A new blow to Apple from Europe. The European Commission (EC), the executive arm of the European Union (EU), announced on Monday that the tech giant is in breach of the Digital Markets Act (DMA) with its App Store, as it prevents app developers from “freely directing consumers to alternative channels of offers and content”. In addition, the EC has opened a new investigation against the company. “Under the DMA,…
CdM | The debt of Spanish public enterprises that do not form part of the general government sector and are therefore not included in the EDP debt stood at 2.8% of GDP at the end of 2023, the same level as the previous year, according to data from the Bank of Spain. In nominal terms, the variation represented an increase of €3 billion, to €40,657.2 million, and was mainly concentrated…
Alicia García Herrero (Natixis) | The European Union has a historically strong economic relationship with Africa, but its dominant position has gradually been challenged by the rise of China, especially as a key exporter to Africa. In 1995, China’s exports to Africa were only $1.8 billion, significantly lower than the EU’s exports of $45 billion. However, after nearly thirty years’ of increasing its manufacturing capacity, China’s exports to Africa reached…
According to data from the National Statistics Institute (INE), turnover in the industrial sector grew by 0.5% in the month of April compared to March, in seasonally and calendar-adjusted figures. By economic destination of the goods, sales of Non-durable consumer goods rose by 3.3%, those of Capital goods by 2.2% and those of Durable consumer goods by 1.2%. On the other hand, Energy sales fell by 0.6% and Intermediate goods…
Renta 4: The fall from the highs of 2022 has developed in five bearish waves, stopping at €100, leaving historical oversold readings, as well as significant bullish divergences, typical of a rebound of some importance. We would expect a recovery of at least 38% of the fall, which would coincide with the resistance zone formed by the December highs at €139, levels close to the analysts’ consensus targets. The support…
François Rimeu (La Française AM) | The OPEC meeting resulted in maintaining the oil production cuts, as expected by the markets. Beyond this decision, investors were reassured by the possibility of these production cuts decreasing in the fall. Coupled with disappointing U.S. growth figures, this meeting had a significant impact on crude oil, which has dropped by 8% since the end of April. Again, this decline seems to be more…
Link Securities | The People’s Bank of China (PBoC) kept its benchmark interest rates unchanged in its June adjustment, in line with market expectations. Thus, its one-year lending rate (LPR), the benchmark for most business and household loans, remained at 3.45%. Meanwhile, the five-year rate, the benchmark for real estate mortgages, remained at 3.95%, following February’s 25 b.p. cut. Both interest rates are at historic lows, in an environment of…
The National Court judge Manuel García Castellón has proposed to put BBVA and its former president Francisco González on trial for bribery crimes in degree of continuity, in addition to disclosure of secrets, for hiring the police commissioner José Manuel Villarejo to carry out various illegal assignments between 2004 and 2016. In an order of 268 pages, the head of the Central Court of Instruction Number 6 concludes the investigation…
Link Securities | CVC Capital Partners has joined Apax and Bain Capital as a candidate to buy Minsait, Indra’s technology subsidiary, which together could be worth up to €1.8 billion, as reported yesterday by ElConfidencial.com. Cinven has already shown its interest in acquiring the payment media division, a deal that could be worth between €600 and €700 million. According to these sources, these international private equity firms have already officially…
Intermoney | US May industrial production shows muscle as it grew by a strong +0.9%m. We were taken by surprise by the solid data considering that the ISM manufacturing survey for May pointed to only a slight rebound, although other indicators pointed to some recovery. Manufacturing activity, the most relevant item, largely explained the figure, as it also rose by 0.9%, led by consumer goods (1.3%) thanks to the expansion…