Contents. HSBC Group in the world. HSBC in Brazil. New Economic Scenario / Macroeconomic Forecasts
|
|
- Noah Johns
- 5 years ago
- Views:
Transcription
1 HSBC GLOBAL & LOCAL STRATEGY IN A NEW ECONOMIC SCENARIO Conrado Engel CEO & President of HSBC Bank Brasil 26 March 2010 The British Chamber of Commerce and Industry in Brazil - São Paulo 0
2 Contents HSBC Group in the world HSBC in Brazil New Economic Scenario / Macroeconomic Forecasts 1
3 HSBC Group in the World Founded in 1865 in Hong Kong and Shanghai with the name of The Hongkong and Shanghai Banking Corporation. In 1999, it was renamed HSBC as the new world brand. In 1992, following the acquisition of the Midland Bank, one of the largest British banks, the world headquarters moved from Hong Kong to London. HSBC is today one of the largest banking and financial services organisation in the world. HSBC faced the 2008 crisis without the use of government / tax payers money. In March 2009, HSBC shareholders fully subscribed a US$17,7 billion rights issue. 2
4 HSBC Group in the World Market knowledge of an institution operating in 88 countries, with well-established businesses in Europe, the Asia-Pacific region, the Americas, and Middle East and Africa. A community of an uniquely cosmopolitan customer base, with more than 100 million customers, employees and over shareholders worldwide. A full services bank provider, successfully acting on Personal Financial Services, Consumer Finance, Commercial Banking, Global Banking & Markets and Private Banking. Substantial financial capability founded on balance sheet strength, largely attributable to the scale of the Group s retail deposit bases, with Total Assets of US$ 2.4 trillion, Total Operating Income of US$ 78.6 billion and Profit Before Tax of US$ 7.1 billion (as per DEC 2009), with robust governance. London Headquarters 3
5 Global reach and business diversity demand strong governance and worldwide strategy alignment to meet customer needs 4
6 Strategy is defined and positions the Group for long-term growth and attractive returns Concentrating on core emerging markets and faster growing businesses Benefiting from combination of world s leading emerging market bank with extensive international network Focus on organic growth opportunities but positioned for inorganic if aligned with strategy and risks fully understood 5
7 HSBC in Brazil Established in March 1997 just after the intervention by the Central Bank in Banco Bamerindus do Brasil. Headquarters in Curitiba. Michael Geoghegan, first CEO & President of HSBC Bank Brazil, is today Group CEO. 6
8 Brazilian PFS distribution Branches = 887 HSBC Premier Centr = 80 Cities = 567 Bank correspondents = PABs = 998 Losango branches = 72 ATMs = Lines of business PFS Personal Financial Services CMB Commercial Banking GB&M Global Banking and Markets Asset Management 153 Branches 9 Premier Centers 868 Bank correspondents 165 Mini Branches (PABs) 808 ATMs Center - North 241 Branches 10 Premier Centers Bank correspondents 325 Mini Branches (PABs) ATMs 211 Branches 23 Premier Centers Bank correspondents 203 Mini Branches (PABs) ATMs 282 Branches 38 Premier Centers 846 Bank correspondents 305 Mini Branches (PABs) ATMs Private Banking 7
9 Brazil is one of the most relevant emerging markets globally and the most important economy in Latin America Brazil is an important emerging market Brazil is the 10th largest economy in the world Macro stabilization coupled with high commodity prices led to >5% GDP growth in 2007 and 2008 World's Largest Economies (Dec 08) 1. United States 2. Japan 3. China 4. Germany 5. France 6. UK 7. Italy 8. Russia 9. Spain 10. Brazil 11. Canada 12. India 13. Mexico GDP USD bn GDP per capita USD a dominant economy in Latin America Brazil is the largest economy in Latin America and accounts for 37% of the region's GDP LATAM's Largest Economies (Dec 08) Brazil Mexico Argentina Venezuela GDP USD bn 1,573 1, % LATAM GDP 37% 26% 8% 8% 8
