Household consumption fell by 2.9% in March

French consumer spending on goods fell 2.9% in March, erasing the equivalent rebound registered the previous month (3.0% in the first estimate) , according to data released Friday by INSEE.

Throughout the first quarter, growth in household spending on consumer goods rose 0.2% after rising 0.3% in the fourth quarter of 2011. Over one year, from March 2011 to March 2012, however, they contract by 2.0%.

The decline in consumption of goods recorded in March was due to falling energy costs (-11.3% compared to February) and to a lesser extent to decline in food expenditures (-2.3%).

The 17 economists polled by Reuters on average expected a 1.9% decline in consumer spending on goods in March.

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

Map of Bordeaux vineyards passed under the Chinese flag

Château de Viaud in Patache, through the Grand Mouëys, discover new properties fell into the hands of the Middle Kingdom. Since 2011, redemptions accelerated.

The wave of takeovers of Chinese vineyards in the Bordeaux region has increased since 2011. At least a dozen properties were acquired by the Chinese last year. And since the beginning of the year, four transactions were concluded. Among them, the sale of Grand Mouëys in mid-February to Jinshan Zhang, the founder of a major Chinese producer of alcohol goji berries.

And the trend could increase its intensity. This is the month that predicted Jean-Luc Coupet, creator of Wine Bankers, a reference to the wine market transactions. For him, "in this wave of buying, the biggest deals yet to come." The Chinese market is already the leading destination for exports of Bordeaux wines, with about 436,000 hectoliters shipped representing 334 million euros. Besides the 100,000 hectoliters sold in Hong Kong, for 348 million euros. China would it be the future of Bordeaux?

Here are our full investigation "Harvest in the Bordelais Chinese"

The recent Chinese acquisitions in the Bordeaux Appellation Names Purchase Date Buyer Village 1. High Brisson St. Emilion Peter Kwok, Taiwan 1997 Vignonet 2. Latour-Laguens Entre-deux-mers Haiyan Cheng (Longhai Group) 2008 St-Martin-du-Puy 3. Richelieu Fronsac A & A, Hong Kong 2009 Fronsac 4. Old Cy Zhejiang Brondeau Libourne Saint-Earth 2009 5. Chenu Lafitte Cotes de Bourg village Group Haichang 2010-sur-Gironde 6. Viaud Lalande de Pomerol-Cofco 2011 Lalande de Pomerol 7. Laulan Ducos Medoc Richard Shen (Tesiro) 2011 Jau-Dignac-and-Loirac 8. Lagarosse Cotes de Bordeaux Carlico, Hong Kong 2011 Tabanac 9. La Salle Cotes de Blaye 2011 Zhongai Saint-Genes-de-Blaye 10. Monlot Saint-Emilion Zhao Wei and Huang You Long 2011 11 St. Hippolyte. Lafon Listrac Marvelake Listrac-Médoc 2011 Wine 12. Barateau High Medoc Wine Marvelake 2011 Saint-Laurent-Médoc 13. The Bourguette Sainte-Foy-Bordeaux Beverly Koo, Hong Kong nc Saint-Philippe-du-Seignal 14. Lezongars Between the two world seas Dashang 2011 Villenave de Rions 15. La Roche Pressac Cotes de Castillon Skyvast Properties, Hong Kong 2011 Saint Magne de Castillon 16. The Patache Pomerol Peter Kwok, Taiwan 17 2011 Saint-Emilion. Grand Branet Entre-deux-mers 2011 Capian Cheng Qu 18. Branda Puisseguin-Cheng Qu Saint-Emilion 2011 Puisseguin 19. Laurette St. Croix-Mount Cheng Qu 2011 Sainte-Croix-du-Mont 20. Thébot Sainte-Foy-Bordeaux Cheng Qu 2011 Saint-André-and-Appelles 21. Tour-Saint-Christophe Saint-Emilion Peter Kwok, Taiwan 2011 St. Christophe-des-Bardes 22. Bertranon St. Croix-du-Mont Meng Gao Loupiac 2012 23. Between Cugat-deux-mers 2012 n.c. Blasimon 24. Grand Mouëys Entre-deux-mers Jinshan Zhang (Ningxiahong) 2012 Capian

