2023 has started with a new jump in the CPI, to 5.9%, after the decline that started in July last year from a record high of 10.8%. Clothing and transport lead the rise this month. And, although food is down slightly, some groups, such as fish, are starting to pick up again in the monthly statistics. Core inflation continues to soar, rising above the headline CPI for the first time…
Covid, inflation, stagnation of consumption… These are just additional problems for a sector that is currently facing the rise in the minimum wage, the rise in Social Security contributions, the fall in consumption… “And a suffocating regulatory framework: A business opening its doors in 2021 would be affected by more than 3,000 regulations of all kinds, from European to municipal,” explains Francisco Vidal, director of economics at Cepyme, the employers’…
Bankinter | Aena (AENA) airports recorded 16.9 million passengers in January, which is +2% compared to January 2019 (pre-virus) and compares with -2% in December. Compared to last year, it is up +63%, although it should be borne in mind that, at the beginning of last year, traffic was still affected by the Omicron variant. Analysis: Good news. Passenger traffic continues to improve in January, surpassing pre-virus levels for the…
Link Securities | According to data from the Japanese government cabinet, Japan’s gross domestic product (GDP) increased by 0.2% in 4Q2022 compared to 3Q2022, compared to a revised contraction of 0.3% in the previous quarter, although the reading was below the 0.5% growth expected by the analyst consensus, which was in line with the preliminary reading of the figure. Private consumption rose after the removal of tight border controls, and…
Norbolsa | The renewable energy company announces the purchase of the remaining 60% it did not already own of the photovoltaic and battery project developer Sofos Harbert Renewable Energy, consolidating its commitment to the US renewable energy market. This acquisition comes ahead of the three-year term of the initial contract and will become Grenergy’s subsidiary in the country. It is currently developing a portfolio of 1.9 GW of solar power…
Alicia García Herrero (Natixis) | As the world awaits the return of Chinese tourists, a long-standing question may reemerge. China has gradually opened its capital account over the past decade, but there are still considerable restrictions. As a result, tourism has become one of the channels for capital flights based on the difference between the balance of payment data in China and globally. But there is a major problem with…
The governments of Germany, Denmark, Estonia, Finland, Luxembourg, Latvia and the Netherlands have sent a joint letter to the European Commission in which they ask that the reform of the electricity sector in the EU be carried out under free market parameters and without price interventionism. The letter, to which the newspaper Expansión has had access, is a harsh blow to the proposal put forward by the Spanish government to…
The European Commission has raised its 2023 growth forecast to 0.9% vs 0.3% and lowered its inflation forecast from 6.1% to 5.65% for this year. The note highlights that domestic demand could turn out to be stronger than expected if the recent declines in wholesale gas prices are passed through to consumer prices more strongly, which we doubt, and consumption proves more resilient. In fact, this has had little reaction…
Link Securities | The Wall Street Journal (WSJ) reported on Friday that Russia’s government had that day announced that it plans to cut its oil production by about 500,000 barrels per day, or about 5 percent, starting next month, in a move it said was in response to Western sanctions. The newspaper notes that Friday’s move is the first in which Russia telegraphed a specific response to oil markets to…
F.R. | Helena Viñes, director of the CNMV, is the new Chair of the Platform on Sustainable Finance, the European body that advises the EC on sustainability, including the strategy and also the drafting of specific projects such as the taxonomy. Viñes will lead the new path of a Platform that has reduced its number of members from 57 to 35 in an attempt to improve its efficiency and operability….