British Airways flogs its art, and Britons pile on the pounds. Plus: Swiss franc weakness implies euro zone strength. Catch up with Corona Capital here
. The Swiss franc is usually a handy barometer of euro breakup sentiment. Right now, it’s suffering. The Alpine currency hasabout 4% against the single currency since Paris and Berlin on May 18 backed a plan to shower grants and loans on Covid-19-hit nations.
Some speculators had seen the pandemic as the final straw for the bloc. Yet a wall of money from the European Central Bank and from a European Union fiscal plan has revived the euro and compressed government bond yields. The spread between 10-year Italian BTPs and German Bunds, an indicator of euro zone divergence, is hovering at 185 basis points, nearly 150 bps below a March pandemic peak and levels seen when a previous eurosceptic executive ran the show in Rome.
The 750 billion euro stimulus still faces resistance from stingy nations led by the Netherlands. Still, betting against Angela Merkel is unwise. . Airlines’ corporate egos are being beaten into the ground. Following last week’s unceremonious ejection of Deutsche Lufthansa from Germany’s blue-chip DAX index, British Airways is being forced, almost literally, to sell the family silver.
At least one of the works set to go under the hammer has been valued at over 1 million pounds. Symbolism aside, that’s not much help to British Airways parent International Consolidated Airlines. The group, which also includes Spain’s Iberia and Ireland’s Aer Lingus, is burning through 178 million pounds a week. Or, if you like, two and a quarter diamond-encrusted skulls. . Britain’s expanding waistline is a boon to health stocks.
Diet makers and insulin stocks are the natural winners from the glut. Given pandemic-induced weight gain is a global problem, it’s no surprise to see Danish diabetes treatment maker Novo Nordisk’s stock up nearly 20% from the height of the crisis in March. Meanwhile, shares in WW International, formerly Weight Watchers, have doubled in the same period. Paris Saint-Germain’s Neymar da Silva Santos Junior had better prepare for a pay cut.
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