Santander Corporate & Investment | December issuance barely reached €2.6 Bn but closed the year with 2021 issuance growing 74% YoY to €394 Bn. Green emissions in 2021 doubled compared to 2020 (€203 Bn vs €97 Bn in 2020) and dominated the European ESG primary, with a 52% share.
Alicia García Herrero (Natixis) | Chinese economy has rebounded by 8.1% in 2021 after slumping to 2.2% in 2020. While the Q4 year-on-year growth rate was lowered to only 4%, the current growth momentum was still positive as the QoQ growth rate (seasonally adjusted) have accelerated to 1.6% in Q4 from 0.7% in Q3. However, there are signs that the Chinese economy is facing increasing challenges, raising questions on whether…
Diana Wagner (Capital Groups) | Remember in 2011 when Netflix raised prices by dividing its streaming subscriptions from its DVD service? The announcement sparked an uproar that forced the company to issue an apology and hammered the stock price. Today the world is in a very different place — and so is Netflix: The company is now a dominant streaming service and a megahit-making machine with more than 213 million…
Santander Corporate & Investment | HY default rates remain low and are expected to remain so through 2022. The number of defaults in 2021 was the lowest in the last 10 years. There were 4 defaults in December, the same number as in November, mainly by Chinese construction companies; so the total number of defaults in 2021 was 54, well below the 216 in 2020 and 105 in 2019, and…
Alphavalue | German reinsurer MUNICH RE has published the economic cost of natural disasters in 2021. According to its preliminary findings, worldwide, natural disasters caused substantially higher losses in 2021 than in the previous two years. Storms, floods, wildfires and earthquakes destroyed assets worth $280 bn in 2021. Losses in the previous year amounted to $210 bn$. Approximately $120 bn$ in losses were insured in 2021, which was also more…
Alicia García Herrero (Natixis) | Although the chorus of voices saying Hong Kong stocks would bottom out grew louder in the last few months of 2021, we held the view that policy risk could linger for further underperformance. Indeed, the Hang Seng Index ended the year with -14%, which was a clear divergence versus other major markets. The question now is whether this gloomy picture on Hong Kong equities might…
Amitrajeet A. Batabyal ( The Conversation) In December 1978, the Chinese leader Deng Xiaoping introduced economic reforms that dramatically altered China’s economy by strengthening trade and cultural ties with the West. Beginning in the 1990s, these reforms set China on a trajectory to become what it is today: a nation with a dynamic and substantially market-driven economy that is also the world’s second-largest. U.S. residents have enjoyed lower-priced goods exported…
Miguel Navascués | According to Ambrose Evans-Pritchard, the Daily Telegraph’s editorialist, the recent global meeting on climate change in Glasgow was full of optimism, especially on the part of business. However, the cost of transforming from “dirty” to “clean” production has not been discussed. That is to say, there has been enthusiastic talk of quantities of CO2 easily eliminated thanks to incipient discoveries, without any details of how this would…
The technology giant Apple has reached a new financial milestone on Monday, having temporarily registered a stock market valuation of more than three trillion dollars (2.656 billion euros), making it the only company in the world to have reached this milestone. During Monday’s session, the company’s share price reached 182.88 dollars, two cents above the 182.86 it needed to cross the three-trillion-dollar threshold. However, having reached that figure, the share price retreated slightly.
Bankinter | The deliveries of vehicles in Q4 2021 amply beat expectations. The figure was 308.600 vs 263.026 expected, as the production of vehicles rose for the sixth consecutive quarter. In Q4 2021, deliveries rose 70% year-on-year and 30% vs Q3. In accumulated terms, the group delivered 936.172 cars (up 87%) in 2021. Bankinter analysis team’s opinion: The figures reflect very significant growth. It is a remarkable evolution if we…