Bankinter | Apple unveiled its new iPhone 16 on Monday to a lukewarm reception from the market. The expectation was high for the presentation of the new iPhone 16 model, given that they were the first models focused on taking advantage of AI. In this aspect, new functions stand out, such as the integration of ChatGPT within its voice assistant “Siri” and the ability to focus on an object with…
Bankinter : Trade Balance (August): $91,020M vs. $81,100M expected vs. $84,650M previous. Exports: +8.7% vs. +6.6% expected vs. +7.0% previous. Imports: +0.5% vs. +2.5% expected vs. +7.2% previously. Opinion of Bankinter’s analysis team: Import growth marks a two-year high, reflecting the dynamism of domestic demand, which is increasing this month. However, the sharp slowdown in exports, which were the key to the recovery of GDP in 2Q24, is a negative…
Taking advantage of the visit of the Spanish Prime Minister, Pedro Sánchez, to Beijing, China’s Envision announced on Tuesday an investment of $1 billion (just over €906 million) for the construction of a hydrogen electrolyzer factory in Spain, strengthening the country’s position in this market through the development of the first industrial park for green hydrogen and net zero technologies in Europe. Construction of the facilities is expected to begin…
Aurelio Medel (5 Días) | The declaration of Talgo as a “strategic company within a key sector for the economic security, territorial cohesion and industrial development of Spain” is a trap for the company and constitutes a dangerous precedent for other companies, which can fall under the same qualification only with arguments contained in a report declared secret. The course of Talgo’s stock shows how the pompous label of strategic…
Alphavalue/DIVACONS | Goldman Sachs has reduced its stake in Telefónica to 5.533%, down 2.5 percentage points from the 8.081% it previously held in the company chaired by José María Álvarez-Pallete, according to filings with the National Securities Market (CNMV). Telefónica: Buy, Target Price 6.23 euros/share.
Link Securities | The Senate on Monday approved a PNV motion, which recognises the strategic character of Spanish railway manufacturer Talgo (TLGO) for the European railway sector as a whole, according to Expansión newspaper. The political parties in the Senate supported the veto to the Hungarian Ganz-Mavag because of its links with Russia, and the newspaper indicates that the pressure of the Basque parties opens again the option of a…
Bankinter | August CPI rises to +0.6% year-on-year from +0.5% previously, however, it is a tenth of a percentage point lower than expected. The Underlying Rate rose +0.3% year-on-year in August (up from +0.4% average) and registers the lowest rate since March 2021. (2) August Industrial Prices declined -1.8% year-on-year from -0.8% pre and worse than the expected -1.5% year-on-year. Bankinter’s analysis team’s opinion: The two price references show the…
Bankinter | Laboratorios Rovi (ROVI) is negotiating with the CVC fund the sale of its third-party manufacturing business. The valuation of 100% of this business could exceed €3,000 million. Antin, Cinven, KKR and Permira have dropped out of the bidding. Opinion of Bankinter’s analysis team: Positive news that opens the possibility for Rovi to value its assets, the first glimpses of which we saw in March. Sales of the manufacturing…
The report prepared at the request of the European Union (EU) by former ECB President Mario Draghi on economic competitiveness in the region states that the EU needs a much more coordinated industrial policy, faster decisions and massive investments if it is to keep up with the economic pace of its rivals the US and China. Moreover, Draghi told the conference at which he presented the report, Europe is the…
Link Securities | The possible transfer of the Spanish satellite group Hispasat to Indra (IDR) by Redeia (RED) could become the largest transaction so far carried out by state-owned companies, which in turn are listed on the stock exchange, according to Expansión newspaper on Monday. This means that, according to legislation (Ley de Sociedades de Capital and other regulations), it could be considered a related-party transaction. This opens the door…