Banca March | In less than 100 days, Trump has imposed the highest tariffs of the last 100 years, increasing the average rate from 2.5% to 24%. Last Wednesday night, he announced a base global tariff of 10%, which came into effect on Saturday. For those countries with a trade deficit, a higher rate applies, which will begin next April 9th. This is the case for the EU, which from…
BancaMarch | China has already responded forcefully, with a 34% tariff on all imports from the US, to be applied from 10 April. In addition, it has introduced restrictions on the export of certain rare earths to the US. Other countries have not yet stated their response. Within the European Union (EU), member states such as France and Germany are taking a belligerent stance, while Italy is considering working towards…
BancaMarch | United Kingdom proposes to the European Union the creation of a supranational institution including a joint fund to finance defence projects. The document is an informal proposal drafted by the British Treasury. Next week, EU finance ministers and their counterparts from the UK and Norway will meet to discuss the financing of defence spending. In the British proposal, the purchased equipment would be recorded on the balance sheet…
Link Securities | Naturgy (NTGY), through its international electricity generation subsidiary Global Power Generation (GPG), has launched its first major hybrid project worldwide involving photovoltaic generation and battery storage, according to Bolsamanía. This is a pioneering project in many senses, as it is also the first large-scale hybrid photovoltaic and battery storage project in Western Australia. Cunderdin, named after its location, has started operating after more than three months of…
Alphavalue / Divacons | Tesla sales in France and Sweden fell in March by 36.8% and 63.9% year-on-year, respectively, marking the third consecutive month of declines and bringing quarterly volumes to lows not seen since 2021. Tesla’s market share in France fell to 1.63%, while Chinese brands such as BYD increased their presence. Added to this is a collapse of 49% year-on-year in Tesla registrations in the Netherlands in Q1…
BancaMarch | Ursula Von der Leyen affirmed that the community as a whole has the power to fight back, with all possible tools on the table. The President of the Commission assured that the bloc is prepared to restrict imports of services of US origin if Trump today makes good on his threat to impose reciprocal tariffs. The EU has the capacity to control trade in services, due to its…
Bankinter | The Composite PMI remains in the economic expansion zone after rising to 51.4 points in March (versus 51.1 previously). The Manufacturing PMI rises to 50.5 points (versus 50.4 expected against 50.2 previously) with the Services PMI at 50.8 (versus 50.6 expected against 50.4 previously). Bankinter analysis team”s view: This is good news, but with limited impact. The figures do not yet reflect the impact of the new tariffs…
Bankinter | The US PCE Private Consumption Deflator (February) was published last Friday with the following results: up 2.5% year-on-year versus the 2.5% expected and previous. Core PCE up 2.8% year-on-year against the 2.7% expected and previous (revised up from 2.6%). Personal Income (February): up 0.8% month-on-month compared to the 0.4% expected and the 0.7% previous (revised from 0.9%). Personal Expenditure: up 0.4% month-on-month versus 0.5% expected and a drop…
Bankinter | The measures will come into force on 3 April for all cars not manufactured in the United States. Trump also added that the tariffs would also affect car components, and that these would come into force by 3 May at the latest. He also stated that the tariffs would be permanent in nature and without exceptions. Bankinter analysis team’s view: Bad news for the sector in general. Currently,…
Círculo de Empresarios | According to the OECD, in 2024 global debt issuance surpassed $25 trillion, while the global stock of debt exceeded $100 trillion. Following a brief pause during the pandemic, the global debt-to-GDP ratio has recovered its upward trend. More than half of OECD-sovereign and global corporate debt is currently paying interest costs below the prevailing market rates