Link Securities| According to data from the Department of Labor, the US consumer price index (CPI) for December was revised down to a monthly increase of 0.2%, from a preliminary increase of 0.3%. In addition, November’s figure was revised upwards to an increase of 0.2%, from the initial figure of a 0.1% increase, and October’s figure was also revised upwards by one-tenth, from an initial flat reading to an uptick…
Banco Sabadell: 4Q’23 results slightly better than expected 4Q’23 EBITDA slightly better than expected ($1,266m versus $1,233m BS(e) and $1,200m consensus), although contracting versus 3Q’23 due to a lower average price, something we see in all its geographies. Deliveries fell at the aggregate level compared to Q3’23, although in North America (34% EBITDA) they rebounded slightly (+2.4%), which anticipates some improvement. The lower part of the income statement is impacted…
Santander Research : After last week’s stock market collapse of regional bank New York Community Bancorp, in Europe, the alarm bell was sounded by Deutsche Pfandbriefbank. By country, the biggest stock market falls are in French (BNP -14%, SocGen -9%) and German banks; while, in credit, the biggest increases are in German banks (+27bp), followed by Spanish (+9bp), French (+8bp) and Italian (+6bp) banks. The upgrade by S&P of Banco…
Link Securities | According to media reports, US company Lockheed Martin has awarded Indra a contract to equip four Saudi ships with state-of-the-art electronic defence systems. The 118-metre-long vessels, with a range of 5,000 miles, are prepared to operate in both coastal and ocean areas. They will be delivered with this Spanish technology to the Royal Saudi Arabian Navy. The companies have declined to disclose the amount of the contract….
Intermoney: The daily newspaper Expansión reports today that ACS (Buy, PO 43) has been awarded several construction contracts in the US and UK for a total of approximately construction contracts in the US and the UK for a total of approximately €400 M€. Thus, the Group has been the preferred bidder for a contract worth some £100 million ( €117 million) at the port of Immingham, the UK’s main port…
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…
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…
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…
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…
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…