Tecnicas Reunidas

Spanish Small & Midcaps: Tecnicas Reunidas

Year 2017 will bring a change in trend for Técnicas Reunidas, after two years of sharp declines in investment in the petrochemical sector (-43% in 2015 and -27% in 2016e) as a result of the drop in oil prices. According to ACF’s analysts this hypothesis is supported by forecasts for there being an equilibrium between supply and demand for oil by mid-2017, which should reactivate investment in the sector.

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French elections

French Elections Are Not Over Yet

European capitals have welcomed with relief Macron’s victory in the first round of the French elections. But even if Macron’s lead in the first round seems comfortable enough, support for extremist parties represents more than half of total votes. This could lead to unstability in the country which Macron will need to be able to control.


Theresa May election call

The Theresa May Election

John Bruton | British Prime Minister Theresa May has decided to call an early election before the practical outworking of her Brexit strategy becomes obvious to voters. She wants to be free to modify her strategy, and needs a bigger parliamentary majority. She claims otherwise. Instead, May says she is calling the election because the other parties oppose her Brexit strategy. They don’t oppose it, actually. They have cooperated with it to a point that makes little of parliamentary sovereignty.


Ezentis transformation

Spanish Small & Midcaps: Ezentis, a transformation story

Ezentis ended 2016 with an order book worth €848.4 million and a ratio of 2.8x sales. This figure, combined with the fact the bulk of the order book is recent (79% of the contracts awarded in 2016), guarantee a large part of the group’s future results, as well as reducing their volatility.

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US soft a and hard data

The debate about US soft and hard data comes back

So-called ‘soft’ data, such as strong sentiment indicators and survey levels for the US economy, have raised the debate whether the real economic indicators ahead – the so-called ‘hard’ data – will be able to fulfil the expectations created, or whether they will instead disappoint and lead to market unrest.

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