That hides the yoyo market

Financial markets seem to have entered a new phase of instability. This correction is benign or she announces she a new crisis. The responses of Grandrille Xavier, President of Amplegest. Paris Bourse

For three months, financial markets and the States have experienced a real honeymoon. German and Japanese shares rose nearly 20%, spreads have narrowed significantly, from 200 basis points for Italy and Portugal, 170 points for Ireland, 30 points for France. But for two days, it is the fever which prevails. In Spain and Italy, rates on government bonds are strained. And scholarships to play yoyo throughout the Old continent. Analysis of Gandrille Xavier, President of Amplegest

Correction in financial markets is normal?

Only in part. Since late 2011, the CAC 40 was much increased. About 16% until mid March. This increase was driven by two factors. The first is the disappearance of systemic risk through intervention by the ECB provides liquidity to banks. The second is the improved outlook for growth. Last summer, it seemed that Europe would not live through the winter. And then the activity – even if it remains depressed – has grown faster than expected. After a period of rising markets, it is normal to see a correction. We lost 10% of the CAC. It's not a disaster. The problem is knowing what will make markets in the coming months. Will you stay in the same waters or on the contrary, enter a negative cycle?

Exactly. What is your scenario for the future?

The answer is not obvious. But unlike the consensus which considers the correction of the past two days as normal, I'm pretty uncomfortable. The euro area remains a system that does not work. And injections of liquidity by the ECB do not change. We are in a situation where the debt repayment hampers growth. But until there is no improvement economic contagion – that is to say, a generalized rise in long rates – is possible.

Can we implement growth policies to loosen the grip of markets?

It's complicated. Future investments are expensive. We can implement liberalization policies as in the Scandinavian countries. But this type of policy takes time to produce its effect on the economy, in contrast to fiscal austerity. Europe is thus reduced to buying time to let the markets do not become impatient. This is what happened, for example, with its new firewall. But I remain pessimistic for the future. I'm afraid the consensus is do a little too many illusions about the ability of Europe to come out of the rut by itself. It will probably still other attacks markets, other crises to advance.

Job creation slows in March in the U.S.

The number of jobs créésa been well below expectations in March in the U.S., which suggests that the Fed has leeway for further monetary easing, although the unemployment rate fell to a three-year low of 8.2%.

The number of jobs créésa was 120,000 in March, reported the Labor Department Friday, the lowest since October 2011.

Economists polled by Reuters expected a number of 203,000 and an unchanged unemployment rate of 8.3%.

Despite the low number of jobs created, average hourly earnings rose five cents per month, while the workweek fell to 34.5 hours against 34, 6:00 in February.

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.

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

.

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.

Beiersdorf expects profits up in 2012

Beiersdorf expects earnings growth in 2012, having eliminated unprofitable products to focus on its flagship brand Nivea, waiting for a new chief executive next month.

The consumer products group general public has lost market share in recent years and attempts to remedy this by redesigning its product line dominated by Nivea, the first global brand of care the skin.

Beiersdorf, which also owns the range of luxury cosmetics La Prairie, announced in January and the results better than expected margin for 2011, suggesting that a slow movement of recovery maybe put on.

He believes that the operating margin of the consumer division should exceed that of 2011, stood at 11.4% against 12.7% in 2010. 

The new CEO Stefan Heidenreich will take the reins of the group in April, charging him with driving a change which, if it proved unsuccessful, could fuel speculation by Beiersdorf future operational able.

The group proposes an unchanged dividend of 0.70 euro per share, while analysts polled by Reuters had expected € 0.68.

Greek parliament vote austerity in a climate of violence

The Greek parliament approved on the night of Sunday to Monday for new austerity measures in an atmosphere of considerable tension in Athens, where buildings were burned in clashes between rioters and security forces, while violence were reported in several other cities.

