MACRO
Macro Desk
Liquidity, curves, core inflation and geoeconomics.
- MACRO & SECTOR
The yield curve versus JPMorgan: banking liability costs against valuation multiples
The mechanics of the 2s10s yield curve shape the funding structure of major financial institutions under tight liquidity conditions. We examine the transmission impact of term spreads on net interest margins and the current valuation of JPMorgan Chase.
- MACRO & SECTOR
ITX.MC: the logistics capex penalty ignores operating resilience and cash flow
The operating model of Inditex (ITX.MC) faces an inflection point in its capital allocation cycle. While global macro conditions navigate monetary tightening and liquidity shifts, the apparel giant redefines its logistics priorities without neglecting operational profitability.
