The U.S. places have opened in a disorganized Tuesday, torn between the announcement of the organization of new elections in Greece and macroeconomic indicators satisfactory.

Within minutes of opening, the Dow Jones progressed from 0.16% to 12,715.99 points after having opened in the red. The Standard & Poor's, wider, gained 0.14% to 1,340.28 points while the Nasdaq composite advanced 0.28% to 2910.10 points.

New elections will be held in Greece on Tuesday after the failure of talks between political parties on forming a coalition government, announced the Greek Presidency.

This political instability increases the fears about the future of Greece and especially on a possible exit from the country of the euro area.

Given the concerns around the European debt crisis, investors were reassured, however, by a series of U.S. data on activity and consumption satisfactory.

On the values ​​front, JPMorgan progressed from 1.14% to 36.22 dollars. Increasing pressure on the CEO Jamie Dimon could be called Tuesday by the shareholders of the U.S. bank to relinquish the presidency after the loss of at least two billion dollars charged by it in response to a hedging strategy risky.

The general meeting of shareholders is held from 14:30 GMT.

Groupon soared 18% to 13.89 dollars after posting its first quarterly profit for the last three months of its fiscal year ended March. Citigroup rose to a recommendation to buy on value.

The results of Home Depot were poorly received, however, the title falling by 3.9% to 47.92 dollars. The group released a turnover in the first quarter to 29 April at 17.81 billion dollars (13.86 billion euros). This is below market expectations which relied on sales of 17.96 billion.

The European Union should exclude public investment calculations of budget deficits and issue Eurobonds to promote growth, said Sunday the chief economist of the Organization for Co ; operation and Development (OECD).

In an interview published in La Stampa, Pier Carlo Padoan believes that the "fiscal pact" aimed at controlling public finances in EU countries should not be renegotiated, everything ruling in favor of new rules on assessment of deficits and debt.

"Capital expenditure should be excluded from the calculation of deficits and debt. Eurobonds should be introduced, "said he, resuming his account the positions of the Italian government led by Mario Monti

….. These two ideas …. are, so far, no takers in Germany, where it is estimated that Eurobonds may be considered before a fiscal discipline is implementation in the euro area

. Pier Carlo Padoan also said that the risk of Greece leave the euro zone increased …

…… "This risk exists and is greater than six months ago," saying that the consequences of default Greece would be "catastrophic", judging the passage "irresponsible" those who minimize the consequences

.

Wall Street retreats in early trade Friday, weighed by JPMorgan Chase, which lost 9% after the announcement of a trading loss of two billion dollars due to a strategy losing coverage.

In early trade, the Dow Jones yields 0.45% to 12,797.48 points. The Standard & Poor's, wider, lost 0.42% to 1,352.23 points while the Nasdaq composite is stable at 2933.50 points.

"Although this is an isolated incident that has nothing to do with the macroeconomic situation, this news is very painful to learn," said Tim Speiss, head of the company ; advisory wealth management EisnerAmper in New York.

"Investors need to see what impact it can have on the equity value of JPMorgan and if this is something that can disrupt the entire industry," he said.

Bank of America lost 2.7% while Citigroup was down 4.4%. The S & P financial index yields nearly 2%.

The volatility index is up nearly 20% since the beginning of the beginning of May, indicating a growing aversion to risk.

Nvidia Corp. gained 7.65% after reporting a turnover of 924.9 million dollars, higher than expected, and announced that billings would increase more rapidly than expected during the current quarter.

U.S. prices for production unexpectedly fell in April, due to lower energy prices, according to the Labor Department.

Investors expect the index preliminary Reuters-University of Michigan for the month of May.

Sales of Mercedes-Benz, the brand upmarket Daimler Group, rose only 3.6% in April, due to a sharp decline in sales volumes in China due to the effect a temporary change of models.

In a statement released Friday, Daimler said the decline in China was due to the low availability in this country in April of popular models like the GLK, a mid-road range, which only came out recently its Beijing plant.

"Mercedes-Benz is on track to achieve its target of double-digit growth in China in 2012," it said in a statement.

