Until now, the public sector has been the main beneficiary of European Next Generation EU funds. After dodging the issue for several months, the government unveiled the list of the top 100 beneficiaries of these funds mid-afternoon on Friday, as the European Commission had demanded. And, according to the official statement from the Ministry of Economic Affairs, the major recipients of these funds have been public entities, as 60% of…
Francisco Vidal | Convergence with the main European nations in terms of levels of welfare and wealth has been one of Spain’s major objectives for longer than we would have liked, and the situation, far from improving, has worsened in recent times. In the year 2000, Spain’s real GDP per capita was equivalent to 95.6% of that of the current 27 EU countries as a whole; a figure that fell…
Alphavalue / Divacons| ALA, the Asociación de Líneas Aéreas (Association of Airlines) has asked the new government to moderate Aena’s proposal to raise airport charges by 4.09% from 1 March 2024. This increase requires the approval of an exception to the regulatory framework by the Council of Ministers. Specifically, ALA explains that a report from the Government’s Delegate Commission for Economic Affairs would be necessary to assess the need for…
Banco Sabadell| FCC has announced that it has received provisional declarations of acceptance representing 2.36% of the capital for its takeover bid for 7.01% of its own shares (€12.50/share). It should be remembered that the acceptance period ends on 30 November ’23. Valuation of the analysis team: News with little impact. The increase in the number of declarations of acceptance registered yesterday (from 0.74% to 2.36%) could be due to…
Link Securities| According to the second estimate of the data, released yesterday by the Commerce Department, US Gross Domestic Product (GDP) expanded 5.2% in 3Q2023 relative to 2Q2023 in annualised data (2.1% in 2Q2023), slightly more than the 4.9% initially estimated. The FactSet consensus of analysts expected growth of 4.9%. The increase in GDP in 3Q2023 is the largest in annualised data since that achieved in 4Q2021. In this second…
Renta 4| The company has announced an agreement with BP through which they will deploy fast-charging points for electric vehicles in Spain and Portugal with renewable sources. A total of 5,000 points will be installed by 2025, and 11,700 points by 2030 for which an investment of €1,000 million will be made. Assessment: Positive news with limited impact. No details have been provided regarding returns on investment, prices or other…
Ulrike Kastens (DWS) | Eurozone inflation fell surprisingly in November. The increase in the cost of living was only 2.4%, down from 2.9% in October, its lowest reading since July 2021, according to Eurostat’s flash estimate. Across Europe, falling oil prices and easing gas and electricity prices had a notable impact. The energy price component fell by 11.5%. Food prices, on the other hand, hardly eased the situation. In this…
Alicia García Herrero (Natixis)| China’s real estate crisis has lingered for over two years. While the recurring headlines from Evergrande to Country Garden have dampened foreign investors’ sentiment on China-related assets, the brewing spillovers have dragged domestic consumer and business confidence. What is new is that policymakers seem to believe that the problems have reached a tipping point recently. Although many policy changes have largely fallen short of expectations, the…
Santander| Slight improvement in lending to the private sector in October, although corporate lending is already contracting in the eurozone (for the first time since August 2015) and more sharply in the periphery. The ECB has now released eurozone private sector lending data, with a slight improvement in October to +0.4% YoY vs +0.2% in September, although this is a minimal rebound within its clearly downward trend since the peak…
CdM| The Consumer Price Index cut its year-on-year rate by three tenths to 3.2% (compared to the 3.6% expected), thanks to lower fuel and package holiday prices, and a less pronounced rise in those of food, than that experienced a year earlier, Europa Press reported yesterday, according to data released by the National Statistics Institute (INE). On the other hand, electricity prices fell less than they did in November 2022….