ATHENS | By MacroPolis | The Bank of Greece (BoG) released on Friday the findings of a recent workshop in which representatives from the Finance Ministry, the EU, banks, corporates, international experts and consulting firms participated, generating a clear idea of what kind of debt restructuring would be needed for Greek corporates.
MADRID | The Corner | Yes, it’s boring. The only news you’ll find this Monday are about geostrategy (Israeli-Palestinian never-ending drama and Russian-Ukrainian conflict) and business results. The reduction of volumes of activity as we enter the central weeks of summer could make certain assets (stock markets, bonds, currencies…) overreact in the short-term. But nothing will substantially change.
SAO PAULO | By Marcus Nunes via Historinhas | This can be inferred from a speech by Rintaro Tamaki, Deputy Secretary-General and acting Chief Economist of the OECD, who for 35 years worked for Japan´s Ministry of Finance: “The chief economist of the Organization for Economic Cooperation and Development, Rintaro Tamaki, recently gave a talk that should be heard by all Japanese economists and policy makers. He observed that the aim of Japanese economic policy is still mainly about strengthening growth.”
LONDON | The Corner | The issue of capital tension has been the key driver of BNP Paribas’ UK bank recommendations over the last nine months, and this remains the case. These experts have no Outperform ratings with the exception of Lloyds – which should broadly meet all three parts of the UK framework within 18 months. They believe this consultation is particularly unhelpful to Barclays.
MADRID | The Corner | President elected of the European Commission Jean-Claude Juncker will officially start his mandate on November 1. He describes himself as a “champion of the social market economy” –although he says it would only work with social dialogue, insists that he is not a federalist and calls for a “re-industrialisation of Europe.” What else should we know about him.
ZURICH | The Corner | UBS team reduced on Thursday their Overweight in Global Equities. In the near- term, they see some deterioration in the risk/return trade off, following a large re-rating in equity markets. However, the context is that they are coming from their largest ever Overweight in Equities and that it still remains their favoured asset class (with European Equities as an Overweight).
By Jean Pisani Ferry via Caixin | Investment in many advanced and emerging economies is down – except in China – but governments around the world can take steps to improve the situation.
MADRID | The Corner | A staggering unemployment is one of Spain’s main weaknesses (as the IMF warns), although the forth economy in Europe is so far the best labor performer in the euro area, according to Brussels.
MADRID | The Corner | The EUR/USD dropped nearly 4 cents from its maximum area in 2014 (very close to 1.40) with a movement that began on 8 may, when Mario Draghi announced that a package of monetary stimulus / liquidity would be used at the June 5 meeting (refi rates drop in 10bp, negative deposit type, completion sterilization SMP and quarterly TLTRO). Why hasn’t the Euro fallen more?
MADRID | By Álex García.