>>> L’année des bonnes surprises - J.Attali - A ne pas lire si deja pessimiste

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L’année des bonnes surprises

en date du 21/12/2015

Soyons-en persuadés : 2016 ne peut être que l’année des bonnes surprises… parce que le pire du pire est très vraisemblable :
1. De nouveaux attentats terroristes, d’une ampleur défiant l’imagination, sont attendus, de façon réaliste, dans tous les pays, y compris le nôtre.
2. Les conflits en cours en Syrie, Irak, Libye, Yémen ou Ukraine vont probablement s’aggraver.
3. D’autres affrontements devraient éclater, en particulier en mer de Chine, en Inde et en Afrique. Cela pourrait déraper en une guerre mondiale, religieuse ou laïque, ou encore liée à la circulation de l’énergie.
4. De nouveaux Etats vont sans doute s’effondrer, en particulier en Afrique, sur le modèle de la désintégration de la Somalie ou de celle du Soudan.
5. Une crise financière majeure devrait éclater à l’échelle mondiale, comparable à celle de 2008, non plus cette fois à partir des crédits spéculatifs accordés aux ménages, mais à cause de ceux qui concernent les entreprises, comme l’annonce la faillite cette semaine du fonds Third Avenue à New York. L’absence de régulation du « shadow banking » et l’agressivité des fonds « activistes » devraient précipiter ce désastre.
6. La sortie de la Grande Bretagne de l’UE, le fameux « Brexit », a toutes les chances d’advenir et de montrer au monde que la construction européenne n’est pas irréversible.
7. L’élévation de murs aux frontières qui séparent des pays de l’Union, protections illusoires contre les migrations non désirées, confirmera ce recul de l’Europe et mettra même en danger, par la défiance qu’elle entraînera, l’existence de l’euro.
8. Des catastrophes naturelles liées aux changements climatiques auront lieu.
9. Une épizootie, ou une épidémie majeure, partant d’une souche nouvelle d’un virus mutant, pourrait se déclencher, sans qu’aucun vaccin ni traitement ne soient disponibles, provoquant la fermeture des frontières à travers toute la planète.
10. La France, outre les catastrophes précédentes, risque de voir en 2016 une aggravation du chômage, un débat politique , en vue de la présidentielle, vide de contenu, une rage croissante contre les élites, des départs accrus de jeunes vers la Syrie ou vers Londres.

Chacune de ces mauvaises nouvelles, même si elle survient de manière localisée, aura un impact planétaire, qui ralentira la croissance mondiale, précipitant plus encore l’humanité dans la tristesse, la colère, le populisme et le protectionnisme.

De bonnes surprises sont aussi possibles.
La première serait que, par chance, aucune des mauvaises n’advienne. Si c’est le cas – et cela tiendrait du miracle – on pourra dire que le monde est passé à côté du désastre. La deuxième serait qu’on se donne les moyens, lucidement, d’écarter définitivement ces catastrophes probables, en agissant méthodiquement sur les causes de chacune d’elles. Cela exige de se considérer individuellement et collectivement en charge de l’avenir.
Si ce comportement était adopté, le monde pourrait ne pas suivre en 2016 la même voie qu’en 1914 ou en 1939 et amorcer une période formidable de croissance, d’harmonie et de bonheur.
Il est temps de croire au Père Noël.

(Citi) Global Equity Road Ahead 2016

* Ageing Bull Market — Collectively, Citi strategists forecast a 12% gain for global
equities in 2016. We see this global bull market as tired and old, but not finished.
* Credit/Equity Cycle: Phase 3 — This began in mid-2014 as US credit spreads
started to rise. Previous Phase 3s lasted up to three years. They were characterised
by reasonable equity returns, but also rising volatility.
* Bear Market Checklist: Still Not Saying Sell — It is right to buy the dips in Phase
3, but right to sell them in Phase 4. Our bear market checklist suggests that it is still
too early to call the shift into Phase 4. Of 16 factors that flashed sell at previous
major global market peaks, 3.5 are currently in danger territory.
* Global EPS: Downside Risks — Citi strategists forecast 7% global EPS growth in
2016, similar to the bottom-up analyst consensus and consistent with our
economists’ 2.8% global GDP growth forecast. Willem Buiter’s feared 2.0%
outcome would imply a 0-5% EPS contraction.
* Regions: Favour QE Markets — Decent EPS momentum and continued central
bank support mean that we prefer Europe ex UK and Japan equities. Fading EPS
momentum and rising Fed funds mean that, after 6 consecutive years of
outperformance, we cut the US to Underweight. We remain Neutral on EM, where
we prefer the Asian markets.
* Sectors: Mild Cyclical Tilt — Citi strategists most consistently favour Financials
where valuations remain attractive and EPS momentum is improving. Strong FCF
generation attracts us to the IT sector. Amongst defensives, we prefer Health Care
to Consumer Staples and Utilities. We are Neutral on the commodity sectors.

