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Facebook knows the title of early febrile Friday on the Nasdaq, the title having erased its gains in early trade, falling to its IPO price before going up .

The title began more than 11% above its IPO price, reaching a high of 45 dollars, according to Reuters data, before losing ground and return to its IPO price, 38 dollars.

The transaction enabled the world's first social network to raise $ 18.4 billion (14.4 billion euros) and to be valued at $ 104 billion, more than Hewlett-Packard and Starbucks combined. 

After a delay in its quotation that fueled the impatience of traders and commentators around the world, the title began in Facebook stock at 1530 GMT at 42.05 dollars.

The group's headquarters in Silicon Valley and the applause of his employees, the founder and CEO of Facebook Mark Zuckerberg, 28, rang the bell to mark the debut of Exchange community site for 900 million users.

Outside the offices of the company thronged reporters and photographers. Above their heads, even a helicopter had been sent by U.S. television on the occasion of the IPO, the largest history of American technology stocks.

"A jump of 15% to 20% is about as possible," thought Tim Loughran, a finance professor at the University of Notre Dame, Indiana, before the start of trading .

Some investors believe the stock could gain 30% or more, on Friday despite persistent questions about the actual ability of Facebook to generate sustainable profits.

After just one hour of trading, Pivotal Research Group already recommended to sell the security. 

"The market is currently valuing Facebook as an asset less risky than Google, which we believe is absolutely not the case," said Brian Wieser, one of the firm's analysts in a research note .

The average of analysts' estimates compiled by Morningstar predicts a closing price Friday of $ 50.

At 16:30 GMT, gained 9.53% to 41.62 dollars.

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Wall Street has ended in the red Wednesday after a volatile session, thus showing its fourth consecutive decline and its sixth in seven meetings, the concerns raised by the debt crisis of the euro area continued to haunt investors.

The Dow Jones Industrial 30 yielded 0.26%, or 33.45 points, to 12,598.55. The S & P-500, wider, lost 5.86 points, or 0.44%, to 1324.80. The Nasdaq Composite fell on its side of 19.72 points (-0.68%) to 2,874.04.

Although Germany has tried to calm things down on Greece, saying she wanted to stabilize the country in the eurozone, the European Central Bank (ECB) has renewed concerns in said to have ceased to provide liquidity to certain Greek banks due to their under-capitalization.

The Greek authorities have in turn reported massive withdrawals made by the citizens of their bank accounts because of economic and political uncertainties. 

The questions about the future of Greece and possible implications for the euro area a country's output of the Economic and Monetary Union weighed on equity markets in recent weeks, with an S & P 500 has lost some 5.5% since late March.

The fact that, according to the minutes of its last meeting of the Monetary Policy Committee, the Federal Reserve remains open to new measures to support the economy has little impact on sentiment of market participants.

These have not benefited from more macroeconomic indicators rather positive, with one hand a higher-than-expected housing starts in April and the other , a stronger than expected rebound in industrial production. 

As for values, General Electric took 3.268% to 19.00 dollars after the division of financial conglomerate has received permission to resume the transfer of part of its profits to its parent.

GE Capital provides and to pay a special dividend of $ 4.5 billion in General Electric during the year.

The title J.C. Penney has plunged 19.72% to 26.75 dollars, its biggest daily drop in percentage terms since 1987, a day after the distributor has suspended payment of a dividend and announced results showing that its transformation implementation has more impact than expected on its activity.

Also in the distribution sector, the title has pros Target 0.44% to 55.32 dollars after the group specialized in low-cost stores raised its annual forecast .

Facebook will increase by almost a quarter the size of its IPO and could now raise up to $ 16 billion (12.6 billion euros), the strong investor demand obscuring the dice ; beats on long-term profitability of the social network.

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GDP in the euro area has stagnated in the first quarter after falling 0.3% last quarter. But the performance of different countries are very different.

