Wednesday, November 23rd, 2011The atmosphere is gloomy in the Paris Stock Exchange on Wednesday. After opening sharply down, the CAC 40 ceded 0.23% to 2863.30 points at 9:40. Unable to maintain its rebound yesterday, the CAC 40 would be difficult to bounce back following the announcement of a further slowdown in the Chinese economy. Preliminary PMI Manufacturing activity in China, issued by HSBC this morning, recorded in November, its biggest drop since March 2009, to 48 against 51 in October. Below 50, this means a contraction.
The country's dependence on exports is the main cause of this fall, analysts said the bank flexcheck cash advance. China is beginning to feel the impact of the economic downturn of its main European and U.S. clients. To this end, HSBC is lowering the forecast industrial production to 11% or 12% year on year in the months to come (against 13.2% in October).
Both countries, however, block the proper role of the ECB. The German government remains the main obstacle to further action of the European Central Bank in the European market debt. French Prime Minister Francois Fillon acknowledged Tuesday, before the members of his majority, convinced that Germany was "a major difficulty."