Banca March : Last week closed with US employment data in line with a rate halt by the Fed as the easing of the labour market is one of the key elements on the road to inflationary control. In this respect, although job creation was above consensus forecasts, the downward revision of last month’s figures and the lowest job creation in recent months show signs of moderation in a still…
Morgan Stanley| China’s economy faces a “3D” challenge: demographics, debt and deflation. Our China macro expert, Robin Xing, thinks the central government will have to partially underwrite local government debt and deploy sufficient fiscal stimulus to facilitate LGFV deleveraging and help the economy grow without debt. With this resolution, China could enter a debt-deflation spiral that puts both growth and the inflation outlook at risk. The focus of market attention…
Link Securities| Both companies submitted binding bids on Monday for the concession contracts to rehabilitate, maintain and operate four motorways in Puerto Rico, in a deal valued at more than €2 billion, the digital newspaper elEconomista.es reports today. Both Abertis and Sacyr, which declined to confirm their participation, were shortlisted last year by the Public-Private Partnerships Authority (AAPP) to compete in the final bidding for the privatisation of motorways PR-52,…
Banca March: China is taking steps to revive the real estate sector. In order to support the real estate market and revive the economy, the Chinese government is once again focusing on demand. On the one hand, local governments in major cities are offering more favourable conditions to first-time homebuyers. On the other hand, for people wishing to buy a second home, the country had strong restrictions to avoid massive…
Link Securities | Iberdrola’s US subsidiary Avangrid has begun construction of the 240-megawatt (MW) True North photovoltaic plant in Falls County, Texas, which will provide renewable energy to supply operations in the region of Meta Platforms (META-US), Facebook’s parent company, according to La Vanguardia newspaper. The project aims to power Meta’s upcoming data centre in Temple City, its second such facility in Texas. Starting in 2020, the global operations forecast…
Banca March | Weather conditions in recent months have led to a drought that is hampering the supply of the artificial lake that connects the Pacific and Atlantic oceans. As early as 30 July, measures were taken to reduce traffic from 38 vessels in normal conditions to 32. The waiting time estimated by the canal itself is between 9 and 11 days. The restrictions on both the depth and daily…
Alphavalue / Divacons| The UK-based chip design company is preparing its US IPO, which could come as early as September. Arm’s owner, Softbank, needs a high assessment to clean up its image after recent fiascos. The IPO could fetch a valuation of around €60 billion, the highest in the US this year. But the situation appears to be complex, given that the chipmaker’s main market has stopped growing, its model…
Banca March: More than 60 developing countries from Latin America, Africa and Asia are attending the meeting, which has been running since Tuesday and will continue until Thursday. During these days, the BRICS are considering adding new members from among 23 possible candidates that have not yet been revealed, although there is speculation about countries such as Iran, Venezuela and Saudi Arabia, among others. The terms of admission remain undefined,…
Renta 4 : Europe opens higher (Eurostoxx futures +0.4%, S&P -0.1%) after last minute gains in the Nasdaq (+1.65%) and after a session yesterday in which the rebound of the first part of the day in the European stock markets was deflated as the session progressed as there were no specific catalysts, beyond accumulating three consecutive weeks of losses in the main world stock markets.The markets are still waiting for…
Bankinter| On Wednesday, the Minutes of the last Fed meeting (25/26 July) were published. On that occasion the Fed raised rates +25 b.p. to 5.25%/5.50% and insisted on following a data-dependent approach in future meetings. In the minutes most participants insist on the need to continue to fight inflation, which remains high (+3.2% in July for headline and +4.7% for core). On the other hand, some members warned of the…