· Hitchcock would not have done better: DJ -0.8%, S&P500 -0.1%, NASDAQ +1.2%, NIKKEI -0.6% and EUROSTOXX -1.7% and now up 0.7% right now.
· What can you add to the current comments about the markets : the past two months were far from good but it was more of a trading range than a free fall. January, in particular, was bad and wise men in Wall Street use to say it’s no good for the rest of the year. At this stage, either we go further downwards or the rebound is finally in the air. Probably only a matter of weeks, even days before we know. Interesting to see how some clients are rushing onto corporate bonds with no real visibility so far and still avoiding shares and equity funds.
· Freight by air fell off a cliff in December y-o-y (-22%), even more in January (-28%).
· The German state is not excluding a new cash injection into Hypo real Estate, possibly expropriating some existing shareholders, in order to save the bank.
· VIX is stable at 45.5 and is also a good proxy for financial markets in their search for a future path (up or downwards). Gold is holding on at 904 USD per oz (remains very volatile) and the oil price is retreating slightly at 45.3 USD. The USD is stronger against the EUR at 1.28. 10-2 years spread is surging at 1.47. The 5y CMS stands at 2.9843 and the 3y at 2.513.
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