A single value is in the Green UnibailRodamco

This last meeting of January in Paris was the image of the month: bleak and volatile. January has been particularly difficult on the large European places, who have lost, for the most part, more than 10.

CAC 40 assigned to 13.26, registering its strongest monthly decline percentage since September 2002 ( 17,49), is the worst January since the creation of the index. Concerns about us growth, the results below expectations in the US, particularly for the banking giants, or fears about credit Enhancer were weighed. The two actions of the Federal Reserve have not been to leave the market of the winter blues. The Parisian star index has experienced a succession of negative records: the highest decrease in one session since the attacks of September 11, 2001; psychological 5,000 points threshold crossed downward; the switch below the symbolic level of 1,000 EUR billion in market capitalization.

Throughout the month, the Total withdrawal, heavy weight of the rating, significantly affected Parisian index. A single value is in the Green: Unibail-Rodamco. Conversely, Vallourec and Air France-KLM made figure of red lanterns of the CAC 40.

But Paris is not the only one to have suffered in January. The DJ Euro Stoxx 50 tumbled 13.79, registering last week an implied volatility that is comparable to that of the 1987 crash.

The European broad index, the DJ Stoxx 600, fell by about 12, the wrong month of January ever according to Bloomberg.

"There was a massive sale of any part of the rating, as the new energies, which had well climbed in 2007 and had allowed the market to hold", said Thierry Pauwels, Director of management actions of OFI AM.

DAX ( 15,07 per cent), in Frankfurt, more ground as the CAC 40, assigned with including the decline of its cyclic and exporting values. In contrast, Futsee ( 8.94), in London, a little better resisted, "with expectations of further declines in rates of the Bank of England", said Charles Dautresme, strategist shares in AXA IM.

The sectoral component of different indices, of course, much played in the differences in performance between the indices.

Slight rebound of the cyclic

In the DJ Stoxx 600, automobiles, petroleum, industrial goods and banks are among major reductions on the month. Conversely, health, telecommunications, ores and metals, although only in red, have better resisted. "During the severe turbulence, the low points of the market, the cyclic have slightly rebounded." "But over the months, a trend heavy to remain defensive and should continue," said Charles Dautresme.

The managers and strategists appear relatively shared on the future evolution of indices. Some believe that the market dropped so that it contains many opportunities to purchase, while others advise wait even a few months. "Massive sale made this month can be interpreted as an early capitulation, logically a buying signal." But to be calm on the rebound, he expect downward revision on forecasts of results for this year, says Thierry Pauwels. Between 2007 and 2008, should pass a momentum market (where expectations and benefits were in growth) to a market more focused on valuation: it should start on the cheaper companies.

Charles Dautresme does not believe in progress in the short term, because of uncertainties about the magnitude of the recession in the United States. "Despite the valuation attractive squares, and even if it is unlikely, cannot exclude a decline of 10 of the major European indices if the statistics in the United States on the housing and employment are very negative." The monthly report on the labour market, published today, will be an opportunity to see more clearly.