Apple Tax Case and Investment in Europe
John Bruton | The key question is whether Apple was given selective aid and, if so, if this breached European Union (EU) competition rules.
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4 Graphs To Understand The US Inflation Rate
Philippe Waechter, chief economist at Natixis AM explains the current structure of US prices showing that housing market contributes to more than 60% of the inflation rate.
Spanish Corporate Profit Margins Are Growing A Scant 0.45%, Half That In 2008
The figures from the Q2’16 Labour Costs Survey for Spain confirmed that salaries are stagnating. Corporate profit margins in the Spanish economy has been dependent on wage contention, but Afi’s analysts remember that they don’t just depend on wage developments. The trend in productivity and prices is also important.
Negative Rates Here, Increased Demand Over There
UBS | The recent fixed income sell -off has seen the proportion of developed market sovereign bonds trading in negative yielding territory drop to 34%. This compares to 40% at the end of June. Still, 34% is more than twice the level observed at the end of 2015.
Price Vs Value In The Financial Industry
J.L.M. Campuzano (Spanish Banking Association) | The financial industry is stronger than it was…Yet it continues to be one of the most penalised sectors in the stock market. The recent stock market performance of the banks in the EMU has been the worst in terms of sector/región for the last 10 years.
Inditex Posts Record-Beating 8% Rise In Profits; Creates Nearly 10,000 Jobs
First half results from Inditex have once again been record-beating. The company owned by Amancio Ortega, the world’s richest man in 2016 according to Forbes, posted an 8% rise in net profit to 1.256 billion euros in the first half of its 2016-2017 fiscal year (this runs from February 1 to July 31) from a year earlier.
US: The Entrepreneurs Of Tomorrow
BoAML | With an abundance of stories about how things can go wrong for the US economy, we are often asked to lay out a scenario in which the data surprise to the upside. In our view, the burden rests on the labor market. If there is an increase in demand for labor, which is met by a gain in supply, we could settle on a stronger trend in job growth.
Viscofan’s Share Price Has A Revaluation Potential Of 6.5%
We are updating our target price on Viscofan, with a HOLD recommendation. Viscofan will increase its net cash in 2016e (vs 0,4x DN/EBITDA 2014 and 0x DN/EBITDA 2015), given its strong capacity for cash generation. Viscofan is the only supplier in the world to make artificial casings for meat products in the four commercially available technologies (cellulose, collagen, fibrous and plastic).
Repsol: Analysts More Upbeat After Gas Natural Stake Sale
Mari Pinardo / Julia Pastor | At the start of this year, Repsol launched an ambitious Strategic Plan to allow the Company to eliminate its debt and weather the storm of low oil prices. The plan includes: divesting non-core assets for a total of 3.100 billion euros via a series of deals, one of which was the possible sale of its Gas Natural stake. The chance came along and on Monday Repsol announced it has agreed to sell 10% of its stake in the gas company for 1.901 billion euros. The operation has been well received by the markets and by analysts.
Spain Housing Market Benefits From Poor Returns On Fixed Income, Bank Deposits
The lack of investment alternatives, coupled with the fact that prices and returns are good, are two strong enough reasons for people to take their money out of bank deposits and fixed income securities and buy property.