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BofAML: Informes Europa
De (correo electrónico): Su nombre: Para (correo elctrónico): Asunto: Mensaje:
    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Lunes, 29 de Enero en la sección: Articulos</strong>
    <h3 class="titulo_articulo">BofAML: Informes Europa</h3>
    Redacción
    <p><strong><a href="http://rsch.baml.com/r?q=HWxL!o-67C9B8vTbfExuiQ&e=alexandra.fletcher%40baml.com&h=xbYSAQ" target="_blank"><img alt="" class="ilustraciones" src="http://lacartadelabolsa.com/images/ilustraciones/europa_1.jpg" style="border-style:solid; border-width:1px; height:90px; width:150px" />Europe Economic Viewpoint: It’s not easy being small</a> </strong>• Sweden and Switzerland are small open economies locked into the Euro area orbit in terms of inflation and monetary policy. •  They share the same trade offs: monetary independence vs FX volatility and vs financial stability.<br />
•   FX importance for inflation means rate hikes independent of ECB unlikely. Riksbank could be 1-step ahead, SNB 1-step behind.</p>
    <p><strong><a href="http://rsch.baml.com/r?q=pwnEVmsYsTHFXRL-31RkLg&e=alexandra.fletcher%40baml.com&h=TEcL9g" target="_blank">The European Credit Strategist: Breaking up is (not so) hard to do</a></strong></p>

<p><br />
•   Examples keep appearing of companies succumbing to shareholder-friendly pressure. Event risk remains a -ve for bondholders.<br />
•   Europe is full of conglomerate companies that are ripe to be broken up, releasing shareholder value (and hurting bondholders)<br />
•   Where might "break up" newsflow emerge next? Table 1 shows our conglomerate screen. Continental appears at the top.</p>

<p> </p>

<p><strong><a href="http://rsch.baml.com/r?q=Bil3eYsWRApPUssDRYrbrw&e=alexandra.fletcher%40baml.com&h=7VXSmA" target="_blank">FX Viewpoint: European FX Outlook</a></strong></p>

<p><br />
•   We are increasing our conviction in European FX. End of ECB QE marks a return to the norm for correlations. Go long SEK & NOK<br />
•   GBP outlook is supported by transition put and high beta to global growth. Domestic politics remain an Achilles Heel<br />
•   Removal of ECB QE Wedge is catalyst for sustained Scandi FX gains. Lower CHF remains high conviction. We like lower CHF/JPY</p>
    https://lacartadelabolsa.com/index.php/271101
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