BBVA could be making spending cuts for 2020

Spanish lender BBVA would be considering spending cuts for 2020 which would affect not only the commercial network and central services, but also the strategic Client Solutions division, where workforce could be reduced by 3% and investment frozen.

Will MasMovil join the Ibex 35?

Renta 4 portfolio: MasMovil IN; Telefonica OUT

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.

Inditex's flexible model

Inditex: less promotional than 2018

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.

Telefonica will focus on its 4 key markets

Spanish group Telefónica (TEF) announced an action plan focused on five points: (i) focus investments and growth in Spain, Brazil, the United Kingdom and Germany; (ii) creation of Telefónica Tech; (iii) creation of Telefónica Infra; (iv) operational spin-off of Latin America (Latam ex Brasil) and (v) redefinition of the corporate center. This leads to a reorganization of the current Executive Committee.