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Financial regulation in the United States is running. The most comprehensive reform in this area since the 1930s has been passed by the U.S. Senate by 60 votes against 39. A key legislative victory for Barack Obama after the reform of health coverage in March.The U.S. president did not hesitate to declare last May: "Wall Street has failed," referring to lobbyists who tried to prevent the adoption of this project.

Pending the promulgation by the President

Obama can now enact this historic piece to prevent another financial crisis and economic such as the United States had known in autumn 2008.

"Today the Senate will take action and send the bill on the president's office, so that the country can finally feel the effects of reform on which we have discussed for so many months," said Thursday Senator Chris Dodd, one of the main authors of the text with the Representative Barney Frank.

The text of over 2300 pages of the law "Frank-Dodd", aims to extend regulatory control over whole sectors of finance, which escaped him.It thus provides for the creation of a consumer of financial products within the central bank and it prevents the rescue of large financial institutions at taxpayers' expense.

For regulators play now

Among other measures leading text include a provision for better control of the vast market of derivatives traded over the counter, these tools have been speculative in the heart of the recent financial crisis in the U.S. pay day loans.The text finally contains a measure dubbed the "rule of Volcker," the name of Barack Obama's economic adviser, Paul Volcker, whose idea is to encourage commercial banks to focus on their lending activities and take fewer risks .

While most Democrats have supported this project, the Republicans have signaled their opposition to the text, notably in that it gives too much power to regulators who failed to prevent the recent financial crisis.

The Chairman of the Central Bank of the United States, Ben Bernanke on Thursday hailed an "important step" with the vote by the Senate of legislation to reform financial regulation, which gives them considerable powers of oversight at the institution.

The ball is now in the hands of regulators. "We will pay with meticulous application and our responsibilities under the new law," promises Ben Bernanke.Legislation passed by the Senate because the Fed responsible for regulating all major financial institutions in the country, more than 50 billion dollars in assets.

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There are several benefits to no teletrack payday loans, which typically have an easy web based application resulting in quick approval times.

The CAC 40 will reach there to stay above the psychological threshold of 3,500 points on Thursday? The answer has been given to opening. The leading index starts from Paris on a gain of 0.94% to 3516.13 points. A mid-term it moves from 1.21% to 3525.42 points. The goal now is to maintain this threshold, which had not been reached Wednesday.

The Paris stock exchange following the pulse of Wall Street on Wednesday, finished on a second consecutive increase of almost 3%, driven by the banking sector. This morning, Asian markets were also all in green.

Other European stock markets followed the same route: the London FTSE gains 1.42% to 5086.04 points in early trade.

The German Dax, meanwhile, gained 0.54% to 6025.32 points.In Germany, the operators were a bit chilled by the announcement, before opening a trade surplus in weaker growth than expected in May. Exports accounted for, adjusted for seasonal variations, 80.8 billion euros (+9.2%), while imports rose 14.8% to 70.3 billion euros. The trade surplus stood at 10.6 billion euros against 12.8 billion in April and 13.5 billion expected. The current account surplus has, for its part, in May represented 2.2 billion euros against 11.3 billion the previous month.

Investors now await the publication Thursday in the U.S., inscriptions weekly unemployment. Before that, the ECB should communicate their rates in the euro area.

The banking sector monitored

The banks have managed to bring the key index in Paris on Wednesday.On Thursday, they stay the course and top the charts. BNP Paribas (2.87%), Societe Generale (2.77%), Credit Agricole (+0.55%) are among the 91 banks submitted to stress tests (stress tests) whose European list been notified Wednesday by regulators. Investors are also relieved that tests the strength of the European banks will not include sovereign debt discount on German and French loans that could also potentially be delisted.

Faurecia (3.57% to 14.95 euros) announced Wednesday it had signed a strategic alliance with China Geely and Limin to develop, produce and deliver systems within the body and the marks of Geely.

More generally, the industry is likely to move throughout the session.After Peugeot (1.13% to 22.45 euros) is the turn of Renault (1.39% to 32.79 euros) to publish its first half trading results this Thursday. Given the success of the Dacia its competitor, Peugeot would also consider launching a low cost car in Europe.

GDF Suez (+0.08% at 24.61 euros) Wednesday reported a rebound of 10% of gas demand in Europe since early 2010, after a decline of 5% in 2009.

Carrefour (1.07% to 34.56 euros) announced Wednesday that he did not buy certain products in paper group in Indonesia Asia Pulp and Paper (APP), for environmental issues.

