Sarkozy fait la rupture avec… Hollande

30 janvier 2012

Les Echos

Va-t-il reverser des droits d’auteur à François Hollande ? Nicolas Sarkozy semble faire sien le slogan de son concurrent socialiste : « Le changement, c’est maintenant. » Changement dans la campagne d’abord. Depuis la primaire PS, c’est autour de la gauche et de ses propositions que s’organisait le débat. Avec les chantiers annoncés hier soir, le chef de l’Etat et ses projets se placent au centre des discussions. Serait-ce au prix de la critique ou de la polémique. Avant de reprendre la main, « Sarko » – comme dirait Alain Juppé -devait redonner de la voix et le « la ». Depuis hier, c’est fait. Lire la suite »


30 janvier 2012

John P. Hussman, Ph.D. – http://www.hussmanfunds.com/wmc/wmc120130.htm

Goat Rodeo – Appalachian slang for a chaotic, high-risk, or unmanageable scenario requiring countless things to go right in order to walk away unharmed.

Over the years, of the most frequent phrases in these weekly comments has been « on average. » Most of the investment conditions we observe are associated with a mix of positive and negative outcomes, so rather than making specific forecasts about future market direction, we generally align our investment position in proportion to the average return/risk outcome, recognizing that the actual outcome may be different than that average in any particular instance. Lire la suite »


Asia’s Hunger for Iron Ore Boosts Rio Tinto

30 janvier 2012

Barron’s

The Australian mining titan, moving to tighten its hold on key assets, has enjoyed a 20% stock rise in a month, as analysts augur upside of 30% or more. To some, it looks like a better play than rival BHP Billiton.

For years, Oyu Tolgoi, the world’s largest copper-gold-silver mine development project in Mongolia has been a bone of contention between mining entrepreneur Robert Friedland and the giant global miner Rio Tinto Group. Lire la suite »


Fiscal treaty could trigger a debt explosion

30 janvier 2012

Financial Times – Wolfgang Münchau

I recently had a conversation in which everybody seemed to agree that the new European fiscal pact was quite mad. The conversation was overheard by a former policymaker, who turned to us and said that he agreed in principle – but he then added that if the treaty encouraged the European Central Bank to become more flexible, it might still be worthwhile. Later I spoke to a central banker, who also agreed that the treaty was irrelevant, but he was nevertheless in favour of it because it served as a signal to the financial markets. When I spoke to my contacts in the financial markets, I was told that the treaty was quite mad. Lire la suite »

Portugal: turning down the heat

30 janvier 2012

Financial Times

Fire-fighting is a maddening business. While eurozone leaders focus on the region’s biggest blaze – Greece – smouldering difficulties in Portugal are flaring up again. The yield on Portuguese 10-year government bonds has leapt more than 2 percentage points since its downgrade to junk two weeks ago. Now they are above 14 per cent. Never has the prospect of Portugal – recipient of a €78bn bail-out package last year – returning to the debt markets by 2013 looked more distant. Lire la suite »

Apple Juggernaut Fuels Silicon Valley Hiring Amid Bubble 2.0 Concern

30 janvier 2012

Bloomberg

Hiring in the technology sector is gaining momentum.

Among U.S. technology companies with a market value of more than $100 million, almost 50 increased employment by more than half in the most recently reported two-year period, according to data compiled by Bloomberg. Some small and mid-size businesses boosted payrolls by almost fivefold, underscoring the resilient demand for Internet services, software and electronics. Rohit Dhingra is one face behind the statistics. He went to Columbia Business School in New York so he could land a consulting job. Instead, he got hired by a company making computer gear in Silicon Valley. Lire la suite »


Un art difficile

27 janvier 2012
Les Echos
La bonne surprise des résultats américains est qu’il n’y a pas de mauvaise surprise. Pour l’instant.

Presque toujours en politique, le résultat est contraire à la prévision, professait Chateaubriand. Les boursiers n’ont nul besoin de se plonger dans les « Mémoires d’outre-tombe » pour constater qu’eux aussi échappent rarement à cet axiome. Caterpillar et Colgate-Palmolive ont rejoint la cohorte des Apple, Microsoft, IBM, Intel, McDonald’s et General Electric qui ont publié de meilleurs résultats nets par action que prévu au dernier trimestre de 2011 et dont les perspectives, pour cette année, sont tout sauf alarmantes. Lire la suite »