BoAML | After Brexit, we followed through on our scenario analysis, penciling in a full-blown UK recession, cutting 0.5% off of Euro Area growth and slicing 0.2% off of US and global growth. Events since Brexit have not changed our call. The pound has plunged more than 11% since the vote, and both consumer and business confidence have tumbled.
SAO PAULO | By Marcus Nunes | ‘Uncertainty’ is getting more and more attention. John Taylor is a great supporter, so much so that a while back I did a post with the title “Taylor´s Uncertainty Principle”, and argued that what was really keeping the recovery back was the “on and off” decisions by the Fed.
By Luis Arroyo, in Madrid | The FT has published a very good article by John Authers on the unusual business practice that American companies maintain with their shareholders. As Authers says, at present, non-financial companies possess a cash cushion of 6% of their total assets, something that has never been witnessed in the last six decades. The companies, with large profits (profits have risen to their highest level since the…