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World economy 14th August 2014

Stock markets go up despite poor global macroeconomic data

MADRID | By J. J. Fdez-Figares (LINK) | European and American stock markets closed yesterday up in a session of low activity and  volatility. The good performance of Western stock markets ​​occurred despite the set of macroeconomic figures published during the day in China, Europe and the USA, which pointed again to a global slowdown in economic growth. The only explanation we can find to the good performance of stock markets yesterday is precisely that investors have interpreted that as long as the growth of these economies remain weak, the central banks will be forced to maintain its current policy of monetary expansion, which provide liquidity to the system, something that equity markets consider positive.

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World economy 13th August 2014

Georgia judges his ex-president and lifts the economy

MADRID | By Ángel Maestro | August arrived with the positive outcome that the IMF Executive Board will support the economic reform program in Georgia with 154 million Stand-By dollars. Among the economic measures, paradoxically, to reduce the dollarization in favour of the home currency and the euro, in order to accelerate its economic and political stabilization process. Concerning the second is the macro-judicial processes that will begin this Saturday against its former President Mikheil Saakashvili in relation to abuse of power charges which have driven numerous concerns by several worldwide institutions and non-governmental organizations.

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World economy 31st July 2014

China: optimism on the rise again

MADRID | The Corner | Once again markets have embraced optimism about China, leaving fears of a hard landing and a credit crisis that dominated in 1Q behind. As Barclays analysts pointed out on Thursday, the onshore equity market has risen 6% in the past two weeks, with the low-valuation bank and property sectors advancing more than 10%. 

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Markets 28th July 2014

The (bonds) Hunger Games

MADRID | The Corner | In the next few days demand for Spanish bonds is expected to grow, since Spanish debt auctions will be held and European CPI data showing that prices remain very low will be released.

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Markets 27th July 2014

70% of Stoxx600 firms see profit hikes

MADRID | The Corner | Reporting season in Europe is beginning. Over half the Stoxx600 companies that already showed results surpassed expectations. Profits grew for 70% of this businesses and the average rise was of 9%.  European markets’ upward trend being less mature than American’s may point at a EuroStoxx higher appreciation potential. It gains importance as performance results keep looking up and prices context allows EZ companies to rise EBITDA margin from current 15.2% to prior years levels (above 16%).

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Markets 25th July 2014

RMB as reserve: Rebalancing the global financial system

By Peter Wong via Caixin | It is unlikely that the RMB or yuan, China’s “people’s currency,” will replace the dollar outright as the world’s only investment and reserve currency any time in the foreseeable future. But there is every indication that the dollar will have to make room for a second global reserve currency within the next 15 years. A revolution allowing investors to diversify risk – and creating a system with more choice and better ability to resist shocks – should be welcomed.

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In Europe 24th July 2014

Is Germany’s growth losing momentum?

BERLIN | By Alberto Lozano | After Q1’s strong growth, numbers show that the German economy has slowed down during 2Q’s first two months, as Bundesbank reported this week. Both the industrial sector and the construction have fallen compared with the 1Q.  However, it seems that Europe’s economic powerhouse will recover its strength in the coming months.

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World economy 17th July 2014

The Global Investment Issue

By Jean Pisani Ferry via Caixin | Investment in many advanced and emerging economies is down – except in China – but governments around the world can take steps to improve the situation.

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Markets 17th July 2014

IMF warns about the “optimism of the financial markets”

MIAMI | By Pablo Pardo | The director of the IMF’s Department of Financial and Monetary Affairs, José Viñals, has declared himself “worried” about “the optimism of the financial markets.” Viñals made his remarks at the LSE Global Pensions Program, organized by the London School of Economics, Santander Asset Management and Novaster. To an audience of around one hundred pension fund managers and regulators, most of them from Latin America, the IMF official remarked that “everybody investing” in what he called “heterogeneous assets” has “made money” this year, in spite of the fact that the “economic news, ‘surprises’ have been relatively bad.”