Based on preliminary estimates released Tuesday by the European office of statistics to Eurostat, the euro area recorded no growth (0.0%) during the first three months of the year, after a decline in GDP of 0.3 % last quarter. This figure, better than expected by analysts (-0.2%), allows the euro area narrowly escaped the recession, which is recognized when GDP shrinks for two consecutive quarters. But mostly he hides significant disparities between countries in the euro area: while Germany saw its GDP grow by 0.5%, exceeding all expectations, thanks to exports and consumption, France experienced no growth (0%) and Italy sank into recession (-0.8%).

The Netherlands has also experienced poor performance (-0.2%). As for Greece, she recorded a fall in GDP of 6.2% in the first quarter, according to preliminary official estimate.

These differences show that "the region remains highly dependent on Germany," said Jennifer McKeown of Capital Economics. "A big thank you to progress better than expected German GDP," added Martin Van Vliet of Ing.  

Figures released Tuesday should at least contribute to the debate on growth in Europe, a topic that has emerged slowly while facing austerity, especially under the leadership of French President Francois Hollande.

The latter reiterated its position on the issue during his inauguration speech Tuesday morning at the Elysee Palace. "To our partners, I will propose a new pact that will combine the necessary reduction of public debt with the necessary stimulus," he said. "To overcome the crisis that afflicts it," he said, "Europe needs projects, it needs solidarity, it needs for growth."

The subject should be central to its discussions on Tuesday afternoon in Berlin with Chancellor Angela Merkel, the main advocate of fiscal discipline in Europe, who reluctantly welcomed his proposal to add a growth component in the European budgetary treaty. How to revive European growth will also constitute the main theme of the dinner which will bring together European leaders in Brussels on May 23

The Italian leader, Mario Monti, proposed last week to "unite people of good will" to ensure that it is "compatible" with fiscal consolidation. He is scheduled to meet Tuesday in Brussels with European Commission President Jose Manuel Barroso, whose proposals for growth (increased resources for the European Investment Bank, finance major European projects, tax on financial transactions , better use of EU funds) are widely shared by Mr. Holland.

European leaders will anyway have to be proactive to defy predictions of analysts. To Martin Van Vliet, there is "no evidence of strong and sustained economic rebound on the horizon for the euro area".

As for Howard Archer, IHS Global Insight, thinks that "a contraction of GDP will likely be on the menu in the second quarter." Although a gradual return to growth is expected later this year, "a further escalation of the debt crisis, not counting an output of Greece (the euro area), could derail the expected recovery," puts cautioned Mr. Van Vliet.

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The Yahoo CEO Scott Thompson resigned Sunday because of a controversy over a fake university degree in computer science listed on his resume.

This is the third time in as many years as the head changes its internet portal.

Yahoo also gave three director seats at a hedge fund run by Daniel Loeb, who should be well positioned to influence the group's strategy.

Scott Thompson was replaced on an interim basis by Ross Levinson, current director of worldwide media division, Yahoo said in a statement.

It's Third Point hedge fund of Daniel Loeb, who discovered the falsification of the CV of Scott Thompson. This company owns 5.8% stake in Yahoo.

The departure of the CEO only four months after taking office should re-questioning the future of Yahoo, which is struggling to revive its growth face stiff competition from groups like Google or Facebook.

On April 10, Yahoo announced its reorganization into three divisions – "consumer", "regions" and "technology", which was one of the first strong measures by Scott Thompson , arrived at the beginning of the year at the helm of the company.

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The European Commission on Friday gave the green light to unconditional takeover of Edison by EDF Italian electricity.

"In a decision dated May 10, 2012, the European Commission has approved without conditions the acquisition of sole control by EDF Edison under the European regulations on the control of concentrations, "said the EU executive said in a statement.

"This decision raises the condition precedent to the completion of this transaction related to obtaining permission from the relevant competition authorities," added the Commission. 

Upon publication of its turnover, Thursday, EDF said it has completed the first quarter of the takeover of Edison, for which the French electricity has increased to 0.89 its offer per share to minority shareholders. This new proposal represented for him a net additional cost of 25 million euros.

