CdM | The passenger car and SUV market is now in its third positive month this year, closing the first quarter with an increase of 44.5%, with a total of 237,563 units. As for the March market, a total of 99,524 units were registered, 66.1% more than in the same month of the previous year. This increase is mainly due to the improvement in both the logistics chain and vehicle…
Renta 4 : Today, on a day in which futures point to an opening with little change, the main macro reference will be the number of available job openings in the JOLTS (Job Openings and Labor Turnover Survey) in the US, which is expected to remain high in February (10.5 million expected as opposed to 10.824 million previously), giving signs of a still very solid labour market. This data will…
CdM | Growth in Spain’s manufacturing sector accelerated in March for the second month in a row and reached its fastest pace of expansion since June 2022, with a reading of 51.3 points versus 50.7 in February, according to S&P Global Market Intelligence. A key element was growth in the order backlog, following a nine-month sequence of declines, although the same trend was not seen with respect to external demand,…
Banks granted around €30,206 million in credit and loans to Spanish families and companies last February, the lowest amount granted in a month since August 2021, which represents a year-on-year fall of 15.88% and breaks the upward trend it has been showing since the Covid pandemic. The fall coincides with the almost vertical rise in the Euribor and is explained in its entirety in mortgages, whose production has plummeted by…
Pablo Fernández | We sent a short email (see exhibit 1) on March, 2023 to more than 15,000 email addresses of finance and economics professors, analysts and managers of companies obtained from previous correspondence, papers and webs of companies and universities. We asked about the Risk-Free Rate (RF) and the Market Risk Premium (MRP) used “to calculate the required return to equity in different countries”. By March 31, 2023, we…
CoM | The UK economy recorded a minimal expansion of 0.1% in the fourth quarter of 2022, following the contraction of a tenth of a percentage point in Europe’s second largest economy in the third quarter of last year, according to revised data released on Friday by the Office for National Statistics (ONS). As a result, GDP is now estimated to have risen by 4.1% in 2022 as a whole,…
Link Securities | China’s official advance manufacturing activity index, the manufacturing PMI, came in at 51.9 in March, above the 51.6 expected by the analysts’ consensus, although it was below the 52.6 of the previous month. We recall that a reading above 50 points indicates expansion of activity from the previous month, while a reading below that level indicates contraction of activity. Most components decelerated after February, although production, new…
Bankinter | Argentina has been ordered to pay between €8 and €18.2 billion for the expropriation of YPF in 2012, Repsol (REP) will not receive any money. Repsol was compensated years ago with €5,000 million in bonds from the Argentine government and will not receive any new compensation for the application of this sentence. The compensation will be received by the law firm and funds that have financed the lawsuit,…
The second vice-president of the Government, Yolanda Díaz has finally formalised the announcement of her candidacy for the presidency of the Government. Yesterday, Sunday, the presentation of her new ultra-left political platform, under the name Sumar, took place. The choice of the party’s name, which means ‘add up’ or ‘sum’ in Spanish, could not have been more appropriate, bearing in mind that no fewer than fifteen political forces will be…
Singular Bank | Atos is in the process of splitting itself into an IT services unit and Evidian, which it plans to float this year. The restructuring would give Atos shareholders 70% of Evidian, and Atos plans to sell the remaining stake to finance its own transformation. Many Airbus shareholders commented their disagreement on the potential investment after it was made public last month, as it could be an inefficient…