Decline in unemployment in the first quarter in the UK

The number of unemployed people in the UK fell in the first three months of the year at their own pace strongest in nearly a year, according to figures released Wednesday by the Office for National Statistics.

The UK economy fell into recession at the beginning of the year, fueling fears that the private sector employees join the ranks of job seekers when State removes some 700,000 civil service posts as part of its austerity measures.

But following the methodology of the International Labour Organization (ILO), the number of unemployed fell by 45,000 in the first quarter to $ 2.625 million.

The unemployment rate actually fell to 8.2%, while the consensus gave unchanged at 8.3%. 

The number of unemployed youth, a very sensitive politically, also declined to 1.02 million, bringing the unemployment rate for those aged 16-24 to 21.9%.

British companies have also increased their workforce for the first time in a year, according to a survey by the Chartered Institute of Personnel and Development (ICPD). The CIPD warns that the changing economic landscape could make it difficult in the short-term improvement on the labor market.

Up 22% of the profit of Intesa Q1

Net income of Intesa Sanpaolo, the first retail bank in Italy, grew 22% to 805 million euros in the first quarter, supported by gains on its trading own obligations.

The bank had to spend in provisions for doubtful debts of 970 million euros in the quarter, up 43% over the same period last year, to account degradation of credit quality in the country, hit by a deep economic recession.

Fears of a deteriorating economic situation in Italy, where Intesa makes 80% of its activity, is one of the elements cited by Moody's to justify lowering the massive credit rating of Italian banks Monday. 

Moody's lowered the rating of Intesa Monday to A3, the same level as the Italian sovereign debt.

Intesa announced that its ratio of "core Tier 1", financial strength, was 10.5% at end-March, against 10.1% at the end of last year – one of the highest in Italy.

The bank expects a stable overall operating profit in 2012, excluding special items.

Like other Italian financial institutions, Intesa ended the year 2011 in the red, with a loss of 10.1 billion euros over the years, having moved from significant impairment of goodwill to its balance sheet clean, hard hit by the crisis of the euro.

The title was down nearly 2% in the Milan Stock Exchange.

The Tokyo Stock Exchange finished up 0.23%

The Tokyo Stock Exchange ended slightly higher Monday, China's decision to lower the reserve requirement ratio imposed on banks, a measure appropriate to support credit and economic activity, having taken over the persistence of concerns generated by the political stalemate in Greece.

The Nikkei gained 0.23% or 20.53 points, to 8,973.84. In contrast, the Topix broader, yielded 1.70 points (-0.22%) to 756.68.

China cut Saturday the amounts that banks must hold in reserve, thereby increasing their lending capacity of 400 billion yuan (48 billion euros), a measure taken to e avoid the risk of a sharp slowdown in the second largest economy.

In Greece, the leader of the radical left, Alexis Tsipras, Monday refused to participate in negotiations of the last chance to form a national unity government, paving the way for the organization likely new legislative elections in June. 

Action Nissan sold 1.99%, investors apparently not been impressed with the predictions of the manufacturer, which saw operating profit grow by 28 , 2% this year.

Berlin to a growth pact, but its conditions

The German Minister for Foreign Affairs presented a Friday "Growth Pact" European six-point, while reiterating that Greece should comply with its commitments to fiscal reforms TARY if she would qualify for financial assistance from the euro area and not be excluded from it.

"In Europe, we also want to focus more on growth," said Guido Westerwelle before the German deputies in the Bundestag.

The minister was however opposed to increased spending, saying the pact for growth, particularly desired by the new French president Francois Hollande, was not to imply that " better use of resources "from the EU. 

Guido Westerwelle city "trips financed by Europe in the romantic hotel spas" as an example of waste in Europe.

The minister said the EU should invest 80 billion euros of unused structural funds in projects aimed at stimulating growth and competitiveness.

He also wanted to push the European Central Bank (ECB) to provide better access to credit for small and medium enterprises.

The former head of the liberal FDP, which form a coalition with the Christian Democrats (CDU / CSU) Chancellor Angela Merkel, European growth was linked to a liberal ralisation of domestic and foreign markets. 

Francois Hollande Angela Merkel will meet Tuesday, hours after his inauguration, to discuss the crisis in the euro area and the measures needed to stimulate growth in Europe presqu'entiè ; LY dive into recession – with the notable exception of Germany.

This will be their first face to face interview, while Angela Merkel has avoided meeting Francois Hollande during the presidential campaign, where she supported his opponent Nicolas Sarkozy.

Peter Bofinger, one of five "wise men" who advise the German government on the economy, has also decided Friday to allow more room for countries suffering from the debt crisis. 

"The problem countries kill themselves to save," he told an Austrian newspaper. "We must stop this, even if deficits rise in the short term."

