Norbolsa | The bank will launch a digital platform for the sale of second-hand cars in the first half of 2024. In this regard, the company is finalising the creation of a digital platform for the sale of second-hand vehicles from a network of eight selected dealers that will cover the whole of Spain. This list of dealers will also be joined by Arval, a subsidiary of BNP Paribas that…
Banc Sabadell | Telefónica (TEF) has communicated this week the agreement for the execution of the planned redundancy proceedings for its subsidiaries in Spain, which will finally affect 3,421 employees (~16% of the employees in Spain, ~3% of the Group), in line with what was already known. In the statement, Telefónica indicates that the present value of the costs associated with the plan has resulted in a provision of close…
Link Securities | As released yesterday by the German Federal Employment Agency, Germany’s seasonally adjusted unemployment rate rose to 5.9% in December from a revised 5.8% in November, bringing the reading in line with the FactSet consensus of analysts. December’s is the highest unemployment rate since May 2021. The number of unemployed rose by 5,000 from November to 2.703 million in December, making it the eleventh consecutive month of rising…
Alicia García Herrero (Natixis) | Taiwan’s elections are one of the most important geopolitical events in 2024. The state of the economy is part of the story, but not an essential one so far. This might look counter-intuitive given the underperformance in 2023, but the devil is in the details. The labor market is resilient, and consumption is growing faster than in 2022, both of which are important for voters….
Eurozone private sector activity in December maintained the previous month’s pace of deterioration, extending the contraction to seven consecutive months, according to the composite purchasing managers’ index (PMI), which repeated November’s reading of 47.6 points in the last month of 2023, anticipating the risk of the eurozone entering recession. By contrast, as published yesterday by S&P Global, Spain’s services PMI rebounded from 51.0 points in its November reading to 51.5…
Link Securities | As published on Tuesday by the ECB, the monetary aggregate M3 declined 0.9% in the month of November at a year-on-year rate (-1.0% in October), slightly more than the 0.7% drop expected by the FactSet consensus of analysts. M1, which includes demand deposits, fell by 9.5% year-on-year in November, down from 10.0% in the previous month. The breakdown showed continued weakness in credit dynamics. The year-on-year growth…
Link Securities | Telefónica’s most representative trade union organisations have reached an agreement to sign the Third Collective Bargaining Agreement for Related Companies, valid until 31 December 2026 and extendable for a further year, with the aim of moving towards a more digital, flexible company that is prepared for future challenges in a highly competitive context of profound transformation. This agreement will allow Telefónica, among other things, to continue its…
Norbolsa | Several online travel agencies, including Booking, Kayak and Kiwi, have stopped selling Ryanair flights on their platforms since early December due to regulatory and legal pressures. Ryanair believes that this move will not have a major impact on its accounts, pointing to a 1% or 2% increase in the percentage of empty seats on its flights in the months of December and January, but with no major impact…
According to data provided by the Ministry of Labour, the number of unemployed people registered in the offices of the State Public Employment Service (SEPE) fell in December by 27,375 people (-1%). In year-on-year terms, unemployment fell in December by 130,197 people (-4.59%), to 2,707,456 people, the lowest figure for this month since 2007. These figures, however, should be qualified. According to the USO trade union, the tangle of data…
F.R.| The European Council will soon start negotiations to take forward the new EU regulation on ESG rating providers, which already has a proposal for a Regulation on the transparency and integrity of environmental, social and governance rating activities published in June 2023. The purpose of this new regulation is to “strengthen the reliability and comparability of ESG ratings by improving the transparency and integrity of ESG rating providers’ operations,…