The Summit of the g-20, Saturday in Washington, gave birth to no solution likely to restore hope to investors. If major industrialized and emerging countries have pledged to "do everything necessary to stabilize the financial system", the observers deplored their silence on macroeconomic imbalances and the lack of immediate action. In this context, financial markets have again given land in Europe, while in the US market was volatile. New York, the Dow Jones index retreated to 2.63 closing at 8.273,58 points, and the & Standard Poor's 500 by 2.58, to 850,75 points. In Paris, the CAC 40 has ended down 3.32, to 3.182,03 points, while the European DJStoxx 600 index has decreased to 2.55 per cent, to 200,36 points. Investors were concerned, while the risk of global recession is confirmed. After Europe, it was the turn of the Japan yesterday to announce lower growth for the second quarter in a row.
Statistics degraded
In the United States, a survey of the business of the association Nabe economists also threw a cold: it shows that the GDP will fall by 2.6 in the fourth quarter of 2008 and that growth should be limited to 0.7 for the whole of the year 2009. Interviewed professionals expect also to a decline in GDP over the first three months of 2009, is a destruction of wealth for the third quarter in a row in the United States, something which was not reached since 1975.
On the front of the values, the ads were mixed. Citigroup has made known its intention to remove 50,000 jobs. On the stock market, the value first tumbled, returning to 2.84 at the mi-séance. JPMorgan Chase grappillait 0.06, while the "Daily Telegraph" revealed that the establishment was also cut in its workforce, in the Investment Bank. General Motors practical of 11.3 at the top of the Dow Jones, the cash market on a plan of the United States authorities for the automotive sector, while the Germany is to support Opel.
Disappointing results
The season of the quarterly results, affecting end, is disappointing. ING argues that almost a third of listed European companies unveiled less to the consensus of at least 5. And, "then the expectations were not high". In the United States, in the S & P500 index, profits have plunged 17 on average in the third quarter and analysts anticipate a contraction of 8.5 throughout the year, according to Bloomberg data.
According to ING, ten great financial groups (banks and insurers) quoted in DJStoxx 600 have announced a suspension of dividends since September. "The restrictions related to the rescue of the banks are beginning to feel", indicate the strategists.
Another area of concern: the coup to stop the thawing of the currency markets continued for the third session immediately. The interbank rate 3-month dollar Libor, stretched 2,236-2,238. With this breakdown of the funding circuit and in view of the gloomy economic Outlook, the market anticipates a further decline in the rate of the Federal Reserve at year end. The likelihood of a monetary easing of 50 December 16 basis points is currently 44.
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