10 Resilience during the crisis and V-shaped recovery External Solvency Indicators 2002 dez-09 International Reserves (USD bn) - liquidity 37,8 239,1 International reserves (USD bn) - cash 238,5 External Debt expiring in the next 12 months (USD bn) 1 58,6 52,8 External Debt expiring next 12 months / Reserves (cash) 155% 22% External Debt / Reserves (cash) 557% 85% External Debt / Exports 349% 132% External Debt Services / Reserves 131,9% 18,4% 1/ Includes amortizations of medium and long term debt expiring in the next 360 days. Source: BCB 130,0 120,0 110,0 100,0 90,0 80,0 70,0 set/05 nov/05 jan/06 mar/06 mai/06 jul/06 set/06 Consum er and Business Confidence nov/06 jan/07 mar/07 mai/07 jul/07 set/07 nov/07 jan/08 mar/08 mai/08 jul/08 set/08 nov/08 jan/09 mar/09 mai/09 jul/09 set/09 nov/09 jan/10 Still a closed economy; exports=14% of GDP, with strong external solvency ratios and floating FX regime, which prevented speculation against the BRL Banking system capitalized and well regulated, funded by BRL liabilities Still an underleveraged economy (credit/gdp= 45%) and consequently, no bubbles nor wealth destruction Consumption cushioned GDP in 2009, while investment started to take the lead since 4Q09 (recovery of credit and business confidence) C onsum er Confid ence Index (sa) Business Confidence Index (sa) Source: FGV 9
11 and steady growth anticipated for next three years. GDP Growth Breakdown Weight % Real GDP Growth 5.1% -0.2% 5.6% 4.2% 62.76% Private Consumption(%) 7.0% 4.1% 5.1% 4.2% 20.81% Government Consumption(%) 1.6% 3.7% 3.2% 3.8% 16.51% Aggregate investment(%) 13.4% -9.9% 16.0% 9.0% 11.27% Exports(%) -0.6% -10.3% 7.0% 6.0% 11.35% Imports(%) 18.0% -11.4% 20.0% 15.0% Sources: BCB, IBGE and HSBC forecasts GDP growth should range around 5% from 2010 to 2012 Consumers are still under leveraged, specially considering the low penetration of mortgages Investment should lead growth, as business confidence is strong and credit available at adequate volumes and cost. 22% 19% 16% Investments/G DP maybe for a longer period, if government spending focus on investment, instead of current spending. Solvency is not a concern, but the breakdown of spending is far from adequate 13% 10% 1995.I 1995.IV 1996.III 1997.II 1998.I 1998.IV 1999.III 2000.II 2001.I 2001.IV 2002.III 2003.II 2004.I 2004.IV 2005.III 2006.II 2007.I 2007.IV 2008.III 2009.II GFKF as % of GDP 4-quarter average Historical Average Source: IBGE Investment-led growth may gradually increase the investment/gdp ratio but capacity limitations remain an important feature of the Brazilian economy 10
12 Historical data and forecasts External accounts (USD bn) e 2011e Exports Imports Trade balance Current account Medium and long term amortizations External sector borrowing requirement Foreign direct investment Economic activity GDP (% var) 5.7% 3.2% 4.0% 6.1% 5.1% -0.2% 5.6% 4.2% Industrial production (IBGE) 8.3% 3.1% 2.8% 6.0% 3.1% -7.4% 12.3% 5.5% Inflation IPCA 7.6% 5.7% 3.1% 4.5% 5.9% 4.3% 5.0% 4.8% IGP-M 12.4% 1.2% 3.8% 7.8% 9.8% -1.7% 6.5% 6.0% Public sector Public sector primary surplus (% of GDP) 3.8% 3.9% 3.2% 3.4% 3.5% 2.1% 2.5% 3.3% Public sector nominal deficit (% of GDP) 2.8% 3.4% 3.5% 2.8% 2.0% 3.3% 2.6% 1.9% Net debt to GDP ratio 48.2% 48.0% 45.9% 42.8% 37.3% 43.0% 39.9% 39.1% Interest rate and exchange rate FX (average of period, BRL/USD) FX (end of period, BRL/USD) SELIC interest rate (average) 16.25% 19.05% 15.08% 11.88% 12.48% 9.93% 10.09% 12.20% SELIC interest rate (end of period) 17.75% 18.00% 13.25% 11.25% 13.75% 8.75% 12.25% 12.25% Sources: BCB, IBGE and HSBC forecasts 11
13 Favourable environment for the financial services industry Investment growth above GDP will create several opportunities for the infra structure sector (PAC and Pré-Sal). Home builders focus on the lower income customers should result in a significant boost on the mortgage business. Opportunities for further loans to the strong agricultural and energy sectors. Increase of real wages and the growing number of Brazilians moving up the economic and social class will bring more business to consumer finance and retail businesses. 12
HSBC Brazil 2011 update Presentation to Investors
Wednesday 09 November 2011 HSBC Brazil 2011 update Presentation to Investors Conrado Engel Alvaro Azevedo Chief Executive Officer HSBC Brazil Chief Financial Officer HSBC Brazil Forward-looking statements
More informationEconomic Outlook January, 2012
Economic Outlook January, 2012 Summary Global economy Low global growth scenario, tail risks have become smaller. Risks (Debt Ceiling, elections in Italy, growth in Europe). Brazil Activity shows signs
More informationEconomic Outlook. Macro Research Itaú Unibanco
Economic Outlook Macro Research Itaú Unibanco June, 2013 Agenda Economia Global Heterogeneous growth: U.S. growing faster, Europe in recession. Deceleration in the emerging economies. The Fed signals a
