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LATEST ARTICLES
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Up to 60 selected participants will benefit from one year’s access to online courses on Euromoney Learning On-Demand, powered by Finance Unlocked
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Industrial Bank is one of the Chinese banks working to ensure the world post-Covid-19 looks as green as can be, through a diversity of green finance products designed to support investment.
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In the latest series of Treasury and Turbulence, Euromoney will examine where Sustainable Finance in the supply chain holds up, and where it falls down.
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As the payments landscape changes due to changes in regulation, technology and client behaviour, the treasury function is also undergoing a major shift. While every change presents its share of threats and opportunities, certain points will have long-lasting implications on corporate treasuries around the world.
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As lower interest rates in Brazil have made wealth managers more relevant, the CEO of Consenso — which UBS acquired in 2017 — says that the secret of wealth management goes beyond making big calls on markets.
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Receivables are key to keeping a company or institution in business. They are the final step of the cash conversion cycle, closing the gap in the working capital. In other words, receivables are really important for treasurers and yet are often seen as a difficult topic to address.
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Technology may be creeping into every aspect of banking and corporate treasury, but there seems to be a low appetite for working with fintechs and more demand for a focus on traditional banking relationships and business understanding.
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It is no secret that cross-border payments have been historically laden with problems of delays and errors, unclear payment status and fees. To address these issues, Swift launched the global payments innovation (GPI) with the goal of significantly improving the customer experience by increasing the speed, transparency and tracking of cross-border payments. This initiative from Swift involves more than 120 key transaction banks from more than 200 countries and territories around the world, and because Swift is where the critical mass of cross-border payments happen, its global payments innovation has been hailed as one of the biggest advancements in international payments in several decades. The initiative is designed to be functional at the short, medium and long terms.
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Penelope Smith, Director, Head of non-German Schuldschein Origination, DCM Loans at Commerzbank, considered the role of this unique private placement instrument in international investors’ portfolios.
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BNP Paribas, PwC, SAP and the European Association of Corporate Treasurers (EACT) released the second edition of their thought leadership initiative, the Journeys To Treasury (JTT) report at EuroFinance Barcelona on the 4th of October 2017. The first edition of the report, released at EuroFinance Vienna in 2016 made a lasting impression on the corporate treasury community, with more than 1000 downloads across the world and more than 24,000 visits to the report’s website within the first three months of its launch. The 2017 edition of the report has taken the narrative further and discusses some of the most important issues and trends affecting the corporate treasury.
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The importance of emerging markets in the world economy has grown steadily but managing EM currency risk can be a nightmare for the unwary corporate treasurer. By 2014, emerging market economies already accounted for 36% of world GDP and 27% of world trade, yet in the period between 2010 and 2015 there were eight large depreciations of emerging market currencies, according to the International Monetary Fund. Managing the company’s financial interests in these challenging markets has become a top priority for treasurers. Which factors should treasurers look at?
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Innovation is on everybody’s mind and many wonder whether it’s actually more than just a buzzword. BNP Paribas’s response is clear and strong: innovation is a continuous journey, it goes beyond technology, is already underway and bringing progress at multiple levels and the Bank is also now working hand in hand with its clients to rock the treasury house. From blockchain-based solutions to SWIFT gpi and Virtual Account Management, the evidence is blooming.
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Asian green bond initiatives are supporting an unprecedented global surge in issuance, with many markets taking a leaf out of China’s regulator-led book.
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Euromoney and J.P. Morgan conducted a survey of global corporate treasurers to find out what they see as the biggest challenges they currently face, and assess their expectations for 2017. The survey enjoyed an overwhelming response, with more than 230 respondents sharing their thoughts, from over 30 countries.
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The surprises and uncertainty that characterized 2016 for treasury will continue this year. While some clarifications will materialize, the confluence of traditional and emerging priorities will also challenge decision-making. J.P. Morgan has identified the main areas of focus for treasury professionals below.
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Euromoney hosts a number of annual economic and investment forums in tier-two and tier-three cities across China.
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As corporate treasures look ahead to 2017, the global outlook remains mixed, yet with positive momentum from gradually improving economic conditions.
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The UK’s departure from the European Union will have significant short-, medium- and long-term impacts. Steve Elms, EMEA Head of Corporate and Public Sector Sales, within Citi’s Treasury and Trade Solutions team, is joined by fellow Treasury and Trade Solutions sector specialists John Murray, Roberto Di Stefano, Peter Cunningham and James Lee to assess the outlook for the airline, automotive, healthcare, and technology, media and telecoms sectors in the wake of the UK’s decision to leave.
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Corporates are increasingly embracing bank-agnostic connectivity and other solutions that make communicating with banks more straightforward. Only those banks that show leadership and make the necessary investment in these innovative technologies will prosper in this new era.
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A global survey of 424 senior executives from financial institutions and fintech companies, and interviews with leading experts in the field, reveal tension as artificial intelligence (AI) is pioneered across financial markets.
