Intermoney | The EU is the area that would be worst off in the event of a war in Ukraine. At this point, it is worth remembering that Russia was the first supplier of the EU in terms of energy raw materials in a normal year such as 2019. In that year, 46.7% of the EU’s imports of solid fuels (i.e. coal), 41.1% of those related to natural gas and…
Link | Repsol today presented its results for the 2021 financial year, of which we highlight the following aspects: -Revenues reached EUR 52.13 billion, an improvement of 49.1% year-on-year, and slightly higher (+1.2%) than the FactSet consensus estimate. – EBITDA in CCS terms (at replacement cost) reached EUR 7.071 billion (+73.1% y-o-y; +6.8% consensus). -Adjusted net profit, which measures the performance of the businesses, reached EUR 2.454 billion in 2021,…
The number of registered workers in the Eurozone exceeded in the fourth quarter of 2021 the figure recorded in the same period of 2019, thus recovering for the first time the level of employment prior to the Covid-19 pandemic, according to data published by Eurostat. According to the EU office, the number of employed people increased in the fourth quarter by 0.5% in the Eurozone and in the European Union…
Alicia García Herrero (Natixis) | China’s debt-to-GDP ratio continued to decrease in Q4 2021 to 264.3% from 266.5% in Q3. Notwithstanding the deleverage path in 2021, the debt is still much higher than the pre-pandemic one (247.5% in Q4 2019). Chinese corporates contributed the most to the deleveraging process, as their debt to GDP ratio further dropped to 155.1% in Q4 2021 from 158.3% in Q3 2021. Because of the…
Mathias Pleissner (Scope) | House prices in Europe may have peaked during the pandemic. The 10.6% price increase in the 12 months to the third quarter of 2021 may have been the final sprint. The last time prices grew by double digits was in 2017, a year before they plunged 15%.House prices continued to be driven by ultra-low interest rates, a lack of investment opportunities, historically high household savings levels…
Renta 4 | The private equity fund of the Spanish public credit institution ICO, Axis, has commited to invest 30 million euros in Everwood Renewables Europe V FCR, the fifth clean energy investment vehicle raised by the management company Everwood Capital. The European Investment Fund, part of the European Investment Bank (EIB), has also entered into this investment. In December, the European Union body pledged to invest 50 million euros….
The Association of Infrastructure Maintenance and Operation Companies, (ACEX, in its Spanish acronym) demands that the Government approve price review mechanisms for new contracts for road maintenance services, as is already being applied by the Ministry of Transport and all its related public companies, the newspaper elEconomista.es reports today. It also demands that it also introduces compensation formulas for projects that are already underway, as the Executive intends to establish…
Ali Batuhan Barlas / Adem Ileri / Seda Guler Mert / Sinem Senel / Yesim Ugurlu Solaz (BBVA Research) | Industrial Production (IP) surprised onthe upside, increasing 14.4%yoy in calendar adjustedterms (vs market expectation of 0.8%). IP also rose by 1.6% mom, resulting in a 4.3% quarter-on-quarter growth in 4Q21 (vs 2.0% qoq in 3Q21). Both retail sales and turn over index in the services sector suggest that consumption remains…
ICEX- Investing in Spain | The volume of private equity investment in Spain reached 7.494 billion euros in 2021, according to the first estimates obtained by the Spanish Association of Capital, Growth and Investment (Asociación Española de Capital, Crecimiento e Inversión, ASCRI) through the European EDC platform. A total of 841 investment transactions were closed and did not suffer as a result of the pandemic. In fact, it was a…
In 2021 the prorated minimum wage in Spain rose to 1,126 euros. This is 24% more than the European average, and much higher than Portugal, the Czech Republic or Lithuania, to name but a few of the countries that have surpassed us in terms of GDP per capita in recent years, explains Daniel Rodríguez in Expansión. The Spanish government – which has agreed with the trade unions to raise the…