Keeping it in the Family: Natixis to Sell its Retail Banking Activities to BPCE

Natixis S.A. (EPA: KN) – market cap as of 14/09/2018: €18.43bn Introduction On September 12th, 2018 Natixis S.A. announced an agreement for the proposed sale of its retail banking activities to its parent BPCE. The transaction includes the transfer of the firm’s consumer financing, factoring, leasing, sureties and guarantees, and securities services businesses and is […]

Electrification: Total S.A acquires Direct Energie

Total S.A. (EPA:FP) – market cap as of 27/04/2018: €138.0bn Direct Energie S.A. (EPA:DIREN) – market cap as of 27/04/2018: €1.90bn Introduction On April 18, 2018, French oil major Total S.A. announced the acquisition of 74.33% of Direct Energie’s share capital in a transaction valued at approximately €1.4bn. At a price of €42 per share, […]

The end of offshore insurers’ loopholes: Axa to acquire XL Group for $15bn in cash

XL Group Ltd (NYSE:XL) – market cap as of 09/03/2018: $14.4bn Axa SA (EPA:CS) – market cap as of 09/03/2018: €54.5bn Introduction On the March 5, 2018, the French insurer Axa announced its intention to buy 100% of Bermuda-based XL Group, which also operates in the insurance industry, for $57.6/share. The implied valuation of Bermuda’s […]

Total buys Engie’s LNG assets for $1.5bn in a race to boost its gas business

Total S.A. (NYSE: TOT) – market cap as of 17/11/2017: $138.514bn Engie S.A. (PAR: ENGI) – market cap as of 17/11/2017: $34.837bn Introduction On November 08, 2017, the French multinational oil and gas company Total announced that it entered into an agreement to buy the Liquefied Natural Gas assets of electric utility firm Engie in […]

Suppliers of Aircraft Manufacturers Shooting for the Stars: Safran to acquire Zodiac Aerospace for €9.7bn

Safran S.A. (EPA: SAF) – market cap as of 03/03/2017: €28.61bn Zodiac Aerospace S.A. (EPA: ZC) – market cap as of 03/03/2017: €8.03bn Introduction On January 19, 2017, the French multinational plane engine manufacturer Safran announced that it had entered into an agreement to acquire the aircraft seat supplier Zodiac Aerospace in a transaction valued […]

Is The (CDS) Maginot Line Falling?

Introduction The aim of this article is to analyse the current CDS spread of France with respect to Germany, and propose a profitable strategy for betting on the convergence of the spreads. The article is going to provide a brief introduction on the topic of CDS, followed by a short overview of the political instability […]

Nokia is “Connecting People” again with the Withings Acquisition

Nokia Corp.; market cap as of 29/04/16: €29.746bn Introduction On April 26, Finland-based Nokia announced plans to acquire France-headquartered healthcare wearables devices manufacturer Withings S.A. in a €170m cash deal. The transaction comes as Nokia seeks to make a consumer-focused comeback, prompted by slowing sales in its network equipment business. Also, the move displays a […]

MARKET RECAP 21/02/2015

US  Big news has struck the US economy this week and in particular the ones oil-related has had a strong effect on the market. The US economy has been once again the main driver of the fall in oil prices this week as the country’s stockpiles of crude last week increased by 7.7 million to […]

MARKET RECAP 6/12/2014

US The week ended with a boom for the US economy as the November jobs report was released on Friday. 321,000 new jobs were created in the last month, well ahead of economists’ forecasts of 230,000. This piece of news puts the US economy on track to achieve the best year of jobs growth since […]

MARKET RECAP 29/11/2014

US The week just past us was one of slight gains in US equity markets, with most volume on Tuesday and Wednesday due to the Thanksgiving holiday on Thursday. The week opened with a soft print of the US services PMI, then trading became jittery for the S&P 500 as on Tuesday the growth rate […]

MARKET RECAP 15/11/2014

US US equities continued to trade sideways in the last week due to the lack of news catalysts. The only major pieces of news out were the number of initial and continuing jobless claims diffused on Thursday and the retail sales figures released on Friday. The anticipation of the former two had pushed the S&P […]

Can silver rise when gold falls? This is the question

On normal market days, the (positive) correlation between gold and silver is quite high. Looking at the chart below, it looks like silver gives chase to the movements in gold and follows them quite closely. One thing we can observe though is that downside changes in gold reflect more heavily on silver prices, which lose […]

MARKET RECAP 08/11/2014

US It has been a busy week for US markets, filled with plenty of data and the outcome of the midterms on November 4th. The result of these was a Republican takeover of the Senate, and in all the expression of dissatisfaction or anger at Mr Obama’s performance. The S&P 500, which opened on Monday […]

MARKET RECAP 01/11/2014

US After turmoil in the recent weeks US equities are back to all-time highs. Very solid data on consumer confidence and a Q3 GDP growth rate print of 3.5%, above a lower forecast of 3%, propelled the S&P 500 to 2018.05. Not even the completion of tapering on Wednesday stopped US equities during the week; […]

MARKET RECAP 03/10/2014

US Last week’s losses were followed by some more, as the S&P 500 lost 0.75% to close at 1967.9 and the NASDAQ Composite and DJIA went down 0.81% and 0.6% respectively from their values at the end of last week. Stocks took a beating on Tuesday and Wednesday especially as the data on consumer confidence […]

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