Last week the two suffered serious tensions

The panic movement linked to the virtual of Dubai seems stopped. The return to normal activity on Wall Street, after Thanksgiving, went smoothly. The aversion to risk, the VIX index appreciated only 2.79 yesterday, while it had risen by more than 20 on the eve of the weekend. The barometer of volatility on us stocks is however passed over 25 points, level he had more known since November 6.

Yesterday, only the markets of United Arab Emirates, which had not rated since last Wednesday, were severely penalized. The Dubai stock exchange lost 7.3, the largest decrease since sep tember 2008, while Abu Dhabi index experienced its most severe diving in eight years. He unscrewed 8.31. But it was not black. CDS (credit default swaps") of Dubai and Abu Dhabi construction, of respectively 61 and 29 base in 586 and 146 points, according to CMA Data Vision. The CDS reflect the cost of insurance against the risk of default. Last week, the two suffered serious tensions.

Some reassuring news for the region favored a return to calm in key markets. The Emirates Central Bank has provided the financial institutions that it would provide liquidity at their disposal to deal with this new twitch. Moreover, stakeholders believe that Abu Dhabi has the means to save his neighbour. Yesterday, Moody's also claimed that the conglomerate Dubai World debt restructuring, originally of the storm, "was unlikely to threaten the credit quality of the Governments of Abu Dhabi and United Arab Emirates, both rated Aa2, with a stable Outlook". The rating agency noted that their classification in the best category of debt lies in the strength of the external position, including the large stock of foreign financial assets held by Adia, Abu Dhabi sovereign Fund, responsible for recycling oil revenues of the country.

Wall Street climbs slightly

In Europe, the DJ Stoxx 600 index has fallen by 1.41, to 239,17 points. He had bounced from 1.15 Friday. After having spent a good part of the day in the red, Wall Street ended up slightly: the Dow took 0.10, to 10.344,84 points, after abandoning 1.48 Friday, at a session reduced to three-hour rating. S & P 500 gained 0.16, to 1.095,63 points, and the Nasdaq rose by 0.32, to 2.144,60 points. The banking sector had the wind in its sails. Bank of America won 2.46 and JPMorgan 2.81 in session. Home Depot dropped 0.91 and signed one of the strongest declines in the Dow Jones. Meanwhile, Caterpillar advanced 1.64, supported by a better than expected in November the Chicago area purchasing managers index. Economists expected a slight relapse, while the index has risen. On the other hand, the indicator of manufacturing activity from the Dallas Fed also revealed rising.

Among other signs of appeasement of the markets, the greenback, which serves as a refuge currency, stopped to appreciate late European session. The dollar against the six main other international currencies assigned 0.19, to 74,85. On the bond market, the rate to 10 years in the Greece relaxed by 10 basis points to 4.98. The gap with the German Bund, which serves as a reference, narrowed to 183 basis points, while it had peaked at more than 200 points Thursday. Concerns about a bankruptcy of Dubai have exacerbated concerns about the Greek State. Finally, emerging shares resumed the path of increase yesterday.