BancaMarch: The Paris-based organisation expects Spain to grow by 2.1% in 2023, improving its forecast for the country by up to four tenths of a percentage point compared to the previous report and in line with the government’s expectations. Looking ahead to 2024, the OECD also raises its forecasts, from 1.7% to 1.9%, although here it is below the executive’s forecast (+2.4%). With these forecasts, Spain will be the large…
Banco Sabadell: From the declarations in Bloomberg of IAG’s CEO, Luis Gallego, we highlight: They expect a better summer, although there are still difficulties such as air traffic control in France. In any case, they see very strong demand in Q2 and Q3, with less visibility for Q4. Premium traffic is offsetting the weakness of corporate traffic, which remains at 70% of 2019 levels. On consolidation opportunities, apart from the…
The World Bank said yesterday it now expects the global economy to grow by 2.1% in 2023, as opposed to the 1.7% expansion projected in January, due to stronger-than-expected resilience in major economies. Thus, the institution’s analysts expect US GDP to grow by 1.1% this year (vs. 0.5%; January estimate) and that of the eurozone by 0.4% (vs. 0.0%; January estimate). In addition, China’s GDP is expected to grow by…
Inditex’s (ITX) net profit rose 54% in its first fiscal quarter (1 February 2023 to 30 April 2023), to €1.168 billion. Sales grew by 13% in the first fiscal quarter, to €7,611 million, with a performance that has been described as “very satisfactory” both in shops and online. They also stressed that sales were positive in all geographic areas and in all formats. Sales at constant exchange rates were up…
Intermoney| According to data published by the manufacturers’ (Anfac), dealers’ (Faconauto) and vendors’ (Ganvam) associations, car sales in Spain maintained a positive performance in May, with growth of 8.3%, slightly higher than the 8.2% in April but moderating the rate of increase after the strong growth of+45% accumulated in the first quarter. More than 92k vehicles were registered in May, bringing cumulative sales in the first five months of the…
Banc Sabadell | According to Reuters, Airbus (AIR) is reportedly the favourite (over Boeing) to win IndiGo’s 500 A320 aircraft order, making it the industry’s largest order by volume (versus one for 470 aircraft placed by Air India a few months ago). On the other hand, both Airbus and Boeing are reportedly also competing to sell 25 aircraft (AIR’s A330neo or Boeing’s 787) to the same airline. No statement has…
Bankinter : US non-farm job creation again beats forecasts: 339K vs 195K estimated and 294K previous (revised from 253K). The unemployment rate rebounds to 3.7% versus 3.5% estimated and 3.4% previous (a historical low). Average wages/hour decelerate (year-on-year) to +4.3% versus +4.4% estimated and previous. Assessment: Despite mixed signals from labour market figures, the labour market remains strong. The unemployment rate increased by three tenths and the number of unemployed…
Business insolvencies soared 31% in May compared with the same month last year, after 29% in April, according to data from Informa D&B, which show that last month 699 companies were forced to request the former suspension of payments compared with 532 in May 2022, recording the highest figure so far this year. Between January and May, the number of companies in insolvency proceedings was 2,585, slightly lower than the…
Today’s Council of Ministers is expected to approve the addendum to the extension of the Recovery Plan, with which Spain will ask Brussels for an additional €94 billion from the Next Generation programme, including soft loans and non-refundable aid. Initially, the European Union assigned Spain direct transfers of €69.5 billion from the Recovery Mechanism, to be unblocked through compliance with the investments and reforms agreed in the Plan, as well…
Link Securities| In a Significant Event sent to the National Securities Market Commission (CNMV) it is reported that Navantia Seanergies has awarded the company the contract for the assembly and construction of jacket components for the Dieppe Le Tréport wind farm. The contract, awarded to the subsidiary Nervión Naval OffShore, is the largest in Amper’s history, and will run from 2023 to 2025. The order book, including this new contract…