Sales of cement, concrete and asphalt decreased by double digit percentages in Europe and the net profit after minority interests stood at 10 million Swiss francs (8.32 million euros), far from the 41.2 million expected by analysts polled by Reuters.

Revenues increased 2.2% to 4.76 billion Swiss francs, compared with 4.718 billion consensus giving.

"The harsh winter has resulted in numerous decisions of sites in Western and Eastern Europe in February," said the second world cement in a statement. 

Cement producers, firms in a particularly energy intensive, face higher costs of fuel and electricity.

Holcim said it could offset the rising costs by raising prices, but Africa and the Middle East. As Lafarge, he observed that the costs of energy and transport seemed to stabilize.

European competitors Holcim, Lafarge and whose German HeidelbergCement, have warned that they would fall under their prices to offset rising energy costs. Holcim said it reverberate cost increases caused by inflation.

The Swiss group, which generates more than half of its turnover in emerging markets, expects increased demand for building materials in Asia, Latin America, Russia and Azerbaijan this year. It also provides an increase in demand in North America.

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.

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.

The chief executive of PSA Peugeot Citroen, Philippe Varin, said Wednesday that his group would support an EU action to reduce surplus production capacity, estimated at at least 20% by many analysts and industry executives.

In his view, European leaders have every incentive to emulate the U.S. experience in recent years.

"Policies should support the industry when it needs to be restructured," he said. "If you look at what happened in the U.S. during the crisis, there was very strong support from the U.S. government."

ACEA, the Association of European Automobile Manufacturers, discussed at the Geneva show ways to increase its lobbying in favor of such action.

"We can not continue forever to treat problems of the automobile at the national level," said its secretary general, Ivan Hodac, in a interview with Reuters. "We need a solution across the EU. But it is not easy. "

Such a strategy, it is modeled on the aviation consortium EADS or that it is inspired by the steel restructuring, would not fail to encounter opposition from some national governments anxious to preserve industrial employment in their territory …… The problem

… however risks worsen following the free trade agreement with South Korea came into force last July, which boosts the sales of South Korean manufacturers

. They have exported 438,767 vehicles to the EU in 2011 while he No 'have imported only 78,762, according to official statistics. Enough to feed the concerns of ACEA in view of similar agreements between the EU and India, Japan and Mercosur.

"Slippery slope"

"If we continue to open our borders without being able to access markets in other countries, we are on a slippery slope," said Ivan Hodac.

ACEA has not yet drafted proposals for a plan for the sector, he said, but argued insistently concerned with European Commissioners s in recent days.

The President of ACEA, Sergio Marchionne, CEO of Fiat, should discuss the future free trade agreements on March 20 during a meeting with EU Trade Commissioner, officials said in Geneva. 

"Marchionne has made the comparison with the steel sector. What would be useful is a relaxation in the EU-wide dismissal procedures, thereby reducing their cost "said one analyst who declined to be identified.

"This is a problem that falls within the EU because the EU introduces a lot of limits on CO2 that increase costs and because the EU is negotiating trade agreements with Asian countries. This is the EU to determine which plants should be closed and then provide the funding. "

L announcement last week of the alliance between General Motors and PSA has of course fueled the debate and the concerns of employees, who fear mass retrenchments.

"I do not see why people would agree to see better close their plant because it is Europe that the request, especially as manufacturers and the Union have a responsibility as they played on the disparities between labor costs in Western Europe, South and East, "said ; Reuters Lelasseux Xavier, CFDT representative at PSA. 

EUROPE TO THE RESCUE

"Manufacturers have used EU subsidies to create overcapacity, and now they would call Europe to the rescue for it helps to cut jobs? It would be better to fight to make fairer competition with Asian countries. "

A restructuring orchestrated by the EU would bypass the risk that restructuring aid considered as state aid, the analyst adds.

However, all ACEA members are not convinced by such a strategy.

"I claim absolutely no public support", told Bernhard Mattes, head of the German subsidiary of Ford. "Corporate restructuring should be carried out by companies."

For his part, Carlos Ghosn, the CEO of Renault and Nissan, has predicted that the first restructuring measures could pave the way for a series of plant closures.

