Citigroup announced a return to profitability

Of investors, 2009 memory will remain a surprising year. The good attitude was not easy to find. In summary, should make the big back in the first quarter, then letting wear the following months. A year, where, after the curée 2008 and early 2009, all of the assets themselves are finally revalued, Shares rose from mid-March. Bonds also. Raw materials have not been forgotten in this session of catch-up or emerging countries. Stock indexes have closed their highest new year. DJ Stoxx 600, the European wide reference and its alter ego American, S & P 500 have won 28 to 23.45. The CAC 40 has flirted with 4,000 points in the last days, without being able to cross them and posted a 22,32 gain. Others have erased their losses following the collapse of the Lehman House in the United States in mid-September, 2008, the image of the Nasdaq, the Ibex 35 in Spain and the British Futsee. The CAC 40 has failed in this business.

But the journey is already impressive: 56 since March 9, 2009. There are many reasons for this relief. US banks were then given for first signs of life. Citigroup announced a return to profitability. The Geithner plan, the name of the Secretary to the Treasury, is made public. Up to 2,000 billion may be mobilized, including to buy toxic assets from banks, giving a breath of oxygen to the derivative markets found themselves blocked or consideration. The use of the registration of off-market transactions, over-the-counter volition or OTC ("over the counter") among the Anglo-Saxons, with clearing houses also reassured stakeholder. In the aftermath, the accounting rules were relaxed for financial institutions. And the G20 in April, which has adopted measures to boost global growth, continues to sit the stock market recovery.

Signs of an economic restart multiply across the Atlantic. Results of share companies and other ocean surprised by their force. The table of indicators is not complete without the key role played by central banks. By lowering their interest rates to levels floors - the US Federal Reserve (Fed) offers between 0 and 0.25 percent since December 2008 and the European Central Bank (ECB) of 1 since May 7-, they have large spigots of the liquidity. Capital benefited all the assets, actions at the top. In view of the displayed performance, they have become over year more attractive than bonds and monetary investments that pay almost. 2009 was a year of flipping, animated by the sectors financial, automotive and raw materials. 2010 promises to be more complicated, the image of the last quarter of last year. The amount of the issued debt is not without arousing fear about their resorption.

Dreaded recovery

Central banks began to reduce the wing on their non-conventional measures. A withdrawal which will be in time. The US economic rebound is not more without operators, because already points the specter of inflation. The Presidents of the major institutions have reassured the market indicating that the fragile recovery, they should maintain low rates. Yet, economists expect a monetary tightening in April for the Fed and the last quarter for the ECB. If the analysis offices still expect growth markets, lower from the vintage past, they recommend to use discernment in the choice of investments, sectors, securities. The good "stock pickers", in other words good breeders of values, will be at their ease in this stock market context.