The composition of the indices also played

The stock vintage 2010 will be heckled and constrasté. On substance of European sovereign debt crisis, Wall Street was able to detach. The & S P 500 posted a brilliant performance by 23 (in euros) since the beginning of the year, the highest increase annual since 1999, according to Bloomberg. The other is the elbow-to-elbow with emerging markets, which continue to exceed the markets developed as a whole. However, from one country to another, the differences are significant: while the place of Shanghai has disappointed (-6,2 in euros), other, smaller, as the Thailand, saw, they fly their scholarship. But it is probably in Europe that differences are the most notable: there is more a market Europe, but "to" Europe. Evidenced by the bond of 39.5 of the OMX in Stockholm (1), against a decline of 35 of Greek composite index. Two sessions of the closing of the year, the CAC 40 should, he stay in the camp of the "negative", with a decline of 1.2.

Overview of the "winners" and "losers" of 2010 on the major world markets.

Record of Wall Street in euros

S & P 500, which has exceeded its level prior to Lehman Brothers, is in the process of recording his best month of December since 1991. The American index benefited from an effect currency for European investors. While the euro has lost about 8, the S & P 500 recorded an increase of 23 in euros, a record since the creation of the single currency in 1999. Meanwhile, the Dow Jones index won 22.7.

Wall Street has directly benefited from the policy of quantitative easing of the Federal Reserve. "The market rebounded well since the first announcements at the end of summer, said Roland Kaloyan, strategist at Société Générale. The place has also benefited, more recently, the extension of tax relief, which had been implemented by Bush.

An enabling environment, therefore, but also good results to businesses. The S & P 500 companies have largely exceeded expectations. They should register a growth of 37.6 of the profits in 2010, is more than the 30.6 initially planned by analysts in any early this year.

Stock market Europe cut in two

Europe remains behind in the United States. The broad index, Stoxx 600, took "only" 10,53, affected by the values of the countries of the South of the old Continent. On background of the debt crisis, a clear segmentation is created between the markets of the euro area and outside the area. The figures speak for themselves: the Stockholm OMX has made the best performance of the major developed countries included in the MSCI with a 39.5 gain and the Greece resulted in the worst score, with a loss of 35. The Futsee out rather well, with an increase of 15.3. "There was more differentiation between countries and between sectors and values, this year, and this for the first time since 1999.". "It was good idea to have a geographical approach," says Roland Kaloyan.

In the euro area, the heterogeneity has also dominated. Reflected in the performance of the German and Spanish indexes: the first advanced 17.4 while the second lost 16.4 per cent. "There was a real discrimination between the countries, based on macroeconomic fundamentals such as the weight of the debt." "There is also a good correlation between bond and performance of the stock market," he repeats.

The composition of the indices also played. Those with weight important financial (approximately one-third in the Ibex 35, is two times more than in the DAX, according to calculations by CPR AM) were more penalized. Conversely, export values in particular to the emerging - were they preferred.

The emerging stand

The MSCI Emerging Market rose by 24 (in euros), against 19 for the MSCI World. The gap is much lower than in 2009, but the emerging have received an enabling macroeconomic environment. They were supported by massive inflows into the actions Fund dedicated. Net inflows were $ 92.5 billion, exceeding the previous record (82 billion) in 2009, according to data of EPRF (December 23).

However, market growth is far from being consistent between countries as shown in the disparities within the BRICs (Brazil, Russia, India, China): Micex, in Russia, highly correlated with raw materials, rose by 31.1 while the composite index of Shanghai gave 6.2 since the beginning of the year, placing it at the bottom of the ranking of the annual performance.

More generally, these are small countries which fired their PIN of the game this year. Evidenced by the bond of 69.1 of the Thailand or 82 of the Peru.

"Investors have sought domestic quality stories in strong countries, indicates Martial Godet, responsible for managing emerging of BNP Paribas IP." However, "little" did not necessarily mean "efficient". Many frontier markets - i.e. do not falling within the emerging - have under-performed, the image of the Slovenia. The economic fundamentals of the country have taken into account.

In the MSCI "Frontier Markets", which jumped 29, the Palm is Skri Lanka, with 89 growth (in the MSCI, 119 for the local index). Conversely, Bahrain dropped by more than 15.