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ECB president Christine Lagarde calls for mechanism that reflects ‘true cost of carbon’

El Kick Boxing es una técnica que consiste en golpes y patadas coordinados asestados a un saco de boxeo que van acelerando el pulso mientras el usuario libera el estrés y a la vez tonifica su cuerpo. En Barcelona, es impartida por los expertos instructores de la Escuela de Artes Marciales Mugendo Vallcarca, lugar donde confluyen la sabiduría milenaria, […]

La entrada Kick Boxing: técnica marcial para tonificar el cuerpo en Escuela de Artes Marciales Mugendo Vallcarca se publicó primero en {DF} DiarioFinanciero.

The proposed deal would give the investment firm a nearly 5% stake in the team at a valuation of $1.5 billion.

Japanese group commits $13bn in second quarter as it targets smaller companies

Japanese group commits $13bn in second quarter as it targets smaller companies

Japanese group commits $13bn in second quarter as it targets smaller companies

Related Stocks: OTCM,

Goldman Has Three Questions For Companies During Q2 Earnings Season

2Q earnings season kicks off next week when the big banks kick off reporting as usual, and consensus expects 2Q EPS growth of 61% year/year, driven by a combination of base effect, 22% sales growth and 256 bps of net margin expansion to 11.1% even though the median stock is forecast to grow EPS by a more modest 24%. Compare this to one year ago, when S&P 500 EPS fell by 32% as the pandemic sparked a sharp recession. Cyclical Industrials, Consumer Discretionary, and Materials sectors are forecast to lead the index in EPS growth.

In 2Q 2020, Brent crude traded at an average of $33/bbl and Energy stocks posted an aggregate net loss. Oil prices averaged $69/bblin 2Q and Energy firms are expected to return to profitability.

Like last quarter, Financials are expected to be the primary driver of S&P 500 EPS growth. In 1Q, Financials represented $3 of the total $9 EPS beat versus consensus expectations. Financials EPS are forecast to grow by 116% in 2Q and account for 25% of S&P 500 EPS growth. Most banks analysts expect results to come in largely in line with consensus after adjusting for reserve releases. Capital markets activity has normalized following the strong pace in 2020 and 1Q 2021. However, large reserve releases will boost EPS for the third quarter in a row and could drive up to 18% EPS uplift for Banks by year-end. Though investors are not likely to reward these beats outright since releases are non-recurring, analysts expect that the market will pay for the capital return that could result from the earnings tailwind and the recent CCAR results.

Another notable point: while consensus expects S&P 500 EPS to grow by 61%, the median stock is only forecast to grow earnings by 24%.

The greater rebound in aggregate earnings is largely a function of the base effect, or the sharper decline in earnings in 2020; the median S&P 500 stock saw its EPS fall by just 12% year/year in 2Q 2020 compared with the 32% decline in aggregate earnings. The five largest stocks in the index (FB, AMZN, AAPL, MSFT, GOOGL) account for 22% of market cap and 14% of S&P 500 2Q 2021 EPS. Despite last year’s acute 2Q economic contraction, these firms actually posted average EPS growth of 38% and are still expected to grow earnings by an average of 52% in 2Q 2021.

In his preview of Q2 earnings season, Goldman's chief equity strategist David Kostin - who expects the S&P to close the year at 4,300 or -0.5% lower from Friday's record close - focuses on three questions for managements this earnings season:

1. How will firms preserve profit margins amid input cost pressures?
2. How will companies prioritize their cash spending as balance sheets recover?
3. How does ongoing policy uncertainty affect the business outlook? Rates have plunged and high “quality” themes are outperforming.

Digging a little deeper

• 1. How will companies preserve margins amid input cost pressures? S&P 500 margins notched a record high of 11.9% in  1Q 2021, though investors remain focused on the forward margin outlook given rising input costs. Global shipping woes, raw material inflation as well as acute shortages in both labor and semiconductors have combined to increase costs for companies across the by raising prices and passing higher input costs to their customers. During Q1 calls, many companies discussed price increases and this trend will likely continue during 2Q earnings. Alternatively, with SG&A as a share of sales elevated versus history, companies can also preserve margins through cost cutting. As an example, General Mills announced last week that it faces some of the highest costs in a decade and will implement a mix of both cost cuts and price increases.
• 2. Investors have started to reward companies with attractive margin profiles. According to Goldman, profit margins are the second most important driver of company valuations today, behind only equity duration. The bank's sector-neutral factor of stocks with the highest vs. lowest profit margins has also started to outperform. Other “quality” factors such as strong vs. weak balance sheets and high vs. low returns on capital have also inflected higher since early June.

