Class Economy Premium: 2015

Sunday, August 23, 2015

SPAIN: Seven recipes to win corporate debt – EntornoInteligente

News about Spain? the pilot Alberto Ardila Ignacio Olivares tweeted: / SPAIN: Seven recipes to win corporate debt / Cinco Dias / The search for yield in the income market set has become in recent months a herculean task. Interest rates are at historic lows en_Europa, which has reduced the profitability of the debt to a minimum. Corporate bonds have few opportunities, although some experts consulted selected alternatives. Always determine before investing risk profile, because what has not changed (or will change) the risk / profitability binomial. An inverse relationship must not forget that conservative investors eager to get high interest rates. The higher profitability to which it aspires, the greater the risk.

1. Overcome inflation.

The investor should be aware that returns can aspire to is rather low by setting minimum interest rates. In this regard, Francisco Arco, XTB Analyst, explains that choosing the area where you want to invest should monitor “inflation in the region, as the risk that the price level increase would make us too and unexpectedly lose purchasing power. Therefore, regions like the euro area, where he fights to maintain a stable inflation below 2%, it could be interesting. ” But only to investors whose objective is to beat inflation.

Investors with higher risk profile will find few opportunities and always in exchange for increasing the risk, that is, buying debt of companies with poor credit ratings.

2. European bonds.

The major European companies are financed almost free, meaning they offer negligible interest. Of the remaining options in corporate bonds of companies Viejo_Continente, an interesting alternative can be flexible coupon bonds, those in which there is provided a pre-fixed coupon, but this is linked to an indicator, for eg Euribor. This type of debt is attractive when it is expected a rebound in inflation, as should happen in the coming months if he wins the stimulus plan the ECB.

For example, a bonus of Orange maturing in 2018 has come to offer 3.5 times more return than senior debt. Companies such as Santander, Natural Gas, Ba_yer or EDF, among many others, have issued debt of this type.

In corporate banking debt, _Barclays advised to buy bonds of the British Standard Chartered.

3. Dollar debt with caution.

A few months ago, the dollar-denominated debt was one of the most repeated recommendations from market experts. The prospect that the dollar would rise against the euro due to differences between the monetary policies of the ECB and the Federal Reserve, as indeed happened, it was a great incentive for this type of debt. Now, this advice is not so widespread and, in any case, is accompanied by a recommendation of caution, given the proximity of rising interest rates en_Estados States market share expected in September.

“I do not advise buying dollar bonds because they are going to raise rates and can mean a rebound in profitability of US corporate debt. In addition, the dollar seems to have found support. The exchange rate factor was favorable before, but I the potential is now quite extinct, “confirms Javier Dominguez, Managing Partner of Auriga. The rate increase will raise bond yields, so the exchange rate factor can not make this investment if the increase occurs.

4. Emerging for daring.

The emerging market debt, once a kind of El Dorado, today arouses more suspicion than before. Continues to offer higher returns than bonds issued by companies in other regions, but the risk that involve backing down most of the experts consulted.

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Dominguez proposes to investors with a high risk profile for debt of two companies that have been punished in the recent months by its origin and its sector. So, speaking of a bonus Brazilian oil company Petrobras (wrapped in a political corruption scandal, but with a BBB rating) which expires in 2018, is denominated in euros and has a yield of 5.4%. He also believes that it may be an attractive option bonus Gazprom pays 4% and matures in three years. Only for very bold. From Barclays recommend buying senior bonds or hybrid Brazilian banks and also look favorably Indonesia’s corporate debt.

5. Options in high yield.

The calls gives high yield debt it is one that offers a high return but at the cost of assuming more risk. In this category, Domínguez advised bonus Ferrarini, Italian company engaged in the manufacture of cheese Parma, which matures in 2020 and pays 5%. The company has no rating transalpine power.

Arco transalpine adds another signature, Telecom Italia, which has a rating of BB + (junk) and offers a yield of 5.53% at three years. However, the expert believes that “if it seeks more profitable and for that you have to accept more risk, interest may not be fixed, but the equity income”. This expert notes that if the debt purchase to maturity come into play many factors, como_ “inflation of a country or area, the risk of bankruptcy of the issuer or the price at which we agreed to broadcast” ._ consider why not compensates take the risk involving high yield bonds.

6. Investment funds.

An option to try to squeeze poor returns offered by corporate debt market is to buy investment funds specializing in this field. Within this family of funds, Paula Mercado, VDOS, believes that “you can choose to invest in the European high yield market, which is growing significantly in recent years as a result of the search companies an average of alternative to bank “financing. In his opinion, the European high yield corporate debt has the attraction of having a shorter life compared to the US. “In addition, companies have gone through a major restructuring and cost reduction that has left their strong balance sheets, so the ratio of defaults in European companies is very small,” he adds.

7 . The most profitable funds.

Ten funds from the category of corporate debt in euros accumulate a return so far this year exceeding 5%, according to Morningstar. The leader in this family is GAM Star Credit Opportunities. It is a fund that invests worldwide and can have 20% exposure to emerging markets. May also invest in government bonds, subordinated debt securities, preferred stocks and convertible securities.

The fund BlueBay Investment Grade Bond Fund invests at least two thirds of its capital in bonds issued by entities domiciled in European Union or other European countries whose sovereign long term debt rating is investment grade. Profitability since the year began around 11%.

Alberto Ardila For the pilot flying is his passion. From their website www.albertoardila.com informs the world about issues of civil aviation, the world of pilots and airlines in the world.

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Texas Oil falls below $ 40 a barrel – Digital Journal Juarez

New York – The Texas oil price (WTI) continues to fall in New York and during the day has come trading below $ 40 a barrel, something that has not happened since 2009.

During operations on the New York Mercantile Exchange (Nymex), the WTI has come to fall to $ 39.86 a barrel, less than an hour from the close was down 2.73 percent , to $ 40.21.

