Link Securities | The US Department of Energy has announced that it wants to buy up to 3 million barrels of oil per day (mbd) for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, taking advantage of lower prices to start replenishing reserves. It should be recalled that last year the US administration conducted the largest SPR sale to date of 180 million barrels to try to limit…
Bankinter| Non-farm job creation surprised positively in November and the unemployment rate fell by two tenths, to 3.7%. Non-Farm Employment: +199K versus +185K estimated versus +150K previous. Private Sector Employment: +150K versus +159K estimated and +85K previous (revised from +99K). Manufacturing Employment: +28K versus +30K expected vs -35K previous. Unemployment Rate: 3.7% versus 3.9% expected and previous. Labour Participation: 62.8% versus 62.7% expected and previous. Average Earnings/Hour (year-on-year): +4.0%, same…
BancaMarch: Saudi Arabia’s energy minister has emphatically warned that the cuts imposed by OPEC+ on oil production could extend beyond March. Five days ago, news came out of the agreement reached by member countries on 30 November to reduce supply by 2.2 million barrels per day, with a deadline of March 2024. Saudi Arabia, which is concentrating the greatest efforts to contain supply, has accumulated almost half of the cuts…
Alicia García Herrero (Natixis) | Notwithstanding the Reserve Bank of Australia (RBA)’s Governor Bullock’s hawkish stance based on inflation and a tighter labor market, the RBA has decided to pause today. There are two main reasons for that. Firstly, a sea-change in the market prediction of the way forward for the FED, with as much as 100bp in cuts as a consensus for 2024 (150 basis points in the case…
Intermoney: The company informed the CNMV (National Securities Market Commission) on Friday that it has been chosen by Mitsubishi as subcontractor for the design and supply of seven electrical units in the Philippines. Specifically, the units are for the new North-South commuter rail line that will connect Clark International Airport, northeast of Manila, with the province of Laguna in the south of the island of Luzon. The project is expected…
Bankinter| Fed Chairman Jerome Powell made a statement in which he considered that it is premature to talk about rate cuts. In fact, they are prepared to act by raising rates if necessary. They will continue to take decisions meeting by meeting but monetary policy will remain restrictive until there is certainty that they are close to the 2% target. On the labour market, conditions remain very solid. The recent…
Link Securities| According to the second estimate of the data, released yesterday by the Commerce Department, US Gross Domestic Product (GDP) expanded 5.2% in 3Q2023 relative to 2Q2023 in annualised data (2.1% in 2Q2023), slightly more than the 4.9% initially estimated. The FactSet consensus of analysts expected growth of 4.9%. The increase in GDP in 3Q2023 is the largest in annualised data since that achieved in 4Q2021. In this second…
Alicia García Herrero (Natixis)| China’s real estate crisis has lingered for over two years. While the recurring headlines from Evergrande to Country Garden have dampened foreign investors’ sentiment on China-related assets, the brewing spillovers have dragged domestic consumer and business confidence. What is new is that policymakers seem to believe that the problems have reached a tipping point recently. Although many policy changes have largely fallen short of expectations, the…
Link Securities| The Spanish company will supply Vancouver International Airport (Canada) with the world’s most advanced control tower. In a press release issued by Indra, the company explained that it is a digital system to control the movement of aircraft on the apron with which the Canadian airfield manager will start its own programme of digitalised apron management services. Indra will deliver an integral digital tower solution equipped with a…
Bankinter: According to Salesforce, which aggregates data from retailers’ websites, online spending amounted to $16.4bn in the US (+9%); $70.9bn globally (+8%). Average discounts were 30%. Mastercard estimates that online retail was up +8.5% in the US and +1% in physical shops. According to Adobe Analytics, online spending reached $9,800Bn (+7.5%) vs. $9,600Bn estimated. On Thanksgiving, according to the same source, online sales were $5.6 billion (+5.5%), in line with…