Neil's Feed
May 22, 2014
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Negative rates lost potency as ECB dithered

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By Neil Unmack

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

European Central Bank President Mario Draghi has been dangling negative rates over markets for over a year. In crisis times, a negative deposit rate would have been risky – but potentially powerful. Now the effect would be muted, but still tricky.

May 19, 2014
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Europe slides towards the next Minsky Moment

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By Neil Unmack

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

There’s little doubt that markets think the euro crisis is over. Bond yields have fallen below pre-crisis levels for most of the countries formerly known as peripherals; the grab for southern European assets is a crowded trade. Could this be the prelude to the next Minsky moment?

Apr 28, 2014
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Pfizer needs to do more to win AstraZeneca

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By Neil Unmack

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Pfizer will need to pile on more pressure if it wants to buy AstraZeneca. The U.S. pharma group has confirmed that it made a $99 billion cash-and-stock approach for its UK peer in January, and is now renewing its suit. Astra Chief Executive Pascal Soriot may ultimately struggle to resist a takeover, but he ought to be able to extract a better proposal.

Apr 28, 2014
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Pfizer needs to do more to win AstraZeneca

Photo

By Neil Unmack

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Pfizer will need to pile on more pressure if it wants to buy AstraZeneca. The U.S. pharma group has confirmed that it made a $99 billion cash-and-stock approach for its UK peer in January, and is now renewing its suit. Astra Chief Executive Pascal Soriot may ultimately struggle to resist a takeover, but he ought to be able to extract a better proposal.

Apr 4, 2014
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Euro crisis 2.0 will need a new shock absorber

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By Neil Unmack and George Hay

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Future euro zone crises will need a different shock absorber. European banks kept yields down during 2010-13 by buying sovereign debt. New capital rules make this an altogether dicier affair.

Apr 4, 2014
via Breakingviews

Euro crisis 2.0 will need a new shock absorber

Photo

By Neil Unmack and George Hay

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Future euro zone crises will need a different shock absorber. European banks kept yields down during 2010-13 by buying sovereign debt. New capital rules make this an altogether dicier affair.

Mar 26, 2014
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Roman corporate governance purge could backfire

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By Neil Unmack

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Rome’s corporate governance purge could backfire. The Italian Treasury wants state-controlled companies to force anyone under criminal investigation for financial crimes off boards of directors. The intention is laudable, but the plan is ill-conceived.

Mar 26, 2014
via Breakingviews

Roman corporate governance purge could backfire

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By Neil Unmack

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Rome’s corporate governance purge could backfire. The Italian Treasury wants state-controlled companies to force anyone under criminal investigation for financial crimes off boards of directors. The intention is laudable, but the plan is ill-conceived.

Mar 20, 2014
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Euro zone periphery trade is running out of gas

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By Neil Unmack and Fiona Maharg-Bravo

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

The euro zone periphery trade is running out of gas. Investors keen on a recovery story have been piling into assets in Spain, Italy, Portugal and Greece for over 18 months now. But some periphery assets are looking expensive. Further gains need two tricky conditions to be satisfied.

Mar 20, 2014
via Breakingviews

Euro zone periphery trade is running out of gas

Photo

By Neil Unmack and Fiona Maharg-Bravo

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

The euro zone periphery trade is running out of gas. Investors keen on a recovery story have been piling into assets in Spain, Italy, Portugal and Greece for over 18 months now. But some periphery assets are looking expensive. Further gains need two tricky conditions to be satisfied.