The week's close has been positive: estimates from our models do not vary with regards to last week.
American variable return continues to gain ground and has this week been the market with the highest rise.
Breaking through the 2005 year maximum leads us to believe the market may run further making it one of the more interesting options in our portfolios, just as the Japanese variable return has been during 2005.
Inversely, Japanese variable return shows a high overbuy level after the bull rally dating from October onwards.
The negative news comes from raw materials. Prices (CRB Index) are beginning to rally and have once again reached last year's highs.
The Eurozone interannual inflation rate rose ten basis points to 2.3% in November.
The end of the year is approaching and we do not expect great changes to our estimates.
