Relevant News Item

In the World, Relevant News Item, World economy 14th August 2023

China’s largest developer, Country Garden, may have defaulted on two bond coupons over the weekend

Bankinter| China’s largest developer, Country Garden, may have defaulted on two bonds over the weekend. Its size is four times that of Evergrande. On the other hand, Chinese asset manager Zhongrong International may not have repaid capital and coupons on some of its real estate vehicles. Assessment: Bad news, which once again puts the Chinese real estate sector in check and is a consequence of the government’s scant measures to…

Companies, Relevant News Item 14th August 2023

ACS awarded €353 million contract to upgrade infrastructure at Offutt Air Force Base in Nebraska

Intermoney| ACS (ACS) (Buy, Target Price €40/share), through its North American subsidiary Turner, has been awarded a €353-million contract to upgrade the infrastructure of Offutt Air Force Base, in Nebraska. The work is aimed at improving the infrastructure at Offutt Air Force Base, located near Omaha in the state of Nebraska, in preparation for future flooding, after the facility suffered a flooding catastrophe in March 2019. A number of units…

Companies, Relevant News Item 14th August 2023

Ferrovial completes financing for expansion of North Tarrant toll road in Texas for almost €378 million

Link Securities | Ferrovial (FER) has completed the financing of the expansion of the North Tarrant Express (NTE) toll road in Texas (United States), for a total of 414 million dollars (almost 378 million euros), according to elConfidencial. According to a statement issued by the Spanish company on Friday, the transaction was carried out through the NTE Mobility Partners consortium, led by its subsidiary Cintra (62.9% stake), and within the…

In the World, Relevant News Item 14th August 2023

UK GDP rises +0.4% driven mainly by higher public spending

Bankinter: GDP (year-on-year) rises +0.4% vs +0.2% estimated and previous. Quarter-on-quarter +0.2% vs 0% estimated and +0.1% previous. Assessment: GDP growth surprises positively, although it is mainly driven by the higher contribution of Public Spending (+3.1% against – 1.8% previously). There is also a reactivation of Private Consumption (+0.7% against 0% estimated and previous), which is also reflected in Imports (+1.0% against -3.8% previous). Exports fall, but with less intensity…

Relevant News Item, Spanish economy 14th August 2023

Real incomes of Spaniards grow by 1.3%, above OECD average

Link Securities| The real disposable income of Spanish households registered an increase of 1.3% in 1Q2023 over the previous three months, an increase above the 0.9% average for the Organisation for Economic Co-operation and Development (OECD) as a whole, the think tank for advanced economies has reported, according to Europa Press. The increase in real disposable income per capita in Spain in 1Q2023 represents the second consecutive increase, after the…

Companies, In Spain, Relevant News Item 11th August 2023

Urbas sells two blocks of new rental housing in Bilbao for €98 million

Alphavalue/DIVACONS | Urbas (UBS) announced to the CNMV the signing of a sale and purchase agreement whereby it has agreed to promote turnkey, to transfer on completion, to a European institutional fund specialising in residential, two blocks of new build rental housing on Isla Zorrotzaurre, Bilbao’s new Manhattan, the most important area of urban development and urban regeneration in the city in recent years, a development consisting of 314 homes,…

Relevant News Item, Spanish economy 11th August 2023

Inflation rises to 2.3% in July, food up 10.8%, core climbs to 6.2%

CdM | Prices resumed their upward trend in July. The National Statistics Institute (INE) has confirmed that inflation rose in the seventh month of the year to 2.3%, which is two tenths of a percentage point more than the previous month and four tenths of a percentage point in the year-on-year rate. For its part, core inflation rose by three tenths of a percentage point to 6.2%. The rise in…

Markets, Relevant News Item 11th August 2023

Earnings revisions recover but seasonality points to further falls

Morgan Stanley: Last week, analysts noted that the S&P 500 earnings revision breadth had fallen below 0% for the first time in several months. Now, this breadth has reversed back to positive again. What is interesting is that earnings revisions breadth follows a pattern very much in line with historical seasonality, which would point to further declines in October. This observation is repeated globally so earnings revisions for 2024 could…

Markets, Relevant News Item 11th August 2023

Uncertainty over winter gas supply: Dutch TTF gas price corrected by 7.5% on Thursday, after 28% hike

Renta 4: European stock markets point to a bearish opening (Eurostoxx futures -0.50%, after a Thursday session in which a better-than-expected US CPI data rebounded from the previous month (3.2% against 3.3% estimated and 3.0% previously) encouraged the markets in the last part of the session in Europe, only to end up deflating at the close of the American session. Although the rise from the previous month is minimal, US…

Markets, Relevant News Item 10th August 2023

Price of TTF natural gas contracts reaches 40% increase, exceeding €40/MWh

Renta 4 : Stock markets point to a positive opening (Eurostoxx futures +0.67%), after a positive Wednesday session in Europe in which the markets welcomed the Italian government’s decision to limit the tax on banks announced last Monday. In this sense, the government has clarified that the tax cannot exceed 0.1% of the assets of the institutions and “will not have a significant impact” on those that are remunerating the…

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