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.

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.

Previous Previous PauseSuivant 1. United States: $ 48 billion investment Next 2/10

Previous Previous PauseSuivant 2. China: $ 45.5 billion investment next photo 3/10

Previous Previous PauseSuivant 3. Germany: $ 30.6 billion investment next photo 4/10

Previous Previous PauseSuivant 4. Italy: 28 billion dollars of investments Next Photo 5/10

Previous Previous PauseSuivant 5. France: $ 5 billion investment Next Photo 6/10

Previous Previous PauseSuivant 6. India: 10.2 billion euros in investments Next Photo 7/10

Previous Previous PauseSuivant 7. UK: $ 9.4 billion investment Next Photo 8/10

Previous Previous PauseSuivant 8. Japan: $ 8.6 billion investment Next 9/10

Previous Previous PauseSuivant 9. Spain: $ 8.6 billion investment Next Photo 10/10

Previous Previous PauseSuivant 10. Brazil: $ 8 billion investment Next

The credit market has recorded one of its best quarters in issue volume in number of transmitters and in reducing risk premiums (spreads), related professionals. 

"Issuers have succeeded without difficulty in raising funds to historically low levels and syndication desks (banks) had a stellar quarter," writes in a note Suki Mann , head of credit strategy at Societe Generale.

Gaëlle Malléjac, responsible for managing rate at Groupama Asset Management, points out that if one judges by the evolution of the Barclays corporate EuroAgregate, March 26 corporate credit engrangeait performance 4.63% higher than German debt.

"The average spread of the universe credit stood at 215 basis points (over German debt) at March 26, against 322 bps at end-December 2011," adds she said. 

"Concomitant resistance of German Bunds, risk-free assets, is a great enigma. The German rate (1.8% for 10 years) is disconnected from the fundamental view of the im improvement of economic situation, "said the manager.

She explains that in fact "excess liquiditésa benefited all asset classes," even the most expensive as Bunds.

BANKS EMIT NEW

The primary market for credit has regained health insolent.

"There was this quarter a record number of shows. At each show demand was strong from the beginning of this year the premium has significantly reduced or disappeared, "says she …… According to data

… established by the team of Suki Mann, the third quarter ranks among the most active primary market with 53.3 billion euros issued by non-financial corporations classified as investment (Investment Grade, IG) against 27.6 billion in the first quarter of 2011 …. In

….. speculative grade (high yield, HY), the threshold of EUR 10 billion was reached, a third of the amount total issued in 2011, and ranks fourth quarter in terms of amount issued on the euro market. 

Abruptly closed last summer with the worsening debt crisis in the eurozone, the segment of senior bank debt unsecured woke up with a bang 55 billion Euros against 12 billion for the last six months of 2011.

This rise is largely up to the credit of the last acts of unconventional European Central Bank, which was conducted in December and February 2 refinancing operations and three years of euro area banks.

The cumulative amount lent to banks at a rate of 1% has exceeded 1,000 billion and has raised a major concern emerged in 2011: the inability of banks to use market ;. 

ECB DETERMINED TO SUPPORT BANKS

"The ECB has demonstrated its determination to do everything to support the banking system of the euro area. There is more risk of refinancing of banks by 2014-2015, "said Gaëlle Malléjac

." The two LTRO averted a 'credit crunch' and to banks to buy debt device, "said Nicolas Forest, head of rates strategy at Dexia Asset Management …..

…. "With LTRO, banks have changed their behavior in January," said Gaëlle Malléjac, adding that vendors of debt Italian or Spanish sovereign, they increased rates to buyers

. 10 years Spanish and Italian have declined to 4.86% and 4.81% in February, against 6.73% and 7.3% in November at the height of the crisis in the euro area. The Spanish rate rose to 5.43%, attesting to the difficulties of the Madrid government to meet its objectives of reducing public deficits.

The professionals interviewed all stress that if the time for the LTRO has averted the risk of a credit crunch and that governments have set short-term problem of Greece and its private creditors, the underlying problems remain.

"Governance problems and structural imbalances in the euro area whose solution will take time for caution for the future," notes Nicolas Forest. However, he believes that governments seem to have learned from the bear market in 2011.

Gaëlle Malléjac and Suki Mann also express caution. But they want to believe that the new fiscal pact in the process of ratification and the expected agreement on an increase sufficient means of financial solidarity mechanism at meetings of finance ministers of the EU this week- Weekend in Copenhagen should allow a continuation of the rally-but at a more modest pace, especially for spread tightening.

In anticipation of upcoming elections, the Institute of Business and Expansion are now Bayrou, president of the Democratic Movement and candidate for president, Xavier Huillard, president of the Business Institute and CEO of Vinci, and the economist Jean-Marc Daniel. They discuss the theme: "Produce in France: what works to restore prosperity?"

