Should Big Tech Companies Be Free to Conquer the World?
Peter Isackson via Fair Observer | Monopolist capitalism in the era of digital control reassures some and frightens others. Can it be controlled?
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Brexit extension: how much will it actually cost the UK to leave the EU?
Jonathan Perraton via The Conversation UK | EU leaders have agreed a short extension to Brexit until October 31 at the latest, in order to give the British parliament time to agree a deal. This date avoids the UK still being a member when the next EU budget cycle starts – but what does it mean for the “divorce bill”, the money the UK will pay the EU after its departure?
Cellnex: valuation of TDF around 18x its EV/EBITDA
Renta4 | Cellnex (CLNX) has contracted Goldman Sachs for the acquisition of a holding in the French company TDF. The news limits the posible holding to 60%, in a company in which Brookfield, which holds 45%, has announced the sale of its holding.
What else China can do to support growth in the short term?
Alicia García-Herrero (Natixis) | Out of the key reasons for the cyclical slowdown in 2018, namely the worsening sentiment due to the US-China trade war and the rapid shadow banking crackdown, the former can be considered as an external shock but the latter is self-inflicted.
Santander and Crédit Agricole create a global competitor in securities custody
Bankinter | Credit Agricole (CA) and Banco Santander (SAN) will merge their securities management and custody activities: CACEIS for CA and Santander Securities Services(S3) for SAN (it will contribute 100% of S3 in Spain and 49.99% of its business in Latin America)
Eurozone consumption remains at a good level
JP Morgan| Recently, one of the main questions in investors´ minds was whether the weakness which has extended throughout the global manufacturing sector would damage Europe´s domestic economy, which until now has remained relatively solid faced with negative external factors over the last year.
“If everything in the US focuses on inflation, in Europe growth is more important”
Andrea Iannelli (Fidelity) | Central banks have again become the protagonists in the quarter which has just ended. A generalised movement towards more expansionary positions, with the Federal Reserve in the lead, supported risk tolerance and lifting all kinds of assets, reversing the poor returns registered in 2018.
ACS studies floating its renewable business, basically solar power
Renta4 | ACS is studying the possibility of floating its renewable business. The company, through Cobra (subsidiary of industrial services) counts on a portfolio of assets of 2,000 MW between installed and adjudicated projects, which according to this information could secure a valuation of 2 billion euros.
Aena: Caution facing risk/catalyst factors in short/medium term
Ángel Pérez Llamazares (Renta 4) | Caution due to risk factors/ catalysts in short medium term. We raise Aena’s stock O.P. to 150.3 euros.
Spanish household income will increase around 4% between 2019 and 2021
CaixaBank Research | The Spanish economy has spent four consecutive years growing above the Eurozone average. At the same time, the savings rate has fallen to historic lows. Although this would seem to suggest that households have limited room to manoeuvre in their consumption decisions if the economic context worsens, it is still too soon to draw this conclusion.