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Puig edificio

World economy 13th May 2024

MilleniumGroup, with 1.459% of total voting rights, one of Puig’s strongest institutional investors

Link Securities | The US fund manager MilleniumGroup Management has emerged, along with CriteriaCaixa, as one of the institutional investors that have entered with most force in the capital of Puig Brands (PUIG), as reported last Friday by Expansión. Through the purchase of class B shares, the only ones traded on the stock exchange, the firm has acquired 1.459% of the total voting rights of the fragrances, cosmetics, fashion and…

xi jinping macron ok

World economy 9th May 2024

Xi’s visit a hard reality check for EU-China relations

Alicia García Herrero (Natixis) | President Xi Jinping’s European tour, his first in five years, has shown how much EU member states, at least those in the core of Europe, need a reality check. Not only has Xi taken quite some time to visit the continent but in doing so he chose to visit his staunchest European allies, Serbia and Hungary, beyond France. President Emmanuel Macron was an important target…

Sacyr2

World economy 7th May 2024

Sacyr brings entire Pamplona-Cúcuta road in Colombia into service

Intermoney | Sacyr (Buy, PO 4.0 €) reported yesterday, with the market open, the commissioning of the last remaining sections of the Pamplona-Cúcuta road project in the Department of Norte de Santander (Colombia). The 62.6 km long road has 72.2 km of rehabilitated sections and 50.2 km of new construction and has required an investment of €592 million. The Group will manage the project until 2046 through the concessionaire Unión…

EEUU empleo

World economy 6th May 2024

US labour market loses steam: job creation slows down

Norbolsa: The April employment report provided signs that the labour market is losing strength as job creation slowed in the month, below expectations (175,000 versus 240,000 against 303,000 previously revised downwards by 12,000) and the unemployment rate rebounded slightly (up 3.9% versus 3.8% year-on-year). Additionally, pressure on wages continued to moderate (up 0.2% month-on-month versus 0.3% year-on-year; up 3.9% year-on-year versus 4.1% year-on-year), a welcome move by the FED in…

ArcelorMittal

World economy 6th May 2024

ArcelorMittal earns €875 M in 1Q24, 14.4% lower than in 1Q23

Link Securitites | The company achieved a turnover of $18.501 billion in 1Q2024, 12% lower than in 1Q2023, EFE reported yesterday. In turn, ArcelorMittal achieved operating cash flow or EBITDA in 1Q2024 of $1,956 million, 8.6% lower than in the same period of 2023. Finally, the group’s attributable net profit amounted to $ 938 million (€875 million) in 1Q2024, 14.4% lower than in 1Q2023. It should also be noted that…

globalizacion construccion

World economy 3rd May 2024

OECD revises 2024 growth forecast upwards by 2/10 pp to +3.1%: activity remains resilient

Renta 4: European stock markets open flat on a day that will be dominated by the official US employment report (14:30h), where moderation is expected (in line with Wednesday’s ADP private employment survey and JOLTS job openings), but showing a still solid labour market and tightening in wages (yesterday 1Q24 unit labour costs +4.7% year-on-year vs +4% estimated). Consensus expects 240,000 estimated non-farm payrolls versus 303,000 estimated previously, unemployment rate…

China stocks markets

World economy 3rd May 2024

The dual objective of China’s competition quest: mitigating structural deceleration and great power rivalry

Alicia García Herrero (Natixis) | The Chinese economy has been decelerating for over a decade and will likely continue to do so, given the structural forces pushing it in this direction, such as an increasingly low return on assets but also aging. China’s single ‘silver bullet’ to mitigate such structural deceleration is innovation. To counter the downward pressures to development, and to increase domestic productivity, the central government is doubling…

eeuu madeinCM

World economy 29th April 2024

US GDP rises 1.6% between January and March, boosted by services consumption

Intermoney| As expected, imports subtracted from GDP, which was expected given the trade deficit. The trade drag took 0.86 p.p. off the growth rate. Paradoxically, strong imports reflect solid consumer demand, but they also detract from overall GDP growth. That is the trade-off. Net exports only grew by +0.9% quarter-on-quarter, which shows that a strong dollar seems to put some pressure on exports. Also note that inventories built up at…

1008p2 Wall Street sign Main i

World economy 26th April 2024

Thin air ahead for the equity markets

Bert Flossbach (Flossbach von Storch) | The AI boom has also had an impact on the equity markets, and not just on the supposedly immediate winners. The valuation of US equities, which make up a good two-thirds of the MSCI World Index, has recently risen further and, with a price-to-earnings ratio (P/E ratio) of 23.4, has reached an above-average level, even in an historical context. It is now common knowledge…

meta marcas

World economy 25th April 2024

Meta achieves $12.369bn BNA, ad revenue rises, but guidance looks sluggish

Bankinter: 1Q2024 results good, but guidance weak. The stock falls 15% in the aftermarket. Key figures vs. consensus (Bloomberg): Revenues $36.455M (up 27% year-on-year) vs. $36.125M consensus estimate and $34.500M/$37.000M by the Company, EBIT $13.818M (up 91%) vs. $13.400M and EBITDA $12.369M (up 117%) vs. $12.070M estimate. Daily active users reached 3,240M (up 7% year-on-year) vs. 3,190M in the previous quarter and 2,114M estimated. Average revenue per ad up 6%…