The contracts for WTI crude futures for October delivery, the new reference month, the minimum marked amid the great crisis of oversupply of oil that exists internationally.

The excess supply still can not find solution while the countries of the Organization of Petroleum Exporting Countries (OPEC) decided not to cut production, and yesterday, precisely, the “Wall Street Journal “published an article entitled” No view at the end of excess oil. “

On the verge of closing a new week of setbacks, the Texas oil would add an eighth straight week of losses, something that did not happen since 1986.

In addition to the internal crisis in the energy sector, the price of fuel was hit by a wave of falling prices worldwide caused by concerns about the state of the economy China.

Yesterday was announced the purchasing manager Index (PMI) of China’s industrial sector in August prepared by the financial magazine “Caixin” which showed a decline in manufacturing activity in the Asian giant not seen since 2009.

The preliminary data show that manufacturing activity in the second largest economy shrank in August to 47.1 points, well below the 50 points separating the boundary between expansion and retreat.

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SPAIN: Corporate bonds, an object of desire – EntornoInteligente

SPAIN: Corporate bonds, an object of desire / Cinco Dias / The spurt of corporate issues earlier this year was driven by the lowering of interest on government debt due to the implementation of the program to purchase the assets of the ECB. Thus, taking into account that the first months of the year are usually living as capital markets are concerned, corporate bonds the first quarter experienced a breakthrough. That pace slowed hand sources of uncertainty, driven by the situation in Greece, led the markets to correct part of the rally. The summary is that between January and July by 11,900 million debt, only 17% of the total debt issued in Spain and 14% below the same period a year earlier.

Analysts placed yet trust in the second half resurgence corporate issues, taking advantage of liquidity, low interest rates, the program helps Mario Draghi, improving market conditions and, of course, it is clear the problem of Greece. A framework that would be suitable for investor confidence in new issues if the government arising from the Hellenic elections scheduled for late September, no further complicates things when implementing the adjustment measures to be undertaken in exchange Athens the third rescue.

Also, do not miss new uncertainties that may cause doubt the investor, as uncertainties about the strength of growth in China and the collapse in oil prices in minimum for bookings record that has accumulated in the US. And all this while the Federal Reserve hints that looks closer the rate hike. If the first part of the year many companies rushed to the debt market to fund or to redeem outstanding bonds for others with lower interest is to see that the second half offers the same possibilities for financing in the face of new investments or, at least, improve balance sheets and credit profile, and change the picture of your creditors to rely less on the bench.

Despite the virtuous situation in the good months, and the Treasury placing negative, the lowest sovereign debt interest to Spanish companies that got out was that recorded by Enagas, in March placed 400 million with a coupon of 1%. However, experts are optimistic that in the second half of the year can revive the market and intense live a new stage in corporate debt. The truth is that if the Greek turmoil were the main reason for postponing projected emissions, nothing indicates that the early elections will bring a more peaceful climate.

key inside, however, the general elections scheduled for New Year’s Eve in Spain not greatly disturb the experts, or considering the arrival of the emerging parties and the alleged distribution of power that this can entail. Rather they cite some of the latest releases, which have registered an indicative oversubscribed, with remarkable presence of international investors, and emphasize that at the time it opens a new window of stability companies issue debt again. Still, it is inevitable volatility that often get couples to surveys

The search for yield is never easy, and always must be determined before investing risk profile, because what does not change is the relationship Reverse risk / return. The investor should be aware that returns can aspire to fixed income is rather low by setting minimum interest rates. Those more daring will always have opportunities, for example, in high yield bonds of European companies with the worst score or the most profitable emissions emerging market companies. But the field remains to daring, and taking into account the already storm clouds loom over the Brazilian economy.

The major European companies are financed almost free today, but there will always be interesting alternatives, as flexible coupon bonds, where not offered a preset fixed but this is linked to an indicator such as the Euribor. And an option to squeeze profitability are investment funds specialized in this field, and among these, although it seems obvious, which have already proven to be more profitable.

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Saturday, August 22, 2015

Spain promised aid of 300 euros per cow crisis at the price of milk – Yahoo Finance Spain

The Spanish Minister of Agriculture, Isabel García Tejerina, announced Saturday aid of 300 euros per cow for farmers after the collapse of the Milk prices in the country.

“The Ministry will grant direct aid of 300 euros per cow for those farms that are selling milk below profitability,” he explained the text.

“The minister estimated that this aid could benefit 2,500 to 3,000 farms,” he added the text.

Thousands of producers of Galicia (west) demonstrated to demand fair prices for milk .

The farmers complain that some farms are forced to sell their milk at prices 22-23 cents per liter, and demand from the government a idéntido agreement that was reached a month ago in France, where the price guaranteed minimum is 34 cents.

The minister however said in their statements that is? absolutely false? that the French Government has set a price for milk.

“Neither France nor Spain can set prices because they prevent the Community competition rules,” he said the minister.

The price agreed in France was obtained after a negotiating table between producers industrial and dealers.

“The important thing is not to generate false expectations, not fooled, and work to promote measures that truly can materialize,” the responsible.

The minister will meet on Friday with French, Italian and Portuguese counterparts, before an extraordinary council of agriculture ministers of the European Union on September 7

Black Friday: China hit more markets and Wall St. had its worst week in four years – Ambito.com

     Business


    Friday August 21, 2015

deepened in markets quake

World markets tumbled Friday’s heavy losses deepen recent days dragged by poor data on industrial activity in China, which sank to levels not seen since 2009, reinforcing fears of a slowdown in the Asian giant and the consequent impact on the global economy.

In this context, the benchmark of the New York Stock Exchange ended its worst week in four years (it fell 6.2%) and stood 10% below the record set last May 19 (which which in economic terms it is called “entering correction”). He also completed Friday its worst day of the year.

Meanwhile, major European markets also posted sharp falls and had their worst week of the year. In London, the FTSE-100 index of leading securities lost 2.8% on the Thursday and stayed at 6187.65 points. Frankfurt’s DAX fell 2.9% to 10,124.52 points.

