Relevant News Item

Relevant News Item 30th November 2023

Number of mortgages granted in Spain falls by -29.6% year-on-year in September, and -17.2% in year to date

Ibercaja| The number of mortgages on homes granted in Spain fell by -29.6% year-on-year in September, the average amount remained stable (0.0% at €143,186) and the total amount granted fell by -29.7%. So far this year, with data accumulated from January to September, the fall in the number of mortgages granted is -17.2%, in the average amount -2.1% and in the total amount granted -18.6%. The number of mortgages granted…

Relevant News Item 29th November 2023

Ferrovial sells its 25% stake in Heathrow Airport for £2.368 billion

Ferrovial (FER) has announced in a Significant Event to the CNMV (National Securities Market Commission) that it has reached an agreement to sell its entire stake (approximately 25%) in FGP Topco, parent company of Heathrow Airport Holdings Ltd. for £2,368 million (approximately EUR 2,735 million). The current sterling value of FER’s stake in Heathrow Airport Holdings Ltd, according to FER’s consolidated accounts, is €0. The deal has been reached by…

Relevant News Item 28th November 2023

Bank of Spain warns of wage rises above collective bargaining due to difficulty in filling new vacancies

Banca March: It is becoming increasingly difficult for companies to fill jobs that require a high level of training or specific knowledge. Thus, salaries for new vacancies are growing at a year-on-year rate of 6% compared to the 3.4% wage increase agreed by collective bargaining agreement. The Governor of the Bank of Spain explains the reasons for the tightening of the market – the mismatch between job vacancies and job…

Relevant News Item 28th November 2023

Santander, only Spanish bank on FSB list of 29 financial institutions of global systemic importance in 2023

The Santander is once again the only Spanish bank to appear on the list of 29 financial institutions of global systemic importance in 2023, according to the classification drawn up by the Financial Stability Board (FSB) and published in the newspaper Cinco Días. Inclusion in this systemic bank category means that banks will have to assume additional capital requirements to cover the risk in the system due to their size….

In Spain, Relevant News Item 21st November 2023

Fitch confirms Spain’s rating at ‘A-‘, outlook Stable while Moody’s warns of “negative impact” of political deals

Bankinter| Fitch confirmed Spain’s rating last Friday, based on the diversification of the economy and institutions, backed by eurozone membership. The Stable outlook is based on the expectation that the new government will continue to implement policies in line with the Recovery and Resilience Plan. Despite this, it also cautions that “increasing political polarisation” and reliance on separatist support “could pose challenges”. The outlook for GDP growth of +2.3% in…

Relevant News Item 20th November 2023

Javier Milei to be new president of Argentina after winning election with 55.69% of votes

With a turnout of 76% and 99.26% of the polling stations counted, the leader of La Libertad Avanza obtained 55.69% of the votes compared to Sergio Massa’s 44.30%. Moreover, he did so in all provinces. Milei won the elections by proposing a radical change in the system in a country jaded by traditional politics, which has experienced a 142% increase in inflation in the last 12 months and a 50%…

Relevant News Item 30th October 2023

Record 3Q23 results for IAG, revenues of €8,646m, comfortably beating 2022 (+18%) and 2019 (+22%) figures

Intermoney : Better than expected results at all levels. Well ahead of 2022 and 2019 data. Capacity reaches 95.6% of that achieved in 2019, but higher tariffs allow improvement on pre-pandemic results: Revenues of €8,646m, +18% vs 3Q22 and +19% vs 3Q19. Above our estimates (€8,351m) and below consensus (€8,832m). EBIT of €1,745m, +45% vs. 3Q22 and +22% vs. 3Q19, reaching its historical record in a 3Q. Above both our…

Relevant News Item 28th October 2023

Eurozone money supply continues to contract for third consecutive month

Banca March: Eurozone money supply continues to contract for the third consecutive month. On Wednesday we learned that the euro zone’s money supply (M3) fell by -1.2% year-on-year in September, a tenth of a percentage point less than in the previous month (-1.3% in August), showing that the effects of the ECB’s official rate hike are being passed on to the money market. Specifically, if we look at the evolution…

Relevant News Item 23rd October 2023

Bonds in strongest bear market in history

Morgan Stanley analysts explain that we are in a “Bear market for bonds: The US 10-year bond touched 4.99% on Thursday, the highest level since 2007, and the curve now has the steepest slope since 2013. Bonds have experienced the strongest bear market in history, while equity returns on bonds are at record highs.” According to Intermoney analysts, the market has experienced in the third quarter “The biggest drop in…

Relevant News Item 20th October 2023

Eurozone loans grow at 0.6% year-on-year over last 12 months

Morgan Stanley analysts explain that Eurozone loan growth is already lower than in the UK or the US (0.6% year-on-year vs. 5% in the US and 1% in the UK) and that they expect loan demand to remain weak in the third quarter. Therefore, they expect European banks’ loan growth under coverage of 1-2% 2023 and 3% in 2024/25.

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