More informationGreen Shoots Consumption-led cyclical recovery and needed reforms
Green Shoots Consumption-led cyclical recovery and needed reforms November, 2017 FERNANDO HONORATO BARBOSA Chief Economist, Director fernando.honorato@bradesco.com.br 1 The economy is improving. Families
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco April 2017 Roadmap Global Economy The global outlook remains favorable Global growth positive momentum continues, with a synchronized
More informationBrazil s economic growth
Brazil s economic growth Real gross domestic product, 1980-2010 Percent change from preceding year 10 8 6 4 2 0-2 -4-6 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 Source: International Monetary Fund,
More informationY qué está pasando en Brasil?
Y qué está pasando en Brasil? Ilan Goldfajn Chief Economist and Partner, Itaú Unibanco August, 2013 Summary Why has the Brazilian economy decelerated? The low growth and full employment paradox (new middle
More informationExchange Rate, Inflation, Growth and Development in Brazil
Exchange Rate, Inflation, Growth and Development in Brazil Nelson Barbosa Presented at the Conference Financial Governance After the Crisis Cosponsored by the Levy Economics Institute of Bard College and
More informationCentral Banking in Emerging Markets
Central Banking in Emerging Markets International Center for Monetary and Banking Studies () Governor of the Central Bank of Brazil Ilan Goldfajn January 15, 2019 Monetary policy is challenging in Emerging
More informationPicture area. HSBC Commercial Banking. Citibank Investor Presentation. Alan Keir Group Managing Director and Global Head, Commercial Banking
Picture area HSBC Commercial Banking Citibank Investor Presentation Alan Keir Group Managing Director and Global Head, Commercial Banking March 2012 Forward-looking statements This presentation and subsequent
More informationH S B C H O L D I N G S P L C HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS. (Country-by-Country Reporting) REGULATION 2013
HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS (Country-by-Country Reporting) REGULATION 2013 31 December 2015 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to
More informationBrazil. Results 1H13. July 30 th, 2013
Brazil Results 1H13 July 30 th, 2013 Important information Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private Securities
More informationP R O J E T A THE ECONOMIST
SCENARIOS OF THE BRAZILIAN ECONOMY Carlos Geraldo Langoni PricewaterhouseCoopers September / 2010 THE ECONOMIST STRUCTURAL CHANGES WORLD LEVEL: MULTIPOLARITY; DOMESTICALLY: MACRO CONSENSUS. MULTIPOLAR
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
More informationBrazil. Results January 30 th, 2014
Brazil Results 2013 January 30 th, 2014 Important information Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private
More informationRECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO OCTOBER 2003
OCTOBER 23 RECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO 2 RECENT DEVELOPMENTS OUTLOOK MEDIUM-TERM CHALLENGES 3 RECENT DEVELOPMENTS In tandem with the global economic cycle, the Mexican
More informationThe Mexican Economy: Now and in the Future
Manuel Sánchez BBVA Investor conference "LATAM: Growth at your fingertips" Milan, Italy, May 10 2012 Index 1 Structural strengths 2 Recent developments and outlook 3 Long term opportunities 4 Consolidation
More informationZurich. A global insurer
Zurich A global insurer Zurich is a leading multi-line insurer that serves its customers in global and local markets. With about 53,000 employees, it provides a wide range of property and casualty, and
More informationAsia s strongest brand in banking, banking the world s strongest economies
Credit Suisse Investor Conference Peter Wong, Chief Executive, HSBC Asia-Pacific Asia s strongest brand in banking, banking the world s strongest economies 21 March 2011 www.hsbc.com Forward-looking statements
More informationThe Korean Economy: Resilience amid Turbulence
The Korean Economy: Resilience amid Turbulence Dr. Il SaKong Special Economic Advisor Adviser to the President Republic of Korea November 17, 17, 2008 November 17, 2008 1. Recent Macroeconomic Developments
More informationExternal Factors, Macro Policies and Growth in LAC: Is Performance that Good?
