Renta 4 | Telefónica (TEF) has hired J.P. Morgan to study the sale of its subsidiary in Argentina, according to press reports. The potential buyers are local companies. MiliCom also stands out, to which Telefónica has already sold several Latin American subsidiaries and is in the process of selling the Colombian one. In addition, Telefónica Peru has sent a relevant fact in which it highlights that it is in talks…
Juan Pedro Marín Arrese | A humble start-up company has dispelled the myth that AI development requires a substantial upfront investment. Spending only $5 million, it has achieved a better product than the leading semiconductor giants. Their shares sharply plummeted as investors realised that pouring so much money into their business proved too risky. A thorough reassessment of the expected returns has wreaked havoc on NVIDIA and other mega firms….
Norbolsa | The US president again spoke of his intention to set global tariffs to protect the country’s economy, stating that he is not going to do so immediately, but that he sees the tariff level clearly above 2.5%. This level has been put in the mouth of Treasury Secretary Bessent, although Trump does not believe that this is what Bessent supports and he himself sees a clearly higher tariff….
Link Securities | China’s official manufacturing PMI came in at 49.1 in January, below the consensus forecast of 50.1, which had also been the previous month’s reading. Recall that a reading above 50 points indicates expansion in activity relative to the previous month, while a reading below that level indicates contraction. Thus, the reading reflected contraction, and is the lowest level since last August. Production fell into contraction after three…
Link Securities | The Spanish construction company, in a prospectus sent to investors in a €500-million bond issue, warns that politics in the US remains highly polarised and there is uncertainty about potential changes in federal, state and local regulation, which could increase the risks to its activity in the country, the newspaper Expansión highlights in its edition today. Likewise, Ferrovial also pointed out that diplomatic tension and social unrest…
Bankinter: Trump says he could impose a 10% tariff on China and warns Europe. The United States is considering a 10% tariff on China. He justifies it as retaliation for China’s exports of fentanyl. It marks 1 February as a key date. In this regard, on Monday Trump affirmed his intention to apply 25% tariffs to Canada and Mexico. Bankinter analysis team view: Trump sends a reminder that he will…
Norbolsa | Repsol (REP) published its trading statement for 4Q24 on Wednesday at the close of the market. The production figure for Q4 (554 k b/d) was similar to that of Q324 and 7% lower than in Q422, with the maintenance of Brazil being offset by higher production in Libya. On a yearly basis, production stood at 571 k b/d, at the lower end of its target range for the…
Link Secutities | The People’s Bank of China (PBoC) today injected a net cash amount of ¥958.4 billion via 7-day reverse repurchase agreements in its daily open market operations. This is the second-largest-ever cash injection, according to Bloomberg. The operation is aimed at offsetting the impact of maturing medium-term lending facilities (MLF), as well as coping with higher demand for cash ahead of the Lunar New Year holidays, and peak…
Link Securities| Turner Construction, the US subsidiary of ACS (ACS), has officially begun construction of Etihad Park, a $780 million state-of-the-art stadium in New York, which has been fully financed by New York City FC, according to Bolsamania on Wednesday. The developer says Etihad Park is poised to become a turning point for football fans and the local community as the first professional football-specific stadium in New York City. The…
Bankinter | The International Energy Agency estimates that there will be global overproduction of oil over the next two years. Specifically, it estimates that world production will rise to 104.4Mbd in 2025 vs. 104.2Mbd previously. This supply contrasts with demand expected to reach 104.1Mbd vs. 104.3Mbd previously. Analysis team’s view: Negative news for oil. Moreover, it reaffirms our opinion: oil prices will moderate in the coming years due to the…