Top Stories

World economy

economic challenges

World economy 23rd February 2024

US and China cooperate on something: seeking way out of emerging country debt to avoid wave of sovereign defaults

Norbolsa| One of the most important signs of cooperation we have seen in recent times is the ongoing talks between the US and China to find a way out of the debt of impoverished countries and avoid a wave of sovereign defaults. The talks, which include ways to pre-emptively extend loan periods before countries default, are generally aimed at easing poor countries’ annual debt service burden of more than $400…

fed powell enero 2024

World economy 22nd February 2024

Most Fed advisers warn of risk of cutting interest rates too soon

Bankinter: The main messages to come out of the 31 January meeting are: Growth outlook revised upwards after a solid Q4. Employment and wages remain strong but have moderated. The overall and underlying PCE readings will continue to decelerate in 2024, but are still off target. Uncertainty in the projections remains high, but has been reduced. Risks to the inflation projections stand out. Fed members put on the table the…

china central bank

World economy 21st February 2024

China cuts benchmark 5-year mortgage rate as part of stimulus package to save property sector.

Banca March: China cuts the benchmark 5-year mortgage rate as part of the stimulus package to save the property sector. The LPR rate is designed by 20 commercial banks, which submit the proposal to the central bank every month. There are two horizons: the majority of outstanding loans are linked to the one-year benchmark, while the five-year rate directly affects mortgages. The latter has fallen from 4.2% to 3.95%, considered…

Bank of China

World economy 20th February 2024

China is a relevant market for foreign banks, but there are hurdles beyond market entry

Alicia García Herrero (Natixis) | China’s banking sector technically opened up to full foreign competition in late 2019, as an aftermath of the Trump-Xi meeting in Beijing in 2017. The formal announcement has hardly changed the situation of foreign banks operating in China, which have a small and decreasing market share as well as lower profitability than domestic peers. Lower foreign participation than peers Despite the further opening, the share…

fcc environmental services 1

World economy 16th February 2024

FCC wins €392 million contract for municipal waste collection in Clay County, Florida

Link Securities | The US Clay County, in Florida, has awarded FCC a contract for the collection of municipal solid waste in the county, representing a portfolio of up to $420 million (about €392 million) for a 10-year term, plus two possible five-year extensions, the newspaper Expansión reports in today’s edition of the newspaper. FCC Environmental Services is one of the largest municipal solid waste management companies in the United…

OPEC post mortem

World economy 15th February 2024

OPEC oil production falls by 350,000 b/d due to 162,000 b/d less from Libya

BancaMarch| OPEC oil production has fallen by 350,000 b/d. According to the cartel’s report, crude oil production has fallen by 350,000 barrels per day between December and January to 26.3 million barrels per day. The main reduction is due to 162,000 barrels per day less from Libya, as a result of internal conflicts in the country. Kuwait and Iraq have also seen their production fall sharply by 109,000 and 98,000…

Iberdrola guapa

World economy 14th February 2024

Abu Dhabi renewables group Masdar reportedly considering acquiring stake in Iberdrola’s renewables assets

Link Securities | Masdar, the Abu Dhabi Emirate’s renewables group, is considering acquiring a stake in Iberdrola’s (IBE) renewable assets in the United States, according to Expansión. It would be a first move following the deal sealed last December, when the two groups agreed on an alliance to analyse investment opportunities valued at €15 billion. The initial agreement contemplated investments in offshore wind and hydrogen projects in several countries, including…

ArcelorMittal

World economy 10th February 2024

ArcelorMittal starts to see signs of recovery

Banco Sabadell: 4Q’23 results slightly better than expected 4Q’23 EBITDA slightly better than expected ($1,266m versus $1,233m BS(e) and $1,200m consensus), although contracting versus 3Q’23 due to a lower average price, something we see in all its geographies. Deliveries fell at the aggregate level compared to Q3’23, although in North America (34% EBITDA) they rebounded slightly (+2.4%), which anticipates some improvement. The lower part of the income statement is impacted…

indra edificio

World economy 7th February 2024

Indra wins Lockheed Martin contract to equip four Saudi ships with state-of-the-art electronic defence systems

Link Securities | According to media reports, US company Lockheed Martin has awarded Indra a contract to equip four Saudi ships with state-of-the-art electronic defence systems. The 118-metre-long vessels, with a range of 5,000 miles, are prepared to operate in both coastal and ocean areas. They will be delivered with this Spanish technology to the Royal Saudi Arabian Navy. The companies have declined to disclose the amount of the contract….

ACS novisimo

World economy 5th February 2024

ACS wins new contracts for €400 million in several ports in the USA and the UK

Intermoney: The daily newspaper Expansión reports today that ACS (Buy, PO 43) has been awarded several construction contracts in the US and UK for a total of approximately construction contracts in the US and the UK for a total of approximately €400 M€. Thus, the Group has been the preferred bidder for a contract worth some £100 million ( €117 million) at the port of Immingham, the UK’s main port…