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In the World 14th September 2023

WTO forecasts weakening of international merchandise trade (1.7% in 2023 vs. 2.7% in 2022)

BancaMarch: The World Trade Organisation (WTO) forecasts a weakening of international merchandise trade. The World Trade Report 2023 reveals world trade volume growth of 2.7% in 2022 and the forecast for 2023 is 1.7%, below the average between 2010 and 2022. The slower increase this year is due to high inflation and rising interest rates undermining global GDP growth and reducing demand for goods from major economies. The report also…

In the World 14th September 2023

Google trial opens in US for abuse of dominant position in online search business

Alphavalue / Divacons| The trial against Google began in the US on Tuesday, a legal battle that will last at least 10 weeks. The case is about whether Google is considered a monopoly in the online search business. This is the first antitrust case against Big Tech in the US in more than 20 years. In October 2020, the Department of Justice decided to take Google to court, in a…

World economy 12th September 2023

ACS subsidiary Cimic wins luxury real estate project in India for around €114 M

Link Securities | Leighton Asia, a company of ACS’s Australian subsidiary Cimic Group, has won a contract with property developer Elan to build a luxury residential project in Gurgaon (India) for AU$190 million (around €114 million). The project, named The Presidential, consists of 728 flats and is Leighton Asia’s largest residential project to date. The initial phase of the project comprises civil and structural works, with a built-up area of…

In the World 11th September 2023

Ferrovial wins nine construction projects worth €932m through US subsidiary Webber

Intermoney | The Spanish company (Mantener, PO€26), through its US subsidiary Webber, has won nine construction projects in the United States in recent weeks, specifically in Texas and Florida. The total budget amounts to €932 million. Among the new work in the pipeline is its first major civil engineering project in Florida. This project, Ferrovial’s first in Florida, with a budget of €75 million, consists of the reconstruction of one…

India enters the era of Sanatan socialism

In the World 11th September 2023

India’s economy shows strength, but headwinds arise from widening current account deficit and resurgent inflation

Alicia García Herrero (Natixis)| India’s GDP expanded 7.8% year-on-year in Q2 2023, beating expectations and printing the highest number in a year. The major push comes from consumption which contributed nearly half of the growth. The strong demand is also fostering industrial production as India’s manufacturing PMI has expanded for 25 straight months and further risen to a high of 58.5 as of August, far above any other Asian country’s…

World economy 8th September 2023

Repsol enters US wind sector after buying ConnectGen for €715 million

Repsol has just announced the signing of an agreement to buy the US renewable energy development group ConnectGen for $768 million (around €715 million) from 547 Energy, the renewable energy development platform of Quantum Capital Group. According to the statement, with this transaction Repsol “strengthens its position as a global player in this energy sector, increases its international presence and contributes to its goal of reaching 20,000 MW installed by…

In the World 5th September 2023

US labour market supports pause in rate hike

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…

In the World 31st August 2023

China’s economy faces “3D” challenge: demographics, debt and deflation

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…

In the World 30th August 2023

Abertis and Sacyr bid for concession of four motorways in Puerto Rico, valued at over €2,000 million

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,…

In the World 28th August 2023

China offers more favourable terms to first-time homebuyers to revive property sector

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…

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