In the crisis natural leaders have emerged

Into a summer that was often deadly as in 2007, the European stock markets have shown restraint, with a new ground for concern, the possible of the American financial group CIT bankruptcy. If it was, it could have consequences harmful and disruptive to the markets, notably for structured products as the "collateralized debt obligations" (CDO), securitized claims. Indeed, this company is very represented in this type of Fund and its eventual bankruptcy would not fail to cause a stir and significant losses.

Balance sheet, the CAC 40 index finished on a gain, which remains significant, 0.98, to 3.081,87 points, while London and Frankfurt marked on respective progressions of 0.85 and 1.26. Wall Street was more undecided yesterday mi-séance. Yet, the excellent results of Goldman Sachs in the 2nd quarter than expected with a monthly gain of 0.6 added to the good apparent figures for retail sales in the United States in June, emerged best, suggested a better holding. Only, excluding gasoline and auto sales, this economic indicator is down 0.2. A sign that household consumption, capital out of the crisis, is still struggling to leave. Indeed, they will have above all continue to saving and debt to restore their creditworthiness.

Wall Street taking good notes and moderated his enthusiasm at the opening to move then on balance: the index returned 0.33 closing at 8.359,49 points. The increased much more than expected price index U.S. production in June resulted in a fairly clear lift in long-term interest rates, with the T-bonds yield to 10 years rose by 11 basis points to 3,461. The bond of 1.8 and 0.5 excluding food and energy production price recalled that a little bit of inflation would be probably hand in hand with the possible resumption of the first world economy. What causing some tensions on the bond markets.

These tensions were much more moderate in Europe, with, for example, the French OAT 10-year yield up 3 basis points (0.03), 3.73. The European Central Bank (ECB) has also allocated yesterday a little more than 100 billion euros at the banks of the euro area through its main refinancing operation, for a period of 7 days and at a fixed rate of 1. The ECB announced a rise of its secure bond purchases at the same time.

Natural leaders

In euro-zone industrial production straightened in May of 0.5, registering by even his first rising monthly since August 2008, according to the European office of the Eurostat statistics. Weaker growth than anticipated by the consensus, which was on a gain of greater than 1, but a sign encouraging still. At the same time, Eurostat has revised upward its previous estimate for the month of April, where the production finally fell by only 1.4, against an initial assessment of-1,9.

European investors have desire to believe in the recovery. They also started to invest on the stock market in a manner less timid and more honest. Thus, they invested EUR 16 billion in may in the European funds invested in shares, according to Lipper IMF data. This is the best month for three years. However, the company notes that the bulk of these subscriptions are managers of fortunes and the private bank account. The other major categories of investors (institutional, private individuals) remain on the reserve. However, with further subscriptions record 5.3 billion EUR, debt European companies (non-speculative titles) continues to generate a buzz General and pronounced. In the crisis, natural leaders have emerged. This is the case of a French company of medium-sized, Carmignac management, which recorded the strongest collection in May (off money and funds of funds) of all managers of the old Continent. The crisis also has its winners.