Repsol announces timetable for capital increase
Repsol (REP) has communicated the timetable foreseen for the capital increase approved by its last Shareholder General Assembly within the framework of the “Repsol Flexible Dividend” Programme
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Weak demand forces ArcelorMittal to cut production in Europe
Renta 4 | Arcelor Mittal (MTS) has announced that it will reduce its production in Europe (50% of the total in Q119) due to demand conditions in the market. We are downgrading our forecasts, which already imply a significant fall in EBITDA in 2019 compared to 2018 (R4e -18%).
More mortgages in Spain, but smaller
BancaMarch | The amount of mortgages conceded in March rose +23.2% yoy, which implies a slowdown compared to the +31.2% registered in February.
Eurozone banks store almost 2 Bn€ which they return to the ECB because of the troubles in “putting it to work”
Market concerns persist, and there seems nothing in the short term that will change this. In fact, the latest ECB Financial Stability Report gave evidence of the nest of problems and risks in which we have found ourselves for some time, while recalling the downside balance of current risks, analysts at Intermoney point out.
What Germany’s “Green Wave” Means
Julian Göpffarth via Fair Observer | The Green success in Germany hardly comes as a surprise. While in the past years the rise of the far-right Alternative for Germany (AfD) dominated German politics, more recently the Greens’ consistently strong performance in the polls pointed to a trend almost diametrically opposed to the AfD’s nativism. The Fridays for Future demonstrations for a more determined political action against climate change were particularly strong in Germany. They indicate that a new generation is entering German politics. In opposition to the AfD, this generation is pro-European and anti-nationalist. But, like the AfD, it is a trend against politics as usual.
Trade & Tariffs: A Wider View
David F. Lafferty (Natixis) | Volatility has returned and the red hot stock market that began the year has now downshifted closer to neutral. While the macro data continues to be lackluster – consistent with our view that the global economy is decelerating towards potential – much of the recent malaise has been driven by the on-again, now off-again US/China trade negotiations.
Brussels-Rome pulse complicates the scenario for investors
Link Securities | We highlight the negative impact that the new conflict between the European Commission (EC) and the populist government of Italy is having on the European securities markets and on the euro. Rome has not taken the necessary measures to contain the public deficit, which it will lead to a further increase in Italian public debt, whose weight could surpass 135% of GDP in two years.
Vidrala: + 1% profits against the fall of the Ibex (-8%)
José Benito de Vega | In the last twelve months, the Spanish firm Vidrala has had a better stock performance than the IBEX35, with a revaluation of 1% compared to a decrease of 8% in the index, although the stock has not been spared from moments of volatility.
European banks: company credit growth registers highest growth rate in 10 years
Bankinter | The private sectors credit stock increases +3.4% in April (vs +3.2% before). A strong performance in company credit stands out (+3.9% vs 3.6% before) as well as credit for buying houses (+3.6% vs +3.5% before).
Ibex 35, 13 June: possible entry of MasMovil
Renta 4 | On 13 June the Ibex´s Technical Advisory Committee will hold a routine meeting. If we look at the volumes traded over the last 6 months, MasMovil is a clear candidate to enter.