This law, which provides 3.3 billion of budget savings through drastic new cuts in wages and pensions and a new wave of job cuts in the public service, is required e by the donors of Greece – European Union (EU), European Central Bank (ECB) and International Monetary Fund (IMF) – in exchange for a new aid of 130 billion euros considered essential to avoid bankruptcy at home. 

While MPs were debating Sunday in the walls of parliament, tens of thousands of Greeks had gathered outside, on the Constitution Square (Syntagma) , to denounce this new course of rigor, two years after the beginning of this policy of austerity.

In the late afternoon, violence erupted, the worst in Greece since the weeks of riots in 2008 which succeeded the death of a teenager 15 years killed by police.

Cinemas, cafes, shops and bank branches were burned in the center of the capital while the masked demonstrators battled riot police near the Parliament . According to police, a total of 34 buildings caught fire and 150 shops were also looted.

State television reported violence in the resort island of Corfu, Crete, Thessaloniki, northern Greece, and in cities across the center of the country , Volos and Agrinio.

LESSER EVIL

Technocrat appointed in November at the head of a government backed by the country's two main, Lucas Papademos has denounced the violence. "The vandalism, violence and destruction have no place in a democratic country and will not be tolerated," he told parliament.

Shortly before the vote, he warned MPs they would commit a grave mistake if they did not approve of this new package of savings which represents for him a lesser evil compared to the possible consequences of bankruptcy.

"We have before us a comprehensive and credible economic program to overcome the economic and fiscal crisis. This is a program that preserves more than anything else, the country's place within the euro area, "said Lucas Papademos, while recognizing the level of effort demanded to his fellow citizens, especially facing a 22% decrease in the minimum wage

. "The implementation of full, effective and timely in this program will not be easy. We are fully aware that this economic program involves short-term sacrifices for the Greek population. "

Finally, 199 members of 300 approved the text but 43 ¨ elected PASOK (Socialist) and New Democracy (conservative) did not comply with the watchword of their party and were excluded on the scope of their training

. Outside the parliament, the air in Syntagma Square was wrapped with tear gas and Police charged the young men throwing stones elusive and Molotov cocktails. In heaven stood wide columns of smoke from buildings on fire

.

"We are facing destruction. Our country, our house is about to burn. The center of Athens is in flames. We can not let populism reduce our country to ashes, "exclaimed the elected Conservative Costis Hatzidakis

. At the inside the parliament, we could hear the explosions of grenades used by police

. Frightened, the residents and tourists took shelter in hotel lobbies to escape the violence and irritating gases

. "ENOUGH, C IS ENOUGH "

Among the buildings burned included Attikon Cinema, a building of neoclassical style built in 1870, and a building housing the cinema Asty, a room in the basement converted into a torture chamber by the Gestapo during World War II

… …… For many Greeks, the new austerity measures that do delve a little deeper into poverty. 

"Enough is enough!" Exclaimed Manolis Glezos, 89-year historical figure of the Greek left, at the rally in Syntagma Square.

"They have no idea what it means to an uprising of the Greek people. And the Greek people, ideas all political persuasions, is beginning to lift, "said the hero of the resistance during World War II, who had managed to remove a Nazi flag from the Acropolis in 1941

. The Greek political leaders are under intense pressure from the EU and IMF, who accuse them of not to implement the promised reforms since 2010 and thus threatening the whole euro area

. Germany, first saving Europe, has launched a new call to order Sunday as Greece needs of international funds by March 20 to pay on that date of € 14.5 billion of debt coming to e ; personshall lose. 

Asked about Greece by the Welt am Sonntag, the German finance minister, Wolfgang Schäuble, said: "It is important to say that it can be a bottomless pit . This is why the Greeks will finally have to clog the well. Then we can put something. (…)

"The Gre it must do its homework to become competitive, it requires a new rescue plan or some other way that we do not want to (…) ", he added, referring to an output of the euro area

.