Banca March: In the US, industrial production costs rose slightly more than expected on a monthly basis, limiting the possibility of a 50 b.p. cut by the Fed next week. On a month-on-month basis, producer prices rose by 0.2% in August, one tenth of a percentage point higher than expected and two tenths of a percentage point higher than in July. Similarly, if we exclude the more volatile components such…
Link Securities | The company has been awarded, through its subsidiaries OHLA Building and OHLA USA, two new projects in the US for a combined value of $350 million (about €330 million), according to the portal Bolsamania.com. The largest contract, valued at $228 million (around €214 million) and awarded to OHLA Building, includes the design and construction of new facilities for the correctional and rehabilitation centre in Miami-Dade County, Florida.
Link Securities | According to a Reuters poll, a majority of economists surveyed believe that the Federal Reserve (Fed) will cut its policy rate by 25 basis points at each of the three remaining policy meetings this year (September, November and December). Moreover, only nine economists out of 101 surveyed expected a cut of half a percentage point next week, when the Federal Open Market Committee (FOMC) meets, while 92…
Bankinter : Trade Balance (August): $91,020M vs. $81,100M expected vs. $84,650M previous. Exports: +8.7% vs. +6.6% expected vs. +7.0% previous. Imports: +0.5% vs. +2.5% expected vs. +7.2% previously. Opinion of Bankinter’s analysis team: Import growth marks a two-year high, reflecting the dynamism of domestic demand, which is increasing this month. However, the sharp slowdown in exports, which were the key to the recovery of GDP in 2Q24, is a negative…
Bankinter | August CPI rises to +0.6% year-on-year from +0.5% previously, however, it is a tenth of a percentage point lower than expected. The Underlying Rate rose +0.3% year-on-year in August (up from +0.4% average) and registers the lowest rate since March 2021. (2) August Industrial Prices declined -1.8% year-on-year from -0.8% pre and worse than the expected -1.5% year-on-year. Bankinter’s analysis team’s opinion: The two price references show the…
Intermoney | US foreign trade posted a $78.8 billion deficit in July, which was within our forecast, widening the gap to the highest level in two years, driven by a surge in goods imports. But it also reflected the intention of companies to ensure adequate supply in the face of a possible dock workers’ strike, which led the value of imports of goods and services to rise by 2.1%. And…
Banca March: More than two years after the 10-year – 2-year slope began the inversion – the short 2-year sovereign rate was higher than the long 10-year rate – today the US benchmark has a positive slope for the first time. In this case, the inversion of the curve has lasted 26 months, the longest period since the 1980s. Historically, the last six recessions have been preceded by an inversion…
Banco Sabadell: According to press reports, the Qatar Investment Authority wants to raise its stake in Iberdrola from the current 8.69% and will seek to allow it to pass 10%. Assessment: Positive news with limited impact pending confirmation. Qatar would continue to hold the largest stake in the company, followed by Blackrock (5.395%) and Norges (3.116%). An increase in Qatar’s shareholding would have no consequences for the management of the…
Alphavalue / Divacons | The Spanish oil services company is in advanced talks to build a new gas development project in Kazakhstan, one of the world’s largest oil and gas producers, with an investment budget of up to $3 billion (around €2.7 billion), reports Expansión. According to energy sources, state-owned KazMunayGaz (KMG) is negotiating the contract with the Spanish company as part of a programme to modernise the Tengiz oil…
Santander Research |According to the Spanish press, the US Federal Energy Regulator (FERC) has given its approval for Iberdrola (Baa1 e, BBB+ e, BBB+ e) to buy the minority stakes in its US subsidiary Avangrid. On 17 May, Iberdrola had announced its intention to acquire 18.4% of Iberdrola shares held by minority shareholders to take full control of the group for a cost of approximately $2.55 billion. The US Securities…