Opening Bell: Ireland's 'phoenix miracle', markets feel Syria impact, Spotify going public

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The Central Bank's chief economist has hailed the Irish economy's performance as a 'Phoenix Miracle'.

The term refers to successful recoveries that are driven by rising income and investment without the need for credit growth.

Gabriel Fagan argued that the country has a "sustainable economic model" based on foreign direct investment and the inflow of international companies, comparing favourably to other Eurozone economies hit by the financial crisis.

Fagan said:

"If you look at the literature on the Phoenix Miracle, the key feature is a strong recovery in activity, employment and output, but very weak movement in credit and debt.

“That’s the key distinguishing feature of such miracles that have been identified, and I think the Irish case fits the bill precisely more or less.”

The Central Bank has revised its growth forecasts for the next two years up by 0.2 percentage points to 3.5% for 2017 and 3.2% in 2018.


Tesla Motors first Irish outlet will be located in South Dublin.

Elon Musk's electric car company has secured planning permission to convert a unit in Sandyford Industrial Estate into its flagship premises, including a display area, sales offices and a repair centre.

The application to Dun Laoghaire Rathdown County Council faced no opposition.

The news comes after Tesla confirmed to that the ribbon would be cut on its debut outlet in the country next month.

Supercharger stations will also be installed in Dublin, Belfast, Cork and Galway.

With pre-orders now available to Irish customers, a Tesla Model S is priced from €81,086 and can travel up to 270km on a 30-minute charge. The Model X SUV is priced from €110,042 here.


The stock markets have been rattled by the United States cruise missile strike on a Syrian airbase.

Safe haven bonds and the yen saw a jump on Friday as stock slipped.

The US dollar fell half a yen, with gold and oil prices rallying hard.

E-mini S&P 500 futures dropped 0.3% – a rare loss during Asian hours, though Japan's Nikkei climbed 0.4%.

According to the Irish Independent, the early panic calmed after a US official called the attack, which killed at least four Syrian soldiers, a "one-off".

US President Donald Trump ordered the strikes in response to a deadly chemical attack in a rebel-held area on Tuesday.


Spotify is considering avoiding an initial public offering (IPO) when it hits the stock market, opting instead for a direct listing.

It would see the Swedish music streaming giant simply register its shares on a public exchange and let them trade freely.

The company, last valued at $8.5 billion, would not raise any extra capital, but would allow long-term investors to cash out.

Major investors include Accel, Goldman Sachs and TPG.

Earlier this week, Spotify signed a long-term licensing deal with Universal Music Group.

Under the new agreement, Spotify will restrict new albums from Universal artists to premium subscribers for up to two weeks.

Additional reporting by Joseph Conroy