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.

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In France, the manufacturing PMI for April is for the eighth time below 50 means a contraction in activity. It is even lower in the eurozone. Germany is also affected. A worker at the assembly plant of Alstom's TGV Reichshoffen.

The activity of the French manufacturing industry remained very depressed in April, very close to its lowest level for 33 months, recorded in March, announced Monday the firm Markit in a final estimate. The manufacturing PMI rose to 46.9 points in April, even lower its first estimate (47.3 points) but slightly higher than in March (46.7 points). Located for the eighth time in the last nine months to below 50 points, it signals a contraction.  

"The weakness of the French manufacturing sector continues in April, manufacturers reporting a decline of particular concern in the volume of new orders," said Jack Kennedy, economist of the firm. Companies, he says, "Yet again, a weak domestic demand, but also report weak sales in European markets". The poor performance of French manufacturing firms resulting from a further decline in new orders in April, with a tenth consecutive month of sales and the contraction rate highest since three years, says the firm.

According to companies surveyed by Markit, this reflects mainly the weak domestic market, the foreign sales down only marginally. Reducing the workload, manufacturers continue to downsize in April, Markit adds, noting a rate job cuts at its highest level since July 2010. The purchase prices have also continued to rise in the French manufacturing sector in April, driven up by fuel prices and raw materials. Rising prices "factory" is however the lowest since three months, due to strong competitive pressures on businesses. The PMI is compiled from a survey of over 400 companies operating in the manufacturing industry in France.

Activity in the manufacturing industry has also contracted sharply in April in the euro area, falling to its lowest level in nearly three years. The PMI rose to 45.9 points in April against 47.7 points the previous month, its lowest level in 34 months. This is slightly lower than the initial estimate of 46 points, the company said Markit. Disturbing fact: the weakness of the manufacturing sector is no longer limited to the most fragile countries in the euro area since the German PMI shows a low of 33 months (to 46.2 points) and that the contraction is accelerating in the Netherlands .

"The manufacturing sector in the euro zone is sinking into a new phase of recession in April, the latest PMI data are consistent with revealing a disturbing decline in quarterly industrial production by over 2%," said Chris Williamson, chief economist at Markit. The origin of this deterioration: the decline of manufacturing, itself weakened by the sharp contraction in new orders. Businesses in the euro area face a weakening of demand in both domestic markets, where the austerity measures put in place weigh on demand and exports.

"Germany has experienced the full this fall in exports, the lower volume of new export orders received by German manufacturers to accelerate in April and causing contraction of German production for the first time since the beginning of year, "said Markit. The future remains bleak. Faced with weak demand in southern Europe, "the sources of growth appear to be limited, unless a strong rebound in exports outside the euro area," said the company Markit said in a statement.

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 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.

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.

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%.

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.

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.