Asia has been the best performing region globally this year because of China being the best performing market and tech being the best performing sector. In Hong Kong in particular the impact of Tencent has been extra-ordinary as the largest stock in the market with a current weighting of almost 12%.
In Spain there are currently 428,000 millionaires with over 1 million dollars compared with 370.000 in 2016, according to a report by Credit Suisse published this week.
Most G10 currencies declined further against US dollar ( USD) . However, analysts from AXA IM remind that “the greenback has lost some steam”, appreciating just 0.5% over the past month.
Before the crisis, Spain’s financial system passed the International Monetary Fund (IMF) stress tests which included a 30% drop in property prices, according to Pedro Pablo Villasante, former managing director of Supervision at the Bank of Spain between 2000 and 2006.
French government has recently announced that they will temporarily raise taxes to the main national companies in order to finance the payback of tax paid on dividends, which was in force since 2012 but has been considered an illegal charge by the country’s Constitutional Court. Societé Generale strategists explain how that payback is going to be implemented as well as who will be the most benefited and affected. Furthermore, analysts focus on the impact of the tax raise itself.
Iberdrola has asked the Energy Minister to authorise the closure of its thermal power plants in Lada, Asturias and Velilla in Palencia, the only two operational coal power plants the group has left. With their closure, it will conclude the process of shutting down its thermal plants across the globe.
Ferrovial has been awarded the contract to change the Manchester street lighting system, substituting it for one with LED technology. As a result, the city will reduce its energy spend by some 2 million pounds (2.25 million euros) a year, according to the company.
Repsol is the Spanish firm with the biggest exposure to Venezuela, which S&P has said is in selective default for failing to make $200 million in overdue coupon payments on its 2019 and 2024 global issues.
He Fan, Ye Qianlin and Li Chaohui via Caixin | The U.S. president’s three-day state visit to China ended up with dazzling trade deals worth over $250 billion. It seemed the most pressing issue on the agenda would have a respite.
The four central bankers, Draghi, Yellen, Carney and Kuroda have commited to continuing to”give open guidance” on future decisions, as they slowly withdraw monetary stimuli.