All European manufacturers are suffering from problems of overcapacity, he said. "But when someone in Europe could be a major restructuring, it will require all automakers to do likewise."

The Standard & Poor's 500, which on Thursday signed its best daily performance in two weeks to finish at a high of nine months, rose by 0.32% (4.39 points) to 1,362.44 points in early trade, from a test area of ​​technical resistance around 1,360 points.

The Dow Jones takes him 0.35% (49.35 points) to 12,949.80 points while the Nasdaq composite is stable (0.02%) to 2,960.46 points. 

The Italian Prime Minister Mario Monti, German Chancellor Angela Merkel and Prime Minister of Greece Lucas Papademos are optimistic about the chances of concluding an agreement on Monday in Greece, said Friday services Head of Italian Government after a teleconference between the three leaders.

Moreover, the European Central Bank (ECB) is considering allowing Greek bonds held by central banks in the euro zone to experience similar discounts to those offered by private investors told ; Reuters sources within these central banks. 

"With a jump of more than 4% of the Greek Stock Exchange, European banking stocks rose and the S & P which is the subject of buying whenever it drops, the market assumes that European finance ministers will approve the bailout (of Greece) Monday, "said Peter Boockvar, equity strategist at Millar Tabak.

The market has little pre-market reacted to the publication of retail prices in the U.S. in January, which rose 0.2% last month as expected by economists .

Values, Apple advance of 0.62%. The group at the apple has seen its share of the smartphone market in China back in late 2011 for the second consecutive quarter to compete with local builders and buyers a wait of some of its pre-market iPhone 4S.

Applied Materials, who said to expect an acceleration of the recovery in the second quarter of fiscal year, increased by 3.33%.

Baidu and Heinz, who delivered results above expectations, experienced varied: Baidu was down 1.97% and 4.22% Heinz wins.

The Court of Auditors on Wednesday launched its annual report in 2012 a call for greater efforts to meet the commitments of France to redress its finances, the government sent out and one who will succeed him in the spring after the presidential election. France has committed to reduce its public deficit to 4.5% of GDP this year and returning in 2013 to the EU limit of 3%. The government then plans to reduce the deficit to one point per year to break even in 2016 for the first time since 1974. In 2011, the deficit should be below the target of 5.7%, according to the Government.

The Court of Auditors estimated that the structural deficit in France – excluding the impact of the economic crisis-was 5% of GDP in 2010, "far more than the European average", and was reduced by approximately 0.5 points in 2011 after being virtually unchanged in 2010. "This is encouraging," said Didier Migaud. But "at this rate it would take ten years to return to equilibrium, rather than the five recommended by the Court." One programmed for 2012 would be 1.25 percentage points in 2012 if government targets are achieved. This effort "is more important and has been exceeded only twice in the past 20 years," welcomes the report of the Court, but "it requires but a slowdown in spending that is not yet acquired."  

New anti-deficit needed in 2012

Suddenly, the deficit target of 4.5% of GDP this year, against 5.3% or 5.4% expected for 2011, remains "elusive" and that returning to the European ceiling of 3% in 2013 "more difficult" because based on forecasts of growth and tax revenues as too optimistic. The Court of new anti-deficit may be needed from this budget minister Valérie année.La Précresse fought back: new data on 2011 permit "to consider with great serenity achievement" by the Government's deficit reduction goals, she said on Europe 1 this morning. "Much of the road ahead will remain in 2013 and 2014", for its part considers Didier Migaud. The public deficit is still 110 billion euros.

The Court emphasized the gap is being created with Germany, the other economic heavyweight of the euro area. In Germany, the ratio of debt to GDP began to decline, she notes, while increasing in France. "The primary balance in 2012, that is to say, after payment of debt interest, remain negative in France, 1.7% of GDP, while in Germany it would be positive to the tune of 1.3 %, "said Didier Migaud.

To narrow the gap, the Court finds that there is still room on the side of the 500 tax loopholes totaling 73 billion euros in 2010. It calls for a reduction of 15 billion euros, against 10 so far. Efforts must focus both on the state-which funds more than 1,300 interventional devices, local and corporate accounts (health, retirement, unemployment etc.)., Says the Court. "Constraints must weigh heavy on social security spending. They represent 46% of public spending and can no longer be financed on credit," said Didier Migaud.

