It's the fault of the Fed!

If the settlement of the commercial arm wrestling between Washington and Beijing is the real stake of the end of the year on the stock market, it is the central bank of the US that is the center of attention mid-week. That would have been the case even without a new, violent charge by Donald Trump against the institution, since many of its members have made public statements at several conferences held in the United States. The financiers want to know if there are any cracks in the unanimity of the members of the Fed want to quickly raise the policy rates. Yesterday, the vice-president of the central bank, Richard Clarida, stayed the course by supporting the current policy. But his colleague James Bullard, of the Saint Louis Fed, acknowledged that growth could be threatened, while Esther George, of the Kansas City Fed, conceded that tensions with China were weighing on the economy. his region. As for Raphael Bostik, his talkative counterpart of Atlanta, he voiced "pockets of concernFinancials prefer a low rate environment that favors liquidity.

The most anticipated intervention will take place tonight with a speech by Federal Reserve Chief Jerome Powell, who has once again been dressed for the winter by Donald Trump, who makes it responsible for the decline in US stocks and floating on growth prospects. The President explained to the 'Washington Post' not to be "even a little bit satisfied with having named Jay"while adding, in his incomparable style"I do not blame anyone, I'm just saying that I think the Fed is completely next to the plateAnd do not count on the boss of the first world power to provide economic explanations for his reasoning. "They make a mistake because that's what my instinct tells me, and sometimes my instinct tells me more than anyone else's brain can teach me."Of which act.

But on the sidelines of Donald Trump's statements this morning, the good news is that indices are rising in Asia and that European leading indicators are positioned in the green, despite the uncertainties that persist around the Brexit and the tension that goes up between the Russia and Ukraine. The CAC40 returned 5,000 points apiece, gaining 0.4%.

The economic highlights of the day

Monthly data on the M3 currency in the euro area (10:00) will precede the German consumer confidence index (11:00). In the United States, the second estimate of GDP^me quarter (14:30, consensus + 3.6% annualized rate) will precede the figures of the new real estate (consensus 583,000) and the index of the Richmond Fed (consensus 16) 16:00 and the weekly oil stocks (16:30). Jerome Powell, the head of the Fed must intervene publicly during a conference program at 18:00.

The euro remains slightly below the 1.13 USD (-0.02%). The ounce is stable 1,214 USD, like the barrel, which rises 52,1 USD for the WTI and 60,83 USD for the Brent. The 10-year US yield does not vary much 3.057%. Bitcoin rebounded 4,105 USD.

The main changes of recommendations

• Danone: Goldman Sachs goes from neutral sell with a goal ramen of 67 61 EUR.

• Enagas: JP Morgan goes from neutral to underweight with a goal reduced from 24.50 to 21.50 EUR.

• G4S: Jefferies lowers its target by remaining a buyer by 3300 270 GBp.

• Marks & Spencer Group: RBC outperforms sector performance with a reduced target of 330,320 GBp.

• Mobotix: Equinet starts monitoring the purchase by targeting 10.10 EUR.

• Naturgy: BBVA lowers market performance underperformance despite a target of 20.30 EUR 20.45.

• Nedap: Berenberg starts tracking the purchase by targeting 65 EUR.

• Norma Group: DZ Bank remains buyer with a reduced target of 69 61 EUR.

• Nostrum Oil: RBC has underperformed sector performance with a target of 300,115 GBp.

• PSI Software: DZ Bank pbades to keep buying with a target raised of 17.30 20 EUR.

• Publicis: JP Morgan remains overweight with a reduced target of 82.10 75.90 EUR.

• Schaltbau Holding: DZ Bank remains buyer with a target down from 35 29 EUR.

• Siemens: DZ Bank reduced its target by EUR 140,123 but remains a buyer.

• Spie: SocGen lowers its target by 28 23 euros but remains a buyer.

• Tarkett: HSBC keeps buying

• Telecom Italia: Goldman Sachs reduces its neutral purchase order and reduces its target by 0.80 0.60 EUR.

• The Swatch Group: SocGen reduced its target by 356,332 CHF by remaining stable.

• Thomas Cook: Morgan Stanley lowers his recommendation to overweight pondration online.

• U-Blox: UBS reduced its target by 110 CHF to remain seller.

• Umicore: Liberum remains a buyer but with a reduced target of 58 50 EUR.

• X-FAB: Berenberg purchase pbad keep with a target ramen of 9.75 6.75 EUR.