Relevant News Item

450px Frankfurt European Central Bank with Euro 2

ECB in difficult position: facing both uncomfortably high price levels and deterioration in the cycle.

Renta 4 : A flat European opening, in a session in which around 25 of our companies in coverage will publish 4Q22 results and where the macroeconomic focus will be on the first inflation data for February in Europe. On the Japanese side, consumption in January was good (retail sales +1.9% vs +0.4%e and +1.1% previously) but manufacturing was weak (industrial production -4.6% vs -2.9%e and +0.3% previously). Today we…

Spain’s real estate sector: from recovery to expansion

Average Spanish mortgage: €145,860 at 2.67% over 24-year term

The number of mortgages for homes granted in Spain fell in December by -8.8% year-on-year and the average amount by -1.1%, so that the total amount granted fell by -9.2% year-on-year. These are the first year-on-year falls since February 2021, when the data still reflected the extraordinary setback experienced during the most acute stages of the pandemic. The average interest rate for residential mortgages in December reached 2.67%, with an…

Cepsa IPO

Cepsa and ACE Terminal Rotterdam consortium to open green ammonia shipping corridor between Algeciras and Rotterdam

Norbolsa : The company has signed a memorandum of understanding with the ACE Terminal de Rotterdam consortium of companies by which the Spanish energy company has initiated a collaboration with the aim of reaching a binding agreement to facilitate the maritime transport of green ammonia between the port of Algeciras and the port of Rotterdam for its final use in industry. The ammonia can also be used directly by fertiliser…


Indra wins contract to develop Navy’s new-generation electronic intelligence systems

Link Securities | The Directorate General of Armament and Material (DGAM) has awarded Indra (IDR) a contract to develop and test the Navy’s new generation of electronic intelligence systems within the Santiago national programme of Electronic Defence, according to Europa Press. The systems under development aim to facilitate the detection and generation of strategic information to ensure the access and use of the electromagnetic spectrum for the Armed Forces. Indra…


Repsol announces dividend 11% increase to €0.70 per share

Repsol yesterday presented its results for the 2022 financial year. The oil company recorded profits of €4.251 billion, an increase of 70% compared to 2021. The company’s EBITDA rose to 13,813 million, up 40%. Investments amounted to 4,182 million euros. Net debt was reduced by 61% to 2,256 million and liquidity increased to €12,000 million. Regarding the dividend, Repsol announces that it will propose at the next General Shareholders’ Meeting…

inflation rises

One step forward, two steps backward for inflation: data starts to look more erratic after first big downward adjustments in late 2022

Santander Corporate & Investment | There are no divisions here, inflation data are undoubtedly starting to look more erratic after the first big downward adjustments at the end of 2022, falls that raised hopes of a pivotal moment for central banks and explained a large part of the unprecedented January rally in the markets. Base effects will be the main ally for much of 2023, but our economists believe that…


European Commission upgrades forecasts but inverted German debt curve points to recession

The European Commission has raised its 2023 growth forecast to 0.9% vs 0.3% and lowered its inflation forecast from 6.1% to 5.65% for this year. The note highlights that domestic demand could turn out to be stronger than expected if the recent declines in wholesale gas prices are passed through to consumer prices more strongly, which we doubt, and consumption proves more resilient. In fact, this has had little reaction…

UK 777x400

UK dodges recession in last quarter of 2022 with 4% GDP growth

CoM | The UK economy, the second largest in the Old Continent, stagnated in the fourth quarter of 2022, narrowly managing to avoid going into technical recession, following a 0.2% contraction in gross domestic product (GDP) in the third quarter of last year, the Office for National Statistics (ONS) has reported. Despite dodging recession in the last quarter of 2022, the British economy contracted by 0.5% in December, after growing…


Inditex sets minimum wage of €18,000 for its 6,477 shop staff in Spain

Inditex has reached an agreement with the trade unions setting a fixed minimum wage from €18,000 for all employees in the shops of the group’s different brands throughout Spain, an amount to which will be added other variable payments such as those linked to seniority, commissions or night work, among others. It also approves aid for children and adoption, salary increases on Sundays and public holidays, higher commissions and bonuses….

pedro sanchez

A government opposed to employers and profits

Fernando González Urbaneja | This is nothing new. Placing successful entrepreneurs and corporate profits as targets of electoral political debate has been part of the agenda of more than a few political parties, especially the most extreme ones, both on the right and on the left. The novelty now in Spain is that the president of the government and of the socialist party is taking up this argument as one…