European equities OW surges to 20m high
BofA | Net 40% of investors expect European economy to strengthen over the next 12 months; rising from net 9% expecting it to weaken last month.
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S&P 500 and Stoxx 600 jump from 2018 lows (35% and 25% respectively) thanks to the reduction of uncertainties
Intermoney | The S&P500 index has gained almost 35% since its lows recorded in December 2018. The Stoxx Europe 600 surged about 25%, approaching its highest records. Markets have priced in the reduction of the main sources of uncertainty on a global scale. Now, it is key that macroeconomic indicators end up confirming the improvement advanced by investors.
Apax walking away from Ferrovial does not jeopardize the divestment
Renta 4 | Apax Partners fund has withdrawn its offer for the division of services in Spain and International for their strong labor costs, although it maintains its offer for Broadspectrum (Australia) at € 600 million, taking the offer on Amey ( United Kingdom).
Deutsche Bank will sell up to 10M of Cellnex shares to large investors
Alphavalue | Deutsche Bank launched the sale of 10 million shares of Cellnex among large investors. The German entity launches an ADR offer, which allows foreign investors to invest in the Spanish teleco in dollars, without exposing themselves to the risks of the Cellnex currency.
Brexit: Over to you Brussels
The chances of “getting Brexit done” reasonably quickly and smoothly have never been better.
Acerinox and MasMovil will increase their weighting in Ibex35
Acerinox and MásMóvil will increase their weight in the Spanish stock index, accounting for 100% of its capital vs current 80%. On the contrary, Colonial will see it reduced to 60% (vs current 80% ) while Naturgy goes from 60% to 40%.
Conservative Majority Brings Some Certainty To The UK – For Now
Allianz GI / Victory for Prime Minister Boris Johnson’s Conservative party in the UK general election is likely to be welcomed by markets and potentially boosts prospects for the UK economy. It doesn’t, however, end the Brexit uncertainty overnight – and the UK continues to be vulnerable to a late-cycle global environment.
It’s Time for a New European Approach to Social Policy
Valerio Alfonso Bruno & Roberta Ferrara (Fair Observer) | The EU needs to regain control of the political debate around social welfare, which has been masterfully monopolized by European populist parties in the last decade.
Inditex: recovery of growth and margins; strong and sustainable cash generation
Bankinter | The Spanish group presents Sales recover traction in 3Q19, margins rebound and cash generation accelerates with lower investment effort and reduced inventories.
European Green Deal: change will require considerable investments
The European Commission estimates that “meeting the current climate and energy objectives by 2030 will require an additional annual investment of € 260bn.” The requirement of stricter standards by 2030 and that there are no net emissions in 2050 will require the mobilization of the public and private sectors.