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World economy 2nd April 2024

ACS: Texas could terminate SH-288 motorway concession early and compensate company with €1,600 M

Bankinter| The State of Texas could make use of its contractual right to claim the return of the SH-288 toll road to the amount of $1,731M (about €1,600M) currently controlled 43.24% by ACS and the remaining 56.76% by Abertis. Last Thursday, the state transport commission gave its approval to the plan and a six-month negotiation period is now open to either terminate the contract or avoid it. Bankinter’s analysis team’s…

World economy 28th March 2024

Asia green tech: China’s dominance clouded by over-investment and geopolitics

Alicia García Herrero (Natixis) | China is taking a big slice of the cake from its prominent supply role as the world accelerates green transition. This is a rare spotlight of the Chinese economy given the pressure ranging from real estate sales to consumer confidence. China’s production of electric vehicles (EVs), batteries and solar panels, also known as the “New Three” sectors, have experienced fast growth in investment and exports….

Jerome Powell delivered an upbeat appraisal of the US economy

World economy 27th March 2024

March madness in global monetary policy

Benoit Anne (MFS Investment Management) | Last week, we witnessed some rather unusual activity among major central banks. Indeed, one central bank—the Swiss National Bank—delivered a rate cut, while another—the Bank of Japan—announced a rate hike. Sightings of unsynchronized monetary policy actions at the major central bank level are less frequent than sightings of UFOs in New Mexico. Not only that, but we are starting to get the sense of…

World economy 26th March 2024

China’s model of economic transition and industrial upgrading will face headwinds

Alicia García Herrero (Natixis) | This year, China’s “Two Sessions” have been particularly important to understand where the Chinese economy is heading as it marked the beginning of a new era, that of Premier Li Qiang. Li Qiang’s first “Work Report” signifies a departure from the previous decade under Premier Li Keqiang’s leadership as Premier, where much more emphasis is put on supply than on demand forces. The focus on…

World economy 22nd March 2024

DIA’s Brazilian subsidiary to undergo restructuring process owing to negative results

Link Securities| DIA (DIA) informed the National Securities Market Commission (CNMV) that, on 20 March 2024, as a consequence of the persistent negative results of DIA Brasil Sociedade Limitada, a wholly-owned subsidiary of the company, the request by Dia Brasil for a judicial recovery has been approved, a restructuring process under Brazilian law with the aim of trying to overcome its current economic and financial situation. The request for judicial…

World economy 19th March 2024

Apple in talks to incorporate Google’s Gemini artificial intelligence engine into iPhone

Bankinter| Alphabet rises sharply after rumours that it is in talks with Apple to integrate its artificial intelligence model (Gemini) into its devices. Neither company has confirmed the rumour. Apple has also reportedly held talks with OpenAI recently. The news, if confirmed, is positive for Alphabet as it represents a quantum leap in its war with Microsoft over the artificial intelligence chatbot market. The news sent Alphabet shares higher on…

World economy 19th March 2024

Insiders beware! When Bezos, Zuckerberg or Dimon sell…

Banca March| The insiders’ sales, which they are taking advantage of to make profits, should be taken as a sign of caution about the future performance of some companies. The high accumulated profitability of the Magnificent Seven and other companies is in any case being exploited by the insiders, top managers or owners, to make capital gains. In the last month, $9.3 billion was sold under this heading. The ranking…

World economy 18th March 2024

DIA closes 60% of shops in Brazil due to persistent negative results, focus now on more profitable São Paulo area

Renta 4| According to a Relevant Fact issued in the Spanish National Securities Market Commission (CNMV) and a letter from its CEO, Martín Tolcachir, DIA has announced the closure of 343 of its 590 shops in Brazil, in addition to three warehouses. The Company takes the decision as part of the strategic review of the business in the country, already announced at its results conference on 29 February, and as…

World economy 16th March 2024

EIA now forecasts world crude oil demand to average 103.2 M b/d in 2024: favourable environment for Repsol

Renta 4| The US Energy Information Administration revises its supply and demand and crude oil price estimates for 2024. In its March edition of the Short-Term Energy Outlook, the US Energy Information Administration (EIA) said it expects Brent crude oil prices to average 88 usd/b in the second quarter of 2024, up 4 usd/b from February, estimating Brent crude oil prices to average 87 usd/b in 2024, up from 82.4…

World economy 15th March 2024

OHLA wins contract worth over €50 million for water treatment plant in Panama

Link Securities| Spanish construction company OHLA (OHLA) announced on Wednesday that it has won a new contract in Panama that includes the design and construction for the expansion of a water treatment plant in Mendoza, west of Panama City, in the district of La Chorrera for more than €50 million. The existing plant, with a treatment capacity of 160,000 m3/day, will be joined by a new plant with a purification…

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