SOCIETE GENERALE : small but positive net result for Q4, thanks to the retail banking activity

·         The end of days? : DJ -3.8%, S&P500 -4.6%, NASDAQ -4.2%, NIKKEI -1.5%, EUROSTOXX -3.4% and probably slightly up at the opening..

·         President Obama’s statement yesterday was not convincing enough to make markets reduce early losses. The STOXX 50 is now below its lowest level of last November. The S&P500 remained slightly above but for how long?

·         US CAR INDUSTRY : GM is contemplating a drastic reduction of its staff by some 47000 units but details have not yet been released and would ask the government for extra 17 bn USD cash injection. CHRYSLER would cut jobs by 3000 and need around 5 bn USD. Besides swapping financial assets shall we have to switch cars as well in order to avoid a crash?

·         SOCIETE GENERALE : the first European bank to publish disastrous figures early last year came with a small but positive net result for Q4, thanks to the retail banking activity, contrasting with what most financial institutions did (heavy trading losses).

·         FRAUD : STANFORD INTL BANK based in Antigua but active in the US is suspected of a massive fraud (8 bn USD), which would have lasted 15 years. Clients have some 50 bn USD with this bank.

·         KBC : plunged 12% yesterday and another 9% now. No doubt that the fear about Eastern Europe is at stake.

·         VIX is up significantly at 48.7. Gold is rising further at 971.5 USD per oz while oil is down at 39.3 USD. The USD is stable against the EUR at 1.262. 10-2 years spread is virtually unchanged at 1.37. The 5y CMS stands at 2.726 and the 3y at 2.291.

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