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 first estimate of the deficit is to be published by INSEE Friday morning.

The objective of the Finance Act was 5.7% and the government indicated it could be 5.3%.

Asked by Reuters, the Budget Ministry did not wish to comment.

The government and the two main candidates in the presidential election, the socialist Francois Hollande and Past President Nicolas Sarkozy pledged to reduce the deficit (which includes State, local and social security) to 4.5% of GDP at end 2012 and 3% in late 2013.

The housing market is still recovering from nine United States. Sales of new single in February fell for the second consecutive month, according to figures released Friday by the Washington Department of Commerce. They fell 1.6% from January, seasonally adjusted data, to 313,000 annualized transactions. He had declined by 5.4% the previous month (revised up).

Sales of new single are depressed for several years in the United States. Over the whole of 2011, sales fell 5.3%. The government has identified this year that 306,000 sales, is the lowest number ever recorded in its annals, dating back to January 1963. Sales of new homes suffer from competition caused by the high number of foreclosures caused by the crisis, resulting in the housing market an influx of goods sold at bargain prices detrimental to developers.

Despite the decline in sales, the average transaction price in February rose 2.2% on month and 1.8% yoy, to $ 267,700 dollars.

The ministry said there were 150,000 new homes for sale in the U.S. in late February, as much as a month earlier when the supply of such goods had fallen to its lowest level since January 1963 at least.

Equity markets have recovered tone. Wall Street has lost ground with the financial crisis, is now finding its levels in late 2007 after a 11% jump in three months. For the first time in its history, its flagship index, the Dow and the Nasdaq, dominated by technology, rose this week above the psychological threshold of 13,000 points and 3,000 points, during the same session. European stock markets are pronounced the same trend, the Cac 40 in Paris even showing since mid-February a gain of 21% which allowed him to retake the course of 3600 points.

The rally in shares is not new. It has already lasted three months and we owe largely to central banks, said Benjamin Melman, Director absolute performance at Edmond de Rothschild IM. The rebound in stock prices coincided with the opening last December, to tap liquidity from the ECB or the provision of banks over 1000 billion euros of resources at low cost. This proactive reassured investors who constantly claim that the central bank acts as a lender of last resort to stem the contagion of debt. But his determined action has contributed to lower interest rates in the bond market and away along the spectrum of the credit crisis that threatened the European economy. The Fed has also facilitated the rise of the stock market by deciding to extend until 2014 its ultra accommodative monetary policy. Of course, the rescue of Greece has also helped to ease investors. Although all issues are not resolved, a page of the European crisis has turned, says Francois Chevallier, strategist at Bank economist and Leonardo.

And the good news for investors is that the rally is not over yet. Price increases in January and in February was made with very little volume, Melman says Benjamin. Many investors have been waiting patiently for several issues are resolved. They return on the market today. We assist in some way, a second wave of purchases, which explains the recent acceleration in price rises.

How long can it last? Difficult to say. Looking at the ratios of current profits, we say that most of the journey was made, says François Chevallier. However, the stock market has another engine, that of profit expectations. But they will remain well oriented in the short term due to the favorable business surveys. The ZEW index in Germany and that of the Philadelphia Fed – two leading indicators of the industry – improved further in March, says the expert. This means that the plateau expected in the industry has not yet occurred. The next ISM index, which takes the pulse of American industry, may still show an increase in early April, at the same time giving a new impetus to the market.

As of May, however, the stock market could consolidate, ie enter a phase of slower growth. Indeed, the production rates in the industry expected to slow. Moreover, the return of valuations at pre-crisis level will lead to profit taking, says Francois Chevalllier. Tensions on the bond markets – the U.S. 10-year rates rose in a few weeks from 1.8% to 2.3% – would create air holes on the stock market, adds Benjamin Melman. Volatility will brief comeback. The opportunity for investors to remember an old adage stock: sell in may and go away.

She has once again lowered its growth forecast for this year and next year after leaving its key rates unchanged, noting that the prospects for the economies of the area have e ; ty much worse without the massive liquidity injections carried out as part of its refinancing operations with two long-term (LTRO) in December and February.

The ECB began to see signs of stabilization at the beginning of the year, but the expected recovery could take longer than expected. "Available economic indicators confirm signs of stabilization in the euro area, but the economic outlook remains subject to downside risks," said ECB President Mario Draghi, when the press conference that followed the announcement of maintaining the refi rate to 1.0%.

