The title of the exchange operator London Stock Exchange (LSE) climbed on the Stock Exchange late Friday morning after the publication of a sharp increase in its annual results.

At approximately 9:10 am GMT, the action progressed LSE of 5.44% to 10.17 pounds to the London Stock Exchange, signing one of the highest increases in the index mean values ​​Footsie250 who recoiled at the same time 0.94%. For its part, the index grouping the European values ​​related to financial services lost 0.85%.

The exchange operator has reported a net profit of 442 million pounds (550.2 million euros), up 30% for its fiscal year ended March, while the annual turnover rose 10% to 680 million pounds.

These good performances are related to the acquisition last year of the FTSE International business and revenue growth of the clearing of LSE in Italy.

This publication has pushed through Numis Securities raised its recommendation on the value of "hold" to "purchase".

France issued Wednesday nearly eight billion euro medium-term debt at a lower cost than in April when the first auction of securities of a period of two to five years since the election of Francois Hollande as President of the Republic.

BTAN of the 5-year benchmark was served at an average rate of 1.72%, a record low at an auction of a 5-year benchmark. In April, Agence France Trésor, which manages the debt of the State, had issued the same BTAN at an average rate of 1.83%.

The BTAN reference to two years was awarded to the average rate of 0.74% against 0.85% in April.

AFT issued a total of 7.996 billion euros, the maximum target was announced that $ 8.0 billion.

Overall demand was strong, totaling 23.675 billion euros, giving a coverage ratio (amount requested on amount used) high of 2.96 against 2.58 in April and an average of 2.38 in 2011.

"Very good French auctions. Demand was very strong on the two years and five years, "said Peter Chatwell, rates strategist at Credit Agricole CIB

… …… "If you need to invest in euros, France is a much more attractive proposition than Germany. The coverage ratio is huge, "said Marc Oswald, strategist at Monument Securities in London, adding that this does not mean that fears about France and the euro area have disappeared ……

… "The question is whether France will fail in the next three to four years. I reply emphatically not, and on this basis, the French return to Germany is relatively attractive, "says he

…… Germany …, reference in the market for sovereign debt in the euro area, has awarded its side Wednesday 4.1 billion euros of 10-year Bund, for a total announced ; of 5.0 billion euros, the coverage ratio is set at 1.5 against an average of 1.36 since the beginning of the year ….. The Bund

…. suffers from its success as a safe haven of the eurozone. The show is made to a historically low rate of 1.47%.

Secondary market, the 10-year Bund yield fell to 1.43% Tuesday, a record low while the risk aversion wins and assuming an output of Greece in the euro area.

Strategists point out that demand is not "fantastic" but it is solid given the very low yield of the Bund.

For Michael Leister, strategist at DZ Bank in Frankfurt, where the yield spreads between French and German bonds rose, due to the political stalemate in Greece and renewed concerns about the euro area, "throughout the French bonds also benefit from the uncertainty." 

AFT has also issued 1.182 billion euros Wednesday of comparable Treasury bonds indexed to French inflation (OATi) and inflation in the euro area (OATei) of maturities in 2022, 2023 and 2027, at the top of the announced objectives (1.2 billion). Demand amounted to 3.467 billion euros, giving a coverage ratio of 2.9.

Loss in the first quarter, Dexia meets this Wednesday's meeting in Brussels but will likely wait until the inauguration of François Hollande to resolve the issue of governance.

The Board of Directors of the Franco-Belgian bank being dismantled in the day must appoint Karel De Boeck, former managing director of financial group Fortis as administrator.

The Belgian government has officially said Tuesday he wanted it to become CEO of the bank instead of French Pierre Mariani but the French authorities have not yet given ; no official position on this issue. 

The issue of governance is urgent because of a relative Luc Coene, the Governor of the Central Bank of Belgium, believes that Dexia will likely need to be recapitalized again.

Dexia announced a net loss of 431 million euros for the first three months of the year, attributable to "non-recurring items", basically the cost of government guarantees covering its financing and depreciation.

The bank said that the State guarantees French, Belgian and Luxembourg were a quarterly cost of 128 million euros.

She also recorded an impairment of EUR 145 million on its stake in Kommunalkredit Austria and an "adjustment" of € 102 million related to the sale of Dexia Municipal Agency. The property must be sold to the French state and the post office to create a new credit institution to local communities.

The Belgian government said it wants to renegotiate the distribution of 90 billion euros of financing guarantees granted to France with the new government of Francois Hollande.

Since the decision late last year to dismantle Dexia, the Belgian authorities have carried out the nationalization of retail banking activities in Belgium while France has decided to return via the CDC and the Postal Bank, the activities of local government financing.

The bank suffered a net loss of 11.6 billion euros in 2011. 

Although in sharp decline, the size of the stock of Dexia is considered by some analysts as systemic because a failure to pay the bank would have incalculable consequences for the entire sys European Banking me.

