The yen dropped to the single currency to 133

The enthusiasm is back. After a three day weekend, Wall Street marked a break yesterday. Very well oriented Thursday, the Dow Jones assigned 0.32, to 8.057,81 points at the close, while the Nasdaq was earning 0.25, to 1.653,31 points. The & S P 500 crumbling of 0.05, to 858,73 points. Last week, us index had managed to be awarded 1.7, its fifth consecutive weekly gain. Since its annual low point of March 9, the S & P has bounced almost 27. In about a month, he posted 15 positive meetings on 23, making this period best since 1933, according to calculations, on 10 April, with Howard Silverblatt, Standard & Poor's analyst. At the same time index volatility VIX in the United States reached last weekend its lowest level for about six months.

Large Europe, closed positions since Thursday evening, at Easter, progressed well since early March (see page 19). In Asia, the Shanghai composite index has risen, yesterday, 2.84, on the announcement of record bank loans, with 38 its gain since the beginning of the year, one of the best world performance. According to the press, China would prepare a new plan for consumption.

What concerns renewed on the lighthouses of the rating values which have sounded the death knell of the euphoria on Wall Street yesterday. General Motors first 16,18 at the meeting that, according to the "New York Times", the US Treasury asked the manufacturer to prepare for a deposit of balance. Boeing dropped 5.11, after having warned Thursday that its first-quarter results would suffer from the crisis in air traffic. Chevron, which indicated that its net profit for the first quarter would be lower than in the fourth quarter of 2008 fell by 1.81. However, several major banking values evolved on the rise, such as Citigroup ( 25), until the wave of quarterly publications.

A "glimmer of hope."

This week will be, in effect, marked by stars such as Intel and General Electric titles and more than 30 results of companies of the S & P 500 and Dow Jones, including several bank values (Goldman Sachs, JP Morgan and Citigroup).

Operators are to expect a good "harvest" of results: the Thomson Reuters consensus analysts expect to 37.8 of the profits in the first quarter. This quarter should mark the seventh consecutive decline, the longest period since the great depression, according to Bloomberg.

The weekly agenda also includes many U.S. macroeconomic statistics, as retail sales and industrial production, in March, or the Empire Manufacturing index and on the confidence of the University of Michigan, in April, expected slight improvement. Investors are also attentive to the indices on prices (in production today) and then to consumption tomorrow, as well as the Fed beige book.

Some of the latest data started to show some signs positive (in the image of the Ecri, last week), despite a still very sluggish. Barack Obama said, Friday, indicate a "glimmer of hope" for the US economy facing recession.

However, many strategists and managers are still very cautious, not excluding a new phase of the indices lower before a sustainable rebound.

In this context of uncertainty, American State bonds thawing: 10 years fell 7 points to 2,849 base and the 2 years of 8 basis points. Rates have benefited from the new operation of redemption of the Federal Reserve, which has acquired, beginning of session, 7.37 billion of dollars of securities to maturity of 2 and 3 years yesterday.

Finally, on the front of the Exchange, while the appetite for risk has increased lately, the euro has gained ground, exchanging afternoon 1,3349 dollar. The yen dropped to the single currency, to 133.67 yen.