May sees record drop in Spain unemployment
The Corner | June 3, 2015 | Good news for Spain’s economic recovery. The number of unemployed people in Spain saw a sharp drop in May, marking the largest fifth-month decline since records began in 1996.
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Euro QE trade – benchmarking against Japan
BNP Paribas | June 4, 2015 | In many respects the Japanese QE experience since 2013 is a pretty good playbook for European equities.
The ‘liquidity trap’ with Chinese characteristics
BEIJING | June 2, 2015 | By Xu Gao via Caixin | Unless obstacles blocking the flow of capital to the real economy are cleared, the financial market will continue to be trapped.
Are hotels coping with digital changes?
UBS | June 2, 2015 | Although hotel companies need to be vigilant to the digital threat, they are coping well if EBIT margins are anything to go by. In our view, Google remains the biggest potential disruptive force in the online space.
Spain manufacturing PMI gains sharpest momentum since April 2007
The Corner | June 1, 2015 | Spain Manufacturing PMI Index, designed to measure the performance of the manufacturing economy, rose to 55.8 in May from 54.2 in April: the strongest improvement in business conditions in the country in eight years, according to Markit.
Bad news for Renzi yet good for Italian risk premium
The Corner | June 1, 2015 | Italian risk premium (136.5 bp) should probably come down and be lower than the Spanish one (135 bp) this week despite PM Matteo Renzi’s set back in the country’s regional elections on Sunday, experts at Bankinter commented. (Chart above: Italy Generic Govt 10Y Yield by Bloomberg.)
Mobiles vs Branches: The future for EM banks distribution
LONDON | May 30, 2015 | Cristina Marzea (CFA) | All the buzz these days is about digital banking: will banks lose business to disruptive entrants, or will they fight back and embark on a massive digital revolution which will see the branch concept become obsolete. Not all EMs are the same – this refers to levels of bancarisation, credit penetration, technology and mobile adoption, as well as the competitive banking landscape that shapes where each banking market is in the technology cycle.
Money growth up sharply while eurozone bank lending remains subdued
Barclays | The ECB’s April data on monetary aggregates and bank balance sheets show a surge in money growth, but bank lending dynamics is still subdued and the annual growth rate of loans to the private sector (adjusted for sales and securitisations) remained at 0.8%
Italian elections: Preliminary thoughts
LONDON | May 29, 2015 | By Fabio Fois (Barclays) | Given the large number of voters involved (slightly less than half those involved in last year’s European elections) and local governments contested, we believe the Italian elections represent an important test for the government and the structural reform agenda implemented so far.
10% of Spanish households suffer from energy poverty
The Corner | May 28, 2014 | The energy poverty index tripled in Spain from 2007 to 2013. Despite the country’s better macro outlook, one in ten households are currently struggling to heat themselves in the winter, do not own a TV set or simply cannot pay their bills, according to a report. Spain is the 4th EU country with higher electricity prices, says Eurostat.