China has become the main source of earnings growth for German manufacturers. This is the most important market for Audi and BMW.

Sales of Mercedes have involved 104,344 vehicles in April, bringing to 418,246 the number of automobiles sold by the brand since the beginning of the year, an increase of 9.7%.

April is currently the lowest of the year in terms of growth. The rise in worldwide sales of the brand was 5.1% in January from 20.3% in February and 11% in March.

Danone is disappointed at having been blown by Nestlé infant nutrition activities from Pfizer, but the amount of 11.85 billion dollars invested by the Swiss group exceeded the limits that the Translation ; ais had set, said Thursday its chairman Franck Riboud.

At the general meeting of shareholders, Franck Riboud, Danone has assured that "would bounce as usual" and that "win more matches by country".

"We always said we were interested in all or some, but certainly part of that business. We set limits, we did not exceed our desired limits and Nestle has won, "said Franck Riboud

. "I do not hide that we are a little disappointed because the company really had a strategic interest to us but the intere ; strategic t can not justify everything, "he said

. Analysts were relieved of the e Failed Danone against the Swiss group because they felt that the French group had not the means to finance a transaction of this magnitude

….. …. Many of them consider that Danone could get some of Pfizer assets in Southeast Asia and Latin America. 

"We do not like losing matches so we will gain more by country, as is done for many years. We are already working on a strategy by country country, "said Franck Riboud.

The President also recalled that Danone had not intended to focus on external growth.

"All the strings are at our disposal, we know very well to organic growth, this is what we will focus in the months and years ahead."

The title Danone ended down 0.64% to 53.9% at the close of trading, limiting gains to 11.8% since the beginning of the year.

The call Wednesday by the President of the European Central Bank, Mario Draghi, the drafting of a "growth pact" strengthens the hand of Francois Hollande, who has made the reborn ; negotiation of European fiscal pact a priority.

The Socialist candidate, favorite in the polls to eleven days of the second round of presidential elections, expected probably not see the Frankfurt Institute think as he does, even if differences There are significant in their theses.

"We have a fiscal pact," said Mario Draghi before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels. "Right now, what stands in my eyes, is having a growth pact (…) So we must go back and make a pact."

To the President of the ECB, it is not to renegotiate the Treaty of European fiscal discipline early March signed by 25 of the 27 countries of the European Union to force member states to reduce their deficits, with the key sanctions, but rather to take a separate initiative on growth.

But Mario Draghi has obviously realized the difficulties faced by several countries in the euro area, Italy and Spain in the lead, who see their plans for fiscal consolidation undermined by the recession. 

The president of Italy, Mario Monti, has said in mid-April that he would now focusing on the growth of austerity policies likely to worsen the plight of Italy.

"Everything, everything, everything we do now must benefit the growth," said the Italian leader. Rome now expects a contraction of 1.2% of the activity for 2012, against 0.4% in its previous forecast, last December.

"SURPRISING RESPONSE"

This is a turning point in the policy pursued by Mario Monti, who defended the austerity since his arrival at the head of a government of technocrats in November 2011.

In a note published analysis of a few minutes after the intervention of Mario Draghi, Barclays Bank stressed the importance of its position.

"It was an amazing response and it illustrates the level of concern of the ECB on the economic outlook in the euro area", can you read. 

Barclays notes that the President of the ECB was the first to talk about the need for a European fiscal pact in late 2011 and it was quickly acted upon.

Mario Draghi has also not hesitated to make enemies in Germany by opening the floodgates of credit to banks to avoid a liquidity crisis.

The remaining question is what could be the future shape of this potential "Growth Pact".

Francois Hollande maintains that it will require, if elected, a renegotiation of the pact to include a budget component growth would take for example the form of Eurobonds to finance major projects, for example in energy. 

But this claim is opposed by many countries, including Germany, where it is impossible to reopen a treaty already signed and ratified by the parliaments of two countries, Greece and Portugal, and more soon.

Dissension ON THE ROLE OF THE ECB

German diplomats have approached Francois Hollande to ask him to withdraw his application, noting it would be easier to Berlin to negotiate a pact for growth if the prior fiscal discipline é ; silent endorsed by Paris.