Thus, for 2012, the ECB table does on a GDP growth between -0.5% and 0.3%. For 2013, it anticipates a range between 0% and 2.2%. Three months ago, the central bank of euro countries anticipated a change between -0.4% and 1.0% for 2012 and a range of 0.3% to 2.3% for 2013.

The recent 20% increase in oil prices has, however, prompted the ECB to raise its inflation forecast and anticipate a price increase of between 2.1% and 2.7 % this year, against a range of 1.5% to 2.5% previously. For 2013, the price increase should be between 0.9% and 2.3%, against a previous forecast of 0.8% to 2.2%.

"Because of rising energy prices and indirect taxes, inflation rates are now expected to remain above 2.0% in 2012, the prevailing upside risks", Mario Draghi warned.

The latest Reuters poll conducted among 74 economists, the ECB should keep rates unchanged this year and much of 2013.

Bund futures rose while European equities and the euro have reduced their earnings after the downward revision of growth forecasts of the ECB. 

"From our perspective, the projections (the ECB) are still relatively optimistic, while economic data showed no" stabilization ", especially in the periphery (euro area). The risks are clearly on the downside, "said Annalisa Piazza of Newedge Strategy

. NOT divisive ….. Draghi

… was confident that the operations of long-term refinancing of the ECB which resulted in the injection of more than 1,000 billion in cash in the banking system of the block it averted a crisis far more serious

. Borrowing costs for countries difficulty such as Italy and Spain have fallen sharply and Mario Draghi said that markets, including the interbank market, working again and that investors were income on assets denominated s euro

. "All things considered, we see that great progress has been made", he said. "Simply compare the situation as it was in November and what it is today."

The President of the ECB, however, called on governments and banks to take over to reinforce the recovery of European economies, calling for further progress in fiscal consolidation and further structural reforms.

The euro area economy has stabilized in recent months, partly because of lower rates in November and December the ECB and its massive refinancing operations long-term.

Its room for maneuver to fight against the crisis in the euro area seem small now, partly because of reserves that raises its action, particularly in Germany. 

The Bundesbank President Jens Weidmann has sent a letter to Mario Draghi last month to express his concerns and the former head of economic studies of the ECB, and always trè s influence, Juergen Stark ruled Thursday in a German newspaper that the quality of the balance sheet of the ECB was "appalling".

Jürgen Stark had resigned within the ECB last year to protest against decisions which he felt they were not consistent with the mandate of the institution.

"My personal relationship with Jens is excellent … No one is isolated within the Governing Council and the Bundesbank, in particular, is not isolated," said Mario Draghi. "I'm really attached to the culture and tradition of maintaining price stability, the Bundesbank," he said.

In the letter to Mario Draghi and obtained by the German business daily Frankfurter Allgemeine Zeitung, Jens Weidmann was concerned about the imbalances in the interbank clearing system of the euro area TARGET 2 and risk that would result to the Bundesbank, which will be exposed in the unlikely event of a breakup of the euro.

Mario Draghi has sought to minimize these concerns and has declined to comment on the progress of the exchange transaction of Greek debt to be finalized e Thursday at 20:00 GMT at Athens risk of exposing themselves to a default.

Hiring in the private sector has greatly accelerated in the United States in February, according to the monthly survey on employment of the consulting firm HR ADP released Wednesday. Private companies have created that month 216,000 more jobs than they destroyed, ADP says in a statement

The balance of hires, adjusted for seasonal variations, appears and up 25% from January and very close to that given to the median estimate of analysts (218,000 net job creation).

ADP has revised upward its estimate of 2% of hires in the previous month, to 173,000. "The increase in employment [... remained] solid "in February, and" almost all sectors of the economy created jobs, "writes ADP, noting that" the average monthly hires totaled 200,000 over the past five months "…. According to the survey

….. ADP, February was the twenty-fifth consecutive monthly rise of private employment in the United States

.

In early trade, the Dow Jones gained 0.15% to 12,800.44 points. The Standard & Poor's lost 0.02% to 1,342.91 points while the Nasdaq composite yield 0.06% to 2914.08 points.

Moody's warned on Thursday that it could lower the credit ratings of 17 major global banks and 114 financial institutions in Europe, reflecting the impact of the crisis of European sovereign debt on the financial system.

