Banca March| After years in which the monetary authority has been in charge of acquiring the debt of member countries and fiscal rules were frozen, the flexibility granted to fiscal policies must now be limited in order to contribute to lowering inflation and debt ratios. This has been repeatedly conveyed by the President and the Vice-President. However, she pointed out that the reduction of public deficits should be carried out…
Intermoney| Vidrala (Hold, PO 94) yesterday informed the National Securities Market Commission (CNMV) that it has reached an agreement with Veralia for the sale of its Italian subsidiary for €230mn (7x EBITDA) of which 100% would be cash for Vidrala, obtaining capital gains of €100mn. Vidrala Italia achieved sales of €131mn in 2023 (8% of Vidrala’s total) and EBITDA of €33mn (mgn 25%). Approval is pending from the Italian competition…
BancaMarch : In January, M3 grew by +0.1% year-on-year, a tenth of a percentage point less than in the previous month but already far from the -1.3% fall recorded in August last year. More relevant is the evolution of loans, which if we look at those to households continued to decelerate by one-tenth of a point to +0.3% year-on-year, while loans to non-financial companies slowed to +0.2% from +0.5% (a…
Renta 4| The Consumer Price Index (CPI) rose by 0.3% in February compared to the previous month but cut its year-on-year rate by six tenths to 2.8%, due to lower electricity prices and stable food prices, according to data released on Thursday by the National Statistics Institute (INE) and reported by Europa Press. On the other hand, fuel prices rose in February. With the fall in the year-on-year CPI in…
The European funds will be used for the green and digital transition of companies, as well as to facilitate social housing and the audiovisual sector. The mobilisation will be carried out through five funds: ICO-Green (€22,000 million), loans to households, private and public companies for sustainable projects and energy efficiency, among others; ICO-Enterprise (€8,150 million, of which €1,000 million is earmarked for tourism) to strengthen the growth of companies, especially…
Norbolsa| The company presented full year results, with revenues exceeding estimates to €3.825M (21% versus FY22 and +4% against FY23e), thanks to higher sales in both rail (€3.006M versus €2881M) and buses (€819M versus €804M). Margins improved to an EBIT margin of 4.7%, in line with expectations, in what seems to be a recovery for Solaris. Net profit was +13% higher than expected at €89M (€77M FY23e), thanks to financial…
Norbolsa| Banks are finally signing up for a US Federal Reserve funding mechanism that has been largely dormant for more than two years, putting them in a stronger position to cope with any stress. It is unclear, however, whether they will want to use it in the event of a crisis. The Standing Repo Facility allows banks to borrow emergency overnight cash from the Federal Reserve through a repurchase agreement,…
Banca March| Christine Lagarde has spoken out on independence and investment strategies in the eurozone. On the one hand, she stressed the need to be more self-sufficient in energy, by boosting investment in renewable energies such as green hydrogen and a smart grid system. The leader of the ECB provided numbers that would favour greater progress: 620,000 million euros per year in climate objectives and 125,000 million in the digital…
Social Security allocated a record €12,668 million to the payment of the ordinary monthly payroll of contributory pensions in February, 6.2% more than in the same month in 2023, according to the Ministry of Inclusion, Social Security and Migration, which reported on Tuesday. Following the rise in pensions in line with the CPI applied since the beginning of the year, the average retirement pension increased by 4.8% year-on-year in February,…
Link | The European Central Bank (ECB) published yesterday that in the Eurozone the monetary aggregate M3 rebounded 0.1% year-on-year in January (+0.2% in December), below the 0.3% increase expected by FactSet analysts. In addition, and also according to ECB data, bank lending to households in the euro area increased by 0.3% at a year-on-year rate in January (+0.4% in December) to €6.87 billion, slightly less than the 0.4% increase…