The first week of the year was particularly positive, and broadly in terms of asset classes and regions.

Emerging Markets on the rise : LEM (Lyxor MSCI Emerging Markets UCITS ETF), weekly data

In Europe, the Stoxx600NR rose by + 2.1% thanks to very good PMIs, while the Markit Composite index was 58.1 points higher in December, its largest increase in almost seven years, thanks to an acceleration in the growth of the service sector and manufacturing activity in its main Member States.

Week was little active on equity indices this week, with a rise of 0.3% for the S&P500 and a slight decline of 0.3% for the STOXX600NR. Little activity to report during the Christmas hollidays on the equity markets, but on the other hand significant movements on the front of currencies and commodities.

The week was slightly positive on equity indices this week, with a 0.28% increase for the S & P500 and 0.55% for the STOXX600NR.

This week was especially marked by the elections in Catalonia which saw the Unionists get the majority of the votes but the three independentist parties meet the majority in parliament.

The week was marked by a significant performance gap between Europe (Stoxx600: -0.26%) and the US (S & P500: + 0.9%) supported by the FED which has as expected increased its rates by 25bp and confirmed that there will be three new hikes in 2018 while inflation remains very weak.

Sensitive growth in European indices, which saw their short term score increase significantly to 69 points (+15 over 2 weeks)

Southern Europe is clearly shaking up -> buying opportunities?

The US still very bullish, while the emerging have suffered.

Our Krach indicator argues for a very low risk at only 24.4 points

Commodities have been hit hard this week, but there are still opportunities.