The lowest affected in March major stock indexes is impressiveDespite signs of recovery the financial crisis is not to be finiteIn the Iraqi capital the danger is everywhereRio Tinto which has since October 2006 a 94 million units over the period 7 growth on a yearAnd agreements sometimes turn to neocolonialismSecond employer after the giant WalMart 655It is work competitiveness and better regulated worldRumours evoked Monday a difference of EUR 1The hotel is the resort place of the Dukes of RussiaWeek heavy on the front of the emissions of State, on the Continent. Euro area, some 21 billion euros must be issued, this week, according to estimates of Natixis and Société Générale. After the Italy, the Ireland, the Germany, the Spain and the France must also develop securities market. The United Kingdom must at the same time placing about 7 billion pounds sterling. "This is not a record week, but it's huge!, says René Defossez, strategist at Natixis.". For the time being, the British auction went very well and the Italian proved average. 
And yet, these figures do not include the German issue of securities to three-year $ 4 billion, its first award in the US currency since 2005, according to Bloomberg data. In the wake of the Belgium and the Spain, last week to 3.5 billion, in total, this German unionized is, beyond the symbol, the best illustration that the States are seeking to diversify their appeals to the market. And this in a context where the debt fundraising must reach astronomical sums this year and next year (at least 850 billion EUR, euro zone, in 2010, according to economists).
"This operation reflects a strong appetite of investors in dollars for the State paper, in particular, sovereign wealth funds and Asian central banks, seeking to diversify their portfolios, said Ciaran O'Hagan, Société Générale.". The slope of the curve and conversion through currency swap contracts make emissions in dollars much more interesting for a few weeks. Should see others, such as the Greece.
"Abundance of liquidity".
"When the France", so ask the professionals. The Agency France Trésor (AFT) indicates that the France can issue foreign currency since 2003, without having used, for the moment, this possibility. "Is still listening to the market," said the spokesman of the AFT, without giving more guidance.
For its part, SFEF (financing of the economy society) announced titles to 5-year $ 4.5 billion, yesterday, but it had already issued in US currency (also read our information page 23).
In view of this week charged on the front of the emissions, the bond market was of slight tension. In the late afternoon, the 10-year German took 2 basis points to 3,251, and French 10 years 2 points to 3,541.
Growth forecasts revised Brussels at the same time penalized the State bonds, typically regarded as a refuge. The European Commission now table on an economic recovery in the eurozone as soon as the third quarter of 2009, although it has maintained its forecast of a decline of 4 of gross domestic product throughout the year. "The bond market is evolving in a narrow range in recent weeks near extraordinary levels known after the bankruptcy of Lehman." "Despite the influx of papers, it evidence of great resistance, which shows that the operators have doubts about growth", resumed René Defossez. "The market is really good: it is linked to the abundance of liquidity, support Philippe - Henri Burlisson, responsible for managing Groupama AM rates." Sign of the State: the Libor/OIS gap, to analyze the relaxation on the interbank market, is close to the levels of before crisis.
