Renta 4 | The new annual highs of the Spanish selective index, breaking the 11,470 point zone, have come hand in hand with a new high in its relative performance with respect to the Eurostoxx 50, a performance that, since October 2022, has been setting new highs, breaking the downward trend since 2009: But the better tone of the IBEX 35 is not limited to the main European index. If…
Norbolsa | Brookfield seeks €2,000 million of capital for the eventual takeover bid for Grifols. The funds would be used to alleviate the group’s financial burden. Currently in the analysis phase, if it goes ahead it will be the largest operation of the year in Spain. To this end, Brookfield has held talks with some of the world’s leading sovereign wealth funds, including Abu Dhabi’s ADQ and Singapore’s GIC, as…
Intermoney | ACS (ACS) (Buy, Target Price €46/share) has confirmed in a conference held in New York that the Group will record an accounting loss of €860 million derived from the execution by the State of Texas, which will pay about $1,750 million, while the book enterprise value of the infrastructure was estimated at about €3,000 million, according to the newspaper Expansión. The Group, however, expects the final year-end impact…
The Minister of Economy, Trade, and Business, Carlos Cuerpo, will convene the “Sectoral Conference on Regulatory Improvement and Business Climate” on Wednesday with the goal of establishing a common regulatory framework for businesses and reducing the regulatory maze created in recent years by Spain’s 17 autonomous communities. This maze has resulted in a vast amount of regulations in addition to those from the European Union and national laws, ultimately fragmenting…
Bankinter | According to press sources, Qatar’s state investment fund (Qatar Investment Authority) wants to increase its stake in Iberdrola. Qatar’s representatives have reportedly been sounding out the Spanish government to gauge its predisposition to such a corporate move. Qatar entered Iberdrola in March 2011 with just over 6% in a €2 billion transaction and through a capital increase. It later increased its stake to the current 8.7%. The value…
Intermoney | The company (Buy, PO €205) announced yesterday with the market open the traffic figures for the past month of August. In that watertight period, Aena handled 32.1 million passengers, implying an increase of 7% year-on-year, or 9% compared to pre-pandemic levels. By airports, Madrid-Barajas grew by 5%, while Barcelona El Prat remained virtually stable compared to August 2023. In general, the tourist airports recorded increases of between 5…
Banc Sabadell | Transport for London (TfL) has just selected the four technologists (Alstom, Hitachi, Stadler and CAF) that can bid for the renewal of a 24-unit tram fleet that will be used to replace older trains on the Tramlink service in the Borough of Croydon, according to Expansión newspaper. The budget for the order could amount to €250 million. Assessment: positive news in the event of being awarded the…
Banca March: In the US, industrial production costs rose slightly more than expected on a monthly basis, limiting the possibility of a 50 b.p. cut by the Fed next week. On a month-on-month basis, producer prices rose by 0.2% in August, one tenth of a percentage point higher than expected and two tenths of a percentage point higher than in July. Similarly, if we exclude the more volatile components such…
According to the final data released yesterday by the National Institute of Statistics (INE), the Consumer Price Index (CPI) remained stable in August compared to July (0.0%). Year-on-year, Spain’s CPI in August was 2.3% (2.8% in July), slightly more than the initially estimated 2.2%, which was expected by the consensus of analysts. The year-on-year groups that stood out most for their influence on the decline in the year-on-year growth rate…
“The European Commission is responsible for the EU’s trade policy,” said EU spokesman Olof Gill at a press conference after being asked about the position of Spanish Prime Minister Pedro Sanchez. Pedro Sanchez’s statements on his visit to Beijing have caused a stir in Brussels. His change of position, appealing to “reconsider” the imposition of tariffs on green car batteries imported from the Asian giant, has not been very well…