recently battered. The index of bank stocks in the euro area, which collapsed 21% in three weeks on renewed concerns about debt in Europe, thus increasing by 0.6%.

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LIVE. Xavier Bertrand debate-Francoise Gri on youth employment

The Minister of Labour is currently a guest on Expansion and Business Institute for a discussion with Francoise Gri, Manpower France's patron. Follow the live chat with Dailymotion.

In anticipation of upcoming elections, the Institute of Business and Expansion Tuesday, April 10 to receive 8h30Xavier Bertrand, UMP Minister of Labour, and Francoise Gri, President of ManpowerGroup France. They discuss the theme: "Youth employment: how to meet (finally) the challenge?".

The debate is moderated by Beatrice Mathieu, a journalist at L'Expansion. It is broadcast live on Dailymotion. You can also comment on twitter and ask your questions or comments via or via the # debateco. Three questions will be selected and asked Xavier Bertrand on video.

Total will drill two relief wells "as soon as possible" in Elgin

Total said Friday it would launch "as soon as possible" the drilling of two relief wells in the facilities from which Sunday since the flight of his platform of Elgin, in the North Sea.

The French oil group further found that surveillance operations and interventions on the well in question, whose operation was stopped in 2011 after abnormalities, were made in compliance with procedures.

"We will start drilling as soon as possible," he said during a meeting with the press Hourcard Michel, director of branch development and exploration and production of Total spokesman technical the incident of Elgin. 

Asked about the duration of the operation, he said it was "reasonable" period of six months previously discussed by Total.

Michel Hourcard also said the group planned to inject parallel mud into the well from which the gas leak.

Philippe Guys, managing director of Total Exploration and Production UK, had earlier told a news conference in Aberdeen, Scotland, the relief well drilling could start by 7 to 10 days.

Hourcard Michel for his part reiterated that the operation of the pit Elgin from which the leak had been stopped for "a little over a year" after the finding of an "anomaly in the conditions of production". 

"There was at the beginning of February (2012) a second anomaly that occurred in the pressure recordings (…), which led us to say that It happened probably something that brought us to intervene, "he added.

SITUATION "STABLE"

Total was then started an "abandonment" of the well, which is to be injected with mud, a process that was underway when the leak was found on March 25.

"The operations of 'monitoring' and action plan on this well have been done well, there was no non-compliance with procedures. From the moment that there were anomalies, it was moved to safety, "said Michel Hourcard

. A union source however said that Total employees on the platform of Elgin had warned the group against the risk of leaks before it occurs but had been told that the incident "could not happen" Total

. also exploring various solutions that would extinguish the flare its platform, where he says the situation remains "stable"

. It comes to mind watering the flare of the platform -either by helicopter or by fire-ship or to proceed with a nitrogen purge to deprive it of oxygen. 

The flare, which reduces pressure on the platform was removed, can not be turned off remotely and with a higher risk of inflammation of the plumes of gas escaping into the air from the leak, a hundred meters away.

Total and British authorities have called a "minimum" potential risks to the environment of the cloud of gas and a thin oil slick which has spread on the water surface. Experts on environmental issues, however, considered only a short distance the "cocktail" of gas would be flammable or toxic.

According to the British, the flare is a risk factor as long as it stays on even when the wind blows the cloud of gas in the opposite direction and that this weather should continue in the foreseeable future.

"Total has assured the government that the platform is designed so that the flare is located in an area where the prevailing winds away from the gas," said ; the UK Department of Energy. 

The leak appears to come from a rock formation located in the upper well and thus added Total volume of gas from this close formation, which is not a re ; tank production in the Elgin field, is difficult to assess.

International experts who advise Total have not yet made a final recommendation to proceed to sealing and repairs, the ministry said.

The gas leak, which broke out Sunday, forced Total to evacuate 238 people who worked on the platform of Elgin, about 240 kilometers off the coast of Aberdeen .

Casino has sued the Galeries Lafayette on Monoprix

Casino confirmed Tuesday it had sued the Galeries Lafayette and their representatives on the board of Monoprix, a joint venture at the center of a conflict between the two groups.

This new episode of the standoff between the legal and financial concerns the two distributors one-year extension, from 1 April, the mandate of the President of Monoprix Philippe Houze, then he should initially return to Jean-Charles Naouri, CEO of Casino.

"Casino confirms having issued a subpoena last week to the Commercial Court of Paris Galeries Lafayette, Philippe Houze, Ginette Moulin (Chairman of the Supervisory Board of Galeries Lafayette and whose family controls the group-ed) and Philippe Lemoine (Monoprix administrator) ", says one in Casino. 

