Coronavirus

European economy 19th March 2020

The ECB Takes The Lead In The Eurozone To Contain Economic Damage Of The Epidemic With A €750 Bn Programme

Philippe Waechter (Ostrum AM) | The ECB has just launched a new asset purchase operation worth 750 billion euros over the period up to the end of 2020 at least. The purchases will relate to public and private securities which are eligible for the asset purchase program (APP) previously implemented by the ECB. The weight of each state in this buying program will be that of each state in the capital of the ECB. The press release suggests a lot of flexibility in interpretation.

Ibex, Markets 18th March 2020

Inditex Earns 6% More In 2019: Provision Of €287 M For Covid-19 And Delay In Dividend

Inditex recorded net income of 3.63 billion euros in the fiscal year 2019-2020 (from 1 February 2019 to 31 January 2020), a rise of 6% compared to a year earlier. This was after making a 287 million euros provision in the Gross Margin to adjust the estimated value of the spring/summer campaign’s inventory affected by the Covid pandemic. Without this impact, its Gross Margin would have amounted to 16.09 billion euros, 56.9% of sales.

Spanish economy 18th March 2020

Spain Commits 20% Of Its GDP To Fighting The Ravages Of The Coronavirus; Shock Plans Multiply Around The World

The current scenario forces stimuli and, at last, the Eurogroup is beginning to propose some important measures such as the agreement to promote fiscal measures throughout the Eurozone worth 1% of GDP in 2020, or guarantee schemes and tax deferral equivalent to 10% of GDP. Furthermore, Spain’s Prime Minister, Pedro Sanchez, announced a much more ambitious plan, mobilising up to 200 Bn euros, of which 83 Bn euros will be private, mainly from banks. The shock plan is equivalent to 20% of the national wealth (11.7% taking into account the State’s share).

World economy 14th March 2020

Coronavirus And Spanish Flu: Economic Lessons To Learn From The Last Truly Global Pandemic

Chris Colvin and Eoin McLaughlin via The Conversation | As news of the global spread of coronavirus disease (COVID-19) emerged, global financial markets reacted pessimistically and behaved in ways not seen since the 2008 financial crisis. But fully understanding the potential future economic impact of the virus which leads to this disease remains difficult – because spread of a disease on this scale is unprecedented in the modern world.

Spanish economy 12th March 2020

Spain: The Coronavirus Invades Everything

Joan Tapia (Barcelona) | We don’t really know where we stand with regard to this crisis, but it’s clear what we should do. The EU must act decisively to avoid an economic disaster that would affect all its members. Only God knows what will come next.

European economy 10th March 2020

The Key to Overcoming the Risk Scenario will be Mainly through Governments and not so much through Central Banks

As the latest OECD simulations rightly point out, the area where there is really room for maneuvering is that of fiscal policies and structural reforms. According to the international organization, in the short term and under a scenario of coordination in the G-20, the aforementioned measures could add up to nearly 0.5 percentage points of GDP in the first year with respect to the central scenario, as opposed to nearly 0.15 percentage points of monetary policy.

World economy 9th March 2020

Use Your Slow Brain, Please

Ives Bonzon (Julius Baer) | When the circumstances we face become extreme, the temptation to panic is great. As Daniel Kahne-man, the great psychologist and Nobel Prize – winning economist for his work on choices and decisions, explained, the human brain is subdivided between a fast brain focused on the risks to our survival and a slow brain useful for grasping complex problems. The pandemic scenario touches us emotionally at the heart of our most precious asset, our survival. Nevertheless, more than ever, it is crucial to apprehend the situation with our slow brain.

Spanish economy 9th March 2020

The Labour Market In Spain Continues To Boom In February; No Signs Of Coronavirus Effect

Bankia Studies | The Spanish economy has created more jobs than expected, allowing the unemployment rate to stabilise at record lows. The indicators suggest that the Covid-19 crisis had not yet infected the dynamism of the labour market. That said, the possible impact could be reflected in the coming months.

World economy 6th March 2020

The (possibly lost) Coronavirus Opportunity

Pablo Pardo (Washington) | Now, Covid-19 could be a great opportunity for the United States and, also, for the world economy. With interest rates nearing zero, this could be a good opportunity to use fiscal policy to revive the economy… Also, at least in the United States, this could be an opportunity to undertake a reform of which absolutely nobody talks, but which makes this country have, by far, the most expensive, dysfunctional and inefficient social protection system in the industrialized world. Take health care, for example:

World economy 5th March 2020

Will a Struggling Global Economy Survive the Coronavirus?

Atul Singh | The coronavirus outbreak is putting a clearly unsustainable global economy to the test.Coronavirus is China’s Chernobyl. It is finishing what Trump’s trade wars started. Global supply chains will change. Trade will slowdown. The decoupling of China and the US will continue. Even as these tectonic changes unfold, a global recession has become more probable.

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