Gregor MA Hirt Global CIO Multi Asset (Allianz GI) | French President Emmanuel Macron called a snap general election following the success of far-right parties in the EU elections in June. The first round of the election is to be held on 30 June followed by a final round a week later. According to the polls, the governing party – President Macron’s Renaissance – is set to lose power although…
Fernando Gonzéz Urbaneja | The expectation of a very tough six-month election campaign weighed on Sánchez’s conscience throughout the evening after the evidence of Sunday’s results. This explains why bringing forward the elections is tactical and opportunistic (in political logic), and also why Feijóo began his speech in front of the cameras with the words: “the sooner the better”. Better for the incumbent who defends the results of November 2019,…
Nicolás López (Singular Bank) | Friday’s session closed in Europe with a mixed tone and slight variations in the main stock market indices. After the rises of the last few weeks, which have brought the indices back to their highs before the banking crisis, investors have been cautious in general as they wait for new references. In particular, the results season that has just started and the central banks’ meetings…
The banking tsunami generated by the collapse of SVB and Signature Bank – which the Fed wants to close by offering to buy bonds at par, not at market price, from banks in need of liquidity – threatens to turn into a financial crisis. That is the threat today from markets that are out for blood to stop interest rates rising. The big European banks, such as Santander and BBVA,…
Fernando González Urbaneja | Public systems are not working; waiting lists in hospitals are lengthening; primary care services are collapsing; and Social Security and SEPES offices are not responding… Miguel Valverde one of the best informed journalists on pensions and labour relations describes in Monday’s Expansión what he calls the “Colapso de la Seguridad Social”. It is impossible to get an appointment by telephone or in person. This has been…
The Labour Inspectorate has been the latest collective to join the protests of public employees – those of employees of Social Security, the Public Employment Service, the Tax Agency, the Health Service, the lawyers of the Justice Department… -The government has failed to comply with the agreement signed in July 2021, in which it promised to solve the serious staff shortages and the lack of professional careers in the agency….
Crédito y Caución (Atradius) | In India, GDP growth slowed to 7.0% in 2022, down from 8.3% in 2021. In 2023, GDP growth is likely to slow even further to 4.4%, owing to a rapidly weakening global backdrop and slackening domestic demand. There is widespread weakness in the manufacturing industry. Industrial production fell month-on-month on a seasonally adjusted basis in July and August. These trends, in combination with a manufacturing…
The former Minister of Industry in the Socialist government of José Luis Rodríguez Zapatero will today present in Madrid his book “El virus interminable” (Ediciones B). In it he analyses the mistakes made during the pandemic and the pending issues in the event of a new health crisis of this type in our country. On this occasion, the newspaper La Razón interviewed him. Q- Could the management of the data…
Matt Christensen (Allianz GI) | The COP27 climate summit takes place in Egypt in November, providing a check-in on global progress towards net zero in a year dominated by economic and geopolitical pressures. There are reasons to be optimistic. • The focus of this year’s COP27 is on “delivery” after an eventful year that has also revealed the flaws in our existing energy mix• The financial sector will be in…
Spain’s industrial sector slowed in October as a result of a sharp rise in production costs and a slump in demand across the Old Continent, where figures “clearly indicate that the manufacturing economy is in recession”. Spain’s Purchasing Managers’ Index fell by 4.3 points to 44.7 in October, both the worst figure among the major European countries and the biggest decline of all. And the worst figure since the coronavirus…