Articles by The Corner


The closure of RWE would have an enormous impact on the company fundamentals

The Conflict With RWE, Without Definitive Decision Before 2020

Last week, the Superior Administrative Tribunal in Münster decided not to allow RWE to clear the Hambach forest for mining. This decision, which was not expected (the share value of the company fell almost 8%), could imply a significant reduction in the extraction of lignite, and thus in RWE’s electricity production. Strategists at Santander consider three different scenarios for a solution:


guaranteeing Spanish pensions means reforming the system itself

Forget Tax Collection, Guaranteeing Spanish Pensions Means Reforming The System Itself

The Spanish Ministry of Finance rules out a new specific tax hypothecated to finance pensions. In fact, the majority of developed countries has reformed their pensions systems basing them on various pillars (public/private; obligatory/voluntary) especially the nordic countries. Only Italy, Portugal, Greece and Spain maintain a pensions system based solely on obligatory social security contributions.



Acerinox exposure to the US amounts to around 45% of its sales

Acerinox Strong Points Against Trade Environment: Geographical Distribution And Financial Solidity

Acerinox recently celebrated its Capital Markets Day, in which it confirmed its strategy based geographical diversification of its plants (distributed over 4 continents), a policy of differential investment, the control of costs and strengthening its balance sheet, with a special stress on the generation of cash. Its exposure to the US, where the fundamentals remain solid, amounts to around 45% of its sales.


Grifols Defends Itself: US Demand Will Remain Solid

Last week Grifols received a negative recommendation from the global broker UBS, referring to the potential negative impact the commercialisation of a new alternative treatment for autoimmune diseases could have on its sales of intravenous immunoglobin.


Signs of a future increase in inflation

I…For Inflation, R…For Rates

Signs of a future increase in inflation are becoming increasingly visible. Natixis IM explains some of these global clues. First it is US long-term inflation outlook, which is currently situated around 2-3% and trending clearly higher.



The government of India took control of Infrastructure Leasing & Financials Services (IL&FS) last week

India Averted Their ‘Lehman’ Moment With The Takeover Of IL&FS

The government of India took control of Infrastructure Leasing & Financials Services (IL&FS) last week in order to ensure its liquidity and solvency as well as to preserve stability in the financial system. For analysts at Julius Baer, “this should alleviate concerns on the money, debt and capital markets but does not equate to a bail out.”


2018 Brazil elections are taking place in a particularly challenging environment

Brazil Elections: A Difficult Race In A Difficult Context

On Sunday  7 October, all Brazilians between the ages of 18 and 70 are being called to the polls to elect their next President .”This is an important election because the future administration will have the responsibility to tackle Brazil’s growing fiscal imbalances, and this will require challenging structural reforms”, analysts at AXA IM say.