Morgan Stanley | Following expected strength during the summer, our analyst Martijn Rats believes that the market will return to surplus figures and that prices will continue to weaken in 2H25 to $60/bbl. Large inventories have been built up during 1H25, but only 10% of these are in OECD commercial centres. Therefore, the expert expects that throughout the summer, the price will remain stable in the face of a more…
Link Securities | US President Donald Trump announced yesterday a trade agreement with Japan that will result in the imposition of 15% trade tariffs on Japanese imports, instead of the 25% tariffs announced in the initial letter. Government officials from both countries confirmed that this tariff reduction will also apply to automobiles. Trump said Japan agreed to open its agricultural and automotive markets to US companies. Bloomberg quoted a senior…
Bankinter | OPEC+ has agreed to increase production in August by 548,000 bpd. As a reference, in April, production increased by 138,000 bpd and 411,000 bpd in May, June and July. OPEC+ (including other countries such as Russia and Mexico) produces 41 Mbd (just over 40% of global supply). This increase will come from eight members, including Saudi Arabia, Russia and the United Arab Emirates. Analysis team’s view: The news…
Intermoney | Donald Trump announced yesterday that he had reached an agreement with Vietnam. The terms stipulate that Vietnam will pay the United States a 20% tariff on all goods exported to US territory and a 40% tariff on any transhipments, while in return, Vietnam will grant the United States full access to its commercial markets. Vietnam presented a particular challenge for the Trump administration, as some of the president’s…
Bankinter | The Senate approved, by a narrow margin of 51 to 50, the stimulus package proposed by President Trump, known as “One Big Beautiful Bill”. The approval was only possible thanks to the tie-breaking vote of Vice President JD Vance, after three Republican senators joined the Democratic opposition. Bankinter analysis team’s view: The package, which now goes to a new vote in Congress, provides for extending and making permanent…
Bankinter | China’s PMIs slightly exceeded expectations. Manufacturing PMI: 49.7 versus 49.6 expected; Non-manufacturing PMI: 50.5 versus 49.6 expected; Composite PMI: 50.7 versus 50.4 previously. Bankinter analysis team’s view: These figures point to a positive outlook in the short term, with industrial production growing month-on-month and demand rising for the first time in three months. However, in the medium term, the deterioration in employment and the end of the trade…
Link Securities | The financial news website CNBC reported that the United States and China confirmed on Friday the details of the trade agreement reached by both parties earlier this month in London, which will implement the Geneva consensus, according to a statement issued by the Chinese Ministry of Commerce. China will review and approve export applications for products subject to export control regulations, while the United States will cancel…
Norbolsa | Spain’s lack of commitment to increasing defence spending as agreed with NATO opens up another rift in EU-US relations. Trump threatens to double tariffs on Spain for failing to meet its defence commitments. With trade agreements in place, it seems unlikely that tariffs could be imposed on a member state, but there is a risk that they could impact the country’s most sensitive goods, including oil, wine and…
Norbolsa | ACS has acquired Chilean company Fleischmann, which specialises in engineering and air conditioning and has extensive experience in data centres. The operation strengthens its position to participate in Chile’s National Data Centre Plan, with a planned investment of $2.5 billion over five years. The Group has not disclosed the amount of the transaction, but has emphasised that the completion of the purchase is subject to obtaining the relevant…
Link Securities | The Spanish construction company, through its subsidiary Turner, will be responsible for building and supervising the One Beverly Hills real estate project, covering seven hectares in the heart of luxury in Los Angeles County (California, USA), the Expansión portal reported yesterday. Turner is listed as the main contractor for the first phase of a project that began last year and is scheduled for completion in 2027. Designed…