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Deutsche Telekom said Thursday it kept its annual forecast issued after the morning a current profit unchanged, reflecting a stabilization of its European operations, which still face a stable environment.

Earnings before interest, taxes, depreciation and amortization (EBITDA) came out unchanged at 4.48 billion euros in the high end of analysts' forecast whose consensus ranged from 4.32 to 4480000000.

"It was a very good quarter for us," said Chief Executive Rene Obermann said in a statement.

"We have made significant progress in many areas and we can now confirm our annual target."

The Bonn-based group predicted a current profit excluding items of 18 billion euros against 18.7 billion in 2011

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Greece is no longer bound by its commitments to the European Union and the International Monetary Fund after the rejection by voters of parties supporting the bailout, said Tuesday the leader of the Coalition of the Radical Left, Alexis Tsipras.

The head of Syriza, which will attempt to form a coalition government after the Conservatives came top of Sunday's parliamentary had renounced, advocated putting banks under the controlled the desired state and an international commission investigating the legality of government debt. 

"The bailout was clearly canceled by the popular verdict," said Tsipras, whose formation was propelled the rand against the odds of the second political force .

The series of elections on Sunday to test the austerity policies in the euro area opens a new period of political uncertainty and risk of reviving the sovereign debt crisis, reinforcing the need a growth initiative whose principle has gradually established itself.

The victory of the socialist candidate for the French presidential election of Nicolas Sarkozy is the eleventh leader of the ousted euro area since the outbreak of the crisis and the implementation of austerity policies imposed by Germany and aimed at the curb. 

"I'm sure in many European countries Caa was a relief, a hope, that finally the idea of ​​austerity could no longer be inevitable "said Francois Hollande, in a speech at his election night.

"That's what I say as soon as possible to our European partners and first in Germany," he said.

Francois Hollande has been negotiating a pact designed to complement growth of the fiscal pact, signed in early March by 25 of the 27 countries of the European Union, a of his campaign themes. 

His election of Francois Hollande with 51.6% against 48.4% in the outgoing President Nicolas Sarkozy, argued that German Chancellor Angela Merkel does not lift all the political uncertainties that will last at least until the legislatures of 10 and 17 June

In Greece, the results of parliamentary elections confirm the expected scenario of a sharp fall in two main formations.

The conservative New Democracy and PASOK Socialists, who run alternately in decades, pay their support for draconian austerity measures taken since early 2010 in exchange for international financial assistance. 

SETBACKS FOR MERKEL

The breakthrough of the Coalition of the Radical Left hostile to the austerity and the entry of small parties in parliament, whose far-right "Golden Dawn", will make very difficult to find a majority and likely to fuel speculation about a renegotiation of the latest bailout plan or to an output of Greece in the euro area.

Fears deemed excessive by the economists of the investment bank Barclays Capital who point out that the Greeks remain overwhelmingly favorable to the euro but do not rule out political instability that would require the new elections later this year. 

"The risk is that non-European investors found a mistrust vis-à-vis the euro area rather marked," however, warns Philippe Waechter, an economist of the company ; Management Natixis Asset Management.

In Germany, the Christian Democrats (CDU) suffered another setback in losing the electoral state of Schleswig-Holstein region where the formation of Merkel saved her worst score since 1950.

The vote next week in the Land of North Rhine-Westphalia, Germany's most populous nation, will also be closely watched to assess the popularity of the policy conducted by the Chancellor and the accession of German voters to European solidarity. 

The partial municipal Italy, which will continue Monday, are a test on more than nine million voters, or 20% of the electorate, the government expert Mario Monti, again full cure austerity.

The first election of the post-Berlusconi give the measure of the distrust of the Italians against their political leaders to a year of parliamentary elections in May 2013.

The electoral cycle in May will end with the Irish referendum on the new European fiscal pact, already ratified by three EU countries including Greece.

