MADRID | The Corner | Don’t expect big changes in stock markets’ behaviour today: everyone is waiting for the main events of the week, that is, any move from the US Federal Reserve (FOMC meeting ends on Wednesday) and the Scotland referendum on Thursday. Just note that Germany is releasing ZEW index today, which gauges big investors and analysts’ confidence in the EU’s main economy. In the UK we’ll have consumer prices for August.
MADRID | The Corner | As expected, eurozone finance ministers have yet to agree on the guarantees requested by Mario Draghi for the riskier asset-backed securities (ABS), the so-called mezzanine level. Some countries such as Spain have already expressed their intention to guarantee them if some country of the zone euro did. Spanish economy minister pointed out that securitizations in Spain would not be at a comparative disadvantage. For the time being, not Germany nor France or the Netherlands will grant any collateral to the financial sector.
ATHENS | Via Macropolis | In a much-anticipated speech, SYRIZA leader Alexis Tsipras unveiled the main pillars of his party’s economic policy platform on Saturday, focusing on debt relief from the eurozone, the use of European Union funds to boost employment, a reduction in taxes and an increase of wages and pensions.
MADRID | By Álex García.
MADRID | The Corner | The pace of Global net EPS revisions has declined in August to -6.9% from -0.6% in July, although it is more significant the 3-month net earnings revisions that has improved from -7.9% to -7.0%, according to Hugo Anaya in his comment for JP Morgan.
BRUSSELS | By Alexandre Mato | EU finance ministers are meeting in Milan on Friday to focus on Ireland, Greece and Cyprus exit plan to leave their IMF-EU financial assistance programs. The much-needed debate about economic stimulus and growth is not on the agenda, nor will be Scotland, despite the thorny economic implications of an eventual yes vote in the upcoming referendum.
By Ray Kwong | The last time Homer Simpson and his dysfunctional family snuck into China, the Communist Party had them deported.
MADRID | The Corner | Latest published polls in Scotland, in which the rejection of independence is not at 53%, could reassure investors who fear political instability in the rest of Europe. Today will be scarce in macro data. Only wait for August final inflation data in Germany and France, and weekly U.S. jobs data. European stocks will look into Wall Street, which will be setting the pace.
MADRID | The Corner | Everything went by the book: after Spain’s largest bank Santander chairman Emilio Botin died on Wednesday, his daughter Ana Patricia Botín (53) was appointed to succeed him. Her long career in finance, closely supervised by his father, took her to the UK, where Santander bank gets 20% of its profits (Spain accounts for 14%). Britain’s third most powerful woman according to the BBC has now become Spain’s most influential in finance.
MADRID | The Corner | Spanish banking landmark Emilio Botin died on Wednesday at 79 of heart attack, but the country’s main lender won’t be without a captain for long: a special board meeting will be hold on Wednesday to designate a new chairman, the bank said in a statement. Scion of a wealthy banking dynasty, Mr Botín was the head of Spanish banking internationalization. Shares in Santander dropped 1.7 percent to 7.6 euros at 0710 GMT after the announcement.