LONDON | By Dr Simon Usherwood | Cameron needs to be able to show that a British agenda of market-based integration has traction in the EU and that he is ‘winning the argument’. He’s being ‘tough’ policy helps little.
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Oklahoma tornado costs: huge and polemic
NEW YORK | By Ana Fuentes | The last huge tornado in Oklahoma could cost as much as 2 billion dollars. The center of the state has been devastated, 24 people dead, around 13,000 homes destroyed, cars and schools totally ruined. The final bill for the State, the regional government and private insurers is going to be one of the highest in US history.
The slow but sure repo market
BARCELONA | CaixaBank Research | The action taken by the ECB has prevented a disaster and is designed to ensure a gentle, gradual normalization. Several signs support this second interpretation. For example, the early repayment of LTRO loans.
Investment in Europe’s periphery becoming sexier
Sure, the eurodrama is a fact. But there is a growing interest about investing in the peripheral Europe. Morgan Stanley has conducted a survey among investment managers and 38% of them expect the CDS of the Spanish sovereign bond to be between 150-200bp over the next 12 months.
Wednesday’s chart: ECB negative interest rates
LONDON/MADRID | ECB negative interest rates might fail to re-activate credit activity because of a too cautious Germany.
Against the Eurocrisis: more monetary ammunition, more reforms
BARCELONA | By Jordi Gual, economist | The euro area’s double dip recession is due to inopportune management of the sovereign debt crisis and slow advances towards European integration.
Spanish banking rescue II
MADRID | By JP Marín Arrese | Rumours openly point to a further rescue package to save the day. It may take months to come but many are taking for granted that a fresh call for help might be launched at the end of the year, once the new German government takes over.
Tax haven crackdown won’t go far
MADRID | By JP Marín Arrese | So long fiscal havens apply close to zero taxation, companies engaged in cross-border business will continue to profit from these favourable arrangements.
Build Up Skills Spain: Can the EU help the construction sector?
MADRID | By Ignacio Mulas at CapitalMadrid | How to fix the most battered sector in Spain by the economic crisis? Construction has lost around 18% jobs in one year. A new European project called Build Up Skills Spain tries to shed some light and recommends public investment to upgrade workers into energy efficiency and rehabilitation. Because that’s the only hope.
Spanish banks capital ratio better than Germany’s
MADRID |By José Luis Marco at CapitalMadrid | Germany or the Troika, that for some already begins to be the same thing, may have their doubts about the level of funding of the Spanish banks and the process of consolidating their balance sheets. However, according to objective data, German main private banks capital ratios are far below those of Spanish leading financial groups.
