The second largest global industry saw its shipments fall by 22% in Europe, its biggest market, while increasing by 39% in North America.

The industry is facing hard times in Europe, with widespread debt crisis, but also in Brazil, the first South American market, where demand is suffering from new rules on emissions.

Deliveries from Volvo in South America fell 30% while they increased by 9% in Asia. 

The Volvo share fell by 1.9% to 82.40 Swedish kronor (9.02 euros) to 8:35 GMT, while the benchmark index of the Stockholm Stock Exchange yielded 0.84%.

Volvo, which manufactures trucks under the brand name but also under names Eicher, Mack, Renault Trucks and UD, had raised its annual targets for Europe in late April, saying anticipate an increase in production over the coming months.

The band, which rivals the industry leader Daimler, said Wednesday that its production would increase slightly in his division in the second quarter and Renault for its Volvo brand in the third.

Volvo expects a contraction of the European market for heavy trucks to 230,000 vehicles this year, against 242,400 in 2011.

The first media group in Europe – which has among others the broadcasting group RTL and publisher Random House – said that its operating profit (EBIT) reached 280 million euros against 248 million a year ago.

"For the full year, we are confident to achieve our goal of moderate growth in sales, EBIT stable at a high , and an increase in profit after minority interests, "said Thomas Rabe said in a statement, chief executive of Bertelsmann. 

RTL Group also announced Wednesday an increase in sales during the first quarter. Growth on French and German advertising markets offset a continued decline in Southern Europe and East.

Bertelsmann, which focuses on digital and abroad to spur growth, announced in late March a change in legal structure, which might suggest that the group is more strongly opposed to an introduction scholarship.

The operating company of Disneyland Paris has improved one percent of its revenue from tourism activities for the period of increased spending by visitors to its parks, despite a decline in attendance.

The group reported in a statement to a net loss of 120.9 million euros in the first half 2011-2012 (October-March) against a loss of 99.5 million, with EBITDA margin reduced to 0.3% against 4.5%. 

Its total sales down 0.9% to 552.4 million euros within the scope of the reduction in its property development activities and lower revenues from its hotels which the occupancy rate fell by 3.6 points to 79.8%.

The Agence France Trésor (AFT) has issued an amount corresponding to the top of the announced range (6.5 to 7.5 billion euros).

Three of the four lines of Treasury bonds (OATs) offered the 4.25% in October 2017, the 3.25% in October 2021, the 3.0% in April 2022 (refer to the OAT ence to 10 years), interest rates have declined from previous auctions.

The weighted average rate of the OAT 6.0% in October 2025 stood at 3.31%. The AFT, which manages the state debt, does not provide a comparison, the bond not been available for many months.

The rate of OAT reference (benchmark) 10-year stood at 2.96% against 2.98% in April. After the auction, the rate fell further in the secondary market at 2.93%, the yield spread with the German Bund at 10 years, the euro area benchmark, contracting six basis points to 133.

Auctions of France and that of Spain, now the focus of investor concerns, helped ease the situation in the market for government bonds in the euro area.

The Spanish Treasury has placed 2.5 billion euros of bonds in three to five years – the maximum referred – but unlike AFT, he had to concede a higher risk premium than in previous auctions.

Overall demand for OAT reached 18.64 billion euros, providing a comfortable coverage ratio. 

"It seems that the relative uncertainty of the presidential election has not weighed heavily. They managed to raise the maximum referred to lower rates and with a coverage ratio decent, "said John Davies, rates strategist at WestLB.

"Holland has softened his speech on the new fiscal pact (…) and said he just wanted to add stimulus to growth," he says, adding that the positions of President of the European Central Bank Mario Draghi and Chancellor Angela Merkel have also evolved.

"We realize that the pure austerity can not walk. The conflict that the market feared when Holland came to power might not be as insurmountable as we thought at first sight, "said John Davies

…. ….. "Solid as usual, decent rates. Where is the political risk? "Said Peter Chatwell, rates strategist at Credit Agricole CIB in London, about the French auction

.

The new futures contract on OAT, due in June, hit a high (126.75) since its launch on April 16 on Eurex, the market for die riveted to the Frankfurt Stock Exchange

Around 12:30, he was earning 57 cents to 126.69 in a volume of more than 11,000 contracts. Open positions reached 43,223 against 58,000 batches on Italian BTP future, launched in 2009 by Eurex.

The Bund future, benchmark futures contracts in the euro zone fell by 14 cents to 141.59 in a volume of more than 202,000 contracts. Positions on maturity in June exceeded the 13 million lots.

