Alphavalue / Divancons | On Friday, the Government reached an agreement with ERC and Bildu on the Housing Law which, among other measures, eliminates the CPI as a reference index for the annual update of rental contracts and sets a cap on rent increases of +3% in 2024 (which joins the +2% in 2023 already approved), extends the declaration of the so-called stressed areas and lowers the limit for being…
Banca March : Mixed US consumer spending data. The most negative note was the drop in retail sales in March which points to a slowdown in private consumption. Specifically, retail sales fell -1% month-on-month after dropping -0.2% in the previous month, a figure that is worse than expected and confirms a deterioration in consumption in the first months of the year. On the more encouraging side, the University of Michigan’s…
Julio López (Attitude Gestión SGIIC) | Never has a recession been more unanimously expected. Interest rate hikes and lower government spending should have slowed economic growth, yet we don’t see it today. But the question is, has there really been such a reversal in monetary and fiscal policies? It is true that the FED has tried to reduce its balance sheet, but the small crisis in the American banking sector…
Legal uncertainty? In Spain? Not at all. It is just that the judge and the interested parties can choose which wording they prefer to apply to art 16.1 letter c. of the Law on Offences and Penalties in the Social Order (which typifies “the very serious offences faced by companies, recruitment agencies or training entities if they request vetted and personal data when recruiting personnel”). The Official State Gazette (BOE)…
Renta 4 | Aena (AENA) publishes traffic statistics for Spanish airports for March. Although passenger figures slowed slightly compared to January and February, March traffic levels again exceeded (+0.6%) 2019 levels, reaching 20.1 million passengers, thus improving expectations by nearly 10%. Domestic passengers were 4.4% above 2019 (February above +6%), while international passengers were 1.6% below 2019 levels (February flat vs 2019). The number of flights exceeded 2019 levels by…
Bankinter : The March final CPI figure confirms the preliminary 3.3%, up from 6.0% year-on-year in February. The month-on-month figure also confirms the preliminary 0.4% (from +0.9% m/m previously). The underlying rate confirms the preliminary year-on-year figure of 7.5% (vs +7.6% year-on-year previously). Annual CPI rate: general and core, percentage Analysis: The moderation of the general data in March is based on the decline in electricity and fuel prices. Despite…
Bankinter | Fed members unanimously decide to raise rates by +25bp, the same rate hike they did in February and which compares to the +50bp hike in December. The minutes reiterate the message of the previous meeting that inflation remains elevated and that its deceleration is slower than expected. Strong labour market and GDP growth support price increases. All members approve of raising rates by +25bp and continuing to reduce…
The Spanish government has launched a call for €9.6 million in subsidies for industrial SMEs to test the four-day working week. Companies that apply will be eligible for public funding of up to 90% of their reduced working time plan, with a maximum of €200,000 per company. With these figures, if all grants were awarded at the maximum amount, the number of companies chosen for the pilot project would be…
Link Securities | According to data from the General Bureau of Customs, China’s trade surplus rose to $88.19 billion in March from $44.35 billion in the same month a year earlier, far exceeding the analysts’ consensus forecast of a $39.2 billion surplus. Exports unexpectedly rebounded by 14.8% year-on-year, following a 6.8% drop in the combined January-February period, and against the consensus forecast of a 7% decline. The reading represents the…
Intermoney: Ferrovial’s Shareholders’ Meeting will debate and vote today on the Board of Directors’ proposal to move its registered office to the Netherlands, in order to be able to list on Wall Street without having to resort to ADRs. The proposal, announced on 28 February, has caused considerable political turmoil. In the event that the measure is approved, shareholders who oppose it could exercise their right of separation by selling…