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World economy 2nd October 2021

Some Like It Hot – The True Beneficiaries Of Global Warming

Stephan Eugster (Vontobel) | The energy requirements of the building sector for indoor climate control are increasingly becoming the focus of European sustainability efforts. Companies that can supply energy-efficient heating and cooling solutions for buildings will be able to benefit from this new push by the EU. The Swedish company NIBE is one of the pioneers in this field. The company’s “Climate Solutions” division, of which heat pumps are a part, accounts for 74% of the company’s revenues.

World economy 1st October 2021

Half A Century Later, Cuba Authorises The Creation Of 32 Private Companies

According to El País today, the Cuban government has authorised the creation and operation of 32 private companies. Half a century after the nationalisation of all private businesses by Fidel Castro, micro, small and medium-sized private companies are once again operating in Cuba.On Wednesday, ten days after the law came into force and the first applications were submitted, the government approved the first 35 MSMEs, 32 of them private and…

World economy 30th September 2021

Which Countries Have The Highest Levels Of Corporate Debt?

A new study by Utility Bidder revealed the countries and industries with the highest level of corporate debt. Luxembourg was the country with the highest debt, at 391.54% of their GDP, whilst the restaurant/dining industry was the sector with the highest debt percentage of its total capital at 113.82%. Is covering the findings of interest? Every country has debt in many forms, such as: public debt, personal private debt, and…

World economy 27th September 2021

Fed Signals Faster Tapering In 2023 But Under-Delivers On Next Year’s Dot Plot

Simon Harvey (Monex Europe) | While every sell-side analyst didn’t expect the FOMC dot plot to signal a rate hike in 2022, markets had other thoughts. While two members shifted their expectations to move the median dot plot to signal rates at 0.3% in 2022, this under-delivered in the eyes of rates markets. The price of eurodollar 2022 futures rose, in turn lowering the expected interest rate, while risk was…

World economy 25th September 2021

Ammonia, Not Just A Question Of Colours

Mirabaud | When electricity needs to be produced, the cheapest energy sources are used first: wind, solar and hydro. If they are not available, more expensive energies are added: lignite, nuclear, coal, gas and,finally,green ammonia.
You may ask, rightly, what green ammonia has to do with this list of energies. Scientists recently discovered a potentially revolutionary feature of ammonia by using it as an energy source.

An exterior view of China Evergrande Centre in Hong Kong

World economy 21st September 2021

Evergrande Is Not Lehman

Intermoney | A slightly higher opening (Eurostoxx futures +0.3%) after yesterday’s 2% falls in the main American and European indices, with the Ibex registering a better relative performance, buoyed by the tourism and defensive sectors. This environment of greater risk aversion and fears about economic growth also translated into additional moderation of IRRs. In the case of Europe, this was also supported by the statements from Villeroy, the governor of…

World economy 19th September 2021

Gold Outlook To Q2 2022: Needs To Catch Up With Inflation Reality

Nitesh Shah (Wisdom Tree) | After staging a recovery for most of Q2 2021, drawdowns in June and August 2021 have set the metal back. Based on our modelling framework, gold looks severely under-priced. Red-hot inflation – currently above 5% – should point to a gold price above US$2000/oz, yet we are currently languishing around the $1785/oz handle. As Figure 1 below shows, our model indicates that in July 2021,…

World economy 18th September 2021

Five Predictions For The Future Of US Media

Nathan Meyer (Capital Group) | With remarkable speed, the COVID-19 pandemic has accelerated select investment themes across a number of industries. In my view as an equity analyst, nowhere is that truer than the media and entertainment sectors where technological advances and work-from-home trends are rapidly changing the landscape. For exmaple, streaming services such as Netflix, Disney+ and Amazon Video are the primary replacement for traditional pay TV bundles.

World economy 16th September 2021

Watch Evergrande: Chinese Real Estate Giant’s Debt Means 2% Of The Country’s GDP

China’s country’s largest real estate company, Evergrande, which is on the verge of bankruptcy with more than $300 billion in debt (about 2% of China’s GDP), has announced that it will not be able to pay interest next week. Weak home sales, especially in the last year, have put it in this cash-strapped position. Therefore, the situation is becoming increasingly tense. The group is described by Beijing as a “grey rhinoceros”, i.e., a large company with an alarming debt load representing a systemic financial risk.

World economy 15th September 2021

Russia’s ‘Fortress’ Strategy Is Not For Free

Atradius Research | Using a policy of fiscal austerity and credible inflation targeting, the Russian government has successfully insulated its economy from external shocks, including sanctions. Despite its success, the ‘Fortress’ strategy has also come at a cost: discontent among the population is growing over stagnating economic growth and declining real incomes. If Russia is to raise its income level, more robust reforms are needed to overcome structural impediments to…

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