83 points: it is the difference in performance between LVMH ( 57) and Alstom (-26) in the CAC 40 since the beginning of the year; Similarly, almost 70 points separate PPR ( 46) and EDF (-23). The reflection of strong discrimination which has prevailed between the sectors and values this year. This segmentation is found in the European wide index, Stoxx 600. Between the most efficient sector (automotive) and the less powerful (the banks), there are about 60 points of difference. "This year, should primarily rely on good sector: there are more differentiation between the segments between values, compared to the historical average", note Roland Kaloyan, strategist at Société Générale.
The major factor The emerging, the great theme of 2010. "It's exposure to these countries which explains most of the gaps", supports Christian Parisot, an economist at Aurel. Thus, the cyclic values overall fired their PIN of the game. In particular the consumption. In detail, automotive (who, according to estimates of OFI AM-Alpha Value, made 20 of its 2010 emerging currency turnover) is at the top of the rankings on almost twelve months, with a leap of 49. BMW, head took almost 100! "Values with the mounted are implanted on the emerging", summarizes Thierry Pauwels, responsible for management actions in OFI AM. Just behind the industry rose by 34. Even if it is part of this segment, Alstom, affected by the loss of contracts, stayed out of this dynamic (-26). "Investors see rather the emerging as competitors of the supplier," resumed the lead. In the third position of the Stoxx 600 include property and services to the person ( 28), including luxury, including the emerging represent approximately 25 of revenues.
Banks in Red Lantern
Conversely, the more defensive and/or more domestic values have suffered. The first head, banks, who is Red Lantern in the European index (-10 ). They have been affected by the uncertainties on the sovereign debt crisis and concerns over possible increases in capital, on background of new regulations. In the CAC 40, Credit Agricole SA (with Emporiki in Greece) was the most penalized (20).
The community services also arrive at the bottom of the Stoxx 600, with a decline of 8. The fears of the impact of fiscal policy on these companies - including the tax aspect - and soft growth prospects were weighed. In addition, "the distrust vis-a-vis the euro zone resulted large blankets by sales, Editor's note on the stock of the South." "Gold services to communities, banks, but also oil - also at the bottom of the European top - are highly represented in these markets", says Thierry Pauwels. For example, the financial and the "utilities" weigh almost half of the Ibex 35, in Spain, against less than 30 of the DAX, according to his calculations.
Finally, the dividends factor also played: yields dividends from these three areas at the bottom of the Stoxx 600, traditionally among the large "payers", were lower than their average historical (38 years), according to the General society. It is also conversely what partly explains the best relative holding telecoms and ( 5 and 7), pharmacy, which offered a stronger performance than in the past.
Yesterday evening a final meeting was held at MatignonThe case of Guadeloupe is itself a stepIs everything handled so far This is not certain5 approximately on the whole of last weekGLB a century and has never been as powerfulShopping centre the Galleria in MartiniqueCollateral damageRelying on its own forcesWere heard that the top was accrued in advanceStrikes and sporadic protests were toleratedMany groups feel and some have begun to do so
