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As much more each mine produces its own recipeGlobal growth is strong and more balancedIncluded in many private and national interest especially in rich countries argues it8 Billion in grants are planned for lines TGV 4First part of the device the adjustment of the loyalty programAs such it provides the interface with suppliersIt was more that the reaction of the Paris Europlace association report Lachmann that it had commissioned that the list of the various projects of fusion reactions with Euronext is complete Stay disciplined mastering its leverage effectPrincess Diana she only appears in topical filmsEven the most pessimistic did not envisage such a scenario. The apparition in the summer credit crisis, 2007 with the woes of the US housing market has evolved year last in a crisis of widespread confidence that such a tsunami, first took the financial sector before extend to the whole of the real economy. While 2008 will remain in the stock annals as one of the most volatile and more bad years, investors eat the greatest fears in this early 2009 with a recession looming long and deep for all of the major economies of the industrialized world.
Long, risk aversion is had been as high. The bankruptcy of the Merchant Bank Lehman Brothers in mid-September, abandoned to its sad fate to the General surprise, was the high point of the crisis. Investment banks on Wall Street, jewels for decades in the financial industry, have sunk, Merrill Lynch being purchase by Bank of America, Morgan Stanley and Goldman Sachs changing, on the knife's edge, status to become the universal banks. But evil was done, the loss of confidence in the banking system installed, quickly leading to paralysis of the interbank market.
Drawing lessons from their past mistakes, monetary and political authorities were then deployed all the arsenal which was at their disposal to prevent another depression, the image of what occurred after the crash of 1929. Stimulus rescue plans, injections of liquidity by rate cuts, Governments and central banks have not spared efforts to try to bring calm to the capital markets. With more or less of success. Because public policy did not prevent investors out, either willingly or force, of all risky assets, which caused massive sales in the months of September, October and November. Current vendor was amplified by the winding-up of position which were forced to perform funds to leverage before the fall in prices, requests for redemptions from clients and the scarcity of liquidity.
Shopping policy
To stimulate demand and improve financial conditions, central banks have resolutely opted for a particularly accommodating monetary policy. In the United States and the Japan, interest rates have already been reduced almost to zero. Only the Bank of England and European Central Bank still retain a real room for manoeuvre. But the ball is now in the camp of the public authorities, which will improve the situation of consumers and businesses through tax incentives if they otherwise boost, at least stabilize their economies.
For the time being, the markets continue to anticipate a severe recession. At the levels at which they fell, stock prices anticipate a decrease of 35 to 40 of the profits of the business. It is perhaps more than in previous recessions, but it is true that the profits of the companies had reached heights historically high over these past years. Until now, these are financial values, penalized by huge write-downs of assets to which they were forced to proceed, which led the movement of decline. The relay should now be taken by cyclic industrial companies and the sectors of energy and basic materials. The withdrawal of beneficiary capacity should continue throughout 2009. Because, as noted by the experts of ING Investment Management, "business will be able to take advantage of lower prices of raw materials, but will be, on the other hand, confronted with an inflation of the (re) financing and downward pressure on sales due to the recession." In the almost general opinion, must expect a stabilization of the benefits of front companies to best the end of the year, or early 2010. However experience shows that equity markets begin recovery at the earliest six months before the profits of corporations affects their floor. Therefore, it is hardly possible to expect a real rebound of the stock before next autumn. In the meantime, investors are likely to attend several false starts, such as that which followed the flow achieved by the markets on November 20. It so far was the low point of the wave of decline started 17 months from now Nothing is less sure. Because if it is evident that the potential for rebound will be hindered by the continuation of the revision downward recipient capabilities, it is not sure that the low level of development which returned the equity markets is sufficient to limit the downside risk.
