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World economy 12th January 2024

China Data Flash: regulatory tightening on real estate financing dampens investment sentiment; stability now the key word which accompanies growth in official statements

Alicia García Herrero (Natixis)| Investment sentiment has declined significantly in the last two months of 2023, mainly due to negative sentiment regarding real estate. In December, regulatory fines were issued to multiple financial institutions, including two large AMCs and a few banks, for the illegal granting of funds to developers. Despite numerous stimuli aimed at encouraging financial institutions to provide financing channels for developers, it is anticipated that only those…

World economy 11th January 2024

Naturgy begins construction of second large photovoltaic facility in US, in Texas, with €285-million investment

Link Securities | Naturgy (NTGY) has begun construction of its second large photovoltaic facility in the United States, the Grimes plant, which will have a capacity of 210 MW and will involve an investment of more than €285 million, according to Europa Press. This new renewable generation plant will be located in the state of Texas and will generate enough emission-free electricity to supply approximately 140,000 homes. With the start-up…

World economy 10th January 2024

World Bank forecasts bring forward worst five-year period (2020-2025) for growth in 30 years

The world economy is expected to grow by just 2.4% in 2024 (vs. 2.6% in 2023), indicating weak growth for the third year in a row, before rebounding to 2.7% in 2025. These levels are below the 3.1% average growth of the previous decade. This year, real GDP growth is projected to weaken in both advanced economies – 1.2% in 2024 compared to 1.5% in 2023 – and emerging economies…

World economy 9th January 2024

Boeing 737 Max model, involved in last week’s Air Alaska incident, is in direct competition with Airbus’ A320

Banco Sabadell : The FAA (Federal Aviation Administration) decided to order a flight ban on the 737 Max model 9 (the longest-range variant of the single-aisle models) following the Alaska Air incident on the night of 5 January last. Specifically, the incident was caused by the loss of part of the fuselage during flight -its plugged exit door exited the airframe shortly after departure from Portland International Airport- which resulted…

In the World 8th January 2024

Acciona, ACS and Meridiam in consortium competing with Ferrovial and Macquarie for €2-billion SR-400 Express Lanes project in Atlanta

Link Securities| Acciona and ACS, on the one hand, and Ferrovial, on the other, are part of the two consortia that have entered the final phase to design, build, finance, operate and maintain one of the largest toll road projects underway in the US, the SR-400 Express Lanes in Atlanta, Georgia. The value of the project, implemented through a managed lanes model (dynamic tolls), is estimated at approximately €2 billion….

In the World 7th January 2024

Temu and Shein pose real threat to Amazon for market share amid new regulatory challenges

Bankinter | New competitors such as Temu and Shein are gaining ground in markets adjacent to Amazon. Temu already accounts for almost 17% of the discount retail market, while Shein’s revenues have already reached $23bn, surpassing companies such as H&M. They also pose new regulatory challenges, amid antitrust lawsuits against Amazon. Despite increased competition, Amazon’s resilience is reflected in the continued growth of its Prime user base, which has reached…

In the World 5th January 2024

How relevant is the economy for Taiwan’s elections?

Alicia García Herrero (Natixis) | Taiwan’s elections are one of the most important geopolitical events in 2024. The state of the economy is part of the story, but not an essential one so far. This might look counter-intuitive given the underperformance in 2023, but the devil is in the details. The labor market is resilient, and consumption is growing faster than in 2022, both of which are important for voters….

In the World 29th December 2023

Milei sets up tax associated with expropriation of YPF to pay compensation including $1.5bn payment to Repsol

BancaMarch | The Milei government is setting up a special tax in Argentina associated with the expropriation of the YPF oil company. The tax, which will be known as the “Kicillof tax” because it was imposed during the time of the Minister of Economy, Axel Kicillof, will serve to comply with the judicial sentence to which the country was condemned in September by a US court. The amount of the…

World economy 22nd December 2023

Angola exits OPEC, reflecting lack of consensus among members

Bankinter: Angola is leaving OPEC. As a reference, it produces around 1.1Mbd (OPEC+ approx. 38.5Mbd). Opinion of the analysis team: Negative news for oil (Brent $79.4; -0.4%), which is positive for the market and the cycle. Once again, the lack of consensus among cartel members is evident. At the last meeting they were slow to reach an agreement precisely because the main producers refused to introduce cuts. On the other…

In the World 21st December 2023

Acciona wins €1.7 billion contract to build desalination plant in Australia

Intermoney: The Government of Western Australia has provisionally chosen the bid submitted by Acciona (Buy, PO 215) to build the Alkimos seawater desalination plant, located some 40 kilometres from Perth, the state capital, according to Expansión newspaper. This is one of the largest water facilities to be built by the Spanish multinational, as the budget allocated by the local authorities for this infrastructure amounts to AU$2.8 billion (about €1.7 billion)….

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