MasMovil enters the Ibex with an applicable coefficient of 80%
Renta4 | In Spain, the Technical Advisory Committee of the Ibex decided in its ordinary meeting, as expected, to include MasMovil in the index from 24 June, replacing Tecnicas Reunidas.
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The Corner
US labour market is weakening, but not by much
Despite weak employment creation data, analysts at DWS point out that the US labour market probably remains too vigorous in general to justify the Fed cutting interest rates.
Deposits key component in Spanish households’ financial risk, more than 113% of GDHI
José Luis M. Campuzano (Spanish Banking Association) | This week the Bank of Spain published an interesting analysis of household financial flows and balances at the end of 2018. Families have continued to reduce bank debt to 96% of gross disposable income (gross disposable household income – GDHI) and 59% of GDP.
Telefonica awarded 90 MHz in German 5G
The German auction of 5G frequencies ended this week. Telefonica’s subsidiary in Germany was awarded a total 90MHz, for a cost of 1.425 Bn€, 22% of the total raised by the auction of 6.55 Bn€, higher than the expected 5 Bn€. Telefonica Deutschland was awarded 2 blocks in the 2GHz band and 7 blocks in the 3.6 GHz band. The assignment of the 2 GHz block will happen on 1 January 2021 and the other on 1 January 2026.
Spain Seizes Good Moment In Risk Premium To Issue 10 Year Syndicated Bond
The Spanish Public Treasury has captured 6 Bn € with a new syndicated 10 year bond, with a demand five times greater, after raising great interest among national and international investors. Spain’s risk premium remains stable around 80 base points.
The Fed Sneezes, The World Central Banks Catch A Cure
BoAML | A combination of weaker growth and low inflation is driving an ongoing monetary easing. So far this year, nine out of the 35 central banks we actively cover have cut rates and only three have raised rates. Over the rest of the year, we expect cuts by 14 central banks,
Oil Prices: Dipping Below 60 $ As Fears Become Fact
The Corner | For the second time this month, oil prices dropped below 60 $ per barrel. Growth concerns and a bearish market mood drove the latest sell-off, but fundamentals are now adding to the price pressure. US oil inventories swelled unexpectedly and led to a drop in oil prices.
The Car, A Key Sector In Europe: Stimulates The Rest Of The Sectors Of The Economy
CaixaBank Research | The car sector’s contribution to the economy goes beyond its own production volume. In fact, it generates a significant spillover effect. Estimates say that 1 € rise in the production of cars generates a rise in the total production of the European economy of 2.4 €.
Bankia and Unicaja, the most sensitive to a dovish ECB; Caixabank and Santander remain top pick
Morgan Stanley | We lower profit estimates for Spanish banks at an average 4.6-5% for 2020-2021 given the sensitivity of these to a further flattening of the rate curve as a result of a more dovish ECB.
Profit growth in Europe between 7-9% for 2019
Santander AM | Stock markets maintain strong profits this year. The strength of the profit taking as a result of the new tariff increases to China should not hide their good behavior along the year.