Chris Iggo (AXA IM) | Bonds have sold off a bit last week, but I believe that the bull market remains in place. Global monetary policy is about to be eased yet there are reasons to be relatively relaxed about the near-term growth outlook. The mini-bond sell-off will make yields a bit more attractive. However, yield does not equate to return unless you hold bonds to maturity and there remains scope for returns to be substantially higher than current yields, especially at the long-end of the maturity spectrum.
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Nick Malkoutzis via Macropolis | A narrative evolved in the build up to Greece Sunday’s elections, which has continued in the aftermath of New Democracy’s resounding victory.
CaixaBank Research | The strong growth in international tourism which Spain has experienced is having a positive impact on economic growth and employment. However, it is also generating impacts on the resident population which are not always positive, as shown by the increasing congestion in certain parts of Spain caused by the high numbers of tourists. This has revived the debate over the need to move to a higher quality of tourism.
What do we understand by quality tourism?
For the ratings agency, the reforms the Spanish regulator wants to carry out include a significant change in methodology which means less income for the companies in the sector in 2021-2026.
Scope Ratings | Socialist Party leader, Pedro Sanchez, has barely a week to secure a parliamentary majority or risk returning to the ballot boxes for the fourth election in as many years.
ECB records were published which caused discussions about further rate cuts and a new round of QE. Morgan Stanley analysts have been most vocal over QE anticipating that with the current inflation data the ECB is likely to use all the tools it has in reach.
Consumer price index rose 0.2% in Germany in June compared to May, while the yoy rate rose 1.6% (1.4% in May). The French National Statistics Institute, Insee, announced that the consumer price index (CPI) in France rose 0.2% in June compared to May, while the interannual rate rose 1.2% (0.9% in May). All figures coincide with analysts´ expectations.
Manuel Moreno Capa | Generalist banks wanting to convert their small savers into investors who opt for fund portfolios; large banks who launch innovative online platforms to attract wealthy clients; small bodies who look for savers in funds which begin with contributions as affordable as 10 euros; independent managers who, with new types of funds, compete with bank financing of SMEs … It is a struggle of all against all, which investment funds have become the definitive weapon.
Martyn Hole (Capital Group) | Since 2009, many of the 50 companies with the best annual profitability were based outside the US. During much of the subsequent ten years, between 80% and 90% of them were based in other countries.
Renta 4 | Bankinter is publishing its 2Q19 results on July 25, 2019 before the opening of the market. Maintain. Target price 8.1 eur / share. Our estimates point to a net interest margin of 284 million euros, + 5% yoy, and + 3% vs 1Q19 in a quarter where we could see some improvement in the MI / ATM (1.48 % R4e vs. 1.46% in 1Q19).