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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.

World economy 16th August 2023

Global crude oil demand hit a record 102 mb/d in June and could hit another in August

Link Securities | The EFE news agency reported that, in its monthly report on the world oil market, published on Friday, the International Energy Agency (IEA) said that global demand for crude oil reached a record 102 million barrels per day (mbd) in June. Last month demand fell slightly to 100.9 mbd. However, the IEA believes that another record could be seen in August. This higher demand is encouraged by…

In the World, Relevant News Item, World economy 14th August 2023

China’s largest developer, Country Garden, may have defaulted on two bond coupons over the weekend

Bankinter| China’s largest developer, Country Garden, may have defaulted on two bonds over the weekend. Its size is four times that of Evergrande. On the other hand, Chinese asset manager Zhongrong International may not have repaid capital and coupons on some of its real estate vehicles. Assessment: Bad news, which once again puts the Chinese real estate sector in check and is a consequence of the government’s scant measures to…

World economy 24th July 2023

Microsoft, Apple, Nvidia, Amazon and Tesla to all see their Nasdaq weights reduced from Monday

Bankinter: The Nasdaq will start trading this Monday with the new adjustment of the weights of its components. The Nasdaq can perform a special rebalancing when the aggregate weighting of the stocks in its index with an individual weighting of more than 4.5% exceeds 48% of the index total. The rebalancing aims to reduce this weighting to a maximum of 40%. The final weightings have not yet been published, although…

World economy 20th July 2023

UK CPI stands at 7.9% year-on-year in June, first time below +8% in over a year

Banca March: The latest UK inflation data has surprised on the downside as it has moderated more than expected. The UK economy’s CPI slowed its pace of growth in June, rising +7.9% year-on-year versus +8.7% the previous month. In addition, the underlying rate also showed positive signs as it moderated by two tenths to +6.9%, with services inflation also moderating by two tenths to +7.2%. These data surprised on the…

World economy 18th July 2023

G20 in India discusses reform of multilateral agreements between development banks

Banca March: G20 finance ministers and central bankers meet in India to discuss reforming multilateral arrangements between development banks and easing the debt burden on developing countries. Meanwhile, US Treasury Secretary Janet Yellen has held talks with her Indian counterpart Nirmala Sitharaman with the aim of strengthening relations with the Asian country.

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