The Catalan process has been one of the major causes of friction in contemporary Spanish history. After two years of judicial process, Spain´s Supreme Court has considered proven that during Autumn of 2017 there were “undoubted episodes of violence” in Catalonia, but does not think these sufficient to condemn the separatist leaders for rebellion, as sought by the Public Prosecutor.
Spain’s consumer price inflation hit the lowest in more than three years in September, according to data from the statistical office INE. The CPI edged up 0.1 percent year-on-year in September, following a 0.3 percent rise in August. This was the lowest rate since August 2016, when prices dropped 0.1 percent. The result, which coincides with some analysts’ forecast such as Funcas, is due to the fall in prices of energy products, especially gas and electricity.
Link Securities | Repsol has won a total of four concessions in Brazil’s marine oil and gas exploration blocks in the auction held by the National Petroleum Agency (ANP) of the country.
Círculo de Empresarios | In August, Spain recorded the third largest economic slowdown among OECD countries, after Ireland and Slovenia. Between January and August, the arrival of international tourists to Spain increased by 1.5% year-on-year and tourism spending increased by 3.2% year-on-year.
Yves Bonzon (Julius Baer) | Some investors and market commentators have interpreted the recent and persistent tensions in overnight repo markets in the US as a potential early warning signal of trouble. They draw parallels with the early warnings in credit market in 2007 right before the Great Financial Crisis. The current situation could actually not be more different: same symptoms, but very different cause.
Nick Malkoutzis (Macropolis) | Over recent weeks, there has been much talk from government officials about a “new Greece” emerging after the July elections. This has been supported by legislation that has already been passed, such as interventions in the way the country is governed, and the draft laws that are being lined up, such as the development bill, which is seen by New Democracy as a bureaucracy-buster that will pave the way for more investment.
Hans-Jörg Naumer (Allianz) | The debate on helicopter money, which is once again gaining traction, must be seen against a backdrop of rising public debt ratios and the debate on the policy options remaining for major Central Banks. It is about the monetisation of government debt, i.e. the financing of budget deficits, using monetary policy. It was none other than the retiring President of the ECB himself, Mario Draghi, who once called helicopter money “a very interesting concept” during the press conference following a meeting of the Governing Council in March 2016.
Renta 4 | Due to a more adverse market environment than initially anticipated and the increased competitive pressure in Southeast Asia and Europe, VIS revised downwards its 2019 guidance, slightly in revenue (-1%) and more markedly in recurring EBITDA ( -7%) and recurring net profit (-18%). The new estimates consider an increase in sales + 5 / + 7% and recurring EBITDA + 2 / + 5% and a fall in recurring net profit -6 / -12%.
Spanish infrastructure group Acciona is increasing its shareholding in German wind turbine manufacturer Nordex. First it will buy in the first stage 10% of Nordex for € 99M – raising its stake to 36.3% – and subsequently will launch a takeover bid for the rest of the share capital to € 10.32 / share.
Valerio Alfonso Bruno (via Fair Observer) | Matteo Salvini’s League party takes advantage of the frustration felt by Italians living in poverty to fuel xenophobia and hatred toward immigrants.