External Factors, Macro Policies and Growth in LAC: Is Performance that Good? Alejandro Izquierdo IADB Emerging Powers in Global Governance Conference Paris, July 6, 2007 (based on work with Ernesto Talvi)
More informationCountry Risk Analytics
Emerging Markets Country Risk Analytics MacroFinance Research Quarterly - 2018 Q2 www.taceconomics.com www.taceconomics.com 2 Country Risk Analytics EM Quarterly MacroFinance Research 2018 Q2 Description
More informationMarch HSBC Mexico update
March 2018 HSBC Mexico update Nuno A. Matos CEO HSBC Mexico Important notice and forward-looking statements The information set out in this presentation and subsequent discussion do not constitute a public
More informationBRAZILIAN HIGH-TECH LITIGATION: Law, Business & Policy
BRAZILIAN HIGH-TECH LITIGATION: Law, Business & Policy Thursday, May 12 Washington, DC Scan to download this presentation or to receive link via e-mail Introduction Susan L. Karamanian Associate Dean B
More informationMonetary Policy: A Key Driver for Long Term Macroeconomic Stability
Monetary Policy: A Key Driver for Long Term Macroeconomic Stability Julio Velarde Governor Central Bank of Peru March 2016 Agenda 1. Peru s growth is based on strong fundamentals 2. Recent economic developments
More informationBrazil. Mauricio Oreng Senior Brazil Strategist Aug-17. Macroeconomic outlook. Marketing communication
Mauricio Oreng Senior Brazil Strategist Aug-17 Brazil Macroeconomic outlook Marketing communication Brazil s worst recession on record... 12 10 % real annual growth 8 6 4 2 0 GDP forecast 2017: 0.1% -2
More informationThe Capital Requirements (Country-by-Country Reporting) Regulations December 2017
HSBC Holdings plc The Capital Requirements (Country-by-Country Reporting) Regulations 2013 31 December 2017 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to
More informationBRICs: actual growth and cooperation perspectives. International Advisory Council 3 rd Metting August 15, Luciano Coutinho President
BRICs: actual growth and cooperation perspectives International Advisory Council 3 rd Metting August 15, 2011 Luciano Coutinho President Emerging countries remain ahead in worldwide growth Annual Growth
More informationGovernor Central Bank of Argentina
Banco Central de la República Argentina "International Crisis and Policy Space: Challenges for Emerging Countries" Mercedes Marcó del Pont Governor Central Bank of Argentina 2th Annual Hyman P. Minsky
More informationGlobal Economic Outlook
Global Economic Outlook Will the growth continue and at what pace? Latin American Conference São Paulo August 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary Information
More informationFX and Capital Markets
FX and Capital Markets Highlights of the Week June, 7 Weaker U.S. labor market boosts the BRL Brazilian currency rebounds Weaker figures on the U.S. labor market undermined the dollar against many currencies,
More informationGlobal Construction 2030 Expo EDIFICA 2017 Santiago Chile. 4-6 October 2017
Global Construction 2030 Expo EDIFICA 2017 Santiago Chile 4-6 October 2017 Graham Robinson Global Construction Perspectives Global Construction 2030 is the fourth in a series of global studies of the construction
More informationOtaviano Canuto Vice President & Head of Network Poverty Reduction and Economic Management The World Bank
Otaviano Canuto Vice President & Head of Network Poverty Reduction and Economic Management The World Bank The 11th International Academic Conference on Economic and Social Development April 6-8, 2010 Moscow
More informationFX and Capital Markets
FX and Capital Markets Highlights of the Week November, 1 Domestic and international drivers pressure the BRL Brazilian currency underperformed its peers last week Improved data on the U.S. economy released
More informationReverse Innovation in Financial Services A 10 Year Outlook
