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With six cash equities exchanges in five contries (Usa, France, Belgium Netherland, Portugal) and six derivatives exchanges, Nyse Euronext is well set to to profit from increasing volatility and traded volumes. Bull or bear? House always win....

Demand for oil product is rising and oil reserves are shrinking. Everybody knows it. But where is demand growing and were is offering shrinking? Oilfields in North Sea and US are running out of oil. China, far away from the main oilfields in middleast, is becoming one of the main net importer in the world. Futhermore, even oil countries such as Iran have to import refined petroleum because it lack of refinery capacity to meet is booming demand. There is a geographical and growing mismatch between countries where oil is refined and consuming countries. That's why I think that a lot of ships will be busy transporting oil and oil products from Africa to US, from Middle East to China; from Iran to Europe. D'amico is an Italian oil product shipping company recentrly listed on the italian stock exchange. It has market capitalization of 700 M$ and expected 2007 net income of 86 M€. Unlike others shipping companies who tend to distribute all of the available cash-flow in dividends, D'amico has a growth strategy through a fleet expansion. The company has alredy 7 in-the money options for 7 ships and has recently raised sufficient resources (rights offering during its recent IPO) to exercise them. I think a P/E of 8x for a defensive stock with important growth opportunities (fleet expansion, increase in time charter, increase of demand) is fair enough.

I think many european countries need new infrastructures (motorways, airports, railways) in order to serve a growing demand for mobility and the development of new members of EU (Poland, Romania, Bulgary, etc). Billions of euros have already been set aside by the European Commission to finance high speed railways and international motorways and to improve extisting one. Vinci is one of the leading european main contractor who could take advantage from this demand. More, it has a good and diversified portfolio of motorways (such Auturoute Sud de France) and car parking from which it can get constant and foreseable cash flow to finance the construction business unit.