In the World

fed powell nov 2023

Powell looking for time

BancaMarch: Powell’s first press conference of the year. At this meeting, the top US monetary authority will try to buy time in the face of the markets, reaffirming the message of caution in the face of inflation far from the 2% target and a resilient economy. We do not expect any changes in interest rate policy and it does not seem to be the time to announce anything regarding the…


An exterior view of China Evergrande Centre in Hong Kong

Evergrande’s liquidation order affects foreign investors’ sentiment more than the economy

Alicia García Herrero (Natixis) | As the landmark case of China’s property turmoil, Evergrande’s liquidation order marks a new beginning of the industry’s downsizing, or in polished terminology, rightsizing. We argue that the direct macroeconomic impact is limited, but it may come with a snowball effect on the already worsened sentiment on foreign investors, if not properly handled. While Evergrande’s liquidation order may look astonishing, it is more a symptom…


bayer1

New setback for Bayer: ordered to pay $2.25 billion in damages to glyphosate sufferer

Bankinter: There has been a new legal setback for the use of glyphosate: a US court sentences Bayer to pay $2.25 billion in compensation to a person affected by the use of glyphosate. Assessment: Negative news, this is the highest compensation that Bayer has been ordered to pay. It is expected that the company will manage to reduce this amount on appeal, as it exceeds the Supreme Court’s guidelines. In…


eeuu precios

US: PCE moderates to 2.9% in December, 11 months of improvement

Bankinter| The Underlying Personal Consumption Expenditures (PCE) moderated to 2.9% year-on-year in December 2023 (from 4.9% Dec 2022). The Personal Consumption Expenditures rebounded to 2.6% year-on-year; 0.2% month-on-month as anticipated (from negative 0.1% average). The Underlying Deflator improved to 2.9% year-on-year (from 3.2% pre and 3.0% expected). Month-on-month it met the 0.2% estimate (0.1% month-on-month previously). Personal Income was up 0.3% month-on-month, meaning no surprises. Personal Spending rose 0.7% m/m…


acciona

Acciona to bid for Line 7 of Riyadh metro together with Siemens, Samsung and Alayuni, and against FCC and its consortium

Link Securities | Acciona and FCC are part of two consortiums formed to bid for the construction of the new Line 7 of the Riyadh metro in Saudi Arabia, according to sources consulted by the newspaper Expansión. Specifically, Acciona has formed an alliance with Siemens, Samsung and Alayuni. In addition, FCC, as part of the consortium that won in 2013 one of the lots to design and build the first…


tecnicas reunidas 777x400 1

Técnicas Reunidas opens offices in USA to invest €55 billion in decarbonisation technologies by 2030

Singular Bank | The Spanish multinational engineering and infrastructure construction company for the oil and gas sector has opened offices in the US. In doing so, it hopes to address the current need to increase green energy and will invest around €55 billion in decarbonisation technologies, hydrogen, biofuels and carbon capture by 2030. It has also confirmed that thanks to its alliance with the Chinese oil company Sinopec, it has…


Inditex Junta 2023

Inditex will more than overcome impact of Red Sea conflict, growing above peers’ average

Morgan Stanley| Our analysts have studied the impact of the Red Sea conflict-related transportation issues on 17 retail companies. The average impact is 7% of pre-tax profit on average if rates stay where they are. Estimating a 150% increase in freight rates, the impact on pre-tax profit is -2% in food, -6% in clothing and -14% elsewhere. All this before mitigations. Most companies know how to manage the impacts of…


grifols

New threat to Grifols: Sanofi buys INBRX-101, biotech company Inhibrx’s best asset

Morgan Stanley | Sanofi has announced the purchase of INBRX-101, the best asset of the biotech company Inhibrx, which is a recombinant alpha-1 augmentation therapy for treating alpha-1 antitrypsin deficiency (AATD), a protein produced in the liver that protects the lungs. This drug could pose a real threat to Grifols’ alpha 1 franchise (GRF), which currently accounts for 12% of sales and 20-30% of gross profits. In addition, the acquisition…


fcc edificio

FCC, Italy’s Webuild, and US firm Aecom to carry out several projects on Toronto’s underground network for €1.362 million

Link Securities| FCC has been awarded a new contract in Canada to build new tunnels and stations in the Toronto underground network, a project that the infrastructure department of the province of Ontario estimates at up to €1.362 million, the digital portal CapitalBolsa.com reported. Specifically, the Spanish construction company will build, in consortium with the Italian company Webuild and the US company Aecom, three kilometres of twin tunnels on Papa…


TecnicasReunidas

Técnicas Reunidas awarded $2.15 billion contract to produce ethanol, propane and butane in Saudi Arabia

Yesterday, Técnicas Reunidas informed the National Securities Market Commission (CNMV) that Saudi Aramco, one of the world’s largest energy companies, has awarded a joint venture formed by the Spanish company TRE and the Chinese group SEG (Sinopec Engineering Group) the development of new Natural Gas Liquids (NGL) fractionation facilities in Saudi Arabia. The works will be carried out on the basis of two EPC (engineering, procurement and construction) contracts; one…