But Christoph Ransmayr has been touched by graceNearly 100000 people have changed businessThe psychologist Patrick Charrier is awareOnly the rear façade to the North is irrelevantThere is an interest for all new technologiesThe group is to produce intellectual contentL'Occitane is continuing its rapid growthSociety finds differences with ComScore audience figuresA Thursday afternoon in November case studyThe Court of cassation approves the Court of appeal to 100European stock markets began the week under the sign of high volatility. In the wake of the Asian markets, they opened down. Then their Recoil is widened, Wall Street opening in withdrawal, before stabilizing. They ultimately finished in dispersed order. The CAC 40 index finished the session down 0.61, to 4.848,30 points. Expanded index DJ Stoxx 600 assigned 1.10, to 318,70 points. Operators began to fear of new impairment of assets in banks, including European, on a background of financial crisis of the "subprime". Worried more and a recession in the United States and its impact on the global economy, investors have also left most cyclical sectors. Fleeing risk, they mostly were very nervous, a few hours before the presentation by the American President, George w. Bush, of his stimulus package budget of $ 150 billion, and before the meeting of the Federal Reserve American who must begin today. The markets expect to a further reduction in interest rates, of 50 basis points, after the gesture "history" of 75 basis points reduction decided on 22 January.
"This massive decline of 75 points of basis of the rates of the Fed and the magnitude of the stimulus plan shows how the US economy goes wrong." Political and monetary authorities seek at all costs to prevent the situation to deteriorate. "But the US economy is already entered into recession, the negative elements accumulating for a long time," said Bruno Cavalier, an economist at Oddo Securities. The unemployment rate thus put back, while the country is already facing one of the most serious crises in real estate and financial history, according to him. "In this context, the Fed wants at all costs prevent that a stock market crash in addition reducing the household wealth, already affected by the real estate crisis", judge.
Purchase opportunities
The US housing market continues to deteriorate, as demonstrated by the figures yesterday. In December, contrary to expectations, sales of new homes in the country thus fell by 4.7 to 604.000 units, to their lowest level for 12 years. And the average price of the new a housing declined by 10 over a year last month, which corresponds to their largest fall for 37 years.
In this context, market specialists seem to time relatively divided on market developments in the next few months. If many strategists and managers recommend caution, fearing new tremors, some believe that the market has again, shopping opportunities. "After the next move of the Fed, turbulence could logically to calm down, believes Jerome Fauvel, Director of the management shares of the UFG IM. There are many support: the dividend yield is around 3.60 in 2007 to the DJ Euro Stoxx 50 results; "downward revisions have already been significant on 2008 profits and the valuation model used by the Fed shows an undervaluation of the shares."
Pierre-Yves Gauthier, co-founder of the Alpha Value Analysis Office, is also the Outlook rather confident: "the worst on the financial sector is probably behind us." However, the market must still accept the idea that certain industrial sectors will suffer from the economic downturn. In the end, the floor has probably already been reached and markets should now bounce.
