82 as the rate to 2 French years based at 3

The approach for some of their highest, it is the policy of small not prevailing on the stock market. A reluctance to move forward more frankly well logical in the light of the resurgence of current geopolitical uncertainties still very difficult to apprehend by investors. If the latter are not likely to break the upward dynamics of scholarships, they invite however to more caution in the short term. Declining during most of the day European awards are finally reached completion on Honorary gains. Thus, the CAC 40 Index registered an increase of 0.06, to 5.313,19 points, marking a above for five years and a half, while the German market DAX index closed on a progression of 0.03, to 6.119,45 points, for a gain of 0.01, to 6.073,50 Futsee index points in London.

After to be stretched a bit during session, long rates remained virtually stable at the end. The prospect of enough important titles of State emissions in many countries (Germany, Italy, Netherlands...) should weigh on bond markets. The other day, the performance of the OAT to 10 years in reference remained unchanged at 3.82 as the rate to 2 French years based at 3.67. Government bond market gave a little ground after the announcement of good statistics in the euro area. Indeed, good numbers of industrial production in France and Italy coupled with the rehabilitation of its growth forecasts by the European statistical office Eurostat led to some tension on the rates. The body of forecasts has identified its estimate of growth for the eurozone to 2.6 to 2.7 in the second quarter. Economic French Insee, German institutes IFO and ISAE Italian have done the same.

Brussels down its forecasts

Reverse of these institutes and especially the underlying cyclical analysis of the Central Bank forecasts European, the European Commission has reviewed turn down its forecast for economic growth in the euro area, which should slow down by 2007 after a peak in the second quarter. Thus, Brussels now provides ranges of growth of 0.2 to 0.7 in the fourth quarter and of 0 to 0.5 on the first three months of the year 2007. Is that this new forecast of Brussels helped tension on European long rates to contain, and finish closer to equilibrium. "In the coming months, the global bond markets will benefit from increased stream while net emissions will continue to shrink." "The dynamics of the flow will cause downward pressure on bond yields that balanced the"asset managers' portfolio reallocations from upward pressures of obligations towards the actions ", believe Antoine Brunet and Sophie Casanova, strategists in HSBC France. In the United States, Wall Street was in slight decline early in the session. Since 1942, the US stock market as measured by changes in the index Standard & Poor's 500 has experienced 10 bull markets for an average of fifty-six months. The last date and in which we are still, began on 10 October 2002, on the rubble of the bubble Internet who had seen the U.S. lose half of its value between March 24, 2000-October 9, 2002. The current movement of increase of shares, a period of nearly four years, is however much slower than the others to regain the ground lost in the previous phase of decline. Indeed, while in general the stages of progression are two years for completeness of the decline which was preceded by a girl, is always not the case after four years for the current upward movement in force on Wall Street. A sign of the destructive fury who surpassed him.