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Empleo EEUU

In the World 22nd April 2025

US manufacturing sector deteriorates, enters contraction zone falling to 49, reflecting tariff wars

Bankinter: The Leading Indicator declines more than expected in March: down 0.7% month-on-month in March against the drop of 0.5% estimated and 0.2% previous (revised from 0.3%). The main detractors are Consumer Expectations, Stock Prices and Manufacturing Orders (ISM). By contrast, Average Hours Worked, Building Permits and Unemployment Claims contributed positively. Of the 10 components that make up the indicator, half contribute negatively. Bankinter analysis team’s view: Negative data for…

OPEC post mortem

World economy 16th April 2025

OPEC cuts global oil demand estimate and now forecasts growth of 1.3 Mbd in 2025 and 1.28 in 2026

Bankinter | OPEC cut its estimate for global oil demand. It justified its decision on the impact on the economy of tariffs and the information received in Q1. They estimate that demand will increase by 1.3 mbd in 2025 and 1.28 mbd in 2026, in both cases a reduction of 0.150 mbd compared to the previous estimate. This increase represents about 1.2% of global supply each year. In parallel, it…

Meliá

World politics 15th April 2025

UNWTO forecasts record 1.6 billion global travellers in 2025 and 2.4 billion in 2040; Buy Meliã, P.O from €9.5 to €9

Deutsche Bank | Between 1975 and 2019, the number of annual global travellers nearly doubled every 15 years. The Covid-19 pandemic in 2020 was the biggest crisis the industry had ever faced, reducing tourist numbers to almost a quarter of 2019’s record level of 1.46 billion. However, in 2024, the tourism sector almost fully recovered, reaching 1.45 billion travellers (only 1% less than in 2019), and returning to its growth…

repsolrenovables

In the World 15th April 2025

Repsol now producing electricity at its largest wind farm in Chile

Repsol is now producing electricity at Antofagasta Phase 1, its largest wind farm to date and one of the largest in Chile. Located in the Taltal commune, in the Antofagasta region, it has a total installed capacity of 364 MW. Construction of Phase 2, with a capacity of 450 MW, will begin shortly, the energy company reports. With an investment of nearly €400 million, Antofagasta Phase 1, which will become…

china aranceles

World economy 14th April 2025

Trump’s tariffs provoke provision of China’s trading partners and raise trade surplus in March

Bankinter| The Trade Balance shows an increase in the surplus in March to $102.64 billion from $31.72 billion previously and $75.15 billion estimated. This evolution is due to the acceleration of Exports (up 12.4% from -3.0% previously and +4.6% estimated) and the contraction of Imports (down 4.3% from +1.5% previously and -2.1% previously). Analysis team opinion: More solid data than estimated. However, it is a one-off improvement. Uncertainty over the…

Ferrovial construcción

In the World 14th April 2025

ACS and Ferrovial selected for construction work on military buildings around US

Link Securities | The US Department of Defense has once again selected ACS and Ferrovial (FER) as preferred contractors to carry out construction work on military buildings in different parts of the country, according to Expansión newspaper. In a memo issued this week, the US Army announced that Ferrovial, through its subsidiary Webber, and ACS, through the recently merged Dragados-Flatiron, are among the companies selected to participate in a contract…

Telefonica

In the World 14th April 2025

Telefónica sells 99.3% of Telefónica Perú – in bankruptcy proceedings – for €900,000

Renta 4 | Telefónica HispAm, 100% owned by Telefónica, has sold the 99.3% stake it held in Telefónica del Perú to Integra Tec International. Furthermore, and as part of the agreement, Telefónica HispAm has sold to Integra the tax credits of up to €39 million that the former granted to Telefónica del Perú in February due to its financial restructuring. The sale price of its stake and the credits is…

dolar detalle columnas

In the World 11th April 2025

US inflation moderates more than expected to 2.4% year-on-year, lowest since September 2024

Bankinter | US inflation eased more than expected in March. The CPI growth slowed to 2.4% year-on-year (March) from 2.8% in February (against 3.0% in January) and is below the expected 2.5%. This is the lowest level since September 2024. The falls in Energy Products (down 3.3% year-on-year) and Petrol Prices (down 9.8%) are particularly noteworthy. The Core Rate, which excludes the most volatile items (energy and food), also fell….

china yuanesCM

World economy 11th April 2025

China already feeling pressure of trade war on CPI – falls 0.1% year-on-year in March

Link Securities | According to official data, China’s consumer price index (CPI) fell by 0.1% year-on-year in March, falling below the consensus expectation of a 0.1% increase and marking the second consecutive month of decline, as the trade war with the US threatens to put further downward pressure on prices. However, the latest fall was significantly more moderate than the 0.7% in February, supported by a smaller fall in food…

japon EEUU

In the World 9th April 2025

Japan may get priority in negotiations with US

Banca March | Japan will receive a ‘reciprocal’ tariff of 24%, in addition to the 25% already implemented on cars. As Prime Minister Shigeru Ishiba pointed out, the automotive industry is a ‘pillar’ of its economy. In an effort to ease tensions, Ishiba and Trump spoke on the phone, reflecting Japan’s willingness to seek an agreement. Scott Besset, US Treasury Secretary, expressed his expectation that Japan would be treated as…