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The CAC 40 gained 0.49% to finish at 4053.94 points, its highest level since the beginning of the year. Frankfurt has won 0.27% and 0.62% in London.

After four days of Easter break, European markets greeted the resumption of job creation in the United States, announced last Friday as well as good numbers of activity in services and real estate published in recent days.

U.S. markets plying highs not seen since late 2008, however, regained their breath. The day before, while Wall Street took note of good statistics published during the week end, the Dow Jones closed up 0.43% and the Nasdaq had allotted 1.12%.

After this beautiful hike, investors preferred to play the card of caution before publication in the night "minutes" of the Fed.A document that transcribes the discussions that took place at the last meeting of the Monetary Policy Committee of the Fed and many analysts imagine animated. Although directed at the opening, the Paris market has reduced its earnings in mid-session, affected by Wall Street and by new concerns about Greece which weighed on the euro.

Raw materials and surging oil

On most major world stock markets, the values related to raw materials and light winds were driving the increase. The latest U.S. statistics have dramatically raised prices. The barrel is trading around 86 dollars in New York, on the summits of 18 months!

In Paris the title of the mining company ArcelorMittal has spent virtually all sitting at the head of the CAC 40 with a gain of nearly 4%, followed closely by oil services Technip and Vallourec disputed second on the podium.On the deferred settlement (SRD), Eramet jumped more than 7%. The title was borne by a positive note, analysts at Exane BNP Paribas, which have raised their price target to 260 euros against 175 previously.

"It should stand on a cow so we can better see!" At the Salon of Agriculture, a crowd of onlookers quickly formed over the course of Nicolas Sarkozy, despite an early arrival more than expected Saturday morning. Instead of starting the tour at 9:30 am as originally indicated, Nicolas Sarkozy has surprised almost all journalists arriving one hour ahead.

Young contestants of agricultural schools, farmers horses, cattle, sheep and also butchers and florists … the president has sacrificed tradition and spent two hours in the aisles at the meeting of agricultural sector in deep trouble . After the walkabout, he announced new measures to help during a roundtable discussion with farmers.

"It must protect us against disasters"

Among the notable events of the morning, Nicolas Sarkozy held talks with Jean-Paul Rault, sheep farmer in the Vendee who lost almost all of his flock during the storm Xynthia. "I told him he should protect us against future catastrophes, because once again, I will, but not both," says the farmer of Walnut St. Radegund. Only were rescued sheep that was brought to Paris for the Salon.

"The president said he would not let us down, it would help us rebuild. And he would see us in Vendee, "says Jean-Paul Rault. The farmer said he was heartened by the presidential speech? "I have no a priori," he replies."We have seen figures for the help, we'll see what it will serve."

Video – flying over the farm of John Paul Rault after the passage of Xynthia:

More politics, the meat industry has questioned the head of state … about Greece. "He seemed surprised and not really know, but I asked him to be very vigilant on the Greek question: is our first export customer with 70,000 tonnes," explains Denis Sibille, president of Interbev, the inter-beef, mutton and horse. "The number of failures is very high and we refrain now to export, where a shortfall."

"Less talkative than President Chirac"

The exchange was more lively with the representative of the Federation Nationale Bovine (section FNSEA).Jean-Paul Fleury asked Nicolas Sarkozy less listen to his Environment Minister Jean-Louis Borloo, and arbitrate more often for his "excellent minister of Agriculture, Bruno Lemaire. "The arbitrage is my job, I do those I do," replied the president.

As tradition dictates, the President has offered a basket of food to stand craftsmen butchers. A prime rib and leg of lamb. "Just as with Chirac, I am sure that the meat was consumed, as with Nicolas Sarkozy, I'm not really sure," said Jean Claude Obriot however, the vocational school of the Butcher."And then he is less talkative than President Chirac," remembers the butcher who hosts the Salon chairs for ten years.

Just curious still, Nicolas Sarkozy was investigated to know what wood was made of sticks Youth Farm School of Laurent Sainte Marie in the Pyrenees-Atlantiques. In Hazelwood, they replied. A medium hard wood, semi-flexible, especially light. Ideal for tapping the side of the animals and move them forward.

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To increase its capacity from 6 to 8 million passengers per year, the airport of Toulouse, who is now a publicly owned company, had decided before the crisis, to build the new hall. A very bright and functional addition to three already existing.

The architect Toulouse Gerard Huet, who was responsible for this achievement which cost more than the 100 million euros. A terminal voluntarily generalist who will be able to accommodate both the needs of low cost carriers as majors. It has been sized to be extended if the request came. There is, for example, 12 banks record that could very easily become 24. "This is not because we built a terminal that airlines and passengers rush!" Says, however, very pragmatic, Jean-Michel Vernhes, Chief Executive of the airport.

Without falling into the trap of subsidy per passenger demanded that certain low costs "of practices which we reject," he says talks continue with low-cost airlines, which now represent 17% of the traffic bad credit payday advance .

For the year 2010, Air Nostrum, a subsidiary of Iberia, will reopen the line to Barcelona operated twice a day, however, EasyJet will increase its capacity to Charles de Gaulle and Air Austral to La Reunion. To facilitate access to the airport road has been reviewed and a new 3 700 parking spaces is under construction. It will then improve the service between the airport and downtown."We do not oppose the construction of parking and improved public transport," says the President to the attention of elected officials.

An open house is scheduled Saturday, March 6 just before the commissioning.

The largest U.S. bank, Bank of America, has experienced a greater loss than expected in the fourth quarter because of the cost of credit, says in a statement Wednesday.

