International review. Rain in Spain again

International review. Rain in Spain again
The trade war seems to be catching the news later... ...Will tariffs imposed make up for at least part of the lower tax revenue? Or is it just about irritating trading partners, even the good ones. Trudeau’s words on allies at heart feeling betrayed and insulted were quite catching to say the least. Again, President Trump’s twitter messages didn’t help, although pressure from allies to moderate tone aimed to calm things down, now claiming the incident is only a “family quarrel”. G8 weekend meet...
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 The peso and the markets. A brief review

 The peso and the markets. A brief review
An unexpected correction in Argentina with a run on the Peso creates an emerging market crisis among its neighbors. A week later with rates at 40%, the country is still in flames; Another round of Trump’s instability, sometimes riding in the right direction but in the wrong manner, keeping his “bad boy” attitude; Independent catalans lead again by one vote, their one virtue is that they can communicate well among Europeans, and know how to use their key weapons with mastery. It is all about divi...
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Mercados y cambio de tendencia

Mercados y cambio de tendencia
Semanas de locura mediática sin camino claro, aunque se confirma cambio de tendencia económica en España. Primero fueron los máster víctimas de comunicación errática y precipitada en las bases del PP. Renuncias a títulos, pero no a cargos. Seguimos sumergidos en la crisis catalana y la incertidumbre que esto mismo acarrea aún con la misma tónica de bullicio político y empresarial; la sucesión del BBVA o los desaires de la Familia Real entre otros muchos no hacen sino confirmar lo que venimos so...
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News from all angles

News from all angles
Diversity of highlights again. Falling markets, trade, pornstars, jailed politicians and resigning prime ministers. Nothing fun to note in Spain. Puigdemont finally arrested on a miscalculated move through Germany. People take the streets in a failed and still pacific “coup d’etat”. Current government would be making a big mistake trying to get credit for the actions. This is serious “stuff” and can get worse. No time for laughs or taking credit as non criminal prisoners become martyrs. We s...
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Week in review. Abertis turns Italian and little more

Week in review. Abertis turns Italian and little more
Excellent turn of events in the Abertis deal. Key shareholder Caixa and others get the best price of the quotes. Italians get the deal done with reasonable multiples. Regulator and PP ministers save faces and so does ACS who attains a dignified minority. But the question remains on who the dealmaker really is behind the deal. A utility president and football buddy? An ambitious and creative investment banker? In return for what? We will certainly remain alert. The rest of the headlines reflec...
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Markets, takeovers and trends

Markets, takeovers and trends
Another weeks goes by with President Trump in all the headlines with his new trade war, imposing tariffs on aluminium and steel based on “national security” and detonating an aggressive response from the rest of the world, as well as his own advisors, marked by the resignation of Gary Cohn, his once popular chief economic advisor.  A question of accountability to his electorate and balancing the trade accounts, Trump narrowly explains in his twitter, mentioning 1 billion, just a “typo”, instead ...
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Mercados, cambio de ciclo y nuevos jugadores

Mercados, cambio de ciclo y nuevos jugadores
Los mercados internacionales están muy pendientes de la nueva FED y las subidas de tipos con repercusión en la rentabilidad del 10 años, que, por épocas, se convierte en barómetro internacional. Mejoran algunas noticias en España,  el horizonte parece algo más prometedor. Zug, la zona más rica de Suiza, se convierte en la capital de las criptomonedas que representan hoy algo más que un juguete especulativo, con una significativa independencia del sistema monetario y fuera del círcu...
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More rain in Spain

More rain in Spain
Lets get specific with questions and answers in our views. Our attention will focus on Spain exclusively today. We have an agonizing party in power, a struggling economy and a very misleading reading of news that constantly hide realities. A reality check is much needed. Spain is not growing nicely, if at all. Its nominal 3% growth hides significant realities. And nobody can or should claim merit for this. Spain is recipient of a wave of tourism that creates consumption, exports and current ...
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Volatility and markets. Pending reforms…

Volatility and markets. Pending reforms...
Wild rides in markets with volatilities at highs and unpredictable sustainability. Alarming graphics on the VIX (fear gauge index for covering market risks) reflect an aggressive surge on expected volatility. Worth to note that the VIX has shot up more than 300% in the last days. But despite all the noise, key reasons behind the market fall might not be so bad. New signs of inflation and wage rise, which is natural and shows signs of a growing economy, is not necessarily negative in a con...
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Week in review

Week in review
Semana de poco calado a resaltar Davos y las declaraciones de los “grandes” líderes  mundiales, especialmente susceptibles a los tipos de cambio y a un dinero nervioso, buscando oportunidades; el impacto social de presidentes en el Dorchester; una creciente sensibilidad a la proliferación de armas nucleares por el mundo entre políticos que juegan a la división y una España cuya realidad contrasta las estadísticas de los políticos con la realidad inmersa en una gran confusión . En el mercado ...
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