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week stock market this week to contrast the international stock exchanges that keep a technical positive trend in general, showing the short but distinct trends. This week the news that has had the greatest impact on stock index was the decision by the United States to extend the tax cuts introduced by the old Bush administration and to introduce new ones. The aim is to stimulate the U.S. economy in the short to the point to compensate the cost of operation. The S & P 500 index this week confirmed it stronger than it has confirmed the closure to the maximum period. The growth remains stagnant and is still too early to talk about expanding the effects of stimulus in fact are externally induced by monetary and fiscal policy rather than created by the player in the field; companies, banks, households and public administration.

In the euro zone, there has been instead to further widening of spreads on the outskirts of the area, with the exception of Ireland, which has approved a new budget austerity. Spreads however, will remain under pressure because of substantial new bond issuance in 2011.

Emerging markets have suffered during the week instead, primarily Turkey and India. The first corrects within its uptrend as the Indian market, as well as other BRIC countries like Brazil and China, is pulling the breath (BRIC Index -4.6% at one month). Positive feedback instead to Korea, Malaysia, Mexico and South Africa. Earlier this week to highlight the figure of Chinese inflation to 5.1% and the impact that this figure could have a global level if the Chinese government decided to introduce further restrictive measures to correct it.

On the currency front, the euro weakened to all currencies, including sterling and Franco Sivzzero. The tension on the debt peripheral still can not find a final outlet, so that also affect the government bond market. Longer maturities, in fact, lose in the week between 0.60% and 0.70%. (Attach graph Bunds, the price of the bund have in fact diverted to the first media to 129 and now rests on the static support in area 125).