They remained stable on both sides of the Atlantic

Taking advantage of relative lull in geopolitical materialized by the setbacks of the oil and gold and the good Wall Street during any meeting, European stock markets regained part of the land they had transferred recently. Some operations of mergers and acquisitions of both sides of the Atlantic came in addition animate markets often lack of new investment ideas during the off-peak summer. Thus, index CAC 40 registered an increase of 2, to 4.914,93 points, while the German market DAX index increased 2.33, to 5.578,05 points, and index Futsee British instead of 2, to 5.833,9 points.

In the morning, squares of the old Continent had already benefited from the announcement of the jump in orders to industry in the euro area, 2.3 increase of 14.2 over one year and one month on the other, according to data published by the European statistical office Eurostat. They had retreated from 0.8 in April from March, according to revised figures from Eurostat. For the whole of the European Union, orders to industry increased by 1.5 on the month and 13 over a year.

Companies: good surprises

For a time, Wall Street was in for good provisions at the outset and confirmed his good conduct during meeting. It is also not the results of the companies that, overall, could the upsetting. On 158 American firms which have announced their results for the second quarter late last week, 71.5 were pleasantly surprised the consensus of analysts. "Joint to the simultaneous weakening of the real estate market, the stock market correction in force since May 10 places certainly prompted the Federal Reserve to be reluctant to pursue its interest rate increases, noticed Antoine Brunet and Sophie Casanova, strategists in HSBC France." Last may, the Fed wanted to probably secretly the stock and real estate markets are falling so that attenuates the wealth effect (Editor's Note: the effect on household consumption linked to the evolution of their heritage, stock or real estate) became too strong and too stimulating for the US economy. Clearly, since late June, the Fed began to fear of a too marked simultaneous degradation of these two major asset markets.

Bond: appeasement

While before the speech of the Governor of the Federal Reserve to the Congress last week, the U.S. futures markets had a probability of 90 to a new increase in US interest rates in August, this probability is now drops below 50. What calm bond markets and allow suggests that most of the long rate correction is passed. They remained stable on both sides of the Atlantic. Thus have the yields of the OAT to 10 years of reference and its counterpart of the German Bund evolved respectively 3,972 and 3.95, while that of the US Treasury 10-year loan stood at 5,040. On the American bond market, a program fairly loaded on different maturities may exert light pressure yields increased this week.

The greenback regained some ground yesterday, against the major currencies. The euro thus fell 1,2680 to 1,2631 dollar, while the paper is folded from 1,8575 to 1,8498 dollar. Finally, the greenback climbed to 116,30 to 116,71 yen.