Spain

Rae Wee gives us a look at what the European and global markets will be like tomorrow. The Asian markets were again a sea of red on Tuesday. This gloomy mood is expected to spread into Europe as investors prepare for the earnings report from artificial intelligence darling Nvidia, and the long-awaited U.S. employment report due later this week. The market sentiment leading up to the release was fragile. Nvidia had a high bar for delivering results that would blow the roof off and justify all the massive investments companies pour into AI. The semiconductor giant's AI chips have been...

Tom Westbrook gives us a look at what the future holds for European and global markets. On Monday, the U.S. economy will start to flow again with figures on construction spending for August. On Thursday, September's jobs data will be released. The next month will bring more up-to date figures on labour and prices. However, due to concerns over the quality of these data and hawkish comments from policymakers, expectations for a December rate cut are fading. The main event for markets this week is likely Nvidia earnings after the close on Wednesday, which are shaping as a test for...

Gregor Stuart Hunter gives us a look at what the future holds for European and global markets. The U.S. Government is about to reopen, restoring potential pay for unpaid federal employees and ending the drought of economic data which has left the Federal Reserve virtually blinded for more than one month. The latest sign that normalcy is returning could be Congressmen taking advantage of the free publicity. Thousands of flights have been delayed or cancelled due to the shutdown. Some Congressmen are carpooling with their colleagues, or taking a 16-hour Harley Davidson across the country to return to Washington D.C....

Rae Wee gives us a look at what the European and global markets will be like tomorrow. The Bank of England announced its interest rate decision Thursday. What had seemed to be a simple hold, is now being scrutinized. The markets are now pricing in a nearly one-in-3 chance that the rate will be cut to 3.75%. This is up from one-in-10 a month earlier. The UK's 3.8% inflation rate is the highest of the Group of Seven advanced economies. However, a steady reading, and a cooling labor market, have shown some signs of a easing of inflationary pressures. The...

Ankur Banerjee gives us a look at what the future holds for European and global markets The markets are still recovering after a week of action packed events that have left the risk momentum intact. This week, the focus has shifted on a few private economic data that could shed light on the state of the U.S. labor market. The U.S. government shutdown is expected to continue, and there will no longer be any economic data from the government. So, no nonfarm payrolls, no JOLTS job openings. Investors will instead analyze private employment data provided by ADP in order to...

Rae Wee gives us a look at what the European and global markets will be like tomorrow. The Bank of England's (BoE), which is expected to cut rates again this year, will likely be disappointed if the consumer prices in Britain are higher than expected. The BoE expects the inflation rate in September to be 4%, which is the highest of all the big economies around the world and twice the BoE target. The markets currently price in a chance of nearly 15% that the central banks will ease rates by 25 basis point at their November meeting. A positive...

Kevin Buckland gives us a look at what the future holds for European and global markets. Investors are unable to find the right information with so much information. Investors are now looking in multiple directions simultaneously, and this is creating a clear split between asset classes. The stock markets in Asia are rallying on Thursday. From Taipei to Seoul, and Sydney to Sydney, they have all reached new highs. This is due to the AI euphoria, which has been a driving force in the tech-heavy North Asian market. The SOX semiconductor index also rose 3% over night. ASML, a Dutch...

Kevin Buckland gives us a look at what the future holds for European and global markets. The global markets were firmly in control of politics on Monday. This was not least because the right-wing fiscal dove Sanae Takayi won a weekend surprise victory that will make her Japan's first woman prime minister. In the first few minutes of trading, Nikkei broke through several psychologically significant levels and reached a new all-time record not far off 48,000. The long-dated bond rates, on the other hand, rose to just below record highs due to concerns about the country's finances. The yen fell...

Kevin Buckland gives us a look at what the future holds for European and global markets. Investors knew that the U.S. labor market was in need of support. But the miserable ADP Employment Report, released to the market at the same time as the shutdown of the federal government, is particularly alarming. ADP reported that payrolls fell by 32,000, compared to the economists' expectations of a rise of 50,000 for September. The 54,000 increase for August has been revised down to a slight decline. For the moment, traders are adopting a narrative that "bad news is a good news", and...

Wayne Cole gives us a look at what the future holds for European and global markets. It was good to hear that. The CPI in the U.S. was a little firmer, but not enough to notice. The prices that feed core PCE were surprising benign. This led analysts to reduce their forecasts from +0.2%m/m to a steady 2,9% for the year. The Federal Reserve is set to begin its easing cycle next week with 25 basis point, but the markets only see a 7% probability of a 50bps. The magnitude of the decline in labour market data would lead you...

Kevin Buckland gives us a look at what the future holds for European and global markets. The market is optimistic about monetary policy. Rising equity prices and falling bond values are a good indicator of this. A rate cut next week at the Fed meeting has a decent chance to be a big one. Wall Street closed with new record highs over night, Taiwan's benchmark has reached a new peak and Japan's Nikkei index is moving back to Tuesday's unprecedented level. The unquestionable weakness of labour market indicates that policy easing will be imminent. The question is, however, how much...

Kevin Buckland gives us a look at what the future holds for European and global markets. The markets are in a positive mood as they anticipate that the Fed will continue to reduce rates by this month, and again at year's end. The previous month's payrolls shockingly high reading sparked speculation that the U.S. would have to change its monetary policy quickly. This time, economists expect a slightly higher reading. Fed Chair Jay Powell shocked many last month at the closely watched Jackson Hole Symposium with a keynote suggesting a reduction on September 17, unless data get in the way....

