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World economy 6th September 2024

End of US yield curve inversion: for first time in 26 months, 10-year bond vs. 2-year bond shows positive slope

Banca March: More than two years after the 10-year – 2-year slope began the inversion – the short 2-year sovereign rate was higher than the long 10-year rate – today the US benchmark has a positive slope for the first time. In this case, the inversion of the curve has lasted 26 months, the longest period since the 1980s. Historically, the last six recessions have been preceded by an inversion…

World economy 5th September 2024

Qatar’s sovereign wealth fund wants to increase stake in Iberdrola to more than 10% from current 8.69%

Banco Sabadell: According to press reports, the Qatar Investment Authority wants to raise its stake in Iberdrola from the current 8.69% and will seek to allow it to pass 10%. Assessment: Positive news with limited impact pending confirmation. Qatar would continue to hold the largest stake in the company, followed by Blackrock (5.395%) and Norges (3.116%). An increase in Qatar’s shareholding would have no consequences for the management of the…

World economy 3rd September 2024

Técnicas Reunidas aims to build new gas conversion plant in Kazakhstan for an estimated €2.7 billion

Alphavalue / Divacons | The Spanish oil services company is in advanced talks to build a new gas development project in Kazakhstan, one of the world’s largest oil and gas producers, with an investment budget of up to $3 billion (around €2.7 billion), reports Expansión. According to energy sources, state-owned KazMunayGaz (KMG) is negotiating the contract with the Spanish company as part of a programme to modernise the Tengiz oil…

World economy 2nd September 2024

US Federal Energy Regulatory Commission authorises Iberdrola to purchase the 18.4% of capital it does not already own in its subsidiary Avangrid

Santander Research |According to the Spanish press, the US Federal Energy Regulator (FERC) has given its approval for Iberdrola (Baa1 e, BBB+ e, BBB+ e) to buy the minority stakes in its US subsidiary Avangrid. On 17 May, Iberdrola had announced its intention to acquire 18.4% of Iberdrola shares held by minority shareholders to take full control of the group for a cost of approximately $2.55 billion. The US Securities…

World economy 30th August 2024

Atlanta Fed urged not to take any decision on September rate hike before PCE, CPI and employment data released

Bankinter | Atlanta Fed President Bostic said that with inflation moving back towards target and unemployment levels slightly above what they anticipated, it makes the most sense to implement the first rate cut at the September 18 meeting. However, he added that before taking any decision, the two remaining inflation data until the meeting (PCE and CPI) and above all the employment data (6 Sept.) will be crucial. Under this…

World economy 29th August 2024

US consumer confidence rises to 103.3 versus 101.0 expected and 101.9 previously

Bankinter | Consumer Confidence has improved more than expected in August. It has risen to 103.3 versus the 101.0 expected and 101.9 previous (revised from 100.3 points). Both components improve: Expectations to 82.5 from 81.1 (revised from 78.2) and Current Situation to 134.4 from 133.1 (revised from 133.6). Case-Shiller House Prices barely decelerated in June, highlighting the robustness of the real estate sector: +6.47% year-on-year in June versus +6.50% expected…

In the World, World economy, World politics 27th August 2024

Canada replicates US tariffs on Chinese products

Banca March : Canada replicates the US tariffs imposed on China: electric vehicles from the Asian country will be subject to a rate of up to 100%, while steel and aluminium will be subject to 25%. In the first case, they will come into force on 1 October, while for the metals in question they will begin on 15 October. The Chinese embassy in Ottawa has replied, referring to the…

In the World, World economy 26th August 2024

Digital revolution speeds up in Japan

Capital Group | The winds of change are blowing in Japan. Corporate reform, wage growth and the digital revolution are ending decades of deflation and driving the market to highs not seen since 1989. Policymakers are urging companies to put shareholders first, and the government has created a digital agency to close the innovation gap with other countries. Digitalisation is a key issue to overcome demographic problems and boost productivity….

In the World, World economy, World politics 23rd August 2024

China announces investigation against imports of certain EU dairy products

BancaMarch: China raises the tone in the trade war, now with dairy. China’s Ministry of Commerce announced on Wednesday that it will launch an investigation against imports of some dairy products from the European Union. According to the Chinese executive, the investigation is being launched at the request of the country’s Dairy Industry Association, which claims that products such as fresh cheese, curd and cream receive subsidies from the EU…

In the World, World economy 23rd August 2024

Fed acknowledges cuts could start in September if data hold

Bankinter: Fed minutes of the 30/31 July meeting: Main messages: (i) Current situation: the economy is advancing solidly, albeit at a markedly slower pace than in 2H23, the labour market is cooling and inflation is moderating, although it remains somewhat elevated. (ii) Outlook: lower growth in 2H24 due to a weaker labour market, but growth in 2025 and 2026 will remain in line with its long-term potential. Unemployment could pick…

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