The sale and purchase of homes increased by 25.2% in April in year-on-year terms, to 61,683 units, and the granting of mortgage loans for the purchase of housing rose by 37.8%, to 30,147 operations, according to data released this Wednesday by the General Association of Notaries. The average price per square metre stood at €1,669, which represents an increase of 0.5% compared to the same month last year, with particular…
OECD | Spain has been confronted with weak wage and productivity growth for several decades. This report provides an overview of the role that labour market policies as well as other policies can play in reviving broadly-shared productivity growth in Spain. The emphasis is on wage-setting institutions, employment protection and job retention support, consistent with the focus of recent reforms. Wage-setting institutions have been strengthened to promote a broader sharing…
Banc Sabadell | Naturgy (NTGY) has approved a roadmap for its electricity distribution network subsidiary with an ambitious investment programme, proposing to invest €1.34 billion until 2027 to digitise and reinforce infrastructure, according to press reports. Assessment: Positive news with limited impact, where Naturgy could be reviewing its current roadmap that expires in 2025 regardless of what happens with the takeover bid (currently under negotiation). It would make sense that,…
CdM | The price of used housing in Spain has registered a rise of 1% during the month of May, standing at €2,120/m2. This figure is the record for the price of used housing in Spain, surpassing the previous record set in June 2007, according to data compiled by idealista. By Autonomous Communities, all show higher prices than last month. The Balearic Islands (1.6%) lead the increases, followed by Navarre…
Emisores | Senior executives at S&P 500 index companies earned a total salary package in 2023 that was 13% higher than in the previous year, according to an analysis by Associated Press based on data from Equilar. For CEOs, the rise was 12.6%, to an average annual total compensation of $16.3 million – the equivalent of €14.99 million – which was 200 times more than the average salary earned by…
The judge has summoned Begoña Gómez, under investigation for corruption in the private sector and influence peddling (she wrote letters of recommendation for her partners’ companies to win public tenders) and the news, expected, has unleashed a political storm five days before the European elections. The PP has called for the resignation of the prime minister, who has responded with a new “letter to the citizens”: “What they did not…
ITX’s Q1 results (in-line) and current trading (amply ahead) confirm the by- now-well-recognised investment narrative. One that sees the group continue to deliver ample market share gains. It is true that gross margin progress is now much more measured, and in turn the benefits to EBIT margin expansion more modest. Still, the net output in terms of earnings growth and TSR offered to shareholders remains impressive in a broader consumer…
Bankinter | BlackRock reaches 6.27% of the capital (as against the 3.92% it held previously) and becomes the main shareholder of the bank. Analysis: The increase in BlackRock’s stake comes in the middle of BBVA’s takeover bid for Sabadell, so will BBVA improve the exchange ratio and/or make a cash payment? It is also explained by technical factors. BlackRock is a global manager with a firm commitment to passive management…
Renta 4: According to press reports, the Egyptian House of Representatives has approved the financing for the project awarded to Talgo in 2022 for the construction of seven night trains, as well as their maintenance for 15 years. The contract is worth €280 million, of which €200 million corresponds to the construction of the trains and the rest to maintenance work. Assessment: We consider the news to be positive as…
The airline is close to finalising an order for nearly 200 wide body aircraft, which it would split between Airbus’ A350 (8% of the airline’s total orders) and Boeing’s 777X, according to Reuters. The news indicates that the order could be formalised at the Farnborough air show to be held at the end of June. Assessment: Positive news if confirmed, which would support Airbus’ recent announcement to increase its production…