CGG Veritas (1.63% to 15.63 euros) announced Thursday that the overall availability of its vessels was 92% in the second quarter 2010, against 90% in the first and 89% in the second quarter of 2009.

Total (1.87% to 37.90 euros) enjoys a higher recommendation by UBS.The broker passes the purchase cons "neutral" before.

The board of managers of the Society of Editors of the World (SRM) would have voted on Friday morning in favor of the project's trio Pigasse-Niel-Berge (GDP) by eleven votes in favor and one abstention. The vote therefore recommends that the General Assembly of the RS, representing the journalists of the daily evening to vote for the BNP bid, to the detriment of the competing offer.

Still, as revealed by the website of Le Nouvel Observateur, the association Hubert Beuve-Mery (HBM), without representing the current personnel of World, would it, in favor of the offer Perdriel-Orange Prisa.

In this context, the absence of a clear majority on Friday afternoon for the one or the other offer, the arbitration will be Monday in the supervisory board of the World.Because Monday's effect on the 20 votes to be voted on Monday SupervisoryCouncil World (including eleven called internal, referring to the personal and the HBM and 9 persons from external), 9 votes External likely to weigh very heavy much heavier than those of the staff of the World by shifting votes in favor of a project that would not have the support staff themselves …

The countdown is triggered. If he wants to present its pension reform around the Council of Ministers on July 14, as expected, the government must balance its bill before the end of next week. Otherwise, the consultation of specific bodies (boards of funds Safely, Higher Council of Public …) required before the Council of Ministers, can not occur within time constraints. But there is no question of falling behind, not to shift the following schedule: study Social Affairs Committee of the Assembly during the week of July 19 – Can not overflow, the Palais Bourbon will work in August ! – And then in plenary on 7 September.

The final version of the bill will be known in a week.But a first draft will be unveiled Tuesday, Wednesday or later (it could have been Tuesday but the government wants to avoid being accused of incitement, while FP calls a strike on the issue of pensions that day … ). Meanwhile, the government will collect the reactions of unions. And perhaps he let go a little ground …

A quarter per year

There remain a few days to make the final arbitration. It is Nicolas Sarkozy himself who will decide, probably during the weekend, surrounded by the prime minister, Francois Fillon, Minister of Labour, Eric Woerth and Budget and Public Accounts, Baroin, and rare employees, including the social adviser at the Elysee Raymond Soubie. For now, nothing is decided. Not even the most expected: the decline of legal age. 62, 63 years? Only the pace of recovery seems likely: one quarter per year.Some – MEDEF in mind – still grow for a semester, but as Woerth Soubie consider this rate too fast to be acceptable.

Must we also announce today a further lengthening of the contribution period for a full pension? Everything depends on the horizon set. Aim Is there balance in 2020, 2025, 2030? The government will in any case to demonstrate that all of its reform can indeed balance financial accounts. This is the only way to justify the early use of a resource that is not sustainable – the Pension Reserve Fund – which now seems inevitable no faxing pay day loans. The seesaw in the medium term, a portion of unemployment contributions to pension funds, also participate in financial closure.

Pan "public" also remains to be determined.If this government has argued in favor of aligning the rate of pension pay of civil servants (7.85%) with that of private sector employees (10.55%), the head of state does not forget he was elected on the subject of purchasing power. If it was baneberry, the measure would be very gradual. She could not even apply to future employees, if this does not pose a constitutional problem of having two officers of equal status, the same post with the same gross pay but not clean … The same doubt remains maintenance of the famous method of calculating the pensions of officers for the last six months of salary. However the possibility of retiring after 15 years of service for mothers of 3 children, should not exist.

Restricted bonuses

The ages at which some officers may retire (50 years for police officers, 55 firefighters …) should be addressed alongside the legal age. And the improvements will be very limited (for example military, only time spent in theaters of operations will result in dangerous quarters "available", while yet an assessment year is given "free" every five years after 15 year career). In return, employees are entitled to the same measures of compensation for hardship than other employees.

These measures will in any case not be decided separately.The social and political acceptability of reform can be gauged as a whole.

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The Chinese central bank announced this weekend a further increase in reserve requirements of major banks by 0.5%. This level will be 14% for small financial institutions and 17% for large banks. This is the third time that the People's Bank of China raised the reserve this year. The move is seen as a prelude to higher interest rates, much anticipated in 2010, but it is also a way to delay interest rate hikes this by tightening the screws on the credits via the proportion of reserves. This measure will be effective on May 10

Beijing seeks to put a brake, while concerns about overheating and bubbles in real estate including resurfacing.

