Operators have again chosen the path of optimism. Evidenced by the new route carried out yesterday by the European equity markets. The DJ Stoxx 600, for example, rose by 2.74, registering its fifth meeting in a row of increase. This new rebound follows a beautiful progression of 5.67, last week. Banks led the dance, after Barclays reported have recorded a good beginning of the year and referred to a sale of iShares. The British group echoed reassuring statements by several US banks last week. The sector index dedicated in Europe jumped 5.56.
Driven by the increase in the shares, the euro surpassed 1.30 dollar threshold, for the first time since more than a month. For the fifth straight session, the European currency rose again against the dollar (exchanging 1,3018 dollar late afternoon). On the front of the shares, as on the foreign exchange markets are benefiting from renewed appetite for risk. Operators have so little responded to us, yet negative macroeconomic statistics. In the US, industrial production in February as well as the Empire Manufacturing index in March emerged lower than expectations. On the business front, the results are not more very optimistic: for the first time since 1935, the American companies of the S & P 500 collectively registered a net loss of 182 billion in the fourth quarter, according to Standard & Poor's.
Investors preferred to focus on the positive aspects, including comments from Ben Bernanke, who sees economic recovery possible in the United States in early 2010. These remarks were all the more appreciated that they were made just prior to the commencement today of the US Federal Reserve monetary policy meeting.
Double the resources of the IMF
At the same time, the g-20 finance ministers stressed last weekend commitment to vigorously combat the recession and restore the proper functioning of the credit. The great paymaster also agreed to double the resources of the IMF (international monetary Fund). However, specialists are somewhat mitigated the impact of these decisions on the market. "This meeting did not provide a great alternative to the global crisis", moderate analysts from Dresdner Kleinwort. "The statements in the g-20 finance were already in the courts." On the front of the Exchange is the renewed interest in risky assets, a negative factor for the dollar, which explains mainly the progress of the euro. "American and, in particular, output statistics record of capital have had an impact moderate, even if they are also against the dollar", said Murat Toprak, strategist changes for Société Générale.
However, for Stephen Jen, Morgan Stanley, the g-20 finance statements, including on the IMF, should not be underestimated. The strategist changes the Anglo-Saxon Bank has also just change its recommendation on parity entering for the first time since the beginning of the crisis: "It is more likely to see the entering to 1.40 rather than 1.20."
On the front of the currencies of emerging Europe, "he was not was uniform marked reaction." "Operators had already anticipated the doubling of the resources of the IMF", resumed Murat Toprak. Even analysis for Juan Carlos Rodado, an economist at Natixis: "several banks in the region have expressed their willingness to support their currencies, explaining their appreciation since early March and the movement of relaxation on the bond market."
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