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Japan Tobacco Inc, Tobacco, PT JPY 4,000

Notes from London
Economics, Economics

Forecasts at a glance - Steady growth, no exuberance yet
Economics, Economics

Chart of the week - Can the sterling renaissance continue? 
Cross Sector, Cross Sector

Healthcare Hebdomadal - To Infinity and beyond
Pets at Home Group plc, General Retail, PT GBp 230 (no change)

Vetting the CMD
Spire Healthcare Group plc, Med. Tech/Services, PT GBp 270 (300)

Resetting near-term NHS expectations
CRH plc, Construction, PT EUR 34.30 (no change)

CRH goes West with Ash Grove deal
Criteo SA, Media, PT USD 63.00 (no change)

ITP: roadbump, not blockade
Metals & Mining, Metals & Mining

Aluminium: time to take profits; Alcoa to Hold
Ipsen SA, Biotechnology, PT EUR 125.00

Recent transformation priced in
Cross Sector, Cross Sector

The natural source of growth and returns
Economics, Economics

Economics - US economy: hurricanes depress Q3, add to Q4

                News: Berenberg
            
                News: Economics
            
        Twitter
    @Berenberg_Econ - 22.09.2017 16:09
                             UK: MAY'S FLORENCE SPEECH - 4 TAKEAWAYS #UK #Brexit #EU #florencespeech https://t.co/mSD0vKmJsH

@Berenberg_Econ - 22.09.2017 12:10
                             CHART OF THE WEEK: CAN THE STERLING RENAISSANCE CONTINUE? #CoW #GBPEUR #FX #May #Brexit…  https://t.co/n717e9Up1z https://t.co/vz8gPv469i

@Berenberg_Econ - 22.09.2017 09:59
                             STRONG PMIS SUGGEST EUROZONE GROWTH MAY ACTUALLY HOLD UP IN H2 #growth #PMI #upsiderisk #EurozoneGDP https://t.co/jk1nRXv0j4

@Berenberg_Econ - 22.09.2017 08:51
                             EUROPEAN POLITICAL UPDATE: BEYOND THE NOISE #Politics #CatalanReferendum #GermanElections #FranceReforms #Italy https://t.co/bXnZD2eqmk

@Berenberg_Econ - 21.09.2017 07:00
                             THE BERENBERG GUIDE TO THE GERMAN ELECTION #Germany #election #ThisSunday #politics  https://t.co/MkMeHsr9UO

@Berenberg_Econ - 20.09.2017 10:49
                             UK: RETAIL SALES SURGE GIVES GREEN LIGHT FOR NOVEMBER RATE HIKE #UKMACRO #ECON #MACRO #UK #BOE #MONETARYPOLICY https://t.co/hktEt2NhlK

@Berenberg_Econ - 18.09.2017 10:57
                             GERMAN POLITICAL UPDATE: SMALLER PARTIES GAIN GROUND #Merkel #Schulz #Groko #germanelections https://t.co/f8crXOVTXW

@Berenberg_Econ - 15.09.2017 12:23
                             CHART OF THE WEEK - CATALONIA: NOT ALL DREAMS CAN COME TRUE #Catalonia #Spain #referendum  https://t.co/EV72ONJP5t

@Berenberg_Econ - 13.09.2017 07:59
                             EUROPEAN REFORMS CONFERENCE - SOME KEY TAKEAWAYS #Europe #Reforms #futureproposals #Berenbergconference https://t.co/7LSV46f4Dy

@Berenberg_Econ - 11.09.2017 06:14
                             EURO PLUS MONITOR: THE NEXT STAGE #Eurozone #Reforms #Macroeconomics  https://t.co/2L2MraUlTI

@Berenberg_Econ - 08.09.2017 09:22
                             CHART OF THE WEEK: OLD DOG, NEW TRICK; SUSTAINED FASTER GROWTH AHEAD #Eurozone #growth…  https://t.co/JObdPhtFRY https://t.co/SQoWbQ5lHP

@Berenberg_Econ - 07.09.2017 14:27
                             ECB: TIPTOEING TOWARDS THE EXIT DESPITE CONCERNS ABOUT EURO STRENGTH #ECB #Assetpurchases #Macroeconomics https://t.co/khlp3Kxx89

@Berenberg_Econ - 05.09.2017 08:26
                             ECB PREVIEW: AUTUMN IS COMING #ECB #Economicpolicy #Assetpurchase #Inflation https://t.co/rsqqrBNZPi

