The earnings season has started very well, like Goldman Sachs or JP Morgan, which recorded a 36% increase in profits in one year. Leading indicators have confirmed the trend and allowed the equity markets to be well again to return the 3200 points, with a passage in the 3000 flash points. The ISM index on the business climate has experienced very strong growth in June 47. Retail sales in the United States are resistant (+0.2%), favored by a price effect linked to the recent rise of oil. Job losses in the United States began to decline significantly. Inflation rates are near zero or even negative, favoring short-term purchasing power of households. After a decline in GDP

of almost 3% in 2009 in the United States, Nouriel Roubini (economist known for his pessimism) announces the end of the recession by the end of 2009. The Chinese economy continues to recover and register for the second quarter growth of nearly 8%, a sharp increase in public investment, and significant growth in credit. Brazil also seems about to emerge from the crisis with a growth rate expected positive favored by higher raw material for the second quarter of this year. Russia, with a fall of 7 to 10% of GDP in 2009 should continue to suffer. However, the rise of black gold in recent weeks and the importance of foreign exchange reserves, part of which is used to boost the economy helped stabilize the ruble (after a decline of almost 35% compared to dollar) and industrial production. The index of purchasing managers was also markedly improved to 47.30 and inflation has significantly relaxed (7% against 14% last year). Once will not hurt the euro zone will probably emerge from recession with a significant delay compared to the United States (anticipation of sustained growth for the second half of 2010). Moreover, contrary to popular belief, the economy of the euro zone has been more affected than the United States during this crisis, at least on economic growth. For example the European gross domestic product grew by 2.7% of GDP in 2007, 0.6 in 2008 and is expected to be around -4 to -4.5% in 2009 and -0.5% in 2010 when the states United has grown from 2% in 2007, 1.1% in 2008 and is expected to fall to -3% in 2009 to resume as early as 2010 (+0.7%). Finally, Japan seems not to be out of the deflationary spiral that has known for many years. Strongly affected by the downturn in world trade, and by sluggish domestic demand, Japan's economy fell by 0.8% in 2008 would drop by more than 6% in 2009 and moved back into deflation (inflation at -1 % in 2009 and 2010). When one considers the global economy, we note that global growth should pick up by the United States and major emerging countries (China, Brazil, India). And once again, the Eurozone and Japan are particularly affected by the global economic environment.