It is also now gather Finance Ministers of the Union

Tension remains high on equity markets. All major stock again fell yesterday. In Paris, the CAC 40 lost 2.25, passing under the 3,500 points. In Germany, the DAX fell 2.02, and revel, the Futsee pressed of 1.65. They have deleted the spectacular gains that followed the announcement of the megaplan of support to the euro area. Signs of their defiance to the risk, investors take refuge to the safest State loans. Wall Street yesterday experienced its worst meeting since March 2009, the Dow Jones falling 3.60 and the S & P 500 of 3.90. All on a background of high volatility, as illustrated it the VIX indexwhich measures the implied volatility of the options on the S & P 500 index-, to the highest since the peak of April 2009. The stock market downturn accelerated after the publication of poor us statistics. Weekly registration for unemployment emerged on the rise, the index of leading indicators fell in April for the first time since March 2009, while the Philadelphia Fed was below expectations.

What undermine the confidence of investors already rendered very nervous by the European sovereign debt crisis. "The markets are concerned about two risks facing the euro area, one in the short term, the other long-term, said Gilles Moëc, an economist at Deutsche Bank.". The first is the German political risk: there is always the mortgage approval by legislators to support plan. All this contributes to the development of stress, but the vote in the Bundestag, today, should raise this mortgage to me. The second risk, longer term, is huge query on the effects of second round of austerity on the growth policies. This is who has the greatest impact on equity markets, bond markets appear, they stabilized.

The decision of the German authorities to ban naked short sales in certain securities, which triggered a genuine cacophony in Europe, irritated investors in several titles. It is indicative of the political divisions that exist between EU heavyweights, while euro-zone members are struggling to overcome the crisis triggered by the Greece. It also strengthens the questions on the differences of views between Americans and Europeans about the subject burning of the financial regulation.

Rumours and unrest

Evidence of unrest prevailing in the markets, investors responded to less rumors. Wednesday, the noise output of the Greece of the euro area is spread in market halls, before be denied by Athens. Yesterday, rumors of the liquidation of hedge funds have haunted spirits. "A severe contraction in Europe added to intense financial turmoil have the potential to stop the resumption of the world economy, and this scenario would have far more serious consequences for American trade and global growth," said one of the Governors of the Federal Reserve, Daniel Tarullo, at a hearing in Congress. High volatility, aversion to risk, substantial volumes of sales: all these data could lead to a situation of pré-capitulation - a stock market term that refers to an episode of strong contraction over several days on the markets, with strong sales volumes. This week, Credit Switzerland analysts have interpreted the movement of Asian shares by foreign investors as a harbinger of this phenomenon.

Today's meeting will be the opportunity to test the excitement of the market. The Bundestag, the German Parliament, must vote the plan of financial stabilization in the euro area. It is also now gather Finance Ministers of the Union. They should address the delicate issue of short selling Strip, this new Apple inappropriate regulatory discord in the eyes of many analysts.