Europe represents more than a third of global investment in Industry 4.0, and the countries of western and northern Europe are the principle markets, especially Germany. On the other hand, the leading European car makers are already investing in their businesses with the objective of electrifying their fleets.
The National Markets and Competition Commission (CNMC in its acronym in Spanish) is processing a circular so that all energy companies which supply electricity, gas and hydrocarbons meet six ratios which constrain their level of debt and dividends in relations to the volume of assets, cash flow, EBITDA or financial costs.
Letterone has finally announced a voluntary offer for all of the shares in Supermarkets DIA which it does not currently control (70.999% of the social capital) at 0.67 euros/share, which represents a premium of 56% over the share price at the close of the market yesterday
The Villar Mir family has received up to five demonstrations of interest in buying its shares in OHL, of which it controls 35%. Among those interested in taking over the company are three Chinese companies, one Italian and one French, even though the actual names of the companies have still not been made known.
To advance towards banking union it is necessary to reduce systemic risk, and the quality not just the level of capital is ever more important. The most important risks associated with the banking sector remain the ratio of NPLs (non-performing loans) and the exposure to sovereign debt, according to analysts at Morgan Stanley.The European banks have made significant efforts to improve the quality of their assets.
The project, in which the Spanish engineering company Sener is also participating, forms part of the bid that Cobra, the subsidiary of the group chaired by Florentino Perez is making for investment in constructing new installations for the generation of renewable energy.
According to a report about dividends from Allianz Global Investors, European companies have an investor-friendly dividend policy compared to their international peers. At the end of December 2018, their average dividend yield across all market segments (based on MSCI Europe) was around 3.8 %.
AXA IM outlook for the US economy, which was below consensus back in November, was a herald of subsequent market fears. Since the relationship between the recession risk and the market sell-off goes both ways, the question was whether market events had overtaken the economic outlook and threatened an even sharper slowdown in activity. Now, they have updated our probabilistic model of US recessions.
In addition to the losses from the 34 day US administrative shutdown, which were set at $11 Bn, there are other reasons to expect a less positive tone in the US than the positive current one. For the analysts at Intermoney, the only aspect able to explain this is the so called Powell put whose effect will be temporary. But where does this concept come from?
The two largest Italian banks, despite various efforts by their management teams to sanitise their balance sheets, seem to be suffering from the “Italian risk” by association. In opinion of experts at Banco Santander, this specific risk is exaggerated, and the current depressed valuation is an opportunity to buy.