The average price of electricity in the wholesale market will rise this Monday by 16.76% and will mark its most expensive record in history, an average of 442 euros/MWh. This is amid the heat of the rise in the price of natural gas due to the impact of the war in Ukraine. It will thus surpass the previous all-time high of 383.67 euros/MWh, which was reached on 23 December. Furthermore,…
it reached its historical maximum.
Intermoney | Ferrovial (FER) (Hold, Target Price 24 euros/share) and Acciona (ANA) (Buy, Target Price 200 euros/share) have won a contract to build part of the AVE between Lorca (Murcia) and Pulpí (Almeria). The project will require an investment of 171 million euros, according to the Expansión newspaper. The work will consist in completing the 31 kilometres double track platform, as well as a tunnel, ten viaducts and 28 structures of…
The labour reform boosts permanent contracts to almost 22% of the total and more than doubles them with respect to 2021. In the last year, unemployment accumulated a record drop of 897,105 people, which is 22.4% less jobless. The number of unemployed registered in the offices of the public employment services (formerly Inem) fell by 11,394 unemployed in February (-0.3%), its best rebound in this month since 2015, when unemployment…
Morgan Stanley | The risk premium on oil prices due to the Ukraine is unlikely to disappear. The scarcity of supply means that any little disruption fuels hikes in prices. We raise the estimate on Brent for Q2’22 to 110 dollars with a bull case of 125 dollars. The weighting on global GDP of oil consumption is increasing to 4% and was 4.5-5% during 2011-2014, when the demand for oil continued…
The 34 largest companies in Spain, with the exception of Inditex, which will publish its figures in March, have declared a combined net profit of more than 54.995 billion euros. This is the highest ever for the Spanish selective index. It is also the first time it has exceeded 50 billion. In 2010, it came within a hair’s breadth with 49.499 billion. The big winner in 2021, by far, is…
According to data from the agricultural organization Asaja, Spain annually imports almost 30% of the corn it needs from Ukraine. “The Spanish agricultural sector will undoubtedly be one of the victims. Our imports of cereals and sunflower, as well as basic means of production such as manure and fertilizers, will be seriously affected, which will imply a new increase in production costs for the sector”, the association pointed out. In…
The Consumer Price Index (CPI) has shot up by 7.4%, the biggest rise since July 1989, according to the National Statistics Institute (INE) on Monday, which will have to be confirmed in two weeks’ time. Inflation is driven, as has been the case for months, by the price of energy, but it is already spreading to the rest of the goods and services in the consumer basket. In fact, core…
Link Securities | The CEO of IAG, Luis Gallego, still left the door open to reaching an agreement with Globalia for the acquisition of Air Europa. However, he also recognises that the Hidalgo family holding is negotiating with other airlines, according to Cinco Dias. He acknowledged this in a meeting with the press after IAG’s results presentation. “This is a strategic purchase for Iberia and IAG, as well as for Spain…
Spain is not in a situation of lack of gas supply in the coming months, as it has scheduled the arrival of a total of 56 ships of liquefied natural gas (LNG) between February and March. It also continues to implement all possible preventive measures to contribute to the guarantee of energy supply, with the launch last week of four other extraordinary ‘slots’ – rights to unload LNG – as…