Alphavalue / Divacons| The sale and purchase of homes recorded a -6.4% drop in May compared to the same month last year, to a total of 56,137 operations, according to the National Statistics Institute (INE) on Friday. With this annual decline, which is almost two points lower than that recorded in April (-8.1%), the sale and purchase of homes has now been negative for four months. By segment, it is…
Banca March: G20 finance ministers and central bankers meet in India to discuss reforming multilateral arrangements between development banks and easing the debt burden on developing countries. Meanwhile, US Treasury Secretary Janet Yellen has held talks with her Indian counterpart Nirmala Sitharaman with the aim of strengthening relations with the Asian country.
DWS| Zero percent. According to recently released data for May 2023, retail sales in Germany have grown by exactly 0% in real terms since the last month before the pandemic, February 2020. In nominal terms, by contrast, thanks to inflation, sales have grown considerably, by an impressive 17%. However, this is not a sign that consumers are buying more: the amount of goods they received remains unchanged. Despite this, it…
Judit Montoriol Garriga (Caixabank Research) | The Spanish real estate market began to slow down in mid-2022 with the shift of direction of monetary policy. Although the ECB has raised benchmark interest rates by 4 pps for the moment, the pace of the slowdown has been gentler than anticipated, leading us to improve the sector’s outlook for 2023. Nevertheless, we continue to expect a significant slowdown in the Spanish real…
China published its second-quarter GDP data on Monday with a big – but disappointing – number, 6.3% growth year on year. The reason for the disappointment comes from the hugely positive base effect, as last year’s second-quarter GDP growth was virtually because of the severe lockdowns happening in Shanghai and elsewhere in the country. The underwhelming growth in the second quarter is not all about the lack of external demand….
According to the CEPYME Barometer #LaPymeHabla of July, corresponding to the first half of 2023, 59.12% of SMEs are unable to recover their sales. Cepyme describes a scenario of economic recovery with an uneven impact on companies, which responds both to accumulated inflation and rising labour and tax costs and to the weakening of consumption in the final stretch of 2022 and early 2023, on the basis of an incomplete…
Renta 4 | The company has been awarded €73 million in aid from the UNICO programme for the deployment of 5G in municipalities with fewer than 5,000 inhabitants. The main winners were Lyntia Networks and Avatel Telecom, with €142 million and €132 million, respectively. Adamo will receive more than €82 million and Telefónica will receive €73 million. The rest of the aid is divided between Totem (Orange towers) with €9…
Santander Corporate & Investment| July’s issuance already exceeds that of the whole of July 2022, as the latter was an atypically inactive month, particularly on the corporate issuers’ side. In the first two weeks of July, €18 billion has been issued, surpassing the €16 billion for the entire month of July 2022, which was a record low in recent years and well below the €42 billion average for the months…
Renta 4| The rise of the S&P 500 is starting to show signs of excesses in the short term, such as the appearance of bearish divergences at high overbought levels or the excessive complacency readings in sentiment indicators. The proximity of a corrective leg in the coming weeks would not be surprising nor would it undermine the good momentum as long as the American benchmark remains above its main short-term…
The latest polls show a scenario of great uncertainty, in which Alberto Núñez Feijóo’s Partido Popular would win 147 seats in its most likely outcome, ahead of Pedro Sánchez’s PSOE, which would win 108. Sumar would be the third force with 34 seats, ahead of Vox, with 29, and the nationalist parties. ERC retains 10 seats, Junts gets 9, EH Bildu 6, PNV 5, while CUP and BNG would get…