Caixabank Research | Employment is well above pre-pandemic levels. Specifically, in Q1 2024 it is already more than 8% above Q1 2019 records (in National Accounts terms) and double cumulative GDP growth of 3.7%. In contrast, actual hours worked have grown at a slower pace since then, just 1.3%. This has translated into a decline in hours worked per worker (PTETC) of 6.3%. Thus, while productivity per worker has fallen…
Alphavalue / Divacons | The Spanish-British airline confirmed yesterday in a note sent to the Spanish National Securities Market Commission (CNMV) that it has completed the share buyback programme it announced on 1 July. In execution of this programme, the company has acquired a total of 27,064,575 shares, representing 0.5% of IAG’s share capital as of yesterday, said Nicholas Cadbury, chief financial and sustainability officer. The purpose of this programme…
Link Securities | The real estate alliance between Mapfre and Swiss Life Group has expanded, as both companies have reached an agreement to transfer two more properties to their real estate funds, the digital portal elEconomista.es reported. They are located in Madrid and Paris and have a combined value of almost 140 million euros. Specifically, the Spanish insurer has transferred the building at Avenida de Burgos 12, located in the…
Banco Sabadell: According to press reports, a possible takeover bid for GRF, such as the one being prepared by Brookfield and the Grifols family, will have to obtain government approval. In addition, if approved, it could impose more or less demanding conditions such as no delisting, maintaining the company’s headquarters in Spain, the continuity of investments or the control of dividends. On the other hand, according to other sources, the…
Link Securities | According to data from the General Bureau of Customs, China’s trade surplus increased in June to $99.05 billion, up from $69.8 billion in the same month a year ago, and exceeding market forecasts for a surplus of $85 billion. It thus becomes the largest amount of trade surplus in a month since July 2022, as exports increased, while imports decreased. Specifically, exports grew by 8.6% year-on-year, their…
Norbolsa | Repsol’s projects in Bilbao and Cartagena for the production of green hydrogen have captured 39.67% of the European aid awarded by the Spanish Government, within the European Hy2Use programme. In total, the Government has awarded €794 million, of which Repsol has obtained €315 million for projects in Muskiz and Cartagena. Iberdrola will receive €242 millions for Puertollano. EDP €209 million for Los Barrios, Avilés and Teruel, and Endesa…
Morgan Stanley: According to Reuters, employees have rejected the agreement to end the strike at the Lázaro Cardenas plant, which has been in place since 24 May. Alain Gabriel (analyst) points out that the blockade is likely to have a significant impact on the North American division (the plant represents almost half of the division’s capacity). In this sense, an 80% utilisation would imply an annual production of up to…
Vox, the party led by Santiago Abascal, has carried out its threat: to stop supporting the five autonomous governments in which it participates (Valencia, Extremadura, Murcia, Aragon and Castile and Leon) if the PP accepted, as it has done, the distribution of 110 immigrant minors who will leave the Canary Islands to decongest that Autonomous Community on their way to those five Communities where 11 million citizens, according to Vox,…
Santander Corporate & Investment | Enagás (Baa2u e, BBB e, BBB e) has announced the sale of its 30.2% stake in Tallgrass Energy to Blackstone for $1.1 billion (equivalent to €1.018 billion). The company noted that the sale is part of the asset rotation programme announced in the 2022-30 Strategic Plan. Enagás will record an accounting loss of €360 million, but also noted that the divestment will have a very…
BancaMarch: The United States is trying to act on Chinese steel and aluminium entering through the Mexican border. The Biden administration has included tariffs of 25% on steel and 10% on aluminium not smelted in Mexico, the United States or Canada. In this way, it aims to prevent the entry of Chinese metal circulating through Mexico in order to avoid the tariffs already imposed in May on various products of…