Spanish banks

Bank of Spain Director of Economics resigns after presenting annual report

Ángel Gavilán, the Director of the Economics and Research Department at the Bank of Spain, has resigned after presenting – out of loyalty – the first Bank of Spain report with former minister José Luis Escrivá as the new governor. It was known that the presented report had omitted the widely shared concern about the Spanish pension system, which, after the reform launched by Escrivá himself, faces increasing expenses and…

Read More

Crédito y CauciónCrédito y Caución
utilities

Review of energy demand model, prices and GDP evolution: Equalweight on Iberdrola, Naturgy, Solaria, Acciona and Redeia; Underweight on Endesa and Enagas

Morgan Stanley: The analyst team provides an overview of its model for energy demand, prices and GDP evolution. Gas and power curves have normalised in the short term, and imply prices aligned with the team’s estimates. They see less downside risk in these prices and, therefore, less risk of downward EPS revisions, especially attractive for companies trading at low multiples. On the other hand, Rob Pulleyn reiterates the data centre…

Read More

Banner CIR, junio 2022

china central bank

China’s central bank cuts one-year rate to 3% and five-year to 3.50%

Bankinter | China’s central bank (PBoC) lowers the one-year interest rate to 3% from 3.10% previously. The 5-year rate is cut to 3.50% from 3.60%. Bankinter analysis team’s view: The central bank is once again taking action, with the aim of reactivating the economy. On 7 May it cut the 7-day repo rate to 1.40% from 1.50% and the reserve requirement for banks to 9.0% from 9.5%. It also announced…

Read More

interviews

antonio bonet

“We need to approach negotiations with the U.S. on terms that are completely different from those currently being proposed”

Says Antonio Bonet, president of the Club of Spanish Exporters and Investors. He points out that “Europe has a single tariff applied by all member states, but the U.S. applies a tariff to each country, meaning it can decide that the tariff applied to Spanish black olives is higher than that for Italian olives, as it did at one point. So there is a part of the negotiation between Europe…

Read More


ElenaJimenezdeAndrade

“It is a shame that we are able to mobilize economic resources for large-scale projects abroad, but not in our Spanish market”

In an interview with Consejeros magazine, Sacyr’s coordinating advisor, Elena Jiménez de Andrade, explains that now “We have great capacity to win projects, a capacity that until now contrasted with a series of financial limitations and balance sheet size. However, in this strategic cycle, we are going to eliminate those barriers. That is why we have set an ambitious goal for 2033: to triple the value of our assets. We…

Read More



…in the last week