In the US, many, like Blanchard and Krugman, have for long advocated a higher inflation target as a means of getting the economy ‘moving’.Read More
Citi Research | Ahead of Inditex’s 1Q results on 15 June, we strike a €706m 1Q PBT forecast, +3% yoy. This is driven by a +10.5% revenue growth forecast (LFL +8.5%, ccy -5.0%, space +7%), c.-140bp gross margin delta given FX transactional headwinds and opex +14.5%. The latter equates to LFL opex c+4.1%. This drives 1Q EPS of €0.173, +3.6% yoy.
The European banks are having nothing but trouble in the last few months. And if they needed something else to further cloud their outlook – negative interest rates, meagre margins, increasing capital demands…- doubts have begun to emerge lately over whether the sector can continue to pay the high interest on the so-called CoCos (Contingent Convertible Capital Instruments), contingent convertible bonds.
UBS | With 1Q16 results over it is time to take stock. European banks are down 18% YTD against a market 5% lower, with continuing hair-raising volatility in parts of the banks index. Our estimates changed surprisingly little during results: interesting considering the bearishness of many investors we meet.Read More