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The Tokyo Stock Exchange ended sharply lower Friday as investors worried by the worsening debt crisis in the eurozone and rising yen.

The Nikkei lost 2.99% to 8611.31 points, points, while the Topix broader, yielded 2.89% to 725.54 points.

The fear that the turmoil in Spain, after the lowering of 16 banks by Moody's, impact on the Japanese financial sector weighed on banking stocks as Nomura Holdings, which fell 5.63%.

Exporting companies have also suffered from the rise in the yen, considered a hedge against the dollar and the euro.

Toyota has sold 3.7% and Nikon, which is no longer recommended for purchase by Nomura, lost 5.7%. 

The Japanese Finance Minister Jun Azumi said Friday he was following the developments on the foreign exchange market with special attention, adding that he was ready to react appropriately, comments that suggest mid-word possible intervention on the yen.

Hundreds of thousands of people gathered on the Puerta del Sol in Spain's capital Saturday evening, to celebrate the anniversary of the movement was born a year ago. A success for the organizers, but will not necessarily last. Thousands of outraged gathered in the Puerta del Sol to celebrate the anniversary of the movement, May 15, 2012

To mark their first birthday, the indignation, surging last year in Spain to denounce the crisis, corruption and unemployment, have fallen back on the streets this Saturday. The desire to prove to those who claim they are gone they are wrong: In Madrid, thousands of demonstrators converged from 19 hours in several columns from the four cardinal points of the capital, towards the Puerta del Sol. A symbolic return to this place that their movement was born, May 15, 2011.  

"Rajoy go away!", "No to dictatorship of the markets", "The banks need an injection, but lethal yes", it said on placards brandished by protesters – signs distributed by organizers of the movement a little earlier. "The struggle continues, whatever the cost," shouted one of them in the microwave. "There is not enough bread for all these thieves," the indignant howl – a pun between chorizo ​​pan and then in Castilian slang thief said to be the most famous Iberian sausages.

Slogans as varied as are the claims. And illustrate the inability of the movement to bring the past year, with an overall theme. "I am here to protest against the liberal reforms of the Conservative government Marianno Rajoy, says Beatriz. All Spaniards are affected by these budget cuts and layoffs," continues this quinquagénaraire. "We protest against the capitalist system, banks, austerity policies," adds Elias, graduate unemployment.

Lack of positive proposals

"We demand democracy, the real, not the electoral system that makes the right is in power without having won a majority of the people," said Irene, one of organisatricee movement of May 15 In Spain, the system législtaif there favors the party out at the top of the polls, giving him a majority amplified. Last November, the People's Party has won the parliamentary elections with an overwhelming majority (186 seats out of 350). Since then the government of Marianno Rajoy implements a policy of unprecedented austerity.

Fertile ground, a priori, which was the anniversary of the movement a success. In Barcelona, ​​there were between 45,000 – according to police – and 200,000-according to organizers – outraged samredi evening. In Madrid, the Puerta del Sol, the crowd was also the rendezvous – 30,000 according to police, "hundreds of thousands" according to organizers. The leaders of the movement of May 15, intend to hold for four days, a "permanent assembly" in the square, defying an official ban that events must end at 22:00 each evening.

Not sure though as it lasts. Because unlike a year ago, the streets of Spain were invaded by almost weekly demonstrations called by trade unions against austerity. The outraged were drowned in the flood of protests. For Wald, a Scot living in Madrid, the shortness of the movement of outrage is due to the lack of proposals positives.Ce that unites them, in fact, it is the opposition. The above are outraged anti-system.

Responding to a horizontal structure, refusing to be in the party, they were unable to "organize discontent without concrete ideology," Analysis Antonio Alaminos, a sociology professor at the University of Alicante. "The result: many small groups relatively disconnected them who are no longer a social movement," he adds.

The price of raw materials, corn and iron ore, will remain high in 2012 due to demand from China, which seeks to revive its growth, said Wednesday the 'economist Philip Chalmin.

Demand from emerging markets, especially China, will offset the demand in Western economies at half mast this year but the raw materials remain exposed to high volatility, as was the case for oil in 2011.