Dexia shares was opened down 5.26% Wednesday after the publication of its first quarter results

Around 11:15, the Dexia share yielding 5.26% (0.01 percent) to EUR 0.18, representing a market capitalization of 350 million euros.

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.

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). "

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.

The number of resale properties totaled 858,000 last year, according to solicitors. 21,000 or more than the previous record in 2006. But activity in the former will fall in 2012.

There has never been so many resales of houses and apartments in France than in 2011. With 858,200 transactions recorded by notaries, up 9% from 2010, the former real estate market hit a record high. The previous record for the last 12 months studied, was 837,000 in mid-2006, said the lawyers at a news conference. However, we should distinguish between the province and the Ile de France

For if the sales regions have reached a good level ever with 710,000 transactions, the capital region, she was "merely" of 148,200 operations, is far from the record of 167,400 set in 2005.  

This level of activity on the property market may seem somewhat old paradoxical as prices continued to soar last year, including Paris. It is partly explained by the desire of many owners to sell before the higher taxes on capital gains real estate, intervened in early February 2012, on second homes and rental accommodation. The end of the loan (PTZ +) in the former planned in late 2011 also prompted the first-time buyers to rush their proposed acquisition. But this device has funded about 300,000 operations. As many advantages that will boost the property market more this year …

The year 2012 should be much less favorable. Notaries predict a total of transactions between 700,000 and 740,000 in the former, a drop of 15% to 20%, predicted Bazaille Pierre, president of real estate notaries. And especially as the mortgage, both in the former than in the new, earlier this year saw an apocalyptic France.Selon the Banque de France, the amount of housing loans granted in February was the lowest for 32 months, a fall of 41% compared to January and by 49% compared to February 2011.

The Housing Credit Monitoring / CSA assesses in turn the decline in the first quarter to 36% over the same period last year. To the point that the economist Michel Mouillart is very pessimistic in the absence of new tax incentive schemes. "We will have a drop in business markets, including the market of the former, as no one ever has seen," he warns. With what effect on prices? He is careful not to indicate.  

This strong demand in any case continued to push the prices up in 2011, at least in the past three quarters permiers, find notaries. Prices of old apartments have increased by 6.5% in France in 2011 compared to 2010 but decreased slightly over the last three months of the year. The largest increase was recorded in central Paris (+14.7% year on year but the increase was only 0.2% last quarter). But big cities like Lyon and Bordeaux, recorded increases of almost 9%. For homes, the increase was more pronounced in the Ile-de-France (+5.7%) than in the provinces (1.3%).

Registrations of new cars in France fell by 23.5% in March in raw data, reflects a comparative worst than ever in 2011 when the scrappage dopait sales further.

Renault shares (-1.83%) and PSA Peugeot Citroen (-2.61%) have the largest declines in the CAC 40 index which is 0.43% while the Stoxx sector index of 'European automotive advance of 0.34% to 9:45.

Last month, he registered 197,033 new passenger cars in the Hexagon. After adjustment for working days, the decline appears to 20.0% in March 2012 that were 22 days as against 23 in March 2011, announced Monday the Committee of French Automobile Manufacturers (CCFA).

In January and February this year, the market had already experienced declines of around 20% in raw data, the backlash level of registrations recorded on the pe same period of 2011 through to last orders "cash for clunkers" that could be delivered until March 31 of last year.

"This downturn is spectacular but it was expected," said Flavien Neuvy, Director of the Cetelem automobile. "We still think that most of the decline in yeara was performed in the first quarter and that the scenario of two million vehicles over the year remains relevant in light of new orders and new models coming. "

CCFA has also maintained its estimate of a decline of about 10% of the French automotive market in 2012.

For PSA Peugeot Citroen, which has teamed up in February at General Motors, registrations in France plummeted 33.2% last month while the Renault-including the diamond brand and low cost Dacia brand registrations stand-fall of 29.8%. 

Throughout the first quarter, the French automotive market will be contracted by 21.7% unadjusted and 22.9% when adjusted for working days.

Registrations of PSA for the period fell by 30.3% and Renault's 30.2%, in gross terms in both cases. In contrast, those of the Volkswagen group declined only 2.3%.

Nearly 4 million households spend more than 10% of their income on electricity and gas. An alarming situation that denounces the Energy Ombudsman. That propose candidates to fight against this social evil.

Fuel poverty is worsening in France. This is the alarming compiled by the Energy Ombudsman Tuesday, when publishing its annual report. Objective: that this matter find its way into the presidential campaign.

How many people are affected by fuel poverty?

Are fuel poor people who spend more than 10% of their budget on energy bills. Longer limited to a few hundreds of thousands of homes, fuel poverty has risen sharply in the late 2000s. Today, affecting more than 3.6 million households (14.4%) of households, or 8 million people. Among the most affected households in rural areas to 90% in poorly-insulated homes, old and seldom renovated. Are particularly affected parent households, pensioners with low pensions, minimum incomes, the unemployed and indebted.

