Banks (trading on 0.6x price-to-book-value ratio and 6x price-to-earnings ratio for 2023E) are still expecting a record year in 2023

Dirk Becker (Allianz GI) | Credit Suisse has been seen as the weakest link in the global banking sector for several months, after vari- ous scandals and poor management decisions. We think the merger can therefore help to stabilise the global financial system: In our view, UBS are being paid for running down the risky parts of Credit Suisse, and they get to keep the highly profitable Swiss domestic unit…

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Alemania PIB

Bundesbank: technical recession unavoidable for Germany in 1Q23 but decline could be less than 4Q22’s 0.4%

Link Securities | Germany’s central bank, the Bundesbank, as reflected in its Monthly Bulletin, expects Germany’s Gross Domestic Product to contract in 1Q2023 relative to the previous quarter. The Bundesbank believes that the productivity of the German economy could fall again in 1Q2023, albeit less sharply than in the previous quarter. According to the bulletin, the German economy recovered at the beginning of 2023 only with difficulty from the sharp…

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iberdrola avangrid eeuu 2

Iberdrola begins work on photovoltaic plants in Texas and Ohio, combined capacity 523.5 MW

Link Securities | The company, through its US subsidiary Avangrid, has begun construction of two of its largest photovoltaic plants in the country, located in Texas and Ohio. These are the True North and Ohio Powell Creek projects, with a combined capacity of 523.5 megawatts (MW). The Ohio Powell Creek farm, which is being built in Putnam County (Ohio), will have a capacity of 202.5 MW and will generate enough…

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Carlos Delclaux: “Europe has busied itself with giving lessons… but it has grown very fat with contentment”

Fernando Rodriguez: Interview with Carlos Delclaux, president of Vidrala and Vocento board member. “The EU has busied itself lecturing the whole world on renewable energies. But a project of this magnitude should have guaranteed supply, and an orderly transition process to ensure that along the way you don’t run out of industry or that citizens don’t suffer ‘energy poverty’… But Europe has grown too fat with contentment. And we are…

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“We are facing a change of era rather than a change of cycle”

Fernando González Urbaneja & Luis Martí | Agustín Carstens, Managing Director of the Bank for International Settlements, Basel (BIS), explains that “I think this is a change of era. While it is true that it may coincide with a change of cycle, I believe we are facing a change of era for several reasons. There are structural factors that helped us during the last few years, since before the global…

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…in the last week