The interest rate paid on European deposits has risen to its highest level in 14 years, but is still well below the ECB deposit rate and with significant divergence by country. The shift from overnight deposits to time deposits and money markets continues. The ECB has also published the interest rates paid on bank deposits in the eurozone, with the rate paid on household term deposits rising by two tenths…
Bankinter: House prices rise +4.5% in 3Q2023 (year-on-year). The Housing Price Index, compiled by the INE, points to a price increase of +4.5% in 3Q 2023 (year-on-year), even accelerating from +3.6% previously. In quarter-on-quarter terms +2.5% versus +2.1% previously. Second Hand Housing rises +2.2% year-on-year, while New Housing +4.1% year-on-year. Analysis: House prices surprise positively and will probably exceed our forecast of +1% by 2023. They are supported by a…
Intermoney: Vidrala informed the National Securities Market Commission (CNMV) yesterday afternoon that it has acquired the entire share capital of the Brazilian company Vidroporto. The amount totals €384 million, including the €53 million paid in February for 29% of the company and the debt assumed from Vidroporto. Vidroporto operates two plants in Brazil, one in the northeast and one in the southeast, reaching a market share of >20%. For this…
BancaMarch: Saudi Arabia’s energy minister has emphatically warned that the cuts imposed by OPEC+ on oil production could extend beyond March. Five days ago, news came out of the agreement reached by member countries on 30 November to reduce supply by 2.2 million barrels per day, with a deadline of March 2024. Saudi Arabia, which is concentrating the greatest efforts to contain supply, has accumulated almost half of the cuts…
Alicia García Herrero (Natixis) | Notwithstanding the Reserve Bank of Australia (RBA)’s Governor Bullock’s hawkish stance based on inflation and a tighter labor market, the RBA has decided to pause today. There are two main reasons for that. Firstly, a sea-change in the market prediction of the way forward for the FED, with as much as 100bp in cuts as a consensus for 2024 (150 basis points in the case…
One of the biggest problems in understanding the employment and unemployment figures in Spain is that the new definitions and classifications used by the Ministry of Labour hide very different realities from those they preach. Thus, as the trade union USO explains “In November, 1,356,293 contracts were signed. Over the whole of 2023, more than 14 million. Of these, 41.47% were signed as permanent contracts in November, nearly 600,000, for…
Unemployment fell in Spain by 24,573 people in November, in what has been the second largest fall in unemployment for this month excluding the pandemic, but this evolution is distorted because, after the labour reform, all workers with fixed discontinuous contracts who go into inactivity and even begin to collect a benefit, are not counted as unemployed. As the newspaper El Mundo explains, in November, a total of 114,000 people…
Intermoney: The company informed the CNMV (National Securities Market Commission) on Friday that it has been chosen by Mitsubishi as subcontractor for the design and supply of seven electrical units in the Philippines. Specifically, the units are for the new North-South commuter rail line that will connect Clark International Airport, northeast of Manila, with the province of Laguna in the south of the island of Luzon. The project is expected…
Bankinter| The number of unemployed fell by 24,573 in November (after 36,936 in October). This increase was mainly due to the services sector, which accounted for a large part of the fall in unemployment. With these figures, the total number of unemployed stood at 2,734,831 people (down 0.9% monthly and 5.1% year-on-year), its lowest figure for a month of November since 2007. For its part, Social Security lost an average…
Bankinter| Fed Chairman Jerome Powell made a statement in which he considered that it is premature to talk about rate cuts. In fact, they are prepared to act by raising rates if necessary. They will continue to take decisions meeting by meeting but monetary policy will remain restrictive until there is certainty that they are close to the 2% target. On the labour market, conditions remain very solid. The recent…