Scope Ratings | Socialist Party leader, Pedro Sanchez, has barely a week to secure a parliamentary majority or risk returning to the ballot boxes for the fourth election in as many years.
ECB records were published which caused discussions about further rate cuts and a new round of QE. Morgan Stanley analysts have been most vocal over QE anticipating that with the current inflation data the ECB is likely to use all the tools it has in reach.
Consumer price index rose 0.2% in Germany in June compared to May, while the yoy rate rose 1.6% (1.4% in May). The French National Statistics Institute, Insee, announced that the consumer price index (CPI) in France rose 0.2% in June compared to May, while the interannual rate rose 1.2% (0.9% in May). All figures coincide with analysts´ expectations.
Manuel Moreno Capa | Generalist banks wanting to convert their small savers into investors who opt for fund portfolios; large banks who launch innovative online platforms to attract wealthy clients; small bodies who look for savers in funds which begin with contributions as affordable as 10 euros; independent managers who, with new types of funds, compete with bank financing of SMEs … It is a struggle of all against all, which investment funds have become the definitive weapon.
Martyn Hole (Capital Group) | Since 2009, many of the 50 companies with the best annual profitability were based outside the US. During much of the subsequent ten years, between 80% and 90% of them were based in other countries.
Renta 4 | Bankinter is publishing its 2Q19 results on July 25, 2019 before the opening of the market. Maintain. Target price 8.1 eur / share. Our estimates point to a net interest margin of 284 million euros, + 5% yoy, and + 3% vs 1Q19 in a quarter where we could see some improvement in the MI / ATM (1.48 % R4e vs. 1.46% in 1Q19).
In a difficult year for the sector, major Spanish IT provider for the global travel and tourism industry Amadeus (AMS) has shown solidity in its operations thanks to the high visibility of its revenues (dependent on transactions vs. price) and the global reach of its business, well diversified geographically, analysts at Sabadell argue.
Esty Dwek (Natixis) | Ongoing weakness across manufacturing and trade shouldn’t be a surprise, but service sectors continue to hold up, even showing a small rebound in June. Overall, we expect slower but stable growth around trend levels for the major economies.
BoAML | The risks of a no deal Brexit have risen in our view. No deal is not our base case, but that is now a close call.
Spanish regulator (CNMC) is preparing new regulations which will lead to a greater than expected cuts in the returns for natural gas transportation and distribution networks and also, possibly, for electricity distribution networks.