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exportaciones comercio viajes 1

Global net exports suffer largest annual fall in post-pandemic period, down by 3.2%

Banca March : Global trade falls to its lowest level since the pandemic. CPB World Trade Monitor data yesterday revealed the largest year-on-year decline (-3.2%) in global net exports in the post-pandemic period. In terms of monthly rates, the decline was 0.6%. The main reasons associated with these levels are last year’s interest rate hikes in several economies, as well as the sharp deterioration in China’s trade (imports: -5.2%, exports:…


electricity1

Iberdrola, Acciona benefit from 15% rise in Spanish spot price to €135/MW due to heat wave

Alphavalue / Divacons| The heat wave now sweeping Europe, and Spain in particular, is causing excessive energy consumption as a result of the increased use of air conditioning systems, driving up electricity prices. The spot price in Spain on Wednesday rose by 15% to €135/MW. This will undoubtedly benefit power generators present in the Iberian Peninsula such as Iberdrola, Acciona, EDP and ERG, with a spot exposure of 15-20%. Acciona…


Ferrovial

Ferrovial, among companies with self-help plans, trading at P/E of 9.2x by 2025

Morgan Stanley: The consensus narrative has been improving thanks to the resilience of US macro data and the expectation of a soft-landing, but in an environment of still high rates and with the hasty deterioration of data in the Chinese economy, uncertainty remains around where we are in the economic cycle. In this context, it is important to find stocks that offer Alpha through self-help initiatives such as improved governance,…


eurozone banks

Goodbye to the “soft landing”? Eurozone’s PMI slump foreshadows recession

Ana Racionero (Intermoney )| In Europe, the PMIs showed the bill that is being paid for the ECB’s rate hikes. The downturn was of great magnitude and, what is worse, anticipates recession in the eurozone, specifically, a contraction of around -0.2%/-0.3% in the third quarter, after having grown by 0.3% in the previous quarter. Although France’s manufacturing rose in August from 45.1 in July to 46.4, when a decline to…


Tecnic

Técnicas Reunidas closes in on 2023 contracting target with award of €520m project for QatarEnergy

Renta 4| The company has informed the CNMV that QatarEnergy has awarded it the additional engineering, procurement and construction (EPX) works for the off-plot Liquefied Natural Gas (LNG) facilities of the North Field South project. The contract is worth $560 million (€520 million), the fourth contract awarded by QatarEnergy to Técnicas Reunidas in the last 24 months. Assessment: Positive impact on the share price given the amount of the contract,…


euros prestamos

Eurozone current account surplus reaches €6.8bn in June, largest since June 2021, up from deficit of €4.4bn a year ago

Link Securities | According to data from the European Central Bank (ECB), the eurozone recorded a current account surplus of €36.8 billion in June, compared with a deficit of €4.4 billion in the same month a year earlier. June’s surplus is the largest current account surplus achieved by the region since September 2021. This surplus was driven by the goods account, which went on to generate a surplus of €42.7…


CanaldePanama

Drought paralyses 134 ships in Panama Canal, revenues may drop by €150-200m in next fiscal year

Banca March | Weather conditions in recent months have led to a drought that is hampering the supply of the artificial lake that connects the Pacific and Atlantic oceans. As early as 30 July, measures were taken to reduce traffic from 38 vessels in normal conditions to 32. The waiting time estimated by the canal itself is between 9 and 11 days. The restrictions on both the depth and daily…


ARM Softbank

UK chipmaker Arm, owned by Softbank, prepares its IPO in US, for which it needs a high valuation

Alphavalue / Divacons| The UK-based chip design company is preparing its US IPO, which could come as early as September. Arm’s owner, Softbank, needs a high assessment to clean up its image after recent fiascos. The IPO could fetch a valuation of around €60 billion, the highest in the US this year. But the situation appears to be complex, given that the chipmaker’s main market has stopped growing, its model…


BRICS

BRICS contemplate enlargement at Johannesburg Summit

Banca March: More than 60 developing countries from Latin America, Africa and Asia are attending the meeting, which has been running since Tuesday and will continue until Thursday. During these days, the BRICS are considering adding new members from among 23 possible candidates that have not yet been revealed, although there is speculation about countries such as Iran, Venezuela and Saudi Arabia, among others. The terms of admission remain undefined,…


EDP

EDP Renewables’ first hybrid project in Poland: 45 MW of solar and wind power combined

CdM | EDP Renewables (EDPR) has officially inaugurated its first hybrid project in Poland, combining wind and solar power, with the commissioning of a new 45 megawatt (MW) photovoltaic park in Konary, in the west central part of the country. The project is also the third hybrid project implemented by EDPR globally, the company said in a statement on Tuesday. The Konary PV farm will use the same receiving station…