In Russia consumers are still novices and candidThis is a management lesson that I will not forgetFind the articles of the series of summer onCréaplast achieved last year a turnover of 580A commando operation in full summer torporLast Thursday Xiao Yu commissioned his seventh credit cardSince then he was caught by urbanizationThe problem is that they are exempt from seizureThe aspirations of each and the other joinA haute couture of first lady but not onlyOn the eve of 14 July and the official beginning of the major holidays in France, the finding is not engaging. The stock exchange of Paris, like other equity markets, has experienced a terrible month. The reference of the place, the CAC 40 index dropped more than 10. Only the stock market in Milan, among the largest on the planet, did worse:-12,50. New York (-7), London (-7), Tokyo (-8,4) and Frankfurt (-9,7) have all limited case-sensitive to a percentage figure. Friday, the coup de grace! Hexagonal performance indicator is entrenched behind the 3,000 points. And this for the first time since April 21 (read the Chronicle of the ACC). As everywhere in the West, the operators have been burdened by an advanced index of consumer confidence us in July significantly lower than the forecasts of economists.
Profits dip
Of course, the fall must be relative by systematically modest trade volumes. The approach of the summer period must also be for something. But the bulk of the alienation is two factors. More than legitimate concerns about the quality of the global economic recovery and the results of the business.
On the first front, Hélène Baudchon, Credit Agricole, summed the situation up: "Nothing is acquired." Among the elements to monitor, she cited the outstanding amount of consumer credit, which is still contracted in May. In contrast, advanced service across the Atlantic companies purchasing managers index approached a little more than the level that indicates the return to the expansion and industry in the euro area appeared to rise from its ashes, always in May. The minutes of the last meeting of the Federal Reserve and the wave of reviews published this week will bring the grain grinding additional stakeholders. However, it is unlikely that they are able to respond satisfactorily to their questions on the short-term prospects.
Other data to monitor, the accounts in the second quarter and 31 American companies of the S & P 500, of which six also owned by Dow Jones, which will be published here Friday. Particular attention will be paid tomorrow to those of Goldman Sachs and Intel. The high point is set for Thursday and Friday, with the results of Google, IBM, and JPMorgan Chase followed by Citigroup, Bank of America and General Electric. The period of the advertisements duration until the end of the month. At this stage, the expectations of analysts collected by Thomson Reuters are a 35.7 drop in annual rate the benefits of the & S P 500 companies. All of the ten sectors of activity represented end the second quarter on a negative growth of results. The poor performance should come of materials, energy and finance.
This new diving of the profits will mark the eighth quarter in a row of declining. Of the never-seen since 1998, first year of calculation of the Thomson Reuters consensus. However, several brokers improve their opinion on the actions. This is the case of Natixis Asset Management, which suits his portfolios "recovery mode". "The dynamics of rebound of the shares is not completed", echoed Meeschaert management private.
True "wall of money".
Merrill Lynch, for its part, considers the 20 increase of liquidity of the investors as a buyer. The business bank absorbed by Bank of America said that the global recession is over and that the asset allocations are close to the absolute record of sous-pondération shares. Annualized monthly returns of the S & P 500 are the worst since 1926, she adds. However, it must always be "buy humiliation", proclaim his strategists. Reasoning which is not far from the Commerzbank and Dresdner Kleinwort. The new German financial giant lists top 10 reasons to enter again into the camp of the buyers. We are four. U.S. Government bond yields decreased by 4 to 3.4. The credit markets are in much better shape and mergers & acquisitions resume. The expectations of the benefits to 12 months of listed firms have begun to stabilize. Finally, the existence of a real estimated today security billion capital mobilized by the American monetary funds. What to provide fuel in abundance for the next rally.
