Re:PPCC: Pisitófilos Creditófagos. Otoño 2025

[sudden and sharp]

[...] Piensen en el dichoso ejemplo del turismo.
[... ] Catarsis va a haber, más o menos dura, pero la habrá.

Vete pensando tú en qué vas a decir si el havance del día 28 no corrobora esa previsión.

[sargento.algodon]

Me surgen preguntas: ¿Qué es un político? ¿Para que sirve un político? ¿Cómo evaluó a un político? Estoy muy asustado.

[el malo]

Western Executives Shaken After Visiting China
Posted by BeauHD on Wednesday October 15, 2025 @10:20PM from the compare-and-contrast dept.

mspohr shares a report from Futurism:

Western automotive and green energy executives who visit China are returning humbled -- and even terrified. As The Telegraph reports, the executives are warning that the country's heavily automated manufacturing industry could quickly leave Western nations behind, especially when it comes to electric vehicles. "We are in a global competition with China, and it's not just EVs," Ford CEO Jim Farley told The Verge last month. "And if we lose this, we do not have a future at Ford." Some companies are giving up on new initiatives altogether, with the founder of mining company Fortescue, Andrew Forrest, claiming that his recent trip to China led to him abandoning attempts to produce EV powertrains in-house. "There are no people -- everything is robotic," he told The Telegraph.

Other executives recalled touring "dark factories" that don't even need to keep the lights on, as most work is being done around the clock by robots. "You get this sense of a change, where China's competitiveness has gone from being about government subsidies and low wages to a tremendous number of highly skilled, educated engineers who are innovating like mad," British energy supplier Octopus CEO Greg Jackson told the newspaper. According to recent figures by the International Federation of Robotics, China has deployed orders of magnitude more industrial robots than Germany, the US, and the UK.

Saludos.

¿Ahora? ¿Ahora se han dado cuenta? ¿Pero que mierda de ejecutivos hay en las grandes empresas?

No había que ser un lince para saber lo de los coches eléctricos, que al final son más simples que el asa de un cubo (comparados con un buen motor de combustión). No dejan de ser cuatro motores eléctricos unidos a una batería y un software de gestión. Estos dos últimos muy fáciles de copiar cuando llevas décadas produciendo todos los electrónicos del planeta (empezando por los móviles).

Europa podría seguir siendo un referente en la automoción de combustión, que es mucho más difícil de alcanzar (en los años que tardas en aprender los motores de hoy, VAG ya te ha sacado dos generaciones más), pero claro, teníamos que pegarnos un tiro en un pie y arrancarnos 3 dedos del otro por decisiones políticas.

Europa se va a comer un mojón como un sombrero mexicano como no queme el Parlamento Europeo con todos sus ocupantes dentro. ¿Burbuja inmobiliaria? A quién le importa que sólo se pueda comprar huevos a plazos, lo que importa es que tengo un papel que dice que mi patrimonio vale un gritón de euros. Y mientras tanto miro por encima del hombro a la imaginaria enfermera que necesito pero que no está porque la pobretona no puede pagarse el alquiler que pido por mi zulo. A la mierda todo, no es el pisito el que va a morir en una cama, somos nosotros, pero antes de tiempo por falta de personal y de medios.

Los langostos morirán igual, pero con muchos más ceros en el banco. Igual de aquí a 20 años se pone de moda los entierros a la egipcia, con todas tus riquezas dentro para que las puedas disfrutar en el más allá.

Transiciones a hostias hacen falta. Pero no a base de guillotina, a base de BOE que a alguno seguro que le molesta más que el afeitado a navaja.

[pollo]

https://elpais.com/tecnologia/2025-10-14/el-guglear-se-va-a-acabar-google-se-rinde-a-la-ia-y-confirma-un-cambio-historico-en-su-buscador.html

Saludos.

Es curioso que su buscador empezó a ser una puta basura infecta exactamente cuando empezaron a usar IA en él, hace ya algunos años.

[Derby]

https://www.ft.com/content/2667cba1-5a44-4463-b20b-c2216c7899d8

Big investors scale back risky bond exposure after storming rally

BlackRock and Fidelity International among asset managers betting credit rally has run out of road


Some investors fret that the latest rally has left the credit market pricing in an overly optimistic scenario for global growth © Michael Nagle/Bloomberg

Big investors are cutting back their exposure to riskier corporate debt, in a bet that a huge rally in recent years has left the market vulnerable to a sell-off if the global economy falters.

Asset managers including BlackRock, M&G and Fidelity International have shifted towards safer corporate or government bonds, in response to a big decline in US credit spreads that means investors get little reward for taking extra risks.

