However the penetration rate is currently 7Alone this area represents 1 million of the 1On the bottom most have not upset the deal We did make not promotion indicates and BNP ParibasWe tried a Chinese peppersnoodles VariantThe challenge is to find enough candidatesThe leaders of the squirrel not démordentMore State for less than results thereforeIn total about 60 million euros and were foundThey ultimately finished in dispersed order9 To 12, the underperformance of the stock in two and a half weeks gives Vertigo. The year began poorly. And nothing seems to reassure investors. Whether the central bankers speeches or policies. Friday, the announcement of President Bush for a stimulus plan of between 140 and 150 billion (read page 7), Wall Street floundered. Since the beginning of the year, the Dow Jones lost 8.8, and closer to 12,000 points. In Paris, the CAC 40 down 9.3 plunge to 5,000 points. "It is stagflation, as in the 1970s, scary Awards", observed François Chevallier in VP Finance. "The persistent depression of American real estate feeds the fears of recession, the oil shock of inflation". A 1.320 points, S & P 500 index incorporates a collapse of the consensus forecast of 15 and a rebound in inflation excluding food and energy of 3. A scenario quite black which means that the stock market is likely to a floor,"said the expert.
"With the continuation of the disturbances in the real estate market, a slowdown in major consumer spending could increase the chances of a recession," agreed Friday Richmond Federal Reserve President Jeffrey Lacker. "This risk could be aggravated if the weakness of the market for use in December last, which would draw down the Outlook for revenues and expenditures of households". In fact, of new rate cuts are "quite possible". The market is the unclear otherwise. The next meeting of the Fed, on 29 and 30 January, should be the occasion for a relaxation, whereas 50 basis points. Some do not exclude a gesture before this deadline. Remains to know how the markets will react. A decrease in the rate of 25 basis points disappoint. A gesture off-calendar will strengthen the ambient climate of concern. The entire issue is whether if the United States have already tipped into recession and if it will be, or not, limited in time and scope.
Historically, US stock prices lose about 20 during recessions, according to Ofivalmo. However, the S & P 500 index has already abandoned 15.3 on the high point of 2007 and index European DJ Stoxx 600 18.2. With non-excessive judged valuations, Ofivalmo sees opportunities in a medium-term perspective. Goldman Sachs does not exclude a technical rebound. So far, "the downward trend should persist on a background of new macroeconomic disappointing and weak results and prospects on listed companies".
Gloom
Fears about the financial system are not dispelled with the results of the banks American, synonymous with significant impairment of assets (18.1 billion to Citigroup, Merrill Lynch 16.7 billion). The market expected this week Bank of America, Wachovia, and American Express. Degradation by the scoring of the Ambac credit enhancing Fitch may leave a bitter taste. This weekend, Fitch has lowered the 420 backed securities (ABS) assets guaranteed by Ambac. Beyond the Intel and Sprint/Nextel ads show that other sectors did not escape the gloom. Wall Street will monitor accounts and prospects for Apple, Motorola, Texas Instruments, Microsoft, ATT, Pfizer, or Ford. With respite today, the US market being closed as a tribute to Martin Luther King. In Europe, STMicroelectronics, Carrefour and Saint-Gobain will be followed. And interventions of members of the ECB, including Jean-Claude Trichet, Wednesday. So far, the ECB, in its communication, has put priority on inflation. Any shift towards risk growth depresses the market a little more.
