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.

The Boeing, co-owned by the private equity arm of Goldman Sachs and Onex, concluded on May 3 an agreement with its creditors for erasing about $ 2.5 billion in debt under Chapter 11, which aims to allow business to continue trading.

"This debt will no longer hamper our business," said Shawn Vick at a news conference at EBACE business aviation in Geneva.

"The procedure of Chapter 11 should not be confused with the liquidation or bankruptcy. There is too much value in Hawker Beechcraft for this to happen, "he said, denouncing the" misinformation "and" speculation "

. Shawn Vick

stressed that the group would continue to honor its orders and anticipated output of the procedure of Chapter 11 "before the end of the year" …

…… Goldman Sachs Capital Partners, the private equity funds of the bank, and Onex, the first Canadian company takeovers, had bought Raytheon Aircraft Raytheon in early 2007 and were renamed Hawker Beechcraft

. Under Chapter 11, the group of Wichita (Kansas) will have their money transferred to some of its creditors, Goldman Sachs and Onex retaining only a minority stake. 

Acquisition, made at the height of the bubble and in the hope of a growing market, came at the wrong time. The 2008 financial crisis and severe economic recession that ensued led to a fall in business jet deliveries of small and medium – the segment of choice Hawker Beechcraft.

Asked about a possible reduction in its range which would reduce the complexity of its production, said Shawn Vick Reuters that it was not the order of day.

"This company is more than capable of building many aircraft in all segments," he said.

Although it acknowledged that competitors had benefited from his troubles to him take market share, it highlighted a trend of more favorable order in 2011. 

He also expressed confidence in the ability to remain independent at Hawker Beechcraft:

"We have no other project to grow the company on a freelance basis," he said to Reuters. "That does not surprise if others were interested in the company, but more than able to stand on both feet."

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 new French president-elect, Francois Hollande, will soon have to hire tough negotiations with its European partners, led by Germany, if he wants to achieve its goal of "renegotiate" the pact of fiscal discipline to include a "growth component" . The handover will take place with Nicolas Sarkozy later than May 15

Without waiting, Mr. Holland should have an exchange on Sunday evening with Chancellor Angela Merkel, as his special advisor Jean-Marc Ayrault. "This is the key to the recovery of Europe, the reorientation of Europe in the direction of growth, in the sense of competitiveness, protection," said Socialist deputy mayor of Nantes, which the name is tipped to Matignon.

Berlin was on his side said on Sunday ready to do so. "We will put to work quickly to add to the treaty a fiscal growth pact for more competitiveness," said the foreign minister, Guido Westerwelle, the German press.

The team intends to Francois Hollande music in the coming days promise emblematic of the newly elected through "consultations" with capitals. Objective: To complete the "memorandum" on "Growth Pact" for transmission to partners by the end of the month.

Upon taking office, Francois Hollande will meet Merkel to prepare the informal meeting of EU leaders scheduled for late May or early June, then the top 28 and June 29, devoted to the growth. For Angela Merkel, it is not a question of getting the treaty on the trade budget, signed in early March by 25 EU countries and already ratified by some of them.

This is all the ambiguity of Francois Hollande, who in turn promised to "renegotiate" or "complete" by the treaty of the measures intended to boost growth. The question is which of these terms the focus will be.

"In reality, the rules of fiscal discipline we generally agree," says the AFP near future head of state. "We ratify the treaty and to include it in a balanced package with a real growth component," he adds.

Discussions are possible?

In another near Berlin knows what to expect: in the absence of direct contact with the chancellor, "the German Embassy in Paris did the work to understand our positions." Francois Hollande is confident of having done move the lines: one after the other, European leaders are now in growth a priority, even if their income may differ from his. "The general impression is that, despite disagreements, it is possible to discuss" with the Germans, told AFP Karine Berger, team member of the former socialist candidate who recently visited with economic and financial circles across the Rhine. For her, "the points made by Francois Hollande are very pragmatic, it is to launch projects for growth."

Four areas to boost growth

In fact, the four pillars of its "Memorandum" seem to have been held in a spirit of compromise. This is to finance investments in infrastructure, new energy and industry, by several means: European loans ad hoc financing capacity of the reinforced European Investment Bank, of structural funds and European tax on unused financial transactions.

