Re: Tema: PPCC - Pisitófilos Creditófagos - Primavera 2023

[Derby]

https://www.reuters.com/markets/asia/slowing-chinese-economy-more-concern-eu-firms-than-geopolitics-survey-2023-06-21/

Slowing Chinese economy of more concern to EU firms than geopolitics - survey

BEIJING, June 21 (Reuters) - A slowdown in both the Chinese and global economies is the biggest issue affecting European firms in China, beating political tensions with the United States and decoupling, according to the European Chamber of Commerce in China.

The number of European firms that see China as a top-three destination for future investment was at its lowest total on record, the chamber's annual position paper released on Wednesday said. The EUCCC has recorded this figure since 2010.

As rising interest rates and inflation squeeze demand in Europe and the United States, companies in China are in contrast battling a sharp decline in prices as the risk of deflation weighs on the world's second-largest economy.

The number of European companies reporting their China-sourced revenues had decreased in 2022 was three times higher than in 2021, the report said, while the importance of China to companies' global profits fell for a second consecutive year.

"The deterioration of business sentiment that has taken place over the last three years has been significant and cannot be reversed over night," the chamber said.

BASF (BASFn.DE), Maersk (MAERSKb.CO), Siemens (SIEGn.DE), and Volkswagen (VOWG_p.DE) are among the members of the chamber.(...)

[Derby]

https://www.ft.com/content/b3d4291f-857c-46c5-96b8-e67933b6e7e8

Slowdown in junk-rated loan market hits US corporate borrowing plans

CLOs’ appetite for debt wanes due to limits on purchases, pushing up cost of capital as economy slows

Corporate America is feeling the pinch from the slowdown in Wall Street’s $1.4tn market for junk-rated loans, with a growing list of companies forced either to pay more or abandon borrowing plans.

Borrowers have been hit by shifts in the market for collateralised loan obligations, or CLOs, the investment vehicles that own roughly two-thirds of lowly rated US corporate loans.

A loan extension for California utility PG&E was shelved last month, while Heartland Dental, a provider of services to dentists’ offices, and digital media business Internet Brands had to pay lenders more or agree to tougher investor protections in return for extending loan maturities, according to people with knowledge of the matter.

More generally, many CLOs are reining in their debt purchases — restricting the financing possibilities of lower-rated borrowers — because of limits on when and what they can buy as well as the broader economic environment.

That, in turn, is pushing up the cost of borrowing for many US companies.

“When a company has to find new lenders . . . that probably has an impact on the cost of capital because you have to make it interesting for new lenders,” said Rob Zable, the global head of Blackstone’s liquid credit strategies.

Over the past decade the market for leveraged loans has become a critical funding source both for US companies and private equity groups snapping up businesses. The shift has been particularly significant because banks have curtailed some of the lending they did before the financial crisis.

CLOs buy up hundreds of different loans, package them and use the interest payments they generate to fund new slices of debt, which are then sold on to banks, insurers and other investors.(...)

[cujo]

No copio toda la entrevista pero muestra a un hombre que, estemos o no de acuerdo con sus recetas, entendía al país en su conjunto y su posición en el mundo.

y tanto

[JENOFONTE10]

MÁQUINAS LÓGICAS, ELEMENTOS IRRACIONALES, ENIGMAS Y FASES DE PROCESOS

[[...] iNosotros, a lo nuestro: meter lo que va sucediendo en nuestra máquina lógica de prever el futuro —considerando los elementos irracionales también— y seguir acertando.]

La extraña pausa de la Fed alimenta los enigmas de las Bolsas y de la economía

Decía el legendario inversor John Templeton que los mercados alcistas nacen en el pesimismo, crecen en el escepticismo, maduran en el optimismo y mueren en la euforia. Si miramos la evolución de las Bolsas este año, cuando quedan ya sólo diez sesiones para finalizar el primer semestre, podemos decir que las dos primeras fases, la del pesimismo y la del escepticismo, ya se han cumplido, y que estamos en la fase del optimismo y tal vez, al menos en lo que a los valores tecnológicos se refiere, en la fase de la euforia.
[...]
Dicen que la mayor prueba de inteligencia es tener dos ideas opuestas simultáneamente y, sin embargo, ser capaz de actuar, y tal vez esa es la prueba de inteligencia que nos quiere dar la Fed. Pero puede también haber motivos algo más prosaicos en este parón de la Fed, como el hecho de que la propia Fed había alimentado la idea de una pausa desde hace varias semanas y ha sido, así, finalmente, esclava de su propia comunicación. [...]

https://www.r4.com/articulos-y-analisis/opinion-de-expertos/la-extrana-pausa-de-la-fed-alimenta-los-enigmas-de-las-bolsas-y-de-la-economia

https://es.wikipedia.org/wiki/Entscheidungsproblem

Saludos.

[sudden and sharp]

Hay nuevo hilo de Verano... cierro éste.