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…
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…
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.
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…
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…
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…
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…
Norbolsa | The bank has approved the distribution of a dividend of 16 cents/share, +33% vs 2022. The news came a day after Santander’s dividend announcement (+39% vs 2022), although in this case the dividend will be 100% in cash. Thus, the bank’s payout remains in the 40-50% range of its strategy and in line with the objective of remunerating shareholders, supported by the bank’s good results. Shareholders will receive…
The increase in electricity and fuel prices has raised the general inflation rate in September to 3.5%, which is nine tenths of a percentage point higher than in the same month last year and its highest level since April.For its part, the underlying rate moderated by three tenths, to 5.8%, the lowest value since June 2022, according to the leading indicator of the National Statistics Institute (INE). As the INE…
Link Securities| The government is considering imposing conditions on the entry of the Saudi group STC in Telefónica (TEF), according to information from Bloomberg and as reported on Tuesday by the Expansión newspaper. These would include limiting the sale of assets or limiting the payment of dividends. The possibility of applying some of the restrictions that were applied when the IFM fund became a shareholder of Naturgy (NTGY) is also…