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Little green men could be closer than they appear
Scrutiny of regulatory proposals by those without securitization expertise is a feature, not a bug
Weak or half-hearted response to Greenland threats will leave markets crumbling
Over the last week the US president has pushed to make homes and consumer credit more affordable but these policies risk unintended consequences
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Saudi Aramco’s decision to make its IPO a local affair, with no international marketing, is a lacklustre end to what is nonetheless a huge capital markets event. Unrealistic objectives and hype have taken the shine off a monumental deal. -
Foreign banks hoping to break into China’s capital markets will have an open invitation at the end of next year, when final restrictions on their ownership of securities houses are removed. They will have some small successes with secondary trading but muscling in on primary capital markets will prove expensive ─ and risky.
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Green quantitative easing is having a moment. As the European Central Bank restarts the ordinary brown kind of money printing, buying corporate and public sector bonds, a broad range of commentators, from left wing activists to BlackRock’s head of official institutions, argue that central banks ought to put their balance sheet power in play to green the world. But turning to the central banks is a counsel of despair. The technocrats should be a last resort; it is politicians who should be in the vanguard.
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The European Central Bank let markets look under the bonnet of its new Corporate Sector Purchase Programme on Monday, and the only thing the raw data has confirmed is that omnipotent central banks like to move in mysterious ways seemingly at odds with what the market wants or needs.
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Tuesday might be a day to spare a thought for any investor long Netflix as Disney launches is streaming service, Disney +. But the flotation of UK visual effects firm DNEG might just give them a way to profit from the coming war between the big streamers.
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Saudi Aramco released an initial IPO prospectus on Sunday and some, mainly in the mainstream financial press, were outraged that it contained no details on price or deal size. However, a full two week investor education process is a perfectly normal feature of IPOs and the fact that Aramco is doing its deal by the book is a good thing.
