Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a  seasonally and working day adjusted basis, production slowed to 0.2% y-o-y in March 2016 compared to a 1.1% y-o-y increase in February 2016. It grew 1.6% y-o-y on a 3-month moving average basis in March compared to 1.7% y-o-y in February.In terms of industry segments, chemicals &amp; basic pharmaceutical production saw a decline of around 5.5% y-o-y in March compared to an increase of 0.4% y-o-y in…

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a  seasonally and working day adjusted basis, production slowed to 0.2% y-o-y in March 2016 compared to a 1.1% y-o-y increase in February 2016. It grew 1.6% y-o-y on a 3-month moving average basis in March compared to 1.7% y-o-y in February.In terms of industry segments, chemicals &amp; basic pharmaceutical production saw a decline of around 5.5% y-o-y in March compared to an increase of 0.4% y-o-y in…

Eurozone: March Industrial Production Lower than Expected

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>March saw broad-based tightening across Europe’s dual-class universe, reversing February’s dispersion widening. Both the median and mean moved towards convergence, driven by retracement in structurally wide spreads.</li>
<li>Liquidity-Driven convergence reasserted itself in Fuchs, Carlsberg, Grifols and Sixt, while Handelsbanken remained the dominant structural anomaly despite meaningful tightening.</li>
<li>Telecom Italia continues to behave as a dividend-anchored structure, but with the approved savings conversion, convergence is increasingly shaped by corporate action rather than pure market arbitrage.</li>
</ul>


March saw broad-based tightening across Europe’s dual-class universe, reversing February’s dispersion widening. Both the median and mean moved towards convergence, driven by retracement in structurally wide spreads.
Liquidity-Driven convergence reasserted itself in Fuchs, Carlsberg, Grifols and Sixt, while Handelsbanken remained the dominant structural anomaly despite meaningful tightening.
Telecom Italia continues to behave as a dividend-anchored structure, but with the approved savings conversion, convergence is increasingly shaped by corporate action rather than pure market arbitrage.


Liquid Universe of European Ordinary and Preferred Shares: March '26 Report

<ul>
<li>
February saw dispersion widen modestly, with the median stable but the mean rising as structural right-tail spreads re-expanded.</li>
<li>Liquidity-Driven convergence worked selectively (Carlsberg, Fuchs), reinforcing the episodic nature of ord/pref tightening.</li>
<li>Structural anomalies persist, with Danieli widening and Handelsbanken remaining the universe’s dominant dispersion outlier.</li>
</ul>



February saw dispersion widen modestly, with the median stable but the mean rising as structural right-tail spreads re-expanded.
Liquidity-Driven convergence worked selectively (Carlsberg, Fuchs), reinforcing the episodic nature of ord/pref tightening.
Structural anomalies persist, with Danieli widening and Handelsbanken remaining the universe’s dominant dispersion outlier.


Liquid Universe of European Ordinary and Preferred Shares: February '26 Report

<ul>
<li>January saw post year-end normalisation, with selective convergence resuming while the median voting premium remained stable, confirming no systemic repricing of control across Europe’s dual-class universe.</li>
<li>Liquidity and structure drove outcomes, with convergence working in scalable, index-exposed pairs, while a small number of structurally constrained names continued to dominate dispersion.</li>
<li>Opportunities remain selective into 2026, favouring liquidity-driven convergence and balance-sheet normalisation, while extreme Nordic dislocations persist as high-dispersion, structurally constrained trades.</li>
</ul>


January saw post year-end normalisation, with selective convergence resuming while the median voting premium remained stable, confirming no systemic repricing of control across Europe’s dual-class universe.
Liquidity and structure drove outcomes, with convergence working in scalable, index-exposed pairs, while a small number of structurally constrained names continued to dominate dispersion.
Opportunities remain selective into 2026, favouring liquidity-driven convergence and balance-sheet normalisation, while extreme Nordic dislocations persist as high-dispersion, structurally constrained trades.


Liquid Universe of European Ordinary and Preferred Shares: January '26 Report

Germany

Sixt SE offers rental and leasing services of cars and trucks such as Mercedes, Ford, VW/Audi, BMW, Opel, Nissan, Fiat, Renault, Saab, and Iveco to business and private customers in Europe.  The Company provides hotel and flight reservations on the Internet.  Sixt also sells used cars and conducts auctions.

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Sixt SE (SIX2 GR)

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and...

Rajan Govil

Eurozone: March Industrial Production Lower than Expected

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a seasonally and working day adjusted basis, production...

Rajan Govil

Liquid Universe of European Ordinary and Preferred Shares: March '26 Report

March saw convergence across European dual-class shares, with dispersion narrowing as liquidity returned. Structural outliers persist, while...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: February '26 Report

February brought mild widening in Europe’s dual-class spreads, but no systemic repricing of voting rights. Dispersion remains driven by structural...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: January '26 Report

January confirmed dispersion without repricing in European dual-class stocks: liquidity and structure drove selective convergence, while a few...

Jesus Rodriguez Aguilar

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