These proposals, pending in Brussels, "could benefit from a new impetus with the election of Holland," said a European diplomat. "The most complex is the legal form to be taken by these projects," said does one in the entourage of President-elect. Difficult for him to settle for a declaration of intent or a non-binding protocol. "The uncertainty will be lifted as soon as possible, including to reassure the markets," glides Does the same source.

Other controversial issues may resurface later. Francois Hollande has not completely dismissed the idea of ​​giving a greater role to the European Central Bank or to pool debts through Eurobonds, two projects which Berlin refuses to hear.

Read also: The unspoken debate on growth in Europe

Sales totaled 800 million euros over the period while the division "connected home" which includes the manufacture of decoders has successfully stabilized its sales with an increase of 1.5%.

This activity, for which the group wants to find a partner, is expected to reach its goal of returning to breakeven in 2012, said former Thomson. 

The group, a debt of over one billion euros, said it had seen its debt reduced in absolute terms but as a result of an expected cash flow, "net debt to end March 2012 was higher than December 31, 2011. "

Technicolor, however, indicated that all of its first quarter results allow the group to keep its commitments.

"This performance confirms my group's ability to meet its objectives for 2012 adjusted EBITDA of between 475 million and 500 million euros, and the pursuit of a generation a cash flow positive, "said a statement from the CEO Frederic Rose. 

Compete with Motorola Mobility that Google is about to redeem, and the British Pace, Technicolor is a leading manufacturer of "set-top boxes" providing access to Internet, television and telephone.

The group is in talks with potential buyers for its manufacturing of decoders Angers (Maine-et-Loire).

The scheduled shutdown of the last French production site of the former Thomson has caused alarm in the middle of a presidential campaign led by the theme of "Made in France ", and employees of the group expressed earlier this month to express their fears of a dismantling of the company. 

The group, which has already gone through a long restructuring process after a backup procedure in 2009, intends to continue its mutation difficult by the challenge of innovation.

In Paris at 10:01, the CAC 40 was down 0.31% (-9.51 points) to 3,283.00 points. In Frankfurt, the Dax is almost unchanged, while in London, the FTSE gained 0.19%. The pan-European index Stoxx 50 is down 0.59%.

"The markets are experiencing a phase of consolidation after a strong rebound since the beginning of the year and Spanish bond auctions go well Thursday, investors' appetite for risk resume more beautiful, "said Hirokazu Tuihama, a strategist at Daiwa Securities.

Values, the British retailer Tesco, which has announced plans to spend one billion pounds (1.2 billion) to overhaul its operations in Britain to regain market share and reconnect with sales growth, gaining more than 1.6%. 

Accor (1.64%) stands out from other CAC 40 stocks Wednesday morning after the hotel group released a sales growth of 4.5% to 1.371 billion euros in the first quarter, slightly above market expectations (1.358 billion).

The world number two home appliances Electrolux sells more than 3% in early trade after the announcement of a decline of 16.7% of its supplies to the market North America's six major product categories.

ASML is the title back in the same proportions as the world leader in machinery engravings of semiconductors declined to disclose its prospects of orders on the occasion of the publication of its quarterly results . 

In the euro area, investors will monitor the issue of 5 billion euros of debt in two years in Germany before the auctions of two and ten years in Spain and BTAN and a new line on inflation indexed by France on Thursday.

The Swedish Central Bank held rates unchanged while preventing an increase in inflationary pressures would lead to the rise, but not until next year. Other monetary policy decisions are expected during the day in Turkey and Brazil after the publication by the International Monetary Fund of its global economic forecast in which the international organization has raised its forecast for growth while warning against the fragility of the global economic recovery and highlighting the continuing challenges of the euro area.

In China, the fall in house prices continued in March and could lead the authorities to alleviate the measures taken two years ago to reduce speculation in this market , while the slowdown in the Chinese economy continues to be a concern in the markets.

Asked if the Commission felt that Madrid was always able to avoid stressing the currency bloc to preserve its banking sector, Olivier Bailly simply replied "yes".

