Intermoney| According to the report published by the real estate portal Idealista, rental prices in Spain set another all-time high in July, reaching 11.9 euros per m2 per month. During the last quarter, prices have increased by +3.7%, accumulating a growth of more than 9% in the last 12 months. Within the capital cities, not only Madrid and Barcelona, but also Málaga and Valencia are at their highest levels since…
BancaMarch : The number of tourists in Spain has grown during the first six months of the year, but it is still below the 2019 figures. Nearly 38.5 million tourists have visited our country during the first half of the year, a figure that although 23.7% above the first six months of 2022, is still below the levels of 2019 (-1.6%). On a positive note, both total expenditure and expenditure…
Banco Sabadell : According to press reports, FCC is negotiating with Urbaser the acquisition of its environmental services business in Scandinavia (Sweden, Norway, Denmark and Finland). The operation, which is in its final phase, could be valued at over €300 million. According to the same source, Urbaser Nordic’s business generates an EBITDA of around €40m (~2.8% of FCC). Assessment: Pending further details, the deal could be a good strategic fit…
Telefónica has been awarded the exclusive audiovisual rights for the UEFA Champions League and UEFA Europa League for the next three seasons for €320 million/season in Spain. The company has also been awarded the rights to the UEFA Youth League and the UEFA Europa Conference League. The contract with UEFA will be formalised shortly. Assessment: The acquisition of this content strengthens the group’s content offering, including all football rights in…
Bankinter : 2Q2023 GDP (preliminary) stood at +0.6% vs +0.5% estimated and +1.1% previous (revised from +1.0%). In quarter-on-quarter terms +0.3% vs +0.2% estimated and -0.1% previously. Assessment: The economy was supported by countries more dependent on the Services Sector, while the worst evolution responded to those more dependent on the Manufacturing Sector such as Germany (two consecutive quarters in negative). The recovery process is slow due to the lower…
BancaMarch: China responds to the United States. As one of the world’s leading producers, China is imposing new export controls on drones and related equipment. Yesterday, the Chinese government announced new controls that will take effect from September.
Link Securities | Europa Press reported on Tuesday that Indra (IDR) has provided the city of Lisbon (Portugal) with an access system for the metro that allows passengers to pay with their own mobile phone, bank card or smartwatch, without having to purchase a ticket or season ticket beforehand, while maintaining the rest of the travel options that existed previously. It is a state-of-the-art payment system that improves the traveller’s…
CdM| The number of unemployed registered in the Public Employment Services Offices, at the end of July, has fallen by 10,968 people in relation to the previous month. In relative terms, the fall in unemployment was 0.41%. Thus, registered unemployment stood at 2,677,874. In July 2022, unemployment rose by 3,230 in relation to the previous month. On the other hand, with respect to July 2022, year-on-year unemployment fell by 205,938…
Renta 4| Renfe has extended the maintenance contract for Talgo’s high-speed trains (TLGO) until 2027. This contract extension is worth €180 million. The contract is expected to be signed and formalised in the coming weeks. Assessment: This contract extension represents ~7% of the order book at the end of June. It is a positive transaction that allows the company to strengthen its order book.
Bankinter: Manufacturing PMI (July) 49.3 vs. 48.9 estimated and 49 previous. (ii) Non-Manufacturing PMI (July) 51.5 vs. 53.0 estimated and 53.2 previous. (iii) Composite PMI (July) 51.1 vs. 52.3 previous Assessment: Positive data. Especially because a recovery in the Manufacturing sector, the most affected can be seen. It is still in the contraction zone but it is close to the 50 level. The Services Sector, although it remains in the…