From 21 July the regulator (CNMV) will no longer require an expert report on the emission of bonds or structured products aimed at retail investors to ensure the accuracy of the associated brochure. The new European norm on brochures will come into effect on 21 July, so the need for this requirement, which CNMC decided to seek in 2005 for Spanish shares, will disappear.
Joan Tapia (Barcelona) | The possibility of new elections in November is beginning to sound the alarm about the ability of Spanish political parties to form coalitions. The Spanish economy is an animal of great strength which, once set going, is resistant and difficult to stop. So said to me a few months ago a distinguished Spanish economist who presides over one of the most respected think tanks.
CaixaBank Research | The strong growth in international tourism which Spain has experienced is having a positive impact on economic growth and employment. However, it is also generating impacts on the resident population which are not always positive, as shown by the increasing congestion in certain parts of Spain caused by the high numbers of tourists. This has revived the debate over the need to move to a higher quality of tourism.
What do we understand by quality tourism?
Scope Ratings | Socialist Party leader, Pedro Sanchez, has barely a week to secure a parliamentary majority or risk returning to the ballot boxes for the fourth election in as many years.
The multi-family residential renting model has become very popular recently, given that it has always been associated with a history of defensive growth, with an environment of structural risks in retail and end of cycle risks in the office segment. But now, Morgan Stanley analysts suggest, the introduction of norms freezing rents in Berlin has provoked understandable concerns not only in Germany but also in countries like Spain and France.
Banc Sabadell | The Spanish economy faces the second half of 2019 growing at relatively high rates (we expect 2.3% yoy in 2019 vs 1.0% for the Eurozone) but with a less favourable composition of growth.
Moody’s warns that a broad reversal of reforms, especially of pensions or the labour market, would exert downward pressure on its rating for Spain.
Link Securities | According to Spanish Carmakers Association (Anfac) data, Spain produced 294,146 vehicles in May, 6% less than the same month in 2018.
The Bank of Spain will maintain of the counter-cyclical buffer at 0%, arguing that (a) the credit-GDP gap continues in negative territory, and (b) the Spanish economy still shows a remarkable strength as the GDP increased by 0, 7% t/t in 1Q19.
Shaun Riordan | In the past, Spain has cashed in influence for money, as when Felipe Gonzalez was able to convince even Margaret Thatcher to grant Spain cohesion funds. But that is no longer the game.