Renta 4 | The September meetings of the Federal Reserve and ECB will be key in economic and market developments in the Autumn. The market discounts with 58% probability an ECB cut in the deposit rate to -0.6%.
Bankinter | The media company Prisa is negotiating exclusively with Cofina the sale of Media Capital, its Portuguese subsidiary. In the past it negotiated the same sale with Altice for 440 Mn€, but the competition authorities did not approce the operation.
Renta 4 | Olli Rehn, President of the Finnish central bank and member of the ECB board has said that the ECB is preparing a monetary stimulus package which should exceed market expectations and allow it to take on the slowdown confronting the Eurozone.
DWS | Although gold is considered a hedge against inflation, what is true that, over the last decade, it has closely followed the evolution of real interest rates: when those fall, the price of gold tends to rise.
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.