"The objective is to obtain compliance with the agreements between Galeries Lafayette and Casino Casino which provide that holds the Presidency of Monoprix from 31 March 2012."

Casino and Galeries Lafayette, each holding half the capital of Monoprix, put in the public last month their disagreement on the valuation of the sign.

Under a memorandum of agreement between them, the Galeries Lafayette can exercise since January 1 of an option to purchase their shares. But the two sides differ on the value thereof and the Galeries Lafayette assigned Casino courts on this part of the file.

In late February, Jean-Charles Naouri ruled that the climate was "not conducive" to discussions between the parties and said he was ready to assert the rights of his group.

Casino estimates the value of the participation of Galeries Lafayette to 700 million euros while the department stores the value to 1.95 billion.

Nissan and Dongfeng trucks come out of their joint venture

Nissan Motor and Dongfeng Motor Group will split the truck business of their Chinese joint venture for the transfer to the parent of Dongfeng public, paving the way for local production of Renault and Infiniti cars and a possible rapprochement between Dongfeng and Volvo trucks, reported Monday the website sina.com.

The activity of Nissan cars in the joint venture will remain intact, as its agreement with Dongfeng Automobile in small utilities, sina.com said, citing unidentified sources.

The hypothesis of an alliance between Dongfeng and Volvo Trucks is regularly mentioned for years but neither industry has recently reported on the subject. 

To get the green light from Nissan, Dongfeng could allow the Japanese manufacturer to produce its premium brand Infiniti and Renault models as part of their joint venture.

No spokesman for Dongfeng could not be immediately available for comment. A representative of Nissan said the group did not have information about an agreement.

As part of such an agreement, Dongfeng Motor will resume activity heavyweights as of July 1, said article of sina.com. He gives no details on the timing of an agreement Dongfeng-Volvo, nor on that of the production Infiniti and Renault.

Volvo has broken several years ago an alliance with China National Heavy-Duty Truck due to weak sales thereof.

Aid to Greece may be only a brief respite

The largest ever corporate debt restructuring may be only a brief respite for Greece, a country in recession, which has to bear in addition the uncertainty of the next election .

Greece Friday dismissed the risk of imminent default, thanks to the strong participation of private creditors in exchange for bonds which allow the country reduce its debt of a hundred billion euros and receive a second level of international aid amounting to 130 billion euros.

"This exchange does not solve the situation in Greece," said Holger Schmieding, economist at Berenberg Bank. "Obviously, without him, Greece is in the hole but his problem is the return to growth, without it, no debt burden is manageable."

It is estimated that gross domestic product (GDP) contracted by Greek 15% since 2008. More than one in ten jobs disappeared and more than half of youth are unemployed.

The new austerity measures agreed in exchange for a new international aid, as 20% reduction in the minimum wage, may plunge the country deeper into recession. It would be impossible for the government to achieve the fiscal targets set by international donors in exchange for their help.

"The risk is great that more austerity puts the country to its knees," said Diego Iscaro (ISH Gloal Insight), holding that the social situation could become "explosive" if unemployment continues to rise in a country with almost daily demonstrations against austerity.

Austerity and delays in the reform of the state have made the recession deeper than foreseen in the European Union and the International Monetary Fund since 2010. 

Athens has also consistently missed its fiscal targets and has continued to downgrade to no longer occupy the 90th place out of the 142 countries included in the Global Competitiveness Forum world economy.

"The main reason why the rest of Greece in the euro area is because the choice is really bad. But if we go to press without giving a little air to the economy, sooner or later people will have enough, "says Diego Iscaro

…. RESTRUCTURING ….. MORE SEVERE

Polls show a majority of Greeks remain attached to membership ; the euro area but they are increasingly likely to be tempted to vote for parties that oppose reforms attached to international aid, early elections ; es which could be held in late April

. "If there are elections in April or May, markets Financial will remain about as nervous vis-à-vis Greece they were during the two and a half years, "notes Holger Schmieding. "It would be a huge element of uncertainty for Greece and for Europe".

Even if the recount resulted in a new coalition party of New Democracy and PASOK socialist and if it intended to carry out reforms, it could end up a target of popular pressure e ; standard if the donors demanded more sacrifices during their quarterly inspections.

"If the troika (EU, IMF, European Central Bank) said: 'You're late and you have set up for x billion austerity measures', this risk be the spark that ignites the powder, "said Ben May (Capital Economics). 

In a confidential report, the EU and the IMF warned that the bailout plan can easily derail the debt and return to its pre trade if Greece continues to fail its objectives or if the recession is more severe than expected.

Even if the bailout succeeds in reducing the debt of Greece to 120% of GDP by 2020 as against 160% at present, this new percentage is not considered manageable the long term.