SHORT RESPITE

After a short respite allowed by the injection of more than one.000 billion euros of liquidity between late December and early March by the European Central Bank, tensions on sovereign debt are quickly reappeared.

Investors are worried because of the growing political and social pressure against austerity plans which they fear above all that they do not favor a relapse into recession economies most weakened by the crisis and with them the entire euro area.

If Spain, officially fallen into recession in first quarter, is in sight, the gap between the wages offered by the sovereign debt of Germany and that of almost all ; other European countries has increased in recent weeks. 

European policymakers have however begun to recognize and formally accept a lesson of economic history that no country wants out of a debt crisis by focusing only on austerity, this strategy has always resulted in either a depression or a default.

From the European Council in January and more at the March, the EU officials had stressed the need to complement fiscal consolidation by "measures determined ; are to stimulate growth and employment ". 

They had then discussed several tracks, as a better mobilization of structural funds, a means of strengthening the European Investment Bank or the possibility of bond issues at European level in order facilitate private financing of major projects, referring to the definition of terms in June of that support growth.

The willingness of the new French president throughout his campaign to promote European growth initiative in this context had met with a favorable in both countries weakened ; s like Italy and the European Commission but also in Germany and even the European Central Bank (ECB). 

Its intention to renegotiate the pact budget has however met with strong opposition, especially from Germany who does not intend to return to the priority given to fiscal consolidation.

His call for a more active role for the ECB to stimulate the economy through lower interest rates or direct loans to countries in difficulty also faces hostility from Germany.

POSSIBLE COMPROMISE

Even before his election, Francois Hollande, however inflected speech suggesting that the renegotiation of the pact would be part of budget negotiations with its European partners. 

The president-elect has also been careful to avoid referring to possible Eurobonds, of which Germany does not want to hear because they would constitute a first step towards pooling of European public debt that Berlin rejects.

Francois Hollande now prefers to discuss project requirements, an expression consistent with that used by other heads of state and government of the EU.

A compromise is therefore possible, but the size and financing of a possible growth strategy remain unclear. 

A mounting tensions on sovereign debt would leave the ECB in the immediate front line but also exacerbate the pressure for a stronger commitment on his part to alleviate the costs of funding all States in the euro area and encourage growth.

If he felt that the euro area needed a "Growth Pact", the ECB president also stressed that support for the activity should not be detrimental fiscal discipline.

"Recent comments by Mario Draghi, defending the idea of ​​a growth strategy implemented by European governments is primarily a way to avoid a debate on the mandate of the ECB could be refocused on growth, "say the economists and Exane BNP Paribas.

Already facing a bleak economic environment, banks must now confront a French real estate market in full contraction, marked by a sharp slowdown in mortgage lending in France during the first quarter.

According to data from the Observatory CSA-Credit Housing, real estate loan production fell by 26.1% during the first quarter, with a dip of 35% on the month of January 2012 . Between early January and late March, the fall is larger, down 30.8%.

"The improvement observed in autumn 2011, aftermath of demand expectations of late 2011, was not enough to reverse the recessive market and weighed heavily on the month of January 2012, "note the analysts of the Observatory in its quarterly survey released Thursday.

"The market downturn has become a true reality," they continue.

The quarterly results of French banks, released Thursday and Friday, continues the trend. In recent years, rising real estate loans had helped to swell the volume of lending to the economy, especially during the financial crisis after the collapse of Lehman Brothers in 2008.

"During the crisis period in 2009, 2010 and 2011, the housing credit has been a growth engine for retail banking in France," said Christophe Nijdam, an analyst at AlphaValue . "It was the engine and it was welcome, because of other activities such as retail banking abroad, were very, trè s disappointing. "

"But this year, instead of having a GNP (net banking, Ed) with growth rates of 3% to 5%, we could have a no-growth or GNP is decreasing "he says.

IMPACT ON THE MARGINS

Societe Generale said Thursday that net profit down 20% in the first quarter, has reported a decline of 26.2% of production mortgages in France between January and March.

