Bankinter | Credit Agricole (CA) and Banco Santander (SAN) will merge their securities management and custody activities: CACEIS for CA and Santander Securities Services(S3) for SAN (it will contribute 100% of S3 in Spain and 49.99% of its business in Latin America)
JP Morgan| Recently, one of the main questions in investors´ minds was whether the weakness which has extended throughout the global manufacturing sector would damage Europe´s domestic economy, which until now has remained relatively solid faced with negative external factors over the last year.
Andrea Iannelli (Fidelity) | Central banks have again become the protagonists in the quarter which has just ended. A generalised movement towards more expansionary positions, with the Federal Reserve in the lead, supported risk tolerance and lifting all kinds of assets, reversing the poor returns registered in 2018.
Renta4 | ACS is studying the possibility of floating its renewable business. The company, through Cobra (subsidiary of industrial services) counts on a portfolio of assets of 2,000 MW between installed and adjudicated projects, which according to this information could secure a valuation of 2 billion euros.
Ángel Pérez Llamazares (Renta 4) | Caution due to risk factors/ catalysts in short medium term. We raise Aena’s stock O.P. to 150.3 euros.
CaixaBank Research | The Spanish economy has spent four consecutive years growing above the Eurozone average. At the same time, the savings rate has fallen to historic lows. Although this would seem to suggest that households have limited room to manoeuvre in their consumption decisions if the economic context worsens, it is still too soon to draw this conclusion.
Marco Troiano (Scope Ratings) | We assign the rating BBB- to the AT1 bonds of 7.5% of Santander issued in February 2019 for an amount of 1.2 billion dollars.
Bankinter | The company announced in its shareholders´ general assembly yesterday that it would be considering creating a Socimi in Portigal that would be consituted before the end of the year.
Banc Sabadell | We analyse the strategic plan for 2018-19, concluding that its target of average ROE 19-20 of 20% is achievable, given that it would imply post tax profits of around 940 million euros and we forecast that it could best this.
John Feffer via Fair Observer | Several countries have already withdrawn recognition of the Trump government and recognized Nancy Pelosi instead as the legitimate leader of the country. The deputy assistant undersecretary general of the United Nations has given the United States a one-year warning. If the country doesn’t clean up its act and become a responsible world citizen, Ithell Colhoquon announced yesterday, the international community will impose sanctions on…