J.L.M. Campuzano (Spanish Banking Association) | The ratio of company debt in Q2 was 94.9% of GDP, and that of families 60.8%. In the case of company debt, the rate falls to 76.3% if inter-company loans are excluded. In both cases, the levels are already close to the European average.
The Board of the supermarket chain DIA has issued a profit warning because of the fall in the volume of sales and the increase in operating costs, which has caused it to revise its estimation of Ebitda for 2018 to between 350-400 million euros. This reduction of the forecast for 2018 does not include the potential impact of hyperinflation in Argentina, a country which accounts for 15% of sales.
The yellow metal fell 4% in the three months from the end of June — a decline that analysts at Wisdom Tree do not believe is justified by the 11 basis-point rise in bond yields and 0.4% gain in the US dollar over the period. Rather, gold’s poor performance seems to have been driven by a collapse in sentiment.
The rapid rise in US Treasury yields has led to concerns about the fundamental outlook for emerging markets (EM). In particular, investors fear that higher risk-free yields will translate into unsustainably high borrowing costs for EM companies. While analysts from Julius Baer acknowledge the headwind for the developing world, they also believe that perception is generally more negative than reality.
According to a report by the Study Services of BME on the ownership of shares, foreign investor participation on Spain’s stock market reached 46% at the close of 2017, the highest level in the historical series, with an increase of 3% over the course of the year, 9% in the decade, and 16% since 1992.
According to data provided to the regulator (CNMV) by the company, Repsol´s oil production amounted 691,000 barrels per day in the third quarter of the year, a reduction of 4.3% compared to the previous quarter and practically in line with the 693,000 barrels per day of the same quarter last year.
France faces a narrow path to reconcile supply-side structural reforms and fiscal measures with demand management. The budget bill for 2019 targets a deficit at 2.8%, pretty close to the EU limit. But analysts at BoAML do not share the criticisms over lack of ambition on public spending.
Peter Isackson via Fair Observer | For the past 18 years (the entire 21st century), one of the strongest brands in modern industrial history, General Electric (GE), has been losing share value. In recent days — just before replacing its CEO — GE’s worth fell to about 20% of its peak market value in 2000
Caixin | After a decade of runaway credit expansion and regulatory loosening, the nation’s $40 trillion financial system is teeming with giants. Not only have China’s biggest financial companies kept growing bigger and more complex, but formerly little-known firms are now some of the largest on Earth.
For the first time in its history AENA has published its strategic plan and set out its forecasts for its results for the next two years. In the plan, three pillars mark the direction of the group in this period: commercial income, construction and foreign growth.