The activity in China, whose growth has returned in the first quarter to its lowest level in nearly three years, has aroused the concern of some investors, the country being one of main drivers of the global economy and a major consumer of raw materials. 

But after having focused on inflation in the second half of 2011, China should seek to strengthen its growth this year as it prepares to develop new leaders policies for the first time in a decade, said Philippe Chalmin reporters.

"In this transition year, I think the Chinese will play back the economic recovery," he said when presenting the 26th report on cycles and guidance products and exchanges (Cyclops), published Wednesday.

"China is undoubtedly the key to a number of commodity markets," he added.

Rising food demand from China has made this country the world's largest importer of soybeans and a major importer of corn. 

Forecasters expect the Cyclops on maintaining a relatively high average prices of most commodities, although below those of 2011. The U.S. wheat could fall by 1% as well, that of copper by 15% and cotton by 37%.

"We expect today's world prices slightly lower than those we experienced during the spring of 2011," he added.

Among the few price increases expected this year, experts expect Cyclops rose from 54% of the carbon price, a market half-mast until now, up 9% to palladium , used in the automotive sector, and an increase of 8% for gold and crude oil the United States.

One out of two was at least once in unemployment during its first three years of active life and the third was six months or more. Furthermore, the majority (70%) of the first jobs of CSD.

One out of two (52%) was at least once in unemployment during its first three years of active life and the third was six months or more, according to a survey by the Centre for Study and Research qualifications (Cereq) published this week. For this survey "Generation" triennial, the Cereq interviewed in spring 2010 a representative sample of 25,000 young people left education in 2007. After initial results released in 2011, it deepens a series of themes.

Of the 739,000 young people leaving initial training in 2007, a majority (62%) began his working life in a period of unemployment. After three years, the dominant path among eight "trajectory types" identified is that of a rapid and sustainable access to employment (58%). After six months, 80% of young people at least once landed a job (even very temporary). The trajectory analysis shows however that 12% had access "deferred", 10% are "dropout" and 9% have been unemployed for persistent or recurrent.

Thus, among those who experienced early unemployment, 20% have never managed to land a job within three years. The duration of the unemployment spell depends on the level of education: 56% for non-graduates (18% of generation), it was more than a year, for 27% of high school graduates and 9% of graduates (42% of the sample). Non-graduates are increasingly more difficult to find a place on the labor market. When 72% of young people generally work after three years, they are only 48% in employment in 2010 against 59% in 2001 and the unemployment rate reached 41% (30% in 2001).

"Precarious employment has become the standard for first jobs held," also highlights the Cereq, with 31% of the first hires made on permanent jobs. Since 1992, this study center, which depends on the ministries of Employment and Education, conducts every three years this type of investigation, interviewing the same age group after three, five, seven, and then decade of life.

Richemont, the world number two luxury, will invest 100 million Swiss francs in a research and training in Haute Horlogerie in Geneva, at a time when the Swiss watch industry faces to a significant shortage of manpower.

The group, whose brand portfolio includes jewelery houses Cartier and Van Cleef & Arpels and the prestige watches Vacheron Constantin and Roger Dubuis, also plans to invest 60 million in training and research ten years.

"The group will strengthen its foothold in Geneva and its commitment to the regional economy," said the Swiss group said in a statement Monday.

Richemont, which rivals the French LVMH, plans to build a training and research integrated 30.000 square meters in Meyrin, a suburb of Geneva.

The site will be built near the headquarters of the manufacturer Roger Dubuis, will bring together a creative workshop of Van Cleef & Arpels and production workshops of Vacheron Constantin.

Will be added the Manufacture Stern Geneva 1898, a manufacturer of high-end dials that will merge its operations with those of the Genevan Manufacture of Haute Horlogerie, specializing in components of movement.

The project also includes the creation of a center for training in the watch, which will accommodate 45 apprentices in three years, and a research center. 

"Meyrin offers the opportunity to create a magnet, and exchanges of excellence," said Richard Lepeu, the group's executive director, at a press conference in Geneva.

