Jan 29, 2020

Even though Germany narrowly avoided a technical recession in 2019[1], economic activity is still considerably weak as we expect GDP to grow by only +0.6% in 2020. In this environment, credit risk will most likely increase and be at top of mind for companies, lenders and investors.

Jan 29, 2020

Today’s financial release from Tesla Inc, the U.S. manufacturer of electric vehicles (EVs), is a perfect reminder of two key challenges facing the automotive industry in the short-term.

Jan 29, 2020

The expected deceleration of Poland’s economic growth in 2019 has been confirmed. Real GDP expanded by +4.0% in the year as a whole, down from +5.1% in 2018 and slightly below the consensus forecast (+4.2%), according to preliminary estimates.

Jan 23, 2020

Today’s ECB meeting was uneventful when it comes to the short-term monetary policy outlook as all policy rates remained unchanged.

Jan 23, 2020

The U.S. energy sector, particularly shale oil, is highly leveraged, with an averge gearing close to 200% and net debt to Ebitda ratio of 2.8x for our independent/shale basket of quoted companies.

Jan 22, 2020

At first glance, the U.S. retail industry is the typical case of what the Austrian economist Joseph Schumpeter called “creative destruction”, in which new entrants capture growth or create new markets altogether at the expense of established companies.