Alicia García Herrero (Natixis) | Chinese President Xi Jinping’s European tour, his first in five years, was a true reality check for Europeans. Not only did Xi take his time to visit the continent, but his choice of destinations — Serbia, Hungary and France — was telling. French President Emmanuel Macron was an important target for Xi due to his recent harsher stance on Russia’s war in Ukraine and strong…
The Court of Auditors has raised a preliminary question to the Court of Justice of the European Union (CJEU) regarding the amnesty law, considering that the alleged diversion of funds for the “referendum” of October 1 and the external action of the ‘procés’, for which the former Catalan president Carles Puigdemont and 34 other people are indicted, affects the financial interests of the EU. In an order, the councilor of…
There is an agreement in principle between the socialists and ERC (Esquerra Republicana de Catalunya) to invest the socialist Salvador Illa as president of the Generalitat. The pact includes a “solidarity economic agreement” that will take Catalonia out of the common regime of autonomic financing and will cede to the Generalitat the management of 100% of the taxes. Although, according to the socialists, it will differ from the so-called “Basque…
Bankinter | The Hungarian consortium Ganz-MaVag is willing to reserve part of Talgo’s capital to a Spanish partner designated by the Government. With this proposal Ganz-MaVag hopes to overcome the Government’s reluctance to approve its takeover bid for Talgo. Between 9 and 10 August, the government must decide on the takeover bid, although the deadline may be extended by three months as more information has been requested. Analysis: This solution…
Link Securities | In an interview with Europa Press, the CEO of Banco Sabadell, César González Bueno, has not ruled out the possibility of paying extraordinary dividends to distribute to its shareholders all the excess capital that the bank generates above 13% of CET1, as the bank had committed to do even before the hostile takeover bid announced by BBVA at the beginning of May. Asked about the limit set…
Bankinter: The Personal Consumption Expenditure deflator was up 2.5% in June versus +2.5% expected and +2.6% previous. Underlying rate +2.6% versus +2.5% expected and +2.6% previous; (ii) Personal Income +0.2% month-on-month in June versus +0.4% estimated and +0.4% previous (revised from +0.5%); (iii) Personal Spending +0.3% m/m versus +0.3% estimated and +0.4% previous (revised from +0.2%). Analysis team’s opinion: Good news for bonds, although with a moderate impact on stock…
Bankinter | The German Business Climate IFO disappointed in July, weighed down by both Expectations and the Current Situation. The IFO Business Climate index fell in July to 87.0 points from 88.6 previously and 89.0 expected. By components, both the Current Situation and Expectations showed a non-negligible deterioration. The Current Situation stood at 87.1 vs. 88.5 esp. vs. 88.3 previously and Expectations 86.9 vs. 89.3 vs. 88.8. The indicator remains…
Alphavalue/DIVACONS | As part of its 1H24 results presentation, Iberdrola (IBE) announced that it is in advanced negotiations with data centre developers for the creation of joint ventures. Although we do not know the specific details of these negotiations, it is clear that the group is looking to capture a stake in this fast-growing sector. Connecting data centres to the grid represents a real challenge for operators and can be…
According to the Economically Active Population Survey (EPA), prepared by the National Statistics Institute (INE), the number of employed persons increased in interannual terms by 434,700 persons in 2Q2024 and reached 21,684,700. The quarterly variation rate was 2.05%. Employment rose in 2Q2024 in all sectors: Services (304,000 more); Industry (63,400); Construction (61,100); and Agriculture (6,100). The quarterly variation rate of employment in seasonally adjusted terms was 0.37%.Unemployment fell by 222,600…
Link Securities | The Board of Directors of Repsol (REP), pursuant to the resolution approved by the General Shareholders’ Meeting held on 10 May 2024, agreed to reduce the company’s share capital by redeeming 20,000,000 treasury shares, each with a par value of €1, representing approximately 1 .70% of Repsol’s share capital at the date of this communication. In this capital reduction, Repsol will redeem the shares acquired through the…