SpaceX is preparing to go public with a valuation of $1.75 trillion without ever having published its audited accounts. Elon Musk’s company controls over 80% of US orbital launches and has more than 10 million Starlink subscribers, yet it is set to trade at 110 times its annual sales. Analysed by Franco Macchiavelli SpaceX is preparing for its IPO with a valuation of $1.75 trillion, a figure higher than Spain’s…
Reported by Jaime Sicilia Martínez The main European indices have recorded declines following the failure of the latest proposals from Iran and the United States, and Trump’s threat of a possible end to the ceasefire. Investors’ defensive stance has favoured gains in Energy, Consumer Staples and Healthcare, whilst the major cyclical sectors have been the hardest hit. The technology sector has been dragged down by the US market, and the…
Mixed session on European stock markets The Ibex 35 fell 0.2% on Monday, with declines in the banking sector and gains in utilities. The French CAC 40, meanwhile, fell by 0.7%, weighed down by the luxury sector, and the EuroStoxx 50 closed down 0.3%. Aro Romero Mateu European indices started the session on a negative note and remained so until the close. The Ibex 35 fell by 0.2%, with declines…
Report by Renta 4 European markets opened lower (Eurostoxx futures down 0.7%, S&P futures down 0.2%, Nasdaq futures down 0.5%) whilst Brent futures rose again, albeit moderately, by 0.7%. As for the conflict, there is still no agreement and the two sides continue to exchange threats, with Trump warning that the ceasefire with Iran is in a very fragile state, and the Iranian government stating that it is prepared for…
By Intermoney Monetary policy made several major headlines on Thursday. However much the Middle East conflict might have affected the future direction of the major central banks, until Thursday we had not seen any of them make a move (except for the Reserve Bank of Australia, but it had already started before the conflict). But that changed when the Norgesbank raised its key rate by 25 basis points to 4.25%,…
Norbolsa | The IMF director warns that with the conflict dragging on and oil prices heading towards $120, we are moving away from the baseline scenario—which envisaged a moderate impact on growth—towards the adverse scenario, which envisaged global growth of 2.5% and inflation above 5%. At the same forum, the chairman of Chevron warned that product supply shortages will begin to be felt, with Asian demand adjusting to lower supply.
Link Securities | The seven countries of the OPEC+ alliance, which had previously announced voluntary oil production cuts in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, held a meeting yesterday, Sunday, to review global market conditions and their outlook. In their collective commitment to supporting market stability, the seven participating countries decided to implement a production increase of 188,000 barrels per day from…
Intermoney | Consumer confidence, for example, rebounded in April against forecasts (rising to 92.8 points from the estimated 89.0). Although the current conditions indicator fell slightly due to the uncertainty caused by the conflict and higher energy prices, at least the six-month outlook offered a more optimistic view (123.8 points compared to the expected 120.0). Households’ outlook improved in particular due to perceptions of the labour market, with the proportion…
Bankinter | The United Arab Emirates (UAE) announced yesterday its decision to leave OPEC on 1 May, a move it says will help it meet changing demand. The news is significant because: (i) it produces around 3 million bpd (3% of global output). Against a backdrop of structurally high oil prices, the UAE would prefer not to be subject to constraints and specific quotas. (ii) It reflects internal tensions within…
Bankinter | The Department of Justice has closed its investigation into Jerome Powell over cost overruns in the renovation of the Fed’s headquarters. US Attorney Jeanine Pirro stated that, instead, she has asked the Fed’s internal oversight body — the Office of the Inspector General — to examine the cost overruns in the renovation of the central bank’s headquarters in Washington. With the review being transferred to the internal oversight…