MADOFF : strange practices at LUXALPHA

·         WORLD ECONOMY : Mr Strauss-Kahn has no time left for distractions. The IMF has once revised its growth forecasts downwards. This year, the world global output is likely to retreat by 1.3% (by 3.8% among the mature economies with -2.8% in the US, -4.2% in Euroland and -6.5% in Japan). China should see a +6.5% growth and India a +4.5%. The overall GDP is expected to rebound by 1.9% in 2010.

·         CONMPANY RESULTS : very good resultants at CREDIT SUISSE, in line at NOVARTIS, disappointing for AKZO and ABB.

·         MADOFF : the French press has reported strange practices at LUXALPHA.

·         VIX is up at 38.1. Gold is up at 892 USD per oz and the oil price (BRENT CRUDE SPOT) is slightly down stable at 48.8 USD. The USD is weaker against the EUR at 1.30. 10-2 years spread is at 1.50. The 5y CMS stands at 2.815 and the 3y at 2.325.

 

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