In Paris the CAC 40 index which had lost up to 3

Unsurprisingly, the stock market "sold the new" after having "bought the rumor". Clearly, the major stock markets, Wall Street lead, had anticipated the electoral success of Barack Obama these days. His victory is therefore translated by taken legitimate profit. Visible early in the morning on the European stock exchanges, they have not only confirmed the opening of us markets. Yesterday evening, US stock prices accelerated their decline for the last part session, leaving more than 5 at the end. In Paris, the CAC 40 index, which had lost up to 3.3 at the height of the session, was able to finish the day on a decline in 1.98, thereby narrowly 3.600 points, reconquered the previous day.

Of course, the election of Barack Obama is obviously a new good both at the political level that diplomatic or economic. But this positive opinion widely held in financial circles "is more a matter of belief and demonstration", says Jean-Pierre Petit, an economist at Exane BNP Paribas. The task which awaits the new President of the United States is immense. Its solutions appear the most appropriate, but "the man has not demonstrated, in its programme or during his campaign, was itself carrying the answers to all the challenges, even if it appears well surrounded by", continues Jean-Pierre Petit.

The stock exchange blows

In these conditions, Wall Street, which ended Tuesday in high rise the most important a presidential election day, did so by delays to return to fundamental realities. Or is lost on anyone that the new President will have to cope with an economy deteriorating. Operators still had the confirmation yesterday with the announcement of the destruction of 157.000 jobs in the American private sector in October, according to the ADP Office statistics. This figure, much more than what was anticipated by analysts, augured poorly for the monthly report on employment which will be published tomorrow. In the same manner, the activity in the services in the United States contracted month last at a rate higher than the expectations of economists.

After a bond of about 18 in six sessions, the New York Stock Exchange experienced thus need to blow, now that the political uncertainty is thrown. Investors now engaged to dissect and digest the results of the election to try to determine how the future policy of Barack Obama will affect the stock market. For Simon Laing, Manager at Newton Investment Management (subsidiary of BNY Mellon Asset Management), the deep proposed political reforms will have to fade before the magnitude of the crisis, for the benefit of projects of recovery of the economy over the next two years. The Manager thus expects a significant announcement of tax measures for 2009. What should logically support the market, which has already widely anticipated very degraded Economic Outlook. But to infer for as far as the risks generated by the severe credit crisis have disappeared would go a little faster to work. If, in the short term, the continuation of the technical recovery is not excluded in view of massive sales by the Fund of investment since the end of August, it seems still far too early to consider the upward trend return.