Link Securities | The European Central Bank (ECB) has reported that the M3 money supply expanded in the Eurozone at an annual rate of 3.3% in June (3.9% in May), slightly less than the 3.5% expected by FactSet consensus analysts. In addition, the ECB noted that bank loans to households in the Eurozone increased by 2.2% year-on-year in June (2.0% in May), representing the fastest pace of growth for this…
Morgan Stanley | Following expected strength during the summer, our analyst Martijn Rats believes that the market will return to surplus figures and that prices will continue to weaken in 2H25 to $60/bbl. Large inventories have been built up during 1H25, but only 10% of these are in OECD commercial centres. Therefore, the expert expects that throughout the summer, the price will remain stable in the face of a more…
Alphavalue/ Divacons | The Spanish IT services and consulting company has agreed to acquire the drone business of Spanish firm Aertec. The main objective of this transaction, which is expected to be finalised this week, is to strengthen Indra’s new weapons division, called Weapons & Ammunition. Aertec, which in its last fiscal year (ended 31 August 2024) had a turnover of around €50 million, established the subsidiary Aertec Defence and…
Deutsche Bank | Since the publication of our latest transport leading indicators on 27 June, airlines (up 4%) and airport and infrastructure companies (up 2%) have slightly outperformed the market average (STOXX 600 +1%), despite higher oil prices (jet fuel rose 8% to $762/mt), continued uncertainty over tariffs and geopolitics, and some mediocre PMI data. Two of the French names we cover have been the most profitable within their subsectors,…
Bankinter | Car sales fell by 7.3% year-on-year in June. This brings the cumulative decline for the year to 1.9% year-on-year, with 5.58 million units sold. In June, the decline in combustion vehicles (34.1% diesel and 25.4% petrol) stood out, while electric vehicles led the way (electric up 7.8%, non-plug-in hybrids 6.1% and plug-in hybrids 41.6%). Bankinter analysis team’s view: The decline in registrations gained momentum in June. The sector…
Banco Sabadell | According to press reports, the president of Mexico is claiming more than $357 million (€305 million) from Iberdrola for damage to the thirteen combined cycle plants that Iberdrola sold to the state-owned entity Mexico Infrastructure Partners in 2024. Assessment: Regardless of how this lawsuit ends, the amount is low for a company of Iberdrola’s size (0.3% of market capitalisation), so we do not see any material impact…
Bankinter | It will be the largest green hydrogen complex in the world. It will be built in Yanbu and its client is ACWA Power (owned by the Saudi sovereign wealth fund). The first design phase (Feed) includes a facility for the production of 400,000 tonnes per year of green hydrogen (with 4GW of installed electrolysis capacity) and its conversion through synthesis cycles to green ammonia, as well as all…
Banc Sabadell | Sepi (the State Company for Industrial Investments) announced that it is considering acquiring a stake in Talgo (TLGO) ‘without entering into any agreement with third parties’. The transaction could involve a direct equity injection of 10% of the capital at €4.25 per share, with a substantial premium over Thursday’s closing price (43% more). In addition, it could also increase its weighting by subscribing to convertible bonds. Assessment:…
Intermoney | The Spanish company (Hold, PO €45) announced yesterday to the National Securities Market Commission (CNMV) that Belgian operator SNCB has confirmed its bid as the best of those submitted. Although this confirmation was already known on 28 February, the award was challenged by Alstom and Siemens, arguing that CAF did not have any factories in Belgium, while Alstom has four plants and 1,900 employees in the country. After…
Link Securities | US President Donald Trump announced yesterday a trade agreement with Japan that will result in the imposition of 15% trade tariffs on Japanese imports, instead of the 25% tariffs announced in the initial letter. Government officials from both countries confirmed that this tariff reduction will also apply to automobiles. Trump said Japan agreed to open its agricultural and automotive markets to US companies. Bloomberg quoted a senior…