What are the causes of this aggravation?

The explanation is sadly commonplace: the economic crisis, which has destroyed jobs, coupled with rising energy prices (25% for gas and 8% for electricity in two years). And the increase is not going to stop. In January, gas prices rose 4%. As for electricity prices, they may increase by 30% by 2016. Energy suppliers, consumer movements, community centers or social action locally elected officials, associations caricatives, all find a strong increase in payment difficulties and requests for rescheduling of outstanding invoices. The Ombudsman, an independent administrative authority which began operations in 2008, saw its number of referrals increase by 14% last year, in 8044. Of this total, the number of cases related to payment difficulties has increased by 80% compared to 2010, and represented over 15% of referrals, with an average debt of 1,900 euros.

Prizes are they not regulated by the government?

If the government can not do much against rising prices, inevitable. Of course, presidential forces, he announced a rate freeze until May. But this position is untenable. Electricity production from nuclear power (supposed to be very cheap) represents only 33% of the final price per kilowatt paid by the consumer. The remainder is the cost of transport (network maintenance and power lines), marketing costs and CSPE (contribution to public service of the electricity used to fund the development of green energy). But the nuclear fleet and the infrastructure is aging, which will force EDF to invest heavily, and if the government wants to continue to develop renewable energies, it will increase the CSPE. Gas prices, however, are calculated using a complex mathematical formula that incorporates the changes in oil prices, soaring past year. Unless you run EDF and GDF, the government can not prevent the rise in energy prices. It has also recently called to order by the State Council.

There does not already taking action against fuel poverty?

If this is so-called social tariffs for electricity and gas that benefit any person to whom the CMU. The reduction represents between 40 and 60% of the annual bill based on household composition, equivalent to 95 euros on average for electricity, and 140 euros for gas. Problem, only 650,000 subscribers to benefit from electricity and 300,000 gas customers, while "approximately 2 million households are entitled to these social tariffs," said Denis Merville, the National Energy Ombudsman. Why such a difference? "The allocation procedures are complex. Social workers often have no knowledge of these existing tariffs, eligible persons often live in dilapidated housing, sometimes without mailbox, "said the mediator. To overcome this failure, the government is to automate this aid on the Base files of social agencies, which will reach one million households in total

What does the Energy Ombudsman?

He defends three measures . Firstly, the establishment of an energy check which may be substituted for social tariffs, and would be distributed on expanded criteria by family allowance funds. He also hopes to open the social tariff for electricity customers alternative operators, while today only EDF and local incumbents can distribute it. Latest proposal: that the winter break cuts (November 1 to March 15) is extended to all consumers – currently, only beneficiaries of the housing solidarity fund (FSL) are concerned, about 300,000 homes – along the lines the truce of evictions. According to the Ombudsman, the cuts have greatly increased, according to his estimates, some 500,000 consumers have been a reduction or suspension of energy supply in 2011.

And candidates and the Elysee?

Nicolas Sarkozy, who recites his campaign proposals according to his media interventions, has not yet expressed on the subject. This will require, for now, just balance of his government on the matter: creation of the social tariff of gas in 2008, upgrading of these rates and broadening the number of beneficiaries, a fund of thermal renovation of housing for insecure households, with 1.35 billion euros, which must separate 300,000 homes by 2017. The Socialist candidate Francois Hollande offers him to adopt a tiered pricing for electricity and gas according to usage (essential, unnecessary), greener and more united, associated with specific mechanisms of long-term for the most precarious and to prohibit the power cuts in winter. As for Bayrou, it is safer. "We must be honest: the energy will cost more and more expensive," says Yann Wehrling, spokesman for the candidate's campaign Modem. "Some households, more affluent, are equipped to cope with this increase. They will have to finance the solidarity with the most vulnerable households, which should expand the number of beneficiaries of social tariffs."

The National Energy Ombudsman

It may be called in case of disputes concerning the enforcement of contracts to supply electricity or natural gas. It also participates in the Energy Info information device, accessible at 0800112112 (toll free from landlines) and www.energie-info.fr

Wall Street was up Tuesday in opening, as expected by the experts, reacting to the statistics of retail sales and a decline in concern vis-à-vis the situation the euro area.

Retail sales in the U.S. in February posted their biggest increase in five months, thanks to sales of vehicles, show statistics released Tuesday by the department improve Rican Trade.

Finance ministers of the euro area have endorsed Monday night the second aid package to Greece for better pass next hot topic, Spain, where they demanded a deficit target tighter this year for its budget back in the nails in 2013. 

Investors expect also that the U.S. Federal Reserve, which meets today, maintain interest rates unchanged and a slight improvement economic prospects without excluding further monetary easing.

In early trade, the Dow is 0.36% to 13,006.56. The S & P 500 is 0.52% to 1,378.18, while the Nasdaq Composite gained 0.67% to 3003.54 points.

A few minutes after the close, the S & P hit a session high not seen since June 2008.