6 and the Parisian lagship index almost 4

The gloom o the stock exchange this summer has not pushed in estors to desert beaches to go back on the market. olumes ha e thus allen sharply on major stock indexes. Securities traded in the irst hal o August on the American index S & P 500 display e en a record o weakness or a month o August or more than a decade! According to Bespoke In estment Group, 820 million shares changed hands on a erage e ery day, is two times less than in August 2007, at the beginning o the inancial crisis. Similarly, on the CAC 40, 2.87 billion euros were traded on a erage daily in August, according to Aurel rom Bloomberg calculations, is less than the EUR 2.97 billion in the same period last year.

The meeting o yesterday departed rom the rule - including or a public holiday in the United Kingdom. With approximately 1.58 billion euros traded on the CAC 40, the day is the lowest o the year, the pre ious low point being 1.6 billion, May 31, according to igures Nyse-Euronext. "The summer is traditionally calm in Europe, with the holiday." "But in addition, this year, the uncertain context no incenti e not to risk taking," says Guillaume Puget, responsible or en orcement ser ices at Nomura in Paris. inding similar to Thomas Candillier, responsible or actions at JP Morgan in Paris: "the lack o olume is to be interpreted as a sort o status quo, without seller or buyer: there is not yet clear answer between slowdown and risk o "double dip"the economy relapse, so that in estors are awaiting more indications ha e to return to the markets."

Resistance o the emerging

Se eral macroeconomic igures had been disappointing in recent weeks, a ecting the morale o in estors. On the month, the S & P 500 has lost approximately 3.6 and the Parisian lagship index almost 4.3. "These are pensioners managing se eral asset classes and hedge unds that ha e led the market this summer." Institutional in estors ha e rather tended to stay out o the market: they wait or more signals."There was a decline in interest in the selection o titles, or the bene it o passi e management", says Thomas Candillier.

According to the specialist, the collapse o the olumes is elt more in the United States, whose economy is in the heart o the concerns, while emerging markets ha e better resisted. Moreo er, according to data rom the American irm EP R (analysing 13,000 billion in assets), actions at the global le el unds ha e su ered withdrawals o 7.13 billions o dollars on the week ending August 25, - or the bene it o obligations-, American unds are the most a ected, with 5.4 billion output. Thus, since the beginning o the year, a total o $ 36 billion le t the und shares (net), at the global le el (1): the United States ha e lost approximately 50 billion, while the emerging actions ha e, registered positi e lows o $ 37 billion. igures that support the recent sur ey by Bo A Merrill Lynch showing that global managers in August reduced their exposure across the Atlantic, to the lowest le el since early 2008.

Howe er, the trend is not be ixed, according to the pro essionals. As soon as the statistics will gi e a clearer ision o the American growth, in estors could return. This week will be the opportunity to learn with many indicators in the programme, including the highly anticipated monthly us employment report riday.