Alicia García Herrero (Natixis) | Taiwan’s elections are one of the most important geopolitical events in 2024. The state of the economy is part of the story, but not an essential one so far. This might look counter-intuitive given the underperformance in 2023, but the devil is in the details. The labor market is resilient, and consumption is growing faster than in 2022, both of which are important for voters….
BancaMarch | The Milei government is setting up a special tax in Argentina associated with the expropriation of the YPF oil company. The tax, which will be known as the “Kicillof tax” because it was imposed during the time of the Minister of Economy, Axel Kicillof, will serve to comply with the judicial sentence to which the country was condemned in September by a US court. The amount of the…
Bankinter: Angola is leaving OPEC. As a reference, it produces around 1.1Mbd (OPEC+ approx. 38.5Mbd). Opinion of the analysis team: Negative news for oil (Brent $79.4; -0.4%), which is positive for the market and the cycle. Once again, the lack of consensus among cartel members is evident. At the last meeting they were slow to reach an agreement precisely because the main producers refused to introduce cuts. On the other…
Intermoney: The Government of Western Australia has provisionally chosen the bid submitted by Acciona (Buy, PO 215) to build the Alkimos seawater desalination plant, located some 40 kilometres from Perth, the state capital, according to Expansión newspaper. This is one of the largest water facilities to be built by the Spanish multinational, as the budget allocated by the local authorities for this infrastructure amounts to AU$2.8 billion (about €1.7 billion)….
Norbolsa| Volkswagen will apply the North American Charging Standard to its future electric vehicles (EVs). Thus, the company is studying adaptation solutions so that existing vehicles can access Tesla’s supercharger network from 2025. The agreement aims to expand customer access to charging to more than 15,000 Superchargers.
Bankinter | Nippon Steel agrees to buy US Steel for $14.1bn ($55/share). The deal contemplates a cash payment of $14.1bn ($55/share), a 40% premium to US Steel’s closing price last Friday and 142% over August this year, when Cleveland Cliff announced a first offer (at $35/share). The valuation including debt amounts to $14.9 billion. The combined company will be the world’s second largest producer with 88M tn (66MTn NSC and…
Alphavalue / Divacons| Global coal demand will reach a record 8.5 billion tonnes this year. According to a report on this raw material published by the International Energy Agency (IEA) on Friday and reported by Europa Press, this rise in demand will mean an increase of 1.4%. However, the Paris-based institution points out the deep divergences between economies, in addition to the expectation that consumption will gradually decline until 2026.
Intermoney| Acciona Energia (Buy, €34) is among the pre-qualified bidders in the tender for the development and operation of 800 MW in Morocco, a phase included in the overall plan to promote a total of 1,600 MW. The company is participating in this tender with a local partner, while Iberdrola, also pre-qualified, has presented itself alone. The other participants include Vinci, which is represented by Cobra, acquired two years ago…
Link Securities | A consortium formed by ACS (ACS) (through Cimic’s CPB Contractors), Acciona (ANA) and Italy’s Ghella, will build several tunnels for the Suburban Rail Loop East rail project in the Australian city of Melbourne, according to the newspaper Expansión. CPB, an Australian company owned by Cimic (controlled by ACS), has a 40% stake in this contract, valued at AU$3.6 billion (about €2.204 billion). The contract awarded to this…
In Argentina we have the first measures with Milei at the helm: devaluation of the peso by 54%, which takes it from 366 to 800 pesos per USD, forecast monthly devaluations of 2% from now on, and massive cuts in public spending (2.9% of GDP) with the aim of eliminating the primary fiscal deficit by 2024. The IMF welcomes the measures, which it believes will help stabilise the economy and…