• 3. How will companies prioritize their cash spending as balance sheets recover? Both aggregate and median S&P 500 cash / assets ratios have rebounded and now stand at record levels, driven in part by record high corporate bond and follow-on equity issuance during the last 18 months. And while leverage remains elevated versus history, it has been falling as corporate profits have started to improve. Info Tech and Consumer Discretionary hold the highest cash / asset ratios of any sectors and account for 43% of total S&P 500 ex-Financials cash.

For what it's worth, Goldman expects capex will represent the largest share of S&P 500 cash use in 2021, but forecasts the fastest year/year growth will be in cash M&A and share buybacks. After a 10% decline in cash spending in 2020, the bank forecasts that high cash balances, anemic yields as well as strong economic and earnings growth will combine to drive 19% growth in cash spending in 2021 ($2.8 trillion) and 6% in 2022 ($3 trillion). Investing for growth (capex, R&D, and cash M&A) should account for 55% of total cash spending in 2021. High cash balances, record buyback authorizations, and excess capital for Financials post-CCAR should also drive a 35% rebound in buybacks in 2021. Indeed, data from the bank's buybacks desk show that US corporates have authorized $627 billion in buybacks YTD, the second-fastest pace on record (only behind the tax reform aided level in 2018) and 155% above 2020 levels

In terms of preferred trades, Kostin highlights a screen of stocks with above-average net margins, realized margin growth of 50+ bp in 2020, and expected margin growth of 50+ bp in each of the next two years.

The median stock has a 2021E net margin of 26% (vs. 13% for S&P 500 median) and is forecast to grow margins by 306 bp through 2022 and (vs. 156 bp for median stock).

Tyler Durden Sun, 07/11/2021 - 13:00

Nos encontramos en un verano extraño, la variante delta del virus contagia a los jóvenes no vacunados mientras los adultos vacunados no ingresan en los hospitales.

Muchísimas gracias @Pacheco49 por su ayuda y consejos !
voy a probar con los telf que tan me da.

Si puede que no haya ningún problema, eso ya a juicio de cada uno. Pero si alguien muestra que es un calco de otro artículo al menos tener las formas de indicar que sí que se han basado en ese y no negarlo o evadir dicha situación.

Es que el problema no es tanto lo que se ha hecho sino cómo se ha reaccionado. Igual que el problema no es el fondo sino la comunicación.

Muchas gracias por tus comentarios, se agradece la empatía,
Sí, completamente de acuerdo, es raro. Esto es lo que me dijeron al principio y cumplimentamos el KYC telefónicamente. Pero después no pasó nada.
También he entrado directamente por ANDBANK dónde, a diferencia de MYINVESTOR, sí tengo acceso a las posiciones, pero tampoco puedo operar. El servicio cliente de MYINVESTOR es el mismo que el de ANDBANK.

Last reply by aldarith on Sun, 11 Jul 2021 16:45:02 +0000

My husband and I are debt free (paid off the house early a couple of years ago). Now, we are building our future retirement home on land we have owned for several years. The plan was to originally stay in our paid off home but soon realized that one story living and a more energy efficient home was better for us. Our current home is over 100 years old, renovated 25 years ago but now needs many updates. It is not the most optimal time to build due to the expense of materials and labor but we will be able to do some of the work ourselves to save on the costs. So the biggest decision will be to decide how much of the proceeds from the sale of our current home we will put towards the new mortgage and the loan term we will take out. I have changed my tune on a paid off mortgage with interest rates so low.

In reply to wiselyunwise.

I don’t know the solution to this, it is much easier to recognize a problem than to have the answer. The only thing that comes to mind is Great Depression era infrastructure spending, but rather on homes. The added benefit of this would be providing new skills to laborers who can become contractors in their own right.