Spain’s categorical refusal to invest more than 2% of its GDP in defense has sparked “discomfort” and “frustration” among NATO allies, especially those more committed to Europe’s defense. While other allies are in a similar situation, and the North Atlantic Treaty Organization is aware of this, there has not been such a firm rejection of investing more than 2% in defense. This comes even after NATO Secretary General Mark Rutte…
Alphavalue/DIVACONS | “An unwanted headache for Prime Minister Pedro Sánchez”. This is how Bloomberg describes the government’s attempts to stop BBVA’s takeover bid for Banco Sabadell. According to the US media outlet, opposing the takeover “seemed like an obvious decision” when it was announced a year ago. However, Bloomberg quotes sources close to Sánchez as saying that the president “is caught between a rock and a hard place, looking for…
Bankinter | General Dynamics closes the door to the acquisition of its Spanish subsidiary (Santa Bárbara Sistemas) after presenting its 2030 strategic plan. Indra (IDR) expressed three months ago its interest in buying Santa Bárbara Sistemas. However, Santa Bárbara Sistemas is owned by General Dynamics, which yesterday presented its strategic plan in Spain: “Industrial and Technological Plan 2025-2030”. The main points are to increase the production capacity of ground vehicles,…
Link Securities | According to a new report published by the OECD, its analysts expect global gross domestic product (GDP) growth to slow this year, with projected growth of 2.9% in both 2025 and 2026, down from 3.3% last year. These analysts justified this weaker outlook to rising global uncertainty, driven mainly by changes in US trade policies. In its report, the OECD warns that more trade barriers could further…
“Child poverty is a significant structural challenge that undermines upward social convergence and future competitiveness. More than one in three children are at risk of poverty or social exclusion.” Brussels confirms this harsh reality in its report on Spain for the European Semester, published yesterday. Eurostat data indeed shows the rate reaching 34%, and furthermore, no other Eurozone country surpasses the Spanish figure. The second is Greece, with a figure…
Banco Sabadell: According to press reports, the U.S. District Court for the Southern District of New York has agreed to investigate Gotham City Research for defamation following the bearish report published on Grifols in January 2024. At the same time, it rejects four of the five charges brought by Grifols (illicit enrichment or interference with business relationships, among others). The court has also explicitly rejected the defendants’ attempt to invoke…
Banc Sabadell: Trump will impose an additional 25% tariff on steel imports which would leave the tariff burden on these products at 50%. Assessment: Negative news given that we understand that although at first the company stated that the impact of the tariffs could be positive, the fall in the dollar, together with the fall in demand linked to the uncertainty, would be weighing on the business. Thus, despite its…
Link Securities | According to the Statistics on Tourist Movements at Borders (Frontur), published by the National Statistics Institute (INE), Spain received 8.6 million international tourists in April, 10.1% more than in the same month of 2024. The United Kingdom was the main country of residence, with more than 1.6 million tourists and an increase of 11.1% compared to April 2024. From Germany came 1.3 million (up 13.7%) and from…
Bankinter | A document/letter from the US government has been leaked, inviting all countries to submit their “best tariff offer” today, June 4, to complete the deals as soon as possible. So far, the US has only concluded a deal with the UK. Then, according to the letter (it is not known which countries have received it), the US government will respond within days with the tariff measures it believes…
Alphavalue/DIVACONS | The Mason Capital fund, which owns 3.174% of Grifols’ (GRF) class A shares, has expressed its support for the blood products company’s board of directors by backing the list of candidates proposed for election at the next ordinary general shareholders’ meeting, scheduled for Thursday, 5 June. Grifols: Buy, Target Price €14.6/share