Last week was heavy on the economic data front, with inflation indicators and quarterly earnings reports galore. The three major equities indices saw weekly gains, with the S&P 500 nearing its record-high of just under 4,800 which the index reached about two years ago.  The S&P 500 ended last week up 1.84%. The 10-year Treasury yield finished last week down about 10 basis points to 3.94% and the 2-year was down almost 27 basis points to 4.14%, putting the 2s/10s...

Read more

The first operation of its kind in France, this EIB contribution will enable Groupe BPCE’s leasing business to offer financing for mobility, energy efficiency and renewable energy self-consumption projects. The financing will be available to its own customers and customers of the Banques Populaires, Caisses d’Epargne, Crédit Coopératif and Banque Palatine. This partnership will act as an accelerator to support small business professionals, small and medium-sized enterprises (SMEs) and mid-caps in their energy transition. The €300 million package is designed...

Read more

What You Need To Know The Commerce Department’s Bureau of Industry and Security (BIS) has published new FAQs that offer further guidance on two interim final rules that went into effect in November 2023. These rules, for which the BIS is accepting comments until January 17, 2024, expand export controls related to advanced computing and semiconductors, aimed at China and other national security concern countries. The just-published FAQs offer guidance on several areas, including: the new export license exception...

Read more

Overview: The broad consolidation in the dollar after the gyrations at the end of last week continues, and within it the greenback is a bit softer today. Among the G10 currencies, only the yen is failing to post gains. Most emerging market currencies, led by central Europe, are also firmer today. The market's focus is on tomorrow's US CPI. Meanwhile, the US 10-year yield is lower for the third consecutive session and is below the 4% threshold ahead of today's...

Read more

The upcoming year is poised for a global interest-rate cut, which will reverse the previous aggressive tightening seen in 2022 and 2023. Central banks around the world should begin easing monetary policy as inflation continues to retreat, led by the US Federal Reserve, which plans to reduce interest rates by 75 basis points by the end of 2024, according to Bloomberg.  The federal funds rate is expected to be at 4.25% at the end of 2024 and the European Central Bank...

Read more

Mid-caps, i.e. firms with between 250 and 3 000 employees, represent a significant part of the European economy, contributing substantially to turnover, employment and value creation across the continent. Their commitment to workforce development is remarkable, with a significant majority of mid-caps investing in training and skills development, higher than for most other firms. The lack of a consistent definition and statistical clarity surrounding mid-caps hinders their analysis and the formulation of targeted policies, as well as their success. The...

Read more

Nadia Calviño took over as president of the European Investment Bank on 1 January, replacing Werner Hoyer. The eighth president of the EU bank, Calviño is the first woman to lead the institution. She is also the first Spaniard to head the Bank. President Calviño was previously first vice-president of the government of Spain and minister of economy, trade and enterprise. In the past, Calviño has also held various positions at the European Commission, where she was deputy director general with a special...

Read more

Overview: The dollar continues to consolidate broadly after the dramatic price swings at the end of last week. For the most part, the greenback remains inside yesterday's ranges, which were inside last Friday's. The G10 currencies are a little heavier today, except the Japanese yen and Norwegian krone, which are posting small gains. Indeed, the greenback is near session highs against most of the major currencies as we go to print. Emerging market currencies are more mixed. Central European...

Read more

A look back at business failures often reveals blind spots that either concealed a dysfunctional culture or led to a lack of understanding, strategic error or missed opportunities. Is the board aware of the organization’s blind spots, and is it addressing them? We’ve all heard the adage that what we don’t know can be more damaging to reputation, brand image, market standing and competitive position than what we do know. This adage gets to the heart of the nature of...

Read more

The following is an update on the current situation at the Panama Canal. We are sharing this information because importers should be aware that ships navigating the canal continue to face substantial delays and potential fees. You may already know that the Panama Canal Authority (ACP) has been restricting vessel traffic for several months as severe drought has limited the water needed to operate its lock system. Presently, only 22 daily transits are authorized, which is down from the 35...

Read more