ThyssenKrupp and Tata Steel signed an agreement to combine their steel businesses through a fifty- fifty joint venture and create the second player in Europe behind ArcelorMittal. European assets of India’s Tata Steel’s are valued at up to $1,026t. Is that realistic?
Spain’s energy minister, Alvaro Nadal, has explained current week in a meeting with companies from Spanish electricity market that he is betting on a mix of competitive electricity generation which takes advantage of all kinds of technology, including coal and nuclear.
According to figures from the latest quarterly report of the Bank for International Settlements (BIS), there is a gradual normalisation happening in the interbank market.
Benjamin Cole | While taxes and trade get the headlines, a major issue in the US is ubiquitous restrictive property zoning, and the false signals zoning sends to the Fed. Indeed, the “housing bubble” that led to Fed over-tightening in 2007 barely surfaced in Houston, but was highly prominent in San Francisco. Obviously, the “housing bubble” was not Fed-induced.
ACS is still looking for the financial muscle to be able to make a counter-bid for Abertis. The company has the capacity to generate cash and has a solid financial situation, but it would need the help of foreign investors to better Atlantia’s bid of 16,5 euros per share.
Nick Malkoutzis via Macropolis | It has taken Alexis Tsipras almost 1,000 days to decide that the best thing he can do is to look forward instead of looking back at the failings of previous governments and the problems his administration inherited.
Markets are currently looking to the US Federal Reserve’s (Fed) September policy meeting, scheduled for tomorrow and Wednesday. Given the Fed’s statement at its June 2017 policy meeting, the balance sheet reduction should begin gradually at USD 10 billion per month.
The PSI outpaced other European stock markets yesterday, boosted by S&P’s decision to raise Portugal’s investment grade (BBB-) for the first time since 2012: the Portuguese market “celebrated” the milestone with a 1.9% rise.
Víctor Peiro (GVC Gaesco) | The emerging markets are performing well this year and so the context is favourable for revisiting the privatisation process in those countries. Brazil is set to sell off a raft of different assets, including state-owned utility Electrobrás. Several big Spanish companies could be interested in acquiring these assets.
The European Central Bank (ECB)’s non-conventional measures contributed 1,7 percentage points to Spain’s real GDP growth between 2014 and 2016, while also helping to cut the public deficit by 1,9 percentage points over the same period.