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The technical rebound that would make sense after the recent decline on Wall Street will perhaps not be because investors are still wondering about Greece and on economic growth and the corporate earnings season and its possible surprises coming to an end.

The Standard & Poor's, the benchmark for fund managers, Friday fell below 1,300 points, after a sixth straight session of decline.

The S & P lost 4.3% over the past week, its biggest weekly decline since the beginning of the year. The Dow Jones at the same time lost 3.5% and the Nasdaq Composite 5.3%. The S & P lost 7.3% since early May

In addition, the first trading day of chaotic Facebook has made a bad impression.

G8 leaders have spoken this weekend for the maintenance of Greece in the euro area and pledged to take all necessary measures to revive the economy, recognizing that the same revenue could not be applied everywhere.

"The market is extremely oversold. Nevertheless, all major indicators remain on sell signals," said Larry McMillan, president of McMillan Analysis Corp in a note published Friday.

"We expect a significant rebound but short soon. But at this stage, unless major changes in our indicators, it could be a rebound in a market downtrend. "

…… .. Among the economic indicators of the coming week, investors will look at existing home sales for April, Tuesday, expected to 4.60 million units annualized, against 4.48 million in March

. The next will be published the new home sales. There should be 7,000 more than the 328,000 annualized in March … The

…… weekly jobless claims and durable goods orders are expected for Thursday while the index of consumer sentiment published by Reuters and University of Michigan to be released Friday. are expected flat in May compared with April

.

Commerzbank, the second German bank, on Wednesday released a net profit below expectations in the first quarter which it attributed to a slowdown in trading activities.

Net income stood at 369 million euros.

Analysts polled by Reuters had forecast 416 million.

"Despite the difficulties perceived in the markets, we have made a solid start in 2012, and we have not only filled in advance the objectives of the EBA, but we have surpassed s, "said the CEO of Commerzbank Martin Blessing said in a statement.

BNP Paribas, which posted first quarter net profit boosted by a gain on the sale of a block of Klépierre, said Friday be able to complete its plan to reduce the size of its balance sheet this summer.

The French bank said it had to end in March made 80% of its plan, launched at the beginning of last fall at the higher of the debt crisis in the euro area, after be reduced by 63 billion euros of its risk-weighted risk, including 16 billion over the first three months of the year.

"We can lock him in the summer," said Jean-Laurent Bonnafe, the CEO of BNP Paribas, in an interview with Reuters. 

At the Paris Stock Exchange, BNP Paribas, which had opened lower, was up slightly from 0.43% to 29.22 euros at 9:29, outperforming the bank Europé in (0.29%).

Some managers pointed out that despite good results on bills in the first quarter, the French banking stocks suffering from uncertainty about the macroeconomic environment and concerns over the euro area . In France, banks are also under threat of a major reform of the sector if the Socialist candidate Francois Hollande wins the presidential election Sunday.

"I found good results, in almost all divisions. Solvency is still a very important point," said Yohan Salleron, manager at Mandarine Gestion. "Nevertheless, we see some negative reaction, linked to the problem of the banking room, especially on the French market where investors expect a little clarification side of politics. "

NO NEW DISCONTINUED POSTS

Are feared while new waves of industrial restructuring after the presidential election, particularly in the banking sector, BNP Paribas ensures not to provide new measures of job cuts after presidential election.

Nearly 1,400 positions are already about to be deleted in the banking and investment banking. The voluntary separation plan should be completed by end June

In the first quarter, net earnings from BNP Paribas was up by nearly 10%, to 2.86 billion euros, after integrating in its accounts a gain 1.8 billion on the sale of an interest in the property group Klépierre.

The French bank said that excluding special items, net income for the period spring down 22% to two billion euros.

According to the Thomson Reuters consensus I / B / E / S, analysts on average expected a net profit of 2.344 million euros. 

For comparison, Societe Generale reported Thursday a net profit of 732 million euros for the first three months of the year, down 20%, supported by the results of its operations on interest rates, currencies and commodities.

"TOO SOON" FOR A TARGET ROE

Hired as many European banks in a program to reduce the size of its balance sheet and strengthen its financial strength, BNP Paribas is to end on March 1 capital ratio 'hard' to 10.4%.

