Vivendi in 2002 it was in fact 35 billion euros of debt and lossesOnly 20 of our fellow citizens are mobilized on this issueNicolas Sarkozy should push to pragmatismWe will grant three new blocks to exploreA slope and a return to the previous levelThe cost of his gesture is also insignificant 1Three projects have been labelled on this projectA way to counter the expansion of Lufthansa in EuropeIn addition the FRAM entry on the market of open air hotel saidClearly the difficulties are to the SNCFNothing seems to calm down the depression in the long course of markets. After a burst of euphoria, before the election in the United States International have resumed, as early as Wednesday, a downward trend, which is amplified yesterday.
Despite the actions of several central banks, and in particular the ECB relaxation, DJ Stoxx 600 yesterday plunged 5.5, to 215,46 points, dropping from 7.7 in two sessions. In London, where the Bank of England reduced by 150 basis points rate the Futsee assigned 5.7. The CAC 40 index dropped by 6,38, to 3.387,25 points.
The trend in New York was also in the downturn: the Dow Jones index ended down 4.85, to 8.695,79 points, with the & Standard Poor's 500 lost 5.03, to 904,88 points and the Nasdaq 4.34, to 1.608,70 points.
General Motors has fallen heavily by 13.67 at the end, after including the quarterly decline of Toyota. Cisco, which has warned that its sales could drop by 5 to 10 for this quarter, ended down 2.93.
Addition to disappointing announcements of companies, new signals of deterioration of the macroeconomic environment, again, "leaded" the morale of investors, in the expectation of very followed monthly us employment report, today. Operators fear of disappointing figures, while the latest indicators on employment (such as weekly published yesterday unemployment allowances) leave fear a rise in unemployment.
In the morning, the decline in stronger than expected industrial orders ( 8) in Germany in September reiterated that Europe was not spared by the crisis. Fears that the words of Jean-Claude Trichet, President of the ECB, have confirmed (read above). At the same time, the international monetary fund has warned that the developed countries should know next year the first contraction ( 0.3) of their gross domestic product since 1945, revising downward its projections in several countries.
"Analysts capitulation."
In this difficult context, most experts remain very cautious on the evolution of the seats. "Of course, the largest hedge funds including forced sales is probably behind us, but volatility should remain high in the short term." "In view of the low volumes, the market can still easily down without reason", adds Maurice gravel, Director of management active actions of Natixis AM. For him, the signal of purchase will be the "capitulation of analysts", i.e. strong decline on profit forecasts 2009 revisions, a movement already initiated, and the "normalization of the credit market" companies. "Implicit default rates are still too high." Yields at 2 years of beautiful signatures are close to 9, with as only risk more than not bankruptcy, to compare with actions that can vary from 10 per day... In this context, difficult to advise to buy shares for the short term!
However, the worst is perhaps behind us. "A further decline of markets does not exclude, but we are close to low points," said Thomas Davis, managing international actions of Loomis Sayles-Natixis AM. He anticipates a "gradual recovery" scholarships, drawn by Wall Street, in the course of next year, building on an increase of 10 to 15 of the MSCI World (from current levels) by the end of 2009. Maurice gravel expects, him, that the CAC 40 is between 3.800 to 4,000 points in mid-2009 and the DJ Stoxx 600 between 240 and 250 points.
