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Relevant News Item 3rd October 2023

Unemployment up 19,768 in September after tourist season ends, while Social Security adds 18,295 new affiliates

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…

Relevant News Item 3rd October 2023

Ence takes over SNIACE’s forestry assets and seed orchards

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…

Relevant News Item 2nd October 2023

Amnesty? What amnesty?

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…

Relevant News Item 1st October 2023

Iberdrola could recover around €700m of ScottishPower and Energy East acquisition bonuses following EGC ruling

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…

Relevant News Item 29th September 2023

BBVA to pay a cash dividend of €0.16/share (+33% vs. 2022) on October 11

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…

Relevant News Item 28th September 2023

Electricity and petrol push inflation in Spain to 3.5% in September, but core falls to 5.8%

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…

Relevant News Item 28th September 2023

Government possibly considering imposing conditions on STC’s entry into Telefónica

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…

Relevant News Item 27th September 2023

Global net exports suffer largest annual fall in post-pandemic period, down by 3.2%

Banca March : Global trade falls to its lowest level since the pandemic. CPB World Trade Monitor data yesterday revealed the largest year-on-year decline (-3.2%) in global net exports in the post-pandemic period. In terms of monthly rates, the decline was 0.6%. The main reasons associated with these levels are last year’s interest rate hikes in several economies, as well as the sharp deterioration in China’s trade (imports: -5.2%, exports:…

Relevant News Item 27th August 2023

Iberdrola, Acciona benefit from 15% rise in Spanish spot price to €135/MW due to heat wave

Alphavalue / Divacons| The heat wave now sweeping Europe, and Spain in particular, is causing excessive energy consumption as a result of the increased use of air conditioning systems, driving up electricity prices. The spot price in Spain on Wednesday rose by 15% to €135/MW. This will undoubtedly benefit power generators present in the Iberian Peninsula such as Iberdrola, Acciona, EDP and ERG, with a spot exposure of 15-20%. Acciona…

Relevant News Item 25th August 2023

Ferrovial, among companies with self-help plans, trading at P/E of 9.2x by 2025

Morgan Stanley: The consensus narrative has been improving thanks to the resilience of US macro data and the expectation of a soft-landing, but in an environment of still high rates and with the hasty deterioration of data in the Chinese economy, uncertainty remains around where we are in the economic cycle. In this context, it is important to find stocks that offer Alpha through self-help initiatives such as improved governance,…

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