Sunday, 21 June 2015

Stories we should be thinking about

A few finance and related stories we need to be thinking about before Monday morning:

Macro matters:

I guess we have to start with Greece...where the latest is to wait until Monday...and in this fast-moving situation as noted in a couple of recent tweets via @MineForNothing...

  1. ECB is said to bring forward tomorrow's meeting on Greek bank liquidity from the evening to the morning at 8:30AM GMT
  2. Reuters Source: Greek pre-orders for deposit withdrawals for Monday have already reached 1 billion euros

...and so there needs to be with big outflows...

...very limited headroom on the liquidity measures like the ELA even after constant rolling of this number.  

In essence - at a certain level - we are back to 2012...

...but at another level we are not at all.  Check out the cyclically adjusted primary surplus the country is generating.  You can see why Yanis Varoufakis is writing in this article as he is: slightly angry about the lack of willingness of others (the creditors) to compromise.  
Meanwhile from a more sideways perspective I was amused to see this (via @

But not amused to see this...although it is fascinating to put the Greek economic growth decline in true historic context: 

The FTSE 100’s CAPE valuation is “slightly cheap” at 12.6 compared to a long-term average across many different markets of 16. Link here.  Useful insight too into the implied current low valuation of the energy/mining sectors (which make up a good proportion of the index).

Turning to the US market, as I have noticed before 'bullish' confidence is low...

...and ultra low money velocity growth still:

Meanwhile this is a useful indication of what US companies have been doing with their cash flow over the last decade plus...the reduction in R&D is notable! (h/t @AmyResnick)

A couple of final stories/graphics.  I liked this in terms of the potential client response from the front page of The Financial Times

I liked this on the difference between how age groups get their news (h/t @BenedictEvans)

Company-related observations:

Interesting how companies are increasingly more trusted than governments:

Movement in French telecoms.  Well Seeking Alpha thinks so: 'Patrick Drahi, the owner of France's number two telecoms player Numericable-SFR (OTCPK:NUMCF), has offered to buy rival Bouygues Telecom (OTCPK:BOUYY) for about €10B ($11.4B), in a move that would bring France's mobile market down to three major players. Billionaire Drahi, who owns Numericable-SFR's parent company Altice (OTC:ATCEY), also snapped up U.S. cable company Suddenlink, Portugal Telecom, and SFR in the last 18 months'.

WalMart: a damning tax dodging article here...the lack of WalMart stores in the countries mentioned says it all: 

(h/t @ValueWalk)

Alibaba - and its spun-out associates - really are impressive.  Look at that market share versus Pay-Pal!

Meanwhile the Hong Kong market is continuing to talk about trying to reattract some of the big technology names who have listed in Hong Kong (link here).

I did not realise that there is a cyber security ETF with the wonderful ticker of 'HACK' (h/t @usacampo)

 I did not realise on Tata Motor of India that (as per this link) in its domestic market of India 'the company has a market share of just 5.21%, below the likes of Japanese players such as Honda and Toyota'.  Useful chart showing the importance of the Indian car market below:

And finally...

Everything you wanted to know about coffee consumption today!

Probably best not to use these passwords would be my advice! 

Have a good week

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