Greece: austerity censored, neo-Nazis to Parliament

Both sides pro-austerity Greek PASOK and New Democracy, who ruled together in a coalition since November 2011 collapsed in parliamentary elections this Sunday. The country is on the brink of ungovernability. Winner of the poll, the small party of the extreme radical left, Syriza, led by Alexis Tspiras, becomes the second largest party in Greece.

The austerity policy conducted in Greece for two years under pressure from international donors in the country was heavily censored Sunday by voters who sprayed the positions of both parties proponents of strict neo-Nazis and sent to parliament.

New Democracy (right), one of two parties with the PASOK socialist who signed with the European Union a commitment to continue the policy of austerity and reform, has become, as expected, the first party of Greece. But his score historically low, between 17 and 20% of the vote, should make the creation of a stable government impossible, according to preliminary comments.

The austerity censored

PASOK (Socialist), whose former boss George Papandreou had sought a loan from the European Union and the International Monetary Fund in May 2010, rolled out of the poll, with a score between 14 and 17% against 43.9% in 2009, punished for having accepted the terms of drastic austerity attached to aid.

In total, the two parties that formed the pillars of the Greek party system since the fall of the colonels' dictatorship in 1974, do not even reach the 37% needed for a majority of parliamentary seats (151), which bodes ill for opportunity to continue the current policy. "It is a political earthquake that strikes the government parties," said the chain Mega, Panos Panagiotopoulos, a tenor of the New Democracy, the conservative party claiming the top spot. The leader of PASOK, Evangelos Venizelos, who negotiated over the past months the agreement to erase debt and the second international aid plan in the country, acknowledged Sunday night that the formation of a national unity government pro-European, he has expressed its wish to take the country out of the impasse would be "difficult".

The radical left party Syriza, winner of the elections

Winner of the poll, the small party of the extreme radical left, Syriza, led by Alexis Tspiras, becomes the second largest party in Greece, with a score between 15.5 and 17.5% instead of 4.6% in in 2009.  

First surprised by the ras-tidal, activists gathered at party headquarters have not posted too noisy joy, puzzlement and questions about the future of the country appears to the fore the concerns of activists, according to a photographer at the scene. The party requesting the suspension of debt service, deletion of part of the public debt, adding a clause pro-growth in the memorandum.

Officially it does not demand the release of the euro in Greece, PASOK but during the campaign has often been accused of being the party of the output of the euro. In terms of seats, the conservative New Democracy would win 108 seats, PASOK and 38, face two disparate blocks left and right of rejecting austerity. The party of the radical left Syriza get 47 seats. The campaign was dominated by the challenge to the austerity policies conducted under the leadership of donor countries.

9.8 million voters

Approximately 9.8 million Greek voters voted Sunday to renew Parliament in an election dominated by the implosion of the old two-party political system and, at the risk of challenging the recovery efforts of countries within the euro area . Under the Constitution, the mandate to find an alliance government is first given to the leading party, before moving on failure to include two, within a period of ten days.

Illustrating the exceptional climate that prevailed throughout the campaign, thirty neo-Nazis broke into Athenian six polling stations during the day, where they have engaged in intimidation against leftist activists, along the minor party far left Antarsya. Police confirmed two incidents, attributed to the small group Chryssi Avghi (Golden Dawn), which entered parliament for the first time in modern history of the country, having obtained between 6 and 8% of the vote according to exit poll .

This neo-Nazi party, long semi-clandestine and known for its attacks against migrants, denounced the MoU signed by Greece with its creditors, and refused repayment of public debt. Entered parliament as a shock in a country that has suffered severely the yoke of Nazi occupation and a military dictatorship from 1967 to 1974.

Aer Lingus plays cautiously by paying its first dividend

The Irish carrier Aer Lingus announced Friday it would pay the first dividend in its history as a listed company, but its amount has not been enthusiastically received by investors who expected much more.

Entered the stock market in 2006, the airline announced in July the payment of an ordinary dividend of 3 pence per share in the wake of the release by the group improved its re results.

In total, the group will restore a total of 15.9 million euros.

However, he ruled out any possibility of paying a special dividend, as it did before its competitors Ryanair and EasyJet. 

The financial director of Ryanair, Aer Lingus' biggest shareholder, has welcomed the announcement of a payment, while calling it "pathetic", arguing that a combination of 50 million euros have been ; more appropriate to the billion euros in cash for which the carrier is sitting.

"If we were at Christmas, I would call stingy," said Howard Millar.

Some analysts said that shareholders might be disappointed, but justify the cautious attitude of Aer Lingus in the context of uncertainty that surrounds it.

