The Corner | Everything went by the book, as investor’s preferred candidate Emmanuel Macron comfortably won the French elections against far-rightist Marine Le Pen by more than 30 percentage points. The euro came last night at times to surpass the level of $ 1.10 per unity against the dollar (although it lost this level in the Asian markets this morning). European stocks are expected to gain.
It beggars belief: over eight years from a calamitous financial crash in Iceland, much to do with failed financial supervision, there is still reason to worry about financial supervision in Iceland. Or rather, there is again reason to worry now that the sheltering capital controls are for all intents and purposes abolished Iceland. All of this, according to the latest IMF conclusion.
Nick Ottens via The Atlantic Sentinel | Brexit fundamentalists scored another victory on Wednesday, when the United Kingdom began the process of withdrawing from the European Union without a plan for what comes next.
The number of unemployed people registered with the Spanish unemployment office rose by 22,801 (+0.6%) in September. Even so, the total number of jobless people remained at the lowest level for the last seven years at 3.720.297, according to a statement from the Employment Ministry on Tuesday.
As we have already said there are moments when the economic and political cycles don’t go hand in hand. Yesterday, the investiture of caretaker Prime Minister Mariano Rajoy got underway, with very slight possibilities of his being able to win enough votes to return to office with a majority. But the Ibex 35 blue chip index didn’t even move: in fact it posted a nearly 1% gain.
Last week the Council decided that Spain and Portugal’s recent efforts to reduce deficit were not enough. This lead to the two countries being fined, the first time this happens since the inception of the euro.
J.L.M. Campuzano (AEB) | It’s the economy! Although the economy was certainly not an issue which weighed on a large part of the vote in the Brexit referendum. And maybe that’s exactly why the outcome took us all by surprise. Are the macro forecasts made prior to the referendum obsolete? I hope not…
The European Commission did not want to meddle with Spain’s general elections on June 26th and has postponed until July its decision regarding a sanction for the country’s non-compliance with its deficit target. But none of the European community experts have ventured to confirm that this sanction will finally be imposed.
According to figures of last IOSCO’s report on market risks, since 2012, the volumes of equity IPOs (initial public offering) have been on a strong upward trend, reaching $934 billion in 2014, above the pre-crisis peak.
UBS | Following our recent launch report on European luxury we have undertaken an analysis of US and Chinese millennial (18-34 years) spending together with UBS Evidence Lab based on our survey of 2,109 consumers. We conclude that millennials will not mark the end to luxury consumption that some fear.