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Spain ratings

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…


Milei

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%…


IAG

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…


Eurozona IPC 1

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…


Leverage loans. The next trigger?

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…


espana europa billete

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.


employment

Unemployment up 19,768 in September after tourist season ends, while Social Security adds 18,295 new affiliates

Unemployment registered in the offices of the public employment services rose by 19,768 people in September compared with the previous month (+0.7%), driven above all by the services sector, which accounted for a large part of the increase in unemployment due to the end of the tourist season. With September’s rise, this makes it two consecutive months of increases in Unemployment. September ended with 2,722,468 people in a situation of…


ence energiaycelulosaCM

Ence takes over SNIACE’s forestry assets and seed orchards

GroupLink Securities| Spanish pulp and energy company Ence (ENC) announced on Friday that it has been awarded the forestry assets of SNIACE (SNC) in the auction held as part of the company’s insolvency proceedings, Bolsamania.com reported. Ence said that with this transaction, it continues in sustainable forest management, a strategic business line for the group and fully aligned with its commitment to the bioeconomy. Also, this award will allow the…


sanchez elections

Amnesty? What amnesty?

Fernando González Urbaneja ! The Catalan pro-independence supporters have imposed the discourse of amnesty, which they demand so that justice will forget about their leaders. A very particular and personal matter has become a national issue, a matter of state, a hinge of the legislature’s being or not being. All of this is evident, and that is why amnesty has become the issue of the moment, at least until the…


iberdrola megachuli

Iberdrola could recover around €700m of ScottishPower and Energy East acquisition bonuses following EGC ruling

Banc Sabadell: The General Court of the European Union (EGC) has ruled that the tax relief of the corporate income tax deduction for goodwill generated by the indirect purchase of shareholdings in companies abroad, both in direct and indirect acquisitions, is lawful. Thus, the EGC rejects the EC’s arguments that they are unlawful state aid and incompatible with the internal market. Assessment: Positive news, although with limited impact due to…