Banco Sabadell: According to the press, if the government does not extend by the end of the year, by means of a decree, some of the tax measures adopted after the Ukraine crisis (such as VAT on electricity and gas bills of 5% as opposed to 21% previously; 0.5% excise tax on electricity against 5% previously or the 15% cap on quarterly gas reviews), electricity and gas prices would rise…
Link Securities| Talgo (TLGO) and the Chinese giant CRRC, the world’s largest train manufacturer, are vying for a €613-million order to build 20 medium-distance electric units for Bulgaria’s railways, the business and finance daily Expansión reports on Tuesday. It is the largest train order ever placed by the country and is financed by the European Union’s NextGen funds. According to the information provided to the Bulgarian Ministry of Transport, CRRC…
In Argentina we have the first measures with Milei at the helm: devaluation of the peso by 54%, which takes it from 366 to 800 pesos per USD, forecast monthly devaluations of 2% from now on, and massive cuts in public spending (2.9% of GDP) with the aim of eliminating the primary fiscal deficit by 2024. The IMF welcomes the measures, which it believes will help stabilise the economy and…
Inditex (ITX) today reported its results for the first nine months of the fiscal year (9M2023), covering the period from February to October: Net sales rose 11.1% year-on-year (+14.9% at constant exchange rates) in 9M2023 to €25,609 million. ITX highlighted the satisfactory evolution of its online shop revenue, which was positive in all geographies and in all formats. Gross margin rebounded at a faster pace than sales, 12.3% year-on-year to…
Link Securities | The US Department of Energy has announced that it wants to buy up to 3 million barrels of oil per day (mbd) for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, taking advantage of lower prices to start replenishing reserves. It should be recalled that last year the US administration conducted the largest SPR sale to date of 180 million barrels to try to limit…
CdM| German investor confidence improved again in December, according to the Leibniz Centre for European Economic Research (ZEW) indicator, which rose to 12.8 points from 9.8 in the previous month, its best reading since last March in view of the medium-term expectation of a change in monetary policy by the European Central Bank (ECB). German investors’ assessment of Germany’s current economic situation also improved in December, with the corresponding indicator…
According to preliminary data, released yesterday by the Association of Registrars, 44,454 home sales and purchases were signed in October, representing a decrease of 11.4% year-on-year. In the same month, and according to the same source, the decline in the number of mortgages on homes was more pronounced, falling 22.4% year-on-year, to 30,850 transactions. Moreover, in October the total number of sales and purchases (including all types of property) fell…
Link Securities| The company wants to double its size in India, where it is growing by more than 10% a year, over the next three years, Expansión reports today. It wants to sell eight million litres in 2026, compared to four million in 2022. Deoleo is increasing its diversification with the Figaro Baby line, and will launch a shampoo to take advantage of the cosmetic use of olive oil in…
BancaMarch: There is outrage at COP28 over OPEC’s attempt to block the fossil fuels deal. The 200 countries attending the summit are discussing phasing out fossil fuels as a major cause of climate change. The OPEC Secretary General urged in his letter to OPEC members to reject any proposed COP28 agreement affecting fossil fuels. One of the summit delegates has described this move as a “sign of panic”. Saudi Arabia…
Bankinter| Non-farm job creation surprised positively in November and the unemployment rate fell by two tenths, to 3.7%. Non-Farm Employment: +199K versus +185K estimated versus +150K previous. Private Sector Employment: +150K versus +159K estimated and +85K previous (revised from +99K). Manufacturing Employment: +28K versus +30K expected vs -35K previous. Unemployment Rate: 3.7% versus 3.9% expected and previous. Labour Participation: 62.8% versus 62.7% expected and previous. Average Earnings/Hour (year-on-year): +4.0%, same…