Is this a hole air passenger or the harbinger of a deeper crisis ? If the markets have started the month of November in the calm, they have gone through, the last month of violent turmoil. A black October, which saw the flagship index of the Paris Bourse, the CAC 40, lose 7 %, recording its worst performance in a month for the past three years. In the United States, the S&P 500 dropped more than 6 %, while the Nasdaq plunged 9.20 %, its largest monthly decline in the past ten years. A severe correction, after a first warning took place in February, ending two years of euphoria on the financial markets. On the side of sovereign debt, the rate on thirty-year u.s. took off while in Europe, the borrowing rate of Italian are stretched…

the Main trigger of this blow to tobacco : the offensive communication of the u.s. federal Reserve (Fed), which continues to raise its rates, despite trade tensions and geopolitical uncertainties. These days, the prospect of a crash is remote – the markets could even afford the luxury of a rebound at the end of the year. “They’re not going to give up all of their hope of strong growth in the United States, as much as a boost of government could intervene in the wake of the mid-term elections, on November 6,” says Didier Saint-Georges, investment committee of Carmignac, a French company asset management.

The year 2019 would mark the return of volatility. Investors will be confronted to the telescoping unfortunate of the slowdown in global growth and the end of the accommodating policies of the major central banks.

political risks loom in Europe

The political uncertainties on the Continent will continue to be of concern to investors. Starting with the showdown taking place between Rome and Brussels…