Renta 4 | Revenue, which is in line with expectations, increased (up 4.6%) as a result of the contribution from the A21 in Italy and other assets in Chile, the commissioning of water projects and the progress of construction works in Spain, the United Kingdom, and Chile. This was partially offset by the accounting effect of divested financial assets and the completion of projects in the United States, Canada, and…
Miriam Nogueras, Junts spokesperson in the Congress—where the fugitive Puigdemont’s party maintains seven decisive deputies, without whom the investiture majority falls into a minority with 172 out of 350 deputies—announced yesterday that her party will not vote with the Government again after the half-dozen laws they have already agreed upon pass through Parliament. She will not vote in favor of either the 2026 Budgets (Spain continues to extend the 2023…
Bankinter | Industrial production in September was once again weaker than expected, falling by 1.0% year-on-year, compared to an estimated rise of 0.1% and a 3.9% drop previously. In month-on-month terms, it rebounded by 1.3% versus 3.0% expected and after the sharp fall seen in August (4.3%), which was the largest since 2022, mainly due to the18.5% fall in car production. Analysis team’s view: Negative data, although we do not…
Link Securities | According to US payroll processor ADP, the US economy created 42,000 net private jobs in October, following two months in which private companies destroyed net jobs (3,000 in August and 29,000 in September). The FactSet analyst consensus expected a slightly lower reading of 37,500 net private jobs. In October, the education, healthcare, retail, transport and public services sectors led private employment growth in the US. Conversely, for…
Link Securities | With regard to the contract that Duro Felguera (MDF) signed with Sonelgaz-Production d’Electricité for the construction of a combined cycle power plant in Djelfa (Algeria), Duro Felguera reports that the client, unexpectedly, while the parties were negotiating a solution for the project, unexpectedly proceeded to execute the guarantees for an amount equivalent to €54.8 million. This contingency was provided for in the Restructuring Plan approved by the…
Renta 4 | The Popular Party Parliamentary Group has introduced an amendment (already approved by the Senate, pending Congress) that orders the government to freeze airport charges from 2027 to 2031. It should be pointed out that, despite the fact that fees have been reduced by 36% since 2015, they finance operating costs and investments with a high level of competitiveness at European level. The 2014 law established a double…
Alphavalue/ Divacons | Acciona’s real estate division has reached an agreement with Argis, a Spanish integrated capital management company, for the sale of a portfolio of 1,016 homes located in Madrid, Barcelona and Terrassa. The transaction is worth €324 million, according to a statement released by the company this week. Specifically, this operation, described as one of the ‘most significant of the year’ in the Spanish ‘built to sell’ (BTS)…
The 9th FOESSA Report, presented this Wednesday by Cáritas Española (Spanish Caritas), has warned of an “unprecedented process of social fragmentation” in Spain, where an “apparent economic boom” coexists with “one of the highest inequality rates in Europe,” leading to “a society of unease” in which 4.3 million people live in a situation of severe exclusion, one-third of whom are minors—that is, 1.4 million children. “Spain is going through an…
Banco Sabadell | According to press reports, UNCITRAL (United Nations Commission on International Trade Law) has dismissed the arbitration proceedings initiated by Sacyr against Panama for the Canal expansion works. We recall that this was a claim for damages that we estimated could be around €1 billion BS based on the Agreement on Reciprocal Protection and Promotion of Investments between Spain and Panama. Assessment: This news has no impact insofar…
CdM | Industrial production prices fell by 0.1% in both the Eurozone and the European Union (EU) in September compared to the previous month, according to initial estimates from Eurostat, the EU’s statistical office. On a year-on-year basis, the decline was 0.2% for the Eurozone, while prices rose by 0.1% in the EU. On a month-on-month basis, industrial production prices in the Eurozone remained stable for intermediate goods and capital…