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Early results of BCA Research's Daily Insights poll “Who will be the next Fed Chairman?” show that only a small minority of respondents believe that who becomes the next Chairman is irrevelant to financial markets. Furthermore, according to the poll, it is still a tight race between Summers and Yellen.
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US payrolls increased by 169,000 in August, although downward revisions to previous months brings the three-month moving average down to a disappointing 148,000 per month. Still, BCA Research doubts this data will meaningfully sway the Fed’s thinking.
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BCA Research's base case scenario for the rest of 2013 is for Brent to trade in the $105-115 range, but the risks are strongly skewed to the upside.
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The level of yields is not yet economically-damaging, but BCA Research's US equity team argues that the speed of the advance has reached the point where investors should expect equity volatility.
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According to BCA Research's US Bond Strategy service, there could be some modest disruption in the performance of risk assets as the Fed pares back its asset purchases.
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BCA Research's Global Investment Strategy service recommends going long US financials while shorting their Canadian peers: housing dynamics are completely out of sync between the two markets.
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BCA Research's China Investment Service argues that any move towards gaining clarity on the Chinese local government debt situation is a market friendly development.
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On several key measures – government finances, competitiveness and banking solvency – the euro area is no longer winning the world’s 'ugly contest', according to BCA Research.
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The probability of Grexit has increased due to several factors, according to BCA Research:
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The US stock market is becoming fully valued, with the market trading at 14.5 times forward earnings, according to BCA Research.
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US homebuilders are starting to look downright giddy, according to BCA Research. The National Association of Homebuilders survey of builder confidence popped to its highest level since January, 2006.
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If the FOMC is trying to improve its communication with clear messages, the June minutes fell far short of the mark, according to BCA Research.
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There are some signs that Abenomics is beginning to bear fruit, according to BCA Research.
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According to BCA Research's Bank Credit Analyst service, current Japanese policies will be insufficient to finally break deflation’s grip. The good news is that policymakers are not without options.
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BCA Research's Global Investment Strategy service takes a rather bearish view on the Aussie economy and financial markets.
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Brazilians are coming to terms with a new economic reality: the commodity fuelled growth bonanza has run its course and living standards are failing to keep up with the government’s rhetoric on Brazil’s growth miracle. This downward adjustment in expectations is causing a major political malaise, according to BCA Research.
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Within the G10 currencies, the position adjustment in the Australian dollar has been the swiftest, and leaves the currency with decent upside, according to BCA Research.
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Despite the massive correction, the multi-year outlook for Japanese equities is positive, provided policymakers can retain credibility, according to BCA Research.
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US equity sector performance suggests that a re-pricing of Fed expectations is slowly developing, according to BCA Research.
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There is a buying opportunity in US commercial real estate (CRE), according to BCA Research. Although some markets have sharply appreciated over the past two-three years, there are still opportunities to pursue.
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There are growing risks that the consolidation phase in homebuilding stocks may give way to a downleg, unless housing starts are able to accelerate fast enough to justify premium valuations, according to BCA Research.
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Scott Thiel, deputy chief investment officer of fundamental fixed income at BlackRock, comments on today’s ECB announcements.
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It is one thing to set an inflation target, but quite another to reach it, according to BCA Research.
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The rapid growth of intra-regional trade in Asia is encouraging local banks to enter into an alliance to facilitate the cross-border activities of under-banked Asian medium-sized companies, writes Enrico Camerinelli of Aite Group, a financial services research firm.
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BCA Research continues to recommend underweight positions in precious metals within the commodity complex.
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The 2003-07 credit cycle provides an instructive template on how the current cycle may eventually play out, according to BCA Research.
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The bond market is selling off again on the most recent round of the Fed’s quantitative easing exit strategy speculation, according to BCA Research, which has seen this movie before and we’ll see it again.
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Last December, our European Investment Strategy service predicted that “2013 would be the year of the big U-turn on obsessive austerity”, says BCA Research
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Many domestic and defensive areas of the US stock market dropped after guidance was weaker than expected in recent earnings reports, according to BCA Research. Conversely, many global industrial and materials groups rallied, as results and guidance were better than feared. This may be the beginning of a rotation in sector leadership, even if the overall market eases back.
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Positive data revisions paint a slightly better picture of US employment growth during the opening months of the year, but federal furloughs still present a significant hurdle this summer, according to BCA Research.
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The US deficit is dropping much faster than the CBO projected only months ago, according to BCA Research.
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According to BCA Research's China Investment Strategy service, concerns about China’s credit and banking system are overblown.
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Energy services stocks appear destined to market perform for the foreseeable future, according to BCA Research.
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Simon Pettitt, head of fixed income at Westhouse Securities, comments on the rally.
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Michael Krautzberger, BlackRock’s head of European fixed income, comments on what low interest rates mean for bond investors.
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Despite some disappointment in recent economic data, the main macro drivers are consistent with a recovery in cyclical vs defensive stocks, according to BCA Research.
