The integration of the European retail payments markets has been going on for almost two decades. The Single Euro Payments Area (SEPA) is now a reality for over 500 million citizens using uniform credit transfers and direct debits. In contrast,
UBS House View Weekly — 15 April 2019 “Whatever it takes.” These words of Mario Draghi’s marked the inflection point in the last recession and paved the way to the present economic recovery. But as the euro celebrates its 20th
Short Note ECB As expected, no decisions were taken at today's meeting of the Governing Council. What the market had been waiting for were references to the specifications of the TLTRO-3 program – in particular, how the interest rate will
The European Supervisory Authorities, in cooperation with the European Systemic Risk Board (ESRB), are requested by legislation to use stress tests in order to assess the resilience of financial institutions or market participants to adverse market developments. As part of
Innovative Growth Companies Offer Resilient Quality. European equity markets are likely to remain volatile in 2019. Europe is home to many innovative growth companies that could perform well over the medium term.
De groei van de eurozone-economie zwakt af. Italië bevindt zich in een recessie, terwijl Duitsland deze nipt wist te vermijden. Andere eurolanden, zoals Spanje en Nederland, doen het beter. De binnenlandse bestedingen blijven daar op peil. De ECB zal de
Economic clouds are somewhat darker in Europe compared to this time last year, but we are not subscribers to the notion of an economic Armageddon. European equity markets are trading well below levels seen at the end of 2017 as
Investment Talks Developments and scenarios ahead: This is probably the most decisive week for Brexit and the situation is still rapidly evolving. Last night, Mrs. May and Mr. Juncker announced an agreement on the most controversial part of the Brexit
Dear Eurozone equities, you have been our main hope and we have favoured you since 2014. You have been a disappointment and have lagged global equities. You may appear cheap compared to other regions, but not versus your own history.
The share of renewable energy in the European electricity generation mix has heavily increased in recent years with no signs that this trend is going to stop anytime soon. One of the main reasons for this development is the introduction
Investment Talks The next European Parliament elections will take place on 23-26 May 2019 in the Member States of the European Union. Given the current complex political context, these elections are becoming a sort of referendum on the EU project,
Notes from a Region of Depressed Expectations Paltry data and frustrations in Brussels make for a dreary eurozone outlook, although US/China trade talks provide some hope for markets.
Central banks have calmed markets down Central banks are continuing to dictate market momentum and never more spectacularly so than in January. The fourth quarter market crash occurred after the Fed had confirmed that its balance sheet shrinkage and rate-hike
Monthly Investment Strategy Exploring the Risk Scenario of No Monetary Normalisation
EUR Corporate hybrid bonds The hybrid bonds issued so far this year by Engie, EDP, Accor and Iberdrola have all been in strong demand. While this has also been true for senior bond issues, fallen government bond yields and the
Market flash Risk assets pushed higher at the beginning of the week as Chinese investors returned to their desks after a week of New Year celebrations. Their upbeat mood was bolstered by indications that Donald Trump might be prepared to
Week Ahead The economic slowdown in the euro zone in the second half of 2018 was significantly stronger than originally expected and lowered the starting position for 2019. This makes it unlikely that the economy will have gained enough momentum
Securitisation markets are not new to the use of non-performing loans (NPLs) as collateral, evidenced by the U.S. savings and loan crisis, the Asian crisis and recent European troubles. Securitisation provides a method for banks to remove bad loans from
Market outlook The EURRON was finally put under control last week. It was clearly benefiting from the more dovish FED together with other regional currencies, but domestic factors might have also been at play, including recent statements by the finance
European equities rallied all month long; the S&P Europe 350 rose in five weeks out of five to finish January with a gain of 6%, the best monthly total return for the benchmark since October 2015. Every country contributed positively
Summary The results of the ECB Survey of Professional Forecasters (SPF) for the first quarter of 2019 show downward revisions to inflation and real GDP growth expectations, particularly in the near term1 . HICP inflation expectations stood at 1.5%, 1.6%
Week Ahead By Monday, Theresa May must present Plan B to the British Parliament for how to proceed after the clear rejection of the divorce package negotiated with the EU. It currently does not look like there will be any
Displayed here are insights from the European Short Disclosure Regulation’s (ESMA) daily filings. We track over 50 billion Euros in short investments across more than 250 managers, bringing you changes in sector exposures and the best short picks from the
In the aftermath of the global financial crisis, the leaders of the G20 urged accounting standard setters to reconsider the incurred loss model by analysing alternative approaches to recognising and measuring loan losses that incorporate a broader range of available
Looking back at 2018, it was a year when European corporate earnings continued to grow, while market volatility was surprisingly high. The volatility was a result of both political noise and the fear of a slowdown in global growth. Volatility