Some investors fret that the rally, driven by the easing of fears over a global trade war and expectations of deeper interest rate cuts by the US Federal Reserve, has left the credit market pricing in an overly optimistic scenario for global economic growth.

“Credit spreads are so tight that there’s almost no ability for them to tighten further,” said Fidelity International fund manager Mike Riddell, referring to the extra yield offered by corporate bonds relative to ultra-safe government debt.

He cautioned: “If anything goes wrong in the world, then spreads can widen substantially.” Fidelity International has a short position against developed market credit in its global flexible bond funds, meaning it will benefit if spreads widen.

Investment grade bonds in the US and Europe now offer about 0.8 percentage points of additional yield over government debt, down from more than 1.5 percentage points in 2022 and close to their lowest since the global financial crisis.



Simon Blundell, co-head of European active fixed income at BlackRock, said this “relentless tightening” had prompted the world’s biggest asset manager to shift towards higher-rated and shorter-dated debt. 

The market was “now priced for a Goldilocks scenario” of interest rate cuts and stable US growth, Blundell added, which was a “risk/reward [that] certainly lends itself to a defensive position in credit markets”.

In some cases credit spreads — a proxy for investors’ assessment of a borrower’s riskiness — have turned negative. 

Bulls argue that ultra-tight spreads are justified by company balance sheets that have been strengthened in recent years and a US economy underpinned by expectations of at least four further quarter-point interest rate cuts from the Fed by the end of next year.

However, spreads have widened slightly in recent days as renewed trade tensions between the US and China — and nerves over the collapse of automotive parts supplier First Brands Group — puncture investors’ bullishness.



Paul Niven, head of multi-asset solutions at Columbia Threadneedle, said he had cut back his position in credit to “neutral” in recent weeks, selling high-yield bonds because the “asymmetry in terms of cost compared to government bonds is getting expensive”.

There have been signs of investor pushback in some riskier areas of the wider corporate debt market. A number of leveraged loans, including a $5.8bn issuance from speciality chemicals producer Nouryon and another deal worth more than $1bn from drugmaker Mallinckrodt have been shelved in recent weeks. Meanwhile, some outstanding loans have fallen in price as investors have instead opted for safer debt.

There have “been quite a few blow-ups in the last week or two and it’s shaking confidence”, said one trader of high-yield debt.

Some hedge funds are avoiding the debt of weaker companies, responding to what they see as indiscriminate tightening of spreads this year.

“Not only is the corporate credit market way too tight, it’s also equivalently tight between companies,” said Andrea Seminara, founder and chief investment officer of London-based credit hedge fund Redhedge. “There is lots of idiosyncratic risk which is completely unpriced [by the market].”

The overall yield on corporate bonds received by investors, known as the “all-in yield”, is still seen as attractive by many, due to rises in government bond yields in recent years. The yield to maturity on US investment grade bonds is about 4.8 per cent, according to an Ice index.

“Corporate bond yields are attractive and deserve to be owned now,” said Ben Lord, a fund manager at M&G Investments. But he added the firm was moving into higher-rated corporate credit and areas such as covered bonds issued by life insurers.

“The cost of switching out of BBB-rated unsecured bonds and buying these is as low as it’s ever been,” he said.

[Cadavre Exquis]

https://www.eleconomista.es/opinion/noticias/13595262/10/25/el-error-de-penalizar-a-los-ricos.html

https://www.eleconomista.es/legal/noticias/13595368/10/25/el-alza-fiscal-y-el-fin-de-la-golden-visa-echan-a-500-ricos-del-pais-con-2700-millones.html

Saludos.

[Derby]

Creo que no hemos comentado nada sobre el premio Nobel de Economía.

https://www.ft.com/content/1d39ead5-a683-4702-9c02-0c4a22094aff

What Nobel economics prize winners teach us about growth

A cauldron of new ideas and technologies is more important than ‘build, build, build’


© María Hergueta

Why is the British economy still so stagnant? According to the IMF, UK living standards are set to improve at the slowest rate in the G7. Read the papers or listen to the podcasts and one answer is more popular than any other: the Labour government does not have a clear growth strategy. 

I think this criticism is unfair. The government does have a growth strategy. The problem is that it is a bad one. And this week’s award of the Nobel Prize in Economics to Joel Mokyr, Philippe Aghion and Peter Howitt, is a reminder why. 

At the moment, Labour’s growth strategy is heavily focused on doing big, impressive things in the material world that we can see and touch. Building far more houses and far better transport networks. Far more public infrastructure, too. 

“Not a single new reservoir has been built in over 30 years,” complained Steve Reed, then environment secretary, a few months ago, channelling the construction-heavy spirit of the strategy.

