Category: bonds
Infrastructure versus sovereign bonds We have repeatedly emphasised this before: Donald Trump’s campaign promises and the probable launch of “fiscal QEs” in Europe and in the US, offer a bright future for infrastructure investments. There is no doubt that construction companies have a fabulous opportunity here and will benefit from it. Any investment in this […]
General strategy: the eye of the storm Like we started warning in our last GEAB issue, the utmost caution is still required these days. The appearance of recovery, here and there, is either the effect of short-term communication, or sources of disruptions with unpredictable consequences (or both). Our general advice is to stay vigilant and […]
Oil: counter-direction The day the coalition around Saudi Arabia announced a cut of diplomatic relations with Qatar, risking the “koweitisation” of the latter, the oil prices… collapsed. This is not the first time we have noticed that outbreaks of conflict are no longer causing price surges. This fact validates the axes we have been following […]
The United States and Europe present striking similarities in their destinies. The way Brexit (itself a negative event) manages to free an EU paralysed by vast structural dysfunctions; Trump’s election (so traumatic for the Americans) probably provides an opportunity to redeem the country (and its partners) from a stifling allegiance system. We have repeatedly shown […]
Regarding the latest events occurring in the Balkans, the Westerners seem to be winning the game against Russia. Thus, in Macedonia the new government of Zoran Zaev is not far from finding a solution on the dispute which opposed it to Greece and blocked its candidacies for NATO and the EU[1]; Montenegro joined NATO on […]
To strengthen the eurozone, the European Commission has just launched the idea of creating products backed by European sovereign debt, a proposal which could be more an alternative than a precedent for the Eurobonds. On May 31, 2017, the European Commission presented its analysis on the “deepening of the Economic and Monetary Union”[1], which had […]
The tiny financial centres of the Eurozone have been rubbing their hands since the British chose to leave the EU, positioning themselves in order to recuperate significant market shares of the City’s activity. A recent study made by the Brussels think-tank Bruegel proposes two scenarios of possible gains for a number of financial centres, depending […]