According to a note to clients, Morgan Stanley believes that UBS, HSBC and Société Générale should perform well during the quarter. Compared with the US Banks, they have a downward risk due to investment banking fees and upside due to the outlook for equities.
The Public Works Minister, Íñigo de la Serna, said the ministry will launch “before the summer” a record 2.717 billion euros investment programme for AVE high-speed train and roads.
S. Ramakrishna Velamuri via Caixin | A leading Indian business daily reported on March 6 that Chinese corporations had made investments of $5.2 billion in Indian early- and growth-stage companies in 2017, and the figure for the first two months of 2018 had already crossed $1 billion.
The volume of property investment in Spain rose 9% to 9.2 billion euros in 2017 from a year earlier. This represents a two percentage points increase on the growth registered in Europe as a whole over the same year, according to Savills Aguirre Newman.
Mario Esteban and Miguel Otero-Iglesias | As in many other European countries, Chinese investments in Spain have increased spectacularly over that past years. Nonetheless, there has not been a public or political debate around the topic, and even less a thorough reflection by the government, the media and the academic community at large about the implications of these investments.
Fitch has been the last agency to raise its rating on Portugal to investment grade last Friday. The previous increase from S&P in September already showed signs of the sick person being in very good health. Neighbouring Spain should also see an improvement in its credit quality and be included in the A tranche, at least by S&P and Fitch.
A recent report published jointly by ICEX-Invest in Spain, Multinationals for Spain Brand and the International Center for Competitiveness said foreign companies’ evaluation of the business climate in 2017 has seen a further improvement compared to a year ago.
Spain is the second country after Italy to benefit from the Juncker Plan, which ends in 2018. There are already 53 operations ongoing, with 4.5 billion euros financing from the EIB, which will facilitate the mobilisation of over 28 billion euros of total investment.
Spain has major access to the funds mobilised by the Juncker Plan. Many companies, like Gestamp and El Corte Inglés, are already benefitting with projects worth some 15 billion euros.
The City’s conclusion is that, in relation to their size, the US private equity firms could dedicate more time and deploy more capital in Europe, to the benefit of everyone. But these firms still have doubts about the future of the Eurozone after Brexit. Other non-US and non-European actors are grabbing those opportunities reticent US investors are letting pass by.