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Sep 01, 2021

European SMEs: 7-15% at risk of insolvency in the next four years

In 2020, state support overcompensated for the Covid-19 shock, reducing the number of fragile SMEs by more than 8,000 in Germany, France and the UK. Yet, we find that 7%, 13% and 15% of SMEs  in the three countries are still at risk of insolvency in the next four years. 

Jul 30, 2021

Europe´s pent-up demand party is just getting started

The strong rebound in European Q2 GDP growth highlights that there is significant room to grow in the sectors most exposed to Covid-19 restrictions. We expect unleashed pent-up demand to provide a boost to these sectors through 2021, especially in Spain, France and Belgium. 

Jul 28, 2021

Australia´s pension system: No reform can replace financial literacy

Demographic change poses a formidable challenge for Australia: Despite only a modest increase in the old-age dependency ratio, the number of people aged 65 and older will almost double from 4.1mn today to 7.4mn within the next 30 years.

Jul 27, 2021

Chip shortages to boost carmakers´pricing power in Europe

An unprecedented and intensifying shortage of materials, notably semiconductors, is creating a supply-demand mismatch in Europe's automotive sector that could last until H1 2022. This creates a unique window of opportunity for carmakers to raise prices by +3-6% after nearly 20 years of constraints.

Jul 22, 2021

European Central Bank: New wording, old problems

ECB confirms dovish bias of its new strategy. In its closely-watched pre-holiday meeting, coming close on the heels of its strategy review, the ECB offered its first indications on how the new inflation target - raised from “close to but below 2%” to a symmetric medium-term target of 2% - will be implemented. 

Jul 22, 2021

Corporates need half a trillion of additional working capital requirement financing

In 2020, Working Capital Requirements in the West increased (+5 days in North America and +1 day across Western Europe) while it dropped in regions such as Latin America (-3 days), Eastern Europe (-2 days) and APAC (-1 day).

 

Jul 21, 2021

SPACs: Healthy normalization ahead

The SPAC party isn’t over yet, but don’t wait up for another phase of record high offerings as seen in 2020 and Q1 2021 — at least in the US. After hitting record highs in both volume and number, and becoming the preferred path over Initial Public Offerings, SPAC (Special Purpose Acquisition Companies) offerings came to a virtual halt in Q2 2021.

 

 

Jul 15, 2021

EU CBAM: Well intended is not necessarily well done

The devil is in the details: The EU carbon border adjustment mechanism (CBAM) will not only become more expensive than anticipated but will likely fail to restore a level playing field for industries heavily exposed to carbon pricing, first because it is an invitation for greenwashing.

Jul 13, 2021

Postponed motherhood may help narrow the income and pension gaps

In 2020, the number of live births fell to a new record low in many industrialized countries as the Covid-19 pandemic amplified an aleady existing trend: postponing motherhood. 

Jul 08, 2021

Global trade: Ship me if you can!

So far this year, global trade has bounced back faster and stronger than expected, especially in value terms (+8.6% q/q in Q1 2021 vs. +3.4% q/q in volume terms), driven by price and capacity pressures. 

604 releases in total