Will this period of relative calm last NonHowever it will be difficult to reconcile the interests of eachIts recommendations are usually followed by the Government433 specifically that the opposition had filedAcross the Atlantic the crisis contracted bond of communitiesHis way Alice Dautry is a child of May 1968You need to know accompany such a processFind the articles of the series of summer onIt has managed our political training as amarkSo far this method of sale was successfulInvestors opted for caution yesterday, moving assets more risky for those considered as defensive. Wall Street has, therefore, completed in the red after four sessions of consecutive increase. At the close, the & S P 500 has fallen by 1.37, to 931,76 points, while the Dow Jones industrial average slipped by 0.75, to 8.675,24 points. For its part, Nasdaq dropped 0.59, to 1.825,92 points.
The values of the energy sector was particularly chahutées after a Government report showing an unexpected rebound of stocks of petroleum (crude) last week. Chevron fell 1.57 and ExxonMobil of 1.15. Meanwhile, Valero Energy plunged 17.78. The first U.S. refiner warned the day before, that it would record a loss in the second quarter. Citigroup has posted the worst third performance of the Dow Jones index, with a 3.42 decrease. In contrast, Wal-Mart fired his pin of the game and was awarded 1.90.
In Europe, the trend was also negative. The DJ Stoxx 600 has lost 2.01, to 209,94 points, its strong decrease since mid-May. However, the week began on a very optimistic note, leaping index of more than 3.
Destruction of jobs
Investors have yesterday decided to take profits on shares. Credit Switzerland, for its part, abandoned his positive recommendation on this class of assets, economic conditions and the recent increase in rates without (Government bonds).
Risk aversion is somewhat bulging, as evidenced by the tensions of the VIX index, which measures the volatility of us stocks, and of the Itraxx, reflecting the feeling for speculative bonds. Another sign of this resurgence of doubts among market operators, State bonds were the wind. The yields of sovereign bonds, which move in the opposite direction of the price of securities, are relaxed: the U.S. rate in 10 years conceded 7 basis points to 3.54 at the close of Wall Street, while the German rate of same maturity assigned 9 points to 3.55. In a same movement, the French OAT performance a little more away closer 4 bar upward Monday for the second time this year (after May 28).
Several statistics a little shaken the confidence of stakeholders. The prospect of a robust economic recovery next seems very uncertain. In the United States, attention particularly focused on the employment figures in the private sector, giving a foretaste of the monthly report published by the Department of labour on the eve of the weekend. The destruction of jobs have been stronger than expected in may, and data for the previous months were revised upward. Currently, economists expect a rate of unemployment to 9.2 in may, up from 8.9 in April. Index of services (ISM) purchasing managers also proved below expectations, and the progress of industrial orders. The speech of Ben Bernanke to the Congress has not provided new elements. The pattern of the US Federal Reserve is expected to return to growth by the end of the year, but warned that this recovery is not robust.
On the front of the European economy, the table was not more happy yesterday, with a decline of stronger than expected GDP last quarter ( 4.8 on an annual basis) and a decrease in the consumption also above expectations. The European Central Bank could do share quite pessimistic growth forecast at its meeting today. The market is expected however that it maintains unchanged interest rates to 1.
