Banca March: In September the IFO business sentiment index fell by one tenth of a point to 85.7, this weakness was mainly due to a drop in the reading for the current situation, which fell by three tenths to 88.7, while the expectations component improved by two tenths to 82.9. Overall, this confidence indicator is in line with last week’s PMI and points to the deterioration in Germany’s growth continuing…
Bankinter : According to the latest data published by the Bank of Spain, the preliminary figure for non-performing loans remained at 3.50% in July, similar to June’s figure and compared to 3.85% in July last year, despite the adverse denominator effect of the fall in the stock of credit (-0.92% m/m; -3.09% year-on-year); BBVA, Sabadell and Caixabank, top picks. 26 September 2023 Analysis team’s view: Most importantly, the balance of…
Morgan Stanley| Analysts have revised their European Union (EUA) carbon allowance price estimates downwards, after a 900% rally from 2018, and see little appeal at €80/tonne as the energy crisis has accelerated emissions reductions, pushing the team’s 2030 emissions estimates to be -14% below the 2019 pre-crisis outlook.They also expect the CBAM (Carbon Border Adjustment Mechanism) to undergo a softer start to implementation or even a delay. The team estimates…
The data on gross profit before tax and interest published by the Banco de España in its Central Balance Sheet Data Office have just been published. The slump in the gross economic result of the industrial sector is 40% in the spring year-on-year rate, a fall that aggravates that recorded in the first quarter (-15%). Revenues of non-financial companies fell by 7.1%, while personnel costs rose by 9.6% in 2Q23….
Banc Sabadell : On 5 July, the Audiencia Nacional (Spain’s High Court) dismissed the appeal lodged by Escal UGS -the company that developed the Castor project, 67% owned by ACS) against the repayment of €210 million to the gas system (initial €195 million + interest generated-, for the settlements received in relation to the Castor project, according to press reports. Assessment: News with a negative bias, although with limited impact…
Banc Sabadell | The Saudi Arabian rail operator (SAR) has reportedly sent a letter to the AVE to Mecca consortium, of which Talgo (TLGO) is the member in charge of the manufacture and maintenance of the trains, indicating that it could soon execute the option to purchase an additional 20 Talgo trains (part of the original 36-unit contract), a contract that could amount to ~€700 million (~16% of Talgo’s portfolio)….
One in every 12 people in Spain (8.1%) suffered severe material deprivation in 2022, more than double the figure before the financial crisis (2007: 3.5%) and even one point above the figure for 2014 (7.1%), the highest figure recorded until that time since the National Statistics Institute (INE) began conducting the Living Conditions Survey in 2004. Therefore, according to INE data analysed in Focus on Spanish Society, a publication edited…
Alberto Nuñez Feijóo has shown the strength and unity of the party against the amnesty, 48 hours before his inauguration, with a massive event that brought together more than 40,000 people in Madrid, much more than initially expected. It has achieved the largest demonstration that the PP has ever held in its history. The unity was evidenced by the active presence of the former presidents of the Government, José María…
Link Securities| In connection with the invitation to the holders of its outstanding convertible bonds corresponding to the issue in the amount of 250,000,000 at 1.25% maturing in 2023, with ISIN code XS1500463358 to make offers to sell bonds to Indra (IDR), the company announced that, since then, it has continued to receive expressions of interest from bondholders for the repurchase of its bonds in the secondary market and has…
Renta 4 | Técnicas Reunidas (TRE) has announced that it has reached an agreement with the Australian company, Allied Green Ammonia, to begin the basic engineering and design phases of a hydrogen and green ammonia production facility. If financing for this project of around $8.5 billion is secured, the detailed engineering and construction phases of the plant will begin and the plant will come on stream in 2028. Assessment: Positive…