Prime Minister Pedro Sánchez will finally receive the President of the United States, Joe Biden, this Tuesday at the Moncloa Palace. This will be with a view to staging what the Executive has endeavoured to ensure is a solid bilateral relationship after the failed meeting a year ago that ended in a brief chat lasting barely 30 seconds. The US president is travelling to Madrid for the NATO summit, an…
Intermoney | Acciona (Buy, Target Price 210 euros) has informed the Stock Market Regulator (CNMV) that it has subscribed to a capital increase carried out by German wind turbine manufacturer Nordex SE. The Spanish company has subscribed to 10% of Nordex’s capital, with exclusion of pre-emptive subscription rights available to the rest of the shareholders. As a result of the above-mentioned operation, Acciona’s share in Nordex has increased from 33.6%…
José Ramón Díez (Caixabank Research) | The global economic scenario continues to face the effects of a triple shock on global supply (bottlenecks, war and zero-COVID policy) which is keeping commodity prices strained, continues to erode confidence among economic agents and has sent alarm bells ringing in the financial markets, with increased volatility and sharp price corrections. In spite of all the above and the scarcity of information published for…
Renta 4 | Silvia Iranzo tendered her resignation after the cessation of 5 independent Board Members at the AGM held last Thursday. There are now just two independent Board Members, Ignacio Martín and Francisco Javier García Sanz, who could resign very soon. Stock Market Regulator (CNMV) chairman, Rodrigo Buenaventure, described the events at the AGM as “striking and worrying”. He added that the regulator will analyse what took place “rigorously and…
The package of measures – valued at 9 billion euros and approved last Saturday by Pedro Sánchez’s government – to contain the impact of the inflationary spiral, comes into force today. The Royal Decree, with measures ranging from pensions to the butane cylinder, electricity generation and the gas market, was published in the BOE yesterday, Sunday. This was just hours after being announced by the Prime Minister following an extraordinary…
Bankinter | The UK’s Heathrow airport has improved its passengers’ estimate for 2022 to 54,4 million, which would mean a recovery of 67% of 2019 levels. It’s an improvement of 3% on the 52,8 million forecast in April. The company foresees revenues doubling to 2.593 billion pounds and adjusted EBITDA growing 257% to 1.370 billion pounds. That said, it has warned that uncertainty remains high and that there are significant…
Intermoney | The Italian government has decided not to oppose the bid launched for Atlantia by the Benettons and Blackstone, according to the daily Cinco Dias. In theory, the Italian executive could have invoked the special powers it still has over Atlantia and other strategic sectors. However it has declined to do so. The price of the bid is 23 euros in cash, which values the concessionary at some 19…
The PSOE will register a bill in Congress to enable the General Council of the Judiciary – which was prevented by decree from making new appointments while it remains in office – to make only the appointments of the two judges of the Constitutional Court. The Government is determined to renew the Constitutional Court (TC). To this end, it is going to register a parliamentary initiative that will allow the…
Surprisingly, outside the agenda of the General Shareholders’ Meeting, the representative of Amber Capital – which controls Grupo Prisa (El País, la SER…) and announced a week ago it also controls 4.1% of Indra – has proposed the removal of 4 of the company’s remaining independent directors: Alberto Terol, Enrique Leiva, Carmen Aquerreta and Ana de Pro. A proposal that has had the support of 53% of the capital, including…
Trinh Nguyen (Natixis) | With the Fed persisting on raising rates in the next several months after its jumbo 75bps rate hike and Asian inflation accelerating, Asian central banks that choose to hold rates or trail the Fed substantially are de-prioritizing the inflation fight by letting their FX weakens versus the USD, absorbing more inflationary pressures on the import side. With Southeast Asia demand normalizing, supply shocks lingering, inflationary pressures…