The document summarizes the outlook for the Eurozone sovereign debt crisis according to QNB Group. It states that the crisis is likely to persist for several years as growth remains weak across southern Europe. A recent bailout agreement for Greece is uncertain and further countries like Spain may require assistance. Overall the Eurozone faces a poor outlook with downside risks and the debt issues are only likely to be resolved after growth returns to potential, which could take years.
Angel Ron: Banco Popular Third Quarter 2012 Results CrisisBanco Popular
Banco Popular, the organization headed by Angel Ron, presents the results obtained in the third quarter of 2012.
According to the results, Banco Popular expects to finish the year keeping the line in terms of results obtained in these months.
Banco Popular also points at that althought the crisis is not over, we will keep reinforcing our
Provisions
Global Financial Markets & The Recent Credit Crisis: Impressions from a Perso...Markus Krebsz
This presentation in two parts was given at a Royal Holloway University London (RHUL) event on 22 March 2012. Part 1 covers CRAs and Part 2 covered career tips for students interested in the financial markets.
Sovereign Bank is a $37 billion financial institution operating in six states along the Northeast corridor. In 2001, Sovereign acquired Main Street Bancorp, expanding its network to over 500 banking offices and 1,000 ATMs. Sovereign celebrated becoming publicly traded on the New York Stock Exchange in 2001. The document discusses Sovereign's strong banking franchise in its region and positive financial performance and growth since fully integrating a previous acquisition.
Smart Cities - Customer profiling to target service deliverySmart Cities Project
This report describes techniques of customer profiling to help target the delivery of services in the public sector. It gives preliminary results from work performed in the UK and describes some advantages and shortfalls of the approach.
MPX Energia is a Brazilian power company with 3 projects totaling 1,440 MW under construction. It has 15-year power purchase agreements secured with the regulated market in Brazil. The projects are fully funded through loans from the IDB and BNDES and have lump-sum turn-key engineering, procurement, and construction contracts. MPX also has potential upside from oil and gas exploration in Colombia. Despite its strong financial position with over R$1 billion in cash, MPX is currently trading below its estimated cash value, representing potential 60-100% upside for investors.
MPX Energia S.A. is a Brazilian power company with 3 projects currently under construction totaling 1,440 MW. The projects have secured 15-year power purchase agreements with the government and financing from IDB and BNDES. Construction is progressing on schedule across the projects. MPX also has exploration concessions in Colombia totaling 78,000 hectares and owns a coal mine in Brazil, positioning it for upside potential beyond its contracted generation portfolio.
Currency wars triple dips and politics to dominate 2013Richard Ramsey
Currency wars, the risk of further economic downturns, and political challenges will dominate the global economic environment in 2013 according to the Year of the Snake outlook. The eurozone faces ongoing fiscal challenges as several major economies like France, Italy, and Spain continue to contract. Youth unemployment rates have reached crisis levels in many countries. Political leaders face difficulties enacting reforms needed to restore growth. Overall, the recovery remains fragile and further economic and political turbulence seem likely in the coming year.
Intesa Sanpaolo 2008 Third Quarter Resultsearningsreport
Intesa Sanpaolo reported its third-quarter 2008 results. It highlighted that it has one of the most solid risk, liquidity, leverage and capital profiles among international banking groups. Some key strengths included excellent liquidity with positive customer deposits and net interbank positions, low risk profile with 83% of revenues from retail operations and limited exposure to Central and Eastern Europe, contained leverage and adequate capital base ratios. Intesa Sanpaolo also noted it had reinforced its solidity and sustainability of revenues in recent months through the integration project and bringing forward synergies.
Angel Ron: Banco Popular Third Quarter 2012 Results CrisisBanco Popular
Banco Popular, the organization headed by Angel Ron, presents the results obtained in the third quarter of 2012.
According to the results, Banco Popular expects to finish the year keeping the line in terms of results obtained in these months.
Banco Popular also points at that althought the crisis is not over, we will keep reinforcing our
Provisions
Global Financial Markets & The Recent Credit Crisis: Impressions from a Perso...Markus Krebsz
This presentation in two parts was given at a Royal Holloway University London (RHUL) event on 22 March 2012. Part 1 covers CRAs and Part 2 covered career tips for students interested in the financial markets.
