Solvency

The two big macro themes that investors should keep in mind are those of deleveraging and rebalancing. There has been a ream of insight written about fiscal sustainability over the past three years, but the most important question lies in whether there will be an offsetting “relevering” of activity

Back on the Greek saga or the largest bankruptcy in the 21st century without credit event trigger (to date). The succession of bailout plans shows that we do not simply resolve the insolvency of a country by emergency devices

Certainly it never ceases to write about the bank stress tests since it keeps getting more into banks; if proof were needed of the total lack of credibility of those made up to now

In a research note that was published on Friday, the American bank estimated 50 European banks out of 91 could fail the new tests prepared by the European Banking Authority (EBE)…

The current trend on european small cap will continue, reversing a period of almost ten years in which small caps performed better than large caps. In the period ahead investors should think big, focussing on large companies with fat balance sheets and generous dividends.