Iberdrola will promote via its subsidiary Scottish Power Renewables a marine wind mega-project, called East Anglia Hub, which will add an installed capacity of 3,100 MW and involve an approximate investment of 6,500 million pounds (more than 7,600 million euros). The three projects will be procured together to leverage their scale with a continuous installation programme.
Unigestion | With the third quarter earnings reporting season behind us and investors looking at what’s ahead for equities, it is helpful to distinguish between short-term and longer-term factors. Over the short term, the context for stocks looks supportive, if perhaps less so than it did a couple of months back. However, pressures are building that may become significant headwinds for some firms.
Morgan Stanley | First sign of inflows in Europe: Europe has suffered the greatest outflow of flows during the last two years. According to EPFR estimates, there has been a 100bn outfow of dollars in shares and 50bn dollars in fixed income.
Spanish group Telefónica (TEF) announced an action plan focused on five points: (i) focus investments and growth in Spain, Brazil, the United Kingdom and Germany; (ii) creation of Telefónica Tech; (iii) creation of Telefónica Infra; (iv) operational spin-off of Latin America (Latam ex Brasil) and (v) redefinition of the corporate center. This leads to a reorganization of the current Executive Committee.
BOfAML | It is difficult for forward guidance to be credible when the institution is discussing whether any of its tools or targets are likely to be around in a few months. Embarking on a wide ranging discussion about monetary policy targets, communication and tools, with 25 relevant ECB board members, guarantees a cacophony. Volatility lies ahead for sure, we think.
José Benito de Vega | Grifols has had a very positive stock market performance in 2019, with a 35% revaluation compared to 9% of the IBEX35. The positive evolution of its results, its powerful cash flow generation and debt reduction, together with its potential growth thanks to a treatment for Alzheimer’s that is under study, explain the good behavior of the stock.
D. A. Meier (Julius Baer) | Based on a lead in polls, a Conservative majority is highly likely. Labour’s socialist manifesto seems too radical to spur a full catch-up. A hung parliament remains a considerable risk. After a Conservative victory, a moderate fiscal boost could limit the Brexit fallout. After a Labour win, its political agenda could erode its huge fiscal spending plans, despite a softer Brexit.
A&G Banca | The last macro data from November are generally better , but as the indexes of economic surprises point out, the rebound is less remarkable than the consensus forecast.
Jens Bastian (MacroPolis) | It was a visit worthy of a plethora of superlatives. The arrival of China’s President Xi Jinping in Athens (November 10-12) was termed a “vote of confidence” for Greece.
C. Ocaña and R. Torres (Funcas) | After several years of recovery, Spain housing market shows signs of deceleration, opening a debate about whether this is the prelude to the outbreak of a new bubble. At present there is no real estate bubble in Spain and, therefore, the effects of the slowdown in the real estate sector itself and in the rest of the economy will be limited. In other words, in the current scenario, an adjustment can be expected but not a “flat tire” of the real estate sector.