Central bankers deserve praise for salvaging the economy when it was navegating rough waters. The massive liquidity glut they provided undoubtedly saved the day. Yet this funding bonanza seems unable to boost growth. We know that money doesn’t necessarily bring happiness. But now we discover, much to our dismay, that neither does it guarantee a full- steam recovery.Read More
Henry M. Paulson Jr via Caixin | Trade does result in very real and serious job losses, while its benefits are spread more broadly over the entire U.S. economy. Yet many job losses are not a result of trade; they are actually driven by productivity gains related to rapid advancements in technology, a powerful force disrupting labor markets globally and affecting numerous countries, including the U.S. and China.
AXA IM | At the time of writing, Hillary Clinton enjoys a near 2 point lead over Donald Trump in the national polls. This lead had narrowed to almost a 1 point gap recently – the smallest since the brief lead Trump held over Clinton at the time of the Republican convention. The polls appear equally tight if we look at the likely battleground states. Exhibit 2 illustrates a mixed picture in terms of Clinton or Trump leads in key US states.
Listed Spanish banks have an exposure to sovereign debt equivalent to almost 2x their tangible equity and those bonds generate, on average, almost 1x the banks’ PBT, as said by Exane BNP Paribas’s Spanish banks analyst Santiago López . His views about central banks operations do not necessarily reflect the house view.Read More
UBS | Once CaixaBank gained further clarity around BPI’s deal’s viability, it announced a placement of its own treasury shares near Thursday’s market close. This sale amounts to the 585m shares (9.9% of capital) which CaixaBank received as a result of the asset swap (involving BEA/Inbursa stakes) with Criteria in December last year.Read More