The first two parameters are less useful in this wayIn l ' Oréal awareness is even more recentDanone said the increase in organic growth of 6The State has for the moment given step suiteThe objective is always the new authority to be operational in midFebruaryA plan which should then be extended to the PQROr as industrial Roland Junck has been provenThis singular destiny nothing does the portended a prioriAs the Dalai Lama he travels to the WestCustomer relationship is also on the groundThe disappointing outcome of the Copenhagen Summit will be interpreted as a wider disagreement which could hinder the coordination of fiscal stimulus in the economy If such be the case, the trend on the stock market could suffer somewhat in the next few sessions.
For the time being, indices continue to trample under their earlier annual in volumes of reduced exchange that the approach of the holiday of the year and the prospect of several days of closure will not contribute to expand. In this regard, the sudden swelling of transactions identified Friday should also not be illusion, because it is linked only to the technical factor that characterizes this so-called "four witches" session in which the market must deal with expiry of futures contracts and options that drive investors to adjust their positions.
While the traditional "confectioners truce" opens, stock market should remain calm, stating in a prudent position of waiting. Because, paradoxically, improving economic indicators publication is as much of market shares in recent months. "Times change, notes David Kalfon, CEO of EFG Asset Management France. Last spring, a better than expected economic figure was routinely hailed by the international fellowships. Now, it no longer enough. "In fact, more good news accumulate, more operators fear that central banks does put a stop earlier than planned to their very accommodative monetary policy. A transition that will be difficult to accept by financial markets under infusion permanent liquidity since now more than a year.
American optimism
In this context, it is not surprising that the optimism displayed by the reserve Federal American at the end of its last meeting - in which she noted a slowdown in the degradation of employment - is not translate in the evolution stock indices. It is true that added to concerns about the debt of the Greece, whose rating has been revised down, this optimism did bounce in the dollar against the euro. However it is the weakening of the US currency which had significantly benefited actions in recent weeks. The reversal of trend for the greenback therefore logically led to catches of profits on markets, particularly Wall Street, where the Dow Jones lost 1.36 Friday on the other, not without closed Monday last over 10,500 points for the first time since early October 2008.
In the opinion of analysts and strategists, markets are now globally at their price. The engine of growth cannot come to an improvement of profits, say managers of Société Générale Asset Management (SGAM). For the moment, the margins of the companies straighten with gains of productivity in terms of the labour market adjustments, faster in the United States in the euro zone. But, after this increase margins, the profits of businesses may suffer from the weakness of growth. "In total, continue the SGAM managers, 2010 could be a good vintage in terms of profits, but 2011 may disappoint.As long as investors focus on the results of 2010, the trend should remain well oriented. But, when they will address the Outlook for 2011, i.e. from the second half of next year, it is feared that conditions become more difficult for the equity markets.
