The stock markets are perhaps a turning point

The stock markets are perhaps a turning point. After the spectacular route achieved since mid-March, which saw major markets international back 30 to 40 from their more low, operators are beset by doubt, appearing to hesitate now between necessary consolidation or more severe correction. Last week, Wall Street was completed on a sharp decline, the Dow Jones accusing a downturn of 2.95 at the end of several volatile sessions and no real leadership.

However, professionals could hope for a better score in the light of the various economic statistics published these days and that for the most part proved better what was expected. But it obviously takes more to convince investors that the out of the crisis is near.

Managers and analysts should concentrate this week on new indicators expected to specify their diagnosis and determine the sense in which the trend move. In this regard, the figures for sales of housing in the United States to be published Tuesday for the former and Wednesday for the nine, will be examined with a magnifying glass. They will see, says Cesare Novelis in Meeschaert New York, quoted by the AFP, "If the increase in interest rates through mortgage loans had an impact on the demand for housing". Because, today, the progression of rates with lower performance bond market is one of the major fears of markets.

If operators expect really surprise meeting Tuesday and Wednesday of the monetary policy Committee reserve Federal American, which should result in a status quo, probably will be more attentive at the weekend at the exit of the figures of expenditure and income of households for the month of May.

A more quiet period

If these data are good, thus confirming the hopes of a resumption of the economic situation in the United States, they could be the catalyst that currently missing markets to ensure the continuation of the trend upward. Because, in the opinion of François Chevallier of the Bank Leonardo, the behaviour of the markets in recent weeks is the sign of a change of engine and speed, but not direction. "The apparent consolidation of the indices for fifteen days, he explained, translated the passage of relay of the multiple results forecasts, which are beginning to be reviewed on the rise across the Atlantic."

After the violent movements of the past few months, the markets could know a more calm and less volatile, to attract new investors. This was the view to Jean-Marie Mercadal, Deputy Director General in charge of the management in FIO for which "it is a reserve of flow because many studies show that long-term investors are still sous-pondérés shares", even if obvious undervaluation of the latter is quickly corrected after recent increases.

Far from being resolved, the stress of operators in the financial system could constitute a flat of importance. Of course, ten large US banks began to repay the funds loaned that their grand plan to support decided by Washington.

But European banks could still be substantial losses. And even in the United States, the sector remains fragile. Last week, not less than three new regional facilities were still closed by the regulator Bank, bringing to 40 the number of banks that have failed since the beginning of this year....