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World economy 26th June 2025

ACS to build and supervise €4.3 billion One Beverly Hills luxury real estate project in Los Angeles

Link Securities | The Spanish construction company, through its subsidiary Turner, will be responsible for building and supervising the One Beverly Hills real estate project, covering seven hectares in the heart of luxury in Los Angeles County (California, USA), the Expansión portal reported yesterday. Turner is listed as the main contractor for the first phase of a project that began last year and is scheduled for completion in 2027. Designed…

World economy 26th June 2025

Powell affirms Fed committed to keeping inflation under control and will remain on hold

Link Securities | In his speech before the House Financial Services Committee (the lower house of the US Congress), Federal Reserve (Fed) Chair Jerome Powell affirmed the central bank’s commitment to keeping inflation under control, stating that he expects monetary authorities to remain on hold until they have a better understanding of the impact that tariffs will have on prices. Powell described economic growth as solid and the labour market…

In the World 25th June 2025

US preliminary composite PMI remains in expansion territory and above estimates at 52.2 points

Singular Bank | According to the preliminary reading for June, the US manufacturing PMI remained stable at 52.0 points, above analysts’ consensus estimates (51.1 points). In contrast, the services sector PMI declined slightly to 53.1 points (against 53.7 points in May). Despite this, the result was better than the consensus of analysts (52.9 points). Given this development, the US composite PMI fell slightly to 52.8 points (against 53.0 points in…

In the World 22nd June 2025

Global oil demand to peak at 105.6 Mbd in 2029 and fall slightly in 2030, supply to rise to 114.7 Mbd, IEA predicts

Bankinter | The International Energy Agency estimates that global oil demand will continue to rise until the end of the decade. This is despite the fact that Chinese demand will peak in 2027, before moderating due to the advance of electric mobility. In the US, lower-than-expected electrification and lower energy costs will help boost oil demand. It estimates that developed countries will reach peak consumption in 2029, at 105.6 Mbd,…

In the World 20th June 2025

Fed keeps rates steady (4.25-4.50%), lowers GDP forecast and raises inflation forecast

Link Securities | The Federal Open Market Committee (FOMC) of the Federal Reserve (Fed) kept its benchmark rates unchanged in the 4.25%–4.50% range for the fourth consecutive meeting in June, in line with expectations, as its members adopted a cautious stance to fully assess the impact of President Trump’s policies, particularly those related to trade tariffs, immigration and taxation. FOMC members also noted that uncertainty about the economic outlook has…

In the World 20th June 2025

Nippon Steel acquires US Steel: favourable for ArcelorMittal, which acquires 50% of one of North America’s best factories

Renta 4 | Nippon Steel finally acquires US Steel for $14.1 billion. This transaction means that ArcelorMittal (MTS) will acquire 50% of the joint venture it had with Nippon Steel in Calvert. Arcelor will pay $1. Nippon Steel will receive compensation of $900 million in cash and debt cancellation. The plant will be renamed ArcelorMittal Calvert. AM expects this acquisition to increase the group’s net debt by $1.3 billion and…

World economy 18th June 2025

OPEC+ forecasts supply from producers outside organisation to increase by 730,000 b/d in 2026, compared to 800,000 in previous estimate

Link Securities | According to a report yesterday by Dow Jones, the Organisation of Petroleum Exporting Countries (OPEC) has reduced its estimate for oil supply growth next year for both the US and other competitors, while maintaining its oil demand expectations unchanged as it continues to increase production. OPEC now expects supply from non-OPEC+ producers to increase by 730,000 barrels per day in 2026, compared to 800,000 barrels per day…

In the World 16th June 2025

May data from China: retail sales improve but distorted by subsidies, house prices in free fall, weak industrial production

Bankinter | Negative macroeconomic data in May: retail sales improve but influenced by government subsidies. House prices in free fall and weak industrial production. Retail sales stood at 6.4% (year-on-year) against 4.9% expected and 5.1% previously. Used house prices fell by 0.5% (month-on-month) from -0.4% in May, and industrial production slowed to +5.8% (year-on-year) versus +6.0% expected and +6.1% previously. Analysis team’s view: Negative reading of the data with limited…

In the World 16th June 2025

ACS wins one of Canada’s largest public works contracts: bridge between Saint Catharines and Niagara

Link Securities | ACS (ACS) has strengthened its presence in North America by winning one of Canada’s largest public works contracts, according to Expansión newspaper. The contract is for a new bridge between the cities of Saint Catharines and Niagara (Ontario), with an investment budget of over €1 billion. ACS has won the contract through its American subsidiary FlatironDragados in partnership with local groups Demathieu & Bard and Green Infrastructure…

In the World 13th June 2025

Pending ratification by China, US to levy 55% tariff on Chinese imports and China 10% on American imports

Bankinter: Principle of a trade agreement between the US and China. Trump announced yesterday an agreement whereby China will supply the US with minerals and rare earths in exchange for allowing its students access to American universities. The US will levy a 55% tariff on imports from China (current 25% + 10% base rate + 20% for fentanyl trade) and China will apply a 10% tariff on US imports. The…

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