US commercial banks are trading at a discount of over 25% with respect to the market as a whole (S&P 500) in terms of PER 2018e. Fundamentals are solid and the Fed’s monetary policy heralds a good performance from their profit and loss accounts in 2018 and 2019.
The construction materials’ sector is one of the few where EPS growth is accelerating between 2017 and 2018. But to be fair, there has not been much positive news for the construction materials/cement sector this year. Valuations don’t scream out “an attractive buy” in the short-term.
A simple article about the internal balances of payments in the US written by Cullen Roche helps us understand why the Catalan separatists’ famous slogan “Spain is robbing us” is a fallacy. That said, the only thing Catalan secession supporters want is to save on the transfer which they should make as a wealthier region.
Since its creation in 1945, the CFA Franc is considered as “an insult to the sovereignity of the African countries”, according to numerous experts. The offensive against this currency resurfaced on the eve of the last French elections. The leading politicians felt themselves obliged to comment on the issue.
Asia has been the best performing region globally this year because of China being the best performing market and tech being the best performing sector. In Hong Kong in particular the impact of Tencent has been extra-ordinary as the largest stock in the market with a current weighting of almost 12%.
In Spain there are currently 428,000 millionaires with over 1 million dollars compared with 370.000 in 2016, according to a report by Credit Suisse published this week.
Most G10 currencies declined further against US dollar ( USD) . However, analysts from AXA IM remind that “the greenback has lost some steam”, appreciating just 0.5% over the past month.
He Fan, Ye Qianlin and Li Chaohui via Caixin | The U.S. president’s three-day state visit to China ended up with dazzling trade deals worth over $250 billion. It seemed the most pressing issue on the agenda would have a respite.
The four central bankers, Draghi, Yellen, Carney and Kuroda have commited to continuing to”give open guidance” on future decisions, as they slowly withdraw monetary stimuli.
Could the yuan substitute the dollar and become the predominant currency? I would ask the following question: if you had some dollars, would you change them for yuan? No you wouldn’t, would you? We would like to demonstrate that the yuan is in no way a substitute for the dollar.