As widely expected, the FOMC kept the target range for the federal funds rate unchanged at 1.00-1.25%. The market appears to have taken a very slightly dovish outlook, with the chance of a rate hike in Dec 17 slightly lowered to 40% versus 45% pre the FOMC. What’s next ?In… Read More »
Gero Jung -
Economic growth in the Eurozone is likely to remain solid, though a future acceleration in activity seems unlikely. We note the elevated level of PMIs, pointing to real GDP growth of 0.6% at the start of the third quarter, though optimism in the manufacturing sector slightly decreased in July, according… Read More »
As widely expected the Federal Reserve kept monetary policy unchanged at July’s meeting. The accompanying statement was little changed compared to the one released in June, however two elements have caught our and the markets attention. The FOMC acknowledged that ‘inflation and the measure excluding food and energy prices have… Read More »
The parliamentary elections in France resulted in a large majority for Macron and his Republican en Marche party, which gives him a strong mandate to pursue reforms and stimulate the economy. The snap general election in the UK resulted in a hung parliament with May’s Conservative Party losing its majority.… Read More »
A combination of weaker loan growth, sterling weakness, squeezed corporate margins and negative real wages are likely to push the UK into a period of very low growth in the coming year. UK corporates have seen a substantial deterioration in interest cover, and falling earnings caused by a weakening economy… Read More »
Today Saipem S.p.A. has launched the buy-back programme (the “Programme”) for Saipem ordinary shares approved by the Shareholders’ Meeting on April 28, 2017. The Programme regards the buy-back of the Company’s own shares to cover the 2017 allocation of the 2016-2018 Long Term Incentive Plan (the ‘Plan’), as approved by… Read More »
First Financial Network (FFN) today announced that it is conducting an initial sale of non-performing loans on behalf of the National Bank of Ukraine (NBU) and the Deposit Guarantee Fund (DGF). Ukraine’s banking sector has been in a crisis since 2014. Over 90 banks have failed. Total non-performing loans are… Read More »
Confidence in North America Rose by 10 Points, while Cautious Market Participants and Corporate Debt Build-Up Lead to a Decrease in Confidence in Europe and Asia The Global Investor Confidence Index increased to 108.9, up 7.9 points from June’s revised reading of 101. The improvement in sentiment was driven by… Read More »
India has had a strong start to 2017. After a shaky period at the end of 2016 when the reformist government took the radical step of withdrawing 86% of the currency from circulation overnight to tackle the ‘black economy’, economic growth has recovered and equities have rallied. Modi’s reform programme… Read More »
The proposed combination between Essilor (Euronext Paris: EI) and Luxottica (MTA: LUX) continues to progress, with the antitrust process advancing in all jurisdictions. Essilor and Luxottica have jointly filed with the antitrust authorities in three of the five jurisdictions whose approvals are a condition precedent to the closing of the… Read More »
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