The ECB recently published a paper in which it reviews its monetary policy over the last 20 years. Among other points, the central bank says that interest rates in EMU countries could deepen further into negative territory before being counterproductive.
Círculo de Empresarios | The Bank of Spain forecasts that the Spanish economy will embark on a gradual path of deceleration until 2022, and therefore maintains its 2% and 1.7% annual growth forecasts for 2019 and 2020, respectively.
Oriol Carreras and Eduard Llorens i Jimeno (CaixaBank Research) | All the indicators suggest that next year will be defined by the same key elements. As we can see in the first chart, to the extent that global growth, and that of the euro area in particular, remains contained, we do not expect to see a significant surge in exports. Therefore, the foreign sector will continue to provide very modest contributions to growth. Moreover, the global environment will remain a source of risk.
After issuing €1,62 bn at 5 years, €1,31bn at 10 years and €510 M at 30 years, the Treasury ruled out any further debt issuances in 2019. On the other hand, the net issuance amounted to almost € 20 bn, the lowest figure since 2007.
The decision was announced last October and came into effect in the new year. The Government of Lenín Moreno decided to leave the cartel, led by Saudi Arabia, to escape the procuction cuts, with which the organization intends to boost oil prices. Oil is the second largest source of income for Ecuador’s coffers.
Wei Wei, a 40-year-old Chinese national, was executed on Thursday morning at Fukuoka Prison. He had been convicted of the murder of a family of four in Fukuoka, committed with two other students of Chinese origin. Japan is one of a handful of countries that has persistently executed over the past few years.
Alejandro Arevalo (Jupiter’s Head of Strategy, Emerging Markets) | One might think that emerging market debt has had difficult year, but it’s been quite the opposite. At the time of writing, the major EM hard currency indices have all returned more than 11% year to date.
Arek Sinanian | What will the outcome be of the latest UN Climate Change Conference in Madrid? Have you ever tried walking on a travellator? You know, those moving platforms at airports that help you get to your destination when you are in a hurry or tired, or have a lot of baggage to carry. This is the image I have of the last few Conferences of the Parties (COP) of the United Nations.
José Ramón Díez Guijarro (Bankia Estudios) | The end of the year has served to dismiss some of the doubts that have distorted the decisions of the economic agents during the last months, ballasting the growth rates of the activity. Visibility has improved in the short term, yet uncertainty is here to stay
Ana Isabel González García, CIIA (IEAF) | Adolfo Domínguez S.A.is a small designer fashion textile group, based in Ourense (Spain), specialising (c. 40 years) in the design and sale (both retail and wholesale) of fashion items. With international presence (35% o/revenues), it is managed by the founding family (31% of the capital), which prevails in the Board. After the renewal of the business its effectiveness remains to be tested.