BancaMarch| The sale and purchase of housing has fallen sharply in Spain. In July, housing sales stood at 48,303 units, a fall of -10.5% compared to the same month last year and which intensifies the drop in sales and purchases in the year to date to -5.3%. By type, 17% of the dwellings transferred by sale and purchase in July were new and 83% were used, with the number of…
Link Securities| Germany’s Federal Statistical Office, Destatis, published on Wednesday that Germany’s producer price index (PPI) rose 0.3% in August from July, slightly more than the 0.2% expected by FactSet consensus analysts. On a year-on-year basis, Germany’s PPI fell by 12.6% in August (-6.0% in July), slightly less than the 12.8% expected by the analysts’ consensus. August was the second consecutive month of a year-on-year decline in the PPI, the…
Banca March : The forecasts of the Bank of Spain and the OECD, the bitter and the sweet. Regarding economic growth, the Bank of Spain forecasts values for this year identical to those estimated in the last projection, namely 2.3%. However, expectations for the variation in GDP for the coming years fall (1.8% compared with 2.2% in 2024 and 2% compared with 2.1% in 2025). In the case of the…
The former president of the PSOE, Felipe González, and the former vice-president, Alfonso Guerra, on Wednesday blasted Pedro Sánchez and the drift of his party, the PSOE, for opening up to granting an amnesty to the charges of the pro-Crime pending trial in order to revalidate the government with the votes of Junts and the rest of the pro-independence parties. Guerra has branded his secretary general as “disloyal” and “dissident”…
Link Securities| Construcciones y Auxiliar de Ferrocarriles (CAF) has been shortlisted alongside Alstom, Siemens and Stadler to win a €3.5 billion tender in Denmark for the delivery of 226 automatic trains for the Copenhagen suburban railway network. DSB, the Danish railway operator, said in a statement that the competitive process will now go ahead, with the aim that the contract will be awarded in H1 2025 and the new trains…
Link Securities| Iberdrola’s Maverick Project, an operation that consists of the search for a partner to support it financially in the development of renewables in the US, is entering its final stretch, as highlighted in today’s edition of Expansión newspaper. The candidates are the state funds Norges, from Norway; Masdar, from the emirate of Abu Dhabi; and GIC, from Singapore; as well as the American fund GIP. The finalists aim…
Alphavalue/DIVACONS| The price of rental housing in Spain stood at €11.34/sq m in August, 4.7% higher than in the same month of 2022, but 2.2% lower than in the previous month, making it four consecutive months of declines, according to data from the Fotocasa Real Estate Index. On the other hand, paying rent represents on average 42.67% of the salary of a citizen in Spain in 2023, which is 0.78…
Cases of squatting have increased by 37% between 2018 and 2022. The average length of the process to recover a home is 20.5 months explains the newspaper Expansión. The phenomenon of illegal squatting in Spain has become more prevalent in recent years, as the data show: last year, 16,726 complaints were filed, which is 37% more than the 12,214 in 2018, although the maximum was reached in 2021 with 17,274….
As the risk of stagflation scenarios gains momentum, ideas to cut excess liquidity (close to €3.5trn) and the costly size of the ECB’s huge balance sheet are re-emerging. And the problem for credit markets, and especially peripheral ones, is that the ECB may already be looking for alternatives. According to Reuters, the ECB is discussing the option of accelerating the end of the Pandemic Emergency Purchase Programme (PEPP) from early…
Intermoney| Sacyr (SCYR) announced on Monday, after market close, that it has completed the sale of 45% of the Irish N6 motorway concession to Bestiver Infra. The transaction amounts to €45 million in EV, or €29 million in equity; Sacyr states that the multiple of the transaction exceeds 2x times invested capital. The deal had been announced last May. The N6, which was inaugurated in 2009 and expires in 2037,…