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New outlook for the Spanish real estate sector: slowdown in the housing market

Judit Montoriol Garriga (Caixabank Research) | The Spanish real estate market began to slow down in mid-2022 with the shift of direction of monetary policy. Although the ECB has raised benchmark interest rates by 4 pps for the moment, the pace of the slowdown has been gentler than anticipated, leading us to improve the sector’s outlook for 2023. Nevertheless, we continue to expect a significant slowdown in the Spanish real…

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Telefónica wins €73m in UNICO programme funding to deploy 5G in municipalities with fewer than 5,000 inhabitants

Renta 4 | The company has been awarded €73 million in aid from the UNICO programme for the deployment of 5G in municipalities with fewer than 5,000 inhabitants. The main winners were Lyntia Networks and Avatel Telecom, with €142 million and €132 million, respectively. Adamo will receive more than €82 million and Telefónica will receive €73 million. The rest of the aid is divided between Totem (Orange towers) with €9…

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Last day for polls to be published: PP (147 MPs) may have more seats than the sum of PSOE (108) and Sumar (34) and govern with support of Vox (29)

The latest polls show a scenario of great uncertainty, in which Alberto Núñez Feijóo’s Partido Popular would win 147 seats in its most likely outcome, ahead of Pedro Sánchez’s PSOE, which would win 108. Sumar would be the third force with 34 seats, ahead of Vox, with 29, and the nationalist parties. ERC retains 10 seats, Junts gets 9, EH Bildu 6, PNV 5, while CUP and BNG would get…


Iberdrola to repower Hagshaw Hill wind farm, one of Britain’s oldest

Alphavalue/DIVACONS | The Spanish utility company, through its subsidiary ScottishPower, will repower the Hagshaw Hill onshore wind farm, one of the oldest in Britain, which will allow it to generate five times more “green” electricity with almost half as many turbines. The farm, which has a total capacity of 16 MW, with its 14 new and more powerful turbines -almost half of the current ones- will have an installed capacity…

Innovation Europe

Eurozone finance ministers sign joint declaration committing to fiscal adjustment in 2023 and 2024

BancaMarch: With the aim of restoring balance to public finances after the Covid-19 crisis, eurozone finance ministers yesterday signed a joint declaration committing themselves to fiscal consolidation in 2023 and 2024. This is a gradual reform plan with country-specific action plans that will not only aim to reduce the public coffers deficit but also to increase investment through public and private sources.

Spain countryside

Drought takes historic toll: more than €430M in compensation payments

The lack of rainfall during the first half of this year, barely alleviated by the heavy rains at the end of May and the first part of June, is taking an unprecedented toll on the Spanish agricultural insurance system, known as Agroseguro (Agrupación Española de Entidades Aseguradoras de los Seguros Agrarios Combinados). According to figures released this Thursday and reported in the digital newspaper “La Información”, as of July 13,…

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Not so fast! More volatile core inflation components would explain surprise in US CPI

Santander Corporate & Investment| And, as a result, and with the Beige Book still pointing to an improving economy since May, our economists anticipate a rebound in inflation and an unchanged road map for the Fed (hike in July of 25bp, pause in September and hike in November). The first pleasant surprise, seeing how the improvement in inflation came from the core side, which retreated to +0.2% m/m (+0.4% p)…

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CNMV opens disciplinary proceedings against two Ecoener directors for financial assistance during company’s flotation on stock exchange

Link Securities| The Europa Press agency reported yesterday, according to a statement from the stock market regulator, that the National Securities Market Commission (CNMV) has opened disciplinary proceedings against two directors of the Ecoener group for financial assistance during the company’s flotation on the stock exchange. Specifically, the CNMV has opened this case owing to the financing granted to two shareholders on April 29, 2021 for the subscription of shares…

Spain's recovery

Sánchez’s government offers 40,000 public jobs ten days before elections

The Government has given the green light this Tuesday in the Council of Ministers to the Public Employment Offer (OEP) for the year 2023. A record number of 39,574 vacancies in total, 16% more than those offered last year. This was announced by the Minister of Finance and Public Administration, María Jesús Montero, at the press conference following the Council. The government has finalised the offer after receiving the approval…


Iberia (IAG) to significantly exceed pre-Covid capacity this winter

Renta 4| The winter season runs for five months, from November to March. Iberia has programmed a level of connections for next winter (November 2023/March 2024) to the American continent that is 17% higher than in 2019. The big leap will take place in the US, with 90 weekly flights and 24% more capacity. In Latin America, Iberia intends to increase supply by 14% more than before the pandemic. On…