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World economy 2nd October 2023

World Bank downgrades East Asian growth forecasts due to contagion effect from China’s slumping growth forecasts

Banca March: The World Bank has updated its economic forecasts for East Asia and the Pacific in its October report. Although the regions in question have shown a recovery from pandemic levels, the association warns of slow development. While the outlook for China’s output rates in 2023 is maintained (5.1%), those for next year 2024 are down from April’s estimates (4.8% to 4.4%). Likewise, the contagion effect of the Chinese…

World economy 22nd September 2023

Rate hikes cannot curb inflation

J.P. Marín-Arrese | The Fed kept rates on hold this week. Yet, Jerome Powell shattered hopes they had reached a ceiling, announcing in the press conference that an extra hike was in the pipeline before the year-end. Inflation is still running too high and will likely take much longer than expected to match its medium-term goal. Powell was at odds in justifying why rate stiffening has neither cooled the economy…

World economy 18th September 2023

Signs of stabilisation in China: consumption and industrial production pick up

BancaMarch : China is showing signs of stabilising. The battery of indicators published on Friday morning has been favourable, with a rebound in consumption and also in industrial production. In contrast, the real estate market continues to deteriorate. Starting with consumption, retail sales rebounded more than expected in August, growing at +4.6% year-on-year, above the previous 2.5% and exceeding the +3% forecast. Thus, for the first eight months of the…

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…

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…

World economy 28th August 2023

Iberdrola, very active in the US, starts up photovoltaic plant to supply Meta in Texas and promotes first solar project in California

Link Securities | Iberdrola’s US subsidiary Avangrid has begun construction of the 240-megawatt (MW) True North photovoltaic plant in Falls County, Texas, which will provide renewable energy to supply operations in the region of Meta Platforms (META-US), Facebook’s parent company, according to La Vanguardia newspaper. The project aims to power Meta’s upcoming data centre in Temple City, its second such facility in Texas. Starting in 2020, the global operations forecast…

Relevant News Item, World economy 24th August 2023

Drought paralyses 134 ships in Panama Canal, revenues may drop by €150-200m in next fiscal year

Banca March | Weather conditions in recent months have led to a drought that is hampering the supply of the artificial lake that connects the Pacific and Atlantic oceans. As early as 30 July, measures were taken to reduce traffic from 38 vessels in normal conditions to 32. The waiting time estimated by the canal itself is between 9 and 11 days. The restrictions on both the depth and daily…

Relevant News Item, World economy, World politics 23rd August 2023

BRICS contemplate enlargement at Johannesburg Summit

Banca March: More than 60 developing countries from Latin America, Africa and Asia are attending the meeting, which has been running since Tuesday and will continue until Thursday. During these days, the BRICS are considering adding new members from among 23 possible candidates that have not yet been revealed, although there is speculation about countries such as Iran, Venezuela and Saudi Arabia, among others. The terms of admission remain undefined,…

Markets, Relevant News Item, World economy 18th August 2023

Negative news from China continues

Renta 4 : Stock markets open lower again (Eurostoxx -0.3%, S&P flat), after negative closes in the US and Asia. As for central banks, Norway’s central bank unanimously raised rates by +25 bps, in line with expectations, to 4%, and anticipated more hikes in September, arguing that inflation is still not under control. A monetary policy direction that contrasts with that of other countries where they have already started to…

Relevant News Item, World economy 17th August 2023

Australian strikes and competition from Asia make gas futures rally for second time in a week

Norbolsa| The European natural gas futures market rallied for the second time in less than a week, with the market becoming increasingly stressed by the possibility of strikes in Australia at companies that operate almost 10% of global LNG. Although Europe is not a regular buyer of LNG, the shock comes from competition with Asia for supplies and with the winter season approaching.

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