Financial markets have clearly stabilized during the month of December oscillating approximately between 3000 and 3300 points. The decelerating of year-end hedge funds which had frightened many operators already seems partially done. And it seems unlikely that we are witnessing very heavy falls before the end of the year.

The big question concerns the results of large rate cuts by the FED and the Bank of England. The dollar and the pound remains highly unstable and continues to trend downward. But there is also a risk of recovery in the coming years inflation violent or structural changes in the evolution of major macroeconomic variables (excess liquidity, refinancing deficits U.S. dollar position in foreign exchange reserves. ... ).

Moreover, the