Oriol Aspachs (Caixabank Research) | We already have indications that the economy is losing steam. On the one hand, the Purchasing Managers’ Indices (PMIs) for both the services and manufacturing sectors show a clear downward trend…Household consumption, the main pillar of the economy (it represents around 55% of GDP), is also weakening.
Banc Sabadell | Siemens Gamesa CEO has assured that 10-15% of the projects with profitability problems (they would be registering losses) related to the new 5.X platform will extend to 2024. This compares with the previous estimate which put these projects’ definitive exit from the portfolio in 2023. We recall that the projects in the company’s portfolio with profitability problems linked to the 5.X platform account for some 2 billion…
The president of the Generalitat Valenciana, Ximo Puig, plans to save 150 million euros (3.6% of tax revenue) for 1.34 million Valencian taxpayers (97.4% of the total) with a retroactive reduction in personal income tax, an increase in the minimum exemptions and a 10% rise in all regional tax deductions. The reduction is more ambitious than the PP’s deflations, very focused on reducing wealth, and contrasts with the Treasury’s refusal,…
Intermoney | Acciona Energía (ANE) (Buy, Target Price 41 euros/share) has signed a 10-year Power Purchase Agreement (PPA) with Australian electricity distributor ZEN Energy. The Spanish company said on Monday, while the market was open, that it will supply 200 GWh/year of 100% renewable energy from its Waubra wind farm. Located in the state of Victoria, the wind farm produces energy equivalent to the demand from over 138.000 homes. Through this…
Link Securities | Siemens Gamesa has asked the European governments to declare the renewables industry as one with strategic importance. This is to enable the development of the necessary technology and capacities which the European Green Deal requires. And, in this way, maintain leadership for Europe, under threat from the current crisis caused by Russia’s invasion of the Ukraine, according to the daily NegociosTV. Siemens Gamesa has prepared a “white…
The Organisation for Economic Co-operation and Development (OECD)’s analysts, in their new economic growth projections for 2022 and 2023, have revised Spain’s gross domestic product (GDP) growth for 2022 upwards by three tenths of a percentage point to 4.4% compared with their June estimate. Meanwhile, they have lowered their projection for Spanish GDP growth in 2023 by seven tenths of a percentage point to 1.5%. With regard to inflation, the…
According to the newspaper El Economista, the more than 14 months that have passed since the government approved its Recovery Plan, backed by European Next Generation aid, is now sufficient time to make an initial assessment of the management of the aid. There is an absence of official statistics on the funds that reached their final recipients. However, a comparison of EU statistics and the most recent statistics from the…
Bankinter | S&P has cut Grifols debt rating, while Moody’s and Fitch leave theirs unchanged. The board issues a statement reaffirming business plan. The updated ratings are: S&P B+ (previous BB-); Moody’s B1; Fitch BB-. S&P highlights that the process of debt reduction could go slower than forecast amid difficult market conditions. It has maintained its outlook at Neutral. Both Moody’s and Fitch flag Grifols’ market positioning, its integrated business model,…
Renta 4 | According to the press, Iberdrola (IBE) would have hired Barclays for the sale of a 49% stake of 1.200 MW of renewable projects, 80% of which are solar and the remaining 20% wind (200 MW already in operation). This move would be aimed at incorporating a strategic partner in the business and obtaining financing to continue developing its investments, without putting pressure on its balance sheet. (The company…
Franco Macchiavelli (Activotrade) | During Monday’s Asian session, sterling experienced a flash crash with percentage falls not seen since Brexit. In just 20 minutes, sterling plunged to near parity with the dollar at the 1.03 level (Asian session lows), levels not seen since 1985. In addition to the sharp fall in the currency, bonds also experienced intense moves, with jumps of 50 basis points (the largest daily jump in UK…