Richard Lepeu highlighted the interest of the pooling of research and the transmission of knowledge, with particular reference to the prevailing model in Silicon Valley.

"Rather than make everyone at home, we decided to share," he added.

The center, named "campus of Geneva watchmaking", will open its doors in 2014 and is expected to host 900 people by 2020, the group said in a statement, adding that 400 recruitments are planned term. 

"The campus is reminiscent of the university," added Richard Lepeu, explaining that the group had wanted to develop a concept that would appeal to young apprentices.

The Swiss watch industry is facing a shortage of skilled labor, while the sector is facing significant pressures on production capacity to face the excitement of Chinese consumers for luxury watches.

Reduced deliveries by Swatch Group, the leading manufacturer of movements and watch parts in Switzerland, has in addition forced manufacturers of luxury watches to substantially increase investment in production to secure their supply.

The union's general secretary was speaking on Tuesday. He eventually wants to see the executives of the CGT before making its preference among the 16 persons nominated. Contrary to expectation, Bernard Thibault has not indicated its choice from the Tuesday before the executive committee of the CGT, but it presented a "progress report".

The general secretary Bernard Thibault of the CGT announced Tuesday that the AFP will continue consultation with executives of the union until May 25 before expressing his choice to succeed him as head of the plant.  

Contrary to expectation, Bernard Thibault has not indicated its choice from the Tuesday before the executive committee of the CGT, but it presented a "progress report" on the consultation, which began more than two months and should lead before Confederal Committee (NAC, the parliament of the CGT) of 30 and 31 that will decide the name of the successor. From this initial consultation, it appears that "a majority" of executives want a woman to take the reins of the central and "one half" of those who have expressed the wish that the future leader "is derived from the private".

At this point "16 names" have been advanced by executives consulted among which are those of Eric Aubin, from the private, Nadine Prigent Naton and Agnes, two governing board members of the union, he said. Part of the executives consulted defined a profile but without giving names. Bernard Thibault and denies reports that Eric Aubin had collected a clear majority on its name. The Secretary General will continue its consultation on the way between 9 and 24 May in departmental federations and unions. At a meeting of the Executive Board on May 25, "I give my opinion," he said.

For now, said Bernard Thibault, secretary general of the 51 departmental unions (of 95), 23 patterns Federations (32) and 48 members of the Executive Board and Financial (of 61) were expressed, either verbally or writing to the Secretary General.

In January, Bernard Thibault announced his decision not to seek re-election at the 50th Congress of the plant in March 2013 in Toulouse, opening the proceedings of his estate. He had a novel approach-launched a "consultation" with the bosses of departmental federations and unions to achieve "a proposal that can accommodate the broadest consensus possible."

The Spanish economy is expected to in the first quarter a contraction equivalent to that of the last quarter of 2011, said Minister of Economy of the country in an interview published Monday, confirming that economy is in recession.

"If you had asked me this question two months ago, I would have thought the first quarter of 2012 would have been much worse than the last quarter of last year. But this does not happen, "said Luis de Guindos according to the interview given to El Mundo

." At the moment, I see a first quarter like the last quarter of last year. "

These words fall in line with other such statements recent times by members of the government, suggesting that Spain is in recession again

. gross domestic product (GDP) declined 0.3% in the fourth quarter of 2011, but the fall of the Euribor rate, used to adjust interest rates on mortgages of the Spaniards, had brought a strip ger respite to the economy, said Luis de Guindos. 

According to many economists, the Spanish economy will contract more strongly than projected in the government, while the austerity measures be put in place gradually.

Yields of Spanish debt to ten years have passed Monday morning to above 6% for the first time since the beginning of the year, while the Spanish CDS reached new highs, a sign As tensions in the bond market countries 'peripheral' in the euro area have not improved.

The Minister of Economy also said that the government would take further measures to help small and medium enterprises solvent to obtain credit from banks.

Sony announced on Tuesday forecast a record annual net loss of 520 billion yen (4.88 billion euros) in respect of its fiscal year 2011-2012, more than double the loss of 220 billion yen it expected in February.

