The Council of State has had enough of Pedro Sánchez’s Government’s way of legislating and has issued a harsh judgement in which it warns of “unjustified urgencies” that affect the quality of laws and the “control of legality and constitutionality” and warns of “guarantees” that “suffer”. The highest advisory body demands “respect” for its function and the legal framework, in the face of an “absurdity” that comes close to being…
Morgan Stanley |Cellnex’s organic growth story is undervalued by consensus. In the current environment, Cellnex is going to slow down on M&A. This takes away the possibility of accelerating growth and so debt reduction will be slow. That said, we are waiting for a better point of entry when the central banks begin to cut rates. Cellnex, Equalweight, 44 euros.
Link Securities | Acciona Airport Services, a subsidiary of Acciona, has been awarded one of three handling licences put out for tender at Düsseldorf airport. The licence has a duration of seven years. Acciona has been operating at Germany’s third largest airport since 2016, according to Europa Press. Acciona will continue to provide all the services the airlines require for their ground operations. These include passenger check-in and boarding, ramp…
CdM | Spain CPI dropped one percentage point to 5.8% in December from a year earlier, thanks to the fall in electricity and fuel prices. However food prices remained through the roof, according to preliminary data from the National Statistics Institute (INE) on Friday. Core inflation, which strips out volatile fresh food and energy prices, stood at 6.9% year-on-year in December, up from 6.3% in November, INE said. Consumer prices…
As of 30 November 2022, the latest date recorded, so far, by the Intervención General de la Administración del Estado (IGAE), the Spanish government had only paid out 29% of the Next Generation funds – most of them transfers between administrations and money that goes to public investment. However, it is estimated that the payments made will be around 40% by end-December this year. The IGAE report specifically points out…
Link Securities | According to the daily laInformacion.com, Adif Alta Velocidad has awarded the joint venture formed by ACS, Rover and Tecsa the contract to execute the works in the plans for the construction of the new access channel to integrate the high-speed railway in Valencia. Also to extend and remodel the Joaquín Sorolla station and increase its parking area.ç The contract is worth 443,4 million euros, VAT included. It…
The government has taken advantage of the decree approved yesterday with anti-crisis measures to introduce new regulations, such as the one on business shields and others with respect to energy. One very relevant one is that, to avoid “speculation”, says the decree, a moratorium of 18 months has been imposed on all those projects that are processing renewable permits but without the most basic one: access to the electricity backbone,…
Alicia García Herrero (Natixis) | On 13th December 2022, the EU passed a deal to set up a Carbon Border Adjustment Mechanism (CBAM) to arrest the carbon leakage problem and further support the energy transition. Carbon leakage in this context equates to the scenario that EU countries import carbon-intensive products from countries where carbon emissions are not taxed. More specifically, under CBAM, EU firms will need to pay the difference…
Caixabank Research | The strength of economic activity in Q3 is confirmed, but there are growing signs of a slowdown. It has been confirmed that in Q3 2022 GDP grew by 4.9%, with positive contributions from both domestic and foreign demand of2.9 and 2.0 pps, respectively. In the short term, we expect to see a slowdown in economic activity, especially over the winter months, due to the impact of the…
Morgan Stanley | China’s reopening trade and the support for its property market has sparked a strong rally in the steel sector and in underlying commodities, leading the stocks to already discount a recovery in demand during 2023. Now there is an <8% average upside to target prices, so the risk/return is not attractive. The base scenario assumes a recovery in China in Q2’23. However the road will be bumpy,…