Sovereign Bank is a $37 billion financial institution operating in six states along the Northeast corridor. In 2001, Sovereign acquired Main Street Bancorp, expanding its network to over 500 banking offices and 1,000 ATMs. Sovereign celebrated becoming publicly traded on the New York Stock Exchange in 2001. The document discusses Sovereign's strong banking franchise in its region and positive financial performance and growth since fully integrating a previous acquisition.
Smart Cities - Customer profiling to target service deliverySmart Cities Project
This report describes techniques of customer profiling to help target the delivery of services in the public sector. It gives preliminary results from work performed in the UK and describes some advantages and shortfalls of the approach.
MPX Energia is a Brazilian power company with 3 projects totaling 1,440 MW under construction. It has 15-year power purchase agreements secured with the regulated market in Brazil. The projects are fully funded through loans from the IDB and BNDES and have lump-sum turn-key engineering, procurement, and construction contracts. MPX also has potential upside from oil and gas exploration in Colombia. Despite its strong financial position with over R$1 billion in cash, MPX is currently trading below its estimated cash value, representing potential 60-100% upside for investors.
MPX Energia S.A. is a Brazilian power company with 3 projects currently under construction totaling 1,440 MW. The projects have secured 15-year power purchase agreements with the government and financing from IDB and BNDES. Construction is progressing on schedule across the projects. MPX also has exploration concessions in Colombia totaling 78,000 hectares and owns a coal mine in Brazil, positioning it for upside potential beyond its contracted generation portfolio.
Currency wars triple dips and politics to dominate 2013Richard Ramsey
Currency wars, the risk of further economic downturns, and political challenges will dominate the global economic environment in 2013 according to the Year of the Snake outlook. The eurozone faces ongoing fiscal challenges as several major economies like France, Italy, and Spain continue to contract. Youth unemployment rates have reached crisis levels in many countries. Political leaders face difficulties enacting reforms needed to restore growth. Overall, the recovery remains fragile and further economic and political turbulence seem likely in the coming year.
Intesa Sanpaolo 2008 Third Quarter Resultsearningsreport
Intesa Sanpaolo reported its third-quarter 2008 results. It highlighted that it has one of the most solid risk, liquidity, leverage and capital profiles among international banking groups. Some key strengths included excellent liquidity with positive customer deposits and net interbank positions, low risk profile with 83% of revenues from retail operations and limited exposure to Central and Eastern Europe, contained leverage and adequate capital base ratios. Intesa Sanpaolo also noted it had reinforced its solidity and sustainability of revenues in recent months through the integration project and bringing forward synergies.
QNBFS Daily Market Report December 24, 2023QNB Group
The QE Index rose 0.8% to close at 10,285.3. Gains were led by the Transportation and Banks & Financial Services indices, gaining 1.4% and 1.2%, respectively.
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...QNB Group
The document provides a daily technical analysis of the QE Index and QATAR INSURANCE CO stock. For the QE Index, it notes the index remains in a downtrend but is approaching a support level of 9,700, where long positions could be taken. It provides expected resistance and support levels. For QATAR INSURANCE CO stock, it notes the stock has not fallen as much as others and the uptrend remains intact above moving averages, though liquidity is low. It provides expected price targets and resistance/support levels for the stock. Definitions of technical analysis terms like candlesticks, support, and simple moving average are also included.
QNBFS Daily Market Report October 04, 2023QNB Group
The QE Index rose 0.2% to close at 10,273.3. Gains were led by the Transportation and Consumer Goods & Services indices, gaining 1.7% and 0.1%, respectively.
QNBFS Daily Technical Trader Qatar - October 04, 2023 التحليل الفني اليومي لب...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Technical Trader Qatar - September 28, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Market Report September 24, 2023QNB Group
- The QE Index in Qatar rose 0.3% led by gains in the Transportation and Industrials indices. Qatar Navigation and Al Khaleej Takaful Insurance were the top gainers.
- Regional markets were mixed with Saudi Arabia down 1% but Abu Dhabi up marginally. Economic data from the US and Europe was mixed.
