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.

The Tokyo Stock Exchange Tuesday redid some of the ground lost the day before in the wake of the results of elections held Sunday in Europe, although investors say they are still cautious about the dice veloppements future policies.

The Nikkei gained 0.69% or 62.51 points to 9,181.65 and the Topix broader took 4.51 points (0.58%) to 776.57.

Monday, the Nikkei plunged 2.8%, which was its biggest drop in one day of the last six months.

The election, even anticipated by the markets, Francois Hollande to the French presidency but also the outcome of parliamentary elections in Greece, where ; no majority emerges in Parliament, had indeed been a breath of concern on Asian financial markets. 

"We do not yet know what lies ahead for Greece, we do not know what the new coalition will look like (…) and the Nikkei is not likely to surge as these uncertainties remain," said de clared Toshiyuki Kanayama, market analyst at Monex.

The action Marubeni jumped 3.77% after a source said that the fifth largest Japanese trading house was in advanced talks to buy Gavilon broker cerebral ; ales and U.S. energy for some $ 5.2 billion.

ASML has delivered an optimistic outlook Wednesday, saying the popularity of smartphones, tablets and other ultra-thin computers support its sales within six to nine months to come.

As a world leader in engraving machines for semiconductors with a market share of 75 to 80%, ASML passes for a good standard of high-tech sector and investors are closely following its forecast .

"Given the market, we are confident (…) for the rest of the year, we remain positive," said CFO Peter Wennink.

"The chips go directly to things that are currently very popular, is all that is mobile, media, internet and especially smartphones and tablets."

The firm specializes Gartner said this month that it anticipated a 2.5% increase in IT spending the world, at 3,700 billion, while planning before an increase of 3.7%, citing the strengthening dollar and declining public expenditure in the euro area ……. ASML

.. anticipates a turnover of 1.2 billion euros in the second quarter after 1.25 billion in the first quarter and projected sales in the third stable The quarter

. I gave to Reuters sales of 1.209 billion in first quarter

……. Wennink .. said that the outlook for the fourth quarter remained "somewhat uncertain". The value of the backlog was 865 million euros in the first quarter but Wennink finds it difficult to predict what will be the second quarter as orders are received fewer but larger-scale .

This uncertainty beating down the share price, which fell 2.7% to 36.9 euros. She had reached two weeks ago its highest level since October 2000.

"Investors expect an acceleration of ASML orders but has not strengthened in their hopes, perhaps they will now have a cautious attitude," said Philip Scholte, analyst Rabobank.

The Dutch group has also reported net earnings of 282 million euros, compared to consensus building on 278 million.

A stronger financial barrier is needed globally to guard against a possible new episode of the debt crisis in Europe, said Thursday Christine Lagarde , Executive Director of the International Monetary Fund (IMF), adding that the IMF needed more resources.

"A barrier higher global will complete the 'circle of protection' of each country. IMF help. But to be as effective as possible, we must increase our resources, "she said

. Christine Lagarde hopes to advance the agenda of means the IMF at the meetings between the IMF and World Bank planned next week

. "(…) the greatest risk threat is the resurgence of turbulence in bond markets and financial in Europe. "

Finance ministers of the euro area (Eurogroup) reached an agreement Friday to strengthen the response capacity of global emergency fund aimed at curbing the sovereign debt crisis within the bloc, without that it is assumed that this development meets the markets and non-European members of the G20.

The 17 euro zone countries have decided to combine the two existing bailout fund to dispose of 500 billion euros of additional funds in an emergency by mid-2013, in excess of 200 billion already pledged by the European Financial Stability Fund (EFSF)-the temporary emergency fund to be disabled in July 2013 – in favor of Greece, Ireland and Portugal. 

The European Commission had proposed to increase the total funds available to 940 million euros, with 740 billion available, an amount considered too high by countries like Germany, Finland and Netherlands.

The compromise was welcomed by investors and the yield on government bonds has dropped Spanish after tense in the wake of a general strike in the country and prior to submitting an austerity budget.

"Today's decision is a classic European compromise. It goes as far as the German government is ready to go and is the minimum of what the other member countries of the eurozone hoped, "said Carsten Brzeski, an economist at the bank ING

. "Obviously, a larger increase in line options discussed above would have sent a stronger message and would have been more convincing, "he said

." After strengthening decided today, the ECB will continue playing the role of firefighter driving the euro area. "

The combined capacity of EFSF loans and MES has been increased from 500 to 700 billion euros by the Ministers of Finance, said an official statement

. "The overall ceiling of the lending capacity of EFSF and MY … will increase to 700 billion euros, "the statement said

." In total, the euro area mobilizes a firewall of some 800 billion, more than 1,000 billion dollars, "the statement said

. This includes $ 500 billion of MES, the fund permanent emergency that will be operational in July and 200 billion already committed by the EFSF plus the amounts already paid in the first bailout of Greece and funds paid in connection with the bailout funds guaranteed by the budget of the European Commission. 

SHORT MEETING

The 500 billion of new money for the EFSF and combined MES by July 2013 reflect the gradual start of the activity of MES, which will occur as and when the payment of its equity over a period of more than three years.

