Operators remain suspicious to the euro area

The rally markets will actions to go in his term Since the beginning of the month, major stock indexes have hit more 7 on average. The CAC 40 made last week its best weekly score for three months, with a gain of 3. "Window dressing", i.e. balance sheets wrapping to make more beautiful the performance of the funds and portfolios at the end of the season, looks to operate for the better and bring the markets in the green. However, the economic and financial situation remains tense. After the Greece, the Ireland and the Portugal, the Spain concerned markets. Friday, the rate of interest of the country is are significantly strained must issue new debt this week. On the eve of the weekend, Jean-Claude Trichet urged Madrid to deepen its reforms of the labour market and pensions. Pass in Spain, the President of the European Central Bank (ECB) stated that the institution had no position on Eurobonds, subject that is controversial in the European Union ("Les Echos" of December 7). Gathered in Fribourg, Friday, for the thirteenth Council of Franco-German Ministers Nicolas Sarkozy and Angela Merkel have reiterated their opposition to this type of emissions, which is to share the sovereign debt of the euro area. The French President and German Chancellor believe that structural reforms must be implemented in each country. They also stated that they were not in favour of an increase in European Rescue Fund. It will be on the agenda of the European Council to be held on 16 and 17 December in Brussels, which must endorse a permanent mechanism for crisis management.

Pass empty for the euro

On the currency front, the single currency has been a passage, these days. Franco statements managed just to slow its decline against the dollar. Friday evening, it is exchanged at 1,3226 dollar while a week earlier, she evolved over 1.34 dollar. Operators remain suspicious to the euro area. In the face, the dollar benefited from positive indicators in the United States. Question if this rally will confirm this week is. Some important data are expected by operators: retail sales, prices, production and stocks of business, tomorrow, inflation and the real estate index NAHB, Wednesday, starts Thursday, and indicators advanced, Friday. Nevertheless, the last meeting of the year of the Federal Reserve's monetary policy Committee will be the high point of the week. Interest rate, the institution should maintain unchanged its main reference, almost zero for two years now. Its members should be the point on injections of liquidity triggered six weeks ago, in the banking system to promote the recovery, and including the redevelopment of employment. The beige book, published on December 1, had noted a slight acceleration of growth. The Fed should also confirm its program of additional repurchases of Treasury bills, to a maximum of 600 billion dollars here in late June. Friday, the markets have been reluctant because of the monetary policy of Beijing. China's Central Bank noted the rate of mandatory reserves of banks. The fear is that inflation should increase interest rates.