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In the World 13th June 2023

PBoC confident China will achieve the near 5% growth target set at Party Congress

Link Securities| In a speech to a symposium in Shanghai this week, People’s Bank of China (PBoC) Governor Yi Gang was upbeat about China’s economic outlook, suggesting that 2Q23 GDP growth will be relatively high, mainly due to a favourable base effect. He further rationalised the recent weakness in inflation as a reflection of the lagged pick-up in demand, and expects the consumer price index (CPI) to rise gradually in…

indra edificio

Companies, In the World, World economy 13th June 2023

Indra to transform mobility in Brisbane with state-of-the-art public transport technology in its clean vehicles

Link Securities| The company is already implementing in the new green and clean BRT vehicles of Brisbane Metro (Australia), the most advanced technology for public transport management, which has been successfully tested in a pilot thanks to which Brisbane City Council will be able to validate and work with the company in the final design of the solution, according to Europa Press on Friday. The Brisbane Metro project will transform…

Global Economy

In the World, World economy, World politics 11th June 2023

Global economy to grow by 2.7% in 2023 and 2.9% in 2024, down from 3.4% average in seven years prior to pandemic, says OECD

Intermoney| That the recovery is weaker in China is a reality, but certain issues should not be magnified, because as has been seen, there is a certain boost to domestic demand and it would be a problem of confidence among Chinese citizens that could be reversed. For the moment, the politburo does not seem to be taking any more generous measures than might be expected. Moreover, yesterday the OECD’s forecast…

china inflacion

In the World, World economy 10th June 2023

Inflation stays at surprisingly low levels in China, close to zero, deflation likely

Bankinter : CPI +0.2% in May (year-on-year) vs. +0.2% estimated and +0.1% previous; Producer Price Index -4.6% in May (year-on-year) vs -4.3% estimated and -3.6% previous. Assessment: Inflation remains at surprisingly low levels in China, close to zero, and with some probability of entering deflation in view of producer prices. Sufficient arguments for the PBOC to lower interest rates (currently at 4.30% 5A and 3.65% 1A), which would also encourage…

ACS Vinci

World economy 8th June 2023

ACS subsidiary to build new Buffalo Bills stadium in New York State for $1.5 billion

The US construction company Turner, a subsidiary of the ACS Group, chaired by Florentino Pérez, will be in charge of building what will be called the New Highmark Stadium, the new home of the Buffalo Bills American football team. It will work in consortium with the local Gilbane Building Company and the construction budget is close to $1.5 billion, according to the newspaper 5Días. The Bill’s future home, which they…

global growth

In the World, World economy 7th June 2023

World Bank raises global growth expectations from 1.7% to 2.1% this year

The World Bank said yesterday it now expects the global economy to grow by 2.1% in 2023, as opposed to the 1.7% expansion projected in January, due to stronger-than-expected resilience in major economies. Thus, the institution’s analysts expect US GDP to grow by 1.1% this year (vs. 0.5%; January estimate) and that of the eurozone by 0.4% (vs. 0.0%; January estimate). In addition, China’s GDP is expected to grow by…

eeuu mercado laboral

In the World, World economy 6th June 2023

US labour market maintains strength: non-farm job creation reaches 339K

Bankinter : US non-farm job creation again beats forecasts: 339K vs 195K estimated and 294K previous (revised from 253K). The unemployment rate rebounds to 3.7% versus 3.5% estimated and 3.4% previous (a historical low). Average wages/hour decelerate (year-on-year) to +4.3% versus +4.4% estimated and previous. Assessment: Despite mixed signals from labour market figures, the labour market remains strong. The unemployment rate increased by three tenths and the number of unemployed…

china componentes

In the World, World economy 2nd June 2023

China manufacturing PMI unexpectedly rises to 50.9 in May from 49.5 in April

Link Securities| China’s advance manufacturing activity index, the manufacturing PMI compiled by media group Caixin unexpectedly rose to 50.9 in May from 49.5 in April. The FactSet consensus of analysts had expected a lower reading of 49.4. An index reading above 50 points indicates expansion in activity from the previous month, while a reading below that level indicates contraction in activity. Production increased at its fastest pace in eleven months,…

eeuu capitolio

In the World, World economy 29th May 2023

US President and Speaker of House of Representatives reach agreement in principle on debt ceiling

Link Securities | US President Joe Biden and House Speaker Kevin McCarthy, a Republican, reached an agreement in principle this weekend to raise the country’s debt ceiling. The agreement is very much in line with press reports last Friday. The debt ceiling is suspended until 2025. Non-defence discretionary spending will remain more or less flat next year and rise 1% in 2025, before the limits are eliminated in 2026. Defense…

J.Yellen

In the World, World economy, World politics 26th May 2023

US debt ceiling: prepare for a shutdown

Franck Dixmier, Global CIO Fixed Income (Allianz GI) | Investors could be forgiven for thinking they have been here before. As the clock ticks down on the US debt limit deadline, markets are once again getting familiar with the intricacies of US politics. In what has become a semi-regular partisan wrangle, politicians in Washington are in talks over raising the federal debt limit before June, the month when the government…