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

.

The measures taken by Beijing to prevent the bursting of a housing bubble in China are bearing fruit. Average prices real estate in April continued their downward trend for the seventh consecutive month, according to figures reported Friday by the government. Over a month, prices of new homes fell in 43 cities and towns of 70, reported the National Bureau of Statistics.

Prices remained stable in 24 others and increased in three cities. The decline had affected 46 cities in March. The building is a key sector of the Chinese economy alone generates about 10% of GDP, and much more if one takes into account the production of steel and concrete upstream.  

After reaching highs that have raised fears the Government the bursting of a housing bubble, the housing market began to return in the fall, but Beijing has so far refused to lift restrictions put in place to acquisition of homes by individuals for fear of boosting speculation.

"We must firmly tighten control of the real estate market", commented Friday even in the Chinese press Zhang Xiaohong, a senior Ministry of Housing.

Euler Hermes, which insures companies against the risk of default, has warned its customers that the year 2012 would be difficult.

"Global growth is slowing and corporate bankruptcies are generally increasing," he warns, saying it wants to help its customers meet "the challenges ahead".

"According to Euler Hermes forecasts, 2012 will be a year of consolidation rather than pronounced recovery", explains the group, which estimates that the GDP of the euro area is expected to decline 0.3%. 

"The slowdown in global demand will impact emerging countries, whose growth will be weaker than in recent years," he said, adding that global growth deceleration rer of 2.9% to 2.6% in 2012.

The credit insurer, a subsidiary of Germany's Allianz, also confirmed a slight increase of 3.6%, operating profit in the first quarter to 105.9 million euros with a combined ratio (the key indicator of profitability) of 73.9% against 75.0% during the first three months of 2011.

The net result is however down by 11.9% to 66.4 million due to higher tax expense. 

Euler Hermes had exceptionally on Monday at the request of the Market Authority (AMF) its major first-quarter results, in order to inform its minority shareholders Tuesday before publication of results Allianz, said a spokesman told Reuters.

The largest business jets, whose price can reach up to $ 70 million to seven million against a small stream, saw their sales rise between 2008 and 2010 while the rest of the market plunged as a result of the financial crisis.

This trend is thus intended to accelerate with the average annual growth of 15% expected the Chinese market by the Canadian manufacturer Bombardier in 20 years, which would take him to 2,470 aircraft in 2030. 

"Chinese buyers plunge directly into the deep end," he told Reuters Stephen Taylor, director of Boeing Business Jets, at the business lounge Ebace held in Geneva until Wednesday.

He considered that large aircraft accounted for over half the Chinese market against 20% globally.

"Traditionally, we start with an entry level plane and a plane through, then a plane that can perform longer flights," said his side Reuters Ernest Edwards, Director Embraer's Executive Jets. "In China, it passes directly from nothing to a large airplane, almost nothing in between."

Cessna (Textron group), which estimates that the Chinese market will be the second in the world within 15 years, does not go wrong. The manufacturer, however, set to medium and light aircraft, this account was created at least three joint ventures with China's Avic, one of them will produce and market worldwide a large airplane size.

"When you have a population of 1.3 billion people and phenomenal growth opportunities, we must plan and invest for 15 years now – if you missed the boat" , told Reuters Ernest Scott, CEO of Cessna.

Ernest Edwards (Embraer) pretended to be amused by the enthusiasm of all nine other manufacturers.

"Embraer is not a novice in the Chinese market. Next year it will make 13 years that we are, we will already be teenagers! "He told Reuters

……. .. China, which had only about 150 jets in late 2011 against more than 11,000 in North America, attended a takeoff of aviation business for two years now, has he added, saying aim to term from 20 to 25% of the market

. Its rival Bombardier said hold 38% of Chinese market is more than its global average of 32%

. DESPERATELY SEEKING DRIVER

… Eldorado ….. universally recognized, the Chinese market, however, several major obstacles that hinder its development, such as control of most airports in the army. 

"If you are a Chinese citizen, you can take off from most airports if they have a Chinese driver, but if you have a foreign national on board, you have access s well as civil airports, "said Ernest Edwards (Embraer).

And if the market for business aircraft takes off as quickly as expected, the shortage of pilots, already real, is expected to increase despite the efforts of authority s to develop training courses.

"If you are a Chinese pilot, you probably prefer to use your license for larger aircraft," said Ernest Edwards. "Plus the unit is large, the better the pay."

"Train drivers and open airspace will not be enough", warns Brad Mottier, responsible for business aviation at GE Aviation. "The Chinese will also need to modernize their air traffic rules to create an environment conducive to rapid growth," he told Reuters.

All manufacturers are particularly attentive to the requirements of this rich clientele.

Dassault Aviation, which has delivered 12 Falcon in China in 2012 against eight in 2011, will open this summer a subsidiary with 25 people and a service center in Beijing.

"The Chinese are just beginning to get used to own a plane," he told Reuters Rodney Williams, commercial director of business aircraft at Bombardier. 