According Caixin.com, citing a source close to Sinopec, the Asian oil company has found a non-binding agreement to take control of YPF for more than 15 billion dollars (11.4 billion euros).

A Sinopec spokesman declined to comment on "market rumors".

For its part, the president of Repsol Antonio Brufau said at a press conference that the tanker had received many expressions of interest from international groups to take a stake in YPF but did not comment on the information on Sinopec. 

Also according to the site Caixin.com, Sinopec estimated oil reserves of YPF in Argentina have a potential for development. The group ensures to meet the requirements of the Argentine government to accelerate the development and production.

The Argentine President Cristina Fernandez announced Monday it would ask Congress for the expropriation of 51% of YPF's energy group, immediately attracting the warnings of important trading partners and in particular a strong reaction from Spain.

On an Italian television channel, he said that the macroeconomic forecasts of the government may be revised at a meeting Monday night and approved es Wednesday.

The previous government forecast for 2012, conducted last year, had forecast a contraction of 0.4%.

The Bank of Italy has scheduled its next down 1.5%, -1.3% the European Commission and the Italian employers' organization Confindustria -1.6%.

The Nikkei lost 1.47% or 142.19 points to 9,546.26 and the Topix broader, yielded 12.02 points (-1.46%) to 813.69 .

The U.S. economy created far fewer jobs than expected in March, which should extend the debate on the need for the Fed to adopt new measures to support growth, although the unemployment rate to 8.2%, is at its lowest for three years. 

Since April 2, the Nikkei fell more than 5% and, with five sessions of decline in a row, the index experienced its longest run down since November.

That said, thanks to the good performance of financial stocks and those related to exports, the Nikkei had jumped more than 19% over the three months January to March, its best performance for a first quarter in 24 years.

"This is a temporary adjustment. We had perhaps gone too far, too fast, "said Naomi Fink as, technical analyst at Jefferies The

. Trading volume was very narrow due to the closure of most Western stock markets due to Easter Monday

.. ……. The dollar fell to a low of one month against the yen, a development that has resulted in a decline in export values, such as Honda (-2.43 %), Nissan (-3.39%) or TDK (-1.69%)

.

The trade deficit widened substantially France in February compared with the previous month, reaching 6.398 billion euros, Customs said Friday. "In February, the surge in imports is partly attributable to energy purchases related to the cold wave, which leads to relativize the rising deficit to -6.398 billion euros, after -5593000000 in January," said Customs in a statement.  

"The cold wave that hit France and implementation of maintenance work on three French refineries led to a sharp surge in energy supply (electricity and refined petroleum products)", said the Customs. Imports amounted to 43.553 billion euros and exports 37.155 billion when adjusted for seasonal variations and the number of working days.

Exports have benefited from "buoyant manufacturing sales, while those of agricultural products and military equipment contract sharply again," commented Customs. Exports of transport equipment have found "their best", due to large supplies of satellites and a recovery in exports of motor vehicles.  

Dynamic exports to Russia and the Middle East

Customs also noted "the good performance of electronic and electrical equipment and metal products (oil and nuclear industries)." By region, exports remained nearly stable to the countries of the European Union but have been "particularly strong" to Europe outside the EU (deliveries of parts of satellites to Russia) and the Near and Middle East (aeronautics and industrial equipment). In contrast, sales to America have been reduced (fuel, after a peak in January, and chemicals).

Import side, in addition to the surge in purchases of energy products, Customs stressed that "the level of aircraft acquisitions to Germany is also occasionally very high." "Import growth also reflects the continued strength of metals purchases, pharmaceuticals, industrial machinery, household appliances and electrical products and automotive industry," the statement said.

Regions, in February, increased purchases from the EU has accelerated: from Germany for the aerospace, Spain, Belgium and Sweden for energy products. Imports also increased since the rest of Europe (Switzerland for electricity and the pharmacy, Russia for natural hydrocarbons and refined products), but shrank from the Middle East. The deficit of 12 months completed end of February stood at 70.051 billion euros. The negative balance record set by France in 2011 was also again revised up to 70.437 billion, after a first revision to 70.104 billion euros on 8 March.

The military budget and export quotas of rare earths are not the only subjects of friction between China and Western countries. There's one in particular which is recurrent and that may well not be resolved anytime soon: the yuan. And despite official statements sometimes included ambiguous way too optimistic by some Western obervateurs.