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President Obama’s FY 2014 budget threw investors a curve ball, as he openly and explicitly offered concessions on entitlements to the Republican leadership, according to BCA Research.
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The silver 'bubble' began to burst in 2011 and we advise against bottom-fishing, says BCA Research.
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As the price index of all goods and services produced within the country, the GDP deflator is the truest measure of domestically sourced inflation (or deflation), according to BCA Research.
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The narrowing of the Brent/WTI spread is due to the pullback in Brent prices versus heavier crude grades, not an improvement in US transportation bottlenecks, according to BCA Research. The corollary is that this spread compression is at a late stage.
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The key drivers behind China’s growth recovery are still largely intact, according to BCA Research.
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Possible easing in geopolitical tensions adds to near-term downside risks to Brent crude oil prices, but this does not change our bullish cyclical view, says BCA Research.
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The French stock market looks very vulnerable, especially relative to euro area peers, according to BCA Research.
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An oversold bounce in the US S&P Utilities could occur, but that would represent a selling opportunity given overvaluation and the bearish trend in our cyclical indicator for the sector, states BCA Research.
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What do the Greek general elections, the US Supreme Court decision on the Affordable Care Act (ACA or ‘Obamacare’) and the Italian general elections have in common, asks BCA Research.
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The over-capacity and over-investment problem in China is concentrated in low-end manufacturing businesses and sectors that experienced a massive boom during the last decade. Conversely, public infrastructure is grossly inadequate to accommodate further urbanization, according to BCA Research.
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Investors are not well paid for the level of sovereign risk in the UK or France, according to BCA Research.
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The path of least resistance for gold prices remains down, according to BCA Research.
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The Dow has broken above its previous cyclical high in 2007 and the S&P 500 is close to doing the same. Investors are piling in, but many are nervous that the rally is perhaps solely based on Fed policy. How will investors know when the equity market can stand on its own, without constant shots of monetary stimulus to keep it going, asks BCA Research.
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Rising Treasury yields are proving a formidable challenge to the Reits index, a fixed-income proxy, according to BCA Research.
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Pricing power momentum has clearly shifted in favour of global cyclical sectors, and our global minus domestic gauge has surged into positive territory for the first time since 2011, according to BCA Research.
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Inconclusive elections make further structural reforms difficult. This raises doubts about OMT eligibility, which had been widely assumed, argues the Institute of International Finance (IIF).
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The US unemployment rate is highly sensitive to changes in the participation rate, according to BCA Research.
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The world economy is set to improve, but there is still a lot of slack, according to BCA Research. These conditions give global equities ‘running room’.
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As previously discussed in our fixed income research, we anticipate a fairly significant bear-steepening in the Treasury curve, states BCA Research. Historically, in such an environment, it proved beneficial to move down in credit quality in the corporate bond market.
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Cash has been stable as a share of market cap for the past few years, despite share price appreciation, which is a good representation of the degree of cynicism toward the sustainability of the US economic recovery.
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Are surging youth unemployment rates in Europe a ticking time-bomb, just waiting to detonate?
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In an environment of currency volatility, the luxury sector could prove to be a refuge, especially as global top-end spending appears to be holding up well, according to BCA Research.
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The gold equity sell-off probably represents a nadir in investor sentiment, typical of major bottoms, according to BCA Research.
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Commodity prices have lagged global equity indexes during the recent rally, according to BCA Research.
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Our fixed income team has been advocating an overweight position in the investment grade financial sector relative to non-financials within the US fixed income market, says BCA Research. But what about outside of the US?
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The backdrop is constructive for US stock repurchases this year, which will boost EPS growth. Nonetheless, the key to sustaining the equity bull market is growth, not buybacks, according to BCA Research.
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High single-digit earnings growth is possible for the S&P 500 in 2013, according to BCA Research.
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In response to the revelations that a senior executive suppressed a damaging report into Barclays Wealth, Alix Prentice, partner in the financial services regulatory team at international law firm Taylor Wessing, predicts that the bank may face action from a UK regulator increasingly focused on suitability and client risk appetite.
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Except for student loans, US household credit in all major categories has now fallen enough to allow a higher pace of overall economic growth.
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Refinery stocks have gone vertical since the middle of 2012 and may experience temporary consolidations, according to BCA research.
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In this edition of Q & A with BCA, we are pleased to offer a recent question posed by long-time BCA client, Mr. X. Making his first appearance in 1962, Mr. X has visited our offices at the end of each year to discuss the outlook for economic and financial markets. Please find below the first installment of what will be a five-part series recapping our December 2012 meeting.
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Gilts have underperformed the global treasury aggregate over the past few months and are currently near fair value, according to BCA Research. Will gilts continue underperforming?
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Our global investment strategy service argues that investors increase their weight in international equities at the expense of US ones, according to BCA Research.
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Central banks may have become more tolerant of inflation, but that does not mean that there will be higher inflation rates in the next year, according to BCA Research.