@Berenberg_Econ - 04.09.2017 09:52
                             UK: ONE CHART SHOWS WHY THE REAL WAGE SQUEEZE WON'T LAST #UK #RealWages #Macroeconomics  https://t.co/quNa4MdzKB

@Berenberg_Econ - 04.09.2017 06:44
                             AFTER THE TV DUEL: GERMAN POLITICAL UPDATE #Germany #elections #PoliticalUpdate  https://t.co/gVRI3zZDpP

@Berenberg_Econ - 01.09.2017 09:36
                             CHART OF THE WEEK - FRANCE: TWO CHEERS FOR THE FRENCH LABOUR REFORMS #France #Politics…  https://t.co/FoL0eWzJBG https://t.co/qGKqGLJ7Nw

@Berenberg_Econ - 01.09.2017 06:14
                             THE BOE's JOB IS DONE: IT IS TIME FOR RATE HIKES #UK #BoE #Macroeconomics #RateHike https://t.co/5NwQc3UeNA

@Berenberg_Econ - 31.08.2017 10:36
                             EUROZONE UNDERLYING INFLATION SHOWS MORE SIGNS LIFE #Eurozone #Macroeconomics #Inflation https://t.co/jbsiim2QyD

@Berenberg_Econ - 30.08.2017 14:20
                             NOTES ON THE NORTH KOREA RISK #geopolitics #us #china https://t.co/utbj0CSuYg

@Berenberg_Econ - 30.08.2017 14:13
                             EUROZONE DEFIES STRONG EURO AS SENTIMENT RISES TO 10-YEAR HIGH #ESI #MACRO #EURO https://t.co/vCOgxkKWKO

@Berenberg_Econ - 30.08.2017 10:35
                             BREXIT UPDATE: A PREDICTABLE BUMP IN THE ROAD #BREXIT #UK #ECONOMICS #MACRO #POLITICS https://t.co/SiHvDqso3F

@Berenberg_Econ - 29.08.2017 08:19
                             FRENCH UPDATE: WILL MACRON DELIVER? #France #Politics #goldendecade https://t.co/oT1KbeSKfI

@Berenberg_Econ - 25.08.2017 11:16
                             CHART OF THE WEEK - ITALY: THE NEXT BIG TEST FOR EUROPE #Italy #Politics #Europe #Elections…  https://t.co/Gk8jv7nYSX https://t.co/Ozx8CNPqaP

@Berenberg_Econ - 24.08.2017 09:59
                             UK GDP: TEMPORARY FACTORS WEIGH ON Q2 GROWTH, MODEST REBOUND LIKELY #UK #GDP #Macroeconomics  https://t.co/Ns9W1OKkii

@Berenberg_Econ - 22.08.2017 09:49
                             UK UPDATE: POLITICS, BREXIT, MACRO #UK #Brexit #Politics #EU #Macroeconomics https://t.co/fxTLbK3e6J

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Founded in 1590 – Berenberg is the second-oldest bank in the world

Private bank Berenberg traces its roots back to the year 1590. It is thus not only one of the oldest banks in the world, it has also seen a highly dynamic development in the past few years.

Cornelius Berenberg – A mischievous character with vision

Cornelius Berenberg started to work in his father’s trading company at the tender age of 16, and soon proved to be a visionary businessman. Thanks to his ideas and energy, within a few years the Berenberg company had become one of the highest-earning in the City of Hamburg. In an interesting note, he was the first in our ancestral line to be immortalized in oil.

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Keeping the Berenberg name

After 175 years the fifth generation of the Berenberg was the first to lack a male heir. Only the daughter Elisabeth can ensure that the business stays in the family, by marrying the accomplished businessman Johann Hinrich Gossler. Fortunately, he is someone who appreciates tradition.

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A man for trying times

Another Berenberg who stood by Hamburg: Cornelius Berenberg, son of John B., helped soldiers at the front with “charitable gifts.” He played a major part in getting Hamburg back onto a growth course after the war. Cornelius also had political courage, supporting Jewish businessmen and helping some to flee.

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The Berenbergs help Hamburg get ahead

In 1882 Hamburg started to surge ahead in what would be an exceptional boom period, as the city joined the German customs union and got a duty-free port. This became the engine of the city’s economic development, thanks to John Berenberg-Gossler, who now wasn’t just a “von” but was also ennobled as a baron.

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Golf

Berenberg’s brand ambassadors can look back on a successful performance. Taken together, the team of seven has so far won 22 majors and 29 senior majors. The most recent successes in 2017: Bernhard Langer won his tenth major at the British Senior Open and Branden Grace, at the Open Championships, shot the lowest round ever played at a major.
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