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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Donald Trump last failure about the abrogation of Obamacare promises some others. It is highly likely that the protectionist measures he is thinking about and which were the significant times of his electoral campaign will never be adopted. The transformation of the American tax system, except if VAT is adopted, to penalize imports and reduce enterprises charges, will not happen, as other than symbolic measures against Mexico. The reason is simple: United States has more to lose than to win in going in that direction. Imports taxation would penalize American consumers. Retaliatory measures adopted by the countries which are targeted ...

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After two gloomy years, Brazil should experience an economic revival in 2017. For the first time since 2013 and the going down to hell of a country which had seen itself becoming among the top six economies in the world and whose GDP had surpassed UK one, signals of an improvement of its economy are now appearing. The deep recession which occurred in 2015 and 2016 with, both years, a GDP fall of 3,7%, could come to an end and leave the place to a modest growth in 2017 at around 1,5%. Political situation has been clarified and ...

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