The EFSF with a total capacity of loan of 440 billion euros, 240 billion will be mobilized not a mattress in an emergency within 15 months, during which the EFSF and MES operate in parallel.

The French Minister of Finance estimated that the decision would strengthen the position of Europeans in discussions with partners on capacity building of the International Monetary Fund (IMF).

"We are now in a strong position for the discussions on the IMF in April. This is a good signal, "said Baroin sidelines of the meeting of the Eurogroup Some investors

. however ask whether the strengthening of European firewall will be enough if Spain-the fourth largest economy in the euro area, needs a bailout to weather a banking crisis caused by the bursting of the housing bubble in the country

. The Eurogroup meeting was cut short by President Jean-Claude Juncker, leaving open the debate on the estate and the possible entry of his compatriot Yves Mersch of Luxembourg to the Executive Board of the European Central Bank. 

He explained his decision to shorten the work of the Eurogroup by the fact that the Austrian Minister of Finance, Maria Fekter, announced the terms of the agreement while the meeting was still ongoing.

He said the decision regarding the designation of replacing the Spaniard Jose Manuel Gonzales at the expiration of its mandate to the ECB Executive Board was referred to the mid-April.

The incident also allows to postpone the debate on his succession to the head of the Eurogroup for which the German finance minister, Wolfgang Schäuble, is favored according to statements from several sources ; Reuters. 

While the campaign for the French presidential election enters its final stretch, French President Nicolas Sarkozy would prevent the possible appointment of Wolfgang Schà ; üble at the head of the Eurogroup can be presented as a new sign of German rule in the euro area, however, diplomats said.

The cloud of explosive gas that has formed around a platform of Total off Scotland after a leak on a well has forced Shell to evacuate its turn Tuesday staff of two neighboring facilities and the French oil group does not exclude take some six months to repair the leak.

Growing concerns about the platform for Elgin-Franklin, both in terms of production losses or possible repair costs of the site, drove the share price of Total which ensures that the leak has not so far had a significant impact on the environment.

This is not the opinion of Frederic Hauge, head of Bellona, ​​a leading advocacy group for the Norwegian environment closely following oil exploration in the North Sea. 

Considering it "the pit of hell", he concluded that "the problem is out of control".

The gas leak on Elgin-Franklin formed a cloud dense enough to be visible to other platforms in the North Sea. Shell has decided to suspend, as a precaution, to drill on one of them.

Action Total recorded the biggest drop in the CAC 40 Tuesday, yielding 5.96% to 38.56 euros, its lowest levels in the last three months. The title accuses its sharpest decline since December 2008 and saw its capitalization blend of six billion euros.

Total, by far the highest weight of the ACC, led the index in Paris, which ended down 0.92% while the European sector index of oil and gas gave up 2.37%.

At this stage, investors are more concerned about the impact of leakage on the group's production and its consequences on the environment and the prudent play while waiting to get an idea pre Cise of the magnitude of the disaster.

"Investors apply the precautionary principle in a situation still uncertain, in memory with the recent accident that affected BP," said Romain Burnand, co-director of Moneta Asset Management. 

PLAN "IN THE DAYS TO COME"

The explosion and sinking and the Deepwater Horizon, in the Gulf of Mexico, eleven had died in April 2010. Some 4.9 million barrels of crude oil had leaked from the Macondo well, drilled on behalf of the "major" British Petroleum. After the disaster, BP had lost more than 52% of its stock value in less than two months.

"With the memory of Macondo, the market remains very nervous about this kind of news until the problem is not quantified," said one trader.

"This event will impact Total's production and creates a risk of pollution-limited at this stage but not yet identified," he added, noting that the group had not yet de ; cided the best way in its handling of the incident.

Total has indeed explained explore all possible options to address the leak, including drilling a relief well.

"There are two options for intervention. One is to drill a relief well, which could take about six months. The other is an intervention on the platform to seal the well (…) what would be a faster option, "he told Reuters David Hainsworth, safety manager, health and environment at Total Exploration & Production UK

. "We plan to decide on a course in the coming days," he added

. "Early indications are that there is no significant impact on the environment and the use of dispersant is not necessary at this stage ", then announced in a statement Total

." A surveillance aircraft confirmed the presence of iridescence in the vicinity of the platform. They are drilling muds and / or products associated with the light gas with a volume currently estimated at 30 m3 "added the group

. ALSO

DOWN MARKET TECHNIP

addition to mobilizing 10 to 20 engineers, Total has engaged the services of Wild Well Control, a company that occurred during the oil spill in the Gulf of Mexico in 2010

……. Technip .. The title has also dropped in the Paris Stock Exchange, closing down 3.17% to 6.151 euros while some respondents evoked rumors that the responsibility of the oil services group , who built the platform for production of Elgin and Franklin fields, could be initiated. 

"The platform that Technip has built for the Elgin-Franklin field is PUQ, platform type production TPG500. But Total said in a statement that the leak was located on one of the two platforms well ", but said a spokesman for the group in an email to Reuters …. Total

….. halted production and evacuated personnel on site (238 people) after the gas leak Sunday …… The platform

… previously produced nine million cubic meters of gas per day, equivalent to 3% of UK production of natural gas and than 60,000 barrels per day of light crude

. The environmental consequences of leakage of natural gas condensates are much less severe than of oil spills, has informed the British Minister of Energy. 