He also said the Commission would be able to have an overview of the efforts of Spain to consolidate its finances once the Spanish Government has delivered a comprehensive overview of its plans, including regional governments. 

Lack of information, particularly on the provisions which reach implement local Spanish, "the Commission is not able to make any recommendation at Madrid" he added.

In early trade, the Dow Jones lost 0.12% to 13,248.75 and the S & P 500 1417.40 0.12% also. The Nasdaq Composite gained 0.14% to 3,124 points.

Wall Street began the second quarter with a bang on Monday, with an S & P 500 ending at its highest since mid-May 2008 and the Dow at its highest since Dec. 31 in 2007. The Nasdaq Composite Index finished the other hand once again to a level that had not seen since late 2000.

"The upside potential of the S & P remains intact but seriously begins to exceed its 75 days moving average," said Robert Sluymer, an analyst at RBC Capital Markets.

There is also a rotation of investor interest, moving toward the leading sectors in the first quarter to those who were lagging behind, especially the cyclic.

Values, Molson Coors Brewing loses 1.5% Tuesday after announcing the acquisition of brewer StarBev with the investment fund CVC Capital Partners for 2.65 billion euros to strengthen its presence Markets in Central and Eastern Europe.

Groupon loses nearly 1%. The specialist group purchases the subject of an investigation by the Securities and Exchange Commission (SEC) regarding the review of its accounts for the fourth quarter, reports the Wall Street Journal citing a source close to the case without identifying it.

Renault shares (-1.83%) and PSA Peugeot Citroen (-2.61%) have the largest declines in the CAC 40 index which is 0.43% while the Stoxx sector index of 'European automotive advance of 0.34% to 9:45.

Last month, he registered 197,033 new passenger cars in the Hexagon. After adjustment for working days, the decline appears to 20.0% in March 2012 that were 22 days as against 23 in March 2011, announced Monday the Committee of French Automobile Manufacturers (CCFA).

In January and February this year, the market had already experienced declines of around 20% in raw data, the backlash level of registrations recorded on the pe same period of 2011 through to last orders "cash for clunkers" that could be delivered until March 31 of last year.

"This downturn is spectacular but it was expected," said Flavien Neuvy, Director of the Cetelem automobile. "We still think that most of the decline in yeara was performed in the first quarter and that the scenario of two million vehicles over the year remains relevant in light of new orders and new models coming. "

CCFA has also maintained its estimate of a decline of about 10% of the French automotive market in 2012.

For PSA Peugeot Citroen, which has teamed up in February at General Motors, registrations in France plummeted 33.2% last month while the Renault-including the diamond brand and low cost Dacia brand registrations stand-fall of 29.8%. 

Throughout the first quarter, the French automotive market will be contracted by 21.7% unadjusted and 22.9% when adjusted for working days.

Registrations of PSA for the period fell by 30.3% and Renault's 30.2%, in gross terms in both cases. In contrast, those of the Volkswagen group declined only 2.3%.

In Paris, in mid-session, the CAC 40 was down 0.8% at 3443.28 points. The Dax 30 yields 0.58% and the FTSE 0.47%. The index futures point to a New York opening on Wall Street rather indecisive.

PSA Peugeot-Citroen gained 0.9%. The French manufacturer announced it was studying with General Motors on the feasibility of development of common platforms for large segments of small sedans and minivans.

BT wins more than 5%. The British telecoms operator plans to pay two billion pounds into its pension fund as part of a new nine-year plan more advantageous for shareholders.

The French government raised its economic growth forecast for 2012 to 0.7%, against 0.5% previously, and was lowered to 1.75% for 2013, against 2.0%, said Minister of Economy Baroin. This announcement follows the revision by the National Institute of Statistics and Economic Studies (INSEE), its growth forecast to 0% in the first quarter and 0.2% in the second quarter of 2012.

Moreover, the overall business climate in France has improved significantly in March, to 95 points, an increase of 4 points, according to INSEE.

In the U.S., the indicator of new home sales will allow investors to refine their expectations of recovery in the industry and the economy in general.