Macroeconomic indicators Macroeconomic indicators such as GDP growth, inflation and unemployment rates have long been in the spotlight of investors, as negative news in these areas can lead to downward risks in financial markets. Recently, with macroeconomic uncertainty still being in focus, policymakers’ decisions on economic policies have taken centreRead More →
Scale can work Scale can work. The experience of independent asset managers suggests there is certainly a correlation between size and gross margins. Between 2009 and 2016, costs for independents fell to 58 per cent of income from 66 per cent as assets under management rose two-thirds to $9tn. Intuitively,Read More →
Ordoliberalism as a means of limiting economic power euf:b.a18b:115/nws-01Read More →
The first is the solidarity levy of 5.5% Other taxes on income There are two other taxes on income, both levied as surcharges on the income tax. The first is the solidarity levy of 5.5% of the income tax due and has the announced political purpose of financing economic developmentRead More →
Financial markets uncertainty Financial markets uncertainty and economic policy uncertainty, which usually co-move closely, have decoupled recently. However, the two may remain interconnected in the long run, and their divergence is most likely of temporary nature. They will probably converge again in the coming quarters, either through an increasing financialRead More →
Specialised Offerings Despite seemingly lacking scale, more specialised offerings can be much more efficient and profitable. For instance, franchises like Eurizon (Intesa’s asset management subsidiary) and Nordea Asset Management cater to local markets but are extremely efficient with costs equal to 22 per cent and 29 per cent to theirRead More →
Despite the euro crisis Despite the euro crisis, the German economy is still performing relatively well, not least because of the strong industrial base that has existed in Germany for decades. German car makers and mechanical engineering firms are now taking full advantage of the growing prosperity in the emergingRead More →
German industry to continue on its expansion path in 2018 The German manufacturing sector is currently experiencing its strongest upswing since 2010/11. Back then, robust output growth (+12% and +8.5%, respectively) was largely the result of a basis effect: the German economy underwent a deep recession in 2009. Today, however,Read More →
In recent years, concluding Concluding remarks In recent years, the two subsegments of synthetic securitisation have seen diverging trends. Riskier arbitrage transactions have disappeared. Meanwhile, lower-risk balance sheet synthetic deals have surged. Most trades have become bilateral. Balance sheet synthetic securitisation has significant potential to enhance bank lending to theRead More →
.Economic policy uncertainty in Europe Uncertainty surrounding economic policies is affecting markets as seldom before. This is closely followed by the financial sector, businesses and even by households. Thanks to advancement in textual analysis, it is now possible to quantify uncertainty trends in economic policies. Recently, economic policy uncertainty (EPU)Read More →
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