The bank said the coup had "substantially" exceeded the goal of equity of 9% required by the EBA to late June. 

Due to lack of visibility on the new regulatory environment, it refuses to give a target return on equity (ROE) for the future. This amounts to 11.5% at end March.

"It is too early to give this kind of goal," said Jean-Laurent Bonnafé. "We still need clarification on the new regulation on liquidity ratios on capital requirements."

If he refused to make any comment on the election issue for banks, the CEO of BNP Paribas notes, however, that Francois Hollande and the president-candidate Nicolas Sarkozy pledged to fight the deficit and to support growth.

Of macroeconomic indicators below expectations in the euro area and the U.S. pushed the stock markets and the euro Wednesday, while bonds were quite popular . The close of stock markets in Europe, however, has carried on diverging paths.

In Paris the CAC 40 closed up 0.42% or 13.53 points to 3226.33 points. In Frankfurt, however, the DAX fell 0.75%. In London, the FTSE has lost 0.93%.

Values, UBS ended up 3.7%. The Swiss bank has published a quarterly net income reduced by more than half by an exceptional charge but strong results from its flagship private banking seem likely to strengthen its strategic ; gy refocusing.

BSkyB gained 1.5%. The first UK pay-TV on Wednesday released a record operating profit in the first nine months of its fiscal year, a growing number of customers who subscribe to its services telephony and broadband networks.

Side indicators, industrial activity in the euro area contracted again in April while the slowdown in the periphery appears to be spreading to France and Germany , according to final data from Markit survey of purchasing managers.

The unemployment rate in the euro zone was 10.9% in March, its highest level in 15 years, mainly because of increases in Italy and Spain. 

Moreover, job creation in the private sector last month in the U.S. proved well below expectations, according to the results of the monthly survey ADP. It was created 119,000 jobs in April, while the market expected 177,000 additional jobs.

The ADP survey is considered a leading indicator of monthly statistics on employment figures which are expected Friday. Economists polled by Reuters expect 170,000 jobs created in the private and the public but non-agricultural sector in April after 120,000 net new jobs announced in March.

In addition, industrial orders recorded in March in the U.S. their largest decline in three years mainly because of a decline in demand for equipment in the transport sector.

The euro fell for the third consecutive session against the dollar. It was a moment touched 1.3121 dollars, its lowest in more than a week.

Traders await a possible signal that the ECB must make its decision Thursday monetary policy. Political uncertainties related to the elections in France and Greece could bring the European currency below the $ 1.30.

The meeting should not lead to dramatic decisions because interest rates of the ECB are already at historic lows and many officials in Germany and elsewhere in the euro area, believe that we now expect that the massive injections of liquidity in recent months take effect.

The Lafarge cement and mining group Anglo American will need to make significant disposals to get clearance from the British authorities for their proposed joint venture in building materials, a condition which spe London ; it will re emergence of new market entrants.

Without these divestitures, estimates the Competition Commission, the rapprochement between the two companies would hurt competition in Britain.

Lafarge and Anglo American had announced in February 2011 a proposed merger of their building materials in the United Kingdom in a joint venture equally owned. 

This agreement, aimed at consolidating all activities of cement, aggregates, ready-mixed concrete and asphalt work of both groups in the UK market, should enable the French group to reinforce the Channel.

On February 21, the UK Competition Commission had already indicated that in his view, the merger of the two groups, whose combined turnover on the basis of 2010 was 2.1 billion euros, with potential consequences for competition and that, to remedy the situation, both partners should sell assets. 

Tuesday, she said that these transfers were to cover "a significant portfolio of operations" including in particular a cement factory, two asphalt plants, or a career, a set that would allow the entry of a new competitor on the market.

Lafarge and Anglo American have each in turn welcomed the decision. The French group said he was "confident" in their ability to meet the condition set.

Analysts believe that these sales could attract a significant number of potential buyers despite the ambient climate of austerity in Britain, which could weigh on infrastructure spending.

HOLCIM AND Breedon, POTENTIAL BUYERS

The British cement market is currently dominated by Lafarge, Tarmac, a subsidiary of Anglo, Mexican Cemex and Hanson, controlled by Germany's HeidelbergCement.

Many analysts expect that the Swiss Holcim, already present in aggregates and concrete ready in the UK but not in the cement, could be a possible acquirer cement assets concerned. 

