This week Spanish pharmaceutical firm Almirall issued a profit-warning, citing the negative impact of its US business. The stock price has dropped 30% in two days.
The reality being faced in the US and abroad is that the current world order has failed to deliver its promises.
Italy is threatening us with another time bomb. The country’s banks have 360 billion euros of doubtful loans and the EU (that is to say the sinister Eurogroup), as intelligent as ever, is pressuring for the bail-in rules, to which ultraliberal & co are so addicted, to be implemented by the book.
Julius Baer Research | The past years’ least loved commodity has made a silent comeback. Coal prices are up more than 30% from the earlier year lows. Northwest European coal import prices, the leading benchmark, trade above USD 55 per tonne. The comeback is in part related to the oil and natural gas price rally.
AXA IM | Companies have re-leveraged their balance sheets since the global financial crisis (GFC), driven by low borrowing costs. Although heightened, corporate leverage is not currently excessive in developed markets, although we see signs of concern in emerging markets. In this note we assess whether we should be concerned about corporate leverage at current levels.
Hu Shuli via Caixin | The eighth session of the U.S.-China Strategic and Economic Dialogue (S&ED) in Beijing on June 6 and 7 received more than…
Jarno Lang | Obama is not only a pop-cultural phenomenon, but also a pragmatic leader. His successor will have to deal with a worldwide net of dependencies.
The big hope of political self-starters like Donald Trump are those voters without a university education, once members of the US middle-class, who accounted for 36% of the electorate in the last elections.
Guntram B. Wolff via Caixin | G-20 ministers in Shanghai appeared to be aware of the importance of structural work. In particular, there was agreement in our panel discussions that the Base Erosion and Profit Shifting (BEPS) project of the OECD was an essential element to deal with tax avoidance and ensure that profits are taxed where economic activity generating it takes place.
UBS | Following our recent launch report on European luxury we have undertaken an analysis of US and Chinese millennial (18-34 years) spending together with UBS Evidence Lab based on our survey of 2,109 consumers. We conclude that millennials will not mark the end to luxury consumption that some fear.