Link Securities| The minutes of the May Federal Open Market Committee (FOMC) meeting showed that its members were divided on the need for further increases in the benchmark interest rate. In this regard, it was said that, based on expectations of a slow return of inflation to 2%, a further firming of monetary policy at future meetings was likely to be warranted. In general, participants were unsure how much further…
The Spanish oil company’s first joint solar project in Chile, announced yesterday by the two companies REPSOL (REP) and Grupo Ibereólica, through their 50/50 joint venture Repsol Ibereólica Renovables Chile, has begun to feed electricity into the grid with the start-up of the first phase of the “Elena” photovoltaic plant, which will have a total installed capacity of up to 596 megawatts (MW). Specifically, the first phase of this facility,…
Fernando González Urbaneja| The government’s official discourse is unequivocal: Spain is doing well, the economy is doing very well. Vice-president Calviño comes out insistently with the concept of “leadership” to illustrate every decision of the government in economic and social matters. Gender parity means leadership; the Iberian exception is leadership; the growth of employment and GDP means leadership and so on and so forth. According to the government, Spain is…
Bankinter: The Irish Data Protection Commission imposes a €1.2 billion fine on the technology company for transferring European citizens’ data to the US in breach of EU legislation. Analysis team’s opinion: Bad news, but already expected. It is a significant amount. The largest fine imposed so far. It compares with the €746m the EU fined Amazon in 2021 and is about 4% of Meta’s estimated PBT for the whole of…
Link Securities | The Board of Directors of NH Hotel Group (NHH) held on Thursday agreed to appoint Dillip Rajakarier, CEO of Minor, as the new chairman of the Spanish hotel group, according to elEconomista.es. In addition, NHH’s current CEO, Ramón Aragonés, will also take on the role of vice-chairman, the decision comes after the group’s three independent directors resigned on Tuesday 16 May to express their opposition to the…
Renta 4: European opening with little change (Eurostoxx futures -0.2%, S&P futures +0.1%), in a session in which we continue to receive relevant data on both activity and prices, and awaiting the conclusions of the meeting between Biden and congressional leaders to discuss the US debt ceiling and avoid default. For the moment, the positions are still at odds and the Republicans are trying to reach an agreement to limit…
Link Securities| According to Eurostat on Monday, in March and compared to February, construction output in the Eurozone, in seasonally adjusted data, fell by 2.4%. In February, construction output had risen by 1.7% in the Eurozone, whereas in March, building construction fell by 2.4% and civil engineering construction by 2.3%. On a year-on-year basis, construction output decreased by 1.5% in the Eurozone, which compares negatively with the 2.1% increase recorded…
Alicia García herrero (Natixis) | During the past fifteen months after the outbreak of the Ukraine war, China and Russia’s trade value increased by 36.5% compared to pre-war levels, showing their much-enhanced ties in merchandise trade. Meanwhile, in addition to the upswing of the headline amount, some new patterns in their trade structure are also worth watching. For example, Russia has moved up rapidly in the rank of China’s external…
The last year has seen the biggest population growth in 14 years, but it is all due to immigration. Residents with Spanish nationality have fallen by 13,000 and those born in Spain by 101,000. Spain has experienced in the last year the highest population growth in the last 14 years, with nearly 600,000 more inhabitants at the end of this first quarter than at the same time in 2022. As…
This has been a record start to the year, with €450,000 million in issuance. This exceeds the €422,000 million of the previous best start, in 2020, thanks mainly to the also record volume of €287,000 million of financial issues. Within financial issuance, the €124,000 million of covered bond issuance also marked a record start to the year, surpassing the previous record of €110,000 million last year and almost doubling the…