The Paris Bourse suffered an even steeper decline of 3.2% to 4,630 99 points. The IBEX-35 Madrid shrank by 3% to close at 10,271.70 points. In Milan, the FTSE Mib index fell by 2.8% ending the day at 21,746 points.

On the NYSE, the day started with heavy losses by the pessimism installed in the world’s major stock after learning another troubling fact about the evolution of the Chinese economy.

Manufacturing activity in the Asian giant shrank in August to levels not seen since the 2009, to locate the purchasing manager (PMI, in English) its industrial sector index 47.1 points, according to the index developed by the financial magazine Caixin.

The selloff He continued raging the day and in the final three indicators plummeted and closed the worst day of correction on Wall Street since August 10, 2011, the last time the Dow fell more than 500 points.

A black day in the markets also raw materials, where the barrel of Texas arrived in New York trading below $ 40 for the first time since 2009 and almost lost Brent crude $ 45 in London.

Global markets fear that the slowdown in China, which last week was forced to almost 5% devalue the yuan and had to inject billions of dollars in their banks, end impacting the growth of the world economy.

It did not help the uncertainty in Greece following the resignation of Prime Minister Alexis Tsipras, which helped to warm even more encouragement in the European stock markets: Paris fell 3.19%, Madrid 2.98%, 2.95% Frankfurt, London and Milan, both with 2.8%

All sectors of Wall. Street closed with losses of more than one percentage point, led by technology (-3.6%), energy (-3.1%), financial (-2.8%), the raw material (-2.8%) and industrial (-2.6%).

“People are using China mainly as an excuse to sell,” said Keith Bliss, vice president of Cuttone & amp; Co in New York. “Many people know that this is very excessive. They are waiting and will return next week”, added

In addition, many investors anticipate the US Federal Reserve begin to raise interest rates before the end of the year, but expectations of a rate increase in September were moderated by the minutes of the July meeting of the Federal Reserve, divulged on Wednesday.

Chinese bad thing led to the Tokyo stock market closed with a strong decrease of 3%, its biggest drop of the year.

Concerns about the Asian giant’s economy also caused A sharp decline in Chinese stocks: The most important index, the Shanghai Composite fell 4.3% to 3,507 points.

The Shenzhen Component also lost 5.4% to stand at 11,902 points. The ChiNext, focused on technology stocks and often compared to Nasdaq, even yielded 6.65 percent to 2,341 units.

Meanwhile, in Japan, the Nikkei index, which groups the 225 best-performing stocks in the stock market in Japan, fell 2.99% and was below the psychologically important . 20.000 points to 19,435.83 points

Spanish government will provide 300 euros per cow to milk producers – Reuters

August 22, 2015, 8:53 Madrid, Aug 22 (Prensa Latina) Spanish government announced today the delivery of 300 euros per cow to milk producers estimated they sell product below the level of profitability due to falling prices.

The Minister of Agriculture, Food and Environment, Isabel Garcia, said in an interview with Cadena Cope, who will do everything legally possible to alleviate the situation affecting two thousand five hundred to three thousand farmers, according to estimates.

Garcia He also announced that a one-year moratorium for loans granted by the ministry to farmers is studied.

The producers asked for the revision of prices, which are currently set to 22-23 cents per liter and ensure that in France, 34 cents are guaranteed per liter.

Garcia, who denied that the French government has raised purchase prices to farmers, he clarified that neither Spain nor France can make decisions contrary to the competition rules European.

In an interview with Radio is on the 20th, said that an imbalance between supply and demand for milk worldwide live, causing low prices.

According to the minister, also in Spain there are more than 25 percent difference between what farmers receive in different regions, depending on the degree of organization.

Where the industry is less organized, more vulnerable and these were we meet, he said.

At the same time he expressed hope that it can reach agreements and start a new phase with the European dairy sector during a meeting with the sector, . after the extraordinary Council of Ministers of Agriculture of the European Union next September 7

mem / ml

Spain pledges support to the crisis the price of milk – TVN Panama

“The Ministry will grant direct aid of 300 euros per cow for those farms that are selling milk below profitability,” he said.

“The minister was estimated that this aid could benefit 2,500 to 3,000 farms,” he said.

Thousands of producers of Galicia (west) demonstrated to demand a fair price for milk.

Farmers complain that some farms are forced to sell their milk at prices 22-23 cents per liter, and demand the government a idéntido agreement that was reached last month in France where the guaranteed minimum price is 34 cents.

The minister however said in their statements that it is “absolutely false” that the French Government has set a price for milk.

“Neither France nor Spain can set prices because they prevent the Community competition rules,” said the minister.

The agreed price France was obtained after a negotiating table between producers, manufacturers and distributors.

“The important thing is not to generate false expectations, not misleading, and work to promote measures that truly can materialize” said responsible.

The Minister will meet next Friday with his French, Italian and Portuguese counterparts, before an extraordinary council of agriculture ministers of the European Union on September 7 .

SPAIN: As RIVER is gest & oacute; the research & oacute; n against police CNMV – EntornoInteligente

SPAIN: So the police investigation against the CNMV / Cinco Dias / The police investigation into alleged corrupt plot was conceived in the CNMV It is based on the open to Vetusta Wealth Management Portfolio Managers, which ended in nothing in 2007, and advisory firm (Eafi) Dracon Partners records. The latter ended with a fine of 1.875 million euros to the company and its founder, Sara Perez Frutos, in early 2015.

Although the complaint Perez Frutos has been the trigger for the report of the Economic Crime Unit and Attorney Police (UDEF), the case brought in 2005 to the portfolio manager Vetusta is crucial in documenting any irregularities in the practice of the supervisor.

The CNMV suspended in January 2007 activity firm despite not having detected signs of fraud; in March of that year he closed the case in April and asked the manager down. Yesterday, in a statement, its founder William Menendez Escandon remember Vetusta “was forced to close [...] without ever having a claim [...] and in compliance not only with the Spanish supervisor, but with the demands of American regulators, English and Irish “.

