Martyn Hole (Capital Group) | Since 2009, many of the 50 companies with the best annual profitability were based outside the US. During much of the subsequent ten years, between 80% and 90% of them were based in other countries.
Renta 4 | Bankinter is publishing its 2Q19 results on July 25, 2019 before the opening of the market. Maintain. Target price 8.1 eur / share. Our estimates point to a net interest margin of 284 million euros, + 5% yoy, and + 3% vs 1Q19 in a quarter where we could see some improvement in the MI / ATM (1.48 % R4e vs. 1.46% in 1Q19).
In a difficult year for the sector, major Spanish IT provider for the global travel and tourism industry Amadeus (AMS) has shown solidity in its operations thanks to the high visibility of its revenues (dependent on transactions vs. price) and the global reach of its business, well diversified geographically, analysts at Sabadell argue.
Esty Dwek (Natixis) | Ongoing weakness across manufacturing and trade shouldn’t be a surprise, but service sectors continue to hold up, even showing a small rebound in June. Overall, we expect slower but stable growth around trend levels for the major economies.
BoAML | The risks of a no deal Brexit have risen in our view. No deal is not our base case, but that is now a close call.
Spanish regulator (CNMC) is preparing new regulations which will lead to a greater than expected cuts in the returns for natural gas transportation and distribution networks and also, possibly, for electricity distribution networks.
Credit statistics for Eurozone residents elaborated by the ECB for May shows an increase in the balance for companies of households of +0.3% (+35.775 Bn€), in line with the monthly increases so far this year and the same as the increase in May 2018, according to Bankia Estudios.
Alphavalue | The tight German residential market could be about to start a new cycle of construction. Spending on housing will increase the contribution of internal demand to German GDP growth, something investors would welcome.
Sabadell | Despite the poor performance of the stock this year (-3% vs IBEX) and especially since the beginning of April (where it reached its maximum of 44.25 euros / year / -12% since then), possibly due to an market towards more defensive values, until now we see no reason to stop trusting CAF.
Fernando Fernández (IEAF) | Perhaps the moment has arrived to abandon the temptation to arbitrate, to recover humility and discuss what should be the aim of monetary policy.