But most existed already before the crisisIf 80 of the turnover of the company EUR 1There is interest to analyze without delayThis is the reality the ongoing dialogue withFree commute in mercantilism or economic warNonagénaire the hidden wish is doing very wellFive years later his dearest wish is yet to achieveThe medical issue is important as long term shortRadiohead succeeds the union of the oppositesThis time the proportion is mounted to 83The London Stock Exchange took a bit of ground yesterday. Futsee 100 advanced 0.22, exceeding the DJ Stoxx 50 ( 0.03) or the CAC 40 ( 0.04). The trend reversed slightly from last week, where the British market had stalled ( 0.04), net out to other European markets. If the mining and oil companies have benefited from yesterday to the Futsee, are these same sectors which were penalized him in recent weeks. Since the annual low point on 14 June at 5.506 points, BP (the heavy weight of the index, with 8 of the Futsee) and Rio Tinto were the main leaders of the decline.
During the summer, the place has rebounded in lower proportions than its counterparts: the Futsee took 7, while the CAC jumped 12 percent since mid-June. "The British index includes many financial, pharmaceutical or food values appears more defensive than others." "When the European markets is bullish, there tend to under-perform," indicates Teun Draaisma, strategy responsible for European shares of Morgan Stanley.
But the composition of the index does not, explain alone the underperformance. Concerns over the US and global growth, with, in the background, the issues of monetary policy, remain telling. "The market remains focused on the Americans and the economy across the Atlantic, rates while more than half of the profits of British companies come from abroad", says Leigh Harrison, manager specialized in Threadneedle Investments.
Caution prevails
Investors to revel also are concerned about the attitude of the Bank of England. In early August, the recovery surprised her (4.75) rate had bend the Futsee. Wednesday, the publication of the minutes, the minutes of the last meeting of the Bank of England monetary policy Committee, will be thus followed with great attention. "Several members may have been for a rise in September despite the status quo." "Seven members in the Committee, three for an increase in the rate base in September could indicate an another monetary tightening earlier than planned, i.e. in October," said Ixis CIB economic research team.
The publication, last week, increased showing August consumer price index inflation at 2.5 on an annual basis argues, in any case, for a new round of monetary screws. However "a rate hike could impact on the real estate market and the consumer," notes Jeremy Willems, managing European shares in AGF AM.
In such an environment, many experts prefer to remain cautious on the British market. Morgan Stanley believes that it will advance but under-performing European peers, building on a Futsee around 6.450 points here to 12 months.
Similar finding for Jeremy Willems: "it should be affected by more volatility linked to commodity prices.". "And so it includes 100 values, which makes it more difficult an outperformance", recalls the AGF AM specialist, before adding: "however continues to benefit from perspective of mergers and acquisitions, attractive, less than the average value European because of the strong weighting of financial values and good results.". According to data of Merrill Lynch, the price-earnings 2006 stood at 12.5 (from 13.5 to continental Europe) and the projected growth of profits is of the order of 12.4 (against 11.2 in Europe).