Escandon says the CNMV forced him to unsubscribe in the register of brokers:” The file of the case was preceded by the inexcusable demand that the investment management company submitted the lowest of records of the CNMV and at the same time, renounce the exercise of legal action against the CNMV “says portfolio manager in a document.

Three key Escandon says Guillermo Menendez had Vetusta as “strategic partners” to Banesto and investment banks, Legg Mason and first after Piper Jaffray.

At the time of closing, the portfolio manager had assets of about 35 million euros in 41 portfolios and 50 employees were laid off.

Renta 4 assumed the portfolio management of the firm.

Information Cinco Dias

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The fall in world stock markets would be the beginning of next year China Crisis – | Reuters

The fall could have been exacerbated by a private survey showed factory activity in the Asian giant had contracted this month at its fastest pace, staying at 47.1 points as part of a reduced domestic demand and exports.

“What China can no longer deny that there is a slowdown in its economy,” said Andres Felipe Cortazar, director for Latin America of Smart Group Asia, adding that this is one stock market crash “The first thermometer of the economy.”

According to the expert, “the real concern is when real estate investments begin to lose their value, as these represent a high percentage of national GDP and could create great difficulties for next year.”

During these months, investors and analysts bet on the stability of the yuan to China’s efforts to get the IMF include the Chinese currency in the basket of reserve currencies, or SDRs, among which you are already the dollar, the Japanese yen, British pounds and euros.

However, the refusal by the international body adds to the fears of investors about monetary measures to be adopted by China to control the volatility of the equity in the country.

According to Germán Nova, director of the graduate of economy, trade and culture of Asia-Pacific, “what is happening with the stock market of China is an adjustment in real stock prices”, Nova believes the government will launch with more measures to contain the massive capital flight. “Can that there is a new and higher depreciation of the yuan, in order to stimulate exports and is expected to stimulation of domestic consumption are made.”

Among the bags most affected with the new fall they are the Hang Seng index in Hong Kong that collects a monthly decline of 12.88% and the German Dax which closed Friday with a fall of 11.63% month. Also, the Ibex closed with a 2.98% plunge again and already has four downward sessions, losing all won in 2015. With this decline, recorded in the week a deficit of 5.6%.

Among the measures the Chinese government had started a few months ago to support this collapse were the three devaluations of the yuan, made between 10 and 12 August from 4.4% in addition to an injection of about US $ 80,000 million at the stock market, through the Finance Corporation of China Securities Market during June. While the current price of the yuan against the currency of reference is 6.38, Goldman Sachs believes that the yuan will reach 6.60 per dollar in the next 12 months, while ANZ Bank expects the yuan is placed in 6.55 against the dollar at the end of this year, confirming that the situation for 2016 could be even more critical. According to experts, it would be a novelty that the government began developing a new wave of infrastructure projects as part of its strategy of rescue.

The other important reason is that overshadows markets political instability Queen in Greece. When it seemed that the waters had returned to normal, the Greek prime minister, Alexis Tsipras, calling for early elections for September and presented his resignation.

In Colombia also feel the aftershocks of the situation, with a fall in the stock 8.29% in the month and a peso devaluation that has already surpassed the barrier of $ 3,000 per dollar. Although experts caution that the impact on the region is also related to the decline in oil prices and expectations of a rise in interest rates in the United States.

The barrel WTI low of US $ 40
Crude prices closed its eighth consecutive week lower, its worst streak since 1986, which has already achieved a reduction of 33%.

According to the analysis published in Expansion, the West Texas barrel of US benchmark, ended down 2% to US $ 40.45, but during the session it traded as below the psychological barrier of US $ 40 for the first time since February 2009, during the financial crisis. Meanwhile, Brent fell 2.5% to the edge of US $ 45.46 and the last five sessions has made 7%.

One of the main factors that pushed Friday such drop in more than six years is the wrong data manufacturing activity in China.

reviews

Andrés Felipe Cortazar
Director for Latin America Smart Group Asia
“The concern is not the subject of the bag but what can happen in the real estate sector, which accounts for the largest investments in China.”

German Nova
Expert Economy, Trade and Culture Asia-Pacific
“It’s expect that if this fall in the stock continues, the Chinese state intervention intensifies through infrastructure and devaluation. “

SPAIN: The Ibex 35 suffers another setback because of doubts about the recovery – EntornoInteligente

News about Spain? the pilot Alberto Ardila Ignacio Olivares tweeted: / SPAIN: The Ibex 35 suffers another setback because of doubts about the recovery / Expansion / Evil Chinese PMI data , the lowest since 2009, the fall of Wall Street yesterday, the worst in a year, and the resignation of Tsipras and the calling of early election in Greece crawl investors to an avalanche of sales. European stock markets open with losses exceeding 1%.

The bad news for European investors accumulate. The Chinese economy once again given new signs of a slowdown. The manufacturing PMI stood at 47.1, the lowest level since 2009. Asian stocks received the news with abrupt cuts. Wall Street, meanwhile, yesterday suffered its biggest drop in more than a year amid doubts about the economic recovery and a weak macroeconomic data. In Europe, Alexis Tsipras, Greek Prime Minister creates new uncertainties after resign and announce early elections. European shares receive this perfect storm with declines greater than 1%.

The Ibex, on its fourth straight session of declines, trades below 10,500 points, which limits the annual gain of 3%.

Repsol Barclays has seen it lowered the target price from 24 to 22 euros and its recommendation from ‘overweight’ to ‘As the market’.

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In the debt market, the profitability of the Spanish ten-year bond edged rebounded to 2% and the risk premium exceeds 140 basis points. The euro soars towards $ 1.13 and the price of oil continues to fall, with Brent at $ 46 per barrel and West Texas, at $ 40.

(next enlargement)

Alberto Ardila For the pilot flying is his passion. From their website www.albertoardila.com informs the world about issues of civil aviation, the world of pilots and airlines in the world.