The debate is moderated by Franck Dedieu, a journalist at L'Expansion. It is broadcast live on Dailymotion. You can also comment on twitter and ask questions via the # debateco.

Investors also took profits after a rise of more than 10% of the Nikkei in the month just ended, its best performance in February for 20 years.

The Nikkei lost 15.87 points to 9,707.37 and the Topix broader, yielded 4.42 points (0.53%) to 831.54. 

At his hearing Wednesday before the Committee on Financial Services of the House of Representatives, Ben Bernanke noted that there had been improvements in the labor market, even if e also said he had to accelerate growth in the United States that will reduce an unemployment rate considered unacceptable. (See)

Recognition of a better employment has, ultimately, been interpreted as not going in the direction of an imminent new repurchase program obligations.

"The recent increase was largely due to the high liquidity (available), so in hindsight expectations of further easing, this element will disappear and could weigh on market s actions, "Judge Masafumi Yamamoto, currency strategist at Barclays Capital chief.

Values, Softbank closed up nearly 2% after winning an auction on mobile frequency coveted.

In Paris, around 9:35, the CAC 40 gained 0.54% to 3,460 points. In London, the FTSE advance of 0.33% and Frankfurt, the DAX is 0.64%.

However, the gains could be limited, due to persistent concerns over the fate of Greece, which Standard & Poor's Monday lowered the sovereign credit rating to SD (default selective).

German lawmakers approved Monday by a large majority the last bailout of Greece, despite pressure on Chancellor Angela Merkel that Germany cease to pay money in a "bottomless pit". Analysts say the vote could undermine Merkel, however politically, making it harder still a green light from Berlin to the strengthening of emergency funds in the euro area.

Banks are among the highest increases sectoral European sector index gaining 0.6%. Deutsche Bank and BNP Paribas 1.8% gain.

The action PSA earns 8% and signs the largest increase in the CAC 40, the French manufacturer pursuing advanced talks with General Motors as part of their proposed strategic alliance in Europe.

Casino earns 1.6% after announcing a sharp increase in its annual results, driven by a contribution from emerging countries, which more than offset the decline in performance in France.

TomTom gives up nearly 18%, the specialist Dutch navigational instruments having unveiled a 76% drop in net profit in the fourth quarter and said it expects that the decline in sales will continue this year.

Bunds are stable, close to their highest level in five weeks. German paper demand is indeed supported by Berlin's reluctance to strengthen relief funds in the euro area.

The euro climbed to 1.3450 dollars more, despite the new Greek downgrade by S & P, the latter being widely expected by markets. The single currency earnings still waiting for an abundant liquidity from the ECB.

As for the yen, which has registered the day before a nine-month low against the dollar, it is taken in favor of large purchases of month-end from Japanese exporters. But the Japanese currency is poised to record on the month's decline most marked over two years and traders expect it remains under pressure.

Oil prices continued their decline after a sharp rise the previous week, but lingering fears surrounding the Iranian offer to limit gross losses. Brent crude is trading around $ 123, that of U.S. crude around $ 108.

PSA announced Tuesday evening study a proposed alliance, without elaborating on the identity of its potential partner. But sources told Reuters that it was the American General Motors, confirming press reports.

These sources suggest a partnership between the two groups and not a merger, but nevertheless indicated that cross-ownership "symbolic" between the two groups would be possible.

The market response was unequivocal Wednesday morning, the title PSA signing by far the largest increase in the CAC 40 with a jump of more than 10%. At 10:22, the action was taking 14% to 16.44 euros.

"An alliance may allow these two groups of strong synergies and economies of scale, even if that investment and research and development," says broker CM-CIC Securities in a research note.

For intermediate, "the creation of an alliance is highly anticipated by the market and should be welcomed. GM-PSA could be the new Fiat-Chrysler ", predicts the brokerage firm

. According to some observers, the main challenge for the two companies would solve their problem of overcapacity in Europe at a time when the presidential campaign is fueling concerns of industrial employment

.. ……. "JOBS, JOBS, JOBS"

addition to synergies on purchases, marketing or future investments, the purpose of an alliance in Europe could cooperate to cut capacity in Europe and thus possibly close plants

. "There are unfortunately too production capacity in Europe, "said one banker, who for the purpose of an alliance could be for both groups to coordinate intelligently the closure of production units. 

"All European deals in the sector make sense to deal with overcapacity," said another banker based in Paris.

This issue of industrial overcapacity concerns and the public to the French government has already indicated through its Minister of Labour that it would be vigilant regarding employment if an alliance was tied.

