Stock markets fear a monetary withdrawal

The stock markets were especially worried this week as the World Bank - taking over the International Monetary Fund (IMF) - has revised downward its global growth forecast for 2013, particularly in China. The economic environment is becoming darker, stock investors continue to feel some discomfort with the intoxication of the peaks, and fold.

Their excitement is fueled by another fear: that the fuel that fed the rise in prices - massive liquidity provided by central banks - is not available as long as expected. Some traders speculate indeed a tightening of financial asset purchases by the U.S. Federal Reserve (Fed).

DOW JONES NASDAQ DOWN

On Monday, Standard & Poor's had very little Wall Street by announcing the withdrawal of its negative outlook on the U.S. sovereign rating. The important thing is not there, but the support of the Fed - which meets on June 18 of the Monetary Policy Committee - and the future budget negotiations in Congress. For the week, the Dow yielded 1.17% and the Nasdaq, high values ​​of technology, followed the same path, losing 1.32%.

In Europe, uncertainty about monetary policy and the hearings of the German Constitutional Court on the mechanism of redemption of government bonds (WTO) - announced by the European Central Bank, but has not yet used - weighed on banking stocks: Intesa Sanpaolo, Deutsche Bank, Societe Generale and BBVA are among the ten largest weekly declines in the Euro Stoxx 50, together - in particular - the luxury giant LVMH, affected by concerns over growth Asia and emerging countries. The large cap index in the euro area has lost 2.08% this week to 2 667.32 points.

CAC, DAX AND IN BERNE FOOTSIE

In Paris, the CAC 40 was down - 1.74% (3 805.16 points) - as the DAX in Frankfurt (- 1.54% to 8 127.96 points). The "cyclical" values ​​of the two countries - sensitive business trends - have registered a decrease, such as Lafarge and Heidelberg Cement. In London, the FTSE was also down (- 1.62% to 6 308.26 points).

Tokyo, entered a bear market after May 22, the date when the Nikkei peaked at 15 627.26 points was watched closely this week. On Monday, the market rebounded sharply, clinching 4.94% after the announcement of the revised figure of Japanese growth in the first quarter (+4.1% YoY, instead of 3.5% in the first estimate), which gave credibility to the recovery policy launched this fall by the Abe government, called "Abenomics".

Between October 2012 and May 2013, the Japanese stock market rose by nearly 80%. "In a market that basically stagnant for two decades, the performance is outstanding, and probably exaggerated. Predominantly American hedge funds, have taken to the extreme by buying the index at the same time they sold the yen on the futures markets, "explain market economists at BNP Paribas, in a note published on June 14 Since late May, however, "the unwinding of positions led to a sharp correction, as well as on the foreign exchange market than on actions," say the analysts.

LANDING NIKKEI

On Thursday, the Nikkei has plunged 6.35% again: investors felt that the Bank of Japan, which did not offer new support measures, was not aggressive enough. In the end, the Nikkei index fell 1.48% over the week to 12 686.52 points. Landing Nikkei said that the monetary policy, "if she can do a lot, is not a miracle," summarize the BNP Paribas economists. Yet it is to the Fed all eyes will remain turned next week.