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World economy 30th May 2024

New Zealand: Housing market defying headwinds from higher interest rates

Alicia García Herrero (Natixis) | As the Reserve Bank of New Zealand (RBNZ) hiked aggressively to contain surging inflation, the New Zealand economy fell into a technical recession in 2023. While the recovery in exports has offset the weakness in housing investments, private consumption has softened on the back of households’ higher interest payments. Nevertheless, because inflation was still elevated at +4.0% year-on-year in Q1-24, well above the 1-3% target…

World economy 29th May 2024

Shanghai government lowers compulsory down payment and mortgage interest rate to support real estate sector

Bankinter| The Shanghai local government has approved measures to support the real estate sector: it is reducing the amount of the mandatory down payment and the interest rate on mortgages. The measure is expected to be extended to other cities such as Beijing and Shenzhen. The down payment required from buyers is reduced by 10% to 20% of the property value for first home buyers and up to 30% for…

World economy 29th May 2024

Lower current account deficit shields India from external shocks and future success hinges on sustaining it

Trinh D. Nguyen (Natixis) | India’s nominal GDP rose to $3.5 trillion by 2022, raising its global share by one percentage point to 3.5% and GDP per capita by 64% to 2,500 in the past decade. But diverging from its past, the current account deficit (CAD) narrowed from -3.5% of GDP to -1%, on average. The Indian economy grew more than expected, pushed by higher government infrastructure spending and household…

World economy 28th May 2024

China launches third phase of the $47.5 billion “Big Fund” for semiconductor development

Banca March | China has launched the third phase of the “Big Fund”, amounting to 344 billion yuan ($47.5 billion) dedicated to the development of semiconductors. This phase brings together the largest amount of the three phases: the first phase of 138.7 billion yuan in 2014 and the second phase of 204 billion yuan in 2019. The aim of this fund is to build an independent supply chain, after years…

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World economy 27th May 2024

Sacyr and OHLA among shortlisted bidders in tender for toll road concession in Peru with €950m investment

Link Securities | Sacyr (SCYR) and OHLA (OHLA), together with five other rivals, have been shortlisted in a tender in Peru for a toll road concession that will require an investment of $1,026 million (around €950 million). This is the “Longitudinal de la Sierra Tramo 4” project, which includes the design, financing, construction, operation and maintenance of 965 kilometres of toll roads over a concession period of 25 years. The…

World economy 21st May 2024

Acciona Energía to work with Grupo Pais in new photovoltaic project Dominican Republic, with 51% stake

Link Securities | The company announced yesterday the development of a new photovoltaic project in the Dominican Republic, the Pedro Corto photovoltaic plant, in collaboration with Grupo Pais, according to Bolsamania.com. Acciona Energía will have a 51% stake, while Grupo Pais will hold the remaining 49%. Located in the province of San Juan de la Maguana, the plant will have a nominal capacity of 63.35MW and its construction is linked…

World economy 16th May 2024

US inflation moderates to +3.4% year-on-year in April; core stands at +3.6%, three-year low

Banca March: US inflation is slowing down. The expected US CPI data came out in line with expectations and price growth moderated in April by one-tenth of a point to +3.4% year-on-year. In addition, the core rate – excluding the more volatile food and energy prices – also moderated by two tenths to +3.6%, its slowest growth rate in three years, supporting the view that inflation is gradually normalising. Turning…

World economy 14th May 2024

China’s luxury consumption story to stall against structural economic deceleration

Alicia García Herrero (Natixis) | China has become one of the most important luxury consumption markets for foreign brands, but economic headwinds may cloud the outlook. With rising purchasing power and appetite in luxury spending, Chinese consumers have become more relevant globally. This report addresses what to expect in China’s luxury segment amid structural economic deceleration and geopolitical tensions. Introducing Natixis China Luxury Consumption Index We aim to analyze the…

World economy 13th May 2024

MilleniumGroup, with 1.459% of total voting rights, one of Puig’s strongest institutional investors

Link Securities | The US fund manager MilleniumGroup Management has emerged, along with CriteriaCaixa, as one of the institutional investors that have entered with most force in the capital of Puig Brands (PUIG), as reported last Friday by Expansión. Through the purchase of class B shares, the only ones traded on the stock exchange, the firm has acquired 1.459% of the total voting rights of the fragrances, cosmetics, fashion and…

World economy 9th May 2024

Xi’s visit a hard reality check for EU-China relations

Alicia García Herrero (Natixis) | President Xi Jinping’s European tour, his first in five years, has shown how much EU member states, at least those in the core of Europe, need a reality check. Not only has Xi taken quite some time to visit the continent but in doing so he chose to visit his staunchest European allies, Serbia and Hungary, beyond France. President Emmanuel Macron was an important target…

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