Mar 23, 2023

Crisis after crisis, emerging market economies (EMs) have been questioning a global financial system dominated by advanced economies and anchored to the US financial cycle.

Mar 16, 2023

The SVB failure was caused by poor risk management choices but also highlights banks’ general macro-financial challenges from restrictive monetary policy, which essentially removes diversification.

Mar 16, 2023

Global Working Capital Requirements (WCR) for listed companies increased by +9 days to 72 days of turnover in 2022 – the largest annual increase since 2008. Day Sales Outstanding (DSO) and Days Inventories Outstanding (DIO) equally contributed to the annual rise in WCR. In a context of slowing economic activity, oversupply in manufacturing sectors and tightening financial conditions, inventories are likely to decrease while payment delays should increase as in previous economic downturns.

Mar 10, 2023

Despite a general business deterioration in Q4, 2022 was a strong year overall for corporate earnings. Global revenues jumped by +11.7% y/y and earnings per share (EPS) by +4.3% y/y. 15 out of 23 sectors reported growth for both revenues and EPS, with oil & gas, transportation and hospitality being the biggest winners of the year.

Mar 08, 2023

Since 2014, asset purchases and targeted longer-term refinancing operations (TLTROs) have been the two main planks of quantitative easing (QE) in the Eurozone. The ECB’s asset purchases led to a significant compression of term spreads, easing financing conditions in the effort to lift inflation to the price stability target.

Mar 03, 2023

In the EU, women get paid 13% less than men in terms of average gross hourly earnings. Although this is smaller than the global gender pay gap (20% according to the ILO), it does not necessarily reflect more gender equality; for some countries, it merely depicts lower participation rates in paid employment.