In the end the European index is awarded 6

After repeated stock market markets, the United States resumed des des marchés marchés les marchés boursiers après repris des Etats-Unis marchés, ont repris des marchés ont repris des marchés, repris des après repris ont resumed des des marchés, repris markets, repris des des après repris après repris après repris An agreement in principle was found in the Congress to save General Motors and Chrysler automotive giants. Moreover, President elected, Barack Obama, reaffirmed his commitment to a "substantial" economic support package, promising massive investments in infrastructure.

Wall Street, who had taken the advance as soon as Friday, continued its rebound yesterday. The Dow Jones index regained 3.46 closing at 8.934,18 points, after a brief incursion above 9,000 points. the & S P 500 grew 3.84, 909,70 point, and the Nasdaq by 4.14, to 1.571,74 points.

The values of the automotive sector soared, General Motors is offering 20.83 and Ford 24.26. More generally, sensitive sectors to the cycles of the economy, the most bullied in times of crisis, were favored. It is thus awarded by Alcoa 17,55 and Caterpillar 10,87. The rebound in the price of a barrel of oil was also a factor of support. Exxon Mobil rose from 3.92.

The timing of the crisis

In Europe, all sectors of the DJStoxx 600 index were oriented on the rise. Defensive compartments, such as health, agri-food or telecoms, the less fined the week passed, were lagging behind, while the mining and metals or energy is displayed at the top of the charts. Financial stocks were also strong performance, then the European Commission approved the recapitalisation of the banks in France plan and prepares to also give the green light to German and Austrian plans. In the end, the European index is awarded 6.73, to 202,61 points.

"Governments have announced measures, businesses have taken late and brutally awareness of the seriousness of the situation, said Pierre-Yves Gauthier, co-founder of Research Office AlphaValue." Investors expect a serious crisis and begin to get an idea of its schedule. Much is now in the courts. "In fact, valuations reflect the risks. Dexia AM team noted that more than 60 of the shares are more than borrowing State. For the first time in fifty years, the performance of dividends from the shares (on the S & P 500 index) exceeds indeed U.S. 10-year bonds.

"I do not think that the market will collapse, but it should not expect a sustainable rebound before the second half of 2009, forward Pierre-Yves Gauthier." I do not think that it will attend a real end-of-year rally then managers are reluctant to take risks. "Traditionally, the end of the year is marked by a sustained increase of shares, through what professionals call"the skins of portfolios. The scholarship benefits from purchases made by the managers of funds, anxious to improve their annual performance.

Several strategists doubt that such movement take place in 2008. Yesterday, JP Morgan Securities has also revised downward its objective end of the year for the S & P 500 index, from 1.125(5) points to 1,000 points, according to Reuters.