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EEUU construccion

In the World, World economy 5th August 2024

US construction spending falls 0.3% month-on-month in June -second consecutive decline- to adjusted rate of $2.148bn

Link Securities | US construction spending fell 0.3% on a monthly basis in June to a seasonally adjusted rate of $2.148 billion, following a revised 0.4% decline in the previous month, and against consensus forecasts for a 0.2% improvement. The reading marks the second consecutive month of falling spending, as private consumption contracted 0.3% in the period, driven by a 0.3% drop in the residential segment, specifically in single-family projects…

bank of EnglandTC

In the World, World economy 2nd August 2024

Bank of England cuts rates by 25bp to 5%, as expected, but is slightly hawkish on further cuts

Bankinter: The Bank of England (BoE) has cut the Bank Rate by -25bp. to 5.0%, in line with expectations, but is sending a slightly hawkish message about further cuts. Assessment: Both the statement and Bailey’s press conference are non-committal on future moves and reiterate the need to maintain a sufficiently tight monetary policy to ensure that inflation remains at the +2% target. This rules out that the central bank will…

bank of japan

World economy 31st July 2024

Bank of Japan raises rates to 0.25% from 0.0%/0.10% range and announces bond purchase cut plan

Bankinter | The Governing Council of the Bank of Japan (BoJ) decided by seven votes in favour and two votes against, to raise the benchmark interest rate to 0.25%, from the previous range of 0% – 0.1%. The market consensus expected no change, although it perceived an upward move as a possible risk. In addition, the BoJ unanimously approved a reduction in government bond purchases to a monthly pace of…

Enagas headquarters

World economy 30th July 2024

Enagás transfers 100% ownership of Tallgrass stake to Blackstone for $1,050 million

Link Securities | In reference to the sale and purchase agreement reached with Blackstone, Enagás (ENG) has announced that yesterday, following the closing of the sale and purchase agreement, it has transferred 100% ownership of its shares in Tallgrass Energy LP to Blackstone. The price received by Enagás on this date amounts to a total of $1,050 million, with $50 million still to be received, subject to Tallgrass Energy LP…

eeuucbeconomia11 1

World economy 29th July 2024

US PCE deflator falls to +2.5% vs. +2.6% previously, coming close to target level of 2%

Bankinter: The Personal Consumption Expenditure deflator was up 2.5% in June versus +2.5% expected and +2.6% previous. Underlying rate +2.6% versus +2.5% expected and +2.6% previous; (ii) Personal Income +0.2% month-on-month in June versus +0.4% estimated and +0.4% previous (revised from +0.5%); (iii) Personal Spending +0.3% m/m versus +0.3% estimated and +0.4% previous (revised from +0.2%). Analysis team’s opinion: Good news for bonds, although with a moderate impact on stock…

Japanese general

World economy 19th July 2024

Japan’s trade balance surprises and unexpectedly enters surplus in June: ¥224.000 million against -¥185.700 million estimated

Bankinter: Japan’s Trade Balance went into surplus in June. It stands at ¥224,000M vs -¥185,700M estimated and -¥1,220,000M estimated. The indicator surprises and enters surplus unexpectedly. However, its breakdown shows a weak evolution. Exports slow down, despite the weak yen (+5.4% year-on-year from +13.5% previously and versus +7.2% estimated), and Imports (+3.2% year-on-year from +9.5% previously and +9.6% estimated). It is precisely the slowdown in this last item, which points…

ACS

World economy 19th July 2024

ACS wins 3-year €137.5 million open pit mining contract in Canada

Intermoney | ACS (Buy, PO 46), through its subsidiary Thiess, itself part of Cimic, has won a mining services contract for an open pit project in Ontario (Canada) for a period of three years worth €137.5 million. The contract is with Vale, one of the world’s largest integrated mining companies, specialising in iron and nickel, headquartered in Rio de Janeiro, Brazil and employing around 125,000 people in more than 30…

FMI Sede

World economy 18th July 2024

IMF warns of possible persistence of inflation but maintains growth projections for 2024 at 3.2%

BancaMarch: The IMF warns of the possible persistence of inflation, in the face of potential trade and geopolitical risks and service prices that remain high due to wage growth. The IMF’s report forecasts high interest rates for longer. Moreover, chief economist Gourinchas said that the Fed can afford to wait to cut rates to avoid inflationary surprises. Regarding their GDP growth projections, they have kept the previous April estimate for…

china cierre ciudades

World economy 13th July 2024

China’s trade surplus grows in June to €99.05 billion from $69.8 billion a year ago

Link Securities | According to data from the General Bureau of Customs, China’s trade surplus increased in June to $99.05 billion, up from $69.8 billion in the same month a year ago, and exceeding market forecasts for a surplus of $85 billion. It thus becomes the largest amount of trade surplus in a month since July 2022, as exports increased, while imports decreased. Specifically, exports grew by 8.6% year-on-year, their…

ArcelorMittal

World economy 12th July 2024

ArcelorMittal employees reject agreement and will continue strike

Morgan Stanley: According to Reuters, employees have rejected the agreement to end the strike at the Lázaro Cardenas plant, which has been in place since 24 May. Alain Gabriel (analyst) points out that the blockade is likely to have a significant impact on the North American division (the plant represents almost half of the division’s capacity). In this sense, an 80% utilisation would imply an annual production of up to…