This view of what causes growth was not plucked out of thin air. A recent survey of more than 100 economists, researchers and policymakers identified “build, build, build” as the central priority for the country. “Britain’s economic stagnation”, the report concluded, “is a crisis of building.”

To be clear, building won’t harm the economy. Yet the lesson from the Nobel Prize-winning work of Mokyr, Aghion and Howitt is that serious growth comes from a very different place — discovering new ideas, unleashing innovation and whipping up technological progress. In short, growth comes from the intangible world, not the tangible one. 

The UK’s decline over the past few decades is a reminder of this fact. I am not sure that people realise quite how poor the country has become relative to the US since the 2007-08 financial crisis: remove London from the map and average GDP per head is less than in Mississippi, America’s poorest state. If the UK had grown at the same rate as the US, people would now be £8,000 richer on average. 

The big question, though, is why the UK (and the EU) have performed so poorly. The most compelling answer came in the 2024 report by former ECB president Mario Draghi. “If we exclude the tech sector”, he observed, “EU productivity growth over the past twenty years would be broadly at par with the US.” 

Draghi understood something very important: that the US economy had flourished not because America built more houses but because, unlike the UK and EU, it had a thriving technology sector. This provided a cauldron of new ideas and new technologies that drove them on — leaving us far, far behind. 

A growth strategy that took this understanding on board would look very different; asking, “How can we get more growth?” is the same as asking, “How do we generate more new ideas?”

It would, for instance, focus on reforming intellectual property rights with the same intensity as planning reform. Just as the latter means standing up to Nimbys who block new builds, the former would mean confronting the powerful creative industries currently trying to throttle reform on the use and re-use of new ideas in society. 

It would take R&D more seriously. A country cannot expect a steady stream of new ideas without investing in their discovery — the UK’s R&D spending sits below the OECD average. And if the £7.5bn cost estimate for a new reservoir in Oxford is representative, the UK will end up spending almost four times more on reservoirs in the coming years than the annual R&D government budget.

It would do far more to get talented people into the parts of the economy that generate new ideas — and keep them there — for example, by exploiting the mess in US higher education, poaching great minds who feel alienated from American institutions. And it would mean a greater sense of alarm about why some of our most innovative industries — from finance to life sciences — increasingly see the UK as a hostile place to operate. 

Above all, though, the strategy would start early. In schools, for instance, rather than resisting generative AI — the prevailing attitude that I meet — we should be spending up to a third of our time teaching the next generation to use it effectively.

This advice is for all countries, including the UK, who are struggling to turn around stagnant economies. Too many political leaders are drawing on old-fashioned ideas about what causes growth — to little effect. This week’s Nobel Prize is a reminder to take alternatives far more seriously.

[sudden and sharp]

Mira por donde...






El inversor Ken Griffin carga contra la IA: no sirve para batir al mercado
https://cincodias.elpais.com/mercados-financieros/2025-10-16/el-inversor-ken-griffin-carga-contra-la-ia-no-sirve-para-batir-al-mercado.html

El fundador del ‘hedge fund’ Citadel y uno de los más ricos del mundo afirma que la IA generativa no derivará en cambios generalizados en las empresas




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Mejor no le preguntamos qué es lo que sÍ sirve.   

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20251016/page/2/textview

Wall Street Journal (EEUU) | Frenazo de GM en vehículos eléctricos

Caixin Global (China) | Pekín eleva la edad para contratar funcionarios

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/energia/noticias/13595405/10/25/naturgy-inicia-la-construccion-de-sus-primeras-baterias-en-espana.html

https://www.eleconomista.es/energia/noticias/13594072/10/25/iberdrola-compra-a-res-el-proyecto-de-baterias-tungkillo-en-australia.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/energia/noticias/13593545/10/25/transicion-ecologica-tiene-la-llave-sobre-el-futuro-de-la-central-nuclear-de-almaraz.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/motor/noticias/13594584/10/25/espana-seduce-a-los-fabricantes-chinos-a-chery-se-suma-byd-mg-y-leapmotor-para-producir-en-el-pais.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20251016/page/16/textview

BlackRock, Microsoft y Nvidia compran Aligned Data Centers por 34.400 millones

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/vivienda-inmobiliario/noticias/13594006/10/25/el-valencia-vuelve-a-intentar-la-venta-del-estadio-de-mestalla-encarga-a-cbre-el-traspaso.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/13593653/10/25/el-ipc-repunta-mas-de-lo-previsto-en-septiembre-y-devuelve-la-inflacion-al-nivel-del-3.html

https://www.eleconomista.es/economia/noticias/13594074/10/25/los-concursos-de-acreedores-se-mantienen-al-alza-y-crecen-un-19-en-el-segundo-trimestre.html

Saludos.