Reverse Innovation in Financial Services A 10 Year Outlook Authors note Global Growth Markets (GGMs) have no legacy, little infrastructure and as a consequence, a very high level of unbanked consumers,
More informationBrazil Currency Perspectives
, on. November 29 Brazil Currency Perspectives Research Ana Esteves + 351 21 381 19 ana.esteves@itaueuropa.pt María Insausti + 351 21 381 1149 maria.insausti@itaueuropa.pt Bruno Baptista + 351 21 381 1136
More informationRetail Banking and Wealth Management
Retail Banking and Wealth Management Results and Strategy John Flint, Chief Executive, RBWM John Greene, Chief Financial Officer, RBWM March 2013 Forward-looking statements This presentation and subsequent
More informationBRAZILIAN ECONOMIC OUTLOOK
BRAZILIAN ECONOMIC OUTLOOK BRAZILIAN ECONOMIC OUTLOOK Henrique Meirelles Henrique Meirelles February 8th, 2016 February 08th, 2016 INTRODUCTION 80 s Hyper inflation and volatility. 1994 Monetary stabilization
More informationSovereign Credit Outlook. Richard Francis Director, Latin America Sovereigns Corficolombiana Conference December 5, 2018
Sovereign Credit Outlook Richard Francis Director, Latin America Sovereigns Corficolombiana Conference December 5, 218 Agenda Global Perspective Regional Overview Sovereign Ratings and Recent Actions Colombia
More informationInvestor Presentation
Investor Presentation 3Q10 Growth for the next 115 years SULAMÉRICA TODAY A Unique Kind of Insurance Company Ranking as independent pure play Brazilian insurance company not owned by a bank #1 Ranking
More information31 January 2018 BRAZIL. January December 2017
31 January 2018 BRAZIL January December 2017 Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains statements that constitute forward-looking statements within the meaning
More informationSHORT AND MEDIUM-TERM PROSPECTS FOR LATIN AMERICA
SHORT AND MEDIUM-TERM PROSPECTS FOR LATIN AMERICA Ignacio Hernando Meeting of International Relations Managers Banco de España, 9 July 215 INTERNATIONAL AFFAIRS CONTENT 1. The Latin America economy at
More informationChallenges to monetary policy in the EMEs
Challenges to monetary policy in the EMEs A view into the Brazilian Case Governor of the Banco Central do Brasil Ilan Goldfajn November 18th, 2017 Outline Benign international conditions and Emerging Markets
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES. Bank of Russia.
RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES Bank of Russia July 218 < -1% -1-9% -9-8% -8-7% -7-6% -6-5% -5-4% -4-3% -3-2% -2-1% -1 % 1% 1 2% 2 3% 3 4% 4 5% 5 6% 6 7% 7 8% 8 9% 9 1% 1 11% 11
More informationBBVA Bancomer. Focused on continuing growth
BBVA Bancomer Focused on continuing growth 1 Disclaimer This document is only provided for information purposes and does not constitute, nor must it be interpreted as, an offer to sell or exchange or acquire,
More informationCommercial Banking Investor Presentation
Commercial Banking Investor Presentation Nomura Financial Services Conference Simon Cooper Group Managing Director, CEO of Global Commercial Banking November 2013 Forward-looking statements This presentation
More informationThird Quarter 2011 Highlights
Third Quarter 2011 Highlights Keeping the Pace 2 Economic and Financial Environment Leadership Position in Net Income Outstanding Growth in Loans Strong Retail Segment EBIT Improvements in Stock Liquidity
More informationEmerging markets in the global crisis and beyond
Emerging markets in the global crisis and beyond May 5, 29 Maria Laura Lanzeni Head of Emerging Markets Think Tank of Deutsche Bank Group Agenda Emerging markets & BRICs as global players Impact of the
More informationBanco Santander (Brasil) S.A. 1H12 BR GAAP Results July 26 th, 2012
Banco Santander (Brasil) S.A. 1H12 BR GAAP Results July 26 th, 2012 DISCLAIMER This presentation may contain certain forward-looking statements and information relating to Banco Santander (Brasil) S.A.
