Pending home sales were up

·       Is it already spring? : DJ +1.8%, S&P500 +1.6%, NASDAQ +1.6%, NIKKEI +2.7% and EUROSTOXX +2.1%  and now up 0.3% right now.

·       The financial markets were in a good mood yesterday as pending home sales were up by 6.3% in December (m-o-m) (the housing market remains a good indicator for what might happen in the financial markets). Good results from the pharma business in the US, hopes about Obama’s plan and encouraging statement by the FED gave a helping hand too.

·       FORTIS : PING AN is going to vote against the recent agreement. A thorough analysis of the figures seems to demonstrate that the proceeds of the sales last October were lower than the real value. The next General Meeting will be definitely highly animated.

·       VIX is logically somewhat lower at 43.1. Gold is holding on at 899 USD per oz while the oil price is retreating slightly at 43.6 USD. The USD is under pressure against the EUR at 1.30. 10-2 years spread is going upwards at 1.51. The 5y CMS stands at 3.037 and the 3y at 2.555.

 

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