Over the last three months of 2009, the bank recorded a net loss after minority interests of 5.196 billion dollars against 2.392 billion a year earlier, or 60 cents per share, while analysts on average expected a loss of 4 , 5 billion, or 52 cents per share. "Certainly it's disappointing loss to publish the fourth quarter. However, it should not overshadow our many successes, "said Brian T. Moynihan, president of Bank of America. Firstly, we repaid the U.S. government. Secondly, we strengthened our balance sheet through securities offerings successful. Finally, all our non-credit operations had a positive impact on our results.

Net banking income (equivalent of sales) of the bank, to 25.076 billion dollars, is also revealed in below expectations of Wall Street analysts who had forecast on average 26.84 billion in free business cards .

Bank of America has suffered a decline in demand for loans and "portfolio management debt" compared to a year ago while its revenue from market activities have strongly rebounded. "We are heartened by the resurgence of the economy for 2010, through the stabilization of our cost of funds. However, economic conditions remain weak and we expect that unemployment continues to rise. This will therefore penalize consumption and growth. "

Friday, JP Morgan Chase announced a net profit of 3.278 billion dollars (2.27 billion euros), a figure four times over the fourth quarter of 2008. Net banking income (equivalent to the turnover) amounted to 23.164 billion dollars over the same period against 17.226 billion in 2008. Levels well below expectations of analysts who had forecast at 26.2 billion. Tuesday, Citigroup posted a net loss of nearly 1, 6 billion against $ 27.6 billion in 2008.

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The Committee approved the December 8 and 9 "advisory for a package of proposals to strengthen regulation of capital and liquidity with the objective of strengthening the banking sector," he said in a statement.

These measures will "respond to the lessons of the crisis in the regulation, supervision and risk management of banks," said the committee.

The proposals for capital and liquidity will strengthen the banks and create a financial banking system and healthier, "said the chairman, Nout Wellink, who is also president of the Dutch Central Bank.

It is, however, that a "consultation document" and not a final text, recalled Wednesday a spokesman of the Bank for International Settlements (BIS) in Basel, including hosting meetings.

The 27 "wise men" had already announced in early July an increase of Basel II, introduced in 2004 and requiring banks with a capital ratio weighted overall risk incurred by financial institutions.

Avoiding a new "Lehman Brothers"

To avoid the disastrous consequences of a new financial crisis including the collapse of financial institutions of systemic importance, as the bankruptcy of U.S. bank Lehman Brothers in September 2008, the Basel Committee grilled for several months on a building rules governing the banking sector.

In his new proposals, the committee wants to strengthen the quality and transparency of the core capital Tier 1 (core capital of a bank), allowing institutions to better absorb potential losses.

He also wants to improve the level of capital to protect facilities including activities on derivatives and repos (repos).

Debt ratio

Banks should also establish a ratio of debt to contain their debt, financial buffers to cope with difficult situations and a minimum level of liquidity.

The impact of these measures on the sector should be analyzed in the first half of 2010 with the aim to introduce by the end of 2012.

The committee, founded in 1974 and composed of the governors of 27 central banks worldwide, "will ensure that the implementation of new standards is consistent with the financial market stability and sustainable economic growth," assured Nout Wellink.

Central bankers also want to introduce a period of tolerance and accompanying measures "for a period sufficiently long to allow a smooth transition to new standards.

The shock wave propagated at the speed of lightning Thursday in the Gulf as the rest of the world. The near collapse of the emirate of Dubai, obliged to ask its creditors for a moratorium of six months for two of its major companies, Dubai World and Nakheel, unable to repay the 59 billion they have borrowed, shook all financial markets.

Asian stock markets continued their decline Friday. Tokyo has fallen by more than 3.0% in closing, while Hong Kong fell by 3.45% in mid-session. Shanghai posted a decline of 1.05% in mid-session. Seoul ended a slump of 4.69%."The last thing you would see is a domino effect, alarmed investment bank EFG-Hermes, which fears the deferred payment of debts of other firms, notably in emerging countries.

Not surprisingly, the rating agencies Moody's and Standard & Poor's has downgraded six of the largest groups of Dubai, including DP World, a subsidiary of Dubai World, the company's water and electricity, and the giant of the Real Estate Emaar Properties. "Although Nakheel is not rated by Moody's, this is an important precedent for a leading company facing difficulties to pay its debts and relying on government for support, accuses the agency.

Snowball effect

The risk of a snowball effect is real.Dubai, which has more particularly on its neighbor Abu Dhabi to come to his aid, can undermine the confidence of investors in the Gulf. Investors including many Westerners are. Among the creditors of Dubai World, one finds the British banks Barclays, Lloyds, Royal Bank of Scotland, but BNP Paribas and Credit Suisse. According to the latter, the exposure of European banks, however, does not exceed 13 billion euros.

In 2008, the emirate has attracted to itself for 21 billion dollars of foreign investment. Today, these investors may be concerned not only the financial health of Dubai, but also the countries of the Federation of UAE and the entire region.

For its part, Dubai, symbol of easy money, won, lack of oil, the real estate and finance, has a huge portfolio of foreign assets.It is the largest foreign investor in Tunisia and has launched many projects in the Maghreb, although some of them have been frozen because of the crisis.

He is a shareholder in several large companies in Asia, including Sony, the United States and Russia, where he acquired a leading electricians. It also has holdings in Europe, particularly in EADS. If decided, as feared, some investors to sell off its pay its debts, the consequences could be catastrophic for the financial market confidence. And they are equally if Abu Dhabi was to withdraw from Daimler, which owns 9% to help. Closed Thursday, Wall Street will give his ruling on Friday.

"The emirate of Dubai on the brink of bankruptcy