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Chinese shares fall again and drag the rest of the squares – Clarín.com

The bags in China vovlieron to crash and arrastaron get the rest of the asasiáticas seats after new data on the activity of the Chinese industry, which exacerbated concerns about the progress of the second world economy .

At the bottom of the bump on Wall Street on Thursday, losses deepened and spread throughout Asia as close to a stirred by the ups and downs of China parquet week and even when regional economies trying to fit the new stage created by devaluation of the yuan.

In this demanding context, the preliminary results of purchasing manager index (PMI) prepared by the financial magazine China Caixin , which accounted for the biggest contraction in six years the Asian giant’s manufacturing sector , dynamited the day and forced investors to exercise extreme Prudence.

The bulkier collapse of the day was staged once again, Chinese stocks as The Shanghai Composite Index, the benchmark in the country, collapsed today April 1 , 27% and Shenzhen, another 5.42%.

The uncertainty generated around the second largest economy took its toll on the Tokyo Stock Exchange where the Nikkei index sank nearly 2.98% and recorded its fourth consecutive decline that was also the second highest of the year.

Seoul Stock Exchange also accused today a sharp fall by 2, 01%, although in his case concerns about China fund was overshadowed by the new episode of tension between the two Koreas , which exchanged artillery fire yesterday, and whose respective forces are on high alert.

The opening European stock markets also turned red and Madrid, Frankfurt, London, Milan, Paris and Lisbon began the session with strong corrective, in which doubts about the second economy overlap with concerns about the future of Greece after the resignation of his prime minister, Alexis Tsipras.

While continuing rise mystery about when the Federal Reserve (Fed) US interest rates, a move that would shelve the monetary policy that has been maintained since the financial crisis 2008, markets follow the news coming across the Pacific in suspense.

(Source: agencies)

Europe bags fall hard on fears of Chinese economy – Economist

European shares ended Friday’s session with sharp losses with the market worried about the state of China’s economy.

Shares Europe reported on Friday its biggest daily decline since October last year, as growing concerns about the state of China’s economy affected stock markets worldwide and many investors remained cautious about the near-term outlook.

The pan-European FTSEurofirst 300 index fell 3.10 percent unofficially.

The British FTSE index fell 2.50%, the German DAX dropped 2.70% and the French CAC lost 2.90 percent.

The main European stock markets posted sharp declines on Friday, weighed down by concerns about the Chinese economy and the falling price of raw materials.

In London, the FTSE-100 index of top titles lost 2.83% from Thursday and stayed at 6187.65 points.

The Dax in Frankfurt fell 2.95% to 10124.52 points.

The Paris Bourse suffered an even steeper decline of 3.19% to 4630.99 points.

The IBEX-35 Madrid shrank 2.98% to close at 10,271.70 points.

In Milan, the FTSE Mib index fell by 2.83% ending the day at 21.746 points.

With information from Reuters and AFP

frm

Friday, August 21, 2015

US oil, below $ 40 – Azteca News

New York, USA .- prices oil in the United States fell on Friday to below $ 40 a barrel for the first time since the financial crisis of 2009.

The New York contract ended down 2 percent on signs of excess supply in the US and a weak manufacturing data from China, also completing its longest losing streak in nearly three decades.

Crude for October in the United States ended down $ 0.87, or 2.1 percent, to $ 40.45 a barrel, having earlier reached a new low of six years and average 39.86 dollars per barrel. The index has fallen 33 percent in eight consecutive weeks of losses, the biggest losing streak since 1986.

The Brent ended down $ 1.16, or 2.5 percent, to $ 45.46 a barrel . The contract hit a low of $ 45.07, threatening to break the $ 45 level for the first time since March 2009.

The US crude fell below $ 40 after weekly data showed that oil in that country totaled two platforms last week, the fifth consecutive increase. The increase in the number of platforms after a second quarter of low prices is adding to concerns that production of US shale is slowly reacting to the fall of oil, which would prolong the oversupply.

Energy markets fell earlier after news that activity in the manufacturing sector in China shrank at its fastest pace in nearly six and a half years in August due to weak domestic demand and exports, in addition to a lower consumption of oil in the second largest consumer of oil .

Although the current collapse of oil prices, the second this year, has triggered alarm within OPEC, including some members of the Persian Gulf, there is no indication that will reverse its policy of maintaining production to defend its market share, they told Reuters this week some delegates.

The shares fall by fears of a global economic slowdown – El Periodico de Mexico

The country.- The stock markets open the last session of the week with sharp drops that are added to those of recent days. The uncertainty opens again in Greece for the electoral process adds to fears of a slowdown in the pace of global growth. The devaluation of the Chinese yuan and the sharp depreciation of the currencies of other emerging countries, accompanied by a sharp drop in the price of raw materials, point in that direction.

Today, in addition, have published data that point to a sharp slowdown in industrial activity in China, which would corroborate the idea that the devaluation of the yuan is a defensive measure to try to revive an economy loses steam. China has been the main engine of global growth in recent years and the slowdown would affect especially to countries exporting raw materials, particularly emerging.

On the other hand, the slowdown in China and emerging and fall of their currencies supposed deflationary pressures for Europe and the United States. That can delay any shift in monetary policy. In particular, investors and analysts are beginning to doubt that the US Federal Reserve will raise interest rates at its September meeting, as it was taken for granted before the events of recent weeks.

widespread declines

The fall of the stock markets has spread to all developed markets. Wall Street suffered its worst session last year and a half, with falls of around 2%, the Asian markets have experienced sharp falls this morning and European stock markets started Friday with falls between 1% and 2%.

The Spanish Ibex 35 has started the session with a fall of around 1.5%, although it later recovered some ground. The Greek electoral process has also affected the risk premium on Spanish government debt, that is, the additional yield investors demand to the Spanish 10-year bonds compared with German, considered a risk-free asset. That premium rises to 144 basis points (1.44 percentage points) and stood at its highest level in over a month.

