5 closer to the otherwise impressive levels of its competitors

The Dow Jones finally ended the quarter without beating its record closing or session. The attention for the last week to the eventual crossing of thresholds of January 2000 is the only media fanfare. All records are by definition fatal, and the evolution of a design as outdated as the Dow Jones index has only a very relative scope. The & Standard Poor's 500 index, which is much more representative, is still 12 below its own established records, such as the CAC 40, at the end of the summer of 2000. However, if it is a phenomenon that is not symbolic, it is the return of the two sides of the Atlantic at a much lower volatility, after the fever for the months of May and June last. Shares from mid-July the increase is performed on shots of less affected variations, in volumes of trade also less fed. This is a visibility has improved on all fronts, from geopolitics to interest rates through the half-year results. As dusk records, it is this climate that could make a return in the stock market investors, institutional or individual, who is leery even. Assuming that nothing come relaunch volatility, because it is a prolonged calm for the coup would be a genuine historical break.

A well with fiancée

On the eve of her marriage with Natexis Banques Populaires, the Group Caisse d'Epargne is trimmed of its finery. The commercial bank, which the future entity NatIxis should control 20, displays of beautiful progressions with a 9 increase in turnover, net profit by 16 progress and a coefficient of operation fell by 4.3 points returning to levels still high but previously unexpected 70. And even if the booklet A is a mythical and highly remunerative element for the group, it provides more than 5.7 of the revenues with the substantial development of other products to the customer. So if the Government does not convince Brussels to renounce the trivialization, the blow will be not too harsh for Caisses d'Epargne. But it is mainly in the Investment Bank, flagship of the future NatIxis, that the group chaired by Charles Milhaud distinguished. With a turnover in progress of 36 and profit grows 58, Ixis begins to hold his rank in a landscape of course helped by favourable conditions. What augurs well effect doping can have reconciliation with Natexis. What allow perhaps term the Group Caisse d'Epargne, including return on own funds is yet to 12.5, closer to the otherwise impressive levels of its competitors.

Negative signals

Real estate has the handicap of being exposed to a dictatorship of opinion. The French being majority owners and/or heavily indebted to the future, one that suits them dominates, namely that there not "bubble", therefore no risk of slowing down the application or reversal of the price. Observe a proponent as Alain Dinin, the President of Nexity, doubt is yet possible. If he thought that his initial trade could provide growth and stock routes also rapid in 2004 - 2005, would he bought time two networks of agencies, Century 21 and Guy Hoquet, then attempted to co-operate at the real pole of Vinci, or, Alternatively, to acquire These outbreaks of diversification and external growth were in any case been interpreted as negative signals: Nexity is withdrawal of 20 on its highs achieved in March and, with a dividend ensuring 3.35 of performance, as is much of the land, that it is not, rather than the value of growth that it was since its IPO two years ago. In the light of better than expected half-year results and forecasts 2006 journals on the rise, current caution of fellows seems also excessive than their previous excitement. But before returning to more passion, so verify that the absence of a "bubble" is not the Coué method.