More informationGlobal Economic Prospects: Navigating strong currents
Global Economic Prospects: Navigating strong currents Andrew Burns World Bank January 18, 2011 http://www.worldbank.org/globaloutlook Main messages Most developing countries have passed with flying colors
More informationSelf Insurance, Regional Arrangements, and Preemptive Financing: The experience of Brazil
Crisis Prevention in Emerging Markets Self Insurance, Regional Arrangements, and Preemptive Financing: The experience Brazil High Level Seminar on Crisis Prevention July 1-11, 11, 26 Singapore Joaquim
More informationGlobal Economic Outlook John Hawksworth Chief Economist, PwC September 2012
www.pwc.co.uk/economics Global Economic Outlook John Hawksworth Chief Economist, September 2012 Agenda Global overview Short term prospects for Europe, US and BRICs Long term trends: demographics, growth
More informationProject Serasa. Acquisition of Serasa. xx 26 June 2007
Project Serasa Acquisition of Serasa xx 26 June 2007 Agenda Overview Serasa and the Brazilian credit market Financial performance Transaction details Summary and Q&A 2 Serasa transaction summary Agreed
More informationMulti-asset capability Connecting a global network of expertise
Multi-asset capability Connecting a global network of expertise For Professional Clients only Solutions aligned with investors' needs We have over 25 years of experience designing multi-asset solutions
More informationFX and Capital Markets
FX and Capital Markets Highlights of the Week May, 7 BRL outperforms peer currencies during the week BRL remains virtually stable in a week of emerging market currencies depreciation Falling commodity
More informationBrazil: FX and Capital Markets Highlights of the Week
Brazil: FX and Capital Markets Highlights of the Week Monday, April 7, 1 Currency flow remains positive Brazilian currency maintained the good performance of the previous weeks. The real kept last week
More informationBrazil: FX and Capital Markets Highlights of the Week
Brazil: FX and Capital Markets Highlights of the Week Monday, May 11, 1 International Market Reopens for Brazilian Issuances Brazilian currency appreciated again last week. Notwithstanding some depreciation
More informationBanco do Brasil. 2Q10 Conference Call
Banco do Brasil 2Q10 Conference Call 1 Disclaimer This presentation may include references and statements, planned synergies, increasing estimates, projections of results and future strategy for Banco
More informationUK Trade in Numbers. February 2019
UK Trade in Numbers February 2019 Disclaimer The figures used in this pocketbook are the latest at the time of publication. We include figures from monthly and quarterly publications, such as ONS Balance
More informationEconomic Outlook. Macroeconomic Research Itaú Unibanco
Economic Outlook Macroeconomic Research Itaú Unibanco March 2015 Overview International Global growth on the rise. U.S. interest rates will soon follow U.S. economic fundamentals remain solid. Rates are
More informationECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH
ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH Augustine Faucher Chief Economist November 13, 2017 Senior Economic Advisor Chief Economist BETTER GROWTH THIS YEAR, AND AN UPGRADE TO 2018 World output,
More informationMonetary Policy under Fed Normalization and Other Challenges
Javier Guzmán Calafell, Deputy Governor, Banco de México* Santander Latin America Day London, June 28 th, 2018 */ The opinions and views expressed in this document are the sole responsibility of the author
More informationHSBC Bank Canada Investor Presentation
HSBC Bank Canada Investor Presentation Graham McIsaac Chief Financial Officer April 2009 Brad Meredith Executive Vice-President, Global Banking and Markets Nick Turnor Head of Debt Investor Relations,
More informationGlobal Economic Prospects
Global Economic Prospects Assuring growth over the medium term Andrew Burns DEC Prospects Group January 213 1 Despite better financial conditions, stronger growth remains elusive More than 4 years after
More informationBanco Santander (Brasil) S.A. 1H11 IFRS Results
Banco Santander (Brasil) S.A. 1H11 IFRS Results July 27 th, 2011 Table of Contents 2 Main Ideas Macroeconomic Scenario Strategy Business Results Final Remarks Main Ideas Results of 1H11 3 1 2 3 4 Commercial
