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Tag Archives: Europe

Lockdown Hits UK Commercial Real Estate, Retail Landlords & Their Investors: Most Property Mutual Funds Suddenly “Gated”

Never before have so many property funds shut the doors on so many property investors. By Nick Corbishley, for WOLF STREET: Against this backdrop of unprecedented uncertainty, as tenants of shops, bars, restaurants and offices refuse to pay their rents en masse and almost all commercial property deals fall through, it’s all but impossible to put an accurate price on the current value of commercial real estate. Virtually no one can escape the economic fallout from Covid-19. Not even...

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CoronaWar Battlegrounds: New York Leads in Growth, Minnesota Bends it Best. California Hot Spots v. Italy & South Korea. Pain in Spain

Madrid area hospitals were forced into wartime-triage, denying care to the elderly in order to give the young a better chance. By Wisdom Seeker, a WOLF STREET Commenter with a physical sciences Ph.D., San Francisco Bay Area: This post takes a fresh look at key battlegrounds in the CoronaWar which we discussed last week. For local readers, I’ll take a unique and fresh look at the Bay Area, LA and California. Around the US and globally, Spain joins Italy’s misery, but New York continues...

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Self-Employed Left Hanging after Spanish Government Promised to Protect Them from Worst of Covid-19 Fallout

During the last crisis, Madrid ramped up the tax burden on the self-employed to historic highs while wasting vast sums on corporations and banks. Same thing on an even bigger scale is now in the offing. By Nick Corbishley, for WOLF STREET: Since Spain was put on lockdown, ten days ago, its government has repeatedly said it will do everything within its powers to insulate the self-employed from the worst of the economic fallout. It was a lie. All Madrid has really offered them (or...

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After Epic “Run on the Funds,” 10 More Real Estate Mutual Funds Shuttered as COVID-19 Batters UK Property Values

Triggered by the belated realization of the risks in mutual funds that offer daily liquidity but invest in illiquid assets. By Nick Corbishley, for WOLF STREET: Over the past two days, 10 open-end property funds in the UK have slammed their doors shut on investors, citing concerns about asset valuation. The funds’ two property valuers, CBRE and Knight Frank, say that it is currently impossible to accurately value the funds’ real estate assets amid the market chaos being caused by the...

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European Banks Face Financial Crisis 2, Shares Hit 1988 Lows

The ECB promised “to monitor markets closely.” Then it came out with a new bond buying binge. By Nick Corbishley, for WOLF STREET: Bank stocks in Europe plumbed fresh mutli-decade lows despite the release of a hurriedly improvised one-paragraph announcement by the ECB pledging to do just about whatever it could take to keep the banking system in tact. The ECB will continue “to monitor markets closely”, the message read, and is “ready to adjust all of its measures, as appropriate,...

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Welcome to Dystopia: My Life Under Lockdown in Spain

Most importantly, we have our health (touch wood) and each other. By Nick Corbishley, for WOLF STREET: The whole of Spain, like the whole of Italy, and the whole of France, is closed for business (and just about everything else) as the government tries to bring Covid-19 under some semblance of control and keep the virus from overwhelming the healthcare system. The number of cases of the virus in Spain has reached 11,000, having shot up by over 2,000 in the past 24-hour phase (though...

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Mall Giant Intu Warns of Bankruptcy: First, the Meltdown of Brick & Mortar Retail, Now COVID-19

Local governments end up buying dying malls to keep them from becoming dead zones. By Nick Corbishley, for WOLF STREET: Intu Properties which owns dozens of malls in the UK, including nine of the 20 biggest, as well as a handful in Spain, warned this week that it is on the brink of bankruptcy after declaring losses of £2 billion for 2019 and a debt of £4.5 billion. Its portfolio of properties is still valued on its books at £6.6 billion, down 33% from December 2017. Its shares are now...

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First Enron of 2020: Muddy Waters’ Short-Target NMC Health Just “Discovered” $2.7 Billion Undisclosed Debt

Oops, the rot runs even deeper than Muddy Waters could have imagined. By Nick Corbishley, for WOLF STREET: This wildly turbulent year just produced its first Enron-like scandal. At the rotten heart of it is NMC Health, a FTSE 100 company that has health-care operations in 19 countries and is based in the United Arab Emirates. Last Thursday, the company’s shares were suspended after an internal review uncovered a morass of dodgy accounting and fiduciary shenanigans. Now it was revealed...

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I Live in Italy’s “Orange Zone”: What it’s Like Inside the Lockdown

Not so locked down. But there are real consequences for people and businesses. By MC01, a frequent commenter on WOLF STREET: I currently live in Italy, right in the middle of the “orange zone” that the government declared due to the Covid-19 outbreak. The publisher of Wolf Street, Wolf Richter, asked me to write about the issues relating to this emergency, so brace yourself for some hard truth. In an “orange zone,” movements are restricted, but there are many exceptions. These...

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European Bank Stocks Collapse to March 2009 & 1988 Levels

Just how much lower can they go? To Zero. And the ECB’s negative interest rates are driving them closer to it. By Nick Corbishley, for WOLF STREET: Over the past three weeks, stocks in Europe have plunged by 22.5%, their worst decline since the collapse of Lehman Brothers. The sell-off has been across the board but the worst of it has been reserved for the banking sector, whose shares have been relentlessly crushed and re-crushed for 13 years. On Monday, the Stoxx 600 Banks index,...

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