- In Qatar news, QR500mn in bills were sold at a yield of 5.755% and Gulf International Services approved final merger agreements. Ooredoo also signed an MoU to support businesses in Qatar free zones.
QNBFS Daily Technical Trader Qatar - September 24, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Technical Trader Qatar - September 19, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Market Report September 17, 2023QNB Group
The QE Index declined 0.5% to close at 10,319.3. Losses were led by the Industrials and Consumer Goods & Services indices, falling 1.4% and 1.1%, respectively.
QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to
sustain its breakout above the
double-bottom formation’s
neckline and continued with
its decline into the
formation’s territory.
QNBFS Daily Market Report December 24, 2023QNB Group
The QE Index rose 0.8% to close at 10,285.3. Gains were led by the Transportation and Banks & Financial Services indices, gaining 1.4% and 1.2%, respectively.
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...QNB Group
The document provides a daily technical analysis of the QE Index and QATAR INSURANCE CO stock. For the QE Index, it notes the index remains in a downtrend but is approaching a support level of 9,700, where long positions could be taken. It provides expected resistance and support levels. For QATAR INSURANCE CO stock, it notes the stock has not fallen as much as others and the uptrend remains intact above moving averages, though liquidity is low. It provides expected price targets and resistance/support levels for the stock. Definitions of technical analysis terms like candlesticks, support, and simple moving average are also included.
QNBFS Daily Market Report October 04, 2023QNB Group
The QE Index rose 0.2% to close at 10,273.3. Gains were led by the Transportation and Consumer Goods & Services indices, gaining 1.7% and 0.1%, respectively.
QNBFS Daily Technical Trader Qatar - October 04, 2023 التحليل الفني اليومي لب...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Technical Trader Qatar - September 28, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Market Report September 24, 2023QNB Group
- The QE Index in Qatar rose 0.3% led by gains in the Transportation and Industrials indices. Qatar Navigation and Al Khaleej Takaful Insurance were the top gainers.
- Regional markets were mixed with Saudi Arabia down 1% but Abu Dhabi up marginally. Economic data from the US and Europe was mixed.
- In Qatar news, QR500mn in bills were sold at a yield of 5.755% and Gulf International Services approved final merger agreements. Ooredoo also signed an MoU to support businesses in Qatar free zones.
QNBFS Daily Technical Trader Qatar - September 24, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Technical Trader Qatar - September 19, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Market Report September 17, 2023QNB Group
The QE Index declined 0.5% to close at 10,319.3. Losses were led by the Industrials and Consumer Goods & Services indices, falling 1.4% and 1.1%, respectively.
QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to
sustain its breakout above the
double-bottom formation’s
neckline and continued with
its decline into the
formation’s territory.
QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...
20121126 efar eurozone update_vs05
1. QNB Economics
economics@qnb.com.qa
30 November 2012
Eurozone sovereign debt crisis to last a number of years
Despite a recent agreement by the Eurogroup and the The buyback programme accounts for a large
IMF on releasing further assistance for Greece under proportion of Greece’s planned debt reduction and is
its bailout programme, the outlook for Eurozone therefore central to its success. If the buyback fails to
economies remains weak and the region’s sovereign meet expectations, another round of bailout
debt crisis is likely to stay with us for a number of negotiations and adjustments would probably need to
years, according to QNB Group. be made to the bailout package, according to QNB
Group. The persistent failure of bailout packages could
On November 27th, after a number of attempts, eventually lead to official creditors (the European
Eurozone finance ministers along with the IMF finally Commission (EC), the ECB and even the IMF) being
agreed to a series of measures that aim to reduce forced to take a haircut on Greek debt some time in
Greek debt from current levels of close to 200% of 2014-15 to make Greek debt sustainable.
GDP to 124% by 2020, and lower than 110% by 2022.
