{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='French economist: We are seeing vey strong downward correction' data-url='/boclips/videos/5c54d71dd8eafeecae209225' data-video-url='/boclips/videos/5c54d71dd8eafeecae209225' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFrench economist: We are seeing vey strong downward correction\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eStock markets around the world, including in France, took a battering Tuesday, following a dramatic sell-off on Wall Street that triggered concerns that a potentially healthy pullback from record highs could turn into a bear market.     ...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eStock markets around the world, including in France, took a battering Tuesday, following a dramatic sell-off on Wall Street that triggered concerns that a potentially healthy pullback from record highs could turn into a bear market.\u003cbr/\u003e              Minutes after the bell to signal the start of trading, the CAC 40 in France fell 2.2 percent to 5,171 while the FTSE 100 index of leading British shares was 2.3 percent lower at 7,170.  \u003cbr/\u003e              Marc Touati, economist and president of a Paris brokerage firm, explained why this happened: \"the real problem today is that we have a stock market that has gone too far with respect to economic reality so we're seeing a downward correction that is very strong.\" \u003cbr/\u003e              Investors around the world have taken fright at the prospect of a higher than anticipated increase in U.S. interest rates this year in the event rising wages stir inflation.  \u003cbr/\u003e              Many in the markets had been anticipating some sort of correction following the steady gains over the past year or so, which have pushed some indexes, notably on Wall Street, to a series of record highs.\u003cbr/\u003e            \u003cbr/\u003e\u003cbr/\u003e              Paris - 6 February 2018\u003cbr/\u003e              1. French economist Marc Touati enters brokers firm trading floor\u003cbr/\u003e              2. Touati looking at equities' valuations on computer screen \u003cbr/\u003e              3. Broker looking at computer showing CAC 40 opening low and slightly higher\u003cbr/\u003e              4. Various of CAC 40 stocks all in red\u003cbr/\u003e              5. SOUNDBITE (French) Marc Touati, Economist and President of Acdefi:\u003cbr/\u003e              \"It's very clear today that the Paris stock market is following Wall Street. This has already started as early as last Friday for a simple reason, which is that markets had gone up too high so today this is simply a correction. What was before was unnatural. The markets had gone too far and today we have a fear, some are talking about the fear of inflation.  But the real problem today is that we have a stock market that has gone too far with respect to economic reality so we're seeing a downward correction that is very strong.\"\u003cbr/\u003e              6. World stock indices all in red on screen\u003cbr/\u003e              7. SOUNDBITE (French) Marc Touati, Economist and President of Acdefi:\u003cbr/\u003e              \"When we look at stock valuations compared to economic reality and world growth, we have an excess in the market. Today, to justify a Dow Jones (Industrial Average) at 25,000, world growth rate would have to be at 8 or 9 percent.  We have a world growth rate at 3.5 percent which is a good performance. But it's not 9 (percent).  So today the appropriate level of the Dow Jones is more like 20,000 or a bit less. \"\u003cbr/\u003e              8. Various of screen shows the start of the CAC 40 trading on a huge dip and then slight rebound \u003cbr/\u003e              9. SOUNDBITE (French) Marc Touati, Economist and President of Acdefi: \u003cbr/\u003e               \"In fact, unfortunately, we are now living through what we witnessed in 2008. When you take the predictions for 2008 from the (IMF) International Monetary Fund, the ECB (European Central Bank) etc, everyone said 2008 was going to be a superb year and then we saw a crash. That's the concept of a bubble, when everyone thinks the same thing, it becomes dangerous.\"\u003cbr/\u003e              10. Various of brokers at their desks \u003cbr/\u003e              11. SOUNDBITE (French) Marc Touati, Economist and President of Acdefi:\u003cbr/\u003e              \" That's it. The principle is that we need to remain optimistic – I am by nature. But we need to look at economic reality and today's economic reality does not justify a Dow Jones at 25,000 or 26,000 points. So today's losses, even if we see rebounds, are justified from an economic standpoint. \"\u003cbr/\u003e              12. 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