LAL

Europe bags accumulate 6% drop in the week after black days for global markets – Financial Journal

Diario Financiero Online

International markets ended a black week. This product heightened fears about the weakening Chinese economy, the political uncertainty in Greece following the resignation adds First Minister Alex Tsipras.

With a new slump in Chinese markets backdrop, Wall Street ended in minimum ten months, while the collapse in the week reached 6%.

The Dow Jones today scored its biggest drop since November 3, 2011, after losing 3.12% to 16,459.75 points, its lowest level since November 20, 2014. In the week indicator Industrial fell 5.82%.

The Nadasdaq technology, meanwhile, 3.52% today sank its biggest drop since November 9, 2011. In the week completed a retreat of 6.78% and ended with whole 4706.04, its lowest since Feb. 2.

Meanwhile, the S & P 500 fell 3.17% today and the week did in 5.76% to 1971.16 units

“The major world markets continued to be depressed. down to the concerns that make the weak global growth and the effects that could generate the start of rate hike by the Federal Reserve, “said Cristián Musalem analyst ForexChile markets.

IPSA at least 17 months

The Santiago Stock Exchange was not oblivious to the negative trend and reached the lowest in 17 months. The main indicator of the local market, IPSA, fell 1.23% to 3718.9 points, its lowest level since March 26, 2014. In the week accumulated a decline of 2.12%.

The IGPA, meanwhile, gave up 1.60% to close at 18107.09 integers, while Inter 10 yielded 1.36% and reached 4295.32 units.

The papers They experienced the largest gains of the session were the IPAL (31.78%), Indiver (8.09%) and CTISA (5.26%). Closed in negative territory SQM-A (-14.06%), CTC-B (-10.33%) and ACWX (-6.57%).

The most traded shares were those of Aes Gener in the amount of $ 8,223.6 million at a price of $ 324.2 each. Second Enersis started, followed by Copec.

Bags of Europe

In Europe exchanges completed their fourth straight session of declines and sharp contractions in week.

The Paris CAC 40 fell 3.19% and accumulated in the five days a setback of 6.57%. While Frankfurt’s DAX accumulated in the week a loss of 7.83% and 2.95% today.

It was followed by the FTSE MIB which dropped 6.46% in the week and closed today a fall of 2.83%. Meanwhile, the FTSE 100 and the Madrid IBEX 35 closed within 5 days with a drop of 5.54% and 5.58%, respectively.

The macro data of the day was activity China’s manufacturing sector, which experienced a significant decline in August, which stands at 47.1 points from 47.8 in August, which represents the worst reading of the indicator in the last 77 months.

While in Greece, seven months after his election as prime minister, Alexis Tsipras yesterday announced his resignation and called early elections. It notes that he did the same day the country received the first tranche of the third bailout. This has prompted the Greek stock market lost 2.53% to 635 points

World stock markets fall back on bad data from China and the instability of Greece – lanacion.com (Argentina)

today Asian stocks suffered sharp declines across the board following the release of new data on the activity of the Chinese industry, which exacerbated concerns about the progress of the second world economy.

A way to drag the fall of Wall Street yesterday, losses deepened and spread throughout Asia, as close to a stirred by the ups and downs of the markets of China week.

In Thus, regional economies are still trying to adjust to the new situation created by the devaluation of the yuan, according to a cable from the EFE news agency.

The bulkier collapse the star of the day, once again, Chinese stocks, as the Shanghai Composite Index, the benchmark in the country, today collapsed 4.27%; Shenzhen and other 5.42%.

The uncertainty generated around the second world economy took its toll on the Tokyo Stock Exchange, where the Nikkei index sank nearly 2.98% and recorded its fourth consecutive decline that was also the second highest of the year.

In Hong Kong, the benchmark Hang Seng kick was more modest at 1.53%, but added to the losses that had accumulated in the previous five and took it to its lowest price in the last fifteen months since May 2014 conference.

Seoul Stock Exchange also accused today a sharp drop of 2.01%, although their If the background concern about China was overshadowed by the new episode of tension between the two Koreas.

Meanwhile, European stock markets also showed a negative trend and Frankfurt, London, Milan, Paris and Lisbon began the strong corrective session, in which doubts about the second world economy overlap with the concerns about the future of Greece following the resignation of his prime minister, Alexis Tsipras.

While continuing mystery about rise when interest rates the Federal Reserve (Fed) of the United States, a measure that impact the monetary policy that has been maintained since the 2008 financial crisis, the markets remain on edge the news from China. .

Thursday, August 20, 2015

Greece paying the ECB three thousand 400 million euros of its debt – radiofórmula

August 20, 2015

Greece today paid to the European debt corresponding to the Central Bank (ECB) three thousand 400 million euros (about three thousand 800 million dollars) and interest, maturing on Thursday, after receiving the first disbursement of the third rescue

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Photo: Reuters

ATHENS Greece today paid corresponding to the European Central Bank (ECB) three thousand 400 million euros (about three thousand 800 million dollars) the debt and interest, maturing on Thursday, after receiving the first disbursement of the third rescue.

“All payments scheduled for today have been made. Were paid three thousand 200 million euros (about performance) of five-year bond and interest (200 million euros), “the Office of Public Debt Management (PDMA).

In addition, Greece paid the seven thousand 160 million euros (just over eight billion dollars) to the International Monetary Fund (IMF) loan to bridge the middle of last month.

Payments match the first disbursement of the third rescue, after yesterday the European Stability Mechanism (ESM) gave the green light to the granting of a tranche of 26 billion euros (about 29 thousand 112 million dollars).

Of this amount, 10 billion euros will be transferred to a special account of the ESM in Luxembourg for recapitalization and liquidation of banks, and 13 billion more Athens has received to meet loan repayments and pay the household bills backward.

Three thousand million euros in one or two tranches, subject to the implementation by Greece of key measures will be disbursed “no later than November 30,” the ESM.

