Spain

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....

Wayne Cole gives us a look at what the future holds for European and global markets. The market has had a difficult start to the month of September, with Wall Street away on vacation and much of Asia down. S&P futures are flat during what is usually a poor month. European share futures are hardly moving, but China is still well supported by liquidity seeking a home in the low-yielding world. Chinese blue-chip stocks rose more than 10% in the last month. This was aided by reports that Beijing is pushing companies to create a domestic alternative to Nvidia AI...

Ankur Banerjee gives us a look at what the future holds for European and global markets The markets have chosen to temporarily ignore the Trump v Fed drama, and instead focus on the political crisis in France. This has led to a steep selloff of stocks and bonds for the second largest economy in the eurozone. The gamble taken by Francois Bayrou, French Prime Minister Francois Bayrou to gain support for his unpopular plan of debt reduction has backfired Tuesday, causing the country's political and financial instability to worsen. FRENCH WORRIES Investors are keeping an eye on France’s blue-chip CAC40,...

Wayne Cole gives us a look at what the future holds for European and global markets. When the idea that Putin sent a body double to Alaska sounds plausible, you know we're living in crazy times. It's clear that President Trump is now tweeting Kremlin talking-points about Crimea and Zelenskiy. Putin seems to believe that Ukraine must give up the land that Russia has taken and that it has not been able to gain in three years of war. Zelenskiy, European leaders and others have repeatedly denied this. They will also be at his side when he meets Trump in...

Wayne Cole gives us a look at what the future holds for European and global markets. The Asian markets are quietly picking up after the U.S./EU Tariff Party turned out to be a failure. You felt relieved that only half of your house was destroyed. At least they didn't burn down the whole house. The euro has a slight firmer future and the dollar is steady at just below $1.1600. It was not surprising that the euro fell so quickly, given the crowded long euro/short-dollar trade. And it is suspected that speculators are soon going to sell the dollar. In...

Four sources familiar with the situation said that the U.S. administration of President Donald Trump is in talks with key partners, including Chevron, of Venezuela's PDVSA state-run oil company, to allow them to continue to operate within certain limits, in the sanctioned OPEC nation. The Washington pressure strategy adopted earlier in the year would be radically altered if Chevron and perhaps also PDVSA's European Partners were granted authorizations. In a statement, a senior State Department official stated that they couldn't speak about specific licenses granted to PDVSA partners. However, the U.S. wouldn't allow the government of President Nicolas Maduro to...

Since a major blackout in April 28, the gas grid operator Enagas reported that Spain increased its gas consumption to produce electricity. The grid voltage is more stable with conventional power plants, such as gas-fired combined cycles plants. Enagas reported that the overall gas demand in the country rose by 5.6% during the first half of this year. This was boosted by an increase of 41.2% in the demand for electricity. Exports of gas also increased during the period. This was mainly due to France filling its underground storage. Spain does not produce gas, but it re-exports natural gas from...

Stella Qiu gives us a look at what the future holds for European and global markets. Donald Trump, the U.S. president, surprised the markets on Monday night by announcing that Israel and Iran agreed to an immediate ceasefire. This could end a 12-day conflict. According to his words, the ceasefire will last "forever". Investors will surely hope that it is real and holds. Only a few days ago, the U.S. began a military strike against Iran that could have drawn it into a costly war. The oil prices fell by almost 3% Tuesday after a drop of almost 9% overnight,...

Luxcara, a German company, said Monday that it could switch to Siemens Gamesa wind turbines for the 300 megawatt Waterkant Wind Farm. This would mean scrapping an agreement with a Chinese firm which had attracted political scrutiny and criticism by European turbine manufacturers. Luxcara, an asset manager based in Hamburg, has reserved 19 Siemens Gamesa wind turbines. Siemens Gamesa is a subsidiary owned by Siemens Energy of Germany. The same type was already purchased for the 1.5-gigawatt Waterekke Project, the largest offshore wind project ever undertaken in the German North Sea. The turbines would be replacing the ones that Ming...

Madrid was sweltering at the height of one of Spain’s longest heatwaves. The temperature in a street of one of the poorest neighbourhoods of the city - Puente Vallecas – measured 41.4 degrees Celsius (106,5 Fahrenheit) early that afternoon. Few hundred metres away, it was 38.6 C. What's the difference? The difference? According to studies, trees are able to play a vital role in reducing the deadly effects of heatwaves. As temperatures rise in Spain as a result global warming, they could play a critical role in helping regulate temperatures. Activist groups, however, say that Madrid is losing trees, especially...

The wildfires that have been raging across Spain's north and west have nearly burned the same area as they did last year in just 24 hours. However, the expected rain and the end of the 16-day heatwave have given rise to hopes of an imminent end. The fires spread across the regions of Extremadura and Galicia as well as Castile and Leon. This forced authorities to cut off rail service and restrict access to roads, as they also blocked a popular 50 km (30 miles) stretch of the Camino de Santiago pilgrimage route. The European Forest Fire Information System reported...

