Acerinox target price

Acerinox Stuck With No Investment Proposition; Target Price From €14 To 10.50 €

The metal industry is not performing well on the stock exchange in current year due to lower expectations about the US infrastructures investment plan and fears of contraction in China’s growth. Specifically, Acerinox has dropped around 14% in the last three months, while in the whole year lost near 5%. Analysts have been supporting the company with a recomendation of “hold” and buy”, but Citi has broken the tendency by downgrading to “sell” and cutting target price to €10.50 from previous €14.

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Catalonia's referendum

The Catalonian Spider’s Web

Acting as an “agent provocateur”, Catalonia’s government intends to hold a wholly biased and unrepresentative independence referendum in early October. It knows the outturn will hardly attain half of the potential voters, as only a minority of the population favours an outright split from Spain.

FCC restructuring

FCC, A Utility With A Cement Call

FCC is an (ex) domestic construction company that moved into Environmental Services & Water management. It is not alone in embracing new business models including Sacyr, ACS and Acciona, which moved from a domestic construction business model to respectively an international concession one, an international civil engineering one and an international electricity generation one, while Royal BAM partnered with PGGM to grow in the PPP area and Bilfinger shifted to industrial services.

Questioning Draghi's tone

Questioning Draghi’s Tone: Half Hawkish Half Dovish

In last years, central banks have managed to give markets any sign about the direction of their policies, neither too dramatic nor excessively inaccurate. Today it is the turn for the ECB to take a further step towards the monetary policy easing in Europe. Experts are divided over the tone of Draghi’s words at the central bank meeting. Some expect he will not change it against the relative surprising hawkish speech in Sintra two weeks ago.

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