6 in March above estimates of economists

The conditions are apparently idyllic. The survey conducted in early April by Bank of America-Merrill Lynch shows that investors have a very favourable judgment on the current market environment. The meeting of yesterday supported their analysis. The eyes were turned to the United States, where the quarterly results season starts on a positive note and statistics confirm the economic recovery.

Retail sales, unveiled yesterday, increased by 1.6 in March, above estimates of economists. The signal is much more positive that the previous month's figures were revised upward. On the other hand, price inflation excluding food and energy consumption has fallen by 1.3 to 1.1 in March. The ideal scenario for investors - growth without inflation - is therefore now materialize.

"Extended period".

"With the figures of the past, we approach the rating of the Federal Reserve concerning the deflationary risk warning", adds Rob Carnell, at ING. "It could therefore see the Fed members waive change their phraseology at the next meeting, end of April." The words of Ben Bernanke on this subject, yesterday, were not clear. "The monetary policy Committee has made it clear that he anticipated that rates very... extremely low needed for an extended period", said the pattern of the Fed in a speech to the Congress. Some wondered if his language had fourché or skinning the usual phrase "exceptionally low" was intended to prepare the ground for a change.

Before the inflation figures, specialists were indeed more and more numerous to estimate that a slight hardening in the form of the Committee on monetary policy on the rates could take place as soon as the meeting of April 28. A hypothesis which was reinforced by Jeffrey Lacker, Richmond Fed's words, Tuesday. But, if no change occurs late April, the market environment would be always conducive to risk-taking.

Five sessions of rising

The new York Stock Exchange recorded a fifth session of increase in a row. Installed at a new summits the Dow Jones index appreciated by 0.94 closing at 11.123,11 points, and the & Standard Poor's 500 increased by 1.12, to 1.210,65 points. For its part, the Nasdaq rose 1,586, to 2.504,86 points.

The presentation of Intel accounts for the first quarter was welcomed. Sales and margin forecasts announced by the group have bolstered investors in their betting on the technology sector recovery. The title jumped from 3.29, among the largest increases in the Dow Jones. At the top of the charts, JP Morgan won 4.05. The Bank has published higher expectations in the first quarter results: revenues from the business Bank offset losses on consumer loans.

At this point, analysts surveyed by Bloomberg anticipate an increase of 30 of the results of the companies of the S & P 500 in the first quarter of 2010. Moreover, Credit Switzerland found forecasts year-end for large Wall Street index, to 1.270 points, pushing back in early 2011 the likely relapse.

The flow of good news about the United States also brought European markets: the DJ Stoxx 600 has increased 0.65, to 270,44 points, the highest since the end of September 2008. The CAC 40 is also the record of the year. The American publication of the beige book of the Federal Reserve in the evening has not provoked reactions. According to the report, which gives an idea of the economic situation of the various States and serves as the basis for monetary policy decisions, the activity is "somewhat" improved in March.