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Urbas sells two blocks of new rental housing in Bilbao for €98 million

Alphavalue/DIVACONS | Urbas (UBS) announced to the CNMV the signing of a sale and purchase agreement whereby it has agreed to promote turnkey, to transfer on completion, to a European institutional fund specialising in residential, two blocks of new build rental housing on Isla Zorrotzaurre, Bilbao’s new Manhattan, the most important area of urban development and urban regeneration in the city in recent years, a development consisting of 314 homes,…


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Inflation rises to 2.3% in July, food up 10.8%, core climbs to 6.2%

CdM | Prices resumed their upward trend in July. The National Statistics Institute (INE) has confirmed that inflation rose in the seventh month of the year to 2.3%, which is two tenths of a percentage point more than the previous month and four tenths of a percentage point in the year-on-year rate. For its part, core inflation rose by three tenths of a percentage point to 6.2%. The rise in…


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Earnings revisions recover but seasonality points to further falls

Morgan Stanley: Last week, analysts noted that the S&P 500 earnings revision breadth had fallen below 0% for the first time in several months. Now, this breadth has reversed back to positive again. What is interesting is that earnings revisions breadth follows a pattern very much in line with historical seasonality, which would point to further declines in October. This observation is repeated globally so earnings revisions for 2024 could…


gas infrastructure

Uncertainty over winter gas supply: Dutch TTF gas price corrected by 7.5% on Thursday, after 28% hike

Renta 4: European stock markets point to a bearish opening (Eurostoxx futures -0.50%, after a Thursday session in which a better-than-expected US CPI data rebounded from the previous month (3.2% against 3.3% estimated and 3.0% previously) encouraged the markets in the last part of the session in Europe, only to end up deflating at the close of the American session. Although the rise from the previous month is minimal, US…


UE gas

Price of TTF natural gas contracts reaches 40% increase, exceeding €40/MWh

Renta 4 : Stock markets point to a positive opening (Eurostoxx futures +0.67%), after a positive Wednesday session in Europe in which the markets welcomed the Italian government’s decision to limit the tax on banks announced last Monday. In this sense, the government has clarified that the tax cannot exceed 0.1% of the assets of the institutions and “will not have a significant impact” on those that are remunerating the…


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Italy clarifies details of new windfall tax on banks

Norbolsa| Following Monday’s announcement of the 40% tax on banks on the extraordinary income generated by interest rate hikes (around 2023 or 2024, whichever is higher), the Italian government clarified that the amount may never exceed 0.1% of the total assets of the entity, and informed that those banks that have already remunerated deposits will not be so affected by this measure. According to Italian sources, the tax is expected…


Tecnic

Técnicas Reunidas awarded contract in UAE potentially worth €1,636 million

Renta 4| The gas division of the state-owned oil company Abu Dhabi National Oil Company (Adnoc Gas) has reportedly awarded the Joint Venture formed by National Petroleum Construction Co. and Técnicas Reunidas (TRE) a contract worth up to $3.6 billion to expand its gas processing infrastructures in the UAE. Specifically, the contract calls for the construction of new gas processing facilities to optimise supply to the Ruwais industrial complex. The…


china yuanesCM

China’s CPI and producer prices both show deflation

Bankinter: CPI (July):-0.3% year-on-year vs. -0.4% expected vs +0.0% previous. (ii) Industrial Prices: -4.4% year-on-year vs. -4.0% expected vs -5.4% previous. Assessment: Both CPI and industrial prices mark deflation. The CPI fell -0.3% year-on-year, the first negative reading since February 2021, while industrial prices fell for the tenth consecutive month. This is the first time since November 2020 that both indicators have been negative. After a positive post-pandemic start in…


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US SME confidence improves: NFIB index rises to 91.9 in July

BancaMarch: US SME confidence improves. The NFIB index beat expectations and rose in July to 91.9 from the previous 91.9 and above the 91.3 expected. With this new advance, confidence was at an eight-month high, but still at very low levels and far from its historical average (98.1). Among the components, we highlight that 25% of the small companies surveyed indicate that they intend to raise their selling prices, the…


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Santander and BBVA drop between two and three points on stock market after new banking tax announced in Italy

Intermoney| Yesterday was a bad day for the Ibex (-0.6%) which saw the effect of the new tax on banks in Italy also felt in the Madrid selective, which, however, at least maintains an advance in 2023 of +13%, in line with the EuroStoxx. Among the stocks that suffered the most were Santander and BBVA, which dropped between 2 and 3 points. Unicaja and Sabadell also had a day to…