Most analysts remain confident about the ability of the Chinese government to curb the overheating, but some are sounding the alarm.In an interview with Bloomberg, economist Marc Faber announcement and a possible implosion of the Chinese economy by a year.

Goldman Sachs began his defense alone. According to the report in the Financial Times, Lloyd Blankfein, the chairman of the bank, alleged organizer of the Securities Exchange Commission (SEC) fraud surrounding the collapse of the U.S. housing market, a slab as counsel yesterday. He allegedly spent part of Wednesday's call customers to restore the reputation of Goldman Sachs. The officer believes that the case rests primarily on political elements.

Lloyd Blankfein should be heard next week by the SEC, probably with a former trader, Fabrice Tourre, suspected to have developed structured products involved in this case alleged fraud by Goldman Sachs. The list of those candidates is not yet official.The names of those called to testify before the Senate subcommittee investigation on the financial crisis could be unveiled this Thursday payday loan no faxing.

But the suspicions of the SEC against Goldman Sachs are dehorned by the potential beneficiaries of the alleged fraud. The billionaire John Paulson and Paolo Pellegrini, a former head of its fund Paulson Co, assure for their Paris on the falling U.S. housing market, now at the heart of the controversy over Goldman Sachs, have been prepared under the rules art, and that their pronouncements t?aient public. They promise to provide evidence of such transparency in a timely manner.

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Since Tuesday, investors are moving away from safe-haven assets following the various signs of recovery in the global economy. The success of Intel promote appetite for risk. What will weigh on the dollar. Just as the maintenance of the speech by the Fed, which promotes interest rates still very low even for long.

EUR / USD – Sessions hectic since early April

After the Easter weekend, there has been a depreciation of the euro against the dollar in a climate of distrust of so-called risky currencies. The operators were cooled in their appetite for risk because of their fear on the issue of Greece. The single currency has lost about 220 pips * from a quotation of dollar 1.3500 1.3282 U.S. dollar on Thursday at 10am (lowest of the week).

Then the tension on the markets have weakened.Speech by Jean-Claude Trichet, president of the ECB (European Central Bank) last Thursday, has eased the financial world. He said he pursued the policy of low interest rates up to 1% in the euro area. And it has said that "Greece was able to reduce its deficit" and had already started to employ strong measures.

Nothing better to give a boost to the euro. The last weekend, offering assistance to 30 billion euros – Athens does "not want to use" – the European Union gave a big blow oxygen, allowing the euro to rise around 1 36 dollar on Monday.After two sessions of stagnation (Monday and Tuesday), the exchange rate has increased again, bolstered by renewed investor optimism about the strength of the global recovery due to favorable economic statistics, while comments Fed chairman on a forecast of "moderate growth" have weighed on the greenback.

On Tuesday, the foreign exchange markets have welcomed the issuance by Athens Treasury bills.And on Wednesday, Ben Bernanke (Beige Book) reiterated Wednesday that the rate of the institution should remain close to zero, at which they are set since December 2008, for an extended period, dismissing speculation of an anticipated tightening of Fed monetary policy, which has given new impetus to the euro.

As expected by analysts Realtime Forex Tuesday, which saw the euro test the 1.3541 support for better back, it is mounted to 1.3667 to 18 hours.

CDN / JPY – Same trend

Nippon side, the euro followed the same "trend" * weekly against the yen. The single currency began a decline of more than 400 pips against the yen. On Monday, the euro / yen was quoted at 127.70 to touch a low of 123.40 yen. But from the response Trichet yesterday, the euro strengthened to 125.60 yen to return.

The yen fell for the sixth straight session against the euro, with one course from Wednesday to 127.07 yen against 126.83 yen the day before.

GBP / USD – Sterling held up better than the euro

Across the Channel, the BoE (Bank of England) has also left interest rates unchanged at 0.5%, indicating that this was not the time to make an adjustment of rates.

Monetary side, the pound sterling, however, fared better than the euro against the dollar. Like British macro-economic figures emerged this week (GDP 0.4% and manufacturing output up 1.3%), the pound has evolved into a "range *" between 1.5130 and 1.5320 dollar.

* The cable is able to break this channel by treating up to 1.5473 dollar.

Against the yen, the pound again the delay and found almost the level of 144.21 yen on Monday.

CHF / EUR – Swiss Franc still going strong

On Wednesday, the Swiss franc 1.4362 per euro symbol. This is a very strong for the Swiss franc, which traded in 2009 almost all the time between 1.50 and 1.54.

