The title Imperial Tobacco gained more than 2% Tuesday morning after the world number four cigarettes announced better than expected results, set a share buyback program of £ 500 million and said he would return to growth in sales.

The British group, owner of West brands, Gauloises, Lambert & Butler, Davidoff and Fortuna, was reached on the six months to end March 1 adjusted earnings per share up 5 3%, 93.1 pence against an average forecast of analysts of 92.7 pence, according to Reuters data. 

Imperial Tobacco, which runs more than 340 billion cigarettes a year, said its performance over the past six months had been laid by the end, both a price war in Spain and destocking in the U.S. and Ukraine.

In the first six months of fiscal 2011-2012, the increase in turnover stood at 3.3%, including 8% in the second quarter alone.

Around 11:23, the action of Imperial Tobacco advanced 2.27% to 25.17 pounds, while the FTSE 100 London Stock Exchange, the only open in Europe in May 1, gained 0.28%. 

Like its larger rival Philip Morris, British American Tobacco and Japan Tobacco, Imperial Tobacco suffered a decline in smoking in developed countries, while compensating for this phenomenon by higher prices and expansion in emerging nations.

The producer prices of French industry grew for the third consecutive month in March, rising 0.5%, mainly due to higher oil prices , according to data released Friday by INSEE.

The seven economists polled by Reuters on average expected a rise of 0.6%, with estimates ranging from 0.4% to 1.0%.

The producer prices of French industry had increased by 0.7% in February (0.8% in the first estimate) and 0.6% in January.

The prices of refined products increased by 2.8% in March after rising 3.4% and 5.1% respectively for the months of January and February in line with the current price oil from the North Sea, INSEE said in a statement. 

The price of Brent rose in March from 5.3% in dollars (5.5% in euros) and the last three months of 15.2% in dollar terms (14.7% in euros ).

Rising food prices (+0.4% after +0.5% in February) is mainly due to seasonal increases in meat prices.

Prices of industrial products destined for foreign markets increased by 0.3% in March as the month before.

For all markets, the increase was 0.4% and 3.1% year on 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.

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.

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.

European shares rebound slightly sketched at the opening Monday as investors buying on the cheap after a week of consolidation, but the market, cautious, then returned to downward.

The Paris Bourse opened with a gain of 0.4% before falling to 3466.20 points (-0.29%), while the Eurostoxx 50 index was down 0.31%.

In Frankfurt, the DAX yields 0.18% while the FTSE London is 0.13%.

The action Havas jumped 9.38%. The group presented a proposed acquisition of 12% of its capital to reduce the discount on the stock exchange and optimize its financial structure.

Technip has been awarded by BP and its partners a contract to develop subsea infrastructure project in the UK North Sea for about $ 600 million, gained 2 , 6%.

For its part, PSA Peugeot sells 0.5% while employees of the French manufacturer and subsidiary of General Motors' Opel prepare to battle the bodies on the alliance the two carmakers.

The publication of the German Ifo index of business climate (0800 GMT) should set the tone of the session. "Germany is crucial for Europe and a strong figure (…) show that the lackluster environment in Europe does not affect business," Judge Joe Rundle, head of training at ETX Capital.

Cameron Peacock, market analyst at IG Markets, caution remains in order.

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

The third largest economy in Asia posted a deficit close to 6% of GDP. The government wants to reduce it to a point by 2013, without giving up the farm subsidies. India rice, drying rice in western India, Ahmedabad.

Forgotten, the speech which placed India followed by China on an economic plan. The Asian giant is also caught by the downturn. Like Western countries, its growth is weakening and widening its deficit forcing the country to move towards more fiscal discipline.

The Indian government, weakened by an electoral setback in local elections and accused of inaction, posted Friday its intention to reduce the public deficit, betting on a recovery in growth to fund new social and agricultural subsidies.  

During the presentation to Parliament the 2012-2013 budget, the finance minister, Pranab Mukherjee, said targeting an annual budget deficit equal to 5.1% of Gross Domestic Product (GDP), against 5.9% in 2011-2012 . "I am firmly set a goal to return to the path of fiscal consolidation," said the great financier of the third largest economy in Asia in a speech-river in which he also called upon to lend a accelerator for the reform program.

The government has said it expects annual growth of 7.6% next year, forecasts are more optimistic than the 6.9% expected this year, a disappointing figure for the administration of Prime Minister Manmohan Singh. The Finance Minister hopes that the return to strong growth after the slowdown this year due to a drastic monetary policy to fight against inflation, will help fund new grants.

He, among others, announced farm subsidies, food aid for the underprivileged, health programs to reduce malnutrition and infrastructure projects for drinking water. However, he promised that the grants would not exceed 2% of GDP. A mid-term, before the general elections scheduled for 2014, the center-left government is weakened in the political and economic. He had to backtrack on a key reform to liberalize retail trade.

Mukherjee, however, assured that efforts were underway to reach a consensus policy on allowing foreign multinationals to open supermarkets in India. The Congress party, at the head of the governing coalition, has also won a majority in only one of five states which were conducted in recent local elections. These elections were seen as a popularity test for the government, and Rahul Gandhi, last link in the Nehru-Gandhi dynasty.

Economic prospects for improvement in Europe and the United States supported the dollar and European stock markets have closed up Wednesday, while bonds, which have much played the role of values refuge during the crisis, were logically abandoned.

In Paris the CAC 40 ended with a gain of 0.40% or 14.35 points to 3564.51 points. In Frankfurt, the DAX 30 gained 1.19%. In contrast, the FTSE UK sold 0.18%. The pan-European FTSEurofirst 300 index ended up 0.28% to 1,098.37 points, regaining its level of August.

The U.S. stock market, which many had mounted Tuesday, are more hesitant and outline a consolidation to their high levels.

The activity in developed economies is expected to accelerate in 2012 thanks to the highly accommodating monetary policies of central banks and signs of calming debt crisis in the eurozone, according to 250 economists polled by Reuters. 

Tuesday night, the Fed said evidence of a slight economic recovery and an easing of tensions in financial markets while confirming his promise to keep rates at ; levels close to zero for a long time.

In addition, major U.S. banks have nearly all passed the stress tests and continue to have annual required capital despite simulations of large losses, said Tuesday the Federal Reserve ; eral of the United States.

The dollar continues to rebound to hit a new high of 11 months against the yen and a new high of one month against the euro at 1.3028 dollars, after raising the Re Federal serves its assessment of the economic situation. 

The greenback rose to 83.65 yen a moment, its highest since mid-April 2011. According to traders, the Japanese exporting companies are reluctant to sell the U.S. currency. They anticipate a continuation of his rise. Since the beginning of the year, the dollar gained 8.6% against the yen.