On bottom of a beautiful new session for the actions, the bond market suffered tensions. While the DJ Stoxx 600 rose for the fourth day in a row ( 1.42, to 210,78 points) to a higher since early January, the German 10-year rate took 7 basis points to 3,436. The 2 German years tended to 7 basis points to 1,284, and the 2 French years of 7 points to 1,259. "The new good macroeconomic benefit more risky assets such as shares or the credit market, stressed Nordine Naam, strategist rate-exchange at Natixis." The Itraxx Crossover, for example, relaxed 30 points based on the session. The 10 German years, who remained for several months in a narrow range could test the level of 3.5. 
The ZEW index, which measures the expectations of the financial community for the German economy, has advanced to 31.1 points, in may, far above the expectations of economists (to 20 points), reverting to its levels of about three years ago. Lucas Papademos, Vice-President of the European Central Bank, quoted by the Athens press agency, the economy of the area should know a recovery by the end of 2009.
In the United States, declining housing starts and permits in April has little tainted the optimism of investors. "The component on individual houses has progressed," said Nordine Naam.
Encouraging signs
On the business front, optimism has been maintained by the financial: large U.S. banks (Morgan Stanley, Goldman Sachs and JP Morgan) have expressed their willingness to quickly repay State aid, which suggests that the bulk of the crisis is behind us.
Among other encouraging signs which have benefited the actions against the obligations to 3-month dollar Libor again retreated, recording its largest decline in two days for about four months, reports the Bloomberg Agency. "There is a standardization of the interbank market, even if it is not yet settled", said Jean-Louis Mourier, Economist of Aurel.
Many auctions planned this week were Meanwhile weighed on European government bonds. Some 20 billion euros of emissions are programmed in euro-zone, for the third busiest week since the beginning of the year, according to Natixis. The operators will be particular attention today to the German Award (titles 10 years EUR 7 billion), after relatively difficult operations, and emissions of the France (between 6.5 and 8 billion euros of securities to 2 and 5 years, and OAT inflation-indexed). "Even if it should happen, the market is preparing to digest the new paper, resumed the specialist." This is what explains the movement less hard on the American bond.
10 American years took 1 basis point to 3,237. Market doubts that purchases of securities of the Federal Reserve including surgery today are not sufficient to counter the rising long rates.
In this context to a lower risk aversion, the dollar gave ground to multiple currencies. Against the European currency, should be 1,3642 dollar for 1 euro, late afternoon, against 1,3545 dollar the previous day. The pound continued its increase, reaching in meeting its highest level against the dollar since the beginning of the year, after good results of companies and the hope that the Government could sell shares in State-owned banks. The Australian dollar also hit one earlier since October.
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