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World economy 26th January 2024

Técnicas Reunidas opens offices in USA to invest €55 billion in decarbonisation technologies by 2030

Singular Bank | The Spanish multinational engineering and infrastructure construction company for the oil and gas sector has opened offices in the US. In doing so, it hopes to address the current need to increase green energy and will invest around €55 billion in decarbonisation technologies, hydrogen, biofuels and carbon capture by 2030. It has also confirmed that thanks to its alliance with the Chinese oil company Sinopec, it has…

Inditex Junta 2023

World economy 25th January 2024

Inditex will more than overcome impact of Red Sea conflict, growing above peers’ average

Morgan Stanley| Our analysts have studied the impact of the Red Sea conflict-related transportation issues on 17 retail companies. The average impact is 7% of pre-tax profit on average if rates stay where they are. Estimating a 150% increase in freight rates, the impact on pre-tax profit is -2% in food, -6% in clothing and -14% elsewhere. All this before mitigations. Most companies know how to manage the impacts of…

grifols

World economy 23rd January 2024

New threat to Grifols: Sanofi buys INBRX-101, biotech company Inhibrx’s best asset

Morgan Stanley | Sanofi has announced the purchase of INBRX-101, the best asset of the biotech company Inhibrx, which is a recombinant alpha-1 augmentation therapy for treating alpha-1 antitrypsin deficiency (AATD), a protein produced in the liver that protects the lungs. This drug could pose a real threat to Grifols’ alpha 1 franchise (GRF), which currently accounts for 12% of sales and 20-30% of gross profits. In addition, the acquisition…

fcc edificio

World economy 23rd January 2024

FCC, Italy’s Webuild, and US firm Aecom to carry out several projects on Toronto’s underground network for €1.362 million

Link Securities| FCC has been awarded a new contract in Canada to build new tunnels and stations in the Toronto underground network, a project that the infrastructure department of the province of Ontario estimates at up to €1.362 million, the digital portal CapitalBolsa.com reported. Specifically, the Spanish construction company will build, in consortium with the Italian company Webuild and the US company Aecom, three kilometres of twin tunnels on Papa…

TecnicasReunidas

World economy 23rd January 2024

Técnicas Reunidas awarded $2.15 billion contract to produce ethanol, propane and butane in Saudi Arabia

Yesterday, Técnicas Reunidas informed the National Securities Market Commission (CNMV) that Saudi Aramco, one of the world’s largest energy companies, has awarded a joint venture formed by the Spanish company TRE and the Chinese group SEG (Sinopec Engineering Group) the development of new Natural Gas Liquids (NGL) fractionation facilities in Saudi Arabia. The works will be carried out on the basis of two EPC (engineering, procurement and construction) contracts; one…

bank of japan

World economy 20th January 2024

BoJ to remain on hold in January with no confidence on wage growth after earthquake emergency

Alicia Garcia Herrero & Kohei Iwahara (Natixis) | On the New Year’s Day, a strong earthquake hitting the Noto Peninsula created havoc, including Japan’s supply chain. Even if the Hokuriku region did not suffer from a major power failure, in contrasts with Fukushima’s disaster in 2011, disruptions are still relevant. Even if the area being hit this time is small, 4.0% share of Japan’s GDP, it has factories producing semiconductors,…

World map

World economy 19th January 2024

The world is more than 20 times as indebted as it was 25 years ago. What will the new normal be?

Julio López (Attutude Gestión SGIIC) |Beethoven’s Symphony No. 5 in C minor was first performed in 1808, but gained particular prestige during World War II. The British noticed that the famous opening theme (da-da-da-dum) had the same rhythm as the letter V in Morse code (. . . …) so the symphony became a symbol of victory over Nazism: the BBC always began its broadcasts to occupied Europe with those…

OPEC post mortem

World economy 18th January 2024

OPEC maintains its 2024 demand growth estimate of 2.2 mbd to 104.4 mbd on strong air travel demand and healthy road mobility

Link Securities | According to OPEC’s monthly report, global oil demand will grow by 2.2 million barrels per day (mbd) in 2024, which means that the cartel’s analysts have maintained their estimates from the previous month unchanged. Thus, demand for crude oil will reach 104.4 mbd in 2024. In that year, according to OPEC, demand will be driven by strong demand for air travel and healthy road mobility, including diesel…

Lai Ching te

In the World 18th January 2024

Taiwan’s elections: key takeaways for the European Union

Alicia García Herrero (Natixis) | On 13 January, Taiwan showed the world the vibrant nature of its democracy. Over 70% of people turned out to vote for the next President of Taiwan and the country’s legislative body, the Yuan. Lai Ching-te, leader of the liberal Democratic Progressive Party (DPP), won the presidential election. However, his party which was in government for eight years, did not secure enough votes to control…

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World economy 17th January 2024

China’s 5.2% growth disappoints, population shrinks for second year running

Bankinter : China: poor growth and adverse demographics – GDP 4Q 2023 was 5.2% rather than the 5.3% expected and the 4.9% previous. Retail Sales in December were up 7.4% against the 8.0% expected while Industrial Production was up 6.8% against the 6.6% expected and previous. Analysis: GDP over 2023 has been +5.2%., which is slightly below market expectations, although above the government’s formal target of +5.0%. The weakest indicators…