Wildfires raged in Spain on Monday, spreading to the southern slopes the Picos de Europa range of mountains. Authorities closed a part of the popular Camino de Santiago route. In the last week, more than 115,000 hectares (285,00 acres) of land in Galicia, Castile, and Leon were destroyed by 20 wildfires. Margarita Robles, Minister of Defence, told Cadena SER radio that "this is a fire scenario we haven't seen in 20 years." The fires are unique because of the climate change and heat wave. She said that thick smoke affected the performance of helicopters and planes carrying water. The Spanish...

The scorching heat on Sunday made it difficult to control 20 major fires in Spain, leading the government to send 500 additional troops from its military emergency unit to help with the firefighting efforts. In the northwest region of Galicia several fires have converged to form a large fire, forcing the closing of highways, and rail services in the region. Spain is one of the worst-hit countries in Southern Europe, experiencing its worst wildfire season in 20 years. Portugal, which is next door, has also been battling widespread fires. In just the last week, three people have died and more...

On Wednesday, wildfires caused either by arsonists, thunderstorms, or a combination of both, fanned along by heatwaves and strong winds, continued to rage in southern Europe, destroying homes, factories, and farms, and forcing thousands of tourists and residents to evacuate. A wildfire that spread through forests, olive groves, and the suburbs of Patras in northern Peloponnese (west of Athens) set fire to a cement plant. The smoke and flames were thick. What does it look? It looks like a doomsday. "May God help us, and help these people," said Giorgos Karavanis. He was a volunteer from Athens who came to...

T housands firefighters battled through the night to extinguish a dozen fires that raged in central and northern Spain and Portugal. This is the biggest wave of fires on the Iberian Peninsula this year, after weeks of intense heat. Since Monday, the largest wildfire in the Arouca region, which is a wooded mountainous area, has been burning. This is about 300 km (185 mi) north of Lisbon. It has led to the closure scenic trails, Passadicos do Paiva. The fire was tackled by 800 firefighters, seven waterbombing planes and other aircraft. Helder Silva, the Civil Protection Commander, told reporters that...

Firefighters fought multiple wildfires in Turkey and Cyprus Thursday, which scorched large areas of land and forced the evacuations of villages and towns. Ten firefighters were killed by a heatwave that swept across the Mediterranean. Six separate wildfires are burning in Turkey. Turkish Agriculture and Forestry minister Ibrahim Yumakli has warned of the dangers of strong winds and scorching heat. Yumakli reported late on Wednesday that 10 firefighters died while fighting a fire in central Eskisehir Province. Yumakli also said 14 other firefighters were injured. The fire was fanned by strong wind and spread to Afyonkarahisar, another province in the...

The Spanish authorities ordered that more than 18,000 residents in the Tarragona Province, located in northeastern Spain, remain inside on Tuesday. Several dozen people were evacuated when a wildfire, which was out of control and consumed almost 3,000 hectares (7.413 acres) worth of vegetation, spread. After Spain experienced the hottest June ever recorded, large parts of Spain have been placed on high alert. On July 1, two people were killed in a fire in the region where Tarragona, Catalonia is located. Authorities said that the latest fire started early on Monday morning in a remote location near the village Pauls....

The heads of the two largest MDBs from Asia and Europe said that they need to focus more on climate action, and empowering women. They are being urged to be bolder and more inclusive. Nadia Calvino and Jin Liqung are the presidents of the European Investment Bank (EIB) and the Asian Infrastructure Investment Bank (AIIB), respectively. They spoke at the United Nations Development Financing Summit, which takes place every decade in Seville. The event has been overshadowed both by criticisms that it showed a lacklustre ambition, and by the United States' absence. They were the largest international donor of aid...

The Spanish Ministry of Economy announced on Tuesday that the two countries have teamed up to "swap" debts to free money for conservation and development in poorer nations. The Ministry of Economy in Spain announced on Tuesday that the country has partnered with the World Bank to help poorer countries free up money to spend on development and conservation via debt "swaps". The Spanish government announced that the Global Hub for Debt swaps for Development will provide financial and technical assistance to countries looking at debt swaps for climate change and food security. In recent years, nations from Barbados to...

On Monday, a once-in-10-year summit began in Seville as world leaders are under increasing pressure to speed up progress on poverty reduction. Climate change The Sustainable Development Goals are at greater risk of failing. The U.N. Chief, Antonio Guterres said that the event was intended to "repair and rev up" an existing system of cooperation in which "trust is fraying, and multilateralism has been strained." The U.S. president Donald Trump was notably absent from the summit, which had been attended by more than 50 leaders of the world. This is because the leader of the largest economy in the world...