The addition since the peak on 15 months from January 11 was 9

The Friday session has accentuated the difference in performance between the squares of the old Continent, which frankly corrected, and the United States, which, in a last-minute surge, is from case narrowly. The FTSEurofirst 300 of values index the most capitalized in the old Continent sank 2.1, its lowest since early November 2009. The addition since the peak on 15 months from January 11 was 9.5. As the three more followed us indices, Dow Jones, S & P 500 and the Nasdaq composite, they have respectively corrected in the week that 0.6, 0.7 and 0.3 against 3.9 for the FTSEurofirst 300 correction. The slump was on significantly above recent average volumes of negotiations. Most affected segments of the rating were those of the financial values and the cyclic titles. They have suffered to a new net destruction of non-agricultural jobs in the United States in January. This "tends to show that recovery is slow to bear fruit on employment", summarizes Credit Agricole. Across the Atlantic, the situation is torn between "a very positive cycle and severe structural constraints", adds the Green Bank. Side financial sector Friday, all its components has plunged, pulling the index down. "Investors are a simple reasoning: If the market buying more sovereign debt, which will buy the paper from banks", says an analyst. Banks have a need, more than other sectors of the economy, to refinance daily in the markets and volumes very important. Furthermore, exposure of the big banks, French, southern Europe or the East, where some States debt is of lesser quality, raised questions Friday.

Progress of the fundamental

Concerns over sovereign debt should also raise another subject for the banking sector: the future solvency rules currently being debated in Basel III, for application in 2012, will indeed compel banks to buy sovereign debt. The underlying idea is to enable the latter to have liquid assets in the last resort if they were to be unable to refinance on the interbank market, as after the bankruptcy of Lehman in the fall of 2008. "This should at the same time ensuring liquidity for the debts of State", qualifies an analyst. But if the liquidity of sovereign debt was in turn more assured, to imagine that the banks refinanceraient Insurers, more directly exposed to variations in sovereign debt, also accused of declines Friday. According to the French Federation of insurance (FFSA), the insurance sector is indeed invested 34 in the OECD Government bonds. A level that the future Solvency II standards should still increase because they heavily penalize hold shares.

Thus, a macroeconomic gives of fragility and weight on the growth potential of the flight of the sovereign debt made to second the good quality of the last raw of quarterly results. According to Thomson Reuters, among the 314 companies (about 500) component expanded index of Wall Street who have already published their accounts in the fourth quarter, 74 have unveiled better figures than expected by the consensus of analysts. The US rating compartments that were most pleasantly surprised are information and durable consumer goods technology. It is these two groups of titles, Friday pulled Wall Street in the red zone. About prospects of the shares, Goldman Sachs believes that "the macroeconomic figures remain a factor in support of the courts" and stressed that "profits straighten better than expected." From this point of view, the tightening of monetary policy in some emerging countries, including China, and the concerns raised by the Greece debt have "masked the fundamental progress". For the business bank, the consolidation that began in September 2009 is comparable to that between March and August 2004. Phase prior to a long period of growth.