In the World

Avangrid

Avangrid to build new wind farm with total capacity of 153 MW and 34 turbines in Illinois

Alphavalue/DIVACONS| Avangrid, the US subsidiary of Iberdrola (IBE), will build a new wind farm with a total capacity of 153 MW in Illinois (United States), the company announced on Tuesday. Specifically, this project, called “Osagrove Flats”, will be located in La Salle County, the company’s fifth wind farm in the state of Illinois, and will have a total of 34 wind turbines. On the other hand, Bloomberg report that Iberdrola…


Biden IRPF

Biden approves budgets that would reduce deficit by $3bn over next 10 years, but would not limit high debt levels

March Bank| The US president’s budget plans seek to increase spending as well as tax revenue through increases in corporate income tax, a higher minimum rate for businesses, and at the personal level, a new minimum rate for billionaires. In higher tax revenues, an estimated $4.9 trillion is expected to be raised over the decade, including $1.4 trillion from the increase in the corporate tax rate to 28% and $502…


Spains productivity

Productivity gap widens between US and Eurozone

BancaMarch : The year-on-year rates for the fourth quarter of 2023 are a clear example of divergence, with -1.2% in the eurozone and +2.6% in the US. In the longer term, the growth differential between the two regions has also been observed. Comparing output per hours worked since 2019, the US grew by more than +6% compared with +1% for the euro area as a whole. ECB member Isabel Schnabel…


Avangrid

Iberdrola launches takeover bid to acquire 100% of US subsidiary Avangrid

Iberdrola has decided to launch a takeover bid to acquire the 18.4% stake in Avangrid, its subsidiary in the United States, which it does not yet own, for some $2,486 million, as announced to the CNMV (Spanish Securities and Exchange Commission). IBE is offering a cash price of $34.25 per share, representing an implied premium of approximately 10% over the volume-weighted average share price (VWAP) of the shares during the…


fed powell enero 2024

Fed chairman confirms policy rate spike but will not cut rates until confident inflation is close to 2%

BancaMarch: Federal Reserve Chairman has confirmed the peak in official interest rates. Jerome Powell, has kept his January speech unchanged, indicating that monetary policy will change course at “some point this year”, without specifying a date. He also emphasised the risks of bringing forward the cuts too soon, resulting in a return of inflation and the need for an even tighter policy. Thus, the Fed will not cut rates until…


china WTO

China’s 5% target confirmed in the Two Sessions, but how to get there?

Alicia García Herrero (Natixis)| Not surprisingly, the Chinese government has set a high growth target of 5% for 2024, mirroring last year’s. The move is consistent with the market expectation, but achieving the goal is not without challenges, at least when using the early indicators for the first quarter, especially PMI numbers. China’s official manufacturing and non-manufacturing PMIs stood at 49.1 and 50.8 on average, respectively, over the past three months…


ROVI MODERNA

FDA authorises Laboratorios Rovi to export vaccines manufactured with mRNA technology to the US

Bankinter: After a long process of inspection of its factories, the Company has obtained this authorisation, which makes it possible to manufacture in Spain and sell in the United States Moderna’s anti-COVID vaccine and a next generation of vaccines that Moderna plans to introduce in the market based on the same technology. Assessment: Very positive news that improves the outlook for Rovi’s third party manufacturing, which already represents approximately 50%…


mercados recurso crecimiento

Macro hedge funds outperform equities as volatility rises

J. P. Morgan | At the beginning of the year, both the equity and bond markets were positioned for an aggressive monetary policy easing cycle. However, with core inflation remaining persistent and the US economy proving resilient, markets are now reassessing how many rate cuts central banks will make this year. In an environment where markets continue to be affected by data surprises, we expect to see elevated volatility. In…


oil

OPEC+ members agree to extend voluntary production cuts of 2.2 million barrels of oil per day through 2Q2024

Link Securities| Members of the alliance between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, led by Saudi Arabia and Russia agreed on Sunday to extend their voluntary production cuts of 2.2 million barrels per day of oil during 2Q2024, giving extra support to the market, in an environment of concern about global growth, and the increase in production of countries outside this alliance. Saudi…


inflationCM copia

G20 considers global inflation close to being “effectively tamed”

The G20 finance ministers, meeting in São Paulo (Brazil), consider that inflation is not far from being “effectively controlled” and affirmed that they will continue to pay “close attention” to its trajectory in order to avoid an upturn, Brazilian official sources reported on Thursday. The director of International Affairs of the Central Bank of Brazil, Paulo Picchetti, who participated in the two days of work of the G20 Finance, said…