Performances of main stock exchanges in first quarter of 2012. - In the first quarter of 2012, world stock markets experienced an exceptional start to the year, according to estimates by the Standard & Poor's ratings agency. Several indicators illustrate quarterly performances unsurpassed for several decades. In total, stock market capitalisation on international stock markets was to the tune of almost $3,400 billion, wiping away all the losses suffered in 2011 (around $3,000 billion). Overall, following the rough ride in 2011, European stock markets managed to rally. They were supported by massive liquidity injections from the European Central Bank (two three-year low-rate “LTRO” operations) in an improving macro-economic context. Nonetheless, significant disparities between the main stock markets remain. Some of them rallied significantly, such as Frankfurt (+17.8%), which achieved its best performance ever since 1998, at the beginning of this year. The European Euro Stoxx indicator, which brings together 50 companies in the euro zone, achieved its best quarterly performance since 2006. In Europe, Standard & Poor's notes the following performances: Paris (+8.3%), Budapest (+9.8%), Milan (+5.9%), Athens (+7.1%). The London stock exchange underperformed somewhat with a score of +3.5%. The Madrid stock exchange was the only major stock exchange in the red and fell back by -6.5%. In the US, Wall Street managed to continue its upward rally at the beginning of the year. Standard & Poor's 500 index climbed 12%, its best start of the year since 1998, whereas the Nasdaq climbed by 18.7% reminiscent of the success it had chalked up over the previous decade. Thanks to the Central Bank and the fall in the value of the yen, which helped export values, the Nikkei rose by 19%, its best performance since 1988. Elsewhere in the world, several stock exchanges achieved significant rallies: Cairo (+36.6%), Istanbul (+21.8%), Bangkok (+16.7%), Rio de Janeiro (+13.7%) and Bombay (+12.6%). Following last year's collapse, the MSCI Emerging Markets gained around 14%, its best beginning of the year results for 20 years. This performance even surpasses the MSCI World for developed markets (+10.9%). (IL/transl.fl)