Speaking after its annual review of the Italian economy, the head of the IMF European Department, Reza Moghadam, has shown strong support for the president of Italy Mario Monti. This has put pressure on European leaders to ensure that measures to promote growth in addition to the austerity plans response to the crisis.

"The policies implemented by the government have created a stability that is truly remarkable compared to the situation we had at the end of last year," said Reza Moghadam during a press conference.

The IMF confirmed its estimate of 1.9% decline in gross domestic product (GDP) Italian for 2012, after falling 0.8% in the first quarter.

The fund does not think that Rome should take further fiscal adjustment measures beyond what the country has already planned, although the government has raised its forecast for de government deficit from 2013 to 0.5% of GDP, against 0.1% previously. 

"Fiscal policy for this year and next year is a policy that the IMF fully supports," he said.

"Our recommendation is to proceed with plans to recapitalize banks, precisely to ensure that banks have sufficient capital to support credit activity in Italy," he added.

In the first three months of the year, adjusted earnings came in at 59.2 billion kroner (7.8 billion) against 47.2 billion ago one year and 53.4 billion expected by analysts.

Production of oil and gas over the period reached 1.970 million barrels oil equivalent per day, against 1.765 million a year ago and a consensus of 1.881 million.

For all of 2012, Statoil has stuck to its projections of production of some two million boe / d.

The U.S. economy created 115,000 non-farm jobs last month, according to statistics from the Labor Department, and the unemployment rate fell to 8.1%, a level not seen since January 2009, when it stood at 7.8%.

The figures for February and March were revised upward, respectively 154,000 (against 120,000) and 259,000 (against 240,000).

Economists polled by Reuters had expected an average of 170,000 jobs created in April after the figure of 120.000 was originally planned for March.

President of the European Central Bank (ECB) Mario Draghi agreed Wednesday that he hoped the massive loans made in recent months by the institution to European banks would benefit more quickly to the real economy.

The ECB has lent some EUR 1,000 billion over three years on terms very favorable to the banks of the euro area at two outstanding operations in December and February, hoping thereby stimulate lending and thereby the economy as a whole.

But in the economy right now "demand is therefore contained the credit application is contained," Draghi said at a hearing before MEPs. Lending operations have improved the financial position and allowed to "buy time", said Mr. Draghi, which is "not negligible", "but we can not compensate for the lack of demand," Has he added.

For the head of the ECB, the lack of credit is explained more by the crisis, which reduced demand for financing of households, by the cautious behavior of banks. The IMF, however, points to the prudence of financial institutions.

"The pressure on European banks remain high. They face the risk of public debt, weak economic growth, higher requirements when renewing their loans maturing and the need to strengthen their reserves to regain investor confidence, "say economists Fund

. The IMF also estimates that 58 major European banks may have to reduce their assets 2,600 billion by end 2013 to comply with the requirements of the European Banking Authority in terms of capital ratios. Such a perspective is not only bad for financial markets. It would also limit the ability of bank funding, particularly in countries where interest rates remain high, and decrease further loans to businesses, potentially creating a vicious cycle, explains Fabrice Cousté, CEO of CMC Markets France

.

AstraZeneca offers Ardea $ 32 per share, representing a premium of 54% over the closing price Friday of society, and values ​​acquired at a billion dollars after deduction of cash held by Ardea.

Both groups said they expect the transaction to close in the second or third quarter, adding that shareholders representing approximately 30% of Ardea had agreed to vote for the operation. 

The action Astrazeneca yielded 0.87% at the London Stock Exchange at 7:35 GMT, but doing better than the market (-1.16%).

The group is facing generic competition on several of its key drugs, including anti-psychotic Seroquel, and just to renew its range. Earlier this month, he concluded an agreement on joint development and commercialization of five treatments of the portfolio of the U.S. biotech Amgen.

The biotechnology sector is currently characterized by a wave of mergers and acquisitions and consolidation attempts.

GlaxoSmithKline announced last week it had offered to buy Human Genome Sciences for approximately $ 2.6 billion (2 billion), an offer rejected by American society. Roche has attempted unsuccessfully to acquire Illumina to $ 6.8 billion.

