PPCC: Pisitófilos Creditófagos. Invierno 2025

[Cadavre Exquis]

https://www.eleconomista.es/vivienda-inmobiliario/noticias/13765311/02/26/limehome-el-gigante-de-los-apartamentos-turisticos-capta-75-millones-y-acelera-en-espana-para-llegar-a-las-10000-unidades.html

https://www.eleconomista.es/vivienda-inmobiliario/noticias/13766811/02/26/la-paradoja-de-la-vivienda-en-espana-del-exceso-de-la-burbuja-a-la-crisis-por-falta-de-casas.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/13766788/02/26/trump-solo-cumple-una-de-cada-cuatro-amenazas-arancelarias.html

https://lectura.kioskoymas.com/el-economista/20260209/textview/page/29

Los ingresos fiscales se contraen en China por primera vez desde el Covid

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/13765108/02/26/los-reclutadores-ven-cada-vez-mas-dificil-encontrar-talento-cualificado-en-espana.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/informalia/television/noticias/13763797/02/26/el-rosco-de-pasapalabra-un-evento-televisivo-que-dispara-la-audiencia-y-seduce-a-las-marcas-en-antena-3.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/opinion/noticias/13760984/02/26/y-si-el-consenso-se-equivoca-y-el-bce-tiene-que-volver-a-bajar-los-tipos-de-interes.html

Saludos.

[Derby]

https://www.bloomberg.com/news/articles/2026-02-09/china-urges-banks-to-limit-holdings-of-us-treasuries-citing-market-volatility

China Urges Banks to Curb US Treasuries Exposure on Market Risk


Buildings in Pudong's Lujiazui Financial District in Shanghai, China.
Photographer: Qilai Shen/Bloomberg

Chinese regulators have advised financial institutions to rein in their holdings of US Treasuries, citing concerns over concentration risks and market volatility, according to people familiar with the matter.

Officials urged banks to limit purchases of US government bonds and instructed those with high exposure to pare down their positions, the people said, asking not to be identified discussing private deliberations. The directive doesn’t apply to China’s state holdings of US Treasuries.

Communicated verbally to some of the nation’s biggest banks in recent weeks, the guidance reflects growing wariness among officials that large holdings of US government debt may expose banks to sharp swings, the people said. The worries echo those made by governments and fund managers elsewhere amid a brewing debate over the safe haven status of US debt and the appeal of the dollar.

The move was framed around diversifying market risk rather than anything to do with geopolitical maneuvering or a fundamental loss of confidence in US creditworthiness, the people said, adding that officials didn’t given any specific target on size or timing. While significant tensions remain between Beijing and Washington, relations have steadied in the wake of a trade truce last year.

Donald Trump, who held a phone call with Xi Jinping last week, plans to meet the Chinese leader at a presidential summit in Beijing as soon as April. The regulatory guidance to Chinese banks on Treasuries came before last week’s call, the people said.

Chinese banks held about $298 billion worth of dollar-denominated bonds as of September, according data from the State Administration of Foreign Exchange. It’s unclear how much of those were Treasuries.

The People’s Bank of China and the National Financial Regulatory Administration didn’t immediately respond to requests for comment.

China’s caution comes as global investors increasingly question Washington’s fiscal discipline. Concerns have mounted regarding Trump’s commitment to a strong dollar and the continued independence of the Federal Reserve.

Last month, a Deutsche Bank AG analyst warned that money managers in Europe could choose to trim their holdings in response to Trump’s threats on tariffs and the proposed acquisition of Greenland.

Trump indicated in late January that he’s comfortable with the dollar’s recent decline, which helped send the currency to its lowest level since early 2022. Lower interest rates and concerns over mounting fiscal risks have also played a part.



Still, US Treasury Secretary Scott Bessent said last week that “despite the popular narrative,” the Treasuries market last year delivered its best performance since 2020 and saw record foreign demand at auctions.

After a brief selloff around Trump’s tariff announcement last April, Treasuries have outperformed most of their peers in developed markets as the Federal Reserve’s interest-rate cuts pushed yields lower.

Even as some investors talked about “quiet quitting” or selling America, there’s little sign of panic in the market over a wave of Treasuries sales by foreigners or a widespread loss of confidence in the traditional safe haven asset. A measure of Treasury volatility, for instance, has fallen to a five-year low.