ArcelorMittal can capture a part of the market void caused by lower imports, once the EU steel quotas are implemented. This was the Chief Financial Officer GenuinoChristino's statement on Thursday. Christino told analysts that he did not see any problem in capturing that portion of the market. In October, the European Commission proposed a reduction of almost half in tariff-free import quotas for steel and a 50% tax on excess shipments. This was done to maintain viable steelmaking within the European Union. However, it is not yet clear when these new measures will be implemented. Christino stated that the current...

ICL Group, a fertiliser manufacturer, has waived its right of first refusal in order to bid for the concession it holds at the Dead Sea. The Israeli government announced the plan on Thursday. However, if the permit expires and it is not renewed by ICL Group it will still receive $3 billion. ICL has had exclusive rights for minerals at the Dead Sea site since 1950. The permit expires in 2030. Finance Ministry, however, stated that it was preparing a "competitive international and fair tender" to ensure that the public and state receive their rightful share of this unique natural...

The head of Spanish steelmaker Acerinox, who is also the CEO of the European Commission, praised the recently announced steel import quotas on Friday but stated that the company was working hard to ensure the measures are adopted sooner. On a conference call with analysts, Chief Executive Officer Bernardo Velazquez stated that the company is pushing to speed up the process. He suggested the measures could be implemented as soon as April 2026 before the current ones expire on June 30. Velazquez stated that "we are very close to getting the protection we have been dreaming of and asking for...

Acerinox, the Spanish steelmaker, reported earnings slightly lower than expected for its third quarter on Friday. The company cited a low demand in Europe and America for stainless steel. LSEG data shows that the adjusted earnings before taxes, depreciation, and amortization came to 108 million euro ($125.95) - less than analysts' estimated average of 112 millions euros. Steelmaker says that sales in the U.S. are "undoubtedly" going to fall in the fourth-quarter due to seasonality at the end of the year, and therefore core-profits in the quarter will be lower than the third-quarter. The company pointed out that the uncertainty...

The Spanish High Court has opened an investigation into privately owned steelmaker Sidenor, which is accused of selling steel to a firm in Israel for the purposes of manufacturing weapons. This is one of the potential legal consequences that could result from Spain's ban of such deals. According to a statement, Judge Francisco de Jorge will lead the investigation against Sidenor CEO Jose Antonio Jainaga Gomez as well as two other executives. They are accused of smuggling drugs and being complicit in crimes against humanity and genocide. On November 12, they were called to testify. The court said Sidenor had...

The Spanish High Court has opened an investigation into privately owned steelmaker Sidenor, which is accused of selling steel to a firm in Israel for the purposes of manufacturing weapons. This is one of the potential legal consequences that could result from Spain's ban of such deals. According to a statement, Judge Francisco de Jorge will lead the investigation against Sidenor CEO Jose Antonio Jainaga Gomez as well as two other executives. They are accused of smuggling drugs and being complicit in crimes against humanity and genocide. On November 12, they were called to testify. The court ruled that Sidenor...

European shares rose on Monday as concerns about the stability of U.S. banks eased. Meanwhile, fresh comments by U.S. president Donald Trump helped to calm down trade tensions and encouraged investors to move towards riskier assets. As of 0915 GMT, the STOXX 600 index for Europe was up 0.6% to 569.37. The benchmark index closed Friday nearly 1% lower. European banks gained 0.8% on Sunday, placing them among the top gainers of the STOXX 600. This was after U.S. bank stocks recovered in the previous session, following the quarterly results from regional lending institutions that helped ease concerns over credit...

VSMPO - AVISMA, the largest titanium producer in the world, announced on Monday it would switch some employees who are not directly involved with production to a 4-day work week. The company stated in a press release that it planned to move some employees, who were not directly involved in production processes but were administrative staff, onto a four-day work week. The company said that the decision was made to "maintain operational stability and preserve the highly-qualified staff of the business." The company has not stated how long these measures will be in effect. This is not an easy choice,...

Investors digested corporate earnings, assessed sectoral momentum, and assessed macro signals as they digested the strong performance of banks and defense stocks. As of 0750 GMT, the continent-wide STOXX 600 Index was up 0.9% to 571.05 point. Other major regional indices were also trading higher. European banks rose by 1.6%. They were among the biggest gains in the STOXX 600. This was a rebound from Friday's 2.5% decline when investors became nervous about signs of credit pressure at regional U.S. lenders. The STOXX Aerospace & Defence index rose 2.1%. This was a rebound from Friday's sharp drop when the news...

After several local media outlets reported that he was under investigation for possible murder, the family of Mango founder Isak Andic said they were confident Jonathan was innocent. In a press release, the family stated that they "will continue to work with the authorities as it has been doing up until now." It also hopes that the process will be completed as quickly as possible, and that Jonathan Andic will be proven innocent. The company said that it would not provide any further comments at this time. COURT SAYS CASE IS NOT DIRECTED AT AN INDIVIDUAL La Vanguardia reported late...

A U.N. panel said that Portugal violated an international agreement by blocking the public's access to key information regarding Europe's biggest lithium mining project, during its environmental licensing procedure. The environmental agency of Portugal, APA, gave the go-ahead in 2023 to London-listed Savannah Resources, subject to certain remedies. This mine will be developed in the northern Barroso area, which is a World Heritage Site for Agriculture since 2018. Residents and environmentalists in the area have been opposed to the project. They said that Wednesday, the findings of the U.N. Aarhus Convention Compliance Committee strengthened their call for the license being...

Moeve, the second largest oil refiner in Spain, which was formerly called Cepsa said Monday that its net profit had fallen 19% during the first half of this year, mostly due to an impact from a massive blackout of power in April in Spain, Portugal and other countries. The company's net profit dropped to 324 millions euros ($378.92 million), and earnings before interest taxes, amortization, and depreciation (EBITDA) fell by 33% compared to a year earlier to 733.92 million euros. The company said that the decline in core profit was primarily due to the costs of stopping and restarting their...