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In the World 5th October 2024

Iberdrola selected by US Department of Energy for $425 million renewable project contract

Link Securities | Avangrid, a US subsidiary of Iberdrola (IBE), has been selected by the US Department of Energy (DOE) for a $425mcapacity contract for its Aroostook renewable project, according to Bolsamania. The DOE announcement comes as the Maine Public Utilities Commission (MPUC) prepares to issue a request for proposals for transmission lines to connect 1,200 MW of renewable energy to the New England power grid in Maine. The generation…

In the World 5th October 2024

Ontario government considers expropriating ETR 407 highway, 43.23% owned by Ferrovial

Renta 4 | The Ontario government, through its Premier, has announced the possibility of taking control of the ETR 407 highway, in which Ferrovial (FER) has a 43.23% stake (50.01% CPP Investments and 6.76% AtkinsRéalis Canada), given the economic complexities involved in the construction of a tunnel under highway 401 (parallel to the 407 and which has high levels of traffic congestion). The expropriation of the asset would be done…

In the World 1st October 2024

China announces new stimulus measures to counter weak PMIs

Norbolsa | New stimulus measures to counteract the weakness of the PMIs. The central bank set the date of early October to cut rates on existing mortgage loans by an average of 50 bps. The market reacted with strong rallies to the news, and buying piled up ahead of the ‘Golden Week’ holiday period that China is celebrating this week. The disappointing PMI data for September, which did not reflect…

In the World 30th September 2024

BBVA to invest $200m in KKR’s global climate strategy

Link Securities | BBVA (BBVA) and KKR have formed a strategic alliance to support the decarbonisation of the economy, according to the Bolsamanía portal. BBVA will invest $200m in KKR’s global climate strategy, which invests on a large scale in solutions that drive the transition to a low-carbon economy. The strategic alliance aims to identify new investment opportunities related to climate infrastructure, especially those that support energy transition and electrification….

The US has asked Saudi Arabia and some other OPEC producers to increase oil production

In the World 30th September 2024

Contrary to OPEC+ measures, Saudi Arabia to raise oil production, abandoning target for Brent above $100/b.

Bankinter: Saudi Arabia prepares to increase oil production. Thus abandoning its objective of placing Brent at ~$100/barr. An increase in production means taking a decision that is the opposite of the measures that OPEC+ was applying. For reference, it is currently cutting 5.86M barrels of oil per day (bpd), which corresponds to around 5.7% of world oil demand. Within the aforementioned cuts, 3.66M bpd will be extended until the end…

In the World 29th September 2024

Acciona Energy to build world’s second largest wind farm in Australia, with 3,000 MW capacity, for €2,500m

Renta 4 | Acciona Energy has announced the launch of the Bellwether project, which will become the second largest onshore wind farm in the world, with a capacity of 3,000 MW. This farm will be located in Perth, Australia and will require an investment of €2,500 million. Construction will begin in 2025 and it is expected to be operational in 2030. Assessment: Positive news. The announcement reinforces Acciona Energy’s international…

In the World 28th September 2024

US final 2Q24 GDP surprises with 3% year-on-year growth, one tenth of a point higher than expected, thanks to 1.9% rise in consumption

Banca March: In the US, the final revision of 2Q GDP surprises by confirming a 3% annualised quarterly growth, one tenth of a percentage point higher than expected. On the component side, consumption continued to be the main driver of the US economy contributing 1.9 p.p., while public spending and investment contributed 0.52 p.p. and 0.42 p.p. respectively. Thus, demand contributed 2.9 p.p. to the change in GDP this quarter,…

In the World 27th September 2024

ArcelorMittal India generates $5.8 billion in cash since acquiring assets and invests same amount in growth

Renta 4 | ArcelorMittal (AM) has organised a visit for analysts to the Hazira plant in India, AM’s main facility in the country. AM created the JV in India (AM/NS India) together with Nippon Steel 60%/40% in 2019. AM/NS India has generated $5.8 billion of cash since the acquisition of the assets and has invested the same amount in its growth, acquisition of mines, ports, power facilities, land. Despite the…

World economy 26th September 2024

Chinese authorities consider injecting capital to tune of $142.39 into large state-owned banks

Bankinter | The authorities are considering injecting capital into large state-owned banks to the tune of up to $142.39 billion (1 trillion yuan). This operation would be financed through the issuance of special sovereign bonds and would be the first time they inject capital into state-owned banks since 2008. Opinion of Bankinter’s analysis team: It is included in the battery of measures presented this week by the government and the…

In the World 26th September 2024

European Union must prepare for much more difficult relationship with China

Alicia García Herrero (Natixis) | The tone of European Union-China relations changed radically in 2019. The EU moved beyond engagement to competition and even rivalry. China has become Europe’s largest competitor in third markets and increasingly even in the EU single market. This aggressive competition is the result of a complicated mix of China’s greater competitiveness, massive Chinese industrial policy underpinned by subsidies, and the Chinese market not offering sufficient…

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