Norbolsa | German consumer confidence improved slightly in December, as households became more willing to spend money ahead of the Christmas season, although less optimistic income prospects are preventing a stronger recovery. The consumer confidence index published by Gfk rose to -23.2 points in December from -24.1 points the previous month, in line with expectations.
Bankinter | The National Securities Market Commission (CNMV) has approved Neinor’s voluntary takeover bid for Aedas at a price of €21.335 per share, although this is conditional on the price having been agreed in advance with Aedas’ main shareholder (Castlelake, 79% of the capital). If 50% of the minority shareholders do not accept the offer, a mandatory takeover bid will have to be launched. Neinor has already announced that this…
Link Securities | The ECB’s Financial Stability Report warned yesterday that high valuations in increasingly concentrated asset markets increase the risk of sharp price adjustments. In the report, the institution noted that, since April, global stock markets have reached new all-time highs and credit spreads have remained tight in historical terms. In addition, the ECB warned that market confidence could change abruptly due to a deterioration in the growth outlook…
Link Securities | Cellnex (CLNX) CEO Marco Patuano said in an interview with Expansión newspaper that his company plans to invest between €2.5 billion and €3 billion in the coming years in the purchase of land where its towers are located. Last year, the company created Celland, a subsidiary specialising in this type of business. Patuano also identified defence, densification, transport and energy as the central pillars of growth in…
Banc Sabadell | Acciona Energía (ANE) is reportedly negotiating the sale of its wind assets in Galicia (26 wind farms with a total of 550 MW, which came into operation between 1998 and 2005) to the company Recursos de Galicia (a public-private partnership) for around €700 million, although the transaction is still in its early stages, as Recursos Galicia has only sent a non-binding proposal, according to Expansión. We would…
Bankinter | Iberdrola (IBE) and Echelon Data Centres (controlled by the US fund Starwood Capital Group) have formalised the creation of Echelon Iberdrola Digital Infra, the joint venture through which they will develop the data centre business in Spain. Echelon will hold an 80% stake in the joint venture and Iberdrola will hold 20%. Iberdrola will contribute its experience in renewable energy generation and in the development and management of…
The Spanish pension system has been in deficit for some time. Thus, this year, the payment of pensions will require a fund transfer of €50 billion that the Government must provide by diverting funds from other budget items. This amount—€50 billion annually—is exactly equivalent to what the Spanish State obtains by borrowing in the markets to finance the public deficit: €50 billion, or 3% of GDP. The OECD warns that…
Intermoney | Consumer confidence, as measured by the Empire State index, deteriorated significantly in November, falling to 88.7 points (from 95.5 previously). This figure was significantly below the consensus expectation of 93.3. Future expectations also took a clear step backwards to 63.2, while perceptions of the current situation fell 4.3 points to 126.9 points. Consumers’ perceptions of the current labour market were slightly weaker, and the labour market differential, the…
Link Securities | According to data published by the European Automobile Manufacturers’ Association (ACEA), passenger car registrations in the European Union (EU) grew by 5.8% year-on-year in October (10.0% in September), reaching 916,609 units. This marked the fourth consecutive month of growth, with three of the four largest EU markets recording gains. Registrations in Spain increased by 15.9%, followed by Germany, which rose by 7.8%, and France, which grew by…
Link Securities | At its meeting held on 25 November 2025, the Board of Directors of Metrovacesa (MVC), and in relation to the distribution of dividends charged to freely available reserves (share premium) approved by the Ordinary General Meeting of MVC on the same date, has agreed to make a payment of €1.12 gross per share on 23 December 2025. The most relevant dates in relation to this cash payment…