The General Industrial Production Index (IPI) fell by an average of 0.8% in 2023, thus breaking the streak of positive rates of the last two years, as reported on Wednesday by the National Statistics Institute (INE).Specifically, the 0.8% fall recorded in 2023 contrasts with the 2.4% increase in 2022 and 7.1% in 2021. The latter was an atypical year due to the return to normality following the end of pandemic…
The General Law of Budgetary Stability states that the Government must receive the support of Congress and the Senate for the deficit and debt objectives in order to prepare the Budgets. And since the PP has an absolute majority in the Senate, it has the capacity to reject these budget stability objectives and, therefore, this would prevent the Government from preparing the budgets. And that is what happened this Wednesday…
Norbolsa| The company has agreed with the trade unions to repeat the payment of the annual bonus of €1,000 per shop assistant in Spain (the same as in the previous year). There are 28,000 workers. This bonus, linked to turnover targets and paid once a year, in February, already existed before the pandemic, although the amount was lower, up to €540 per year.
Link Securities | According to media reports, US company Lockheed Martin has awarded Indra a contract to equip four Saudi ships with state-of-the-art electronic defence systems. The 118-metre-long vessels, with a range of 5,000 miles, are prepared to operate in both coastal and ocean areas. They will be delivered with this Spanish technology to the Royal Saudi Arabian Navy. The companies have declined to disclose the amount of the contract….
Link Securities| S&P Global reported on Monday that Spain’s services sector purchasing managers’ index, the services PMI, rose in its January reading to 52.1 points from 51.5 points in December, falling short, however, of the 52.5 points expected by FactSet consensus analysts. January’s reading is the highest reading for this leading indicator of activity since last July. Any reading above 50 points suggests expansion in activity relative to the previous…
Acerinox has informed the National Securities Market Commission (CNMV) that it has reached an agreement to acquire 100% of the American company, Haynes International, which specialises in high-performance alloys. Haynes market consensus expects company sales in 2024 of $649 million and EBITDA of $96 million. The expected synergies amount to $71 million. The price amounts to $798 million (30% of Acerinox’s market capitalisation), equivalent to an enterprise value of $970…
The countryside is rising up. And without waiting for the official call for protests, which the three large agrarian organisations, Asaja, COAG and UPA, are preparing to imitate in Spain the discontent seen in France, Germany, Italy or Greece, roads throughout the country were brought to a standstill this Tuesday. They come out to demand a more flexible Common Agricultural Policy (CAP). They lack a clear leader and many admit…
Morgan Stanley | The team reviews the offshore wind segment for which they expect we will see inflection points in 2024. The team believes the problems seen in 2023 were not structural, so they expect the auctions planned for 2024 (57GW) could mark cycle highs in IRR>WACC spread… and become positive catalysts for their winners. The supply chain environment has also improved, with an increase in unit capex combined with…
Emisores| The sustainable financing market – bonds plus publicly registered credits and loans – in Spain reached a combined €60,788 million in 2023, up 1%, according to the annual report of the Observatorio de la Financiación Sostenible (OFISO). Green bonds were issued for €15,313 million; €1,502 million in social bonds; €3,300 million in sustainable and €1,100 million in bonds linked to sustainability. The sum of these bonds gives a figure…
Renta 4| Grifols (GRF) has announced the appointment of Nacho Abia as the new CEO, replacing Thomas Glanzmann who will continue in the role of executive chairman. Nacho Abia, who will take up the position as of April 1, has more than 25 years of experience in the management of multinationals in the sector, having previously been responsible for global strategy at the listed Japanese company Olympus Corporation, a leader…