The American economy is showing very confusing indicators. Sometimes good, sometimes bad, they suggest an improvement of the real estate sector and a steady industrial output for the coming months. Though, consumer confidence is declining sharply and the fiscal cliff issue has been postponed to March and remains unsolved.  There are more and more worries about the U.S. debt and the safety of the U.S. Dollar in the long run. As a consequence, the strength of world growth in 2013 is questionable.

Nearly all the stock markets have rallied since the beginning of the year and our targets have all been reached. U.S. stocks are near all-time highs, while the economy is not expected to truly boom in the coming months. Thus, we expect a consolidation of the stock markets.

Bond yields are already very low, short term rates are near zero and spreads have a very limited potential of tightening, while governments and companies are evolving in a very difficult context. Thus, we do not consider this asset class as interesting for now.

The Euro continues to recover against the other currencies. We think that the tensions over the European currency should continue to release in the coming weeks while the U.S. deficit and debt issues will reappear in the news.