Short rates have also responded the 2year U

Before closing due to national day, Wall Street stumbled bad statistics of employment. All major stock markets have been trained in its wake. Monthly us Labor Department report was undoubtedly the main economic meeting of the week. Operators were until then fairly undecided, as evidenced by the erratic evolution of stock indexes since Monday.

The destruction of jobs in the US accelerated concept June (read also our information page 6). In total, 467.000 posts have been deleted on this period, instead of 365.000 anticipated by the consensus of economists. In addition, the unemployment rate still climbed to 9.5, slightly below expectations.

"This report is disappointing and we continue to believe that the unemployment rate will rise until mid-2010, with a Summit at 11-11, 5," said James Knightley, at ING. The data for the month of June contrast sharply with those of may, which had generated much hope for recovery. This publication also recalls that the soaring stock market since March is based on improvement of the indicators of confidence rather than on that of the situation "hard" data. This excess of enthusiasm which translates to a gain of more than 30 of the S & P 500 in just four months incites number of strategists and managers to predict a stabilization or a decrease of 10 to 15 of the stock markets this summer.

Rebound of the risk aversion

The disappointing unemployment figures also caused a rebound of aversion to risk yesterday. Vix (volatility index) passed the threshold of 28 points while it fell to 25.35 points Monday, its level from before the bankruptcy of Lehman Brothers. At the New York Stock Exchange, the Dow Jones index ended down 2.63, to 8.280,74 points, with the & Standard Poor's 500 lost 2.91, to 896,43 points and the Nasdaq 2.67, to 1.796,52 points. The values related to the oil and raw materials have been penalized. On growth concerns have weighed on the course of black gold, which fell more than 3 66,50 $ $ per barrel of crude. Exxon fell 2.96, 3.04 Chevron and Freeport McMoran of 2.08. Alcoa, which will launch the quarterly season next week, lost 4.54. The chahutées values, were included as Boeing ( 3.32) and Home Depot ( 3,71).

In Europe, DJStoxx 600 index finished on a decline of 2.55 per cent, to 204,12 points. The unemployment rate in the eurozone for the month of may has been unveiled in the morning and stands at 9.5, from April.

The increase of the risk aversion is translated, as in the usual, by an appetite for government bonds. The yields of 10-year rates are relaxed in the United States and Europe. Short rates have also responded: the 2-year U.S. is passed under 1 for the first time since June 5, date of the last report on us employment, which had upset expectations of monetary policy. Investors had then considered a tightening this year.

"The market table now on higher interest rates in the first quarter of 2010, while historically the Fed is only 12 to 18 months after the peak of unemployment", argues Economist of ING. In other words, if this scenario is met, the US Federal Reserve will harden its monetary conditions than in 2012. If the market is satisfied, short rates may still back down.

The foreign exchange market has also reacted to the US figures yesterday. The dollar benefited from defensive status, while the euro was declining at the end of European session of 1.08, to 1,4008 dollar.