Early on the course of the Chinese currency, deemed too low, the subject of criticism. In the U.S., the yuan is accused of trade deficit and destroy jobs. Following the Forum summit of Asia-Pacific Economic Cooperation (APEC), last February, U.S. President Barack Obama, once again called for an appreciation of Chinese currency. His hopes are to go up in smoke.

According to Chinese Premier Wen Jiabao, speaking at its annual press conference, the last of its mandate, the yuan is now approaching an equilibrium value. It is indeed appreciated 30% since 2005 and has changed little since the beginning of the year. In other words, you must not rely on an appreciation of Chinese currency in the coming months. "We will accelerate reform of the exchange rate", has certainly also said Wen. But it was soon clear "by giving more scope to fluctuations in both directions." In other words, the yuan revaluation claimed to body and cries by the major developed countries, is absolutely not announced.

The braking worrying the Chinese economy is no stranger to these statements. The Chinese export growth has moderated from 21% in the third quarter to 14% in the fourth quarter. In February, China has even recorded a record trade deficit.

China undergoes economic cooling in other countries, experts note of BNP Paribas. The decline in exports is explained clearly by the decline in sales to European countries (22% of total exports in 2011) and to a lesser extent, the United States. Another measure of trade intensity, the current account surplus of China has reached 2.8% of GDP in 2011. "It is below the international norm of 3% of GDP", says Chinese Premier.

Under these conditions Beijing, which needs growth to ensure social peace, has every interest in stabilizing its currency. This lever has been used during the crisis: the 2008-2010 period, Beijing was chosen to secure the dollar before losing a little ground in 2011. In fact, since mid-2008, the yuan has only appreciated that about 5% against the greenback, causing the exasperation of the United States.

In 2012, BNP Paribas' experts provide at best a 3% appreciation of the Chinese currency. But its "internationalization," however, is expected to continue at a rapid pace. Eventually, indeed, China dreams of being less dependent or concurrent, of the dollar. Since 2008, it is redoubling its efforts to force the yuan internationally. Since 2009, Chinese companies can charge in yuan business transactions with foreign countries. Since 2010, foreign companies can borrow yuan, via Hong Kong on an offshore market. Air Liquide has issued bonds last September in yuan to 185 million euros. For two or three years, the yuan also sees its role reinforced by the swap agreements (that is to say, temporary exchanges of cash) made between the central bank of China and its neighboring countries (Korea, Malaysia, Singapore).

Recently, the Austrian Central Bank has signed an agreement with the Chinese central bank, becoming the first Asian central bank not be able to make investments in yuan! Finally, China allowed Japan to buy the first time in its history of Chinese government bonds. The Middle Kingdom does not stop there. Zhou Xiaochuan, governor of China's central bank, requires the input of the yuan in the composition of the SDR, the IMF's currency. But it will be hard to convince world leaders, as are many disputes between China and the West.

The Central Bank of the United States said Tuesday that fifteen of the nineteen banks that it had submitted to the 2012 version of its stress tests were successfully passed this examination.

The coregistered are: Ally, the former GMAC, saved from bankruptcy by the state in 2009 and still belonging to the Treasury, the insurer MetLife, SunTrust, Bank of Atlanta and Citigroup.  

The former world number one, also saved from bankruptcy by the state, failed narrowly on two criteria: its own funds fall below the hard limit (4.9%, against 5% required) and its leverage ("Tier 1 leverage ratio") also (2.9%, against 3% required).

Other banks (American Express, Bank of America, The Bank of New York Mellon, BB & T, Capital One, Fifth Third, Goldman Sachs, JPMorgan, Keycorp, Morgan Stanley, PNC, Regions Financial, State Street, Wells Fargo US Bancorpet have passed the exams successfully

. In the wake of the results, several large U.S. banks, including JPMorgan Chase and Wells Fargo, have announced they will upgrade the remuneration of their shareholders

. At JPMorgan is revalued quarterly dividend by 20% from 25 to 30 cents per share. In addition the bank, the largest in the U.S., has announced a new share repurchase program of up to $ 15 billion, including up to $ 12 billion will be spent this year, the balance in the first quarter in 2013.

"We are pleased to be in a position to increase our dividend and to introduce a new share buyback program," said the CEO of JPMorgan Chase, Jamie Dimon, said in the statement. "We expect to repurchase at least the number of shares we will issue the form of bonuses for employees. Beyond this, we plan to repurchase the securities that when we generate more capital than is required to fund organic growth, and when we think it brings a great value for shareholders, "he added.

At Wells Fargo, the dividend jumped 83% from 12 to 22 cents. The bank said it would buy back more shares than last year, without quantifying its projects.