Investment Desk, Bank Degroof Petercam │ Fears of a slowdown are more pronounced. We are seeing a slight reduction in trade tensions since President Trump announced a partial delay in the imposition of new tariffs on Chinese products. The tariffs on approximately half of the 300,000 goods subject to the measures will be introduced from 15 December instead of September.
Alphavalue | OHL, through its subsidiaries Judlau Contracting and Community Asphalt, has signed contracts to carry out two contacts in the US for about 70 M€.
Christian Gattiker, Head of Research, Julius Baer │It is about time: central bankers present their take on the current mess at the Jackson Hole meeting, the prime plat-form for this. The more concerned they are the better. We think concerted central bank action will still avoid a global recession. Warming up to fiscal easing, as in Germany, is the icing on the cake.
Keith Wade, chief economist at Schroders │ The yield curve has been a reliable element in the prediction of US recessions over the last four decades. With only one exception, every time the curve has inverted, the US economy has entered into recession within 18 months.
Magdalene Teo, Fixed Income Research Asia, Eric Mak, Equity Research Analyst Asia, Julius Baer │China has opted for interest rate reform (to be more market-oriented) instead of announcing a benchmark rate cut, so liquidity flow is more targeted to the segments that need it.
Banc Sabadell | According to the press, Denver International Airport (US) has unilaterally cancelled the contract which was awarded in 2017 to the Great Hall Partners consortium (in which Ferrovial holds 80%) to remodel and operate commercially for 34 years its main terminal.
Thomas Lehr (Flossbach von Storch) | The US-China trade conflict is keeping markets on tenterhooks. Should we therefore avoid equities? We encourage investors to be courageous. Quality prevails. An argument in favour of long term investment.
Renta 4 | The September meetings of the Federal Reserve and ECB will be key in economic and market developments in the Autumn. The market discounts with 58% probability an ECB cut in the deposit rate to -0.6%.
Bankinter | The media company Prisa is negotiating exclusively with Cofina the sale of Media Capital, its Portuguese subsidiary. In the past it negotiated the same sale with Altice for 440 Mn€, but the competition authorities did not approce the operation.
Renta 4 | Olli Rehn, President of the Finnish central bank and member of the ECB board has said that the ECB is preparing a monetary stimulus package which should exceed market expectations and allow it to take on the slowdown confronting the Eurozone.