In the last two months the global geopolitical situation has definitely worsened as the central bankers pursue their ZIRP and NIRP policies by adhering to financial repression and in some cases, as in Europe and Japan, with vigorous QE acquisitions that have completely disrupted the price finding mechanism of the capital markets. Insurance companies and pension funds find it ever more difficult to cope with the low yields of bonds and struggle to meet their obligations to shareholders and those enjoying entitlements.
Switzerland does better than expected and accelerate its growth in the second quarter. According to information from the State Secretariat for Economic Affairs (SECO), the Swiss GDP has in fact recorded an increase of 0.6% on a quarterly basis between April and June and rose 2.0% from the previous year, better than the 0.9% expected, the strongest quarterly growth rate since the end of 2014.
Bayer has again increased its bid for the purchase of Monsanto with the goal of creating a new global leader in the field of seeds and pesticides. Bayer, which is attempting to mid-May to reach an agreement with Monsanto, has stated his willingness to pay $ 127.50 per share, a new increase in supply compared to $ 125 previously proposed action. The increase in supply leads to the evaluation Monsanto more than 65 billion dollars including debt, 56 billion excluding debt.
he European Central Bank (ECB) last week bought € 11.14 billion worth of government bonds in the week to Sept 2 as part of the Quantitative Easing program, it took the total it owns to 1 trillion euros. Including corporate, covered and asset-backed bonds, last week’s ECB purchases came in at 13.75 billion euro.This was announced by the ECB itself. The ECB’s decision-making body will meet again on Thursday and Mario Draghi might announce the extension of the duration of QE, which officially should end in March 2017, already extended by six months.
Russia and Saudi Arabia signed an agreement aimed at stabilizing oil prices. It was announced on the sidelines of the G20 summit in China by the Russian Energy Minister Aleksandr Novak and the Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih. Minister Novak showed that Moscow and Riyadh are sharing a strategic partnership in the energy sector, stressing that the deep mutual trust between the two countries permit to offer a joint solution to global challenges. "We are ushering in a new phase of our cooperation today. Our energy cooperation is moving towards a deeper and closer interaction", said Novak, adding that this was possible" thanks to relationships with our Arab friends. " The Russian Energy Minister also highlighted how this is a moment "historic", which states the rapprochement between OPEC countries and oil-producing countries that are not part of OPEC.
The insurance giant Axa, Belgian division, announced to the staff that by 2018 will remove 650 jobs as part of a strategic plan that aims to "focus its activities" and to "accelerate the digital transformation." Concurrently, the company has planned investment of 200 million Euro over 5 years for the strengthening of mobile services offered, while expenditures related to logistics, IT and geographical presence will be reduced. Axa Belgique will transfer the activities of Charleroi, Leuven, Ghent and Eupen in the Antwerp offices (north), Liege (south-east) and Brussels.
The British economy rises again: after the collapse of the economic data in July, the month of August marks a turnaround. Today, Markit issued the UK services data, which recorded a strong rise from 47.4 to 52.9 points. And so, though in July there had been the lowest level in last seven years, August recorded the largest month-on-month gain in its 20-year history. Chris Williamson, economist at Markit, said the figures, claiming that, "the risk of an imminent recession would be avoided", although he called for caution, arguing that as well as July data would have overestimated the effects of Brexit , those of August would show excessive optimism, the average of the two months, then push to show cautious. However Williamson added: "Many companies are seeing business return to normal either simply by rising customer confidence or a stoic determination to 'Buck Brexit' and carry on regardless."
The common European currency is between two strong clusters against the US Dollar on Monday, as the currency exchange rate previously on Friday retreated from the 1.12 level by the end of day's trading session. However, the resistance from the upside is stronger, as the support cluster, and the daily aggregate technical indicators forecast a fall for the currency exchange rate during today's trading session. Due to that, it is most likely that the Euro will depreciate against the Greenback by the end of Monday's trading.
The eurozone economy continued to expand at a generally stable pace in August. However, the rate of increase fell to a minimum of 19 months, especially because of a slower rate of expansion in Germany. The final reading of the PMI services sector, prepared by Markit, fell to 52.8 points from 52.9 points in July and below the earlier flash estimate of 53.1.
apanese companies could leave the UK. The threat came directly on the table of the Chinese G20. "Japanese companies have headquarters in the United Kingdom may decide to shift their headquarters in continental Europe where EU laws will cease to be applicable in the United Kingdom". In a document published on the Foreign Ministry website Tokyo calls on the newly British Prime Minister Theresa May to act "responsibly to minimize negative impacts on the Japanese firms."
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