Today, Monday 7 June, the Fed will start selling its positions in 16 corporate debt ETFs ($8.6 billion) as part of its decision to unwind $13.8 billion in ETFs and bonds under the Secondary Market Corporate Credit Facility before the end of the year. The turn for corporate bond sales will come after the summer, in both cases proceeding in a “gradual and orderly” manner.
In 2011, Telefónica’s liabilities exceeded 56 billion euros. Today, however, after the latest operations (the merger agreement for its business in the United Kingdom, the sale of towers to American Tower…) it has cut its leverage by a further 8.4 billion euros and reduced it to less than half, at 26 billion. Although this amount is starting to become more manageable for the group, the most critical operators point out…
Fernando González Urbaneja | Are you in favour of pardons, meaning that you are a “sanchista” (a faction of Spanish socialism)? However, if you are against them, then your position is more or less conservative or fascist, or perhaps liberal, to the right. It’s a simplification, but describes in a nutshell the bureaucracy in which Spanish politics is bogged down. Pardons, their legality, convenience, usefulness… occupy all the space for…
Bank lending rose by RMB 1.28 trillion, well below consensus expectations of RMB 1.56 trillion, while aggregate financing to the real economy (AFRE), which includes loans and bonds, recorded net growth of RMB 1.85 trillion (against expectations of RMB 2.25 trillion). As a result, China’s M2 money supply declined from +9.4% y-o-y in March to +8.1% y-o-y in April. It has returned to pre-Covid levels in 2018/19.
BancaMarch | Brussels has upgraded Spain’s GDP growth forecast. The Commission’s new forecasts put Spain’s GDP growth at 5.9% in 2021 (5.6% previous estimate) and 6.8% in 2022 (5.3% previous estimate). So Spain would regain pre-pandemic GDP levels by end-next year. The improvement in the revision is a consequence of progress in vaccination and the disbursement of European funds, of which Spain is one of the major beneficiaries. To this…
T.C. | An Internet database leak has uncovered a network of more than 200,000 people posting fake product reviews on Amazon in exchange for free product ratings. This was explained by the cybersecurity company SafetyDetectives, which discovered an open ElasticSearch database with a total of 13,124,962 records, weighing 7 GB, the researchers said in a statement. The database contained a server that hosted direct messages between various Amazon sellers with…
T.C. | Coinciding with the end of the state of alarm in Spain, the French ‘low cost’ Ouigo -subsidiary of SNCF- has today, Monday, kicked off the liberalisation of passenger trains in Spain. With five daily high-speed trains between Madrid and Barcelona, two of them stopping in Zaragoza and another one in Tarragona, and at really competitive prices: from 9 euros for adults and with a flat fare of 5…
European Views | The number of electric vehicles plying the road is projected to jump to 145 million over the next nine years if governments globally continue to beef up efforts to meet international energy and climate goals. ccording to a report by CNBC citing the International Energy Agency’s Global Electric Vehicle Outlook, the number was even expected to rise further to 230 million by the end of the decade.
Juan Carlos Ureta (Renta 4) | Stock markets have continued their phase of rest and profit taking despite the triumphalism and new stimulus plans from Biden in his speech to Congress in the first 100 days. Also despite the spectacular results published by the five big technology companies, which have beaten forecasts. Tesla announced a 27-fold increase in profits over the same period in 2020, despite which the share price…
T.C. | The global IPO market saw 430 deals in the first three months of the year, raising $105.6 billion, up 85% and 271% year-on-year, respectively, according to EY’s Global IPO Trends Q1 2021 report, which notes how attractive market conditions have led to the best start to IPOs in the last 20 years.