An exclusion zone of sea and air, however, was declared around the platform, said Total.

The main European stock markets opened slightly down Monday, initiating a pause after the sharp rise in recent days, fueled by the continuous reflux of risk aversion, which brought the market ; s shares to their highest level in eight months.

Despite profit-taking, the underlying trend remains positive due to the increasing signs of strengthening economic recovery in the U.S. and relative easing of the crisis debt in the euro area.

Actions should be the asset class most successful over the next three months according to a survey by Barclays from some 700 institutional clients, which also reflects a growing confidence marked.

In Paris the CAC 40 was down 0.55% to 3574.89 points. In Frankfurt, the Dax drops 0.38% and London, the FTSE yield 0.27%. The pan-European index Stoxx 50 lost 0.48%.

Among the values ​​set up multiple targets of tender offer, starting with TNT Express, which gained 1.3% and approaches the price of 9.50 euros which UPS has launched a friendly takeover bid of 5.16 billion . In London, the software company Misys takes 6% after an agreement with the private equity investment Vista Partners for 1.27 billion pounds.

Arkema has revised upwards its long-term EBITDA for 2011 Thursday by announcing an increase of this result and its turnover, thanks to strong contributions from Asia.

In 2011, the French leader of chemistry has produced an EBITDA of 1.034 million, up 28%, giving a margin of 17.5%. Its net profit after minority interests rose 33% to 574 million and its turnover by 21.2% to 5.900 billion.

Arkema offers a dividend of 1.30 euros per share, after a Euro 2010.

Given its performance in 2011, Arkema now aims to achieve in five years an EBITDA of 1,250 million euros, while maintaining its debt ratio to about 40%.

The performance of the first quarter of 2012 should be "real improvement over the fourth quarter of 2011 but below the level of the first quarter of 2011, which was a very high base of comparison e. This recovery should continue in the second quarter of the year, "we read in a statement.

The six major Greek banks have decided to participate in the exchange of bonds to alleviate the country's debt, said Tuesday the Ministry of Finance.

Banking sources had previously indicated that all Greek banks concerned should participate in the agreement, which will lead to institutions interested in losses on their holdings ranging up to 74%.

The exchange of securities, if implemented, should lead to cancel some 100 billion euros of debt. Private creditors, mainly banks, insurers and investment companies, have until Thursday to announce their intentions.

Most pension funds holding Greek debt to Greek State agree to participate in the bond exchange, but four refused to do so, it was also learned Tuesday Aupre s head of a Greek.

Unions fear the consequences of the depreciation of assets in debt to Greek pension funds.

Eight or nine pension funds agreed to participate but funds for journalists, police, business owners and employees of the hotel, which hold for about two billion euros debt, refused, sources said.

U.S. stocks ended little changed Tuesday after a session hesitant investors welcoming the agreement on a second level of aid to Greece while being tempted by some profit taking.

The Dow Jones gained 0.12% or 15.82 points to 12,965.69 points. The Standard & Poor's, wider, ended almost stable with a gain of 0.07% (0.98 points) to 1,362.21 points. The Nasdaq composite fell 0.11% or 3.21 points, to 2,948.57 points.

Markets were closed Monday for President's Day.

Under the deal pulled off by the euro area after thirteen hours of negotiations, Greece will see the debt burden reduced by EUR 130 billion of government loans and restructure the debt held by private creditors.

This plan can eliminate the risk of a Greek default in March but not solve all economic problems Greek temper analysts. Furthermore, the good news was expected.

In this context, it was tempting for investors who played the recent rise in the market to take some profits, especially as, in session Tuesday, the Dow Jones briefly topped the 13,000 points for the first time since May 2008.

Signs of improvement in the U.S. economy and the stabilization of the debt crisis in Europe helped the Dow Jones gaining over 20% since late 2011 and the S & P gain of more than 8% since the beginning of the year.

"We face a little selling pressure given the rebounding lately," said Fred Dickson, market specialist at DA Davidson & Co.

Values, Kraft Foods has gained 1.47% to 38.57 dollars. The food group provides an earnings growth of at least 9% this year.

Home Depot has nibbled 0.45% to 46.92 dollars. The chain of hardware stores has published a quarterly profit above the expectation.

Macy's has won 1.22% to 36.69 dollars. The operator of department stores reported revenue up and expected a further increase in its turnover this year.

Apple gained 2.5% to $ 514.85. The U.S. International Trade Commission (ITC) ruled that the manufacturer of the iPhone was not about infringement of a patented technology of mobile phone manufacturer HTC.

In contrast, Wal-Mart Stores fell 3.85% to 60.07 dollars. The worldwide distribution generated fourth-quarter earnings below the consensus due to lower prices for customers during win the holiday season and New Year.

The period of publication of quarterly results is nearing completion. According to Thomson Reuters arrested Tuesday morning on the 418 companies in the S & P have published their accounts, 64% show better than expected results This is a lower rate than in recent quarters.