Renta 4 | Spanish bank BBVA´s Board has approved the payment of the dividend on account of the 2019 results for a gross amount of 0.1 euros/share (versus 0.12 euros/share expected by R4), which implies a return per dividend of 2.2%.
Bankinter | After the WTO authorised the US to impose tariffs of 5.5 billion dollars on Europe, the Office of the US Trade Representative (USTR) announced the imposition of tariffs from 18 October.
Alphavalue | The bank aims to finance or re-finance green activities, social or sustainable.
Banc Sabadell | The bank guarantees of around 1 Bn€ held by Ferrovial´s Services Division (which we value at approximately 2.5 Bn€; ~7X EV/EBITDA) are complicating its sale and could lower its valuation to 2 Bn€ (vs 2.5 Bn€ rumoured).
MasMovil has closed a new agreement with Orange which includes both the mobile network (including 5G and extending it to 2028/2033) and Fibre to Home – FTTH – (including an additional 5.2 M UI) and at the same time has updates its estimates (2019/2020) extending them to 2021.
J. Fels/ A. Balls (PIMCO) | In looking at the investment implications of the cyclical window of weakness for the global economy, we note global rates markets price in recession-like conditions already, while corporate credit markets and risk markets more generally appear to price in better outcomes, either in terms of the macro outlook, the efficacy of central banks in continuing to supress volatility, or both.
(European Views) | The EU and Japan last week signed an infrastructure agreement aimed at linking Europe and Asia in a barely veiled bid to counter China’s controversial Belt and Road Initiative.
Behind this worse performance is the elevated weight of the banking sector in the Ibex-35, being one of the sectors with the worse performance – the Euro Stoxx Banks has risen 0.76% this year – as well as the country´s political instability, which keeps many investors on the side-lines of our market.
Gerardo del Cerro Santamaría (The Conversation) | Megaprojects are reconfigured spaces in which the role of the local, regional, and national elites, as well as the role of national and sometimes transnational capital, is usually prominent. They can include urban regeneration schemes, transport and energy infrastructure, industrial corridors, city clusters, new towns, innovation districts, science and technology parks and sports infrastructure.
Gilles Moëc (AXA Group) | We knew that the European Central Bank (ECB) was very divided in the run-up to the Governing Council meeting on September 12th, but two weeks later the fallout of what must have been a very fractious discussion is still very much here.