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.

During the general assembly of giant utilities, Antoine Frérot, who escaped in February in an attempt to destabilize linked to ; its restructuring plan, acknowledged that it would be "demanding" but he promised it would allow Veolia to adapt to the "new deal" world. 

Forced to deleverage, Veolia plans to disengage from some forty countries on 77 in which he was present last year, and sell for five billion euros assets, starting with its transport activities, which met in the center Transdev cellmate with the Deposit and Consignment Office (CDC), and considered too "greedy capital ".

"Within two years, we will benefit fully from all the positive effects that should give us the size of our group," said Antoine Frérot, adding that Veolia would then have found "the weight of an athlete ; you who followed a diet and is ready for competition ". 

Antoine Frérot was destabilized in February by news reports suggesting its replacement by the former Minister of Ecology Jean-Louis Borloo, but he managed to keep the trust board and has since initiated a reform of the management team.

He said Wednesday that the redesign of the executive committee was to "create a new dynamic management team with a tight and solid." 

The group's shareholders also approved Wednesday the change in the composition of the Board: Esther Koplowitz and Jean-Francois Dehecq, former head of Sanofi lose their seats while Jacques Aschenbroich, the Director General ; General of Valeo, Maryse Aulagnon, CEO of Affine land or Nathalie Rachou, founding partner of Topiary Finance, are entering the CA.

These amendments were approved by an overwhelming majority at the AGM.

On the eve of it, Jean-Francois Dehecq had criticized the strategy of Mr. Frérot in an interview with Le Monde, accusing it of "abdicating global ambition" of the group to focus "a vision of their accounting." 

As Esther Kolplowitz, Jean-Francois Dehecq is deemed close to the positions of the former CEO of Veolia Proglio, now head of EDF.

After a meeting of finance ministers from the eurozone, Jean-Claude Juncker said he was strongly opposed to this idea, recalling its commitments to Athens.

If Greece adopts a government and this government confirms the implementation of the austerity program demanded by its international creditors, some objectives of this program could be softened, said the Prime Minister of Luxembourg. 

Greece was plunged into political crisis since the legislation on May 6, which did not give an absolute majority of the two main parties signed the Memorandum of austerity, the Conservatives New Democracy and PASOK socialists. The radical left Syriza, arrival of the second vote, refuses to join a coalition supporting the austerity, while claiming a desire to maintain Athens in the eurozone.

Greek President Karolos Papoulias on Monday proposed the formation of a government of technocrats, but rejected by Syriza speculates and many observers are betting on new elections next month .

"I do not even consider a one second out of Greece in the euro area. This is nonsense, this is propaganda, "said Jean-Claude Juncker during a press conference, lambasting those who threaten the expulsion of Greece ..

……. Over the weekend, two officials of the European Central Bank, Patrick Honohan and Luc Coene, have openly discussed the possibility of that Greece abandon the single currency and they concluded that this assumption would not be fatal for the euro area

. But Europé ens also good reason to keep afloat Athens, starting with the fact that the ECB and the member countries of the euro area are the main holders of Greek debt, which would be lost if bankruptcy. 

A DESIRE "UNWAVERING"

"Our unwavering desire most is to keep Greece in the euro area," said Jean-Claude Juncker. "We will do everything possible to achieve this end."

"The output of Greece to the euro has not been the subject of our debate today. Nobody, absolutely nobody, has echoed this view," he assured.

"The Europeans are well aware of efforts already made by Greek citizens. This is not the time to slacken efforts at reform. On the contrary, the continuation of fiscal and structural reforms are the best guarantees for Greece a more prosperous future in the euro area. "

… ….. "But public opinion in Greece, the Greek citizens, must understand that we have agreed on a program and that program should be implemented," he said

The

. Eurogroup President left dangling some concessions if the political situation would be explained in Greece

. Even though

European officials stress that the margin of renegotiation of the aid plan-the second since 2010 – 130 billion euros is very reduced, Jean-Claude Juncker said there could be debate on the extension of the period given in Athens to achieve its objectives. 

"I did not say there was any intention to extend this period, we must do things in order," he said, recalling the conditions imposed by the EU:

"We need a Greek government. The Greek government must clearly commit to the program. Then, in exceptional circumstances, we would not rule out the possibility of discussing this issue."

