Repsol expects to adjust the accounting value of some assets, with a post-tax accounting charge of approximately 4.8 billion euros in order to achieve net zero emissions by 2050. This adjustment will reduce specific reported income for 2019 but does not alter the company’s cash flow for the year nor the announced proposal to increase shareholder remuneration.
Renta 4 | We made a change in the Portfolio letting Telefónica (TEF) go, and MásMóvil (MAS) in, since the second has a much higher revaluation potential supported by its greater growth, double digit in revenue and expanding its operating margins, estimating that it will continue to be the operator with the highest share in the coming years.
A&G Banca | With a exports still in contraction, although perhaps less than a few months ago, it is the American consumer who has sustained the global cycle.
Tensions between France and the United States due to the so-called Google Tax worry the OECD. Washington is moving forward with retaliation tariffs that could be as high as 100% on French goods. The Organization for Economic Cooperation and Development asked all countries to accelerate the implementation of a global tax.
BOfAML | We see a lower percentage of SKUs on discount in November compared to November 2018, which reflects a less aggressive discounting strategy by Zara in 2019, in our view.
Morgan Stanley | Bank analysts raised the sector to Attractive a few weeks ago because our macro no longer expects depo-type cuts and this increases confidence that profit estimates have hit a minimum in 2H19. We estimate a flat growth of the NII (+ 0.6%) in 2020 and 2021. There is optionality in the charge for deposits (could add 3% to the NII of the Eurozone banks).
The bank debt of families and non-profit institutions resident in Spain fell 0.25% in October compared to the previous month, with a reduction of 1.728 billion euros, to 702.036 billion euros, which records its level lowest since February 2018.
VV. AA. (The Conversation) | Online misinformation has significant real-life consequences, such as measles outbreaks and encouraging racist mass murderers. Online misinformation can have political consequences as well. The problem of disinformation and propaganda misleading social media users was serious in 2016, continued unabated in 2018 and is expected to be even more severe in the coming 2020 election cycle in the U.S.
In their “European Banks: At a turning point?”, Morgan Stanley analysts explain that interest rates are still low but seem to have reached their bottom and that they don’t expect any further cuts to depo rates.
Foreign companies’ assessment of the business climate in Spain has remained unchanged since last year. Specifically, the business climate in Spain scored an average of three out of five, according to the “Barometer of the Business Climate in Spain from the Foreign Investor’s Perspective”, prepared jointly by ICEX-Invest in Spain, Foreign Multinationals for the Spain brand and the IESE.