LIVE MARKETS-"I’m from the government, and I’m here to help"

现场市场--“我来自政府,我是来帮忙的”

2020/04/22 21:48  Reuters

* European stocks up 1.4%,

* Crude futures still under pressure

* Wall Street rises at the open

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@thomsonreuters.com), Joice Alves (joice.alves@thomsonreuters.com) and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London and Stefano Rebaudo (stefano.rebaudo@thomsonreuters.com) in Milan.

"I’M FROM THE GOVERNMENT, AND I’M HERE TO HELP" (1348 GMT)

There was a time Ronald Reagan was cheered when he said the most terrifying words in the English language are "I’m from the government, and I’m here to help".

But in the brave new world shaped by the coronavirus pandemic, capitalism icons such as Thatcherism and the Chicago boys are irrelevant, argues Sam Theodore, managing director at Scope.

The state is back in the driving seat and has taken an unequivocal lead in the fight against the pandemic and the financial catastrophe it has unleashed on the global economy.

Not only governments are currently indispensable in preventing an economic and financial collapse but they most certainly keep occupying the centre stage for the foreseeable future.

In that sense, Theodore believes investors in banks should quickly understand that paradigm change.

"What the banks are being asked to do now is to distribute public-sector financing, provide temporary financial relief to their clients who need it while continuing to stand on their feet", he writes in a note.

In that sense, "the European banking sector moving into this new direction, in-between market dynamics and a quasi-public mission, will probably require investors and analysts to adjust their assessment lenses".

The recent decision of most European banks to freeze or scrap dividend payouts has indeed already forced investors to manage their expectations towards a sector which has lost about 40% of its market value in a quarter or so.

"The banks will need to re-balance their strategic priorities away from first and foremost meeting bottom line-related shareholder expectations", Scope&aposs Theodore also said.

(Julien Ponthus)

*欧洲股市上涨1.4%,

*原油期货仍有压力

*华尔街在公开场合崛起

欢迎收看路透社股票记者为您带来的欧洲股市实时报道。你可以与伦敦的Thyagaraju Adinarayan(Thyagaraju.adinarayan@thomsonreuters.com)、Joice Alves(joice.alves@thomsonreuters.com)和Julien Ponso(julien.ponus@thomsonreuters.com)和米兰的Stefano Rebaudo(stefano.recaudo@thomsonreuters.com)分享你的想法。

“我来自政府,我是来帮忙的”(格林尼治时间1348年)

有一次,罗纳德·里根(RonaldReagan)说,英语里最可怕的词是“我来自政府,我是来帮忙的”。

但Scope董事总经理萨姆·西奥多(SamTheodore)认为,在受冠状病毒大流行影响的新世界中,撒切尔主义(Thatcherism)和芝加哥男孩等资本主义偶像无关紧要。

政府又回到了主动权上,在抗击这一流行病以及它给全球经济带来的金融灾难方面发挥了明确的领导作用。

目前,不仅各国政府在防止经济和金融崩溃方面不可或缺,而且在可预见的未来,它们无疑仍占据着中心地位。

从这个意义上说,西奥多认为,银行的投资者应该迅速理解这种范式的改变。

他在一份报告中写道:“银行现在被要求做的是分配公共部门融资,向需要资金的客户提供暂时的金融救济,同时继续站稳脚跟。”

从这个意义上讲,“欧洲银行业走向这一新方向,介于市场动态和准公开使命之间,很可能需要投资者和分析师调整他们的评估视角”。

大多数欧洲银行最近决定冻结或取消派息,实际上已经迫使投资者对一个在一个季度左右损失了约40%市值的行业进行预期。

Scope&aposs Theodore还表示:“这些银行需要重新平衡它们的战略重点,而不是首先满足与底线相关的股东预期。”

(朱利安·庞萨斯)

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