The third bailout for Greece will run for three years and will reach 86 billion euros (96 billion dollars) but in return the Greek government must make hard budget adjustments, including painful pension reform.

To monitor that reforms are implemented, there will be evaluations every three months, the first one in October.

Notimex

The Spanish stock market fell 1.81% and lost 10,600 points – Investing.com Spain

Madrid, Aug 20 (EFE) .- The Spanish stock market lost 1.81% today and the level of 10,600 points affected by the expected early elections in Greece, doubts about the . hike in the US, the euro’s rise and the situation of raw materials, according to market experts consulted

All the great values yielded Inditex (MADRID (2.61 percent); BBVA (MADRID (2.1 percent); Telephone (MADRID (1.69 percent); Repsol (MADRID (1.52 percent); Banco Santander (MADRID (1.48 percent) and Iberdrola (MADRID (0.43 percent).

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The judge will decide today if kept in prison alleged frontman of Rato – Yahoo Finance Spain

Madrid, Aug 20 (EFE) .- The Judge “Rato case” will decide today if kept in prison Alberto Portuondo, administrator of the society through the screen Rodrigo Rato allegedly charged fees in exchange for awarding advertising contracts Bankia and was arrested on Sunday.

Portuondo appear in the courts of Plaza de Castilla before Judge Antonio Serrano-Arnal, that after listening to decide whether to ratify the arrest warrant issued on Sunday that his companion Court of Instruction No. 10, acting on duty that day.

The only administrator and liquidator was Albisa Investment arrested by the Civil Guard in Barajas airport as he prepared to travel to Mexico, country of residence, after spending their vacation in Spain, explained to Efe sources of research.

Before the risk that his return to that country was actually an escape and the danger that the arrest could destroy evidence, the prosecution of Madrid, in collaboration with Anti-Corruption, ended up ordering his entry into prison and the withdrawal of his passport.

Since the National Fraud Investigation Office (ONIF) alert in his latest report submitted to the court in late July that Rato could have been laundering money abroad, researchers put the focus on UCO Figure Portuondo.

According to investigators, the businessman, who paid consulting services to the presidency of Bankia while it was occupied by former IMF chief, could intercede for Zenith Media and Publicis Communications made with the help of advertising campaigns of the company in 2010 and 2011, leaving up to two million change in commissions.

Both companies multiplied its turnover to the entity under the mandate of Rato, and only Zenith It went from 150,000 euros in 2010 to 24,000,000 the next year and 16 million in 2012, year in which Juan Ignacio Gorigolzarri took the reins of the bank.

Of the two million in fees charged for services actually did not perform nearly one up in the hands of the company’s main Rato investigated Kradonara, which in turn would have diverted 420,000 euros to the German Bagerpleta GmbH, owner of a hotel in Berlin and the former Minister of Economy it has a 44%

Nobody can resist Merkel, who won another key victory – lanacion.com (Argentina)

PARIS Angela Merkel was able to sleep well last night. German MPs approved yesterday by a large majority in extraordinary session third plan for Greece

Contrary to what many advertised the resistance of conservatives against decisions of his boss, the German chancellor, was relatively limited. In total, 453 of 631 deputies supported this plan which provides for aid to Greece of 86,000 million euros in three years. Only 113 representatives voted against and 18 abstained.

“Merkel has ceased to have opposition,” summed up last night a source at the French presidency to discuss the political success of the German Chancellor. Especially in European issues, for which usually get the support of the Greens.

Among those who decided not to vote for the plan there were 63 Conservative MPs who have 311 seats. Another 17 of the same field, did not participate in the vote and three abstentions.

Merkel, present in the Bundestag, made the task of defending the plan to his finance minister, Wolfgang Schauble, the man who , it is no mystery to anyone, always thought that the best solution for the Eurozone is Greece leaving the single currency.

“While no one can guarantee that this time it will work, it would be irresponsible not to help Greece “said the minister. Schauble reminded the assembly that Athens has launched in recent days all the measures required for their new creditors: the European Central Bank (ECB), European Commission (EC), the European Stability Mechanism (ESM) and probably the International Monetary Fund (IMF), which should announce its participation before October.

According to a Forsa Institute poll last week, 84% of Germans do not have Greek confidence to implement reforms

Among those measures, the Greek government of Alexis Tsipras yesterday formalized the sale of 14 regional airports to German consortium Fraport-Slentel 1230 million. The operation had been approved by the previous government, and frozen after the January elections, when the first of radical left took power.

“It’s not easy, but is at stake construction and structure monetary union, “Schauble said. “If Greece is facing its responsibilities and if the program is implemented fully and decisively, the Greek economy could grow in the coming years,” he added. Germany must contribute 23,000 million euros to the plan.

Schauble admitted, not without satisfaction, that Tsipras “had to do the opposite of what he promised” to their electorate, but the reforms have worked in Ireland, Spain, Portugal and Cyprus.

For Greece, the adoption of that plan was vital to reimburse significant maturities in the near future. The first is due today, when you pay 3.4 billion euros at the ECB. The Bundestag had approved the July 17 start of negotiations on the current aid program. The lower house itself was granted: the current “grand coalition” governing Germany and gathers Social Democrats (SPD) and the Union of Christian Democrats (CDU) and its Bavarian ally Merkel (CSU) has 504 seats on 631.

In recent weeks, although the SPD and the opposition supported the aid program, discontent grew in the conservative ranks, despite the enormous sacrifices imposed on the Greek people. Annoyingly materialized in these 63 not yesterday, that is, three more than the 17 July.

To return the rebels to the fold sheep, the general secretary of the CDU, Peter Tauber, warned to vote against the plan “would be the same as backstabbing Chancellor”, whose popularity exceeds 70% and who many analysts attribute from and to a fourth term in the legislative elections of 2017.

