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Market Comment | Caution in markets ahead of a key week for Brexit and trade talks

By ,

Financial markets remained in a risk-off mood at the beginning of the week as fears of a global economic slowdown resurfaced following last Friday’s release of weak confidence indicators. Also, a new round of high level US-China trade talks are expected to resume later this week, while developments in Europe, especially regarding the Brexit, will be in the spotlight.

Geographies:Global

Available in English

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Market Comment | Economic data and Fed’s dovish tone dragged down core yields this week

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Financial markets ended the week in a pessimistic mood amid a pickup in global growth concerns after the release of poor confidence indicators in the US and EZ. Also, the Fed’s dovish tone in its March meeting, coupled with fears regarding US-China trade negotiations, were drivers for markets. The EU summit, which took place this week, was key for discussions on Brexit

Geographies:Global

Available in English

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Financial Regulation: Weekly Upadate. 22 March 2019

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Highlights: EU Council and Parliament reach deal on ESFS. BCBS issues Basel III monitoring report. EBA updates impact of Basel III reforms, agrees template MoU for no-deal Brexit and issues updated O-SIIs list. ESMA issues several statements for a no-deal Brexit. EMMI consults on recommendations for EONIA.

Geographies:Europe Global USA

Available in Spanish, English

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Market Comment | Fed’s dovish tone dialed down expectations for a rate hike this year

By ,

As expected, yesterday’s FOMC left interest rates unchanged and intensified its dovish stance. In addition, it revised down official projections for 2019 GDP growth and inflation. Following the more dovish Fed tone, US yields declined across the curve and the USD depreciated. However equity markets fell as fears over a snag in US-China trade negotiations unnerved investors

Geographies:Global

Available in English

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Market Comment | Trade concerns weighed on markets with Fed in focus

By ,

Cautious mood returned to markets amid mixed news regarding US-China trade negotiations. Latest reports showed that China was rejecting US trade demands, increasing fear among investors. Nonetheless, the announcement of further trade talks, in a move to push for a deal by April, marginally eased trade-related fears. Also, Fed’s policy decision will be announced later today

Geographies:Global

Available in English

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From old to new questions: Recent contributions to understand modern markets' competition

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As digital markets continue to expand in size and complexity, more evidence are needed to understand them. Current research has focused on industrial organization of digital platforms. Insights arise from natural incentives and distortions behind them, leading to tax and antitrust policy concerns. The role of data seems to be a cornerstone to understand modern competition.

Geographies:Global

Available in English

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Market Comment | Little change on financial markets ahead of Fed meeting

By ,

There was little movement in the financial markets awaiting the outcome of tomorrow’s FOMC meeting. Meanwhile, in terms of trade, the offer from China to buy more US agricultural products brought some optimism on the markets. Also, the EU will seek China's agreement on deadlines to open up China's economy at an expected summit on April 9th.

Geographies:Global

Available in English

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Market Comment | Steady markets pending this week’s FOMC meeting (preview)

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Calm prevailed in the financial markets at the start of the week ahead of this Wednesday’s FOMC (see preview below). Moreover, the EU summit (at which it is expected to debate on the Brexit issue and Chinese trade relations), Brexit developments and key confidence indicators for several economies could also be drivers for markets.

Geographies:Global

Available in English

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Market Comment | Calm in markets during a week in which Brexit was the focus

By ,

It was a relatively calm week in the global financial markets. Economic data in the US reinforced the outlook of slight economic recovery with muted inflation pressure, supporting an accommodative monetary policy and gains in equity markets. Moreover, the Bank of Japan maintained its dovish stance, and showed concerns over global growth ahead of next week’s Fed meeting

Geographies:Global

Available in English

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Macroeconomic Effects of Taxes on Banking

Document Number 19/05

By , , ,

This paper evaluates the macroeconomic effects of taxes on banking in a small open economy in a currency union for three tax alternatives: an additional tax on profits, on deposits, and on loans. We propose a DSGE model with a rich detail of taxes and a banking sector and show that these three taxes are equivalent in their effects on macroeconomic variables.

Geographies:Global

Available in English

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Financial Regulation: Weekly Update. 15 March 2019

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Highlights: BCBS issues report on the interaction of regulatory instruments, and on crypto-assets. ECB issues statements on euro short-term rate. EU Council and Parliament agree on EMIR revision for CCP supervision. EBA issues clarification on API under PSD2 and report on high earners. FCA issues statements preparing for a no-deal Brexit

Geographies:Europe Global USA

Available in Spanish, English

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Market Comment | Brexit uncertainty remains in financial markets

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The main focus in the markets remains around Brexit developments and its potential impact on financial markets. In this context of uncertainty, GBP volatility is expected to remain. On another front, trade fears returned to the forefront after the US announced that the highly expected Trump-Xi Summit will be delayed beyond March.

Geographies:Global

Available in English

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Market Comment | Brexit negotiations in the spotlight amid a wave of votes

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Brexit negotiations remain in the spotlight amid a wave of votes in the UK Parliament, setting aside other significant issues such as trade negotiations between US and China, at least for now. For the moment, the impact of the Brexit issue on the markets has been concentrated only in UK assets.

Geographies:Global

Available in English

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Market Comment | Markets remained awaiting the outcome of the Brexit vote

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Caution in markets with all eyes on the outcome of the UK Parliament’s vote on May’s Brexit deal later today. Yesterday, May agreed on a revised Brexit plan with the EU in a move to try and win the support from the Parliament, leading the GBP to appreciate. However, the GBP depreciated today after reports showed the assessment from the UK’s top lawyer over the “backstop”.

Geographies:Global

Available in English

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Country Risk Quarterly Report. First Quarter 2019

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Global Risk Aversion experienced high volatility during the quarter, which was reflected mainly in equity markets, but not in sovereign CDS or emerging currencies markets. The improvement seen since the beginning of the year was favoured by the Fed's announcement of a more patient stance in its interest rate policy.

Geographies:Global

Available in Spanish, English

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