If a man is worth his word, the Spanish Prime Minister’s share price dropped several notches yesterday when he changed his mind again and handed over the Pamplona mayor’s office to EH Bildu, the political heirs of ETA, after agreeing with them on a motion of censure of the current mayor, Cristina Ibarrola, of UPN. One day after the PSOE defended in Congress the Amnesty Law that it rejected until…
Link Securities | A consortium formed by ACS (ACS) (through Cimic’s CPB Contractors), Acciona (ANA) and Italy’s Ghella, will build several tunnels for the Suburban Rail Loop East rail project in the Australian city of Melbourne, according to the newspaper Expansión. CPB, an Australian company owned by Cimic (controlled by ACS), has a 40% stake in this contract, valued at AU$3.6 billion (about €2.204 billion). The contract awarded to this…
Bankinter| The airline has filed the application for the purchase of Air Europa with the European Commission. Thus, a two-phase process begins: (i) the first phase will take 35 working days and the EC is likely to request additional information; (ii) in the second phase, the relevant adjustments will be made and it is for an indefinite period of time, but IAG intends to close in 2024. IAG currently holds…
Intermoney| Aena (AENA) (Hold, €150/share) announced on Tuesday, with the market open, the passenger and freight traffic figures for the month of November. Over the entire month, the number of passengers, 19.7 million, represented an increase of almost 8% compared to the same period in 2019. On this occasion, both Barajas and El Prat returned to growth compared to pre-pandemic, with increases of 1% and 4%, respectively. Malaga, Spain’s third…
Banco Sabadell: According to the press, if the government does not extend by the end of the year, by means of a decree, some of the tax measures adopted after the Ukraine crisis (such as VAT on electricity and gas bills of 5% as opposed to 21% previously; 0.5% excise tax on electricity against 5% previously or the 15% cap on quarterly gas reviews), electricity and gas prices would rise…
Link Securities| Talgo (TLGO) and the Chinese giant CRRC, the world’s largest train manufacturer, are vying for a €613-million order to build 20 medium-distance electric units for Bulgaria’s railways, the business and finance daily Expansión reports on Tuesday. It is the largest train order ever placed by the country and is financed by the European Union’s NextGen funds. According to the information provided to the Bulgarian Ministry of Transport, CRRC…
In Argentina we have the first measures with Milei at the helm: devaluation of the peso by 54%, which takes it from 366 to 800 pesos per USD, forecast monthly devaluations of 2% from now on, and massive cuts in public spending (2.9% of GDP) with the aim of eliminating the primary fiscal deficit by 2024. The IMF welcomes the measures, which it believes will help stabilise the economy and…
Inditex (ITX) today reported its results for the first nine months of the fiscal year (9M2023), covering the period from February to October: Net sales rose 11.1% year-on-year (+14.9% at constant exchange rates) in 9M2023 to €25,609 million. ITX highlighted the satisfactory evolution of its online shop revenue, which was positive in all geographies and in all formats. Gross margin rebounded at a faster pace than sales, 12.3% year-on-year to…
Link Securities | The US Department of Energy has announced that it wants to buy up to 3 million barrels of oil per day (mbd) for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, taking advantage of lower prices to start replenishing reserves. It should be recalled that last year the US administration conducted the largest SPR sale to date of 180 million barrels to try to limit…
CdM| German investor confidence improved again in December, according to the Leibniz Centre for European Economic Research (ZEW) indicator, which rose to 12.8 points from 9.8 in the previous month, its best reading since last March in view of the medium-term expectation of a change in monetary policy by the European Central Bank (ECB). German investors’ assessment of Germany’s current economic situation also improved in December, with the corresponding indicator…