17359 points with the Standard Poor's 500 lost 0

The atmosphere was very studious yesterday in the rooms of market for the major event of the US Federal Reserve. The issue was of size since this pause in the cycle of the Fed rate tightening is the first time in two years, the monetary institution ceased to raise rates since June 2004.

Sign markets, Wall Street nervousness first accelerated its rise shortly after the publication of the press release, before falling in the red. The Dow Jones index has thus completed the session on a decline of 0.41, to 11.173,59 points, with the & Standard Poor's 500 lost 0.34, to 1.271,48 points and the Nasdaq by 0.56, to 2.060,85 points. While the status quo was largely integrated, operators worried that inflationary pressures do require the Federal Reserve, again, to raise rates.

Among the values in view, Sara Lee has lost 2 on its Outlook, despite higher expectations quarterly profit. Bristol-Myers Squibb fell 7.16 while the Apotex Pharmaceutical Group has launched a version developed, generic anti-coagulant Plavix with Sanofi-Aventis.

A little earlier in the afternoon, European markets finished in dispersed order, close to the balance, the image of the DJ Stoxx 600 ( 0.06, to 324,44 points at the end). Main indices of the old Continent have made an incursion into the red after publication of the productivity figures in the second quarter showing an increase of unit costs of labour, over the attentes. "These statistics remind us that inflationary pressures continue to weigh," commented Jeremy Willems, managing European shares in AGF AM. Moreover, according to him, "beyond the tone of the release of the Fed, markets should need a bit of time to ensure that inflation remains subdued before resuming a real upward trend".

Similarly, for Roman Boscher, Director of management actions in Groupama AM, "while the markets expect a break from the Fed, such a decision would be insufficient to be catalyst".

However, for Thierry Cantet, strategist at Société Générale: "After nearly three years of underachievement U.S. markets including associated monetary tightening, a clear indication on the part of the Fed at the end of the rate hike could be a catalyst to their flight."

In recent weeks, both sides of the Atlantic, "the trend is bullish but caution has dominated," notes Jeremy Willems. Since the annual low point of mid-June on statistics showing a resurgence of tensions inflationary, DJ Stoxx 600 resumed approximately 7.5 and the S & P 500 advanced 5. However, they remain well below their most annual highs in may 343,84 points for European index and 1.325,76 points for the American market.

Asymmetry of risk

"The economic slowdown in the United States is proven and macroeconomic table at the global level has become cause for concern," says Romain Boscher. On bottom of tightening monetary world the European Central Bank and the Bank of England increased their rates last week and expected the Bank of the Japan something, oil continues to rise and geopolitical tensions remain vivid.

At the same time on the micro-economic front, "even if the results season is particularly good, there are the negative surprises in various sectors, including in technology and the automobile." "A situation which will lead to an increase in volatility", indicates.

In the current context of fears, corporations which issued disappointing results are heavily punished while the pupils are not necessarily rewarded. According to a study by Reuters in the United States, groups having exceeded expectations earn on average in the stock market after their release 4.2 versus 5.4 a year earlier. "This asymmetry of risk, observed since the beginning of the summer, is symptomatic of a sector rotation." "Weigh concerns about future results", says Fabrice Bay, responsible for the management at DWS Investments.