Relevant News Item

Relevant News Item, Spanish economy 10th February 2023

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….

Relevant News Item, Spanish economy, Spanish Politics 6th February 2023

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…

European economy, European politics, Relevant News Item 4th February 2023

EU seeks to emulate one of IRA’s advantages, simplicity of access, by streamlining green investment tax credits

Banco Sabadell: According to press reports, the EU plans to respond to the US $369 billion (€340 billion) Inflation Reduction Act (IRA) by relaxing state aid rules on tax credits for green investments. A portion of the €800 billion NGEU fund could also be directed towards tax credits. By relaxing restrictions on tax credits, the EC seeks to emulate one of the advantages of the IRA, simplicity of access. The…

Relevant News Item 20th January 2023

Mega dividends under suspicion

Ricardo Jiménez (Harmon) | Albertsons is the second largest food supermarket chain in the United States, by number of shops. The company has more than 2,200 outlets, employing nearly 300,000 people. Its sales exceed $75 billion. In October 2022 it received a takeover offer from Kroger, the largest chain in the country, for a sum of close to twenty-five billion dollars. The merger of the two companies will create the…

Relevant News Item 18th January 2023

China growth 3% in 2022, lowest since 1970s, while population falls for first time in 6 decades

Banca March | The weakness of China’s growth in the latter part of last year was confirmed yesterday. China’s GDP stagnated in Q4 2022, registering zero growth compared to the previous quarter, bringing cumulative growth in 2022 to +3% year-on-year, the second lowest annual growth since 1970. Despite this, it is worth noting that the 4Q growth figure was higher than expected (a contraction of more than 1% quarter-on-quarter was…

Relevant News Item 2nd January 2023

The 4 guidelines top global institutional investors will follow in 2023

F. Rodríguez |Top global institutional investors will intensify their pressure on issuers on different points related to aspects of ESG in the coming year, according to the bi-annual survey Institutional Investor Survey carried out by Georgeson. It includes individual interviews with specialists of this group of firms, with assets under managment equivalent to over 40 billion euros. The four big trends discovered by the survey are as follows: 1. The investors…

Companies, Ibex, Relevant News Item 28th December 2022

Arcelor, biggest opportunity for a rerating and biggest “mispricing” (Overweight)

Morgan Stanley | China’s reopening trade and the support for its property market has sparked a strong rally in the steel sector and in underlying commodities, leading the stocks to already discount a recovery in demand during 2023. Now there is an <8% average upside to target prices, so the risk/return is not attractive. The base scenario assumes a recovery in China in Q2’23. However the road will be bumpy,…

Companies, Markets, Relevant News Item 10th December 2022

Will there be a year-end rally?

Hans-Jörg Naumer (Allianz GI) | “Will there be a year-end rally?”. Once again it’s time to ask the usual question of whether the stock markets will rise over the next few weeks or not. It’s understandable. Although the markets are extremely efficient according to the economic theory, there are, however, some seasonal patterns like the famous year-end rise. If we revise the data since 1965, in general terms, the months…

Companies, Ibex, Relevant News Item 20th October 2022

Inditex is exploring the sale of its Russian business to an Asian partner

Bankinter | According to the Russian media, Inditex will transfer its assets there to partners in a “friendly” country in Soutb East Asia or the Persian Gulf. The solution would include Massimo Dutti, Oysho and Zara Home leaving the Russian market completely. Meanwhile other brands, particularly Zara, would operate under other names and with new collections from spring of 2023. It could take six months to a year to finalise…

Companies, Ibex, Relevant News Item 19th October 2022

Telefónica considers revising strategic plan which created Telefónica Tech and Infra

Link Securities | Telefónica is considering revising its current strategic plan via which it created Telefónica Tech and Infra (amongst other decisions). Sources familiar with the operation confirmed this to news agency Europa Press on Monday, after it had been advanced earlier by El Confidencial.com. Telefónica wants to adapt the plan to the macroeconomic context of high inflation. The Spanish telco has hired McKisey&Company to carry out an analysis, the…

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