Bankinter | The Governing Council of the Bank of Japan (BoJ) decided by seven votes in favour and two votes against, to raise the benchmark interest rate to 0.25%, from the previous range of 0% – 0.1%. The market consensus expected no change, although it perceived an upward move as a possible risk. In addition, the BoJ unanimously approved a reduction in government bond purchases to a monthly pace of…
Link Securities | In reference to the sale and purchase agreement reached with Blackstone, Enagás (ENG) has announced that yesterday, following the closing of the sale and purchase agreement, it has transferred 100% ownership of its shares in Tallgrass Energy LP to Blackstone. The price received by Enagás on this date amounts to a total of $1,050 million, with $50 million still to be received, subject to Tallgrass Energy LP…
Bankinter: The Personal Consumption Expenditure deflator was up 2.5% in June versus +2.5% expected and +2.6% previous. Underlying rate +2.6% versus +2.5% expected and +2.6% previous; (ii) Personal Income +0.2% month-on-month in June versus +0.4% estimated and +0.4% previous (revised from +0.5%); (iii) Personal Spending +0.3% m/m versus +0.3% estimated and +0.4% previous (revised from +0.2%). Analysis team’s opinion: Good news for bonds, although with a moderate impact on stock…
Bankinter: Japan’s Trade Balance went into surplus in June. It stands at ¥224,000M vs -¥185,700M estimated and -¥1,220,000M estimated. The indicator surprises and enters surplus unexpectedly. However, its breakdown shows a weak evolution. Exports slow down, despite the weak yen (+5.4% year-on-year from +13.5% previously and versus +7.2% estimated), and Imports (+3.2% year-on-year from +9.5% previously and +9.6% estimated). It is precisely the slowdown in this last item, which points…
Intermoney | ACS (Buy, PO 46), through its subsidiary Thiess, itself part of Cimic, has won a mining services contract for an open pit project in Ontario (Canada) for a period of three years worth €137.5 million. The contract is with Vale, one of the world’s largest integrated mining companies, specialising in iron and nickel, headquartered in Rio de Janeiro, Brazil and employing around 125,000 people in more than 30…
BancaMarch: The IMF warns of the possible persistence of inflation, in the face of potential trade and geopolitical risks and service prices that remain high due to wage growth. The IMF’s report forecasts high interest rates for longer. Moreover, chief economist Gourinchas said that the Fed can afford to wait to cut rates to avoid inflationary surprises. Regarding their GDP growth projections, they have kept the previous April estimate for…
Link Securities | According to data from the General Bureau of Customs, China’s trade surplus increased in June to $99.05 billion, up from $69.8 billion in the same month a year ago, and exceeding market forecasts for a surplus of $85 billion. It thus becomes the largest amount of trade surplus in a month since July 2022, as exports increased, while imports decreased. Specifically, exports grew by 8.6% year-on-year, their…
Morgan Stanley: According to Reuters, employees have rejected the agreement to end the strike at the Lázaro Cardenas plant, which has been in place since 24 May. Alain Gabriel (analyst) points out that the blockade is likely to have a significant impact on the North American division (the plant represents almost half of the division’s capacity). In this sense, an 80% utilisation would imply an annual production of up to…
BancaMarch: The United States is trying to act on Chinese steel and aluminium entering through the Mexican border. The Biden administration has included tariffs of 25% on steel and 10% on aluminium not smelted in Mexico, the United States or Canada. In this way, it aims to prevent the entry of Chinese metal circulating through Mexico in order to avoid the tariffs already imposed in May on various products of…
BancaMarch: In the US, Monday’s highlights were consumer credit data which improved in May to $11.354 billion, a figure that points to a revival in consumer credit as this figure is well above the previous month’s $6.485 billion. On the other hand, the New York Fed’s inflation expectations survey also showed a slowdown in inflationary pressures with consumer inflation expectations for the next 12 months at +3.02% versus +3.17% previously….