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World economy 20th January 2024

BoJ to remain on hold in January with no confidence on wage growth after earthquake emergency

Alicia Garcia Herrero & Kohei Iwahara (Natixis) | On the New Year’s Day, a strong earthquake hitting the Noto Peninsula created havoc, including Japan’s supply chain. Even if the Hokuriku region did not suffer from a major power failure, in contrasts with Fukushima’s disaster in 2011, disruptions are still relevant. Even if the area being hit this time is small, 4.0% share of Japan’s GDP, it has factories producing semiconductors,…

World economy 19th January 2024

The world is more than 20 times as indebted as it was 25 years ago. What will the new normal be?

Julio López (Attutude Gestión SGIIC) |Beethoven’s Symphony No. 5 in C minor was first performed in 1808, but gained particular prestige during World War II. The British noticed that the famous opening theme (da-da-da-dum) had the same rhythm as the letter V in Morse code (. . . …) so the symphony became a symbol of victory over Nazism: the BBC always began its broadcasts to occupied Europe with those…

World economy 18th January 2024

OPEC maintains its 2024 demand growth estimate of 2.2 mbd to 104.4 mbd on strong air travel demand and healthy road mobility

Link Securities | According to OPEC’s monthly report, global oil demand will grow by 2.2 million barrels per day (mbd) in 2024, which means that the cartel’s analysts have maintained their estimates from the previous month unchanged. Thus, demand for crude oil will reach 104.4 mbd in 2024. In that year, according to OPEC, demand will be driven by strong demand for air travel and healthy road mobility, including diesel…

World economy 17th January 2024

China’s 5.2% growth disappoints, population shrinks for second year running

Bankinter : China: poor growth and adverse demographics – GDP 4Q 2023 was 5.2% rather than the 5.3% expected and the 4.9% previous. Retail Sales in December were up 7.4% against the 8.0% expected while Industrial Production was up 6.8% against the 6.6% expected and previous. Analysis: GDP over 2023 has been +5.2%., which is slightly below market expectations, although above the government’s formal target of +5.0%. The weakest indicators…

World economy 16th January 2024

Red Sea crisis continues to affect automotive supply chain: Michelin, Volvo, Tesla and Geely

Norbolsa | The Red Sea crisis continues to affect the automotive supply chain. Michelin was one of the first suppliers to be affected by the lack of rubber, while more recently Volvo, Tesla and Geely have also been hit by shortages. Meanwhile, Stellantis said it is using air transport to cope with temporary supply disruptions, while Volkswagen announced that it does not expect “significant” restrictions on production. Visibility remains limited,…

World economy 15th January 2024

Grenergy signs strategic agreement with China’s BYD to supply batteries with 1.1 GWh capacity in Chile

Alphavalue / Divacons | The renewable energy group has signed a strategic agreement with China’s BYD for the supply of large-scale storage systems through batteries with a capacity of 1.1 gigawatt hours (GWh) for its Oasis de Atacama project in Chile. As part of this collaboration, BYD will supply Grenergy with a total of 2,136 installations of its MC Cube ESS model. This storage system is equipped with Blade batteries,…

World economy 15th January 2024

US producer prices fall again in December for third month in a row

BancaMarch : In the United States, producer prices fell again in December, showing subdued cost inflation. On a monthly basis, the index shows a decrease of -0.1%, below the expected 0.1% and equal to the -0.1% of the previous month. Thus, the index remains in negative territory for the third consecutive month, a fact that has not been recorded since 2020. On the other hand, the underlying rate repeats the…

World economy 12th January 2024

Galp Energia discovers oil field in Namibia, but total reserves to be exploited not known

Singular Bank | The Portuguese energy company has risen 8% following news of a bumper offshore oil discovery in Namibia. Galp is the operator and holds an 80% stake. In addition, the Namcor (10%) and Custos (10%) companies are participating in the discovery, the total reserves that may be exploited in the field are unknown. Galp has carried out several well drilling projects offshore Namibia since 2019. In fact, the…

World economy 12th January 2024

China Data Flash: regulatory tightening on real estate financing dampens investment sentiment; stability now the key word which accompanies growth in official statements

Alicia García Herrero (Natixis)| Investment sentiment has declined significantly in the last two months of 2023, mainly due to negative sentiment regarding real estate. In December, regulatory fines were issued to multiple financial institutions, including two large AMCs and a few banks, for the illegal granting of funds to developers. Despite numerous stimuli aimed at encouraging financial institutions to provide financing channels for developers, it is anticipated that only those…

World economy 11th January 2024

Naturgy begins construction of second large photovoltaic facility in US, in Texas, with €285-million investment

Link Securities | Naturgy (NTGY) has begun construction of its second large photovoltaic facility in the United States, the Grimes plant, which will have a capacity of 210 MW and will involve an investment of more than €285 million, according to Europa Press. This new renewable generation plant will be located in the state of Texas and will generate enough emission-free electricity to supply approximately 140,000 homes. With the start-up…

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