5 for the MSCI World of developed countries

The photograph of the large cap stock said the rule of the emerging countries. The top 10 of the largest global values includes - like last year - three Chinese and one Brazilian (PetroChina, Industrial and Commercial Bank of China, Petrobras, China Construction Bank). Together, they weigh more than a third of the 10 mastodons according to Bloomberg data (1). However, in contrast to 2009, is an American who dominated the podium: Exxon Mobil ( 7 in the Dow Jones) took over the head during the year, ahead of some 70 billion PetroChina.

The trio of head also includes another company transatlantic, who was not even in the top 10 in the same period last year: Apple, which has replaced Microsoft (read below). Three European can be included in the classification (BHP Billiton, Shell and Nestlé), but the first French capitalization, Total, happens to the 39eposition.

This ranking illustrates the continuation of the formal of the emerging - even if the gap is less than in 2009. The MSCI Emerging Markets index jumped nearly 15 since the beginning of the year (in dollars), compared to 9.5 for the MSCI World of developed countries. The MSCI North America is the elbow to elbow, climbing, he, 14. "The major emerging currencies globally rose, contributing to the good performance of the emerging values", note Roland Kaloyan, strategist at Société Générale.

In sectoral terms, the top 10 shows a predominance of the oil and raw materials (Exxon Mobil, PetroChina, but Petrobras, Royal Dutch Shell and BHP Billiton). "These companies benefited from a favourable, with the rise of 10 of a barrel of oil and 16 of the raw materials index, despite the underachievement of the sector in its entirety with the BP relegated to the 33eplace, Editor's note episode", said Pierre Sabatier, strategist at PrimeView. In the case of PetroChina, it is interesting to note that the value decreased in Shanghai (in Yuan), but is mounted in Hong Kong, illustrating the difference in valuation premium. "This shows the difference in perception between domestic and foreign investors," he repeats.

The lagging financial

Western financial values are globally behind. HSBC, which was at the end of 2009 8eposition, lost 10 seats (with a 7 decline in London). "No wonder, says Wilfrid Pham, Director of the management shares of Natixis AM.". Banks have been very affected by the crisis of sovereign debt in Europe, but also by concerns about the regulation and the significant recapitalisations in 2009 and 2010. "The sector is tail of European wide index, Stoxx 600. Notable phenomenon: the only financial in this classification are Chinese. "Can also be questioned the sustainability of the presence of banks directly under the State Cup in this top 10", resumed Pierre Sabatier.

Nestlé is able to distinguish itself, entering the club of the first 10 caps in 2010. Swiss giant has benefited both effect of foreign exchange, rumors and announcements of mergers and acquisitions in the segment but its defensive character. "Food and beverage" sector is the only defensive to be be distinguished this year, instead dominated by the cyclic. Conversely, among the fallen stars Wal-Mart and Google, who were respectively the fifth and tenth position last year, are relegated to the 14eplace 13eet. "Distributors have not necessarily had the rating this year and Google was competed by the arrival of new players," said Didier Bouvignies, Director of management in Rothschild & Cie management.

But beyond sectoral and geographical arbitrations, this ranking reflects the extent of the crisis. The first 10 global capitalization weigh together more than 2,500 billion dollars, or as late 2009 (2.417 billion), but rather more from 3.660 billion 10 heavy weights of stock end of 2007. Nothing that for the first two, already present in the 2007 Awards, the combined capitalization melted almost in half.