It hosts more than 6000 visitors each dayA centralized orders registerThis is not everythingWomen make their entry in the AfepMedef codeIt does not endanger economic recovery remains fragileYesterday the Allianz title progressed from 0Filmmaker directed a film either complaisant or load50 Biffle has been up and down this yearFor one Gaborik missed all but 17 games last seasonHold onto him and hope he gets back on the field soon2 and at Loudon Kevin Harvick will be drivingThe second fellow quarter marked a radical shift from the first. With Dow Jones, who finished almost in balance, indices of the major markets of shares of the world suffered losses ranging from 2 extended Wall Street indicator, the Standard & Poor's 500, 7 of the Nasdaq index and the 10.6 of the Japanese Nikkei 225. Paris and Frankfurt ended the quarter in withdrawal of 5.5 and 5.7 respectively, while the Bill for the London market has been limited to 3.2.
The first reason of such gloom is in a word: rates. Several members of the US Federal Reserve, including the successor to Alan Greenspan as head of the Institute, Ben Bernanke, set fire to the powder early may by statements to alarmist on the risks of runaway inflation that could lead to a tightening more pronounced than anticipated credit of the Central Bank of the United States policy.
Increase profits expected
According to a survey conducted current June by Thomson Datastream to 56 economists from Wall Street on behalf of the Wall Street Journal, the possibility of a monetary policy mistake appears as the greatest threat that the economy American faces. In December 2005, the main risk was that of a slowdown in the housing market. That is the extreme sensitivity of stock market prices to the decisions of the Fed. Sensitivity even once demonstrated Thursday, with soaring clues after the peaceful release of the Central Bank of the United States accompanying the recovery to 5.25 of the federal funds rate. "A well made and well received release", summarizes Hélène Baudchon, Economist at Credit Agricole.
Paradoxically, the moderation of the American growth that underlies the shift of the speech from the Fed plays today for actions. Operators can now concentrate more calmly on the new publications of quarterly results season which begins this week across the Atlantic. Season full effective swing on 17 July.
Specialists in Thomson Financial expect a new vintage of excellent quality. On average, their elaborate projections from the estimates of analysts, profits in the second quarter 2006 500 companies the most capitalized in the United States, met in the & Standard Poor's 500 index, should grow by an average of 11.9. If this proves true, it would be the twelfth consecutive quarter of more than 10 increase. An event of this kind had occurred only once since 1950, between the fourth quarter of 1992 and the fourth quarter of 1995. What limit greatly, in the immediate future, the potential decline in the shares.
Heretical opinion
But the prospects for result, after the impending wave of quarterly, could deteriorate rapidly as a result of the pernicious combination of persistent inflationary and the gradual slowdown of global growth. By Abhijit Chakrabortti, in charge of strategy at JP Morgan, this year would reserve us the bad surprise to see the progress of the annual profits in the United States descend below its long-term average. The expert in fact anticipates an average increase of only 5.
A heretical opinion to the consensus of analysts, who always relies on a comfortable growth of 13 annual profits. Consistent with its assumptions, Abhijit Chakrabortti believes that, despite the last correction, markets remain over-valued. As, he said, they do not appreciate yet fully the new bad macroeconomic of inflation of the cyclical slowdown. Notice to current, but that it would be wrong to exclude too quickly.
