Link Securities | US President Donald Trump announced on Sunday a delay in the imposition of 50 per cent trade tariffs on the European Union (EU), extending the start of the tariffs to July 9. In a statement on his social media, Trump said he had taken the decision after a telephone conversation with European Commission (EC) President Ursula Von del Leyen, who confirmed the conversation, described it as a…
Alphavalue / Divacons | The Spanish utility yesterday announced the official launch of East-West Digital, a new company dedicated to the development and commercialisation of AI-powered digital solutions for sustainability. East-West Digital will leverage innovations developed by Iberdrola Innovation Middle East, a world-leading digital solutions innovation centre developed by Iberdrola at the Qatar Science and Technology Park. The company will design, industrialise and commercialise AI-based solutions for sustainability with global…
Renta 4 | CAF has announced its intention to invest in France. Specifically, the company will invest €50 million in its factories in France over the next five years with the aim of tripling its capacity in the country. With this investment, CAF will reinforce its presence in the French market through its two plants in Reichshoffen and Bagneres-de-Bigorre. Assessment: Positive news as it fits within the company’s organic strategy…
Link Securities | National Securities Market Commission (CNMV) filings unveiled a new increase in US fund manager BlackRock’s stake in Banco Sabadell, Expansión newspaper reported. The latest purchases uncovered by the regulator have raised its weight in the bank’s capital to over 6.70%. In its previous notification, issued yesterday, the world’s largest asset manager had reported a 6.688% stake. According to CNMV records, the current 6.701% represents its highest stake…
The formulation by the Ministry of Justice of a new Organic Law for the Expansion and Strengthening of the Judicial and Prosecutorial Careers has led a group of judges, magistrates, and prosecutors to call a strike on June 11th. According to the proposal of the new Law, any legal professional with 5 years of work experience could, after a report, enter the judicial or prosecutorial career without needing to pass…
David Sánchez, the Prime Minister’s brother, will go to trial for influence peddling and prevarication. The judge who investigated the case concluded that after Pedro Sánchez mentioned his brother was a musician, the PSOE leader in Extremadura, Miguel Angel Gallardo, created an ad hoc job for him as coordinator of the two music conservatories in Badajoz, whose provincial council Gallardo presided over. David Sánchez’s position was put out to tender,…
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…
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…
Link Securities | Eurostat reported that Eurozone construction output, in seasonally adjusted data, rose 0.1% in March from February. In the month under review, output increased by 0.9% in building construction; by 4.1% in civil engineering construction; and by 0.1% in specialised construction activities. On a year-on-year basis, construction output decreased by 1.1% in March in the Eurozone (-0.6% in February). By sector of activity and at a year-on-year rate,…
Link Securities | On Wednesday Telefónica Hispanoamérica, S.A., a wholly owned subsidiary of Telefónica (TEF), reached an agreement for the sale to Millicom Spain, S.L. of all the shares it holds in Telefónica Móviles del Uruguay S.A., representing 100% of its share capital. The transaction amount (firm value) for this company is $440 million (around €389 million at the current exchange rate), and the corresponding price is subject to the…