"Jobs, jobs, jobs … Allow me to be demanding on this point, "said Xavier Bertrand on Europe 1, holding that a rapprochement between groups would allow PSA to change size

.. ……. "If there is agreement, it already allows to have a size in a global market, because PSA is primarily a European champion, national champion", he said

. PSA and Opel, GM's European subsidiary, must each carry out major restructuring to try to become beneficiaries in the context of difficult market automotive, industrial overcapacity and very stiff price competition

.

The partners of Greece in the euro area, which meet Monday, should agree on a solution to prevent the country from going bankrupt in a month, even if the terms of the proposed aid is not yet clearly defined. Several European leaders have shown their confidence in recent days in the ability to unlock the situation Monday during a meeting of finance ministers of Monetary Union in Brussels.

Following a telephone conversation Friday, German Chancellor Angela Merkel, Italian Prime Mario Monti and Prime Minister of Greece Lucas Papademos have expressed "confident that an agreement on Greece can be reached Monday the Eurogroup ". "We're getting closer to have a solid basis for a decision Monday," said the spokesman for the German Finance Minister Wolfgang Schäuble, although it had multiplied the signs of mistrust vis-à-vis of Athens recently. French President Nicolas Sarkozy has also "expressed confidence that an agreement on a new Greek program is concluded in the next few days, paving the way for a substantial reduction of the Greek debt".

Aid on the table has two interrelated components: a deletion with the private creditors of Athens 100 billion euros of Greek debt, and a new bailout of 130 billion euros from its creditors. The whole question now is what the scope of the agreement that should come out of Monday's meeting. The green light to partial erasure of private debt, already largely complete, seems on track, and can not wait any more: it is not put back on track in the next few days, it will not be concluded before the deadline of March 20, date-cleaver which Greece will have to repay 14.5 billion euros of debt, otherwise it will default on payment.

The IMF could lend 13 billion

This is the part of public support that the uncertainties are the most numerous. Good news came from Washington Sunday: Treasury Secretary Timothy Geithner said the United States would support the idea of ​​a new International Monetary Fund loan in Athens. "This is a very strong and very difficult to reform, deserving the support of the international community and the IMF. The United States encourage the IMF to support this agreement," he wrote. The IMF would consider contributing a loan of 13 billion euros in new bailout, the Wall Street Journal. According to the website of JDD, the Fund proposes that the public debt of Greece in 2020 significantly exceed the level he wants to see it go down, reaching 129% of GDP when he wants it to be 120% up to that date.

On European aid to the President of the Eurogroup Jean-Claude Juncker, it would be "wise, judicious and advisable that finds consensus on the contours" of the program Monday. Some within the euro area are in favor of splitting the envelope, by not releasing a small portion of the aid at first, and await the outcome of Greek elections and the commitments of the new government before continuing payments or not. Paris prefers that the agreement covers all of the help, knowing that the different tranches will be disbursed in any case in light of reforms made by Athens. For the euro area has increased the requirements in exchange for his support, so that Greece can be found virtually under the tutelage of its partners.

The debt of Greece will not be reduced to 120% in 2020

Thus, a whole list of reforms contained in the "Memorandum" agreed with its creditors should be launched prior to the payment of a first tranche of aid, so they must be passed by late February or early March. And the euro area is also finalizing the creation, claimed by France and Germany, an escrow account which will be paid a portion of the funds loaned to Greece so that they are primarily used to repay public debt. This measure, which seems to have been accepted by Athens, has a number of technical difficulties and we must decide how such monitoring mechanism.

This is what's the job of senior officials of the Treasury 17, meeting in Brussels on Sunday. The other remaining issue to be arbitrated on the actual amount of public support: according to one diplomatic source, needs up to 5.5 billion more have already been identified, because the situation in Greece has deteriorated since October, when the sum of EUR 130 billion was set. And it will probably go even further, because at this stage, the measures are far from capable of reducing the public debt ratio of Greece to 120% of GDP in 2020, as originally planned.  

The European Central Bank began exchanging Greek bonds purchased below face value on the secondary market. It intends to redistribute the gains realized states of the euro area, so that they can share it with Greece, again in ways that have not yet been fixed. The idea of ​​reducing interest rates on loans already in Athens is also on the table but would yield relatively small, according to a European source. Whatever the outcome of the meeting, it will not be the end of the Greek drama as much now depends on political will from Athens to implement its part of the contract.

Beyond its organic levers, the former branch of the Accor group prepaid service, which issues such as meal vouchers, announced during a day dedicated to investors and financial analysts that it will carry out targeted acquisitions.

Edenred also wants to accelerate the transition to digital solutions "paving the way for new growth opportunities," we read in a statement.

The action Edenred closed Monday at 18.4 euros, showing a market capitalization of 4.2 billion euros.