"We think we need to prepare for a more severe restructuring at one time or another, which may imply official creditors," says Ben May. "That's the only way to lower Greece's debt significantly."

The problem is that Greece does not have a good record as it was supposed to reforms undertaken under the first bailout and in this case, donors may be much less streaming in their quarterly inspections.

"If Greece continues to miss its targets, while the troika or later may lose patience and turn off the tap of credit," observed Diego Iscaro.

The credit was sent back to U.S.

The consumer loans have almost regained their pre-crisis dynamism Some U.S. consumers during the "Black Friday", Friday, October 26, 2010 REUTERS / Adam Hunger

The consumer credit surged for the third consecutive month in the U.S. in January, according to figures released Wednesday by the U.S. central bank (Fed).

Outstanding consumer credit in the country (2,512.3 billion) grew by 8.6% annually and seasonally adjusted data for the previous month, the Fed said on its website .

Using this type of borrowing has accelerated compared to December, where the increase in consumer credit was 7.9%. The increase in assets was nevertheless lower than in November (9.8%). Volume, growth in January was 17.8 billion compared with December, according to figures from the central bank, which is well above the increase expected by the analysts ($ 12.0 billion according their median estimate).

The Federal Reserve, the January increase was the result of a new surge in non-recurrent (student loans or buying a car mainly), whose growth was 14.7%, the highest since February 2002.

Revolving loans (primarily those made by paying by credit card) have slowed progress of the Fed index backwards for the first time in five months, 4.4% from December.

After collapsing for two years, the consumer credit rose almost continuously in the United States since October 2010 (it fell only once since then, in August 2011). The Fed said that the whole of 2011, the consumer credit rebounded 3.6%.

BP stock market jumped after agreement on the oil spill

The action was sharply higher BP in London Stock Exchange Monday, boosted by the settlement of a dispute related to the oil spill in the Gulf of Mexico in 2010.

Around 9:05 GMT, BP gained 2.12% to 507.0 pence. The European oil and gas index lost 0.25%.

BP has entered into an amicable settlement with the plaintiffs' lawyers who had seized American justice. Still pursued by the government and its industrial partners, the British company said it had proposed $ 7.8 billion, of which 2.3 billion to offset losses for fishermen. She stressed that the agreement did not value recognition of its responsibility.

Some analysts argue that the slate is less than expected for the heavy oil.

Jason Kenney, oil analyst at Santander, for its part, BP sees "progress to a margin of 530 to 550 pence in the short term (or more), and perhaps even grow over subsequent quently ".

In all cases, the agreement next week increases the exchange of a negotiated settlement with the U.S. government, in the opinion of analysts.

"This agreement, if implemented, encourages even more the direction of BP to try to reach an amicable agreement (with the U.S. Department of Justice)," said Iain Armstrong ( Brewin Dolphin).

0.4% growth in 2011 for Italy

The Italian economy grew by 0.4% in 2011 after an increase in gross domestic product (GDP) of 1.8% in 2010, a figure revised upward by compared to 1.5% retained so far, according to data released Friday by the national statistics agency Istat.

The budget deficit came out last year to a level representing 3.9% of GDP against 4.6% in 2010.

The government forecast for 2011 growth of 0.6% and a budget deficit of 3.8%.

According to Istat, the country's debt stood at 120.1% of GDP last year, its highest since 1996, against 118.7% in 2010.

Commerzbank increased its capital, earnings down sharply

Penalized by a $ 700 million spent on Greek sovereign debt, Commerzbank, the second German bank, said Thursday a sharp decline in profit while by announcing a capital increase to strengthen its balance sheet.

This capital increase, which will help meet the requirements of regulators, will be through the conversion of hybrid instruments and subordinated debt.

The bank said it was missing at the end of December 1.8 billion euros, the lack of capital to bridge having been reduced by improving the management structure of capital and the sale of risky assets.

It nevertheless recognizes that the crisis in the euro area is a potential threat to its results. 

"The high degree of uncertainty associated with the crisis of European sovereign debt will remain, however, a challenge for us," said the CEO of the bank Martin Blessing.

Commerzbank also said to be exposed to the tune of 12.3 billion euro sovereign debt Portuguese, Italian, Irish, Greek and Spanish.

The second German bank said it had depreciated its claims on Greece to 74% in late 2011.

In the last quarter of fiscal 2011, the bank generated an operating profit of 163 million euros after a loss of 855 million in the third quarter. In the fourth quarter 2010, operating profit was stood at 256 million euros.

For 2012, the group said it anticipates an improvement in balance and adds that it will concentrate on the German and Polish markets.