"Why do you create such a misunderstanding as to the substance we agree?" asked one of them. 

The socialist leader told them that he accepted the whole aspect of deficit reduction treaty but he could not give up a flagship project of his campaign.

"You can not drop this claim," he told them according to a German official that he met and who wants to believe that this is a campaign posture.

Francois Hollande account on the new balance of power that would create his election in the European Union, the first step in his opinion a change of majority in Germany, where e Legislative elections will be held in 2013.

But other claims made by the candidate may make compromise more difficult to achieve. 

The favorite in the polls and is said to favor a rate cut from the European Central Bank to support growth and to direct loans to countries in difficulty, rather than through support for banks .

"I know that the Germans are quite hostile, well it's part of the discussion. If you think it is not necessary to vote and it is not necessary to renegotiate as well stay home, "he said last Friday

While Jerome Cahuzac

. for the Budget with Francois Hollande, said in an interview with Reuters that it could be done without compromising because the statutes of the European Central Bank (ECB), Germany and the ECB believe this écornerait independence of the institute in Frankfurt

… …… "The ECB must act within its core mandate and the Treaty", which assign price stability as a priority. "The limits of the Treaty prohibits monetary financing ( debts of the States). "

European stock markets and debt markets Monday suffer political uncertainties, the first round of presidential elections in France and the failure of the budget discussions in the Netherlands Low-raising fears of further complications to a settlement of the debt crisis in the eurozone.

Markets are also affected by sluggish activity indicators in the euro zone and China.

In France, the second round of presidential elections on May 6 oppose the socialist Francois Hollande and the outgoing president Nicolas Sarkozy, who obtained respectively 28.63% and 27.18% of popular vote final figures of the Ministry of Interior. 

"In general, markets have begun to punish the weak proposals for Francois Hollande to improve the competitiveness of the French economy and lack of leeway policies of Nicolas Sarkozy if he could be elected ", wrote in a note Exane BNP Paribas.

Around noon, the difference (spread) between the rate of return of government bonds to 10 years and its French equivalent German (Bund) is widening three basis points (bps), to 142 bps, after reaching 149 bps in the morning.

This gap, which was only 110 bps at the beginning, had reached 151 basis points Thursday after a rumor about a possible deterioration in the sovereign rating of France. 

"FRANCE IN DOOR-TO-FALSE"

The performance of the French loan to 10 years in the secondary market amounted to 3.10% after exceeding 3.16% in the morning, against 3 , 09% at the close Friday. The rate of the 10-year Bund fell to 1.67% against 1.72% in last weekend.

"If there is a little relief due to the fact that the second round oppose Sarkozy and Holland, it puts France cantilevered overhang with Germany on the future of the euro," said Marc Ostwald , strategist at Monument Securities.

"And it will not help them move toward the union budget, or to allay market fears about the fact that the only solution lies in Eurobonds."

For many analysts, the uncertainty on the French political situation will remain until the June parliamentary, with the government's announcement will come out and the decisions it will take to reduce die ; ficits budget. 

"If Francois Hollande was actually elected, the tensions in financial markets that French does not dissipate during the summer when the new government would present its plan to return to the balance of public finances in 2017 and would confirm with Brussels, "warns CM-CIC Securities.

THE DUTCH CDS AT THE HIGHEST SINCE JANUARY

Investors are also watching the Netherlands, where Prime Minister plans to resign after the failure of budget discussions undertaken in early March with the PVV party which does not belong to government but who supported Parliament.

"The Netherlands could be a problem because so far it was a stable partner in the euro area. (The Dutch situation) reflects increasing tensions in the area. This is really a problem for the market, "said Christian Stocker, Unicredit

. The spread between borrowing born erlandais 10-year Bund and the reference is widening 12 bps to 73 bps and that of the Spanish loan of 7 bps to 432 bps, the Spanish rate in excess of 10 years to the new 6%

. In the market for CDS (Credit Default Swaps) sovereign, a sort of insurance policy against a default, the spread of title 5 years in the Netherlands in the morning hit its highest level since January to 128 bp (9 bp) and that of France is back above the 200 bp Matiné e, to 207 bp (8 bp), according to data from Markit

. On the equity side, the CAC 40 lost 1.69% to 3.134.69 points, the benchmark index of the Paris Bourse now showing a loss of 0.79% since the beginning of the year.

