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Of course the migration has a cost for usAll economists agree the Poland is first luckyHis taste in decoration are little differentIn Paris the CAC 40 index is thus hoisted above 3The crisis of the SPD is far more profound and oldBut it is also known to speak when neededHe suggests planing each device of 5 which would 3The two accused deny having behaved badlyWe enter the era of reverse globalization5 higher than the consensus of analysts 3The continuation of the optimism on the stock markets did not comply the obligations. After a week on hats wheel, European exchanges have continued their momentum, crossing new annual records. The CAC 40 reinforced his lead over the 3 points (see page 13). The European wide index DJ Stoxx 600 rose 0.77, on a background of several raw materials increase. Yesterday at the close of Wall Street, the Dow Jones is stabilized to 0.03.
Despite the continuation of the rally summer early in the session, which could logically be negative rates, bond markets are relaxed. In the wake of the strong movement of tension Friday, 2 years us has lost 7 points base, 1,016, 9 basis points to 3,472 10-year. In Europe, the German 2 years it is relaxed by 5 basis points to 1,308, and the 10-year German 1 basis point to 3,298.
An excess of optimism
"Except for the Friday meeting, bond markets remained relatively strong lately: tensions are remained moderate in weekly variation, despite statistics, observes Cyril Régnat, strategist at Natixis. bond." This shows that many investors believe that the rally shares has been too rapid. "The prudent comments of central bankers benefit, in addition to the bond".After Ben Bernanke and Jean-Claude Trichet, Yves Mersch, Member of the ECB, has warned against excess optimism, recovery is not sustainable.
The good conduct of obligations also reflects flows on both segments, while currency markets bring little performance. "It seems that the operators do not really know where to invest their money." "Bond specialists focus on long term macroeconomic Outlook, which are not really positive with respect help", summarizes a specialist.
American bond markets, in addition, received yesterday in part of the acquisition of more $ 6 billion of US Treasury securities 2011 and 2012, his program of buyback, whereas the week will be particularly responsible for front broadcasts. $ 109 Billion of securities (42 billion 2 years, 5 years 39 billion and 28 billion of 7 years) should arrive on the market today and the following days, across the Atlantic. "There is no reason that transactions go wrong", resumes Cyril Régnat.
A eurozone calm
Euro area, the next few days will be much quieter on the plan: from Natixis data, some 10 billion euros of emissions are planned for Italy (including CTZ). However, emissions are dry up over the next months: estimated preliminary ing, published late last week, the supply of paper in euro area is expected to reach the symbolic threshold of 1,000 billion euros in 2010, or more than 900 billion of this year. The macroeconomic agenda of the week appears relatively fleshed out, with as soon as today the publication of the Conference Board confidence index, in the United States, which will provide valuable guidance on the American consumer behavior, a great source of concern for investors. In Europe, the Germany GDP will precede the very followed index IFO, published Wednesday. "Actions certainly prevent the obligations of good progress, but ultimately not weigh that moderately." "The bond market should remain strong, as the statistics should not result in major reversal of trend", said Patrick Jacq, strategist at BNP Paribas.