Since the beginning of the year, the Swiss Frabce climbed more than 5%. This is not the business of the Swiss Central Bank, whose foreign exchange policy is heckled.

The yuan under the spotlight of the world

On Wednesday, Ben Bernanke, who appeared before the Joint Economic Committee of Congress, reiterated that "the United States must continue to press China to bring it to revalue its currency, the yuan."Barack Obama this week's encounter homolgue Chinese President Hu Jintao on China's trade deficit background.

Most economists agree that the currency is undervalued – by 40% according to analysts and has been used to obtain an economy more oriented toward exports to domestic consumption.

On the one hand, in case of revaluation, China would be ready to counter the speculative bubbles that threaten, and inflationary pressures. But then again, remember that a more expensive yuan will be more expensive for the "Western" to fill all Chinese products.And they will have the effect of melt exchange reserves in dollars of the Chinese, which does allow them to buy as many more U.S. Treasury Bonds, and therefore finance the debt of the United States …

* Definitions

• Forex: For Foreign Exchange, or foreign exchange market

• Technical analysis: analyst or chartist. She studied graphic evolution courses. The research in the historical price behavior involved in a situation to predict the evolution of financial securities.

• Pips: Price Interest Point. Unit rating for foreign currency. It designates the last digit used: in the case of the euro, the fourth decimal place.

• Trend: trend.

• Range: range.

• Support: value as the price has very little chance to pass down.

• Resistant: value as the price has very little chance to overtake on the rise.

• EUR: Euro, USD: U.S. Dollar, or U.S. dollar JPY Japan Yen or Japanese yen, GBP: British Pound, CHF: Swiss franc.

The latest figures of U.S. employment for the month of January seem paradoxical. The unemployment rate fell to 9.7%, against 10% in December. Better than expected. But most companies have dismissed that hiring, the net destruction of reaching the 20,000 jobs over the month. Analysts had expected between 5,000 and 15,000 new jobs.

These two contradictory figures in fact derived from two studies of the U.S. Department of Labor, based on two different methods.The difference in trend indicates that employees are more numerous in January than in December, but they are less likely to occupy several positions simultaneously.

"If unemployment remains a serious problem, today's figures contain some encouraging signs for a resumption of gradual labor market," said the White House.

The U.S. administration has estimated that the employment situation has therefore remained "almost unchanged". In detail, the building was destroyed 75 payday loans for bad credit .000 Jobs, while industry and services have created respectively 11,000 and 48,000 positions.

Economists agree, though, that unemployment has peaked."The pace of job losses still slows significantly and the return of job creation in services and industry is good news," said John Thomas, for example, economist at Natixis.

The strong upward revisions in the number of job destruction in 2009, however, may worry. The December figure was revised sharply upward from 75% to 150,000 against 85,000 initially. At 12 months, are shedding 600,000 jobs that were added following the revisions of the statistics. This is does not affect the positive trend, according to Inna Mufteeva, economist at Natixis' share is only a point of reversal highest previously believed.

Good news: 3,600 farmers have chosen to convert their farms to organic in 2009, is 20% more than last year. "This is a historic increase in the last ten said Elisabeth Mercier, director of the Bio Agency, the body responsible for promoting bio in France. The increase in 2009, is the total of seven years earlier. "

Better yet is no room for complacency: the organic still represents only 2.4 to 2.5% of the agricultural area in France. To meet the objectives of the Grenelle of the environment, it should reach 6% in 2012 and 20% in 2020 …

A French two consumes Bio

The barometer 2009 Agency bio makes it clear that organic products are completely integrated into the everyday consumer. "A French consumes two organic at least once a month, says Elisabeth Mercier.It is a structural trend, we can not really speak of fashion. "Despite the crisis, all indicators are green: 84% of French believe that organic agriculture should continue to grow and 25% of consumers of organic intend to grow in the next six months their consumption (against 22% in 2008) while they are 71% want to keep it low fee payday loans . New organic buyers also progressing with 20% of consumers who are being less than two years. They are also often to feed a newborn in the family.

Price of success, imports of organic products should rise further in 2010. The Agency considers the bio to 30% on average with significant differences depending on the product.If the local supply of meat, eggs or wine can meet the demand, much less the case for milk, cereals and products of high culture. As for fruits and vegetables and groceries dry areas on which the demand is strong, imports represent up to 50% or 60%. Since it takes three years for a farmer to convert to organic, the offer is not about to join the request.

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