(BFW) Citi Cuts U.S. Equities to Underweight, Favors Europe, Japan

Citi equity strategists say they are not especially bearish on U.S. stocks, but can see better opportunities elsewhere, according to note.
  • “After outperforming for six consecutive years, maybe U.S. equities are due a breather”
  • Corporate profit margins likely to be under some pressure as Fed raises rates; however, sentiment is subdued and valuations supportive; 1H looks more promising than 2H
  • Citi prefers Europe ex U.K., Japan, citing “decent” EPS momentum, continued central bank support
  • Citi forecasts 12% gain for global equities in 2016
    • “We see this global bull market as tired and old, but not finished”: Citi

WSJ : High-Speed Trader DRW Proposes Thousand-Foot-Plus Tower in Rural England

High-Speed Trader DRW Proposes Thousand-Foot-Plus Tower in Rural England

Height will ensure even Earth’s curvature won’t impede ability to transmit data to continental Europe

A Chicago company plans to build a tower in rural England 30 feet higher than London’s tallest skyscraper. But nobody will work, live or dine in the Richborough Mast.

Instead, the thousand-foot-plus structure is planned for near the Kentish seaside and is intended to beam microwaves across the English channel for high-frequency-trading firms.

Its height will ensure that even the Earth’s curvature won’t impede its ability to transmit data to continental Europe. Such technology has been deployed extensively by trading firms and exchange groups in recent years in order to trim microseconds off the time it takes to transmit information.

High-speed traders rely on this information to make a profit, and an advantage of microseconds could mean the difference between profiting from a trade or losing out to competitors.

Vigilant Global, a Canadian telecommunications company owned by Chicago’s DRW Trading, submitted plans in August 2015 to construct the 320-meter mast in Richborough, Kent, according to an application submitted to Dover District Council.

DRW Trading, one of the world’s largest high-speed-trading firms, trades on more than three-dozen exchanges. It is part of a group of firms that rely on ultralow-latency technology to trade their own capital at high speeds and in high volumes.

According to information provided on a website for local residents by Vigilant, the tower would “provide a new communications point between the UK and Europe” with a “completely unobstructed” optical and radio line of sight.

The tower would be the sixth-tallest structure in the U.K. and taller than London’s Shard skyscraper, the highest occupied building in the U.K. at 310 meters.

“With this giant mast Vigilant will have a global path not so far from a straight line, at least from Richborough to Germany,” said Alexandre Laumonier, who tracks public records on microwave networks for his Sniper in Mahwah blog.

Microwave transmissions traveling through the air aren’t affected by the “friction” in traditional wiring that can slow data transmission. But the technology does have drawbacks. The transmitters and receivers must have line-of-sight contact, meaning engineers must factor in the curvature of the Earth when deciding the heights for radio masts.

The masts also can take only limited amounts of traffic, meaning that a number of towers used by high-speed trading firms are heavily oversubscribed. Erecting tall masts is among several ways companies are looking to establish communications networks to improve data transmission. These include the use of high-altitude balloons, which are being explored by companies including Google parent Alphabet Inc. through its so-called Project Loon.

The Richborough Mast is in the preplanning stage. It is currently undergoing an environmental impact study and will require approval from both local and national governmental authorities.

A spokeswoman for DRW and Vigilant said the company has been “working closely with local and national government agencies and meeting with the public in the surrounding communities on the proposal.” It also said it was joining “with local organizations to provide public benefits from the mast, including community radio, wireless broadband access and education.”

Bernard Butcher, a local councillor on the Dover District Council, said he wasn’t aware of any strong opposition to the plan, adding that “most people are ambivalent about it.”