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World economy 21st June 2024

Chinese interest rates remain unchanged in May as expected

Link Securities | The People’s Bank of China (PBoC) kept its benchmark interest rates unchanged in its June adjustment, in line with market expectations. Thus, its one-year lending rate (LPR), the benchmark for most business and household loans, remained at 3.45%. Meanwhile, the five-year rate, the benchmark for real estate mortgages, remained at 3.95%, following February’s 25 b.p. cut. Both interest rates are at historic lows, in an environment of…

World economy 20th June 2024

Manufacturing activity boosts US industrial production in May by 0.9% month-on-month

Intermoney | US May industrial production shows muscle as it grew by a strong +0.9%m. We were taken by surprise by the solid data considering that the ISM manufacturing survey for May pointed to only a slight rebound, although other indicators pointed to some recovery. Manufacturing activity, the most relevant item, largely explained the figure, as it also rose by 0.9%, led by consumer goods (1.3%) thanks to the expansion…

World economy 18th June 2024

FDA grants marketing authorisation for Grifols’ intravenous immunoglobulin therapy Yimmugo

Renta 4 | The FDA has approved the marketing of Yimmugo, an intravenous immunoglobulin (Ig) therapy developed by Biotest, a company controlled by Grifols, for the treatment of primary immunodeficiencies. The announcement marks the first approval of a product from Biotest’s portfolio by the US FDA and strengthens Grifols’ intravenous and subcutaneous immunoglobulin franchise in the world’s leading market. The product, which has already been marketed in the EU since…

World economy 16th June 2024

US: Fed shifts rate cut outlook from 2024 to 2025 and 2026 as CPI falls to +3.3% in May

Bankinter: The Fed meets expectations and keeps interest rates (Fed Funds) at 5.25%/5.50%. With respect to the macro picture, it maintains the GDP forecasts for 2024, 2025 and 2026. However, it revises upwards both Inflation (PCE) and Underlying Inflation in 2025 and 2026 and continues to miss the 2% target until 2026. The Unemployment Rate is also revised slightly upwards in 2025, 2026 and in the longer term. With regard…

World economy 10th June 2024

US employment confirms strength with 272,000 payroll increase

BancaMarch: US employment data again surprises on the upside, although other indicators point to a contained moderation. On Friday, the Payroll Survey revealed an unexpected increase in job creation in May, up to 272,000 jobs, well above the 180,000 estimated and the 175,000 previously reported. The same survey also showed an increase in average hourly earnings of 4.1% year-on-year, up from 3.9% expected and 4% previously. Financial markets have interpreted…

World economy 6th June 2024

BoJ Preview: To further adjust policy as early as June even with glass half full

Alicia García Herrero (Natixis) | Recently, the virtuous circle between wages and inflation has begun to strengthen. Following the highest wage hike in the past thirty-three years at the spring wage negotiation, nominal base wage surprised on the upside by rising +2.3% year-on-year in April, the largest increase since July ’94. Furthermore, with inflation expectations remaining above 2%, corporate service prices also picked up by +2.8% year-on-year in April. On…

World economy 5th June 2024

S&P 500 CEOs earn 200 times more than their employees in 2023

Emisores | Senior executives at S&P 500 index companies earned a total salary package in 2023 that was 13% higher than in the previous year, according to an analysis by Associated Press based on data from Equilar. For CEOs, the rise was 12.6%, to an average annual total compensation of $16.3 million – the equivalent of €14.99 million – which was 200 times more than the average salary earned by…

World economy 3rd June 2024

Increasingly clearer landing for US economy: 2Q24 started April with nominal growth of +0.2% but negative real growth of -0.1%.

Santander Research: After a first quarter of surprisingly strong economic data and inflation, April seems to be a slowdown, as indicated by our economists. And that starts with payrolls (175k) and, above all, consumption slowing down, from the explosive +3% growth of 3Q23 and 4Q23 to +2% in 1Q24 after revisions. And what is even clearer, 2Q24 started with April’s nominal growth of +0.2% and even negative in real terms,…

World economy 3rd June 2024

Financial outflow-driven RMB will not help correct China’s external imbalance

Alicia García Herrero (Natixis) | Since the trade war, and in particular after the imposition of US tariffs on China’s electric vehicles and solar panels, market observers have been speculating whether the PBoC will allow further depreciation of the yuan to counteract the impact. The latest RMB movement seems to indicate that this is the case, but the actual situation is more complex than it appears at first glance.The experience…

World economy 30th May 2024

Acerinox ceases activity at Malaysian factory and changes model in Cadiz as prices unsustainable due to Chinese overproduction

Intermoney | The company informed the National Securities Market Commission (CNMV) yesterday, with the market closed, the cessation of activity in the factory of Bahru Stainless (Malaysia) and the change in the operation model in the factory of Acerinox Europe, located in Cadiz. Regarding the Malaysian factory, Acerinox has already informed its Asian customers about the cessation and has assured that the supply to these customers will be made, from…

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