CdM | Activity in the Spanish manufacturing sector deteriorated in August for the fifth consecutive month and has fallen to its lowest level so far this year, according to the PMI index, which has fallen to 46.5 points from 47.8 points in the previous month, according to the survey by S&P Global and Hamburg Commercial Bank, which has just been reported by Europa Press. The fall in the index in…
CdM | The Spanish bank has been named “world’s most innovative bank” by The Banker magazine. The publication has given the highest recognition of its awards for innovation in digital banking thanks to the successful implementation of Gravity, the digital platform developed by the entity and native in the cloud that is being implemented worldwide to help the bank become a fully digital company. The Banker described Gravity as a…
Minutes of the last monetary policy meeting. The ECB council considers that restoring price stability before that date would “depress economic activity to an unnecessary level”. Inflation has become a burden for the euro area and, in general, for all regions of the world. Central banks are fighting with all their might to try to regain the price stability dictated by their mandate, but some are already beginning to do…
Banca March | The Ministry of Finance has postponed the new Tobin tax self-assessment model. Instead of coming into force on September 1, the proposed date is January 1, 2024. The tax in question refers to the tax on financial transactions that was introduced on January 16, 2021 and whose modifications are postponed until next year. The reason for the postponement is that the Community of Navarre and the Basque…
Alphavalue / Divacons | The Galician textile company is boosting its furniture sales with the reopening of its flagship Zara Home store in Madrid. It does not aim to compete with the large multinationals in this sector, which offer cheaper products, but rather to target a public with more purchasing power. The shop, located in Madrid’s Salamanca neighbourhood, has a space of more than 670 square metres distributed over two…
The Consumer Price Index (CPI) in Germany will stand at 6.1% in August at a year-on-year rate, which would imply an easing of one tenth of a percentage point compared to the 6.2% rise in prices in July and the smallest increase since last May, according to the preliminary estimate published by the Federal Statistics Office (Destatis), information collected by Europa Press. The harmonised year-on-year inflation figure, used by Eurostat…
CdM | The year-on-year inflation rate in the euro area remained stable in August at 5.3%, which is the lowest rise in prices since January 2022, according to Eurostat’s first estimate, as reported by Europa Press. These data place Spain and Belgium as the countries in the region with the lowest price increases, with 2.4% in both cases. The evolution of prices in the euro area in August was mainly…
The leader of the PP, Alberto Núñez Feijóo, and the acting Prime Minister, Pedro Sánchez, have ended a long-awaited meeting after little more than an hour with no agreements to conclude. During the meeting, the candidate designated by Felipe VI handed Sánchez a document ‘For the equality and welfare of all Spaniards’, an eleven-point agreement in which he asks for support for his investiture in order to tackle six State…
Morgan Stanley| China’s economy faces a “3D” challenge: demographics, debt and deflation. Our China macro expert, Robin Xing, thinks the central government will have to partially underwrite local government debt and deploy sufficient fiscal stimulus to facilitate LGFV deleveraging and help the economy grow without debt. With this resolution, China could enter a debt-deflation spiral that puts both growth and the inflation outlook at risk. The focus of market attention…
Link Securities | In a Significant Event sent to the CNMV, FCC yesterday requested authorisation for the repurchase of up to 7% of its capital, an operation announced last July after receiving no opposition from any creditor. The company has received letters from the company’s main shareholders, Carlos Slim and Esther Koplowitz, stating that they will not accept the offer. The group’s Board of Directors approved a takeover bid to…