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In the World 24th November 2023

BBVA and Santander reach agreements with Geely and GAC Motor to finance close to 30,000 vehicles in Mexican market in one year

Link Securities | BBVA (BBVA) and Banco Santander (SAN) have reached agreements with Geely and GAC Motor to finance nearly 30,000 vehicles in the Mexican market in one year, a market that both entities consider strategic, according to Expansión newspaper on Friday. BBVA and Geely have signed an agreement whereby the bank will be the exclusive financier of the Asian brand in the country through the launch of Geely Financial…

In the World 23rd November 2023

China to recommend economic growth target of between 4.5% and 5.5% for next year

Link Securities| China’s government advisers will recommend economic growth targets for next year ranging from 4.5% to 5.5% at the annual policymakers’ meeting, Reuters reported yesterday. Thus, five of the seven advisers who spoke to the news agency said they favoured a target of around 5 per cent, matching this year’s target. In turn, one adviser will propose a target of 4.5 per cent, while the other suggested a range…

In the World 23rd November 2023

Biden-Xi dialogue instrumental for a successful EU-China Summit in Beijing

Alicia García Herrero (Natixis) | The Biden-Xi summit in San Francisco on 15 and 16 November 2023 might feel underwhelming for its lack of concrete announcements, especially given the long list of pending issues which had piled up since their last encounter on the sidelines of the G20 in Bali. Disappointments were equally shared by the two sides. On the Chinese side, the most pressing issue was likely the lifting…

In the World 21st November 2023

Conference Board’s advance indicator, below previous month and below expectations: 0.8%

Link Securities| The Conference Board’s index of US leading economic indicators, the Leading Economic Index (LEI), declined 0.8% in October compared to September, after falling 0.7% in September. The FactSet consensus of analysts expected a decline of 0.6%. In the April to October time period (last 6 months) the LEI has contracted by 3.3%, a smaller decline than the 4.5% drop it experienced during the previous six months (October 2022…

In the World 20th November 2023

Countdown for Mercosur and EU draws nearer; no resolution in sight in coming weeks

Banca March : The countdown for Mercosur and the EU is approaching. The creation of an export alliance between Mercosur (Argentina, Brazil, Paraguay and Uruguay) and the EU has been dragging on for more than two decades and could be settled without a resolution in the coming weeks. An agreement was reached in June 2019 but was not signed as a result of European requests to the South American countries…

In the World 15th November 2023

OECD countries’ unemployment remains at record low 4.8% in September, Spain highest at 12%

The unemployment rate in the countries of the Organisation for Economic Co-operation and Development (OECD) stood at 4.8% in September, remaining unchanged at the lowest level in the historical series, which began in 2001, as reported on Tuesday by the organisation, which also points to Spain as the member country with the highest unemployment rate, at 12%. In the ninth month of the year, the unemployment rate remained unchanged in…

In the World 14th November 2023

Biden and Xi both have good reasons to end the summit with a -temporary- bang

Alicia García Herrero (Natixis) | The importance of the much-expected meeting between President Biden and President Xi in San Francisco cannot be understated, no matter the likely shallowness of the outcomes.The fact that there have only been two face-to-face since Biden took over from President Trump says it all about the importance of this encounter as the pinnacle of a series of meetings to step up dialogue between the two…

World economy 13th November 2023

Moody’s maintains US debt rating, but downgrades outlook

Bankinter | Moody’s has maintained its US debt rating, but worsened the outlook. The credit rating agency maintains the rating at AAA, but changes the outlook to “negative” from “stable”. In its report Moody’s refers to the worsening fiscal situation and the polarisation of politics as long-term concerns for the US economy. Assessment: Rising interest rates, the sharp increase in public debt and a polarised Congress that is unable to…

World economy 11th November 2023

China’s inflation returns to negative territory: -0.2% year-on-year in October, down from 0% previously

Banca March: Yesterday in China, inflation returned to negative territory and continues to reinforce expectations of the need for further monetary stimulus. Specifically, October’s CPI was -0.2% year-on-year versus 0% previously and one tenth of a percentage point lower than expected. By components, it should be noted that the fall in inflation came from goods prices, which fell by -1.1% year-on-year in October and accumulated seven consecutive months of declines,…

World economy 8th November 2023

Russia and Saudi Arabia to maintain voluntary oil supply cuts until at least end of 2023

Banca March: Russia and Saudi Arabia have confirmed that they will maintain voluntary oil supply cuts until the end of 2023, reviewing in December whether to prolong, deepen or end the supply cap. This supply cap began in the spring of 2023, when Russia responded to sanctions imposed for its invasion of Ukraine. Other OPEC+ members, including Saudi Arabia, opted to join voluntary cuts totalling 1.66 million barrels per day…

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