Foreign holdings of US Treasuries rose to a record $9.4 trillion in November, more than $500 billion higher than a year earlier, according to the latest official data.



China’s overall state and private sector holdings of US Treasuries have consistently declined over the past decade. Once the world’s largest creditor to the US, China was overtaken by Japan in 2019 and by the UK last year. The Asian nation’s stockpile has almost halved since a peak in 2013, dropping to $683 billion in November, the lowest since 2008.

Some analysts say the actual decline may be smaller, as Beijing may have shifted some of its holdings to custodian accounts in Europe. Belgium — whose holdings include Chinese custodial accounts, according to market analysts — has seen its Treasury holdings quadruple since the end of 2017 to $481 billion.



Global markets have experienced sharp moves this year, with gold surging then seeing its biggest decline in four decades, Japan’s government bond market suffering a $41 billion meltdown and the dollar and yen fluctuating wildly.

[Derby]

https://www.ft.com/content/d503afd5-1012-40f0-8f9d-620dcb39a9a2

Big Tech groups race to fund unprecedented $660bn AI spending spree

Executives face choice between cutting returns to shareholders, raiding reserves or tapping the markets


© FT montage/Getty Images

Big Tech companies will have to raise tens of billions of dollars to fund their skyrocketing investments in artificial intelligence this year, as capital spending outpaces cash flows even among some of the world’s most profitable companies.

Google’s parent Alphabet, Amazon and Meta all surprised investors with the scale of their AI spending plans over the past two weeks. A total of more than $660bn is set to be ploughed into chips and data centres this year as they race to dominate what many in Silicon Valley believe will be the biggest wave of innovation since the internet.

The unprecedented infrastructure build-out will force Big Tech executives to choose between stemming capital returns to shareholders, raiding their cash reserves or tapping the bond and equity markets more than previously planned, analysts say.

“The upside implications for [high-grade debt] issuance are clear from this,” said analysts at JPMorgan, who forecast that tech and media companies would issue at least $337bn in high-grade bonds this year.

Big Tech stocks sold off sharply in recent days as shareholders balked at the gargantuan capex plans and fretted over when the spending was likely to generate a return, although some rallied on Friday.

Amazon signalled with a regulatory filing on Friday that it could soon look to raise fresh capital in debt or equity, though it did not specify an amount or timetable for any such deal. Its shares closed the day 5.6 per cent down after the announcement.

Its planned $200bn capital spending this year is likely to outstrip its cash from operations of $180bn, according to estimates from S&P Capital IQ.

Oracle last week raised $25bn in a bond offering to bolster its huge bet on AI, easing investors’ fears about how it would fund a $300bn deal to provide computing power to OpenAI, the lossmaking ChatGPT maker.

Analysts at TD Securities said the coming week could see as much as $80bn in investment-grade corporate bond issuance, twice the “normal seasonal pace”, driven by potential “mega deals” from the likes of Amazon, Meta and Alphabet.

US investment-grade credit spreads have widened in recent days in anticipation of Big Tech tapping the market, TD said in a note to clients.

The scale of capital investment in building new facilities to train and run AI systems such as ChatGPT, Google’s Gemini and Anthropic’s Claude threatens to overshadow profits at what have until now been some of the world’s most cash-generative businesses.

Analysts at BNP Paribas said that free cash flows at Oracle, Alphabet, Amazon and Meta were starting to “plummet toward negative territory”, with only Microsoft appearing “more resilient, at least for now”.

Meta’s guidance of up to $135bn in capital spending this year compares with analysts’ expectations of $130bn in cash from operations. The Facebook and Instagram parent raised $30bn in October in the social media group’s biggest bond sale to date.

Alphabet is forecast to generate $195bn cash from operations to cover its projected $185bn capex plans, though it must also pay for planned share buybacks and dividends. Its long-term debt jumped from $10.9bn in 2024 to $46.5bn last year, but it ended the year with total cash and equivalents of $126.8bn.

Concern that these internet groups were “moving from an asset-light business model to a more capital-intensive one” had hit tech stocks in recent days, said Russ Mould, investment director at broker AJ Bell, making their cash flow “less visible or predictable than before”.

“Growth in capex is massively outstripping growth in sales” at AI-focused tech companies, Mould said. “The first signs of this are increased use of debt and a reduction in share buyback programmes. A drop in this largesse lessens near-term returns from shareholdings in these firms.”

[muyuu]

resultado de la segunda vuelta en Portugal