LONDON | May 27, 2015 | Barclays | Even if a last-minute agreement was negotiated on a technical level, the implied U-turn on election promises would likely push the Greek government into some sort of political crisis, forcing a change in the current set up.
The Corner | May 26, 2015 | Car factories operating in Spain produced nearly one million units in the first four months of 2015, up 12.5% from a year earlier.
The Corner | May 26, 2015 | The improvement of financial markets in 2014 allowed the issuance average cost of the Spanish public Treasury to go down to 1.46%, about 100 basis points below 2013 levels. Spanish premium risk fell by 114 basis points to reach an average of 120 points in December, according to the Bank of Spain. (Chart above: Spain Generic Govt 10Y Yield; Source: Bloomberg)
May 25, 2015 | BNP Paribas | Data highlights that there is more pain to come for Drillers for the foreseeable future…and the opportunity for further offshore deflation for E&Ps and Majors.
BEIJING | May 24, 2015 | By Zhang Yuzhe, Huo Kan and Xing Yun via Caixin | A bond program that takes aim at China’s local government debt problem could raise 1 trillion yuan, yet cut creditor yields.
ATHENS | May 23, 2015 | By Nick Malkoutzis via MacroPolis | A number of eyebrows were raised last week when an opinion poll suggested that former Prime Minister Kostas Karamanlis, who oversaw Greece’s fiscal derailment between 2004 and 2009, is the most popular candidate to take over from Antonis Samaras as New Democracy leader.
May 22, 2015 | UBS | Why has real GDP growth been surprisingly weak compared to job gains? Why do some economists expect only slowly-trending GDP expansion in the coming years? Why has the unemployment rate fallen more often than expected?
The Corner | May 22, 2015 | “Structural reforms that reverse the downward drift in potential growth are now vital for the euro area, which is why I believe, as the guardian of the currency, we have a legitimate interest in talking about them,” ECB’s president Mario Draghi said in a speech in Sintra (Portugal). He praised the ECB’s monthly bond purchases but insisted that monetary easing needs to be combined with reforms.
MADRID | May 21, 2015 | By AFI | The Spanish Treasury issued € 110 billion of debt in gross figures, representing 46% of the total for this year, not so much through cost reduction but via the extension of maturities. In 2015 more than 60% of issuances were 10-year-bonds, while in 2012, at the worst moment of the debt crisis, these maturities only represented 8% of total issuances.
The Corner | May 22, 2015 | Three main market drivers to watch today: German IFO confidence index, which is expected to disappoint following the ZEW steps; a lower US inflation, far from the Fed’s 2% target –which would serve as a catalyst so that the bags are listed the lack of arguments to raise interest rates this year. Besides, Mario Draghi could address the unemploment issue.