Link Securities | German business expectations are at an eight year low. The ZEW surveys elaborated by experts on the current conditions of the economy in August indicated a very pessimistic atmosphere.
Morgan Stanley | European banks trading at crisis levels. The car sector is the cheapest it has been since 2001. Our latest monthly review highlights two observations about tendencies, sentiment, valuation and fundamentals for European sectors:
Andressa Tezine (Fidelity) | The sharp fall in Argentina´s bonds and international shares, after President Macri´s surprise defeat in Argentine primary elections, could spread to other Latin American and emerging markets while investors look to re-balance their positions.
Santander Corporate & Investment | The Ministry of Ecological Transition has published its response to the regulator´s (CNMC) proposals for changes to the rules on the gas and electricity transportation and distribution networks and gas storage installations. Based on the four documents presented in CNMC before the 9 August deadline, the Ministry values the regulator´s proposals favourably.
Shaun Riordan │ The Hong Kong protests have now entered their tenth week. Over the weekend protestors are reported to have fought running battles with the police in the Metro system. The police have had recourse to batons and tear gas. The dangers for Hong Kong´s political and economic future are clear. But the dangers are much broader than Hong Kong. Markets should be watching carefully.
JP Marin-Arrese │ Trump’s volatile mood is wreaking carnage on investors’ confidence. It is a fact that the White House tenant longs to trigger huge uncertainty, even panic, among investors. Yet, by brushing away any hope to strike a truce with China he has outdone himself.
Miguel Navascués | Central banks announcements are better than nothing, but may not be enough. In my opinion, the central message of Keynes is that, for those taking investment decisions, the future cannot be reduced to a risk calculus formula, because there is always a zone of uncertainty (by definition incalculable) which influences spending decisions: consumption, but, above all, productive investment.
BBVA Research | After slightly disappointing in the second quarter of 2019, Spanish economic growth could be around 0.5% quarter on quarter in the third quarter. Downward pressure on growth and job creation.
By Sara B. Potter, CFA | Signs are multiplying of an industrial activity slowdown. Now that the current U.S. economic expansion is on record as the longest in post-war history (10 years and counting), we are seeing an uptick in the predictions of an inevitable recession.
Baker McKenzie | Domestic M&As in Spain have significantly increased in value. According to an analysis of M&A activity by Baker McKenzie, in the first half of 2019 272 operations were completed for a value of 5.49 Bn$ compared to the 295 transactions for a value of 3.984 Bn$ completed in the first half of 2018.