According to the final data released yesterday by the National Institute of Statistics (INE), the Consumer Price Index (CPI) remained stable in August compared to July (0.0%). Year-on-year, Spain’s CPI in August was 2.3% (2.8% in July), slightly more than the initially estimated 2.2%, which was expected by the consensus of analysts. The year-on-year groups that stood out most for their influence on the decline in the year-on-year growth rate…
“The European Commission is responsible for the EU’s trade policy,” said EU spokesman Olof Gill at a press conference after being asked about the position of Spanish Prime Minister Pedro Sanchez. Pedro Sanchez’s statements on his visit to Beijing have caused a stir in Brussels. His change of position, appealing to “reconsider” the imposition of tariffs on green car batteries imported from the Asian giant, has not been very well…
Link Securities | The company has been awarded, through its subsidiaries OHLA Building and OHLA USA, two new projects in the US for a combined value of $350 million (about €330 million), according to the portal Bolsamania.com. The largest contract, valued at $228 million (around €214 million) and awarded to OHLA Building, includes the design and construction of new facilities for the correctional and rehabilitation centre in Miami-Dade County, Florida.
Ben Nichols, Managing Director of RAW Capital Partners | Today’s decision aligned with market expectations, and recent macroeconomic data – such as Q2 GDP growth of 0.3% in the Eurozone – supports the ECB’s ongoing monetary easing strategy. Although inflation hasn’t yet hit the central bank’s 2% target, the Eurozone appears to be on a stable path to recovery, with GDP projected to grow by 1% in 2024. With the…
Bankinter | OPEC projects weaker oil demand for 2024 and 2025 in its monthly report. It estimates that it will grow in 2024 +1.99% year-on-year (versus +2.07% previously) or 2.03M bpd (versus 2.11M bpd previously) and in 2025 +1.67% (versus +1.71% previously) or 1.64M bpd (versus 1.74M bpd previously). This is the second consecutive month of downward revisions to global oil demand. Opinion of the Bankinter analysis team: Bad news…
Morgan Stanley : After a tough start to the year, the sector has had a good summer and is now +9%YTD. That said, after +2%Y growth in Q1, mobile service revenues have slowed in Q2 to 0%Y. This slowdown was mainly driven by the trend in the UK where the deceleration was more pronounced, with revenues declining from 5% in Q1 to 1% in Q2. In Germany, growth also decelerated…
Link Securities | According to a Reuters poll, a majority of economists surveyed believe that the Federal Reserve (Fed) will cut its policy rate by 25 basis points at each of the three remaining policy meetings this year (September, November and December). Moreover, only nine economists out of 101 surveyed expected a cut of half a percentage point next week, when the Federal Open Market Committee (FOMC) meets, while 92…
Only four companies on the Spanish stock exchange have held their meetings exclusively by telematic means this year. And the major Spanish listed companies agree on the need to reform the current regulations in Spain to facilitate this procedure and allow each company to freely choose how to hold its General Shareholders’ Meeting. The experts point out that in Spain the regulation of general meetings lacks the necessary flexibility to…
Jefferies | ITX confirmed that it firmly belongs to the small group of consumer stocks still delivering handsomely for shareholders. Suspicion around the sustainability of sales delivery likely has been key to ITX’s derating versus relevant peers (we estimate by >25% in the past 18 months). And yet the group’s competitive moat is becoming wider, and relative revision momentum stronger. PT upped to €54 as we expect the valuation gap…
Bankinter | Phase II trial of amucretin-based slimming pill has met targets. Patients lost 13% of their weight in 12 weeks. The drug candidate has the same gastrointestinal side effects, such as nausea and vomiting, as other incretin-based slimming agents. The company will present the study results next week at the European Association for the Study of Diabetes congress. Novo Nordisk will decide in 2025 whether to advance to Phase…