The IMF estimates that the debt crisis of the euro area poses the most acute global economic growth and financial markets fear that after Greece, Ireland and Portugal, it is the turn of Italy and Spain – the third and fourth economies in the region – to seek international assistance.

"There are firm commitments to increase resources available to the IMF more than $ 430 billion," say in a statement the G20 countries. 

The IMF will use this enhanced firepower to help any country or region that would require, but those are the fears that the crisis in Europe have accelerated ; Lere enhancement of its resources.

Sign of ongoing concerns of financial markets respond to the crisis of European sovereign debt, the yield on Spanish bonds to ten years has exceeded 6% this week and investors are concerned that borrowing costs of Madrid reach an unsustainable level.

"The extreme risks weighing on the global economy there are still some less began to fade," said the G20 in a statement. 

"However, growth expectations for 2012 remain subdued, the deleveraging affecting the growth of consumption and investment, the volatility remains high, partly reflecting the pressures of financial markets in Europe, and downside risks persist. "

Emerging countries have obtained their G20 partners guarantees to see their growing economic role gradually recognized in the Fund, through a strengthening of their voting rights. Brazil, in particular, had asked for a commitment to do so.

The Brazilian Finance Minister Guido Mantega said after the G20 meeting that emerging markets of BRIC – Brazil, Russia, India, China and South Africa – had unanimously agreed to provide additional funds to the IMF.

After almost a year of discussions, the CEO of Exxon Rex Tillerson has signed this agreement with his counterpart from Rosneft, Edward Khoudainatov, at the residence of Russian Prime Minister Vladimir Putin in Novo- Ogariovo, not far from Moscow.

This strategic cooperation agreement was announced by Reuters in mid-day, before it is signed.

It will give Rosneft, majority owned by the Russian state, a 30% interest in three projects for Exxon in North America, described the two groups in a joint statement. 

Exxon and Rosneft will also study the feasibility of the exploitation of deposits of Rosneft in western Siberia.

According to a first agreement in August, Exxon and Rosneft must spend $ 3.2 billion (2.45 billion euros) to the exploitation of oil deposits in the Russian Arctic and Black Sea. Seismic studies starting this year, indicated that the two groups.

These funds are meant to give the IMF the means to combat the crisis of sovereign debt in the euro area.

The G20 finance ministers meet in Washington next week and will increase the Fund's resources will be central to their discussions.

"I would say it will be somewhere between 400 and 500 billion and that much will depend on commitments of the major world economies and European economies outside the euro area," said an official of the G20. 

Executive Director of the IMF, Christine Lagarde, said Thursday that an agreement could take time, suggesting that the meeting next week may not result in an agreement dice finitif.

She also said it was possible that the IMF has required fewer resources than he thought a few months ago, the economic and financial risks are being mitigated, as well as its financing needs.

The long-term operations (LTRO) of the European Central Bank refinancing two to three years made in December and late February, by watering thoroughly with liquidity sys my bank, have also helped reduce the need of the Fund, in the opinion of officials. 

The IMF estimated in January that it would take $ 500 billion more for loans and an extension 100 billion in reserves for protection of risks arising from the debt crisis of the euro area .

"UNREALISTIC"

"It was always clear that this envelope 500 to $ 600 billion (…) was too unrealistic," said another official of the G20. "We will be happy if we get other countries as much as what the Europeans are willing to contribute."

Countries in the euro area have committed to provide 150 billion euros and other countries of the European Union 50 billion.

The first official said that China and Japan could together provide $ 100 billion, or slightly more. "It seems that Japan and China are relatively happy with what Europe has done," said a third official.

"But among developing economies, we still feel that the rich countries like Germany should play a greater role in solving the problems of the region, it may be that there is no agreement until the last moment, "added the third charge.

For now, the U.S. and Canada are the only countries that do not contribute to an increase of IMF resources.

The fight continues. Metalworkers block since 6:30 this Tuesday access to administrative buildings of the plant ArcelorMittal Florange (Moselle). Thirty workers wearing jumpers of the CFDT, CGT and FO have taken a position before the checkpoint leading to the "big offices" staffed usually several hundred frames.

