In its summer economic estimates, the European Commission (EC) has revised up Spain’s gross domestic product (GDP) growth for 2023 to 2.2% from 1.9% in its previous estimate (5.5% in 2022). This revision is mainly due to the “higher than expected” carry-over effect of 2022 and the “solid” performance of the Spanish economy in 1H2023. Looking ahead to the end of the year and the beginning of 2024, the EC…
Norbolsa| Saudi Telecom will have to inform Defence about its plans in Telefónica (TEF) if it wants to obtain the government’s permission. In this regard, the Ministry of Defence updated on 1 September the information requirements it requests from foreign investors who buy more than 5% in companies linked to the Spanish Armed Forces, which is the case of Telefónica, for its communication and technology services to the Army.
Alphavalue / Divacons| The Advocate General of the Court of Justice of the European Union, Maciej Szpunar, concluded on Thursday, in reference to the legal dispute of Inditex against Buongiorno Myalert, that the Italian company “cannot take advantage of the limitation of the rights of the trademark owner”, thus agreeing with the Galician group in its litigation against the firm. It should be recalled that in 2010, when Buongiorno Myalert…
Alphavalue/ Divacons| For the first time in Spain, sales of electric cars have exceeded those of plug-in hybrids in a month. According to data from the Spanish Association of Car and Truck Manufacturers (Anfac), 3,583 electric cars were registered in Spain in August, 156% more than the previous year, while plug-in hybrids delivered were 3,362, just 21% more than last year.
Intermoney | The Spanish company (Mantener, PO€26), through its US subsidiary Webber, has won nine construction projects in the United States in recent weeks, specifically in Texas and Florida. The total budget amounts to €932 million. Among the new work in the pipeline is its first major civil engineering project in Florida. This project, Ferrovial’s first in Florida, with a budget of €75 million, consists of the reconstruction of one…
Alicia García Herrero (Natixis)| India’s GDP expanded 7.8% year-on-year in Q2 2023, beating expectations and printing the highest number in a year. The major push comes from consumption which contributed nearly half of the growth. The strong demand is also fostering industrial production as India’s manufacturing PMI has expanded for 25 straight months and further risen to a high of 58.5 as of August, far above any other Asian country’s…
Junts per Catalunya (JxCat), the party of Carles Puigdemont reaffirms and, in a statement on the occasion of the Diada (Catalonia’s National Day) that is celebrated today, 11 September throughout Catalonia, says that it has not renounced and will not renounce “unilateralism as a legitimate resource to assert their rights”, as Puigdemont defended in his press conference in Brussels, and that it maintains the legitimacy of the independence referendum held…
Banc Sabadell| Airbus (AIR) announced this week the delivery of 52 aircraft during August (versus 65 in July 2023 and 39 in August 2022; +33%) bringing total deliveries in 2023 to 433 (versus 382 in August 2022). On the other hand, a total of 117 new orders and no cancellations were recorded during the month. Considering cancellations for the year as a whole, net orders until August 2023 stand at…
Bankinter: House Prices rise +2.1% in 2Q2023 (q/q). The Housing Price Index, compiled by the INE (National Statistics Institute), points to a slight rise in prices of +2.1% in Q2 2023 (q/q). In year-on-year terms it remains positive (+3.6% vs +3.5% previously). Second-hand housing rises +2.2% year-on-year, while new builds are up +1.7% year-on-year. Assessment: We estimate that housing prices will moderate towards a cumulative decline of -5% between 2023-2024,…
Bankinter : August CPI (final) confirms moderation: +6.1% vs +6.1% estimate and preliminary vs +6.2% previously. In month-on-month terms +0.3%, same as estimated, preliminary and previous. Assessment: Unchanged and representing a new moderation in the price level. This is good news as it takes pressure off the ECB to keep tightening its monetary policy. The downside is the entrenchment of underlying inflationary pressures above +5%.