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World economy 16th June 2023

PBoC sticks to script and lowers one-year rate to 2.65% from 2.75% previously

Bankinter : The People’s Bank of China (PBoC) lowers the 1-year funding rate to 2.65% from 2.75% previously (in line with estimates); (ii) Industrial Production +3.5% in May (year-on-year) vs. +3.5% estimated and +5.6% previously; (iii) Retail Sales +12.7% in May (year-on-year) vs. +13.7% estimated and +18.4% previously. Bankinter’s analysis: The PBOC sticks to the script and lowers one-year rates after doing the same on Tuesday with the REPO rate….

World economy 16th June 2023

IEA forecasts global oil demand to peak before end of decade

BancaMarch: The International Energy Agency (IEA) expects global demand for crude oil to peak before the end of the decade. According to the agency, consumption of crude oil as a transport fuel will begin to decline from 2026, due to the rise of the electric car and other measures put in place. Nevertheless, the IEA forecasts a 6% growth in global oil demand between 2022 and 2028, reaching 105.7 million…

World economy 15th June 2023

Fed takes a breather and pauses rate increases after 10 consecutive hikes

CoM | The US Federal Reserve (Fed) decided on Wednesday to pause interest rate hikes and keep them in a range of between 5 and 5.25%, after a historic round of ten consecutive rate hikes since March 2022. “Recent indicators suggest that economic activity has continued to grow at a moderate pace. Employment growth has been solid in recent months and the unemployment rate has remained low,” the agency said…

In the World 15th June 2023

European Union in favour of closing Mercosur agreement by end of year

BancaMarch: The European Union is in favour of concluding the agreement with Mercosur before the end of the year. The President of the European Commission, Ursula von der Leyen, defended on Monday before the President of Brazil, Luiz Inácio Lula da Silva, the need to close the trade agreement between the European Union and Mercosur before the end of the year. Doing so would thus conclude a pact that has…

World economy 14th June 2023

Notwithstanding improvement in margins and wages for large companies, BoJ to wait until it completes its monetary review

Alicia García Herrero (Natixis) | The Bank of Japan (BoJ) has begun to highlight the rising inflation bias. At the Lower House, Governor Ueda testified on June 9th that corporate price-setting behavior has been shifting upward. Furthermore, as the spring wage negotiation resulted in the largest wage increase in 30 years, inflation could surprise on the upside.Price transfer of higher input costs has become broad based. For sure, small companies,…

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…

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…

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…

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…

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…

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