In the pale light of dawn, the steelworkers have improvised at the gates with a pile of straw bales and wooden pallets. Some managers and administrators have been forced to turn back by the workers protest, fearing an imminent closure of the steelworks. Most of the inside workers hired to 8:00.

"This is once again disrupt production at the site" which is partly controlled from the "big office," said a trade unionist. The blocking is expected to continue throughout the day, he said. This is the second blocking access to the administrative buildings of the factory in less than two weeks.

February 28, fifty steelworkers were blocked for a dozen hours access to "big offices". This blockage was "unacceptable" by the management group's Atlantic-Lorraine. "ArcelorMittal strongly condemns the blocking (…) by a small group of trade unionists (who) and prohibit access to their workplace to the other employees of the company," had found direction in a statement.

Monday, the workers decided to continue meeting in their movement. The Inter announced it would conduct new blockages Tuesday, she would visit all workshops and site Wednesday that it "would rise" in Paris Thursday. A "great national day" demonstration will also be held March 22 in Florange by the CGT on the theme "The industry and the steel industry in France," said the union plans to bring in Lorraine "thousands of French and Belgian steelworkers. "

March 8, direction, accompanied by thirty guards, had taken possession of "large office", February 20 invested by metallurgists to cries of "Mittal, we want to work". Movement by engaging in late February, a CFDT Inter-CGT-FO (GSC / CFE has withdrawn since) had promised to make Florange "the nightmare of government" if the two blast furnaces of the steelworks, dormant for several months, were not given a prompt start. ArcelorMittal ensures it is only a standby temporary, made necessary by an insufficient global demand for steel.

The S & P 500 benchmark index fund managers, rose 0.1% over the whole of last week, posting its fifth weekly advance in six weeks.

The current upward cycle in the S & P 500 is now five months since the beginning of the year, it was up about 9% after being flat in 2011.

Friday's session marked the third anniversary of a lower-end 12, to 676.53, hit in financial crisis. Since then, the index has more than doubled.

"(…) We'll probably have a bit of respite before the expected correction," said Scott Billeaudeau, portfolio manager at Fifth Third Asset Management.

Market participants explain the good performance of Wall Street by the recent series of U.S. macroeconomic indicators better than expected, suggesting that the upturn to the States United gaining momentum.

The latest example, the employment figures for the month of February, with 227,000 non-farm jobs created last month, against 210,000 expected by economists and an unemployment rate remained at , its lowest level in three years, to 8.3%. 

Although the International Swaps and Derivatives Association (ISDA) said on Friday that Greece had triggered a credit event by enabling legislation requiring all private creditors to take losses, the Greek record ceases, the moment of worry.

The announcement came after the ISDA confirmation that Greece had managed to avoid an imminent default, for the largest restructuring of sovereign debt ever held e.

LOTS OF CASH

"Concerns about Greece will not disappear at once, but the nightmare scenario has been avoided (…)" noted Leo Grohowski , Investment Officer at BNY Mellon Wealth Management. 

Natalie Trunow, which occupies the same position at Calvert Investment Management, believes there could be a setback for U.S. equities in the short term, adding that any such reduction will not be drastic.

"There is so much money in the institutional and individual portfolios (…) long term evolution is increasing," she said.

From a technical standpoint, the indices evolve to a level close to thresholds of resistance. Their crossing or not could be decisive in shaping the market next week, said Chris Burba (Standard & Poor's).

The statements of the Federal Reserve after its decision on interest rates Tuesday (18:15 GMT) will also be well attended, the slightest indication of the Fed's intentions regarding possible new measures to support the economy is likely to give a boost to Wall Street.

Despite improvements in the labor market, a majority of "primary dealers", these intermediaries who deal directly with the Fed, think the Fed will eventually launch this year th a new program of quantitative easing, according to a Reuters poll. 

Compared to a previous survey of this type, the size of the "QE3" however, was estimated to decrease to $ 525 billion, 600 billion against anticipated s last month.

With over a barrel of U.S. crude which settled above $ 100, the data on producer prices and consumer, respectively scheduled Tuesday and Friday , will be well attended.

Among other indicators set next week include retail sales (Tuesday or the index of consumer confidence measured by the Reuters / University of Michigan Thursday).