At the G-20 Leaders Summit in Osaka, Japan, Chinese president Xi Jinping proposed several measures to further open his country’s market. For example, to enact a Foreign Investment Law at the beginning of 2020 that will introduce a penalty system for IP infringement.
Bankinter | Norway´s sovereign wealth fund informed the Spanish markets regulator (CNMV) that it now holds 3.024% in Telefonica (TEF). This is an increase of more than 1% since it last informed the regulator of its holding in the Spanish telecommunications company last February.
The multi-family residential renting model has become very popular recently, given that it has always been associated with a history of defensive growth, with an environment of structural risks in retail and end of cycle risks in the office segment. But now, Morgan Stanley analysts suggest, the introduction of norms freezing rents in Berlin has provoked understandable concerns not only in Germany but also in countries like Spain and France.
Craig Willy via Fair Observer | It will be a busy few years for Japan, which hosts the G20 summit on June 28-29 followed by the Tokyo Olympics in 2020. The international attention sparks questions concerning how durable its economic success will be.
Banc Sabadell | The Spanish economy faces the second half of 2019 growing at relatively high rates (we expect 2.3% yoy in 2019 vs 1.0% for the Eurozone) but with a less favourable composition of growth.
Anthony Chan (UBP) | In the run-up with regards to the on-going Sino-US trade talks, we have seen the carrot-and-stick approach from both sides as they leverage their respective negotiating power.
Moody’s warns that a broad reversal of reforms, especially of pensions or the labour market, would exert downward pressure on its rating for Spain.
José Benito de Vega | Naturgy has enjoyed a very positive stockmarket evolution since the beginning of 2018, in which period its value has increased 43% compared to an 8% fall of the IBEX35. There are various factors behind his positive performance compared to the index, which was accentuated following the presentation of its Strategic Plan in June 2018. However, after the positive evolution of its shares, it is trading with elevated multiples and at a premium to the European sector which, in our opinion, does not take account of the regulatory risk.
Link Securities | According to Spanish Carmakers Association (Anfac) data, Spain produced 294,146 vehicles in May, 6% less than the same month in 2018.
In its last report about Big tech in finance, the Bank of International Settlements (BIS) warns about the risk of a “digital monopoly” of tech companies which own their clients´ information for free.