UBS | The regulator CNMC has kicked off an investigation on the competitive status of the Spanish power generation market. Endesa and Gas Natural Fenosa, the companies most exposed to it.
Spain’s government will change the way the banks’ DTAs are taxed to remove discrepancies with European law. The reform’s impact on the lenders will be €420 M in taxes against €28 Bn of DTAs.
BARCLAYS | Global equities are closing in on their worst quarter since 2011, with a number of factors fuelling fears in an already jittery market.
With all the talk of an imminent interest rate hike, there are likely to be winners and losers.
Even if money supply growth in the eurozone slowed by 0.5% to 4.8% in August, credit to households increased by 1% to 1.4%. In particular, mortgage loans rose 1.6% compared to July.
Spanish politics will be under the spotlight this week in Europe. The most likely consequence is that Spain’s risk premium will increase and the Ibex will underperform relative to other European stock exchanges.
UBS | Pro-independence parties in Catalonia have won a majority of seats – but not of the total of votes cast. As a result, we would advise investors to remain cautious about buying Spanish sovereign debt until some clarity emerges over the next steps of the new regional government.
Parties staunchly supporting independence have won the elections to the regional Parliament only in terms of seats, not votes.
ATHENS | By Nick Malkoutzis via Macropolis | By working with the Independent Greeks, Alexis Tsipras has taken a sledgehammer to the hopes of those who thought he might seek a more progressive alliance this time.
Fernando Barciela | Volkswagen appoints an insider executive as its new CEO, without explaining if the company’s leadership was aware of the fraud with diesel cars