A special board is scheduled Monday morning and is expected to endorse the departure of Pierre-Henri Gourgeon, blamed for the results considered bad and bad relations with the President of the Board Jean-Cyril Spinetta.

This move was expected. "I think the end of this suspense but it is close to the company itself to decide," said Transportation Minister Thierry Mariani Wednesday, describing the arrival of Alexander Juniac of "true-false suspense ".

The French state owns 16% stake in the airline.

Vice Minister of Finance had previously Oikonomou Pantelis said the discussions were over, but for the most part, the sources who have direct knowledge of the case, they are far from it.

"The talks are not over," said a senior official told Reuters.The Delegation of the troika (EU, IMF, European Central Bank) is still examining the accounts and budget reforms required for the payment of aid to eight billion euros.

The Greek government admitted Sunday he would miss this year and next the deficit targets that were assigned by its international donors.He also announced new austerity measures to try to reduce the budget deficit next year.

Athens anticipates a deficit of 8.5% of GDP in 2011, while the EU and the IMF wanted 7.6% more, and 6.8% in 2012 to a target of 6.5%.

The draft budget for 2012 Greek assumes a GDP contraction of 2.5% this year, after -5.5% this year.Under this project, Government debt was 172.1% of GDP in 2012 from 161.8% in 2011.

Finance ministers of the euro zone (Eurogroup) met on Monday and it is likely they will do even more pressure on the Greek government to implement a more resolute reforms planned by the international bailouts.

The second plan, set in July, includes in particular the private sector is participating in a plan to exchange debt at a discount.Athens wants at least 90% of the creditors participating in the project goes forward.

"Greece is bankrupt"

Given the risk of contagion to other countries Greece in the euro zone, Italy and Spain in particular, several countries in the euro area have already passed an extension of the powers of the European Financial Stability (EFSF ).

But increasing financial resources, budgeted at 440 billion euros, is not an option for countries such as Germany in particular.

In fact, Christian Noyer, Governor of the Banque de France and member of the Governing Council of the ECB, it is unrealistic to think that we can increase this allocation, but the principle of multiplication is to remember.

"It would be unrealistic to expect an increase in the EFSF himself personally but I am open to any device to leverage existing commitments to provide greater capacity to respond," he said.

The United States and the financial markets, which continue to anticipate a failure to Greece, urged the euro area to consider how to give the EFSF greater ability to respond without injection of new money, for a leverage.

The principle would be to use the funds as collateral for loans from other agencies.The EFSF could for example provide guarantees to the European Central Bank (ECB) when it acquires the Sovereign Debt.

In the meantime, it is the deepest skepticism prevailing in the markets about the ability of Europeans to stem the crisis in Greece, especially after the latest financial reports of the country.

European stock markets posted a decline of 1.75% and the index of banking in particular was down 2.87%, the segment loss the biggest market for now.

The spread between Italian 10-year paper and his German counterpart widened to 380 basis points and it is the same for the same term paper in Spanish, to 337 basis points.

Germany itself is not immune to the slump environment.The five-year CDS were up six basis points record of 118 basis points, according to Markit.

Michael Fuchs, vice president of the coalition CDU / CSU to power in Germany, the case is heard: Greece is indeed bankrupt. "There is probably no alternative for us to accept a deletion of at least 50% of its debt," he states.

According to the Sunday Telegraph newspaper and television channel Sky News, up to 3,000 employees, all British, could lose their jobs.

The Sunday Telegraph said that the announcement could take place next week.

BAE has 33% of the joint venture Eurofighter, as EADS and Finmeccanica.Some 550 fighters have been ordered by the four countries involved in the project: UK, Germany, Italy and Spain.

A BAE spokesman described the articles of speculation.

"As a company, we have not officially announced.We expect when this will happen, to inform staff first, "she said.

In a statement, the group said to be in the process of "review (its) operations in various sectors of activity" to help secure future contracts.

The first UK manufacturing group attributes his difficulties to a lack of command of combat aircraft in the world.

The main union in the country, Unite, said he would seek clarification as soon as possible from BAE to determine which sites would be affected by job cuts and to call for a voluntary redundancy plan .