Sony says these new forecasts by setting aside a reserve of 300 billion yen to cover costs of additional tax.

The group of Japanese consumer electronics, however, said it expected to return to profit from the current fiscal year, providing an annual operating profit of 180 billion yen for 2012-2013 against an operating loss of 95 billion for the current year.

According to Japanese newspaper Nikkei, Sony is preparing to cut about 10.000 jobs, or about 6% of its global workforce, by the end of the year. These measures would affect the chemical division of the giant Japanese electronics manufacturer as well as LCD screens small and medium size.

Italian banks have taken about a quarter of 1.000 billion euros of liquidity to three years at a reduced rate proposed by the European Central Bank (ECB) in December and February , according to figures released Friday by the Bank of Italy.

Italian banks have taken 116 billion euros in the supply of long-term refinancing (LTRO) of the ECB in December and 139 billion euros at the February.

The cheap liquidity from the ECB have helped Italian banks to overcome their financial difficulties, amid tensions on the interbank market while the spectrum of the debt crisis looms over the country.

Back to the recession in the euro area, concerns over Spain, stopping fear of monetary easing in the U.S. … A series of bad news the markets into Wednesday. Paris lost nearly 3%. A screen broadcasts stock information in Shenyang, China, Aug. 10, 2011.

The bulk of the crisis is behind us? Investors are not so sure. The Paris Bourse fell nearly 3% Wednesday, penalized, as all European markets, the failure of a bond issue and Spanish fears of a return to recession in the euro area.

The CAC 40 has only widen its losses throughout the session to close on a decline of 2.74% to 3313.47 points in a given volume of trade, a sign of the nervousness of investors, from 4.074 billion euros. On other European financial centers, Frankfurt has given 2.84%, 2.30% London. For its part, the Euro Stoxx 50 lost 2.54%.

"While the United States, the Federal Reserve considers the economic recovery strong enough to prevent a new program of monetary easing, the situation in Europe is much more difficult as argued by the European Central Bank," said Baradez Alexander, an analyst at Saxo Bank.

Mario Draghi, the chairman of the Mint, said it was "premature" stop the anti-crisis measures in place to cope with the financial crisis. Neither the level of inflation, whose prospects are "anchored" or economic status or the high rate of unemployment in the eurozone, do begin this withdrawal, he said.

In this context, the ECB decided, not surprisingly, to leave its key interest rate unchanged at 1%, its lowest level ever. But "it has dampened hopes of investors who expected any new support measures given the weak economy," lamented Mr. Baradez.

But distrust was also put on the other side of the Atlantic. In New York, the Dow Jones yielded 1.17% and the Nasdaq 1.42% at mid-afternoon. U.S. investors are disappointed by showing the likely absence of a third wave of monetary easing in the United States. And even more worried that Europe too.

The private activity has continued to contract in March in the euro area, reflecting a return to recession in the first quarter, according to a second estimate of Wednesday's PMI purchasing managers. However, large disparities remain national: Italy and Spain are firmly entrenched in a recession in March. In Germany, growth slows and displays its lowest level in three months and in France, business retreats for the first time in four months.

The Spanish case also weighed on trade after the failure of a bond issue that has made borrowing rates soaring. Given the very difficult economic situation of the country, "investors are skeptical that Madrid can meet its deficit target to 5.3% of GDP this year," said Duarte Caldas IG Markets.

Overseas, the slowdown in hiring in the private sector in March was just played on the trend, stakeholders still waiting with some optimism the official report on employment on Friday. The increased activity in services in the U.S. slowed in March, but it is still the 27th consecutive month of expansion in the sector, given that the threshold of 50 points marks the boundary between growth and contraction activity.

All values ​​of the CAC 40 finished in the red. The cyclical industry, the most susceptible to cyclical, has paid a heavy price to concerns about growth in Europe. Peugeot has lost 5.82% to 10.77 euros, Lafarge 4.97% to 33.73 euros and Renault 4.46% to 37.26 euros.