Alphavalue | Inflows from IPOs in European stock markets reached $35 bn, or what is the same, -37% compared to last year which makes this 2018 the worst year for IPOs since 2013, only surpassed by fateful 2016.
In less than a month, France’s gilets jaunes (yellow vests) have gone from being a celebrated example of Facebook’s ability to power a spontaneous revolution to a cautionary tale of how social networks can be manipulated by outsiders to provoke outrage and sow dissent.
Lélia Rousselet via Macropolis | On November 19, the EU’s foreign and defense ministers approved the project of a joint intelligence training school (Joint EU Intelligence School – JEIS), led by Greece with the participation of Cyprus.
The Miami Court of Arbitration delivered the sentence on Wednesday which obliges the consortium GUPC, in which Sacyr holds 41%, to returns the advances of 489 M€ which the Panama Canal Authority paid to start the work on the third set of locks.
Unicaja Banco and Liberbank have acknowledged this Wednesday preliminary contacts for a possible corporate operation without, for now, having taken any decision. If the operation is carried out, the resulting bank would be the sixth largest in assets overtaking Bankinter and could achieve cost synergies of around 200 million euros (50% of the base costs of Liberbank in 2018).
At the start of 2018, the different EU countries and European institutions began to negotiate the next EU budget for financing common policies during the period 2021-27. Although the common budget is modest – it represents 2% of the Union’s total public spending andUR 1.03% of the EU’s GNI – it amounts to an expression of the political priorities of the Union, CaixaBank Research says. It will be the first post-Brexit. With the departure of the UK, the EU loses a significant net contributor.
The bad spell began in the middle of October with a profit warning for 2018 and has finished this week with the announcement of its exit from the Ibex35 at the end of the month. Between one event and the other, the company has suspended its dividend for 2019, has reorganised its leadership team, has been downgraded by Moody´s and S&P and has considered closing unprofitable stores in Spain.
At its Governing Council meeting today, the European Central Bank is expected to confirm the termination of the asset purchase programme by the end of December 2018. The expiry date had so far been subject to incoming data and the medium-term inflation outlook. While incoming data in the past weeks has been rather disappointing, economists at Julius Baer see the solid credit activity as a valid reason to stop asset purchases.
Countries in the Declaration of Co-operation (DoC, also known as OPEC) met in Vienna last week and announced a 1.2mn b/d crude production cut from an October 2018 baseline. In the end, OPEC interests came out first, as expected, and the rest of the world came second.