Morgan Stanley| Asia Macro team notes that after the onset of trade tensions with China in 2018 while offshoring has been very limited, trade flows are much more diversified than before. The US now imports much less from China (13.9% vs 21.6% in Dec 17), clearly expanding the number of regions from which it does so: it imports more from Canada, Taiwan, Korea and India … with Mexico and the…
According to BINANCE, there are only 10 days until the next bitcoin halving, when the reward for mining a new block on the network will be halved. The purpose behind these halvings is to limit the supply of new bitcoins coming into circulation, which contributes to bitcoin’s scarcity and deflationary pattern. By limiting supply, it is expected that, if demand continues or increases, the value of bitcoin may also increase…
Banca March: The production cap was introduced in November and is valid until the first quarter of 2024 and, last month, it was extended until mid-year. The agreement is paying off for the cartel, with the price of Brent crude oil reaching $90 per barrel yesterday, helped by other factors such as tensions in the Middle East and the attacks on Russian refineries. At yesterday’s session they decided to maintain…
Renta 4| A historic start to the month for Alphabet, which begins to rise above the highs of late 2021 at $151. The long term uptrend remains above $112, the area where the uptrend line connecting the lows of 2009, 2020 and 2022 passes. The latest rallies have begun to close the gap in the worst relative performance with respect to the Nasdaq 100, which has been open since last…
Bankinter| The State of Texas could make use of its contractual right to claim the return of the SH-288 toll road to the amount of $1,731M (about €1,600M) currently controlled 43.24% by ACS and the remaining 56.76% by Abertis. Last Thursday, the state transport commission gave its approval to the plan and a six-month negotiation period is now open to either terminate the contract or avoid it. Bankinter’s analysis team’s…
Alicia García Herrero (Natixis) | China is taking a big slice of the cake from its prominent supply role as the world accelerates green transition. This is a rare spotlight of the Chinese economy given the pressure ranging from real estate sales to consumer confidence. China’s production of electric vehicles (EVs), batteries and solar panels, also known as the “New Three” sectors, have experienced fast growth in investment and exports….
Benoit Anne (MFS Investment Management) | Last week, we witnessed some rather unusual activity among major central banks. Indeed, one central bank—the Swiss National Bank—delivered a rate cut, while another—the Bank of Japan—announced a rate hike. Sightings of unsynchronized monetary policy actions at the major central bank level are less frequent than sightings of UFOs in New Mexico. Not only that, but we are starting to get the sense of…
Alicia García Herrero (Natixis) | This year, China’s “Two Sessions” have been particularly important to understand where the Chinese economy is heading as it marked the beginning of a new era, that of Premier Li Qiang. Li Qiang’s first “Work Report” signifies a departure from the previous decade under Premier Li Keqiang’s leadership as Premier, where much more emphasis is put on supply than on demand forces. The focus on…
Link Securities| DIA (DIA) informed the National Securities Market Commission (CNMV) that, on 20 March 2024, as a consequence of the persistent negative results of DIA Brasil Sociedade Limitada, a wholly-owned subsidiary of the company, the request by Dia Brasil for a judicial recovery has been approved, a restructuring process under Brazilian law with the aim of trying to overcome its current economic and financial situation. The request for judicial…
Bankinter| Alphabet rises sharply after rumours that it is in talks with Apple to integrate its artificial intelligence model (Gemini) into its devices. Neither company has confirmed the rumour. Apple has also reportedly held talks with OpenAI recently. The news, if confirmed, is positive for Alphabet as it represents a quantum leap in its war with Microsoft over the artificial intelligence chatbot market. The news sent Alphabet shares higher on…