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In the World 26th April 2023

US consumer confidence falls from 104 to 101.3 in April

Link Securities | The Conference Board reported yesterday that the consumer confidence index fell in April to 101.3 points from 104.0 points in March, falling below the 104.1 points expected by FactSet consensus analysts. In April the sub-index measuring consumers’ perceptions of the current situation rose to 151.1 points from 148.9 points in the previous month, while the sub-index measuring expectations, based on consumers’ short-term outlook for income, business and…

Companies, World economy 26th April 2023

Abengoa begins Phase 2 of Taweelah desalination plant in Abu Dhabi, first to produce drinking water and generate energy

Alphavalue / Divancons | The Spanish company, in a consortium with the Sepcoiii company, has started commercial operation of Phase 2 of the Taweelah desalination plant, located in Abu Dhabi, following successful completion of the contractual tests. Specifically, it is the largest reverse osmosis desalination plant in the world (909,218 cubic metres/day) and the first to combine the production of drinking water with the generation of clean energy. The project…

Relevant News Item, World economy, World politics 25th April 2023

Chile, world’s largest producer, to nationalise lithium industry

Alphavalue / Divacons | Chile’s President Gabriel Boric announced the nationalisation of the lithium industry, especially important for electric car batteries. State-owned Codelco will determine investments and exploitation by private companies. Chile is the largest producer of lithium. While it is claimed that this will not affect current contracts, it is a stark reminder of the insecurities for mining companies, and not only in Chile.

World economy 25th April 2023

Spread between UST 1M and 3M spreads widens to new all-time highs (c160bps)

The spread between UST 1M and 3M has widened to new all-time highs (c160bps). October 2008, shortly after the Lehman bankruptcy, was the last time the spread was this wide. On top of this, US 1Y CDS also reached new highs last week.

In the World, World economy 24th April 2023

US composite PMI rises more than expected (53.5) as both services and manufacturing improve

BancaMarch : In the US, business confidence data was also released and in this case was positive as confidence in both services and manufacturing improved. Notably, the composite PMI rose more than expected to 53.5 from 52.3 and well above the expected 51.2. At the sectoral level, the improvement came both on the services side, with the confidence indicator rising to 53.5 from 52.3, and on the manufacturing side, which…

In the World, World economy, World politics 20th April 2023

Swiss people on average salary earn €1 million in 15 years, Nigerians need 500

Analysts at Picodi.com have counted how many years it would take people living in different countries and earning the average national salary to earn €1 million. The analysis shows that if we add up all the net payments received by an average employee, a resident of Switzerland will earn his first million euros the fastest: in 15 years and two months, while in Singapore the time is 18 years and…

In the World, World economy 20th April 2023

Fed’s Beige Book notes that global economic activity and the outlook have remained unchanged

Link Securities | The Federal Reserve’s latest Beige Book indicates that overall economic activity and the economic outlook have remained broadly unchanged in recent weeks in most districts, although two districts saw a deterioration in their future outlook. The report noted that consumer spending and manufacturing posted flat or slightly lower growth, although auto sales were steady and travel and tourism rebounded. Banks also recorded a tightening of their lending…

Companies, World economy 19th April 2023

Tesla prepares Shanghai factory to manufacture energy storage batteries to prevent power outages

Singular Bank | Tesla announced last week the construction of a factory in Shanghai where it will produce its Megapack, energy storage batteries used to stabilise power grids and prevent power outages, which it already manufactures at a plant in California (USA). The new plant will have a production capacity of 10,000 units per year and construction will begin in the third quarter of this year. This project will lower…

In the World, World economy 19th April 2023

China GDP expands 4.5% year-on-year in 1Q2023, largest increase since 1Q2022

Link Securities | China’s Gross Domestic Product (GDP) expanded by 4.5% year-on-year in 1Q2023, beating FactSet’s analyst consensus reading of 3.4%, and following a 2.9% rise in the previous quarter. The reading represents its largest increase since 1Q2022, amid the government’s post-pandemic economic recovery momentum, although the growth is somewhat lower than the government’s forecast of 5% growth for the year as a whole. Meanwhile, China’s industrial production rose by…

In the World, World economy 18th April 2023

Monthly defaults in March highest since December 2020

Santander | And Moody’s HY default rate rises to 2.9%, in line with the progressive deterioration of the credit quality of companies globally. Moody’s published its monthly report last Friday in which it states that there were 15 defaults in March, its highest monthly number since December 2020 and which places the balance of 1Q23 at 33 defaults (its highest quarterly volume since 4Q20, of which 24 correspond to US…

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