J.L.M. Campuzano (AEB) | It’s the economy! Although the economy was certainly not an issue which weighed on a large part of the vote in the Brexit referendum. And maybe that’s exactly why the outcome took us all by surprise. Are the macro forecasts made prior to the referendum obsolete? I hope not…
Francesco Saraceno | Much has been said, already, and even more will be said in the coming hours/days/weeks/months/years, on Brexit. I have little to add. So here is what I see as a series of notes to self. For those who are already tired of reading pages and pages, I can summarize what follows in a sentence: We should focus more on policies than on institutions.
The majority vote by Britons to leave the European Union (EU) was an act of raw democracy. Millions of ordinary people refused to be bullied, intimidated and dismissed with open contempt by their presumed betters in the major parties, the leaders of the business and banking oligarchy, and the media.
Spain’s conservative People’s Party (PP) has won Sunday’s repeat general elections with 33% of votes and 137 seats. The Socialist party came second with 85 seats, while the coalition Unidos Podemos obtained an upsetting result of 71 seats and third position. Finally Ciudadanos obtained 32. These results came as a surpise as the polls had pointed to a very different outcome. But they provide an opportunity to break six months of political deadlock.
Fernando Rodríguez | Barely 10% of Spain’s 6 listed constructors’ business is generated at home. But problems like the recent cancellation of the real estate plan included in Madrid’s Operacion Chamartin, due to the decision of the city council which is close to Podemos, are all contributing to maintaining the generic perception that they are “Spanish companies” subject to political risk.
The UK turned its back on the European Union’s project. Experts in the UK, Germany, Spain and the US analyse this event that took financial markets by surprise.
What seemed impossible some months ago came true: UK has voted to leave the European Union by 51,9 % against 48,1%. World financial markets sank with sterling suffering its biggest fall since 1985 by 10 percent against the dollar leaving the world’s 5th largest economy as well as the European efforts to forge unity completely hit. David Cameron will step down after Brexit vote.
Natixis AM Global | Everyone seems to agree that a Brexit either will create market volatility or already is creating volatility, or both. That’s hardly the news. I think it’s perhaps more interesting to consider the type of volatility created; that is, one with a very uncertain path of interconnected events.
A good dozen Spanish small and midcap listed companies have presented their projects to big institutional investors on different days in New York and Chicago. The event was organised by Spain’s Bolsas y Mercados Espanoles (BME), broker JB Capital Markets and its US partner Auerbach Grayson.