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Relevant News Item 22nd July 2023

People’s Bank of China keeps lending rates unchanged

Link Securities | The People’s Bank of China (PBoC) announced early on Thursday morning that kept its lending rates unchanged after the central bank earlier in the week left its medium-term policy rate unchanged. The one-year prime lending rate (LPR), which is the medium-term lending facility used for corporate and household loans, remained unchanged at 3.55%; while the five-year rate, the benchmark for mortgages, was left unchanged at 4.2%, in…

Relevant News Item 21st July 2023

Average rate at which Spanish banks granted mortgage loans in June reached 4.045%, highest level since 2009

Alphavalue/DIVACONS| The annualised return on equity of Spanish banks rose to 11.15% compared with 9.86% in the previous quarter and 10.56% in the same quarter last year, according to supervisory statistics on credit institutions for the first quarter of this year published on Thursday by the Bank of Spain. On the other hand, the average rate at which Spanish banks granted mortgage loans in June reached 4.045%, which is its…

Relevant News Item 21st July 2023

Telefónica joins forces with Celo Foundation to promote open-source blockchain ecosystem

Alphavalue / Divacons | The Spanish telecom has teamed up with the US-based Celo Foundation, which also entails its alliance with the Celo Alliance for Prosperity, which promotes the open-source blockchain-block ecosystem, Celo, and contributes to the decentralisation of the network, it said in a press release yesterday. Telefónica will play a key role in validating transactions, ensuring network consensus, helping stability and maintaining the security of the Celo blockchain.

Relevant News Item 20th July 2023

Fortress Europe closed to outside experts

Fernando González Urbaneja| The European Commissioner for Competition, the Dane Margrethe Vestager, wanted to recruit an American expert with good credentials as her chief economist: Yale professor and competition expert Fiona Scott. The American was the best qualified, but her status as a non-European citizen was not acceptable to some governments, especially the French government, which used the concept of strategic autonomy to veto the professor. The informal veto was…

Relevant News Item 19th July 2023

Wheat prices rise after Russia suspends Black Sea grain export deal

Alphavalue/DIVACONS| Wheat prices have risen following Russia’s announcement that it has suspended a grain export deal across the Black Sea. The White House says that the US will continue to work with other countries to ensure the movement of Russian and Ukrainian grain: “We are not considering a blockade following Russia’s suspension of the grain agreement”.

Relevant News Item, Spanish economy 18th July 2023

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…

Relevant News Item 18th July 2023

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…

Relevant News Item 17th July 2023

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…

Relevant News Item 17th July 2023

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…

Relevant News Item 15th July 2023

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.

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