BancaMarch : The year-on-year rates for the fourth quarter of 2023 are a clear example of divergence, with -1.2% in the eurozone and +2.6% in the US. In the longer term, the growth differential between the two regions has also been observed. Comparing output per hours worked since 2019, the US grew by more than +6% compared with +1% for the euro area as a whole. ECB member Isabel Schnabel…
Intermoney| ACS (ACS) (Buy, PO 43 €) has been awarded one of the three lots in which the future Vancouver elevated train is divided, an initiative that will mobilise a total investment of C$4,200 million, some €2,850 million, according to Expansión. The Spanish multinational is participating in the project through Dragados, which has teamed up with Lecor, Systra and IBI. ACS won this first bid against the consortium of Acciona,…
José Alves (Capital Madrid) | The alliance of parties formed around the Democratic Alliance (AD), José Montenegro’s party, has won the elections held in Portugal this Sunday. He will not, however, be able to form a government unless he accepts the offer of the former ruling Chega party to support him, which does not seem likely if he fulfils his election promise. It will be the President of the Republic,…
Link Securities| Indra’s Board of Directors informed the CNMV that it has agreed to carry out a Temporary Share Buyback Programme, with the following characteristics: – The purpose of the Programme is to enable Indra to comply with the obligations to deliver shares to its executives and employees arising from the remuneration system in force. – The Programme will affect a maximum of 854,000 shares, representing 0.48% of the share…
Link Securities| At a round table organised by the Bank of Spain (BdE) to celebrate ten years of the Single Supervisory Mechanism, the CEO of Caixabank (CABK), Gonzalo Gortázar, told the main financial supervisors that taxes on banking are a brake that does not help further consolidation of the European banking sector, as reported on Wednesday by Expansión. “In the last eleven years, the bank’s return on capital has been…
The PSOE has managed to unblock the amnesty law after a road full of obstacles. For the Minister of the Presidency, Félix Bolaños, it is a “source of pride”, but along the way the Socialists have left themselves several wounds in the form of concessions to Junts per Catalunya. It is the price to be paid to breathe life into the legislature that has begun in fits and starts and…
Iberdrola has decided to launch a takeover bid to acquire the 18.4% stake in Avangrid, its subsidiary in the United States, which it does not yet own, for some $2,486 million, as announced to the CNMV (Spanish Securities and Exchange Commission). IBE is offering a cash price of $34.25 per share, representing an implied premium of approximately 10% over the volume-weighted average share price (VWAP) of the shares during the…
BancaMarch: Federal Reserve Chairman has confirmed the peak in official interest rates. Jerome Powell, has kept his January speech unchanged, indicating that monetary policy will change course at “some point this year”, without specifying a date. He also emphasised the risks of bringing forward the cuts too soon, resulting in a return of inflation and the need for an even tighter policy. Thus, the Fed will not cut rates until…
Mirabaud: To no one’s surprise, the European Central Bank (ECB) has decided to keep official interest rates unchanged and has sent out a clearly pessimistic message. Inflation is expected to fall more than expected – it may not even reach 2% in 2026 – and economic growth is expected to be very limited: according to the latest ECB forecasts, gross domestic product (GDP) will grow by barely 0.6% this year….
Norbolsa | Telefónica (TEF) has launched a delisting tender offer to acquire the shares of Telefónica Deutschland that are not owned by Telefónica representing approximately 5.65% of the share capital and voting rights. The delisting offer will be formulated as a tender offer and will not be subject to any conditions. The offered price per share is €2.35, which is an attractive price that yesterday closed at €2.34/share. Upon delisting,…