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In the World 18th December 2023

World coal demand increases 1.4% in 2023, reaching more than 8.5 billion tonnes

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.

World economy 14th December 2023

Acciona Energía bids to develop 800 MW in Morocco

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…

In the World 14th December 2023

ACS and Acciona enter consortium to build several tunnels in Melbourne in €2.204 billion contract

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…

World economy 13th December 2023

Milei’s first measures in Argentina: 54% devaluation of peso and massive cuts in public spending (2.9% of GDP)

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…

World economy 12th December 2023

US to buy up to 3m bpd for Strategic Petroleum Reserve for delivery in March 2024

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…

In the World 11th December 2023

US non-farm job creation surprises positively and unemployment rate falls two tenths to 3.7%

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…

In the World 5th December 2023

Saudi Arabia warns OPEC+ cuts could extend beyond March

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…

In the World 5th December 2023

RBA’s pause supported by the FED but also a weaker Australian economy

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…

World economy 5th December 2023

CAF consolidates alliance with Mitsubishi with award of new €150M contract in Philippines for North-South commuter line

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…

In the World 4th December 2023

Powell considers it “premature” to talk about rate cuts

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…

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