Inditex “is not what it was”: from neutral to sell and O.P. of 26 – 21
Morgan Stanley | For the first time since its flotation (17 years ago), we put the recommendation as Sell (underweight) with an Objective Price which falls from 26 to 21 Euros.
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Eurozone companies´ optimism at minimal levels
BS Markets | The growth of the Eurozone economy continued in August, although “at a slower rhythm tan in the last 18 months”. Moreover, companies´expectations of future growth have fallen to the lowest level in almost two years, according to the data of the PMI study by consultant Markit.
Dividends grow globally 12.9%, up to $497.4 billion
Intermoney | American companies continue to benefit from the favourable tail winds of solid growth in the world´s biggest economy and from the aftermath of the fiscal reform, which has also served to improvement in payments to shareholders.
Allianz: Three possible scenarios for Turkey
In the opinion of Neil Dwane, global strategist at Allianz Global Investors, Turkey, confronted by growing structural challenges, especially the latest Lira crisis, needs a stronger response based in stricter fiscal and monetary policy, and a less confrontational foreign policy.
In the Trump era, the EU needs to rethink its approach to liberal order
(University of Varwick) via The Conversation | US president Donald Trump’s erratic and disruptive foreign policy is putting more pressure on the EU to uphold the international liberal order. The EU is beginning to realise this and move up a gear in many of its external policies. But the bloc’s most prominent strategies don’t, at the moment, defend a particularly liberal notion of global order.
S&P lowers the outlook for BBVA to negative but maintains the rating
Renta 4 | The ratings agency S&P has maintained the rating of BBVA, but has lowered the Outlook from stable to negative because its exposure to Turkey through Garanti, of which BBVA controls 49.85% and which accounts for 15% of the Group´s profits.
Atlantia: avoid short term positions, even below €20
Santander | After the collapse of the Morandi bridge in Genoa, the Italian government has begun the process of terminating ASPI´s concession. The management team could try to negotiate possible solutions to avoid the termination, despite the protection offered by the terms of the contract.
The Spanish economy will grow 0.7%, according to Fiscal Responsibility Watchdog
BancaMarch | The Spanish Independent Authority for Fiscal Responsibility (AIReF) maintains buoyant expectations for the growth of the country’s economy.
Apple’s $1 trillion value doesn’t mean it’s the ‘biggest’ company
Jerry Davis via The Conversation | On Aug. 2, Apple became the first U.S. public corporation to achieve a US$1 trillion valuation, making it the largest company in the world – by one measure at least. But what exactly defines a “megacompany”?
Santander revises its recommendation for regulated companies with the new Spanish government
Santander | The arrival of the new government in Spain is good news for the gas and electricity markets, given that it is probable that it will respect the regulatory periods; it appears more focused on the spirit of the law (“fair returns”) than on the application of methodologies (differential over 10 year bonds) and it has the intention of reinforcing the role of the CNMC as an independent regulator.