Renta 4: Stock markets point to a flat opening (Eurostoxx futures -0.07%), after a Monday session where there were no major corporate references after the conclusion of the 2Q23 results season (in the absence of Bayer today). In China, weak July trade balance figures were published, with exports falling at their fastest pace since February 2020 (-14.5% vs 12.5% estimated and 12.4% previously) and imports surprisingly down when an improvement…
Norbolsa| Brent oil prices remain at their highest levels in recent weeks, supported by expectations of lower US rates, further production cuts by OPEC+, following the reductions already announced by Russia and Saudi Arabia, and hopes for a recovery in demand in China.
CdM: Investor confidence in the euro area rebounds more than expected. In August, the Sentix index stands at -18.9 from -22.5 in July. The consensus expected it to fall further to -23.4. This puts an end to three consecutive months of declines. The data was driven entirely by an increase in the future expectations indicator, which rose 7.3 points to -17.3. However, the figure still “underscores current recessionary conditions” and…
Link Securities | Iberdrola (IBE) has reduced its debt maturities in 2023 to less than €2 billion, after obtaining €4.855 billion in new financing and extending the duration of €6.1 billion so far this year, as reported on Monday by Expansión newspaper based on Europa Press. Specifically, the electricity company has received the support of the market, having executed some 30 operations between loan extensions and new financing in the…
Norbolsa | Telefónica (TEF) secures growth targets in Germany despite the 1&1 and Vodafone agreement. Telefónica reported that operator 1&1 has contractual obligations until 2025, regardless of Vodafone’s announcement to cooperate on German national roaming. Telefónica confirmed that thanks to the momentum of its new O2 brand, it expects to grow in line with targets, highlighting volume growth in all its divisions
Intermoney| According to the newspaper Cinco Días, referring to a report by the real estate consultancy Colliers, investment in the sector’s assets in Spain will suffer a cut of close to 50% over the course of this year, remaining at €9 billion. The reasons given for this include the aggressive monetary policy of central banks, which has pushed yields up. Another negative factor, which particularly affected the second quarter, was…
CdM | Spanish industrial production returned to negative rates in June, a month in which the General Industrial Production Index (IPI) fell by 1.4% year-on-year, according to data from the National Statistics Institute (INE). This rate is 1.4 points lower than in May. Adjusted for seasonal and calendar effects, the index presented a fall of 3% in June with respect to the same month the previous year. This rate is…
Morgan Stanley| Aena presented its 2Q23 results on Wednesday with good news for investors including (1) strength in the commercial sector (+19% in Duty Free spend per passenger), (2) lower dilution in the aviation sector and greater OpEx control, (3) the proposed 2024 tariff increase to 4.1% year-on-year and (4) EBITDA of €802m, 5% above consensus and 9% above MS expectations. These aspects should drive the company to achieve +2-3%…
Intermoney| According to the report published by the real estate portal Idealista, rental prices in Spain set another all-time high in July, reaching 11.9 euros per m2 per month. During the last quarter, prices have increased by +3.7%, accumulating a growth of more than 9% in the last 12 months. Within the capital cities, not only Madrid and Barcelona, but also Málaga and Valencia are at their highest levels since…
BancaMarch : The number of tourists in Spain has grown during the first six months of the year, but it is still below the 2019 figures. Nearly 38.5 million tourists have visited our country during the first half of the year, a figure that although 23.7% above the first six months of 2022, is still below the levels of 2019 (-1.6%). On a positive note, both total expenditure and expenditure…