Breedon Aggregates, leading independent player in the UK market for aggregates has confirmed his side would look at the assets being sold.

Around 2:45 p.m. GMT, Anglo American gained 1.77% to 24.10 pounds, while the FTSE 100 London Stock Exchange, only open market in Europe in May 1, earned 1.19%.

The timing and terms of sales required by the Competition Commission will be clarified after publication of the final report on the project. 

"We believe these important assignments will help protect the interests of all customers in these key markets, which particularly important when studying how Construction is funded by public money, "said Roger Witcomb, the Chairman of the Committee of Inquiry into the Anglo-Lafarge case.

Anglo American, the approximation provided between Tarmac and Lafarge's UK business was an intermediate phase, as it seeks to sell its subsidiary for several years. In announcing the transaction, the mining group had also said that eventually, his goal remained to assign its interest in the joint venture.

Lafarge had said at the time that the operation would not impact on the group in terms of cash.

Anglo American, one of the world's largest mining companies, is also listed in South Africa.

Lafarge is the world leader in cement, aggregates number two and number four of the concrete. As part of its debt, it is almost released last year of his other business, the plaster.

Wall Street closed lower Thursday hit a session, investors were discouraged by some economic indicators and various new companies rather bad.

The Dow Jones sells 68.65 points (0.53%) to 12,964.10. The S & P 500 drops 8.22 points (0.59%) to 1,376.92. The Nasdaq Composite Index lost 23.89 points (0.79%) to 3,007.56.

Clearances have emerged from the early trading, after Citi analysts had said it was likely that Moody's puts Aaa rating of France under surveillance in order to a possible downgrade by fall.

This followed an auction of Spanish debt considered mixed.

In Paris, a French official source considered unfounded rumors of a deterioration of the French sovereign rating.

The better than expected results from Bank of America, Morgan Stanley and eBay had a time slowed the decline in the market but all attempts to do back in Green had faced in new sales and the Dow has lost one time 1%. 

The bad news given by Qualcomm and the day before the sharp decline of Stanley Black & Decker, over 7% on a quarterly profit below expectations have definitely directed the rating red.

Regarding the results of companies, 105 companies on the S & P 500 that have published their accounts so far, 82% beat consensus as the latest Thomson Reuters data.

Indicators, less weekly jobless claims decreased by 2.000 last week in the U.S., less than expected, while the index of manufacturing conditions in the Philadelphia Federal Reserve was signed in April its first decline in five months in the wake of a fall in new orders at their lowest level since September.

Home sales in the former fell by 2.6% in March to an annualized pace of 4.48 million, while the index of leading indicators, which prefigures the evolution economic activity in the United States, emerged up 0.3% in March to 95.7, its highest level since June 2008. 

Bank of America reported Thursday a better than expected in the first quarter, reflecting improved credit quality and a rebound in activity in financial markets.

Action, however, lost 1.7% to 8.77 dollars.

Morgan Stanley on Thursday posted quarterly results supported by a strong increase in trading activities and signs of improvement in asset management.

The action took 2.3% to 18.07 dollars.

The financial index yielded 0.45%.

EBay jumped 13.23%. The online auction site reported Wednesday a larger increase than expected in its turnover and its quarterly results, due to the growth of its activity s Marketplace and PayPal.

Human Genome has rocketed by over 97% and biotech in general prevented a bigger loss in the Nasdaq. The biotech said Thursday it had rejected an unsolicited offer of his longtime partner GlaxoSmithKline that the values ​​around 2.6 billion (2 billion).

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%. 

The index futures on Wall Street fell sharply in reaction to this statistic, as the dollar against the euro and the yen, while the bond market has erased its losses and has trended upward.

The slower employment growth likely reflects an attenuation of the stimulus that had resulted from an unusually mild winter. Job creation in January and February were revised and show just 4,000 new jobs more than the first estimate.

The decline in the unemployment rate attests it a contraction of the activated population. The survey made from separate households, from which is calculated the unemployment rate, also shows a decline in employment.

The slow recovery of the difficult job market is a concern for Fed Chairman Ben Bernanke, who leaves the possibility to intervene again to stimulate the economy if the unemployment rate ; mage continues to remain too high.