Crédit Agricole d'Ile de France, which also released its results, the housing loans fell by 16.6% during the first quarter. 

For its part, BNP Paribas speaks of "a continued deceleration of home loans", without giving precise figures for the production of home loans in France.

The rating agency Standard & Poor's expects a contraction of about 20% to 30% of the flow of new loans in France this year. It also anticipates a decline of 15% of property prices in 2012 and 2013.

"French banks should not be significantly affected by the decline in house prices that we anticipate in our economic forecasts," said S & P.

The agency said the contraction of the flow of new credit this year "could weigh on banks' interest margin, although this negative volume effect would be partly offset by increased levels of these new credits. "

At nearly $ 120 million, a version of "Scream" by Edvard Munch became a work of art the most expensive ever sold at auction. Sale by the businessman Norwegian Petter Olsen, identity is unknown to the buyer. The sale of the Munch allowed Sotheby's to beat its previous record for an evening auction of impressionist and modern art.

A version of "Scream", the Norwegian painter Edvard Munch, was sold Wednesday night for 119.92 million dollars in New York, becoming a work of art the most expensive ever sold at auction. The sale in the crowd of Sotheby's lasted only 12 minutes, sometimes climbing the auction of more than 10 million in one minute. In an electric atmosphere, seven buyers were hotly contested this work lighthouse, which was estimated at 80 million.  

The pastel made in 1895 and representing a man shouting, hands on ears, bloody sky background in Oslo, was the only one of four versions of "The Scream" still owned by an individual. The sale ended to loud applause, while the auctioneer Tobias Meyer announced a "world record". No detail was given on the buyer, in the center of much discussion after the sale, but the seller, businessman Norwegian Petter Olsen, said he was "very happy" to have become man such a record, at a brief press conference.

Between 1893 and 1910, Munch, expressionist painter (1863-1944) had made four versions of this table over the years become a symbol of universal anxiety. Wednesday night that sold during the sale of impressionist and modern art at Sotheby's for 70 years belonged to the family Olsen, Petter Olsen holding his father Thomas, neighbor, friend and protector of Munch. She had the particularity to include, in red letters inscribed on the frame of light wood, the poem that inspired this work among the best known in the world.

The other three versions of the table belong to the Munch Museum in Oslo (2) and the National Gallery in Oslo (1). Welcoming a "historic evening", Simon Shaw, head of Impressionist and modern art at Sotheby's, emphasized the universality of "Scream", the "key to the modern consciousness". The painting, which was the subject of countless books, films and studies, and has been declining over the years on mugs, calendars, t-shirts and other objects of daily life, is "one of the few images that transcend the art and history to reach the international conscience, "he stressed before the sale.

Only eight works had previously exceeded $ 80 million at an auction, and none had reached 100 million under the hammer, which was the case for Munch. The world record was previously held by Picasso, "Nu au Plateau sculptor", sold $ 106.4 million (with fees) in May 2010 at Christie's in New York. In his diary, January 22, 1892, Munch had explained his inspiration for "The Scream": "I was walking on a path with two friends. The sun was setting. Suddenly the sky turned blood red. I stopped, exhausted, I'm leaning on a fence, there was blood and tongues of fire above the blue-black fjord and city. My friends have continued, and I just stood there, trembling with fear. I sensed an infinite scream passing through the universe "

. Wednesday evening, Petter Olsen gave his own interpretation of a work" remain a major force in (his) life "." The Scream shows the scary moment for me where man realizes his impact on nature and irreversible changes that he initiated, making this planet more inhabitable, " he said, paying tribute to the vision "prescient" by Munch. With the revenues from the sale, he planned to build a new museum dedicated to the artist in Norway

.. The sale of the Munch ……. allowed Sotheby's to beat its previous record for an evening auction of impressionist and modern art, which was 286.2 million dollars, and dated from 1990. Wednesday night, the sales of 65 of the 76 proposed lots totaled 330.56 million dollars.