BancaMarch : The organisation has pointed to a slowdown in demand in the first quarter of 2024, with a variation that stands at 1.6 million barrels per day, 120,000 barrels per day lower than previously estimated. The reasons include lower than expected consumption in OECD countries due to a warmer than usual winter and a drop in manufacturing activity. Thus, for 2024 as a whole, the IEA has lowered the…
Alicia García Herrero (Natixis) | Will India’s gross domestic product ever surpass that of China? Ten years ago, no one would have given this question much thought. But times are changing. The Chinese economy may now be more than five times larger than India’s, but India is growing much faster than China, and no one expects that to change any time soon. Already, since 2010, India’s economy has overtaken those…
Intermoney | ACS (ACS), through its Australian subsidiary Cimic, has been awarded a contract to refurbish a hospital in the state of New South Wales. The works will involve an investment of €450 million. The work will begin this year and will last until 2028. It will include the refurbishment of numerous departments of the hospital, as well as the construction of new facilities, including the vertical expansion of existing…
Link Securities| Credit rating agency Fitch said, after maintaining its “A+” rating on China and lowering the outlook to “negative” from “stable”, that its review reflects the growing risks to China’s public finance outlook, as the Asian country faces greater uncertainty in its economic outlook, in an environment of transition from property-dependent growth to what the Chinese government envisions as a more sustainable growth model. In addition, Fitch noted that…
Morgan Stanley| Asia Macro team notes that after the onset of trade tensions with China in 2018 while offshoring has been very limited, trade flows are much more diversified than before. The US now imports much less from China (13.9% vs 21.6% in Dec 17), clearly expanding the number of regions from which it does so: it imports more from Canada, Taiwan, Korea and India … with Mexico and the…
According to BINANCE, there are only 10 days until the next bitcoin halving, when the reward for mining a new block on the network will be halved. The purpose behind these halvings is to limit the supply of new bitcoins coming into circulation, which contributes to bitcoin’s scarcity and deflationary pattern. By limiting supply, it is expected that, if demand continues or increases, the value of bitcoin may also increase…
Banca March: Aukus is a strategic military alliance between three countries in the Anglo-sphere: Australia, the UK and the US. The United States, Australia and the United Kingdom are seeking to add Japan to their strategic alliance known as Aukus. Initially, this strategic military alliance between the three countries was intended to help Australia acquire nuclear-powered submarines and, unofficially, to counter China’s power in the Indo-Pacific region. However, prior to…
Banca March: The production cap was introduced in November and is valid until the first quarter of 2024 and, last month, it was extended until mid-year. The agreement is paying off for the cartel, with the price of Brent crude oil reaching $90 per barrel yesterday, helped by other factors such as tensions in the Middle East and the attacks on Russian refineries. At yesterday’s session they decided to maintain…
Renta 4| A historic start to the month for Alphabet, which begins to rise above the highs of late 2021 at $151. The long term uptrend remains above $112, the area where the uptrend line connecting the lows of 2009, 2020 and 2022 passes. The latest rallies have begun to close the gap in the worst relative performance with respect to the Nasdaq 100, which has been open since last…
Bankinter| The State of Texas could make use of its contractual right to claim the return of the SH-288 toll road to the amount of $1,731M (about €1,600M) currently controlled 43.24% by ACS and the remaining 56.76% by Abertis. Last Thursday, the state transport commission gave its approval to the plan and a six-month negotiation period is now open to either terminate the contract or avoid it. Bankinter’s analysis team’s…