Bankinter: Angola is leaving OPEC. As a reference, it produces around 1.1Mbd (OPEC+ approx. 38.5Mbd). Opinion of the analysis team: Negative news for oil (Brent $79.4; -0.4%), which is positive for the market and the cycle. Once again, the lack of consensus among cartel members is evident. At the last meeting they were slow to reach an agreement precisely because the main producers refused to introduce cuts. On the other…
Morgan Stanley| On Tuesday, the Spanish government decided to order state-owned SEPI to buy up to 10% of Telefónica (TEF), ending a 26-year period of no government control of Telefónica since its privatisation in 1997. However, Nawar Cristin points out that, after this purchase, Telefónica joins a long list of state-controlled companies and that 10% is at the lower end of the range. Moreover, the announcement has not come as…
Intermoney: The Government of Western Australia has provisionally chosen the bid submitted by Acciona (Buy, PO 215) to build the Alkimos seawater desalination plant, located some 40 kilometres from Perth, the state capital, according to Expansión newspaper. This is one of the largest water facilities to be built by the Spanish multinational, as the budget allocated by the local authorities for this infrastructure amounts to AU$2.8 billion (about €1.7 billion)….
Link Securities| The Bank of Spain (BdE) yesterday published its quarterly report in which it released its new macroeconomic forecasts. Thus, BdE analysts now expect Spain’s Gross Domestic Product (GDP) to grow by 2.4% in 2023 (2.3%; previous estimate; 5.8% in 2022); 1.6% in 2024 (1.8%; previous estimate) and 1.9% in 2025 (2.0%; previous estimate). As regards inflation, these analysts now expect inflation to average 3.4% in 2023 (3.6%; previous…
The Government has inserted the priority of regional agreements that it promised the PNV (Basque Nationalist Party) into the unemployment benefit decree. The CEOE employers’ association is the main party affected by the Executive’s concessions to the PNV. The social partners are protesting against the approval of the change in the Workers’ Statute, which bows to nationalist demands that give primacy to regional agreements when they are more beneficial to…
The Spanish stock market has risen by more than 20% since last January. And as of November, companies listed on the Madrid Stock Exchange had distributed dividends worth €27,443 million, an amount that represents an increase of 18.8% compared to 2022. If the amortisation of treasury stock is added to the payment in cash or shares, the remuneration exceeds €40 billion. Thanks to these figures, the Spanish stock exchange has…
Link Securities | The German government, through Deutsche Bahn (DB), has launched the largest train order in its history, with the aim of improving service quality, according to Expansión newspaper. Thus, it wants to sign a contract programme for up to 95 units of ICE high-speed trains, with a first order of 33 trains to be put into operation in 2030. In terms of volume, it is an investment budget…
Norbolsa| Volkswagen will apply the North American Charging Standard to its future electric vehicles (EVs). Thus, the company is studying adaptation solutions so that existing vehicles can access Tesla’s supercharger network from 2025. The agreement aims to expand customer access to charging to more than 15,000 Superchargers.
CdM| Eurozone inflation continues to moderate and stood at 2.4% in November, down from 2.9% in October, its lowest level since July 2021, according to final data released by Eurostat, the European Union (EU) statistics office. In this way, the evolution of prices in the euro area is gradually approaching the 2% target set by the European Central Bank (ECB), although the president of the body, Christine Lagarde, has warned…
“This evening we have 100% agreement with Christian Lindner on the new rules of the Stability and Growth Pact: excellent news for Europe, which will ensure sound public finances and investment in the future. Ecofin, tomorrow!” With this message, the French Finance Minister, Bruno Le Maire, announced his agreement with his German counterpart, Christian Lindner, on the reform of the European Union’s fiscal rules on Tuesday evening (after 10 p.m.),…