Antonio Castillo Espinosa via The Conversation | Spain proposes to tax the operations most undertaken by citizens (buying and selling shares, which the peculiarity that, in addition, households and families own about a quarter of the market, twice the European average.
Alphavalue | As a European leader in urban hotels, the Spanish chain has experienced a very positive first half of 2019, benefiting from solid momentum in European cities, especially noticeable in the strong recovery in Catalonia. However, the good results have not driven the group´s value, despite very attractive fundamentals, as 94% of the capital in in the hands of MINT (Minor International). The lack of liquidity, together with an unpredictable strategic plan from its Thai owner, have sadly driven investors away.
(European Views) | Referring to the EU as a “bloc” doesn’t make enough sense any way you look at it.
Société Générale Markets | We remain cautious about the Investment Bank sector, with estimated decline in incomes of -9% in 2019, followed by stabilisation in the next two years. Our estimates of EPS are generally below the consensus.
BofAML | We reiterate Buy on Grifols A&B for durable double-digit EPS growth driven by strong global plasma market position. Margin expansion is returning as plasma cost stabilises. AMBAR study in Alzheimer’s disease; may increase IG/Albumin demand through off-label use.
Yves Bonzon (Julius Baer) | In over three decades, we have not witnessed so much bearishness in the investor’s community, as the S&P500 index is a few percentage points away from an all-time high.
Renta 4 | Telefonica´s Council decided to propose a new plan of incentivised redundancies in terms similar to those already discussed in the market. Telefonica has provisioned 1.6 Bn€ to finance the redundancy of some 3,000 workers.
Peter Isackson via Fair Observer | Politics and literature have much more in common than most people think, especially if we accept to consider Donald Trump as a major literary figure.
Johannes Müller (DWS) | Three months ago, we warned that: “The outlook for the world economy is getting cloudier. Escalating trade tensions could trigger further downgrades.” Sadly, this has now come to pass. In several export-oriented economies, notably Germany and Japan, we had to cut our growth forecasts for both 2019 and 2020. For the U.S., we have left our 2020 forecast unchanged at 2%, but now expect just 2.3% for 2019, 0.2% less than three months ago.