Recovery within 3 months of buyback of shares to the ECB

The European Central Bank (ECB) will resume its share buyback program of sovereign debt of countries in the euro area in the course of the next three months because of high yields on securities of different countries and relapse into recession in the block, show the results of a Reuters poll of economists from.

Three quarters of survey participants believe the central bank will resume its work on sovereign debt to lower yields and a large majority of them expect it to intervene in the three coming months. 

"The renewed tensions on the bond markets can provide an alarm loud enough to wake the share buyback program," said Philip Shaw, chief economist at Investec, in reference to the purchase program of sovereign debt in the euro area the ECB has shelved for six weeks.

"There is nothing imminent, but we feel that this should not be too far off," continued Philip Shaw.

The ECB had reactivated its share buyback program in August after four months of interruption while the sovereign debt of Italy and Spain were attacked. 

The lull caused by the announcement and the implementation of two unlimited refinancing operations to three years in December and February, which resulted in the injection of more of 1,000 billion euros liquiditésa led to a muting of the program.

The representatives of the ECB, and its chairman Mario Draghi himself Wednesday, had clearly said that the ball was now in the court of governments regarding new measures to support the activity.

Yields on sovereign debt in Spain ten years, however, have recently crossed the threshold of 6.0%, considered difficult to sustain over time. 

The ECB has already acquired the equivalent of 200 billion sovereign debt while sterilizing its interventions by a withdrawal of an equivalent amount of liquidity to the banking system avoid monetization of public debt that its statutes forbid it.

The first results of the survey from Markit purchasing managers (PMI) for the euro area in April released Monday showed an increased contraction of activity in the private sector.

According to a previous Reuters poll of economists from the euro area is expected to moderate recession until the third quarter of this year. 

The ECB lowered its main rate at a record low of 1.0% in December, should not change it in one way or another before 2014, according to the forecast EM diane of economists surveyed this week.

Only one economist told to expect the ECB to lower its main rate by a quarter point at the next meeting of its Board of Governors, May 3

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%.

European shares in the red at midday

The rebound in European stock markets fizzled Thursday and all were down in mid-session, due to renewed fears about the European crisis of sovereign debt, which continues to penalize euro.

In Paris the CAC 40 yields 0.53% (-17.64 points) to 3,295.68 points. After driving the 3350 points on Wednesday, its next support level is at 3270 points, corresponding to the moving average at 200 days, while the next resistance is at 3,350 and 3,425 points, emphasizes the broker Aurel BCG.

In Frankfurt, the DAX was down 0.91% and London, the FTSE drops 0.38%. The pan-European index Stoxx 50 lost 1.14%.

The FTSEurofirst 300 was down 0.52% to 1,045.56, the lowest in two months and sinking support for 1,050 points.

Clearances are again particularly marked on banking stocks due to their exposure to sovereign debt.

A Spanish Treasury auction Wednesday marked by weak demand and yields to rise, despite the austerity budget presented by Madrid, has revived tensions over the debts of pe riphériques within the euro area and fueled a movement of flight to quality benefiting in particular German bunds. 

The resurgence of risk aversion to the approach of a long weekend, on many places, for the Easter celebrations, benefits to the U.S. dollar and in a lesser extent to gold.

On the bond market, the yield on government bonds to ten years in Spain have continued to tighten, gaining 12 basis points to 5.84% after being up nearly 30 basis points Wednesday and pushing the performance of Italian government bonds to rise. The Italian 10-year yield rose 12 basis points to 5.52%. German Bunds continued to benefit from their safe haven status, yields from 10 years to below the threshold of 1.80%.

The spread between Germany and Spain to ten years widened by 10 bps to 400 bps, the highest since late November when it stood at 475 bps, according to data Tradeweb. The spread between Germany and Italy widened 10 bps to 370 bps, then at the height of mid-February.

However, France issued in good condition 8.439 billion of long-term debt.

The global air traffic up 9.3% yoy in February

The air passenger traffic grew 9.3% yoy in February but rising fuel prices and the deterioration of the overall business climate are factors of uncertainty for the future, announced Tuesday the International Air Transport Association (Iata).

The numbers at the end of February have benefited the Chinese New Year, Carnival in Rio and a favorable base effect due to the impact of traffic on the Arab spring last year ; re the same period.

"The outlook is fragile. Improving the business climate weakened in February. This will limit the potential for customer growth in business class and implies an acceleration of the freight is not imminent, "said Tony Tyler, CEO of Iata said in a statement

. growth in international cargo was 5.1% on-year slide in February …… Passenger traffic

… grew faster than the available capacity that growth came to 7.3% year on year, which resulted in a better load factor of the devices. The trend was reversed for freight, which has resulted in a rate of capacity utilization of only 50%, IATA said … ……