A good dozen Spanish small and midcap listed companies have presented their projects to big institutional investors on different days in New York and Chicago. The event was organised by Spain’s Bolsas y Mercados Espanoles (BME), broker JB Capital Markets and its US partner Auerbach Grayson.
Despite the fact that over the last 10 years there has been a lot of feverish activity promoting technological entrepreneurship and help for startups in Spain, so far we still do not have one company which is worth more than 1 billion dollars, what is referred to as a Unicorn.
UBS | German 10yr bond yields have turned negative and some European corporates are effectively “being paid to borrow”. What are the implications for European equities? Although there has been a deepening of Global growth fears in recent weeks, economic surprise indicators and PMIs have not collapsed.
Newcomer to the stock exchange, Cellnex (a subsidiary of Abertis in the business of telecommunications networks) and oldtimer Viscofan (which manufactures cellulose wrapping for the food sector) will substitute two new generation construction companies (Sacyr and OHL). Both of these firms are controlled either by families or professionals.
Inversis | Spanish oil giant Repsol SA will sell its 42,000 supply points of LPG (Liquefied petroleum gas) at 63 million euros. It plans to divest €6.2 billion in nonstrategic assets and cut spending by 38% “without altering its company profile” as part of its 2016-20 strategic plan.
Julius Baer Research | US natural gas prices surged more than 5% yesterday in part driven by slowing production and warm weather forecasts suggesting increased power demand. The official monthly statistics released yesterday showed a sequential decline of natural gas production in March, confirming the view among analysts that the shale oil drilling downturn will weigh on associated natural gas supplies.
The main European electricity companies will invest nearly €85 billion over the next four years to speed up their strategic transformation to enable them to deal with the foreseeable drop in coal and gas prices. The companies plan to turn their strategies around, focusing more on renewable energies, networks and regulated activities.
UBS | With 1Q16 results over it is time to take stock. European banks are down 18% YTD against a market 5% lower, with continuing hair-raising volatility in parts of the banks index. Our estimates changed surprisingly little during results: interesting considering the bearishness of many investors we meet.
UBS | A below -consensus payroll print and a 37,000 increase in the pace of initial claims reported in May have caused some to question the health of the US labor market. We examine why these worries are unfounded and how, if anything, these signs of “weakness” may actually be sig ns that wage growth could soon begin to accelerate.