Art. 1: « Le Grand Orient de Belgique, obédience masculine, maillon de la franc-maçonnerie universelle, demande à celui qui se présente à l’Initiation d’être honnête homme et d’être capable de comprendre et de propager les principes maçonniques. Il exige de ses membres, la sincérité des convictions, le désir de s’instruire et le dévouement. Il forme une société d’hommes probes et libres qui, liés par des sentiments de liberté, d’égalité et de fraternité, travaillent individuellement et en commun au progrès social, et exercent ainsi la bienveillance dans le sens le plus étendu ».

« La pensée ne doit jamais se soumettre, ni à un dogme, ni à un parti, ni à une passion, ni à un intérêt, ni à une idée préconçue, ni à quoi que ce soit, si ce n'est aux faits eux-mêmes, parce que, pour elle, se soumettre, ce serait cesser d'être. » Henri Poincaré

« Que puis-je savoir ? - Que dois-je faire ? - Que m'est-il permis d'espérer ? » Emmanuel Kant

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mardi 21 juillet 2020

∆∆∆ German stocks lose 2020 as recovery pact triggers European rally | Rapacious Mind

Germany’s main stock index ditched its 2020 losses and investors turned to bonds from riskier eurozone borrowers after EU leaders struck a deal for a € 750 billion fund for support the Union’s economy.

The Dax index of blue-chip German stocks rose 1.6% on Tuesday, narrowly pushing it into positive territory for the year. It had fallen by over 35% during the darkest days of March.

Investors have also wrested the debt of EU countries which have suffered particularly hard hits on their public finances because of the virus.

Italian government bonds, which are closely watched as an indicator of eurozone investor confidence, rose sharply this week. The 10-year bond yield fell 0.119 percentage points since Friday to 1.05%, the lowest level since March.

The spread between German and Italian bonds, another key indicator of perceived risk, narrowed to its lowest level in four months after the deal was closed. Spanish and Portuguese debt yields have also fallen over the past two days.

“We see the stimulus fund. . . as a game changer for Europe, supporting a synchronized recovery and stronger growth over a sustained period, while making the monetary union more stable and the euro more attractive, ”said Reza Moghadam, economist at Morgan Stanley.

Gains for stocks and bonds followed promise of further stimulus after EU countries agreed to provide € 390 billion in grants and € 360 billion in low-interest loans to support post-pandemic economic reconstruction.

Leaders had already struggled to reach consensus at the second-longest summit on record and at times heated debate, as rich “frugal” states, including Austria and Denmark, opposed the idea of ​​letting the EU borrow money to finance the budgets of the Member States.

The continent-wide Stoxx 600 rose 1% on Tuesday, Milan’s FTSE MIB rose 2.1% while London’s FTSE 100 rose 0.5%.

The euro gained 0.1 percent to $ 1.1458, still near a four-month high against the dollar, after the deal was announced early Tuesday. Measures of the cost of insurance against default on European corporate bonds continued to ease sharply after the peaks in March, helping to ease tensions in the region’s credit markets.

However, investors continued to seize safe haven assets, with silver hitting its highest level in four years and gold climbing to its highest level in nine years at $ 1,820 per troy ounce.

Shares were further boosted by optimism about a potential coronavirus vaccine after a wave of promising clinical trial results.

A study released on Monday hinted promising results in the first phase of clinical trials for a coronavirus vaccine developed by the University of Oxford and AstraZeneca.

Futures tipped the S&P 500 up 0.4% when trading on Wall Street begins later in the day.

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Hong Kong’s benchmark Hang Seng rose 1.9% in Asia-Pacific trading on Tuesday, while Australia’s S & P / ASX 200 added 2.6% and Kospi from South Korea 1.4%. Japan’s Topix gained 0.4%.

The Chinese CSI 300 index of stocks listed in Shanghai and Shenzhen rose 0.2%.

In Hong Kong, shares of the city’s stock exchange operator rose 9.1% per day after Ant Group, the payments arm of e-commerce firm Alibaba, announced its long-awaited plans for a list.

Oil prices edged up with Brent, the international benchmark, rising 0.6% to $ 43.55 per barrel.

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