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World economy 5th December 2023

CAF consolidates alliance with Mitsubishi with award of new €150M contract in Philippines for North-South commuter line

Intermoney: The company informed the CNMV (National Securities Market Commission) on Friday that it has been chosen by Mitsubishi as subcontractor for the design and supply of seven electrical units in the Philippines. Specifically, the units are for the new North-South commuter rail line that will connect Clark International Airport, northeast of Manila, with the province of Laguna in the south of the island of Luzon. The project is expected…

World economy 13th November 2023

Moody’s maintains US debt rating, but downgrades outlook

Bankinter | Moody’s has maintained its US debt rating, but worsened the outlook. The credit rating agency maintains the rating at AAA, but changes the outlook to “negative” from “stable”. In its report Moody’s refers to the worsening fiscal situation and the polarisation of politics as long-term concerns for the US economy. Assessment: Rising interest rates, the sharp increase in public debt and a polarised Congress that is unable to…

World economy 11th November 2023

China’s inflation returns to negative territory: -0.2% year-on-year in October, down from 0% previously

Banca March: Yesterday in China, inflation returned to negative territory and continues to reinforce expectations of the need for further monetary stimulus. Specifically, October’s CPI was -0.2% year-on-year versus 0% previously and one tenth of a percentage point lower than expected. By components, it should be noted that the fall in inflation came from goods prices, which fell by -1.1% year-on-year in October and accumulated seven consecutive months of declines,…

World economy 8th November 2023

Russia and Saudi Arabia to maintain voluntary oil supply cuts until at least end of 2023

Banca March: Russia and Saudi Arabia have confirmed that they will maintain voluntary oil supply cuts until the end of 2023, reviewing in December whether to prolong, deepen or end the supply cap. This supply cap began in the spring of 2023, when Russia responded to sanctions imposed for its invasion of Ukraine. Other OPEC+ members, including Saudi Arabia, opted to join voluntary cuts totalling 1.66 million barrels per day…

World economy 7th November 2023

South Korea’s economy to accelerate in 2024 thanks to better exports, higher capital flows and easing of financial conditions

Trinh Nguyen (Natixis) | External headwinds may seem to be only getting stronger, but the worst is likely over for the Korean economy. For most of 2023, the peninsula was reeling from the lagged impact of 300bps rate hike, double digits decline of exports, and uncertainty from US-China geopolitical rivalries that have negatively impacted its key sectors such as semiconductor production. In response, policy makers have made a series of…

World economy 6th November 2023

China’s October Caixin PMIs point to a near stagnant economy

Renta 4: Opening higher (Eurostoxx futures +0.6%, S&P futures 0%), picking up Wall Street’s gains after the close of European markets and awaiting the US employment data. In the background, China’s October Caixin PMIs, like the official ones, show a slowdown and point to an almost stagnant economy: services 50.4 ( versus 51 estimated and 50.2 previously) and composite 50 (versus 50.9 previously). At the corporate level, Apple’s results yesterday…

World economy 2nd November 2023

Fed remains cautious and meets expectations, leaves rates at 5.25/5.50%

Bankinter| The US Federal Reserve (Fed) met expectations and left the benchmark interest rate unchanged at 5.25%/5.50%. Assessment: The Fed’s statement did not introduce any new developments and the decision met expectations by repeating rates once again. However, the key to the meeting was Powell’s message. In line with the previous meeting, the tone remained cautious. The Fed Chairman once again said that the central bank “will proceed carefully”, avoiding…

World economy 22nd October 2023

ArcelorMittal to supply steel to alliance of several oil companies to develop two clean hydrogen hubs in USA

Link Securities| Two consortiums participated by ArcelorMittal and EDP Renovables have been awarded €2 billion for the development of two clean hydrogen hubs in the USA. The steelmaker and its partners will receive €950 million in government aid, while the alliance in which the renewable energy company has a stake will receive more than €1.1 billion. The MTS consortium, called the Midwest Clean Hydrogen Alliance (MachH2), includes other oil industry…

World economy 21st October 2023

CAF wins €150-million contract with Mitsubishi in Philippines to build 56 commuter trains for Manila

According to press reports, the Philippine Transport Authority has selected the alliance of CAF and Mitsubishi for the supply of 56 commuter trains for Manila for an amount of €150 M (1.2% of the current portfolio). The contract is still pending signature. Assessment: Positive news, although its impact is limited due to its insignificant size for the Company as a whole and because it is still pending signature.

World economy 4th October 2023

IMF considering increasing China’s voting rights to reflect its position in global economy

Banca March: The International Monetary Fund (IMF) is considering increasing China’s voting rights to bring its share in the fund in line with its position in the global economy. Each country contributes a quota based on various factors reflecting economic positioning relative to the world economy. This quota designates the amount each country has to pay into the fund, as well as its voting rights. Currently, the Asian giant has…

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