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World economy 21st November 2024

Iberdrola launches €460-million green bond issue in Australia – first ever by a Spanish non-financial company

Alphavalue / Divacons | The Spanish utility yesterday completed a A$750 million (approximately €460 million) green bond issue to finance its renewable development in Australia. According to the company, it is the first non-financial Spanish company to issue in this market known as ‘Kangaroo’. The issue was made in two tranches: A$350 million (€215 million) for six years and A$400 million (€245 million) for 10 years. Demand reached A$2.1 billion…

Iberdrola edificio

In the World 19th November 2024

Iberdrola left alone in tender for 600 MW of Neoen in Australia

Banc Sabadell | The Australian fund HMC has withdrawn from the auction for 600 MW of Neoen assets put up for sale in Australia and Iberdrola (IBE) may have been left alone in the tender, although it is not clear that it has obtained exclusivity, according to press reports. The portfolio would consist of three operating assets: a 128 MW solar farm, a 194 MW wind farm and a 20…

semiconductores 1

World economy 18th November 2024

Europe gets closer to Taiwan to promote semiconductor manufacturing in Europe and reduce dependence on Asia

Norbolsa | Taiwan is approaching Europe to conclude an economic agreement and closer economic cooperation, a route from which it has so far been excluded because it has not been represented in these forums. Europe is also seeking such cooperation, as a way to promote semiconductor manufacturing in Europe and reduce dependence on Asia. Taiwanese investment in the EU has been boosted by Taiwan Semiconductor Manufacturing Co. (TSMC), which in…

petroleo extractora

In the World 18th November 2024

IEA raises oil demand growth forecast for 2024, but slightly cuts estimates for next year

Link Securities | As reported yesterday by Dow Jones, the International Energy Agency (IEA) raised its oil demand growth forecast for 2024, but slightly cut estimates for next year, citing the impact of China’s economic slowdown on consumption. The IEA now estimates that global demand will grow by 921,000 barrels per day (bpd) in 2024 from the 862,000 bpd previously estimated, largely due to higher-than-expected diesel deliveries in OECD countries….

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In the World 15th November 2024

US inflation rebounds slightly to 2.6% year-on-year vs. 2.4% previously, core stable at 3.3%

Bankinter | Inflation was in line with expectations. October CPI rose 2.6% vs. 2.4% previously. Month-on-month, it rose 0.2%. The Underlying rate rebounded to 3.3% year-on-year and 0.3% month-on-month. Analysis team’s view: Inflation rose by two tenths, but this was not surprising and the market made a good reading. What is really important is that prices will probably continue to rise in the coming months, especially from 2025 onwards, when…

Indra Tecnocom

In the World 14th November 2024

Indra awarded contract with Vietnam’s air navigation service provider

Link Securities | Indra (IDR) has been awarded a contract with Vietnam’s air navigation service provider, VATM (Vietnam Air Traffic Management Corporation), to renew a large part of the country’s air traffic management systems. Based at the Ho Chi Minh City control centre, the company will implement its ManagAir automation solution, one of the most advanced and widely used in control centres and airports around the world, according to the…

china yuanesCM

In the World 12th November 2024

China announces $840 billion allocation to local governments to tackle hidden debt problems

Link Securities | Last Friday, as reported by CNBC, Chinese authorities announced that the central government will allocate an additional CN¥6 trillion ($840 billion) to local governments to address hidden debt problems. The programme will take effect this year and run until the end of 2026, China’s finance minister Lan Fo’an told reporters. The aid will be spread over about CN¥2 trillion a year. Lan added that starting this year,…

Jerome Powell

World economy 8th November 2024

US Federal Reserve announces second interest rate cut of year

Julian Marx (Flossbach von Storch) | The US Federal Reserve has just announced the second interest rate cut of the year. It is going down by 25 basis points to a new range of 4.5 to 4.75 per cent. The Fed’s confidence in today’s interest rate move may also have been drawn from the latest ‘Beige Book’, which is considered a barometer of the US economy and is published two…

donald trump

In the World 7th November 2024

Who’s Afraid of Donald Trump?

Juan Pedro Marín-Arrese | You shouldn’t be too concerned about Donald Trump’s impressive electoral performance unless you rank among undocumented immigrants within the U.S. borders. Even so, despite his upbeat rhetoric, Trump proved less effective in enforcing deportation orders during his previous term than Obama—only a few thousand compared to nearly one million per year under his Democratic counterpart. Foreign observers are often bewildered by the broad public support Trump…

petroleo extractora

In the World 6th November 2024

Buying in oil following OPEC’s decision to postpone crude oil production increase

BancaMarch | On the first day of the week, the Brent benchmark rose 2.7% to $75.1/barrel in light of the cartel’s announcement to delay the increase in production for the second consecutive month. For its part, the yellow metal remained unchanged on the eve of the US elections. With a cumulative increase of 32.7% in the year, gold is positioned as one of the main winners in the midst of…