While some Chinese customers have asked to equip their aircraft with a karaoke or a table of my-jong, most opt ​​for home of simple, best candidates for a head of company that will visit its plants – far from the image of wanting to show off his flashy billionaire wealth.

"When you are thinking of buying a plane 31 or $ 32 million, your company must do a half billion dollars in revenue for this to be meaningful," said Ernest Edwards, Embraer .

"If the owner or CEO of this company is a billionaire, who knows? It never tries to learn both."

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."

The consumer electronics group has reported a net loss of 772.2 billion unprecedented yen (7.5 billion euros) in fiscal 2011/2012 ended 31 March .

It is due mainly to restructuring charges, related mainly to the elimination of 17,000 jobs, as well as a provision on subsidiary Sanyo Electric.

Panasonic projects an operating profit of 260 billion yen in fiscal 2012/2013, while the Thomson Reuters consensus I / B / E / S provides 241.5 billion yen. 

Panasonic, which like its counterparts Sharp and Sony suffers from competition from South Korea's Samsung and a declining demand for plasma displays, does not see its TV division back in the green during year 2012/2013.

The maker of Viera televisions estimated that sales of flat screen TV will fall to 15.5 million units during the current year against 17.5 million in fiscal year pre yield.

The action Panasonic ended down 1.55% at 570 yen before the publication of results. She has sold more than 12% since the beginning of the year, while the Nikkei was up 5.9% at the same time, investors fearing further losses of the TV division.

Sony has also released Thursday an annual net loss record over the 2011-2012 fiscal year and hopes to revive an operating profit of the current year by halving its losses in TVs.

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.

Peter Altmaier, charged with enforcing voting discipline within the Christian Democratic Party (CDU) Angela Merkel, said he was disappointed with the victory of socialist Francois Hollande to the presidential election in France but confident in the fact that the EU should continue to make debt reduction a priority.

"The economy of France and the country's finances remain in a precarious state," said Peter Altmaier to the press. 

"Any country that tries to pursue a policy of increasing its supply deficits would quickly back to the markets and interest rates would increase," he added ;. "There is no flexibility."

François Hollande promised during his campaign including increasing the minimum wage, create jobs in the field of education and return to the rising age of retirement.

Many analysts expect him to return part or all of these promises after conducting an audit of the finances of France, to be completed ; next month.

Peter Altmaier said he was confident that once the French parliamentary elections over, it would be possible for Berlin to reach a compromise with Paris to reaffirm "once and for all "that the reduction of budget deficits is the only way forward for Europe.

Wage disputes are concentrated in Germany, where employees want to finally enjoy the fruits of 15 years of austerity facing employers who are concerned about a slowdown in the economy. In a ritual of the social agenda German IG Metall, which appears as the first union in the world, showed its muscle this week, organizing walkouts across the country who have gathered more than 160,000 employees. These demonstrations of workers wearing red hats or caps, hit the icons of the German model, such as Bosch, Siemens or BMW.  

Moreover the union negotiates for more than 3.5 million employees of metallurgy, machine tools, automotive or semiconductor, its counterpart in the Verdi services organized strikes involving 15,000 employees, Deutsche Telekom and do the same account in the bank (220,000 employees in question). "The pressure is the barometer of wage negotiations", welcomed the leader of IG Metall in North Rhine-Westphalia, where the industrial Ruhr Valley, Oliver Burkhard. "This clearly means that employers must move".

Of excessive wage increases "would weaken the companies, which some can not afford," said his side the boss of bosses of metallurgy, Martin Kannegiesser, while the latest indicators point to a clear slowdown in the industry. IG Metall demanded 6.5% increase in wages, but the final round of negotiations failed, the employers are not willing to grant that 3%. Company officials estimate that the German economy ate his white bread in 2010/2011 and will now suffer from the crisis in its European neighbors. "The industry has had very good results last year (and) the employees want their fair share," however, "the success of the German economy appears to be blunted," Analysis Hilmar Schneider, of the Research Institute on the Future of Work (Bonn).

Germany, with unemployment of only 7%, beginning to feel the effects of the crisis affecting its neighbors, although it continues to fare better. This year, the level of "claims is unusual, edged with a long period of 15 years of payroll deduction," said Eckart Tuchtfeld, labor market specialist at Commerzbank. Whatever the outcome of the standoff, "the agreements will be higher" than in previous years, he predicted, partly because of the 6.3% increase over two years obtained by two million employees of Public in April. "We feel that (the movement) is not just this year but there is a real turning to broader increases of 3% per year as against 1-2% before," said Mr. Tuchtfeld. He said the talks marked a turnaround for the unions who walked hand in hand with management, making concessions on wages to promote the competitiveness of companies in the name of the job.

Overall, "the power of employees is growing" skilled in many areas, where lack of manpower will increase due to the accelerated aging of the German population, abundant Warsewa Gunter, director of the Institute for work (Bremen University). However, "the German system of social negotiations can still get a result smart," he said. "The unions will not jeopardize the growth and productivity," he adds.

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.