The measures involved: cutting interest rates on In any case, alongside debt forgiveness and favourable
bailout loans; extending maturities of loans; returning bailout loan terms, Greece still needs to boost
profits made by the European Central Bank (ECB) on economic growth to ensure it can manage its debt.
the purchase of Greek bonds to Greece; and buybacks Real GDP is expected to contract by 6.0% in 2012 and
of Greek debt by the Eurozone from the private sector. by 4.2% in 2013, held back by spending cuts and tax
increases. As long as Greece remains in recession,
The agreement cleared the way for the release of which is likely in the short to medium term, it will
€34.4bn in bailout funds in mid December, €23.8bn of continue to need further external support. Included in
this is for bank recapitalisation and €10.6bn for the bailout package is a tough programme of economic
financing the Greek budget. The funds were originally reforms aimed at making the economy more
scheduled to be released in May and Greece has been competitive and boosting growth.
kept afloat by emergency loans since then. However,
Eurozone national parliaments still need to approve the Real GDP in the Eurozone
changes to the terms of the bailout, leaving some (% change)
uncertainty. A further €9.3bn in aid was approved for
disbursal in three tranches in Q1 2013, although this 2012 2013
0.8
0.8
0.4
will remain conditional on Greece meeting structural
0.2
0.1
reform targets.
-0.4
-0.5
-1.0
-1.4
-1.4
-1.7
A high degree of uncertainty continues to surround the
-2.3
-2.3
-3.0
agreement, particularly in relation to bond buybacks.
-4.2
The IMF has refused to release its portion of bailout
funds until the buyback transactions are completed. By
-6.0
buying back Greek bonds from the private sector at
prevailing distressed market prices, Greece could
y
a
I
avoid having to repay the full notional value of some
l
t
S
n
p
a
G
i
F
n
C
e
c
a
c
e
r
u
p
y
r
s
r
P
m
g
u
o
G
a
r
of its bonds at maturity.
l
t
E
y
n
a
e
n
o
u
e
z
r
r
Source: Eurostat and QNB Group analysis
The buyback transaction will be carried out at
November 23rd closing prices. According to QNB
Group, this provides little incentive for private sector A weak growth outlook across the Eurozone does not
holders of Greek bonds to participate in the buyback, bode well for a resolution to the region’s sovereign
since Greek bond prices have risen and since holding debt crisis, as growth is necessary to make current debt
Greek bonds until maturity may be preferable. levels sustainable. Overall, real GDP is expected to
Therefore, there is likely to be strong private sector contract by 0.4% in 2012 and increase marginally by
resistance. 0.1% in 2013. Growth in the largest economies,
Germany and France, is expected to remain weak
while recession is expected to continue in the southern
1
2. QNB Economics
economics@qnb.com.qa
30 November 2012
economies with the most severe sovereign debt issues outlook for the economy and an expected increase in
(Spain, Italy, Cyprus, Portugal and Greece). debt to GDP levels.
There have been recent indications of a weakening in Furthermore, Spain’s financing needs are likely to
the largest Eurozone economy, Germany, where: GDP force it to ask for international aid in early 2013.
slowed to 0.4% year-on-year in Q3 2012, down from Additionally, Cyprus requested a bailout in November,
1.7% in Q1; the German Ifo Business Climate Index, which is expected to total up to €17.5bn, but the exact
which measures expectations for the next six months, package is still being finalised.
was 101.4 on November 24 th, down from 108.3 in
January; and the German Manufacturing Purchasing In summary, the outlook for the Eurozone is poor with
Manager’s Index was 46.8 in November, a level that downside risks. New countries are likely to ask for
indicates contraction. bailouts and existing bailout programmes are on shaky
ground. The bailout programmes and pressures from
France has also faced a deteriorating outlook. It was investors or rating agencies are likely to lead to greater
downgraded by one notch from AAA by Moody’s fiscal austerity, dampening economic growth, which is
rating agency in November, having been downgraded already feeble. Without growth, sovereign debt is only
by Standard and Poor’s in January. Public debt has likely to become less sustainable. Therefore, according
reached 90% of GDP while rising labour costs (owing to QNB Group, it is going to take several years before
to high employment taxes and an inflexible labour the Eurozone will be truly rid of its sovereign debt
market) are leading to declining competitiveness and issues and growth returns to full potential.
economic growth remains slow. Reforms have been
perceived as insufficient, leading to a worsening
2