And outstanding both resumed ground Friday

Last week, the Dow Jones have surrendered only 0.29 on five days, and the Nasdaq won 0.56. On this side of the Atlantic, the CAC 40 has dwindled to 0.18. Read this, the markets last week might seem without interest. And yet it will remain historical both places are passed close to the disaster. And outstanding both resumed ground Friday. The CAC 40 index flew 9.27 over the last session (see page 21). The never-seen.

All however poorly started. Monday, fourth us Investment Bank Lehman Brothers is bankrupt. The number two of the insurance, AIG, is in point also. Merrill Lynch is taken over by Bank of America. European places dive. The Dow Jones passes under the 11,000 points after a fall of 4.42, an unprecedented situation since the terrorist attacks of September 11, 2001. At the same time, oil slips to $ 90. Tuesday, the Federal Reserve keeps interest rates unchanged, at 2, at the end of its monetary policy meeting while operators were waiting for a gesture.

Thinning comes from New York

The concerted action with the other central banks of massive injection of liquidity in the interbank market is sufficient. The Dow Rebounds still 1.30 but the next day, the European places remain subscribed to the red on levels of more than three years ago. The results of Goldman Sachs, in withdrawal but recipient, followed by those of Morgan Stanley, better than expected, do not persuade. Worse, the speculation is of these two banks the next victims of the crisis. On Wednesday, the authorities taking action. Two weeks after the rescue of Fannie Mae and Freddie Mac mortgage refinancing facilities, the Fed grants a providential loan of $ 85 billion to AIG. For its part, the Federal Reserve is bailed out of $ 40 billion by the US Treasury.

Thursday, thinning occurs at night in New York. The prospect of the establishment of the structure of hiving-off for banks and bans on short sales ordered by the Financial Services Authority (FSA) and the & Securities Exchange Commission (SEC) boosting the machine. At the close, the Dow Jones ends 3.86. Friday, the shock works beyond the expectations. In the wake of the European places, who have sealed off the meeting Friday with increases ranging from 5 to 10, Wall Street picks up 3.35.

The cure is still far

Shares regained the favour of the operators; bonds made the charges. The performance of the loan of American State for 2 years, which moves in the opposite direction of prices, flew 45 basis points, to 2.15, is almost the level of before the bankruptcy of Lehman Brothers, originally of black week. The bond market is traditionally refuge in turmoil. A mid-June, the rate to 2 years in the United States was still above 3. In Europe, the German rate it is also stretched significantly on the eve of the weekend, returning to its level of 4 ( 35 basis points). At the height of the concerns, investors were even pounced on us state borrowing a paltry performance. T-Bill to 3 months thus flirted with 0. Friday, he returned to 100 basis points. The credit market was also requinqué by the announcement of the plan in the United States. Fears that business, any particulièrementet banks, default is are somewhat attenuated. The Itraxx index, which serves as a barometer, is powered at 635 points Wednesday before dragging around 560 points weekend a level that remains high on the contracts relating to the debt of the less well rated companies. CDS (credit default swaps") names the most threatened bankruptcy have seen their prices fall. Everything is therefore better but the financial sector is far from being healed, as the world's largest economy.

The bearish scenario has not disappeared and markets hold their breath.