Intermoney | Acciona Energía (Buy, PO 26 ) yesterday announced the commissioning of the Forty Mile wind farm (280MW) in Alberta (Canada), one of the ten largest wind farms in Canada and the largest facility of its kind that the company has built to date in North America. Forty Mile consists of 49 Nordex wind turbines, each with a capacity of 5.7MW and a tower height of 108 metres. According…
Renta4 | IAG will enter the MSCI World Index from Monday 2 June. Ryanair will also enter the index. The MSCI World Index incorporates some 1,350 medium and large companies from the world’s 23 major developed economies. IAG was part of the index until March 2019 when it was excluded following its decision to shield its shareholding from non-EU investors to protect itself from Brexit. Assessment: Positive news as the…
Link Securities | US President Donald Trump announced on Sunday a delay in the imposition of 50 per cent trade tariffs on the European Union (EU), extending the start of the tariffs to July 9. In a statement on his social media, Trump said he had taken the decision after a telephone conversation with European Commission (EC) President Ursula Von del Leyen, who confirmed the conversation, described it as a…
Alphavalue / Divacons | The Spanish utility yesterday announced the official launch of East-West Digital, a new company dedicated to the development and commercialisation of AI-powered digital solutions for sustainability. East-West Digital will leverage innovations developed by Iberdrola Innovation Middle East, a world-leading digital solutions innovation centre developed by Iberdrola at the Qatar Science and Technology Park. The company will design, industrialise and commercialise AI-based solutions for sustainability with global…
Bankinter | China’s central bank (PBoC) lowers the one-year interest rate to 3% from 3.10% previously. The 5-year rate is cut to 3.50% from 3.60%. Bankinter analysis team’s view: The central bank is once again taking action, with the aim of reactivating the economy. On 7 May it cut the 7-day repo rate to 1.40% from 1.50% and the reserve requirement for banks to 9.0% from 9.5%. It also announced…
Bankinter | Moody’s downgrades the US credit rating to Aa1 (Stable) from Aaa (Negative). According to the agency, it “reflects the increase over more than a decade in government debt and interest payment ratios to levels significantly above those of countries with similar ratings”. Analysis team’s view: It is the last of the three rating agencies to cut the triple-A; Fitch and S&P were already at AA+ Stable. S&P did…
Norbolsa | Republicans introduce the fiscal plan in Congress, which includes the tax cuts promised by Trump during his campaign (making the tax cuts from the first term permanent; tax exemptions for tips, overtime, private education payments, pensions and local tax cuts). No estimate of the cost (revenue shortfall from the plan) has been provided, which they hope to offset with cuts to the Medicaid healthcare programme, other spending cuts…
Link Securities | According to the Wall Street Journal, the United States and China announced that they had agreed to suspend most tariffs on each other’s products for a period of 90 days while trade negotiations continue. The United States announced that it would reduce its ‘reciprocal’ tariff on Chinese products from 145% to 30%. China announced that it would reduce its tariff on US products from 125% to 10%….
Alicia García Herrero (Natixis) | The New Taiwan Dollar (TWD) tends to be a boring currency with limited volatility, but the sudden appreciation – if not revaluation – on 2nd and 5th May has surprised the world. The fact that it happens while Taiwan holds negotiation talks with the Trump administration is telling, although there is no official acknowledgement of the coincidence.Until the recent appreciation, the performance of the TWD…
Link Securities | According to Reuters, shipping agencies based in China have resumed purchasing container space for goods bound for the US after a series of cancellations imposed by US tariffs, as both governments prepare to begin trade negotiations. In this regard, the agency notes that trade between the world’s two largest economies has plummeted since US President Donald Trump imposed tariffs of 145% on Chinese-made products on 10 April,…