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In the World 5th October 2023

OPEC+ confirms oil supply cuts to continue until at least 31 December

Link Securities | Cinco Días reports on Thursday that the OPEC+ CMCM (before JMMC) monitoring committee confirmed in a telematic meeting chaired by Saudi Energy Minister Abdelaziz bin Salman and Russian Deputy Prime Minister Alexander Novak that the steep oil supply cuts being implemented by both Saudi Arabia and Russia together with OPEC+ will be maintained until at least 31 December this year. “The committee will continue to closely assess…

World economy 4th October 2023

IMF considering increasing China’s voting rights to reflect its position in global economy

Banca March: The International Monetary Fund (IMF) is considering increasing China’s voting rights to bring its share in the fund in line with its position in the global economy. Each country contributes a quota based on various factors reflecting economic positioning relative to the world economy. This quota designates the amount each country has to pay into the fund, as well as its voting rights. Currently, the Asian giant has…

In the World 3rd October 2023

Iberdrola closes €465 million agreement with GIC to grow networks in Brazil

Banc Sabadell| Iberdrola (IBE) and GIC, Singapore’s sovereign wealth fund, have closed the €465 million (BRL 2.4 billion ) deal to develop new electricity transmission networks that they had announced in April and which has already been approved by the National Electricity Agency (ANEEL) and the Administrative Council for Economic Defence (CADE). Both companies will invest in operational transmission assets in Jalapao, Santa Luzia, Dourados, Atibaia, Biguacu, Sobral, Narandiba and…

World economy 2nd October 2023

World Bank downgrades East Asian growth forecasts due to contagion effect from China’s slumping growth forecasts

Banca March: The World Bank has updated its economic forecasts for East Asia and the Pacific in its October report. Although the regions in question have shown a recovery from pandemic levels, the association warns of slow development. While the outlook for China’s output rates in 2023 is maintained (5.1%), those for next year 2024 are down from April’s estimates (4.8% to 4.4%). Likewise, the contagion effect of the Chinese…

In the World 29th September 2023

Mercosur gives EU ultimatum to ratify pact between the two economic blocs

Banca March| In line with international trade, the South American countries are pushing to speed up the signing of a treaty that has been dragging on for twenty years of negotiations and four years of delay since the 2019 agreement was made. The justification for the wait is due to the environmental commitments that European countries are demanding from South American countries. If the signing does not take place on…

In the World 28th September 2023

US consumer confidence falls more than expected, dropping to 103 from 108.7

Banca March: The most recent US economic data are disappointing. Consumer confidence fell more than expected in September, falling to 103 from 108.7 (which was revised upwards). Moreover, this development was due to an improvement in the current situation reading, but the expectations component deteriorated sharply to 73.7 from 83.3 previously. On the other hand, in the real estate sector, sales are falling, but prices are holding up. In August,…

In the World 25th September 2023

Saudi railway operator could execute extension of contract for AVE to Mecca, potential benefit for Talgo

Banc Sabadell | The Saudi Arabian rail operator (SAR) has reportedly sent a letter to the AVE to Mecca consortium, of which Talgo (TLGO) is the member in charge of the manufacture and maintenance of the trains, indicating that it could soon execute the option to purchase an additional 20 Talgo trains (part of the original 36-unit contract), a contract that could amount to ~€700 million (~16% of Talgo’s portfolio)….

In the World 22nd September 2023

Técnicas Reunidas reaches agreement for green hydrogen project in Australia

Renta 4 | Técnicas Reunidas (TRE) has announced that it has reached an agreement with the Australian company, Allied Green Ammonia, to begin the basic engineering and design phases of a hydrogen and green ammonia production facility. If financing for this project of around $8.5 billion is secured, the detailed engineering and construction phases of the plant will begin and the plant will come on stream in 2028. Assessment: Positive…

World economy 22nd September 2023

Rate hikes cannot curb inflation

J.P. Marín-Arrese | The Fed kept rates on hold this week. Yet, Jerome Powell shattered hopes they had reached a ceiling, announcing in the press conference that an extra hike was in the pipeline before the year-end. Inflation is still running too high and will likely take much longer than expected to match its medium-term goal. Powell was at odds in justifying why rate stiffening has neither cooled the economy…

In the World 20th September 2023

Iberdrola reach final stretch in Maverick project: sale of 49%-50% of Avangrid’s renewables portfolio worth €6-7 billion

Link Securities| Iberdrola’s Maverick Project, an operation that consists of the search for a partner to support it financially in the development of renewables in the US, is entering its final stretch, as highlighted in today’s edition of Expansión newspaper. The candidates are the state funds Norges, from Norway; Masdar, from the emirate of Abu Dhabi; and GIC, from Singapore; as well as the American fund GIP. The finalists aim…

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