May 21, 2015 | By UBS analysts | The March FOMC statement had disposed of patience with regard to the funds rate, clearly preparing for the possibility or even likelihood of raising rates in June. But Q1 growth slowed more than expected, and the FOMC became more cautious in its April statement.
LONDON | May 20, 2015 | BNP PARIBAS | HSBC is going to hold an Investor update on 9 June. We believe the bank is likely to announce the start of a review on whether or not to change its UK domicile. Here are some thoughts on this important matter (by our Bank analyst and ourselves).
The Corner | May 20, 2015 | Monetary policy issues will not be adresses at the ECB’s Governing Council meeting today. However, markets will be very attentive to comments that individual members make, especially given the impact of Coeuré and Noyer’s words on Tuesday (the euro fell against other currencies and European stocks rallyied on ECB bond comments).
The Corner | May 18, 2015 | Spain’s economy minister Luis de Guindos said the country’s economic growth is likely to be stronger than expected: 3.5% in the first half of the year and more “balanced” thanks to a lower deficit, lower private borrowing and improved external competitiveness and exports.
The Corner | May 19, 2015 | Copper prices were back above $6,300/t in April for the first time in 2015. Since this commodity is used in so many industries, it is crucial to know if this move will be sustained and send a positive signal to global manufacturers or it is only driven by a speculative market.
May 18, 2015 | UBS | Q1 reporting season is roughly 75% complete and the European cycle keeps rolling on with FX and a domestic recovery feeding through.
ATHENS | May 18, 2014 | By Manos Giakoumis via MacroPolis | The ongoing and troubled negotiations between Greece and its lenders, as well as the weekly meetings of the European Central Bank’s governing council mean that there is growing concern about the extent to which Greek banks will continue to be able to draw emergency liquidity to cover the outflow of deposits.
ATHENS | May 16, 2015 | By Manos Giakoumis via MacroPolis | Since December, the Greek banking system has been suffering from extended deposit outflows, which reached 26.8 billion euros at the end of March. Almost 90 percent of these withdrawals stemmed from time deposits, while only around 600 million euros was taken from savings accounts.
MADRID | May 14, 2015 | BNP Paribas | Net issuance of sovereign bonds will exceed ECB purchases in May by c.EUR50bn. We believe this is why yields are going up. We also believe this is why they will come down again from June when ECB QE will again significantly outpace sovereign bond issuances (by c. EUR8bn in June and EUR90bn in July)
The Corner | May 14, 2015 | Europe’s second-largest phone company reported a Q1 net profit of €1.8 billion ($2.04 billion), versus a year-ago profit of €688 million. EPS climbed to 0.38 euro from 0.14 euro, while EPS from continuing operations slipped to 0.09 euro from 0.12 euro.