Supporters the unresponsive to public opinion convinced of having “paid too much” for Greece. According to a survey by the Forsa institute published last week, 84% of Germans do not trust the Greeks to implement reforms and 57% was against the third aid plan. However, according to a recent study by the Leibnitz Institute for Economic Research (IWH), Germany won 100,000 million euros to the Greek debt crisis.

The German resistance is also encouraged by the IMF, which is He is given until October to decide whether to participate in this third program of assistance. The international body conditions its agreement to a reduction of the colossal Greek debt, which judges “unsustainable”.

The German conservatives and public opinion in general strongly oppose that demand, but want to have the IMF to consider that, by its independence and rigor, ensuring that the loans granted to Athens will be refunded. .

Crude and strong inflation data beat Wall Street – Ambito.com

     Business


    Wednesday August 19, 2015

European shares closed in red

Wall Street fell after a report from the Fed considered ambiguous on a increased interest rates supporting the economy, the collapse of oil prices and turbulence in the Chinese economy: the Dow Jones yielded 0.93% and the Nasdaq 0.80%

. The Dow Jones Industrial Average lost 162.61 points to 17,348.73 and the Nasdaq 40.30 points to 5019.05, according to final data

The extended index S &. P 500 fell 0.83% ; namely 17.31 points to 2079.61.

In red from the opening in the middle of the session provisionally found support rates in the minutes of the meeting of the Federal Reserve (Fed) July .

Wall Street wonders when the Fed will start to remove the stimulus to the economy it means to have interest rates near zero, as occurs since 2008. The minutes did not clarify the doubts: note that members the Fed are still pondering the increased rates.

The document showed that more convincing data on employment and the evolution of inflation towards the target of 2% is expected and, moreover, there is a lingering fear the weakening of the Chinese economy.

The stock market indices, which almost came to enter positive territory, fell again at the end of the session. Investors seemed concentrated in the minutes of the Fed and in particular in its statement that “approximate” the conditions to raise rates.

“I really do not know clearly whether or not the Fed will begin to rise rates in September, “said Sam Stovall, Standard & amp; Poor’s Capital IQ.

Stoval also pointed out that the stock market goes into a monotonous month and repeating many things.

“The results of companies were slightly better than expected but the forecasts were revised downward for the last two quarters of the year … China replaced Greece as geopolitical concerns,” he said.

“Consequently the S & amp index P 500, which is followed by large investors, continues to evolve within the same levels,” said

Meanwhile, major European stock exchanges. Wednesday recorded heavy losses burdened by volatility in Asian markets, particularly China, and concern for the world economy.

The London Stock Exchange fell sharply by 1.9% so the FTSE-100 index of top shares provisionally closed at 6403.45 points.
The Frankfurt Stock Exchange 2.1% and star index, the DAX, closed at 10,682.15 points left. On the floor of Paris, the CAC 40 lost 1.7%, to 4884.10 points. Share prices fell 1.06% to 10,782 points. The FTSE Mib index of the Milan Stock Exchange dropped 1.77% is aa 22,975 points.

In Asian markets, Chinese shares closed higher a very volatile session in which rallied late when the great losses they had registered during most of the day and returned to shake international markets.

After the fall of more than 6% yesterday, the general index of the Shanghai Stock Exchange, the benchmark in the parks of the Asian giant, rose 1.23% at the end of today, and the Shenzhen Stock Exchange, the country’s second, another 2.18%.

Although both parks ended the day higher, nobody would think that something similar could occur at midday, when losses exceeded 3% in Shanghai and approached that figure in Shenzhen.

At that point it began to soften the collapse of Chinese stocks, which at times in the morning was around 4% , which, added to bump Eve they came to register declines of more than 9% accumulated in the last two days.

With that news Asian trading floors closed as Tokyo where selective Nikkei fell 1.61% today driven by concerns about the second world economy , or Seoul, which also saw a decrease of 0.86% in the benchmark Kospi.

Exchange of Hong Kong, a place particularly sensitive to the future of China, doubts led the benchmark, the Hang Seng, subtract 1.31% . which placed him in the lowest quotation of the last eight months, since December

Help Greece has green light – The Economist

The ESM board, composed of the finance ministers of the 19 member countries of the eurozone, “approved the program for Greece,” the statement said.

Finance ministers from the euro area approved unblock a first tranche of aid to Greece, which the country will repay 3,400 million euros to the European Central Bank (ECB) announced in a statement European Stability Mechanism (ESM).

The ESM board, composed of the finance ministers of the 19 member countries of the eurozone, “approved the program for Greece,” the statement said.

The 19 countries were waiting before authorizing this release, the national parliaments called upon to rule on the new aid program to Greece so.

Yesterday was the last obstacle up with the vote of the German Bundestag in favor of that plan, including financial assistance under the form of loans that can reach 86,000 million euros in three years, and a memorandum with many austerity measures and reforms in Greece. While in the Netherlands, the rescue was approved by a majority after a heated debate in which Prime Minister Mark Rutte, received attacks violate a campaign promise to accept the billionaire package.

ministers Eurozone finance agreed last Friday to grant the first tranche of aid totaling 26,000 million euros.

The first installment of 23,000 million euros divided into 10,000 million, to be placed in an account apart intended to help Greek banks, and 13,000 million that will allow reimburse Athens, as of today, 3,400 million euros to the ECB (of which 200 million are interest).

The sum also facilitate 7,160 million euros repay a bridge loan, agreed by the EU in July for Greece could make a previous payment to the ECB and amounts due to other public creditor, the International Monetary Fund (IMF).

There remain 3,000 million euros of the first installment, which will be delivered in September or October.

Christine Lagarde, IMF managing director, said it will be until October when the agency decides whether to participate in the rescue; However, Jeroen Dijsselbloem, president of the Eurogroup, said he believes the euro zone countries and the Fund may reach an agreement on its participation in the latest Greek bailout. He said that while European governments are opposed to a haircut on Greek debt and the IMF believes that this is unsustainable, both may find a compromise in the form of lower interest rates and longer repayment periods.