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.

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.

The gasoline prices recede

This is the first time since the beginning of the pump price move downward. But they remain at a high level. Per liter of diesel appears to 1.4295 euro.

The price of unleaded petrol and diesel at the pump fell last week, moving downward for the first time since January even if they remain at high levels, according to weekly surveys released Monday by the Ministry of sustainable development.

Per liter of diesel, the most fuel sold in France (over 80% of sales) fell to 1.4295 euro against 1.4362 a week earlier, away even further from its historic high (1.4584 euro) established in mid-March. Side of gasoline, a liter of unleaded 95 (approximately 15% of fuel sales) declined to 1.6507 euro against 1.6664 euro to a record last week, unleaded and 98 (about 5% the national fuel consumption) fell to 1.7001 euro, 1.7095 against euro a week earlier (and after peaking at 1.7121 euro at the beginning).

These sales prices at the pump are national averages calculated by the Directorate General for Energy and Climate (DGEC) from data provided by service stations and are greatly exceeded in some service stations. This is the first time since late January that the three fuel categories appear all down, according to statements DGEC.  

Proposal competition for candidates at the Elysee Palace

Since late 2011, fuel prices have been drawn into a spiral upward, due to geopolitical tensions (Iran, Sudan, Nigeria …) that keep crude oil prices at very high levels, and weakening of the euro against the dollar adds to the cost of black gold once its converted value in the European currency.

Unleaded gasoline and had hit a new record last week for the sixth consecutive week, while 98 unleaded climbed from summit to summit without interruption from February until early April, and the oil had chained the Records from February until mid-March. The surge in fuel prices, which hit motorists portfolio, triggered a competition for proposals and cons-proposals from the candidates in the presidential election. The Socialist Francois Hollande, who arrived Sunday ahead of the first turn, pledged if elected to block the fuel prices for three months, a measure deemed absurd and demagogic by outgoing President Nicolas Sarkozy, who will play at the second round scheduled on May 6

The advertising Maurice Levy defends his bonus

Maurice Levy, chief executive of Publicis Groupe, Saturday defended the bonus of more than 16 million that has been granted and which had been criticized by Many political.

"This is a deferred compensation that is to say, it has been accumulated over the years," he said on RTL.

"It's nine years during which there was a requirement (…) which was to outperform (…) If I had my match bonuses each year, person never would have spoken, "he added, acknowledging that this was" big money "and understand that this saying may be shocking.

Maurice Levy said he regretted a form of political recovery of the amount of his bonus in full campaign period. 

Without naming them, he estimated that some politicians had decided to be seized "or because they were out of the program, either because they were out of political jurisdiction or simply because they wanted to flatter the base instincts of what is known as the populism ".

"We're saying success is prohibited when it is accompanied by an economic success," he said.

The advertising we found would have "done better" to ask him what he would do this bonus, but without any answer to this question.

Publicis revealed in its 2011 reference document that Maurice Levy would receive approximately 16.2 million euros in accumulated deferred variable compensation ; art since 2003. 

The PS candidate Francois Hollande felt it was "not acceptable" that people receive such a sum in times of crisis "where everyone has to make efforts." The government spokesman Valérie Pécresse also found "disproportionate" as a bonus.

As for Nicolas Sarkozy, who promised, if elected, to introduce stricter control of very high salaries, he expanded his conviction of the person Elisabeth Badinter, the daughter of the founder and main shareholder of the group Publicis. Stressing that it has "left heart", the president criticized the socialist candidate to condemn the bonus Maurice Levy without associate.

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.

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 .

In Italy, wine is combined with fashion to export

The largest wine producers in Italy are joining forces with the world of fashion to boost their sales in the U.S. and emerging markets, hoping to offset lower consumption in the pe Peninsula.

Italian wine sales were flat last year to 12 billion euros, and as Italy plunges into recession, dragged down by its austerity measures ;, the future of its wine industry depends increasingly on exports.

Italy is already the world's largest exporter of wine by volume and second only to France in turnover. Italian wine exports jumped 13% last year to 4.4 billion euros and represent, with 2.4 billion liters, about 55% of its total sales.

But as competition intensifies in France and relatively new entrants from Australia, South America and South Africa, the main Italian producers have chosen to partner with claws fashion and design to better stand out.

Members of the Federation of luxury Altagamma thus agreed to accompany their parades and events of their Italian wines, saying pleased to promote diversity and quality of products manufactured ; s in Italy.

"It is clear that fashion attracts more attention, it is better known around the world. Everywhere we go, we take our Italian wines and make known, "said Santo Versace, brother of designer Donatella Versace and president of Altagamma, on the occasion of inauguration of Vinitaly, a renowned wine fair which is held in northern Italy from March 25 to 28

. MARKETS WHO

THIRST While export volumes exceed those of its domestic consumption since 2010, the Italian wine is turning increasingly to its carriers in foreign markets like USA, Russia and China, following in the footsteps of other manufacturing sectors of the peninsula, from fashion to metal production ..

……. "The future belongs to export," explains Lucio Mastroberardino, president of the federation Unione Italiana Vini Italian wine (IVU). 

"The United States, North America will remain a long time the largest market for Italian wine. Exports to China, India showing strong percentage growth but volumes are still trè s low. People out there just find the wine, "he notes.

Italy is the first player in the American wine market, with a market share of around 30%. About a third of Italian wine exports are destined for the United States, world's largest market. According to the producer, Italian wine sales have increased 16% in 2011, a sign that the market has recovered significantly since the 2008-2009 crisis.

"Throughout the crisis, the volume (sales) wine continued to increase, but the price range has shifted. Some of the more upscale wines have suffered, some wines have benefited more accessible, "notes Thomas Matthews, editor of Wine Spectator magazine …….