However, members of the Monetary Policy Committee of the Federal Reserve have suggested that the need for new measures to support the American economy became less feel the light of improved economic conditions in the United States, according to the minutes of the March meeting of the Fed released this week.

The private sector has received 121.000 new jobs in March, while the public sector lost 1,000.

The industry has experienced one month of new dynamic in employment, 37,000 were created especially for the performance of the car after 31,000 in February.

However, construction lost 7,000 jobs, while in services, employment rose in health in particular. The interim has lost 7,500 jobs, after having won 54,900 in February.

Despite the low number of jobs created, a bad point for President Barack Obama in the context of the November elections, the average hourly earnings rose five cents per month, while the workweek fell to 34.5 hours against 34.6 hours in February.

Turkey has maintained a growth rate near the Chinese last year. The crisis in the eurozone is expected to slow to just 4% in 2012 before an expected rebound next year.

A little slack in the fourth quarter prevented the Turkish economy as well as to China in 2011. It has not been less vigorous growth of 8.5% over the last year, announced Monday the statistical institute, TUIK, against 9.2% for the Middle Kingdom. The government expected a growth of about 8.0% in 2011. In the first three quarters, it was 9.6%. But slowed to 5.2% in the fourth.

The Gross Domestic Product (GDP) per capita reached 10,444 dollars (780 euros) or $ 365 more than in 2010, according to the TUIK. "The growth rate is probably the second highest in the world, after China", welcomed the Minister for Science, Industry and Technology Nihat Ergun, was quoted by the Anatolia news agency.

Finance Minister Mehmet Simsek for his part stressed that the rate was in line with government expectations, which in a challenging global economy is trying to organize a "soft landing" of its economy. "The figures in the last quarter show that the soft landing process continues at a steady pace, in line with government objectives," said Mr. Simsek to Anatolia.

The government forecasts growth of 4% in 2012 in the wake of the crisis in the eurozone but believes that this slowdown will be short lived. In 2013 and 2014, Ankara expects a 5% rate. "With the good growth performance and discipline policies implemented in the process of improving indices of the Turkish public debt continues," said Deputy Prime Minister Ali Babacan was quoted as saying.

"While concerns grow about public finance from developed countries, the improvement in Turkey's public deficit and debt burden will be important to maintain confidence and sustainable growth based on private sector demand "added Babacan. Turkey, a country of about 73 million people, political power and regional 17th world economy had grown by 8.9% in 2010.

The U.S. consumer sentiment rebounded in March to its highest level for over a year, the optimism generated by the development of employment and income offsetting the impact of rising Pump prices show Friday the final results of the monthly Thomson Reuters-University of Michigan.

The confidence index rose to 76.2, its highest since February 2011, against 75.3 in February.

A first estimate had given it to 74.3 two weeks ago and economists polled by Reuters on average expected a figure of 74.7.

"Consumer confidence has picked up, the more favorable trends in income and employment offsetting higher fuel prices," said Richard Curtin, head of the investigation in a statement. 

The consumer component of the judgment on the current economic situation rose three points to 86.0 in March, again its highest level since February 2011.

Expectations that spring to 69.8 according to final results, against 68.0 in the first estimate but down from February (70.3). Economists expect the same.

The insurer Allianz said Friday expect a difficult year 2012, while the group tries to offset the impact of low interest rates on its investments in improved performance its insurance activities.

The first European insurer saw its 2011 fiscal year marked by multiple damages as a result of natural disasters and impairments on Greek sovereign bonds.

"The current fiscal year will be no less difficult than last year," warned chief executive Michael Diekmann in a letter to shareholders. 

"Despite the recovery of the global economy compared to last year, the results of investments are likely to remain under pressure because of low interest rates" , warned the German insurer.

He repeated anticipates an operating profit in 2012 of around 8.2 billion euros, with a margin of error of 500 million euros, which then would grow in 2013.

Allianz has said he was not able to give a net profit forecast for 2012 and beyond due to the magnitude of the revaluation of assets brought to ; its income statement.

In its insurance on the person and housing, the group expects sustained growth through price increases and an improvement in operating income. 

In the life and health insurance, he said ahead despite difficult market conditions, a stable revenue and a slight increase in operating income.