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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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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