Little by little the city is specific argues its DirectorOr is someone authorized to the franchisorObjective enact standards for January 1 2010But this suggestion is far from making unanimity in the professionBut they are this time clearly tinted greenYet in private experts are much less reserved on their doubtsThe risk the facetoface with a dead leaf and the location of development projects is preserveReform in times of crisis is certainly not easyAsia is therefore an environment preferredThe generous American stimulus plan restored appetite to investors. Reassured by a volley of better quarterly results than expected, they have been plupart large stock at record rates in July, so although the month just ended could remain in the annals as one of the great return of optimism on stock markets. New York, the Dow Jones completed the month at 9.171,61 points, or a bond of 10.75 from June. To match this performance, he must go back to October 2002. In four weeks, the Nasdaq composite index was off 7.2, landing at 1.978,50 points. The S & P 500 a 6.9 increase over the same period. More temperate but equally meaningful, the Nikkei 225 rose by 4.2 in July, his most beautiful rally in almost nine months, and closed on 31 July at 10.356,83 points. The CAC 40 was not in balance, because the features of the Parisian place index awarded 6.5 increase in a month to 3.426,27 points Friday night. The same enthusiasm took the raw materials market, with a copper at its highest in 10 months on the London Metal Exchange (LME) and a barrel of oil near 71 dollars in New York.
Real estate on the rise
Confirming the hopes for a return next growth, the Bureau of economic analysis in the United States weekend published a quarterly GDP down 1 on an annual basis, a less bad than expected result and a strong sign that the recession begins to loosen its brutal embrace. More numerous than expected housing sales were of resumed activity in real estate, first of the areas affected by the crisis. The question today is whether if good figures published by the large companies and financial institutions in recent weeks will be relayed to short-term demand. Nothing is less sure. Close to 10, the unemployment rate is far from having begun its recession in the United States. As such, the employment report released Friday by the US Labor Department will be watched with particular attention, underline the economists of Natixis. It will provide crucial indications as to the State of overcautiousness of companies on the front of the hirings. On the European side, investors listen with interest the speech of Jean-Claude Trichet, the President of the European Central Bank (ECB). The consensus of analysts table on a maintenance of interest rates to 1. Waiting for these data, investors could well be tempted by the harvest of benefit. The extent of the gains argues for this thesis, argue several analysts. "It goes without saying that the market will correct, launches Robert Hagstrom, portfolio at Legg Mason Capital Management Manager. However, improving fundamentals, coupled with the abundance of the flywheels of liquidity, should help to limit corrections in a range between 10 and 15. "Among the first affected, the S & P 500, close today of the psychological 1,000 points bar.
A fragile enthusiasm
The evolution of the index will depend in part on the results expected this week. A little less than one third of the S & P 500 companies have not yet released their quarterly. The fragility of the enthusiasm of the markets has found its best illustration in strong movements that have known the Chinese places in middle of last week. The Bank of the Middle Kingdom regulator had expressed its intention to restrict the conditions for granting loans to reduce the risk of speculation, causing the sudden fall key benchmarks of Shanghai Shenzhen. The Chinese Central Bank is found in the obligation to intervene in reaffirming that it would retain an accommodative monetary policy in the second half of the year.
