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xi jinping macron ok

In Europe, Opinion 27th March 2019

Some takeaways from Xi Jinping’s visit to France and Italy and ideas for the EU-China summit

Alicia Garcia Herrero (Natixis/Bruegel) | Only a few days before Li Keqiang’s official visit to Brussels for the EU-China summit on April 2019, Xi Jinping has conducted his second trip to Southern Europe in only five months. Such a keen interest in Southern Europe is hard to understand, especially if one considers that Chinese high level officials are busy negotiating with the US to reach a deal to halt the trade war.

enagas increase holding in Tallgrass

Ibex 21st March 2019

Entry of Enagas in the US: OP of 26.21 € per share

Link Securities | The President of Enagás, Antonio Llardén, qualified last week´s agreement with Blackstone to enter the US market as a historical milestone for the Spanish company in putting Enagás on the global chess board of gas infrastructure.

Big gap

Markets 20th March 2019

US banks vs European banks: Why such a gap in returns

Ofelia Marín Lozano | Why in the last 11 years, an investor in the American banking sector has obtained a positive profitability of 70%, whereas an investor in the European banking sector has obtained a negative return of 60%.

 

 

US corporate debt could be underestimated

World economy 8th March 2019

US Corporate Debt Could Be Underestimated

Despite the general deleveraging in the US, the corporate and non-corporate sector has begun to indebt itself again, currently to a level of 72.6% of GDP ($15 trillion). According to calculations of economists at the firm Solunion, the real level of non-financial corporate debt could exceed by 30%, or $3.9 Tr.

2.USeconomy

World politics 27th February 2019

Is The Next US Recession Close?

A recession is triggered when the economy contracts for two consecutive quarters. One or two negative readings about GDP may make little sense. But when it is various key indicators which are beginning flash red for a prolonged period, the image becomes clearer and more significant. In opinion of D. Spence y J. Franz, this moment has still not arrived in the US.

Enagas thinking about investing a billion euros in US listed company

Ibex, Markets 18th February 2019

Enagas Thinking About Investing €1 Bn In US Listed Company

The Spanish gas system operator, Enagas, is exploring its options of buying shares in the US listed company Tallgrass Energy. According to various sources in the sector, the public company, whose main shareholder is the state through SEPI, has been working discreetly on this operation since last November. In any case, the process is at a preliminary stage, and there are others interested in the US company.

Why are the banks a problem for the Ibex?

Ibex, Markets 14th February 2019

Why Are The Banks A Problem For The Ibex?

Alex Fusté (Andbank) | There is a notable difference between US and European banks: the stock market pays 35% less for European banks. This claim is confirmed by the price/book value ratio, whose average for the 10 largest banks in the US sector is 1.24, while in Europe it falls to 0.8%. In the case of the two largest Spanish banks, Banco Santander and BBVA, the market price is even lower than the average, given that they show ratios of 0.8 and o.7 respectively.

Keep Calm: the US should dodge a recession in the next 12 months

World economy 2nd February 2019

Keep Calm: The US Should Dodge A Recession In The Next 12 Months

AXA IM outlook for the US economy, which was below consensus back in November, was a herald of subsequent market fears. Since the relationship between the recession risk and the market sell-off goes both ways, the question was whether market events had overtaken the economic outlook and threatened an even sharper slowdown in activity. Now, they have updated our probabilistic model of US recessions.

global growth

Markets, World economy 1st January 2019

Let’s Get Real About The Geopolitics Of 2019 Markets

Shaun Riordan | I have been reading a whole series of market forecasts for 2019. While it is relieving that at last they include political or geopolitical factors, I was struck by those factors, which could have dramatic impact on companies or markets which were left out, or misinterpreted.