The bar of the 10 billion should be reached on the year according to himThese actions are the same for three centuriesIts performance in Europe are clearly in declineAs GM inventor of the shark fins ferré a strange fishIn 2001 he will meet with Cecile Brossard all in combining a large number of waysAnd it will last between 24 and 36 monthsThis year surely and for much of next yearBut the situation has changed in two yearsOn paper Washington scrupulously on its promisesAfter a solid recovery begun mid-March, stock markets are more hesitant. This week, investors need to digest a lot of us statistics and a new battery of business results. One hundred fifty-six companies of the S & P 500 and Dow Jones 5 index must publish their quarterly. Markets are also waiting for the verdict of the Federal Reserve tonight. At this loaded schedule, have been added since Monday of concerns at the risk of swine flu pandemic.
In this context, risk perception indices disagreed. The VIX, which measures the volatility on us stocks, appeared yesterday rose slightly, while the barometer of the risk on the credit market tended to the second session in a row, including the financial segment.
After beginnings in red and a slight increase in session, Wall Street finished down. The Dow Jones lost 0.10, to 8.016,95 points, the S & P 500 0.27, to 855,16 points and the Nasdaq 0.33, to 1.673,81 points.
European stock markets were unable to take advantage of the rebound before closing, but nonetheless reduced their losses. DJ Stoxx 600, European wide index, gave 1.51, after having plummeted 2.64 in the meeting.
Indicators in the United States have reassured the operators. The Case-Shiller House prices index was better than expected in February. Most importantly, the Conference Board consumer confidence jumped more than 12 points in April (-39.2 points) beyond the forecast (29.7). "The improvement of household confidence index is a positive signal." "And the composition of its improvement is also positive," notes Philippe Waetcher, Director of economic research of Natixis Asset Management.
Pharmaceutical values
These statistics were somewhat tempered concerns over banks. Nevertheless, in New York, Citigroup fell from 5.86 and Bank of America of 8,63, after an article in the Wall Street Journal that U.S. authorities have made two institutions that they could be brought to strengthen their capital, given the "stress tests" (strength tests). The Franco-American business Lazard Bank lost 9.81, after falling in the red in the first quarter, to the surprise of analysts.
US Steel has abandoned 5.63, after the announcement of higher than expected quarterly loss. Conversely, Office Depot climbed 11.46 after the announcement of better than expected result.
American pharmaceutical values were corrected after having doped the day before by the prospect of a health crisis linked to swine flu. In a study, Credit Switzerland tries to identify the consequences of a crisis, comparing it to the atypical pneumonia that developed in Asia (SARS) in the spring of 2003, the global indices in which the Hong Kong market clearly has under-performed. "If concerns soar to levels of those known during this period, which is, for the time being, unlikely, markets could drop by 10 to 15 ", rarer analysts. Credit Switzerland precise than the defensive such as communities, pharmacy and telecom services had fired their PIN of the game, during the spring of 2003, while hotels, recreation and food had particularly suffered.
This new threat has helped break the strong growth started several weeks ago (the & S P 500 climbed 27 since March 9). For Morgan Stanley, "the rally is to exhaust". While a new degradation is expected in the real estate market, that banks will still have to raise capital, and that the results of the companies will still disappoint, "the bearish market period is not over", reminiscent of European makers of the Bank.
