Financial markets have always been influenced by the innovations which affected the survival of some companies or which generated the success of the others which had been at their launch. Excessive reactions spiraling out of controls even generated major crisis as at the beginning of the years 2000 with the Internet bubble. Its blow-out had consequences by far more important than the fall of some stocks and affected growth of the American economy. Lessons have not been learnt because we see again a craze for stocks which represents the “new economy” as Alphabet, Google parent company, or Amazon. They reach ...

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The recent evolution of the parity between the two major international currencies, the dollar and the euro, is full of lessons and will not be without consequences on the French economy. The euro remained stable against the dollar during almost two years, if we exclude a short period of doubt in November 2015. It fluctuated between 1.10 and 1.15. American elections approaching and the narrowing of the gap between the democrat candidate and Donald Trump generated a rise of the dollar. It reached 1.05$ against the euro, its highest level for 20 years, shortly after the election ...

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Moody’s rating agency has downgraded last week China sovereign debt notation. It echoes the numerous alerts about the excessive indebtedness of local authorities and state-owned companies. On the opposite, the State debt ratio (48%) would make many countries dreaming about it. That decision did not provoke any concern to financial markets. Shanghai, Taiwan and especially Hong Kong have followed their rise with, for the last one, a 16% increase since the beginning of the year. The Chinese risk is, in fact, overestimated and it is not new. The country has a huge current account surplus and currencies reserves above ...

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