The sale of Abengoa’s production subsidiaries is now in its final phase. All that remains is for the judge to make his decision in a process in which four bidders stand out: Urbas, Cox Energy, Terramar and RCP. The fifth bidder in the initial round of bids, Ultramar, has not submitted an improved offer.With all the documents delivered to the Mercantile Court number three in Seville on 3 March, the…
The number of people who are not working and are registered with the public employment services even though they are employed by a company stood at 643,633 people in February, a figure that doubles that recorded in December 2019 and dismantles the optimistic employment balance of the coalition Executive: without counting these people, registered unemployment fell by 7.9%; including them, it grew by 2.6%, by 89,727 people, explains the newspaper…
Caixabank | Housing sales remain elevated (649,000 units in 2022, the highest since 2008) but there are emerging signs of deceleration of housing demand: in December housing sales declined by 10.2% year-on-year and new credit for house purchases declined by 14.2% year-on-year. We expect housing sales to decline sharply in 2023 (-24% to 480,000) mainly due to the impact of the increase in interest rates and the impact of higher…
Bankinter : The ECB raises the reference rates +50 b.p.: Deposit: +3.00%, Director +3.50% and Credit Marginal +3.75%. In line with what the ECB anticipated in February. However, it does not comment on future steps. It revises its inflation forecasts downwards, to +5.3% in 2023 (vs +6.3% previously estimated), +2.9% in 2024 (vs +3.4% previously) and +2.1% in 2025 (vs +2.3% previously). In her subsequent appearance, Lagarde says that upcoming…
The eurozone’s year-on-year inflation rate stood at 8.5% in February, down one tenth of a percentage point from January, according to Eurostat, the EU’s statistical office, while the underlying rate, which excludes the effect of energy and food, climbed to a record 5.6%. In this way, the year-on-year inflation rate in the euro area accumulates four consecutive months of deceleration and stood at its lowest level since May 2022, before…
Norbolsa | Repsol has decided not to develop the Liquefied Natural Gas terminal it had projected on the east coast of Canada for European supply, as it would not be profitable due to transport costs. To reach the terminal, the gas would have to be transported thousands of kilometres from western Canada, which would require a new pipeline network through Canadian provinces and northeastern US states that have resisted fossil…
Banca March | The collapse of SVB and Signature Bank has prompted the Fed to consider extending regulatory restrictions that so far only apply to large Wall Street banks. This would include stricter capital and liquidity requirements, as well as annual stress tests. Specifically, according to Reuters, the institution is currently reviewing the capital and liquidity requirements it imposes on banks, especially those with assets of between $100 and $250…
After yesterday’s session saw German two, five and thirty-year yields suffer their biggest falls in history, and the ten-year took its biggest cut since 1990; after the Eurozone’s interest rate peak was recalculated at 3.10%; and after the Euro’s biggest intraday fall since the 2020 pandemic; well, finally, the ECB remained unperturbed and raised interest rates by 50 bps, bringing the deposit facility to 3%. In the meantime, however, the…
The Ministry of Industry, Trade and Tourism published yesterday that Spain’s trade deficit stood at €3,955.8 million in January, 39.4% lower than in the same month of 2022 (€6,522.8 million). In the month analysed, the energy deficit reached €2,849.1 million, also significantly lower than the €3,358.6 million generated in January 2022, while the non-energy deficit stood at €1,106.6 million compared to €3,164.2 million in the same month of the previous…
Renta 4 : Credit Suisse has asked the Swiss National Bank to lend it 50 billion Swiss francs (€50.6 billion) of liquidity to strengthen it pre-emptively. In addition, the bank has announced a senior debt offering. This aid comes after the bank announced a review of its 2021 and 2022 accounts after finding flaws in risk measurement, and its main shareholder with a 9.8% stake said it will not inject…