More informationIMPORTANT INFORMATION
INSTITUTIONAL PRESENTATION Dec/2013 IMPORTANT INFORMATION This document contains forward-looking information to take into account regarding the business prospects, operational and financial results estimates
More informationNew in 2013: Greater emphasis on capital flows Refinements to EBA methodology Individual country assessments
As in 212: Stock-take: multilaterally consistent assessment of external sector policies of the largest economies Feeds into Article IVs Draws on External Balance Assessment (EBA) methodology/other Identifies
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco December 2017 Roadmap Global Economy Solid global growth and higher interest rates in 2018 We expect global growth to continue at 3.8%
More informationPREVI NOVARTIS MONTHLY REPORT February 14, Macroeconomic Scenario
PREVI NOVARTIS MONTHLY REPORT February 14, 2014 1- Macroeconomic Scenario The outlook for global growth keeps improving. This scenario is benign, but not without risks to the emerging countries, including
More informationMerrill Lynch. Banking & Insurance CEO Conference 2007 BBVA
Merrill Lynch Banking & Insurance CEO Conference 2007 BBVA London, 4 th October 2007 Disclaimer This document is only provided for information purposes and does not constitute, nor must it be interpreted
More information2Q15 Results Presentation August 14th A Global Food Company
Results Presentation August 14th 2015 A Global Food Company Disclaimer This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial
More informationHSBC Holdings plc Interim Results 2012 Presentation to Investors and Analysts
A Chinese ship in Brazil s largest port, Santos. Photography: Matthew Mawson HSBC Holdings plc Interim Results 2012 Presentation to Investors and Analysts Forward-looking statements This presentation and
More informationBanco Santander (Brasil) S.A.
Banco Santander (Brasil) S.A. 9M09 IFRS Results Pro forma October 28th, 2009 Table of Contents 2 Macroeconomic Scenario and Financial System 9M09 - Strategy -Results - Business Macroeconomic Scenario 3
More informationCapital Markets and M&A in Latin America
Capital Markets and M&A in Latin America 10th Annual LABA Conference Latin America: Growth Perspectives in a Shifting Political Landscape Bernardo Parnes Chief Executive Officer - Banco Bradesco BBI S.A.
More informationLACEA/LAMES Implications for Latin America: BRAZIL" 05/10/2007
LACEA/LAMES 2007 Global Financial Markets Turmoil and Implications for Latin America: BRAZIL" 05/10/2007 Márcio Garcia www.econ.puc-rio/mgarcia I. Inflation, Output Growth and Unemployment GDP Growth and
More informationGlobal Themes and Risks
The Goldman Sachs Group, Inc. Goldman Sachs Research Global Themes and Risks April 2013 Abby Joseph Cohen, CFA Goldman, Sachs & Co. 1-212-902-4095 abby.cohen@gs.com Rachel Siu Goldman, Sachs & Co. 1-212-357-0493
More informationThe Global Economy Heightened Risks
The Global Economy Heightened Risks RISI Latin American Conference 16 August, 2016 David Katsnelson Director, Macroeconomics Agenda 1. Global Snapshot A Two-Track World 2. Latin America Some Improvement
More informationNASDAQ Global Index. More information about the Index can be found at
NASDAQ Global Index The NASDAQ Global Index is a float adjusted market capitalization-weighted index designed to track the performance of global equities covering over 98% of the entire listed market capitalization
More informationMacro Vision June 13, 2017
Macro Vision June 13, 2017 Country risk: how far can it reach? The global environment has been favorable to emerging markets, despite the recent drop in commodity prices. Better global growth and lower
More informationBrazil Review. Depreciation of the Real Sharpens. The Brazilian Economy in March 2015
Brazil Review Wednesday, April 01, 2015 Depreciation of the Real Sharpens The Brazilian Economy in March 2015 GDP growth reached 0.1% in 2014. The latest confidence and employment indicators showed a further
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco January 2018 Roadmap Global Economy Goldilocks scenario continues Global growth to remain at 3.8% in 2018. Growth in developed countries
More informationSovereign Debt Managers Forum
Sovereign Debt Managers Forum Breakout Session 1: Market Dynamics in International Capital Markets for Sovereign Debt By C J P Siriwardena Assistant Governor Central Bank of Sri Lanka 04 December 2014