"We have not discussed today because the other two conditions are not met: there is no Greek government and there is no special circumstance. In any case, this would not imply a significant change. "

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.

At 9:11, the CAC 40 index, which lost more than 1% in the first minutes, yield 0.78% to 3105.82 points.

The London Stock Exchange fell by 0.3%, the Frankfurt 0.54% and 0.99% instead of Madrid. The pan-European Euro Stoxx 50 index drops 0.82%.

The Stoxx European banks index lost 1.2%.

In Greece, the Socialist Party leader, Evangelos Venizelos, will meet this Friday the Conservative Antonis Samaras in a last attempt to form a coalition government and avoid new elections, officials European Union have warned that the maintenance of Greece in the euro zone was at stake

Moreover, the first U.S. bank, JPMorgan Chase, has cast a pall over the markets by announcing Thursday night that registered a trading loss of two billion dollars (1.5 billion euros) following the failure of a hedging strategy, which has forced its CEO media to apologize.

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.

The day promises to be eventful in European markets in the wake of the decline of the euro and Asian stock markets (around 2%) in the night. Investors fear the period of uncertainty that opens in Europe after several elections that reshuffling the cards of power relations in the eurozone and the fight against the means to reduce public deficits.

The French feared a worsening economy

If investors are more concerned with the victory of Holland, this is not necessarily the case with the French, who for nearly half fear the situation of France is deteriorating in the coming years, according to an Ipsos France Televisions, Radio France, Le Monde and Le Point. The poll, conducted before the second round, 46% of respondents expected a worsening situation if Francois Hollande was elected president, against 26% who felt that it will improve. If Nicolas Sarkozy was elected, they were 41% expected a deterioration of the situation, and a 25% improvement.  

The Paris Bourse was changing down sharply Monday morning (-1.81%), accusing the shot like other European markets, although uncertainty over the fate of Greece more concerned that the victory of Francois Hollande in France. At 9:14, the CAC 40 index lost 57.30 points to 3104.67 points. Friday, he had already dropped 1.90%.

Holland's victory anticipated by the markets

"It's not so much the result of the French elections worries us (the outcome was already known), the Greek election results," strategists warn of Credit Mutuel-CIC. The victory of Francois Hollande, the new President of the Republic, is not a surprise to investors as they had anticipated, given the many polls giving the winner. "The victory of Francois Hollande in France should not induce a violent movement in the markets" for economists at Aurel BGC, for which he should rather wait for the upcoming legislative elections and the first supplementary budget in a few weeks.

The evidence, the borrowing rate to 10 years in France, after starting the day down, went back Monday morning only very slightly in the bond market. After starting at 2.798%, 2.809% against closing in on Friday, the yield was posted at 8:30 of 2.842%. "The French market showed its resilience in the past two weeks, without political uncertainty takes precedence over demand for the security of France, "said Luca Jellinek and economist at Credit Agricole CIB.

No immediate impact by S & P

Another element reassuring to investors, the rating agency Standard & Poor's, which had withdrawn in January to France's highest grade "AAA", said Monday that the election of Francois Hollande to the presidency would not "immediate impact" on the rating of the country or its future trend.  

The memo from France, currently "AA +" for its long-term debt, however, is decked out with a "negative outlook", implying that there is "one in three chance" for it to be lowered again this year or in 2013, recalled SP in a statement.

Greece in the heart of concerns

However, the Greek situation has not enough to enthuse investors. Sunday, the parties opposed to an increase of austerity, the radical left to neo-Nazis have got hold of half the seats in parliament, making the country virtually ungovernable.

Enough to feed the fears of further forward the implementation of austerity measures in Greece, provided the international financial support. "The main risk for investors, would be the breakup of the euro area with the coming to power of anti-European political parties" and the consequences on other fragile countries in Europe, according to Aurel BGC.

The banking group, 82% owned by the British state after having to be rescued during the 2008 financial crisis, has issued an operating profit of a , 2 billion pounds (1.46 billion euros), against a loss of 144 million the previous quarter.

"We are pleased with progress made in the first quarter, although the economic and regulatory environment remains tough," said CEO Stephen Hester. "RBS continues to significantly grow in strength and resistance."

RBS had closed its 2011 fiscal year in the red for the fourth consecutive year.

