The Spanish economy will grow 0.7%, according to Fiscal Responsibility Watchdog
BancaMarch | The Spanish Independent Authority for Fiscal Responsibility (AIReF) maintains buoyant expectations for the growth of the country’s economy.
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Apple’s $1 trillion value doesn’t mean it’s the ‘biggest’ company
Jerry Davis via The Conversation | On Aug. 2, Apple became the first U.S. public corporation to achieve a US$1 trillion valuation, making it the largest company in the world – by one measure at least. But what exactly defines a “megacompany”?
Santander revises its recommendation for regulated companies with the new Spanish government
Santander | The arrival of the new government in Spain is good news for the gas and electricity markets, given that it is probable that it will respect the regulatory periods; it appears more focused on the spirit of the law (“fair returns”) than on the application of methodologies (differential over 10 year bonds) and it has the intention of reinforcing the role of the CNMC as an independent regulator.
How to reduce job insecurity in Spain
Arinsa | No government, even with the frail parliamentary minority enjoyed by the Pedro Sanchez administration, can allow itself the luxury of forgetting the current duality of contract in the labour market.
Unicredit: Attributable profits fall (-13.3%), but it maintains its potential thanks to lower costs
Bankinter | Unicredit´s ordinary BNA has fallen to 1.024 billion euros in the second quarter of 2018 (Q2 2018) (-13.3%) but has beaten expectations. The principle figures compared with expectations for Q218 (Reuters): Gross Margin: 4.947 M€ (-4.3%; -3.3% t/t); provisions: -504 M€ (-23%; 1.5% t/t); BNA: 1.024 B€ (-13.3%; -7.9% t/t vs 975 M€ expected).
Europe: PER around 15.4 times, with a more than reasonable yield of 3.58%
Alphavalue | The results season has passed half way and the balance is positive, again more so in the US than in Europe, but with solid figures on both sides of the pond.
Trade wars: An old hope
David Page (AXA IM) | We believe the US has been using tariffs primarily as a negotiation tool; China appears a special focus. But domestic political motives also appear to be a driver.
Turning Point Of Auto Industry As Electric Cars Sales Post A 54% Rise In 2017
The dangerous rise of carbon emissions coupled with greater energy efficiency driven by the evolution of battery technology is building momentum towards acceptance of electric cars globally. For analysts at Wisdom Tree, “the proliferation of Electric Vehicles will be tied to the initiatives from governments across the world as they rely on supplementary grid infrastructure.”
Economic Inequality May Be At Its Highest Level Since The Industrial Revolution
Even though extreme poverty has fallen in recent years, economic inequality has grown more pervasive. In a brief note from Allianz Global Investors, the firm underlines this figure: the top 1% of the US population owned more than 38% of the country’s total wealth in 2016,while the top 10% of populations are benefiting disproportionately.
The Auto Trade War Is A Shaky Ceasefire
BoAML do not think the Juncker-Trump trade agreement is a game changer. Rather they argue that the deal lowers the near-term risk of an auto trade war, supporting their cautious optimism on Europe. However, the deal is largely symbolic in nature, and as we have seen with past “ceasefires”, it may not last long.