Daily Agenda: Yuan Rises for First Time in Three Days

从那以后的第一天本周贬值，通过全球市场送冲击波，中国人民银行今天筹集了人民币的参考乐队，国内现货率与美国美元增加了0.11％。对于新兴市场而言，贬值问题所做的损害是相当大的。这马来西亚林吉特本周本周近3％，与美国美元以来，达到了1998年以来的最低点，在亚洲货币危机之后。和商品价格继续在全球范围内滑动，投资者继续谨慎造成高度达到中国对原料需求的经济体。

高盛集团购买GE银行部门。Goldman Sachs Group is acquiring $16 billion in online banking deposits and certificates of deposits from General Electric, the financial groups announced yesterday. General Electric has been divesting its financial services assets over the past several months; as for Goldman, the acquisition is part of a greater strategy to bolster liquidity via wider access to deposit funding.

Tesla raises size of offering.在今天的监管备案中，特斯拉汽车将其二级提出的规模增加到270万股，以筹集大约6.4亿美元。特斯拉首席执行官伊隆麝香has indicated that the company is building a capital war chest to provide security as it continues to expand its line of vehicles.

银行达成外汇操纵费用。汇丰控股，巴克莱，高盛组织，BNP Paribas和苏格兰皇家银行已达成了投资者对货币市场操纵的投资者的解决方案，而须批准货币市场操纵。除支付总额超过20亿美元的支付外，银行还同意合作，因为西装继续对一批其他银行继续进行。

Europe sees lackluster growth.Second-quarter GDP data released today showed growth levels in Germany slightly lower than consensus projections at 0.4 percent versus the prior three months. France’s economy stagnated, with flat quarter-over-quarter readings on the back of weaker consumption. Euro zone aggregate GDP for the quarter came in at 0.3 percent versus the first quarter, also softer than consensus forecasts.

Greek saganears end.在夜间会议之后，希腊议会投票222-64投票（11次弃权），有利于接受与债权人谈判的条款。欧元区财政部长的欧元群特别会议将于今天在布鲁塞尔举行，即使债权人无法同意今天的术语也无法接受雅典，将在布鲁塞尔举行。

Oil hits new multiyear low.本早晨，西德克萨斯州西德克萨斯中间级原油的前期期货合约在最低六年以上，随着能源市场继续用强大供应数据搏斗。在脚跟上欧佩克每月报告显示7月份生产收益，周三发布的能源信息管理库存报告注册了130万桶的缓冲库存增加。

投资组合视角：共享经济适合消费者，对投资者不好-Ignacio Pakciarz, BigSur Partners

More than 20 years ago, there was a company called Webvan. Its mission: to deliver fresh produce and other high-quality groceries to users’ homes. The firm raised $800 million through venture capital firms and in 1999, went public with a strong IPO. In 2001, after their service proved to be too costly, Webvan went bankrupt. Is this a cautionary tale for the current wave of companies in the so-called分享经济？

优步一家公司仅六年前创立的公司，价值为500亿美元，类似于基于明尼阿波利斯的零售商目标的市场上限。AVIS是一家位于新泽西州的全球汽车租赁公司，比优步的当前估值减少十倍。实际上，优步的估值与全球汽车制造商福特相得益彰。Airbnb，家庭共享和租赁公司，估计其当前估值是200亿美元，类似于全球酒店万豪国际的国际估价和较多Hyatt Hotels Corp.

这些估值合理吗?很少有人will argue that the sharing economy has done wonders for consumers and their technology has made the old brick-and-mortar economy much more efficient. It is still unclear, however, whether these companies are going to build lasting value for shareholders. Creating markets that are more efficient does not necessarily translate into creating output or value.

Some analysts fear that companies will make profits in the short term — picking the low-hanging fruit or profits that initially result from the market reaching a more natural equilibrium. Companies may use these profits as a base of unrealistic projections of future earnings and valuations.

这ease of setting up sharing-economy businesses has also meant that there can be more than one such company competing in the same industry. TakeLyft.例如，类似于优步的个性化汽车服务。Lyft正试图雕刻自己的市场份额，并以某种方式在做的那样是通过为客户提供比优步的价格降低。这是过去一周，Lyft一直提供迈阿密地区用户所有游乐设施的50％折扣。

我们对Bigsur合作伙伴的信念，它仍然不确定分享经济是否有明确的股东价值创造途径。在分享经济中，没有足够的利润来分享。这些公司的大多数利益都是消费者的，这就是为什么我们认为客户应该作为消费者参与这些企业而不是投资者。

Ignacio Pakciarz是CEO和一个创始合作伙伴Bigsur合作伙伴是一个基于迈阿密的全球多摩利岛办事处。