Financial Times - Inflation , oil and impact on stocks prices

In this article and in The Economist (Double , double and oil trouble) we see that:

• ECB is not seen to cut interest rate until yearend
• oil demand for OECD coutries are falling since 2006
• China , seen as one of the most relevant oil buyer , really increased the demand in the first quarter of 2008 but to create oil stocks to avoid any shortages during Olympics
• in 2007 world demand increased only by 0,5%.

If oil prices would drop , inflationary pressure would diminish and then ECB could cut interest rate.

There is a correlation between rates and P/E : the lower the first , the higher the seconds .

Can we forecast growing stocks prices for the next year ?