Bankinter | In an interview at the Economic Club of Chicago, Trump insisted on his plans for tariff hikes, refuting economists’ forecasts that this would result in a negative impact on supply chains, consumers and economic activity. Tariffs on China would be 60% and 10% on the rest of the world. In their view, companies would quickly bring production back to the US to avoid the tariffs, generating more economic…
Banca March | Finally, China is finalising certain fiscal measures, although it is still not taking a decisive step. The main novelty of Finance Minister Lan Fo’an’s plan is that local entities will be allowed to issue special bonds – normally focused on infrastructure development – to buy empty homes, although no details were given on the amounts available for this purpose. In addition, the ¥2.3 trillion or $325 billion…
Renta 4 : The European steelmaker has reached an agreement with Nippon Steel to buy 50% of its stake in the Calvert mill. ArcelorMittal holds the remaining 50%. AM will pay $1 and Nippon Steel will also inject cash and forgive loans totalling about $900 million. This deal is subject to Nippon Steel securing regulatory approvals allowing it to acquire US Steel. ArcelorMittal and Nippon Steel created the Calvert JV…
Bankinter | OPEC+ has lowered its global oil demand estimate for the third consecutive month for 2024 and 2025. It will reach 104.14 mbd in 2024, up 1.93 mbd from 2023. This estimate is down 106,000bd from its September estimate. As for 2025, it estimates 105.78 mbd, down 102,000bd from its September estimate. Much of this downward reduction is accounted for by China. In parallel, Israel says it is listening…
Intermoney | Sacyr (Buy, PO €4.4) announced on Sunday that it has won the concession for the Ruta del Itata (Northern Access to Concepción), in Chile. This 96-kilometre road connects the Ñuble and Biobío regions, located in the centre of the country. The Ruta del Itata concession will last for a minimum period of 18 years and will have a revenue portfolio of €1.2 billion. Sacyr Concesiones will carry out…
Intermoney | Acerinox (ACX) communicated on Thursday to the National Securities Market Commission (CNMV), with the market closed, that they had reached an agreement with Worldwide Stainless for the transfer of its Bahru plant (Malaysia) for $95m. The final closure is expected to take place at the end of November 24. Acerinox had ceased operations at the Bahru plant on 29 May 2024, due to accumulating losses of €527m since…
Banca March: The Asian country has opted to retaliate after EU member states voted on Friday to impose levies of up to 45% on electric vehicles of Chinese origin. China’s measures on spirits amount to 39%, taking effect on Friday 11 October. The main country affected will be France, where China accounted for 99% of exports of the drink. The EU has already announced that it will take the disagreement…
Bankinter: The Development and Reform Commission has announced a new fiscal stimulus package of CNY 200 billion (approx. $28 billion) to ensure that growth reaches the 5% target. The measures will be structured in two tranches. In the first, CNY 100bn ultra-long bonds will be issued to develop as yet unspecified projects, and in the second, the same amount will be earmarked for a series of strategic investments, of which…
Bankinter: First data on Golden Week spending: international daily travel is estimated to have increased +19% year-on-year, surpassing pre-covid levels. On the first day of this holiday week, foreign travel increased 40%, according to Trip.com (up 30% to Europe) and rail travel reached record highs. According to Alipay, tourists who have travelled abroad have spent 120% more than last year. Other indicators, however, such as travel to Hong Kong showed…
Norbolsa : The strike in the Eastern USA ports has come to an end, with the agreement between the operators and the dockers, in what has been the longest conflict in the last 50 years. They have obtained a rise of 62% over 6 years, with the hourly wage rising from 39$/h to 63$/h. With the reopening of ports, there is a relief in the market, which feared the impacts…