While the government approves a reduction of the working week from 40 to 37.5 hours by decree, the absenteeism rate in Spain has not stopped increasing since the end of the pandemic. It rose to 7.4% in the fourth quarter of 2024, which is two tenths of a percentage point higher than in the same period of the previous year, while absenteeism due to Temporary Disability (IT) has already reached…
Link Securities | According to Reuters, shipping agencies based in China have resumed purchasing container space for goods bound for the US after a series of cancellations imposed by US tariffs, as both governments prepare to begin trade negotiations. In this regard, the agency notes that trade between the world’s two largest economies has plummeted since US President Donald Trump imposed tariffs of 145% on Chinese-made products on 10 April,…
Bankinter | Moody’s confirms its rating at Aaa, with a stable outlook. It views the defence and infrastructure investment plan positively and revises its growth forecasts upwards by 0.5 p.p. to 1.4% in 2026 and 1.3% on average between 2026 and 2023. For 2025, it still expects the German economy to remain stagnant. Analysis team’s view: Good news. The support of the rating agencies should bolster the Bund, following the…
Renta 4 | Negative. Acerinox has published its results for Q1 2025, which reflect the slowdown in demand caused by uncertainty generated by tariffs in the United States, a circumstance that has caused Q1 2025 figures to be slightly below our estimates and those of the market consensus (Q1 2025 EBITDA €102 million, compared to Renta 4’s estimate of €111 million, and €109 million, consensus). Neutral/slightly negative impact on the…
Spain has filed an appeal with the US Supreme Court claiming sovereign immunity to avoid paying three arbitration awards totaling €358 million in favor of NextEra, 9Ren, and Blasket, stemming from the cuts in subsidies for renewable energy projects between 2010 and 2013. In the document, dated May 1st and accessed by the newspaper Expansión, Spain requests that the court annul the judgment issued in August 2024 by the Court…
Link Securities | Banco Sabadell (SAB) reported yesterday that, given that capital was generated at a faster rate than announced in Q1 2025, the entity will be able to allocate €100 million more than estimated this year to remunerate its shareholders. In total, the planned distribution charged to 2025 results will be €1.3 billion between cash dividends and share buybacks, which, added to the €2.1 billion charged to 2024, amounts…
Intermoney | The company (Hold, PO €65) has just announced its Q1 results and will hold a conference call at 1 p.m. CET. The main figures, which we show in the table below alongside our forecasts, show a slowdown in growth due to market weakness in North America. Air bookings and passengers boarded grew by 2% and 6% in Q1 2025, compared to 5% and 11% in 2024 as a…
Intermoney | Sacyr (SCYR) (Buy, Target Price €4.4/share), the Group has been awarded a water cycle concession in the region of Antofagasta (Chile), which will involve an initial investment of €260 million, with a duration of 35 years. This is the largest water reuse project in Latin America, which involves the construction of a wastewater treatment plant for subsequent commercialisation. The main function of the project will be to capture…
Banco Sabadell | According to press reports, Iberdrola will halve its investment in renewable energy next year, from around €8 billion to €4/€5 billion per year. Iberdrola has decided to continue rebalancing its investment effort towards networks and reduce its investment in renewables, where it will invest selectively. Thus, between 2024 and 2026, the investment forecast for networks amounts to €21.5 billion. Of the €15.5 billion it will invest in…
Link Securities | The Department of Commerce reported that the US trade deficit stood at $140.5 billion in March, reaching a new monthly record and exceeding the $132.4 billion projected by the FactSet consensus of analysts. In February, the trade deficit stood at $123.2 billion. In March, imports rose 4.4%, reaching a new all-time high of $419 billion, as many customers brought forward purchases in anticipation of the upcoming tariff…