This panorama at the end of the summer holidays focuses primarily on assessing sector risk in the 14 sectors of business in three major geographic regions. What are the main trends? North America's economy remains robust and dynamic, despite the rough winter weather in the first quarter of 2014. US companies have a strong capital base that enables them to keep risks at relatively low levels and to conquer new markets. The sectors in emerging Asia are enjoying steady growth, but the sword of Demacles - overcapacity - that is hanging over business activity in sectors like construction, chemicals or metallurgy is a risk which Coface's economists are factoring in. Restructuring will therefor take time.