More informationGoldman Sachs U.S. Financial Services Conference Vikram Pandit
Goldman Sachs U.S. Financial Services Conference Vikram Pandit Chief Executive Officer December 6, 2011 Citigroup Market conditions remain challenging Industry is facing significant changes in the economic,
More informationBanco Santander (Brasil) S.A. 9M11 IFRS Results October 27 th, 2011
Banco Santander (Brasil) S.A. 9M11 IFRS Results October 27 th, 2011 Table of Contents 2 Highlights Macroeconomic Scenario Strategy Business Results Final Remarks Highlights 3 Annual growth of double-digit:
More informationInvestor Presentation
March, 2010 1 Disclaimer This document can contain statements which constitute forward-looking statements. Such forward-looking statements are dependent on estimates, data or methods that may be incorrect
More informationProgress Towards Strong, Sustainable, and Balanced Growth. Figure 1: Recovery From Financial Crisis (100 = First Quarter of Real GDP contraction)
Progress Towards Strong, Sustainable, and Balanced Growth Figure 1: Recovery From Financial Crisis ( = First Quarter of Real GDP contraction) 13 125 196-26 AE Recessions' Range*** 196-26 AE Recessions**
More informationGLOBAL EMERGING MARKETS: IT IS THE STOCKS THAT MATTER ANWAAR WAGNER
GLOBAL EMERGING MARKETS: IT IS THE STOCKS THAT MATTER ANWAAR WAGNER Portfolio Manager at Electus AGENDA Emerging Markets (EM) Crises? EM vs Developed Markets (DM) OM GEM Fund It s the shares that matter
More informationBy Philippe Guinaudeau June 2008
By Philippe Guinaudeau June 2008 Content What happened in the world of NPD Toy Markets in the World Top 10 Countries Evaluating the future Summary 2 Australia, Austria, Belgium, France, Germany, Italy,
More informationForeign Direct Investment in the United States 2013 Preliminary Data. Organization for International Investment (OFII)
Foreign Direct Investment in the United States 2013 Preliminary Data Organization for International Investment (OFII) Key Findings: Foreign Direct Investment in the United States, 2003-2013 1 Foreign direct
More informationEconomic Outlook In the Shoes of an FOMC Member
Economic Outlook In the Shoes of an FOMC Member This material must be read in conjunction with the disclosure statement. 9 April 2018 PRESENTED BY: MARKUS SCHOMER Chief Economist PineBridge Investments
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationBrazil Review March 1, 2018
Brazil Review March 1, 2018 Central Bank near the end of the easing cycle The Brazilian economy in February 2018 The Central Bank reduced the benchmark Selic interest rate by 25 bps to 6.75% and signaled
More informationHSBC Holdings plc ADR (HSBC-NYSE)
February 24, 2015 HSBC Holdings plc ADR (HSBC-NYSE) Analyst Note NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 12/21/2014 Current Price (02/23/15) $44.68 Target Price
More informationMarch US Business Update
March 2018 US Update Key messages 1 Consumer and Mortgage Lending CML (run-off portfolio) sales completed by YE 2017 2 $4.5bn dividends paid from HSBC North America Holdings (HNAH) to Group in 2017 3 The
More informationGlobal Investment Trends Survey May A study into global investment trends and saver intentions in 2015
May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals
More informationInvestor Presentation
March, 2010 1 Disclaimer This document can contain statements which constitute forward-looking statements. Such forward-looking statements are dependent on estimates, data or methods that may be incorrect
More informationBrazilian Federal Public Debt. October 15th,2012
Brazilian Federal Public Debt October 15th,2012 Federal Public Debt Macroeconomic Overview Economic Policy Economic Activity and Recent Events Public Debt Management 2 Dec/99 Dec/00 Dec/01 Dec/02 Dec/03
More informationEconomic Research Low isn t necessarily bad
a-- 2009 Brazil Outlook January 2009 Ana Esteves + 351 21 381 1090 ana.esteves@itaueuropa.pt Registered with CMVM María Insausti + 351 21 381 1149 maria.insausti@itaueuropa.pt Registered with CMVM Bruno
More informationImportant Information
Make it happen Important Information This presentation may contain forward looking statements, including such statements within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E
More information