The last published figures, and especially the high level of job creations during the 1st quarter, give a positive image of France which contrasts with many years of doubts and critics. The growth trend is now in the European average, even if it is not strong enough to generate a significant reduction of unemployment and several sectors, like for instance home building, are enjoying a significant turnaround. Emmanuel Macron election and the huge majority his government will get at the national Assembly, even if his economic program is not precisely known, appeared as very positive factors to the international community ...

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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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