The KBW bank index lost 0.27%. The S & P financials yields 0.2%.

The weekly jobless claims fell against all odds in the United States during the week to February 11, to 348,000, or a low of nearly four years, 361,000 against revised) the previous week, said Thursday the Labor Department.

The number of housing starts rose more than expected in January, thanks to a sharp rise in rental housing projects, which raised hopes that the real estate sector, there is little time still devastated, finally brings its contribution to growth. 

The producer prices rose 0.1% in January in the U.S., due to lower prices in the food and energy, but the prices of staples have risen twice more than expected, according to figures released Thursday by the Labor Department.

General Motors on Thursday posted a profit below expectations for the fourth quarter of 2011, the positive effect related to the results achieved in North America have been offset by a weaker performance overseas.

The action, however, earns 4.9% to 26.16 dollars.

German Chancellor Angela Merkel said on Monday in Paris he was "normal support parties Friends", about her support for Nicolas Sarkozy to the presidency, at a joint press conference with President French. "I support Nicolas Sarkozy on all levels because we belong to parties of friends," said Merkel. Merkel also said that Mr. Sarkozy came to support her in 2009 when she was running for a second term as Chancellor.

Angela Merkel, support "friendly" of Nicolas Sarkozy

"The candidate Francois Hollande visited the congress of the SPD," she added, referring to the movement in Berlin in early December of PS candidate. She did not answer the question whether she would meet Francois Hollande during the election campaign.

German Chancellor supports President Sarkozy in the French election campaign, as head of the Christian Democratic Union (CDU) and not as head of government, had said in Berlin Monday morning a spokesman Some critics in Germany.

"I claim that friendship and trust," commented during the press conference at the Elysee Palace Nicolas Sarkozy, criticizing severely – without naming – the intention of Francois Hollande to renegotiate the new European treaty on budgetary discipline s it was elected in May.

Greek debt: "time release"

Angela Merkel said that Greece will "remain in the euro", while preventing that Athens could not receive the new funding it has a vital need if it does not enter into agreement with the EU and IMF. "There can be no new program if it does not conclude with the troika" of creditors of Athens, between the European Commission, the European Central Bank and the International Monetary Fund, she said.

Nicolas Sarkozy and Angela Merkel have also hoped that the interests of the Greek debt to be blocked in an account. "The Greeks have made commitments, they must scrupulously respect, there is no choice, time is short, it's a matter of days, now we must conclude," Sarkozy said. "The interests of the Greek debt must allow to be sure that this money will be permanently available," then said Merkel.

According to the complaint filed Thursday, Marianne Oleson would have claimed one million dollars in Facebook stock and have convinced several people to become the purchaser.

She was accused of 31 charges, including theft, forgery and misrepresentation.

Facebook announced Wednesday, almost eight years to the day after it was created by Mark Zuckerberg, its proposed IPO with the intention to raise $ 5 billion.

Marianne Oleson, according to the complaint, explaining that her daughter was linked to Mark Zuckerberg and had had access to titles Facebook. 

She would have paid in false actions including a contractor who performed for nearly 14,000 dollars of work on his house. The man would have also paid 10,000 dollars to buy other securities fictitious.

Another of his alleged victims, a sexagenarian, he would have four checks totaling about $ 40,000.

The IPO of Facebook, expected in May, should be the operation of this type the most anticipated of the year, and set a passing record for a spin start-up Internet.

At its IPO in 2004, Google had sold nearly two billion dollars of securities.

The Christmas bonus paid to recipients of certain social minima, as RSA, will be repeated in December 2011, announced Monday the Minister of Solidarity and Social Cohesion Roselyne Bachelot. "I can confirm that the Christmas bonus will be paid. This represents 380 million euros for the most vulnerable," said the Minister during the launch of the 27th winter campaign of Eating Heart in Paris. "For a single person, that's about 150 euros paid in the coming days and for a family with two children, 320 euros," said Ms Bachelot.

In 2010, the Christmas bonus had been paid to the beneficiaries including the RSA (active solidarity income) and those of the SSA (specific solidarity allowance, paid to certain unemployed at the end of law). She was concerned 1.7 million beneficiaries.The Christmas bonus was awarded for the first time in 1998 by the Jospin government under pressure from movements of the unemployed who have been demanding for years that it is substantially increased and the scope of its beneficiaries is expanded.