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…
Link Securities | The US Energy Information Administration (EIA) reported yesterday that US crude oil inventories fell by 7.489 million barrels in the week ending 24 March 2023, their biggest drop since November last year. Analysts had instead expected a rebound of 0.092 million barrels. Gasoline stocks fell by 2.904 million barrels, above analysts’ expectations for a decline of 1.617 million barrels. Finally, distillate inventories, which include diesel and heating…
CoM | Annual inflation in the eurozone will be 6.9% in March 2023, down from 8.5% in February, according to a preliminary estimate by Eurostat, the statistical office of the European Union. Regarding the main components of eurozone inflation, food, alcohol and tobacco, they are expected to record the highest annual rate in March (15.4%, up from 15.0% in February), followed by non-energy industrial goods (6.6%, up from 6.8% in…
Crédito y Caución (Atradius) | After two years of decline during the pandemic years, global insolvencies increased by 9% in 2022. The increase was related to the halting of Covid fiscal support packages and the lifting of temporary changes to insolvency legislation. In some markets, insolvencies have completely normalized or even exceed pre-pandemic levels. In the majority of countries, though, we observe that insolvencies are in the process of adjusting…
ABC newspaper denounces that “La Moncloa has once again vetoed ABC: the Secretary of State for Communication, Francesc Vallès, has excluded this newspaper from the group of media accompanying the President of the Government, Pedro Sánchez, on the official trip to China that began this Thursday. Despite the fact that ABC applied for accreditation in due time and form, like other media that have been admitted, the Secretary of State…
Morgan Stanley | Our analyst, Laura Metayer, believes that the Hospitality & Other solutions division is Amadeus’ fastest growing segment (AMS), which is made up of its centralised reservations product (CRS), leading a €1.8bn market, and the newer hotel management system (PMS) in a €2.2bn market. The analyst team estimates that the hospitality IT market, with a size of €7.4bn MSe and growth of >8% CAGR, is moving towards a…
Banc Sabadell | The Council of Ministers gave the go-ahead to the extension of the Iberian exception (gas cap) until the end of the year, which would already have the approval of the EC. The formula has been modified, the main new feature of which is that the price increase curve will be “longer” and “smoother” than last year. If the curve of the gas cap was increasing, until now,…
Link Securities | In an interview with the Financial Times, reported by Expansión, Inditex (ITX) Chairman and CEO Marta Ortega outlined a continuity in management based on improving the shopping experience and the efficiency of the group’s operating model, while maintaining the focus on sustainability. Ortega said that the product is the lifeblood of the group and where she can offer the most value, while she is on top of…
The Consumer Price Index (CPI) rose by 0.4% in March compared to the previous month and cut its year-on-year rate by more than 2.5 points to 3.3%, its lowest value since August 2021, according to advanced data published on Thursday by the National Statistics Institute (INE).This moderation in the year-on-year growth rate of the CPI places inflation at its lowest level since August 2021, when a rate of 3.3% was…