Downtrend in car sales in Europe at a slower pace

STOCK MARKETS: all technical indicators point to oversold markets et a technical. No need to cudgel one’s brain to find a economic explanation to this. We are in a trading range situation and right investment choices will make the difference.

CAR INDUSTRY: car sales in Europe are still in a negative trend but at a slower pace. The situation in very contrasted amongst countries (UK and Spain in a very bad shape) and car makers: VW and FIAT are benefiting from incentives and the low segment. The French and American cars are not fashionable right now but the luxury segment is also suffering (BMW and DAIMLER)

VIX is back above the 30 level at 30.8. Gold is stable at 934 USD per oz as the oil price (BRENT CRUDE SPOT) at 69.5 USD. The USD is remains weak against the EUR at 1.39. 10-2 years spread is at 1.77. The 5y CMS stands at 3.0 and the 3y at 2.4.

 

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