.. This year, the increase in exports of Italian wine in the world should be similar to or better than last year, pre ; said Lamberto Vallarino Gancia, president of the federation wine Federvini

. "What distinguishes us is that What the big wines like Barolo and Brunello, which are the main drivers of our exports, we have a wide variety of quality wines in all price segments, "said he.

The sharp rise in long rates going to continue?

The ideal image of markets, all asset classes, risky and non risky, even walking a step towards improvement, began to scramble this week sharp rise in U.S. long rates and, to a lesser extent, German.

Rising oil prices, a U.S. economy that accumulates the signs of recovery, the massive debt of states and an abundant supply of sovereign paper were enough to propel the rate of U.S. Treasuries 10 years at 2.32% Friday against 2.04% earlier this week, the Bund and the 10-year benchmark euro zone, to 2.06% against 1.77% on Monday – or about 30 basis points more in four days. 

This movement will he continue? Professionals agree that it may take several weeks but long rates end up ultimately a lower level.

"Central banks accommodative, an abundance of cash in banks (through the generosity of central banks) and investors' portfolios, the memory of missed occasions (2009 and 2011), were all factors that contributed to the unusual resistance of Treasuries, "said Vincent Chaigneau, head of rates strategy at Societe Generale.

"But the acceleration of the rally in equities and the analysis slightly less bearish on the economy the Fed cause the correction," he wrote in his weekly note . 

However, it remains cautious about the extent of economic recovery.

"In Europe, LTRO (refinancing long-term European Central Bank, ed) brought a breath of fresh air but they have increased inbreeding between banks and sovereigns and certainly have not solved the fiscal problems and competitiveness (the heart of the crisis in the euro area, ed), "he says.

"It is too early to become fundamentally bearish on bonds but right now this is not the time to buy," he said. 

GREAT HANDLING MONEY

Benjamin Melman, director of the division Absolute performance at Edmond de Rothschild investment managers (EdRIM), remains cautious in the short term because of signs of recovery but rejects the hypothesis of a prolonged tension on long rates.

At a press briefing, he said today, the big problem was to reduce state debt without huge strangle the economy.

"In this context it remains a single parameter: the interest rate," he said. "Monetary policy will play a major role in organizing the sustainability of public debts".

"We need this great currency manipulation," he said citing the actions of massive injection of liquidity into the banking systems decided by the Federal Reserve The ECB, the Bank of England and Bank of Japan.

He explained that through these various unconventional measures, the ECB and the Fed are working primarily to keep rates low.

"We do not see the Fed hold the rise in long rates," he adds, noting that the policy of the Reserve has managed to obtain nominal long rates below the nominal growth.

Benjamin Melman sees a repositioning of the 10-year Treasuries when their rate will reach 2.5%. 

In the eurozone, according to him, deleveraging is far from complete, with banks, unlike the U.S., just started the process.

"Despite the success of LTRO, there is a risk of a credit crunch. There is a tightening of credit policy of banks that need to lighten their balance sheets, particularly in France," he said ;.

Pending a clear vision of the direction of future long rates in the market for private debt (credit coporate) has flourished for three months.

According to a survey by Thomson Reuters, the amount of corporate debt issued in euros since the beginning of the year is up 68% over the same pe ; period in 2011 and the coupons have fallen to record low since the entry into force of the euro in 1999. The average coupon stood at this point to 4.53%, a record low.

Many operations were performed at a rate of 3% or less against an average rate of 3.2% for sovereign issuers.

HeidelbergCement sees 2012 profit up, dividend statement

HeidelbergCement said on Thursday anticipating a rise in operating profit in 2012 thanks to growth in demand in all markets except Western Europe and new measures cost reduction.

The fourth global manufacturer of cement did not specify the magnitude of the expected increase in profit, which should grow well for the third straight year.

"The growth rate expected to ease on most markets because of measures taken to strengthen public finances," said Chief Executive Bernd Scheifele said in a statement.

"Growth rates in emerging Asia and Africa are expected to remain significantly higher than those of mature markets of North America and Europe."

The competitor Lafarge will propose an increase of 40% dividend per share in 2011, to 0.35 euros. Analysts had forecast 0.38 euros, according to Thomson Reuters StarMine

.

The reforms must be pursued in the euro area, said Draghi

The euro area is beginning to stabilize but his future will depend on the integrity of structural reforms undertaken by Member States, said Tuesday the president of the European Central Bank, Mario Draghi.

The leader, in office since last November, said the inflation risk did not materialize currently within the euro area since the output gap remained, while expressing "determined" to continue the work of his predecessor Jean-Claude Trichet in terms of price stability.

"We are constantly vigilant about inflation risk but this risk does not materialize at the moment," he said during a speech in Paris on competitiveness ;. 

The ECB continues to see signs of stabilization in the euro area which would benefit the member countries to pursue economic reforms, he said.

"We continue to see signs of stabilization although they are shy," said the central banker, before asserting that rates low in the short term together with measures to the sector would support financial growth.

The ECB has held since December two large lending operations to three years (LTRO) for banks for a total turn around of a thousand billion.

Mario Draghi said that banks should do the same to strengthen their balance sheets by retaining earnings and by reducing dividends and bonuses. 

"The strength of bank balance sheets will be a key factor in facilitating their lending activity, their primary mission," he said.

The President of the ECB has however expressed concern about the differences in competitiveness, increasing according to him, among the member countries of the euro area.

According to the ECB, labor costs rose two and a half times faster in countries with balance of payments deficit in countries that accumulate surpluses.

"Member countries must reduce their competitiveness and enhance their own prosperity and stability of the monetary union," he said. 

"If we do not reform all together, and this has been said many times early in the life of the euro, it will be difficult to maintain the integrity of the area ".