September 2017



change to latam top picks list

Change to LatAm top picks list

Change to LatAm top picks list Volkswagen – paying up to tap the capital markets We add MercadoLibre to our LatAm top picks list MercadoLibre (MELI US, BUY, TP USD 325) is a leading e-commerce…


irma hurricane florida

ECB to take center stage

Attention turns to another potentially devastating storm, Hurricane Irma. No policy shift expected from the ECB today. Concerns over North Korea and Hurricane Irma, one of the most powerful Atlantic storms yet, lingered on Wednesday….


october

ECB: See you in October

ECB President Draghi’s cautious tone sends bond yields lower, but not the euro. Investment Committee downgrades UK equities to underperform, retaining its overall neutral equity stance US investors faced a volatile session yesterday as the…



business photo

VEB’s 2018 Eurobond remains a BUY

VEB reports improved H1 2017 results but still records a loss. Moody’s upgrades Honghua to Caa1 on lower default risk. VEB’s credit profile continues to be underpinned by state support Vnesheconombank (VEB, BB+/BBB-, CS fundamental…


Switzerland Zurich

Swiss Q2 GDP weaker than expected

Swiss GDP grew a weak 0.3% QoQ in Q2, as strong imports weighed on growth. Real GDP growth in Switzerland in Q2 2017 of just 0.3% QoQ clearly missed our and consensus expectations (both at…


storm hurricane

Time for cool heads

Attention on the response to North Korea’s action may refocus on UN sanctions. Dovish Fed stance already well discounted and perhaps too a hawkish ECB. Stocks surrendered gains made in the previous two sessions, US…