The decline in the CAC 40 is less pronounced than that of the Frankfurt Stock Exchange, whose index DAX, more industrial, abandoned 2.49%, and that the pan-European Euro Stoxx 50 index (-1.97 %).

Instead of Amsterdam loses 2.44% and 2.77% in Madrid.

"There is no real penalty in particular France, the declines are fairly uniform. Should there really be a sanction of scholarships, it would happen more after the results of the second round. For now, the market is more patient, "said Yohan Salleron Mandarine Gestion fund manager at

. The market reaction to concerns about the political future of the euro area is all the more violent it comes at a contecte economic recession

. The index of manufacturing activity in the euro area, distributed in the morning, fell to 46.0, the lowest since June 2009, against 47.7 in March and 48.0 expected. Above all, the German manufacturing sector contracted at its strongest pace in nearly three years, casting doubt on the capacity of the largest economy in the euro area increase growth in the region

. In China, the activity index still reflects a contraction in the manufacturing sector (49.1 against 48.3 in March). But the situation seems to improve with a rebound in the sub-index of orders to 48.9 against 47.4 in March.

Johnson & Johnson received the green light Thursday from the European authorities to buy the Swiss manufacturer Synthes medical equipment for some 21 billion (about 16 billion euros), an operation that will boost its segment of orthopedics.

This is the largest ever acquisition by J & J.

To view approved by European competition authorities, the U.S. group had agreed to sell its European business in the area of ​​trauma.

In a statement, the European Commission stresses that the merged entity will continue to face several strong competitors.

Renault and China's Dongfeng Motor Group have signed a memorandum of agreement on their joint venture, Reuters reported Friday two sources with knowledge of the case.

This is a key step towards the production of the Renault cars in China, in 2009 became the first global car market.

Dongfeng in China is already associated with Nissan, the Japanese partner of the French group.

Renault and Dongfeng signed the agreement late March which sets out the broad outlines of their future joint venture, the sources said, without elaborating.

Renault declined to comment. 

After leaving the Chinese market for Nissan under a shared geographical areas between the two groups, Renault has decided to produce cars in China from 2014 – in 2016.

It is in talks with Dongfeng for several months, and expects to obtain by the end of the green light from Beijing to its manufacturing base in China.

The Belgian designer Raf Simons has been appointed artistic director at Christian Dior, succeeding John Galliano who was fired last year after having made antisemitic nature ; moth, announced Monday the fashion house said in a statement.

Raf Simons, "one of the best talent today", will be responsible for "haute couture collections, ready-to-wear and accessories for women," says the label, property ; Dior SA, the holding company of LVMH, the world of luxury.

"The House of Dior is excited to welcome Raf Simon to continue the work of its founder. It will inspire and propel the twenty-first century style that Mr. Dior has launched since the opening of his house and has changed since his first collection, the codes of elegance World, "it said in a statement … The first collection

…… created by Raf Simons will be presented in Paris in July

. "I am delighted to join this great house. Mr. Christian Dior has always been for me the biggest fashion designers. Dior is the absolute symbol of elegance. His unique expertise inspires me a deep respect, "says his side Raf Simons

." I appreciate the honor and responsibility ; my assignments today directing the establishment of the French brand the world's most famous, "the Belgian designer who at 44 years, has previously created his own label and worked for Jil Sander

. John Galliano, former star of British fashion designer Dior, was de ; set up office in March last year after uttering anti-Semitic insults. He was sentenced last September to 6,000 euros suspended fine

. Raf Simons's appointment ends months of speculation and rumors. It also puts an end to temporary qu'assurait Gaytten Bill, former assistant to Galliano, whose work has not attracted the worlds of fashion.

Sidney Toledano, CEO of the fashion house, had said a year ago that Christian Dior would take the time to find a successor to John Galliano.