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World economy 12th May 2025

US tariff uncertainty causes Acerinox’s profit to drop to €10 million in Q1 2025 from €53 million in Q1 2024

Renta 4 | Negative. Acerinox has published its results for Q1 2025, which reflect the slowdown in demand caused by uncertainty generated by tariffs in the United States, a circumstance that has caused Q1 2025 figures to be slightly below our estimates and those of the market consensus (Q1 2025 EBITDA €102 million, compared to Renta 4’s estimate of €111 million, and €109 million, consensus). Neutral/slightly negative impact on the…

World economy 9th May 2025

Sacyr wins water concession in Chile with initial investment of €260m

Intermoney | Sacyr (SCYR) (Buy, Target Price €4.4/share), the Group has been awarded a water cycle concession in the region of Antofagasta (Chile), which will involve an initial investment of €260 million, with a duration of 35 years. This is the largest water reuse project in Latin America, which involves the construction of a wastewater treatment plant for subsequent commercialisation. The main function of the project will be to capture…

World economy 9th May 2025

US imports increase 4.4% to new record high of $419 billion

Link Securities | The Department of Commerce reported that the US trade deficit stood at $140.5 billion in March, reaching a new monthly record and exceeding the $132.4 billion projected by the FactSet consensus of analysts. In February, the trade deficit stood at $123.2 billion. In March, imports rose 4.4%, reaching a new all-time high of $419 billion, as many customers brought forward purchases in anticipation of the upcoming tariff…

World economy 7th May 2025

US non-farm job creation in April beats expectations, but previous record revised downward

Bankinter | Non-Farm Job Creation (April) beats expectations, but revises downward from previous record: 177K against 138K expected and 185K previous. Unemployment Rate repeats at 4.2% as expected and Average Wages/Hour remain at 3.8% year-on-year versus 3.9% year-on-year expected. Bankinter’s analysis team’s view: The data as a whole is consistent and, therefore, positive in the current context in which the US economy finds itself. The labour market continues to show…

World economy 5th May 2025

OPEC agrees to increase production in June by 411,000bd despite lower demand estimates

Bankinter | OPEC agrees to increase production in June by 411,000bd. As a reference, in April OPEC increased its production by 138,000bd and 411,000bd in May. Therefore, it introduces this amount for the second consecutive month. OPEC has the objective of bringing 2.2Mbd to market and, if this increase is maintained, it would achieve its objective in September this year, compared to July 2026, as predicted in April. As a…

In the World 29th April 2025

Indra Air Traffic wins contract to renew US military air navigation systems with $198m spending ceiling

Link Securities | Indra Air Traffic, a US company of the Indra group (IDR), has won a contract with the US Air Force to renew the military Man-Portable (MP) TACAN air navigation systems, with a spending ceiling of $198m and a completion period until 2032, according to the digital portal Bolsamania.com. The contract with the US Air Force includes the design, engineering, commissioning and technical maintenance and possible future upgrades…

In the World 25th April 2025

Several OPEC members considering production increase from June onwards

Bankinter | OPEC could accelerate production increase in June. According to press reports, several members are considering an increase in production. As a reference, OPEC will increase its production by 138,000bd in April and 411,000bd from May onwards. OPEC has the objective of bringing 2.2Mbd to market and, if this increase is maintained, it would achieve its objective in September this year, compared to July 2026, as predicted in April….

In the World 25th April 2025

Trump U-turns again: now says he never intended to fire Powell, but calls for more decisiveness on rate cuts

Link Securities | Speaking to reporters, US President Donald Trump said he never intended to fire Federal Reserve Chairman Jerome Powell, saying it was “media fabrications”. Trump repeated his criticism of Powell and said he would like Powell to be more active in lowering interest rates, but even if he did not, it would not have to mean his dismissal. Concerns about this possible dismissal were heightened by comments from…

In the World 24th April 2025

Acciona wins concession for electricity transmission project in Peru with investment of €250 million

Link Securities | Acciona (ANA) has reached an agreement with Darby International Capital for the acquisition of the Machupichu-Quencoro-Onocora-Tintaya transmission concession project and its associated substations, Bolsamanía reported on Monday. The project, which involves an investment of €250 million, comprises the design, financing, construction, operation and maintenance for 30 years from commercial operation of 330 kilometres of 220kV line, as well as the construction of two new substations (Quencoro Nueva…

In the World 23rd April 2025

Trump says Powell doesn’t know what he’s doing and calls for interest rate cuts

Link Securities | As reported by various agencies (Bloomberg, Reuters), the US president’s economic adviser, Kevin Hassett, indicated last Friday that the Trump administration was still considering whether to fire US Federal Reserve Chairman Jerome Powell. Hassett accused Powell of playing politics from his post, while US President Donald Trump, for his part, indicated that Powell did not know what he was doing, and again advocated interest rate cuts over…

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