The French bank said it had to end in March made 80% of its plan, launched at the beginning of last fall at the higher of the debt crisis in the euro area, after be reduced by 63 billion euros of its risk-weighted risk, including 16 billion over the first three months of the year.

"We can lock him in the summer," said Jean-Laurent Bonnafe, the CEO of BNP Paribas, in an interview with Reuters. 

At the Paris Stock Exchange, BNP Paribas, which had opened lower, was up slightly from 0.43% to 29.22 euros at 9:29, outperforming the bank Europé in (0.29%).

Some managers pointed out that despite good results on bills in the first quarter, the French banking stocks suffering from uncertainty about the macroeconomic environment and concerns over the euro area . In France, banks are also under threat of a major reform of the sector if the Socialist candidate Francois Hollande wins the presidential election Sunday.

"I found good results, in almost all divisions. Solvency is still a very important point," said Yohan Salleron, manager at Mandarine Gestion. "Nevertheless, we see some negative reaction, linked to the problem of the banking room, especially on the French market where investors expect a little clarification side of politics. "

NO NEW DISCONTINUED POSTS

Are feared while new waves of industrial restructuring after the presidential election, particularly in the banking sector, BNP Paribas ensures not to provide new measures of job cuts after presidential election.

Nearly 1,400 positions are already about to be deleted in the banking and investment banking. The voluntary separation plan should be completed by end June

In the first quarter, net earnings from BNP Paribas was up by nearly 10%, to 2.86 billion euros, after integrating in its accounts a gain 1.8 billion on the sale of an interest in the property group Klépierre.

The French bank said that excluding special items, net income for the period spring down 22% to two billion euros.

According to the Thomson Reuters consensus I / B / E / S, analysts on average expected a net profit of 2.344 million euros. 

For comparison, Societe Generale reported Thursday a net profit of 732 million euros for the first three months of the year, down 20%, supported by the results of its operations on interest rates, currencies and commodities.

"TOO SOON" FOR A TARGET ROE

Hired as many European banks in a program to reduce the size of its balance sheet and strengthen its financial strength, BNP Paribas is to end on March 1 capital ratio 'hard' to 10.4%.

The bank said the coup had "substantially" exceeded the goal of equity of 9% required by the EBA to late June. 

Due to lack of visibility on the new regulatory environment, it refuses to give a target return on equity (ROE) for the future. This amounts to 11.5% at end March.

"It is too early to give this kind of goal," said Jean-Laurent Bonnafé. "We still need clarification on the new regulation on liquidity ratios on capital requirements."

If he refused to make any comment on the election issue for banks, the CEO of BNP Paribas notes, however, that Francois Hollande and the president-candidate Nicolas Sarkozy pledged to fight the deficit and to support growth.

Hiring companies in the U.S. slowed significantly in April, according to the monthly survey on employment of the consulting firm HR ADP released Wednesday.

The U.S. private companies have created that month 119,000 more jobs than they destroyed, reflecting a drop in net hiring of 41% compared to March, indicates ADP.Le last month, hiring, however, were rising again.

The slowdown in job creation highlighted by the firm is significantly stronger than analysts thought insofar as their median estimate gave 170,000 net new hires in the private sector in April. ADP has revised down its estimate of 4% of the creations from March to 201,000. The firm said in a statement that the "modest increase" in employment in April "is consistent" growth rate of U.S. GDP in the first quarter, which was 2.2% annualized according to the first official estimate released Friday and who shows a marked deceleration from the fall.

The statement reflected in the figures of April "evidence that the unusually warm weather boosted employment during the winter months and must now pay the consequences". The figures refer to the ADP non-farm employment. They show that the service sector has created 123,000 net new jobs in April. Conversely, the secondary sector has eliminated 4,000 jobs. The firm notes that the construction industry has lost jobs (5,000) for the first time in seven months after "hired solidly" in the winter.  

Consequence: U.S. and European stock markets panicked. Wall Street opened lower today, as New York Stock Exchange has reached highs not seen for four years.

The ADP survey is traditionally published two days before the monthly report on employment from the Labor Department. According to the median forecast of analysts, the ministry figures, covering the private and public employment, excluding agriculture, should show up Friday net hiring in the country by 38% compared to March, to 167,000, this which should have no effect on the unemployment rate, which would remain at 8.2%.