Banca March : In monthly terms, retail consumer spending grew by +0.4% month-on-month, driving an acceleration in retail sales growth to +5.5% year-on-year. Moreover, if we analyse the performance excluding service stations and corrected for seasonal and calendar effects, a +6.3% year-on-year change was recorded in January. By type of product: Food declined by 1.7%, while others rose by 15.0% (among this item, of note was the increase in personal…
F.R. Better Finance (BF), the European organisation representing, through national associations, four million EU retail investors, has once again drawn attention to the “problem of conflicts of interest in the distribution of retail investment products” – including sales commissions paid by providers to distributors – at the meeting of the Governmental Expert Group on Retail Financial Services convened by the European Commission (EC). BF also pointed out the shortcomings of…
The Fundación de Estudios de Economía Aplicada (Fedea) warned on Monday that the pension reform that is under way “condemns the contributory component of the public pension system to a basic deficit (before transfers) that will be “high and rapidly increasing over the coming decades”. After analysing the pension reforms as a whole (those already approved and the final phase that is now being negotiated), Fedea calculates that around 2050…
Santander Corporate & Investment | The final outcome will probably be determined by the economy but, as our economists remind us, the 4Q eurozone GDP data released late last week (0.0% quarter-on-quarter and 1.8% year-on-year, Exp 0.0%/1.9%, Last 0.4%/2.4%) mask weak dynamics. The fact is that most of the growth is coming from public spending while weak domestic demand was dragging down imports and explaining the second (poor) growth driver:…
By Greg MA Hirt, Global CIO, Multi Asset, AllianzGI | Last week Silicon Valley Bank (SVB), a bank that specialized in the financing of technology start-ups, came under tremendous difficulties due to massive mark-to-market losses on its portfolios of long-duration bonds, triggering a wave of deposit outflows. This was followed by high market volatility – especially in the US banking sector – with S&P 500 banks shedding more than 15%…
Link Securities | In his first press conference after becoming China’s new premier, Li Qiang said it will not be easy for China to reach the 5% growth target, and that it will require redoubled efforts. Li reiterated the specific policies developed last December at the Central Economic and Labour Conference (CEWC) and prioritised stability in growth, prices and employment. In addition, Li said China will coordinate macroeconomic policies by…
The Spanish group leads a joint venture selected to replace dry dock number 3. The initial scope of the award is $2.839 billion (about €2.665 billion). It may, however, go further. ACS has been awarded this important contract by the US Navy through its construction company Dragados USA and teaming up with local firms Hawaiian Dredging and Orion. The work will take place at the Joint Base Pearl Harbor-Hickam and…
The Government and social partners will meet again today at 4.30 p.m. to discuss the pending issues of the second phase of the pension reform following the proposal presented last Friday by the Ministry of Inclusion, Social Security and Migration, with the backing of the European Commission and Unidas Podemos. This is a reform that the employers’ association opposes head-on because it is “populist” and means “voracious tax collection”, given…
Banca March | As part of today’s meeting between Von der Leyen and Biden at the White House, the two leaders are to discuss a plan to reduce dependence on China, including an agreement on the extraction of critical minerals such as lithium and nickel. While the arrangement would not be a free trade agreement, it would allow the EU to meet the standards required to qualify for Inflation Reduction…
Intermoney | The UK’s airport regulator decided on Wednesday that Heathrow’s airport charges should be lowered because passenger numbers have recovered faster than expected. In 2021, Heathrow was given permission to increase passenger charges for airlines from £19.60 to £30.19 by summer 2022 and the average passenger charge for 2023 is £31.57. This should fall to £25.43 in 2024 and remain flat until the end of 2026. Heathrow wanted charges…