BARCELONA | By Vinçent Navarro | Germany is not only about minijobs. Although Southern European economies are debating about this measure that Berlin took under Schröder’s government in order to tackle unemployment, much less is said about the German model or ‘Rhineland capitalism’, essentially based on works councils and co-management.
LONDON | By François Cabau at Barclays Capital| The ECB stayed on hold this month. Keeping its easing bias, the Governing Council had a “very rich” and “ample” discussion on possible further easing measures. In our view, if expectations of a rebound in April HICP are not met, affecting the medium-term price outlook, the ECB may need to ease further.
MADRID | By Álex García.
MADRID | By Jaime Santisteban | European Parliament could eliminate roaming mobile phones rates as of December 2015. Although they’ve been reduced in the last years, it still means 2 % of Telefónica Group income. ACF foresees an impact worth 4 % in the company’s EBITDA.
IAG released March air traffic figures which were under target but keep the recent trend. Demand grows (+10.2 % vs March 2013) for the second straight months. Iberia lost -5.1 % compared to February whereas Vueling (+21%) and British Airways (+3.2%) improved. RENTA4 expects no impact on IAG share price.
SAO PAULO | By Marcus Nunes via Historinhas | “The IMF has been very generous in its suggestions on what we should do,” said Mr Draghi in a sarcastic tone on Thursday.
SCOTTSDALE (ARIZONA) | By Keith Weiner via Truman Factor| I would discourage everyone from making too much out of the Chinese gold carry trade. It’s not a giant conspiracy to buy up all the gold, while suppressing the price. It is not some farsighted plan to anticipate the collapse of the dollar by owning hard assets.
MADRID | By Jaime Santisteban | “The IMF nor politicians will have influence on the ECB as long as Mr. Draghi is running it” Link’s chief analyst J.J. Figares points out. As expected, the monetary authority announced on Thursday that it will stand still in spite of deflation tensions, maintaining interest rates at an all-time-minimum 0.25 % and choosing not to use the little ammunition it has left. However, Mr. Draghi left the door open for stimulus if needed.
MADRID | By Juan Ballesta.
Iris Mir | Tight control of capital accounts has pushed China to a financial deadlock. Chinese savers are looking to new online investment platforms amid a lack of substantial wealth management options. Last year China’s Internet payment platform launched the online investment platform Yu’e Bao to offer its users the possibility of investing the idle money on their Alipay accounts and getting much higher benefits than any traditional bank. More than 43.03 million people already enjoy its advantageous financial products. The opportunities of this business model are huge and many other Chinese internet giants are following suit.
MADRID | By The Corner | Bundesbank’s Jens Weidmann shift, more inclined to consider bonds purchases, basically reponds to pure economic policy. Although it could anticipate those are closer than ever, it does not mean that ECB is to take action in today’s meeting. Most of analysts at Madrid’s financial place agree that Draghi would be more explicit regarding eventual tools to fight deflation- or low inflation as European authorities prefer to call it now-. He could announce some kind of corporate financing support such as securitization’ buyings at most.