J. P. Marín-Arrese | While betting on such firepower helped to ground the recovery, its ability to deliver a sustained boom seems less obvious.
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.
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.
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.
Sabadell | Despite the poor performance of the stock this year (-3% vs IBEX) and especially since the beginning of April (where it reached its maximum of 44.25 euros / year / -12% since then), possibly due to an market towards more defensive values, until now we see no reason to stop trusting CAF.
Spanish multinational pharmaceutical and chemical manufacturer Grifols (GRF) has received the approval of Xembify (20% concentrated subcutaneous immunoglobulin) by the FDA for the treatment of primary immunodeficiencies.
Morgan Stanley | As we indicated in our last real estate strategy report, this has been the worst sector in Europe in 2Q19 (oversold and with a relative performance of 3.5sd below its 12MA). This has been mainly motivated by concerns about the proposal to freeze rental prices in the city of Berlin (and its possible spread to other cities in the country) as well as the uncertainty regarding Brexit.